Search

In this paper we introduce a novel algorithm, called Exogenous Fitness, to calculate the Fitness of subnational entities and we apply it to the states of Brazil. In the last decade, several indices were introduced to measure the competitiveness of countries by looking at the complexity of their export basket. Tacchella et al (2012) developed a non-monetary metric called Fitness. In this paper, after an overview about Brazil as a whole and the comparison with the other BRIC countries, we introduce a new methodology based on the Fitness algorithm, called Exogenous Fitness. Combining the results with the Gross Domestic Product per capita (GDPp), we look at the dynamics of the Brazilian states in the Fitness-Income plane. Two regimes are distinguishable: one with high predictability and the other with low predictability, showing a deep analogy with the heterogeneous dynamics of the World countries. Furthermore, we compare the ranking of the Brazilian states according to the Exogenous Fitness with the ranking obtained through two other techniques, namely Endogenous Fitness and Economic Complexity Index. [ABSTRACT FROM AUTHOR]

This paper examines the bank lending channel, which considers how monetary authority actions affect the variation of loans. We focus on the BRICS (Brazil, Russia, India, China and South Africa) totalizing 1254 banks from five countries in the period 2000–2012 (totalizing 13 years). The empirical results show that the effect of money supply growth on the growth of loans is non-linear and inverted U-shaped. In this context, our results show empirical evidence expansionary monetary policies do not increase the propensity of economic agents to systematically take greater risks on the market. After a certain level of money stock, increases in the money supply do not lead to increased negotiated credit. [ABSTRACT FROM AUTHOR]

Acknowledging Turkey as a "rising/emerging middle power", occupying a middle ground between traditional (or Western) middle powers and non-traditional middle powers, this paper aims to reassess Turkey's changing power and position in the complex power hierarchies and the changing architecture of global governance through its preferences, capabilities and strategies by using a comparative analysis. It then briefly resumes its findings to assess the driving factors, conditions and specific characteristics explaining Turkey's contribution to global governance compared to a cluster of eight selected countries composed of the five BRICS countries, labeled as non-traditional middle powers, and Canada, Australia and South Korea, as traditional middle powers. Finally, it looks at Turkey's contribution to global governance at the institutional level, with a special focus on Turkey's 2015 G20 presidency as a test case for understanding its global governance activism. In the final analysis, this study underlines that Turkey's ambitious agenda for its G20 presidency gives clear signals of its future preferences and middle power activism in less hierarchical G20-type forums in which developed and developing countries are equally represented and middle power countries are allowed more manoeuvring capacity. [ABSTRACT FROM AUTHOR]

Russian political–economic development since the early 1990s has been described as one of initial liberalization and subsequent re-etatization a decade later. Our paper critically builds upon this view, systematically adding patrimonialism as third dimension and conceptualizing Russia's trajectory as varying with respect to ideal–typical liberalism, statism and patrimonialism. We argue that Russian patrimonialism hindered the rise of the economically facilitating state capacity and undermined both liberalization in the 1990s and re-etatization in the 2000s. Furthermore, we add a comparative BRICs perspective that clarifies the peculiarity of Russia's development based on statistical data from the World Bank, the OECD and Heritage Foundation. The data confirm the de-liberalization of Russia and show an increase of patrimonialism. Another finding is that Russia was the only BRIC country that de-liberalized and increased its level of patrimonialism in the period under consideration. [ABSTRACT FROM AUTHOR]

The article focuses on the concept of global economic governance in the postwar order in the U.S. It focuses on the explosion of multilateral arrangements, with the U.S. hegemony. It focuses on the U.S. international behavior and frequent backroom managing the sacrifice of legitimate governments or flout rules. It mentions that Brazil, Russia, India, China, and South Africa (BRICS) are the first collective post–Cold War contest to global economic governance. It mentions that BRIC family includes Brazil, Russia, India, and China in 2001 with asset class for investors.

One of the most visible examples of the growing importance of BRICS economies is their emergence as hosts of the world's top sport mega-events. These countries have become the frontline for the "global sports industrial complex," which, furthering the mutually beneficial interests of sports organizations and governing bodies, media corporations, and transnational brands, has transformed global sport into a cultural and economic force. India is alone among the BRICS countries in that it has not hosted--or bid to host--an Olympics or Fédération Internationale de Football Association World Cup, and is the least athletically accomplished in such venues. This article situates India within the wider political economy of global sport by analyzing media debates around the country's potential to host a mega-event. This case demonstrates how global aspirations are articulated through sport, and addresses commercial and development implications stemming from the adoption of sport as a global benchmark. [ABSTRACT FROM AUTHOR]

Overview: darkness before the dawn? A number of indicators suggest the global economy may decelerate into the year-end., One especially worrying development is an apparent renewed softening in world trade growth. Our OE export indicator dropped in October to its lowest level since May 2013 and some other trade indicators (e.g. for container trade) have also been subdued., At a country level, growth has remained subdued in the Eurozone, prompting another slight forecast downgrade this month. Japan meanwhile slipped back into technical recession in Q3., Emerging markets remain mixed but with an overall soft tone. Among the BRIC economies there are few signs yet of a significant cyclical upturn - and in Russia the situation has deteriorated further., There has been better news from the US, where Q3 growth again came in at an annualised rate above 3% and jobs growth continues at over 200,000 a month. Consumer spending growth ebbed a little in Q3 but we expect it to pick up in the quarters ahead., Despite some gloomy near-term signals, there are a number of key positive factors for 2015 and beyond. The first is the fall in oil prices - now almost 30% down from the June peak - which will support consumer spending and lower business costs., And global policy settings are becoming more supportive. Though the US has now ended asset purchases, the Bank of Japan has announced a big increase in asset purchases. And with the ECB suggesting a possible €1 trillion increase in its balance sheet, the flow of central bank policy support in 2015/16 may not be very different from 2014., Fiscal policy may also be moving in a more positive direction. The Eurozone seems to be edging away from austerity while in Japan there is a strong possibility that the second rise in the consumption tax, planned for Q4 2015, will be delayed., These positive factors mean that we expect world GDP growth to firm from 2.6% in 2014 to 2.8% next year. This will be the best year since 2011, though growth will remain sub-par for a recovery period. [ABSTRACT FROM AUTHOR]

We lay out alternative ways of melding measures of absolute and relative deprivation in an index of overall deprivation, exploring the choices the analyst faces in this enterprise. The indices derived are used to answer two important empirical questions. First, did overall deprivation fall in the BRICS-Brazil, Russia, India, China and South Africa- between the early 1990s and late 2000s, alongside the fall in absolute deprivation? Second, what is the relationship between reductions in overall deprivation and economic growth? We show that the standard portrayal of the BRICS as economic success stories as well as the emphasis placed on economic growth in the reduction of deprivation must be qualified to some extent. [ABSTRACT FROM AUTHOR]

The importance of power in the development of society is undeniable. The power relations between national economies are more and more important and should be considered in every international economics analysis. Economic power has become the bedrock of both the military and the political power. Today the balance of economic power is shifting. The emerging states (China in the first place) are now demanding a greater role in global politics, challenging the existing international order dominated by the Euro - American west. [ABSTRACT FROM AUTHOR]

This article provides an overview of the Indian scholarly publishing market in terms of the demographics, market verticals, research institutions, sources and patterns of funding, and the burgeoning potential of the globalised Indian economy. It explores the feasibility for entry of international publishers and tried and tested business models. The analysis covers the nuances of the growth drivers and inhibitors, the current success and status of existing players, and the key challenges. [ABSTRACT FROM AUTHOR]