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Despite the widespread recognition of the significance of long-term sustainability, there is as yet a relative paucity of evidence on what factors account for sustainability performance. In an effort to close the apparent gap in knowledge, this study contributes new empirical evidence to this discussion by considering the role of economic policy uncertainty. Inconsistent economic policy may undermine sustainability efforts as it creates a more complex and volatile operating environment, which, in turn, affects the behaviour of economic entities in the system. Drawing primarily on environmental management literature, this study aims to investigate the relationship between economic policy uncertainty and sustainability performance in the Asian regions between 2012 and 2020. With country-level annual data, this study estimates the model using a system generalised method of moments approach to address the possible biases resulting from serial correlation of random errors, simultaneity, and unobserved heterogeneity. Therefore, the estimates of this study will be consistent and asymptotically unbiased. The empirical analysis reveals that sustainability performance in Asia is adversely affected by economic policy uncertainty. The sustainability sub-components results are broadly in line with the main results that a higher economic policy uncertainty index is detrimental to the protection of natural capital and the development of social capital. This study concludes that ongoing economic policy uncertainty and disturbance could have serious repercussions for local economies, thereby hindering sustainability development. Overall, the findings of this study suggest that the establishment of sustainability development frameworks in areas of climate goals, social justice, and good governance would need to pay close attention to uncertainty in economic policy. [ABSTRACT FROM AUTHOR]

Purpose: Managers are concerned about how the macroeconomic environment affects business profit. Focusing on banks, this study aims to investigate the effect of economic policy uncertainty (EPU) on bank profitability in 22 advanced countries. Design/methodology/approach: The study used the panel fixed effect regression methodology to assess the effect of EPU on several measures of bank profitability for 22 advanced countries from 1998 to 2017. The measures of bank profitability are net interest margin, lending-deposit spread, non-interest income (NII) ratio, after-tax return on asset, before-tax return on asset, after-tax return on equity and before-tax return on equity. Findings: The findings reveal that high EPU negatively affects bank NII. Real gross domestic product growth rate, nonperforming loans and regulatory capital ratio are negatively related to profitability in times of high EPU. The findings also reveal that high EPU has a positive effect on bank profitability in Asia and the region of the Americas, as these regions witnessed high return on equity in times of high EPU. Practical implications: The implication of the findings is that, although EPU has a depressive effect on some indicators of bank profitability, regional characteristics can ameliorate the depressive effects of EPU on bank profitability. Originality/value: This study contributes to the literature that examine the economic consequences of EPU on firms. To the best of the authors' knowledge, this study is among the first to examine how regional characteristics affect the relationship between EPU and bank profitability using cross-country data. [ABSTRACT FROM AUTHOR]

Copyright of Polish Journal of Management Studies is the property of Czestochowa University of Technology, Faculty of Management and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The study examines the relationship between doing business factors and tax evasion in Asian countries. To this end, Ordinary Least Square (OLS), along with a fixed and random effect model, was used to analyze the 5-year data (2011–2015) of 35 Asian countries obtained from the global competitiveness report and World Development Indicators. The findings indicated that a high level of corruption, a high tax rate, limited access to finance, strict tax regulation, government instability, and poor ethics promote tax evasion. Extending the socio-economic theory, the findings of the study provide the tax administration and governments of Asian countries with insights into the mechanism by which certain business factors influence tax evasion. Moreover, the study offers some valuable guidelines for formulating suitable economic policies that engender a reduction in tax evasion. [ABSTRACT FROM AUTHOR]

Copyright of Ensayos de Economia is the property of Universidad Nacional de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Asia differs from other regions of the world with respect to its unique and longstanding cultural, social, economic, and technological attributes, all of which have eluded systematic exploration by entrepreneurship scholars, representing a unique entrepreneurial context. However, such uniqueness should not be restricted to assertions about (among other things) institutional voids, increased difficulty financing new ventures, underdeveloped technology transfer, or undertrained entrepreneurs. This special issue takes up this thread and explores several key attributes—culture, social structure, economic policy, and technology—that represent parts of the broader domains that provide insights for future theory development. Philosophically, it is a perfect Being with its otherness, floated in either East or West, soaked up into itself, that is essential for us to clinch and to get some light on truth. [ABSTRACT FROM AUTHOR]

We study the relationship between cross-border flows and risks to macroeconomic stability for a sample of ten major emerging market economies (EMEs) from 2000 to 2017 in the presence of external shocks. We examine this relationship with a focus on two key channels of cross-border flows, namely external debt securities (EDS) and cross-border loans (CBLs). Our analysis focuses on the transition in cross-border flows post-global financial crisis 2008 (GFC) termed as the second phase of global liquidity (Shin in Keynote address at Federal Reserve Bank of San Francisco Asia economic policy conference, 2013). Panel vector autoregression estimations show that volatility in global risk perception affects cross-border flows to EMEs more as compared to the effect of the US monetary policy stance. Post-GFC, EDS flows rise with shocks in global risk perception, while CBL flows register a decline. CBL flows are also associated with larger risks post-GFC compared to the pre-GFC period, which is in contrast to the result for EDS flows. Second, a panel threshold estimation confirms a nonlinear association between EDS/CBL flows and macroeconomic risks largely dependent upon global uncertainty. US GDP growth also affects the nonlinearity, but US federal funds rate have insignificant threshold effects. Our results conclude that global uncertainty is a significant driver of cross-border flows to EMEs post-GFC and that it is a strong signal in determining riskiness of EDS flows and CBL flows for EMEs. [ABSTRACT FROM AUTHOR]

This paper surveys the recent literature on the economic impacts of SARS, MERS, and COVID‐19, which Asian countries have experienced in the past two decades. In particular, we provide a detailed summary of how each of the past infectious diseases has impacted on the Asian economies and the extent of that impact. This paper also documents how the governments of Asian countries have responded to the COVID‐19 shocks with their economic policies, and discusses the effectiveness of these economic policies to mitigate the COVID‐19 shocks on their economies. [ABSTRACT FROM AUTHOR]

In this study we carry out a qualitative exploration of some factors that can explain the poor economic performance of Latin America in relation to another set of developing and successful countries comprised of twelve Asian countries. We study the relation between inequality, the savings rate, and the economic growth rate for each region. The evidence indicates that Latin America has a poorer economic performance, which in turn is associated with the lower savings rate and more elevated levels of inequality in comparison with the Asian economies. One possible explanation is that together with lower income inequality and the aggregate savings rates, the labor force in Asia is more abundant than in Latin America. These combined factors are favorable for the lowering of internal socioeconomic instability and the adoption of an export-led growth strategy for insertion in the world economy. This export-led growth strategy promotes economies of scale, and thus offers greater possibilities of profitable investment, which in turn induces higher rates of savings and increased economic growth. In contrast, Latin America is lacking a clear comparative advantage in terms of resource endowment. In particular, the labor force is not abundant, so that its insertion in the world market is more limited. Besides, the social and economic instability associated with the region’s high-income inequality is harmful to savings and investment, as well as for the economic growth of the region. Thus, in order to dynamize savings and investments, economic policy requires fiscal policies oriented to the mitigation of income inequality and the promotion of counter-cyclical policies to reduce social and economic instability. [ABSTRACT FROM AUTHOR]

It is hard to think of another international organisation, government, or other institution that has as much right to brag about the performance of its clients as does the Asian Development Bank (ADB). The ADB authors pinpoint rapid economic growth as 'the key driver of poverty reduction in Asia by generating better-quality jobs for the poor'.(p. If rapid growth was the largest contributor to reductions in poverty, and if income-transfer schemes were to result in reduced growth, then there could even be a trade-off between increasing incomes of the poor and reducing inequality. Interestingly, the ADB share of multilateral financing in developing Asia has risen over the years as given in Figure 14-2. [Extracted from the article]

Dr. Yeo Lay Hwee is Director of the European Union Centre at the Nanyang Technological University. In the absence of US leadership, what can countries in Europe and Asia and regional organisations like the European Union (EU) and the Association of Southeast Asian Nations (ASEAN) do to rebuild trust and institutions ravaged by the coronavirus? Are we heading towards de-globalisation and what will be the future of Asia-Europe relations and the respective platforms such as the Asia-Europe Meeting (ASEM) that connect them?. [Extracted from the article]

It has been widely accepted that the structure of population of a country can have significant contribution towards its growth effort. With the proportional increase of relatively older group of people in developed countries alongside the proportional rise of the youth population in the developing part of the world, it is of paramount importance to understand the long term economic consequences of this changed structure of population. Despite having a favorable demographic composition, depending on public investment and policy strategy adopted, economies differ in terms of their ability to attain demographic dividend. The issue is therefore an empirical one which requires appropriate quantitative analysis. Against this backdrop, with the help of a 37-year long panel of 15 Asian countries, this study has made an attempt to understand the long run effect of changing demographic pattern on economic growth of Asian countries. Despite increased importance of demographic composition on labor supply, asset accumulation, savings, hence on the overall growth process, there is no literature focusing on the relationship from a cross-country perspective and while applying suitable methodological tools. Thus, this paper utilized econometric methods of panel data constructed using World Development Indicators (WDI) and Health Nutrition and Population Statistics (HNPS) from World Bank database to understand the linkage between dependency ratio and per capita GDP growth. Following cross section dependence test stationarity property of the variables has been diagnosed employing appropriate panel unit root tests. The short run and long run parameters have estimated with the help of Mean Group (MG), Pooled Mean Group (PMG) and Dynamic Fixed Effect (DFE) estimators. PMG estimates have been preferred over the DFE and MG. It revealed the fact that for the Asian countries Dependency Ratio (DR) does not have any short run impact on Per Capita GDP Growth (PCGDPG) but it has significant long run impact therefore with an increase in working age population in comparison to the non-working group, there is a resulting increase in per capita GDP growth of Asian countries. Since changed demographic composition can only result in higher economic growth, if complemented by effective public policies, this paper provides empirical evidences in favor of such policies of human resource development. Besides, in order to reap the maximum benefit from working age population while increasing investment, it is important to engage them in productive, growth enhancing activities and that requires investment in employment generation. [ABSTRACT FROM AUTHOR]

This study investigated the causal linkage between environmental pollution by carbon dioxide (CO2) emissions and net foreign direct investment (FDI), along with some other variables, namely economic growth by real per capita income and trade openness, using balanced annual data of 17 countries from Asia for the period from 1980 to 2014. Panel cointegration tests confirm the long-run association among the variables. After checking the panel data for stationarity properties, the method panel fully modified ordinary least squares (FMOLS) is implemented. The FMOLS estimates on CO2 emission model reveal that inward FDI has a significantly positive impact on environmental pollution, supporting the pollution haven hypothesis (PHH). Likewise, FDI model results imply that CO2 emissions represent environmental pollution; economic growth and trade openness are the pivotal determinants of FDI. Panel causality results suggest bidirectional linkages between CO2 emissions and inward FDI. Empirical findings suggest that economic policy reforms are required to channelise foreign capital inflows to a more environmentally healthy direction. The governments of Asian countries should chalk out policies on FDI inflows and the environment in order to achieve sustainable economic growth and development. [ABSTRACT FROM AUTHOR]

The economic burden data can provide a basis to inform investments in cholera control and prevention activities. However, treatment costs and productivity loss due to cholera are not well studied. We included Asian countries that either reported cholera cases to the World Health Organization (WHO) in 2015 or were considered cholera endemic in 2015 global burden of disease study. Public health service delivery costs for hospitalization and outpatient costs, out-of-pocket costs to patients and households, and lost productivity were extracted from literature. A probabilistic multivariate sensitivity analysis was conducted for key outputs using Monte Carlo simulation. Scenario analyses were conducted using data from the WHO cholera reports and conservative and liberal disease burden estimates. Our analysis included 14 Asian countries that were estimated to have a total of 850,000 cholera cases and 25,500 deaths in 2015 While, the WHO cholera report documented around 60,000 cholera cases and 28 deaths. We estimated around $20.2 million (I$74.4 million) in out-of-pocket expenditures, $8.5 million (I$30.1 million) in public sector costs, and $12.1 million (I$43.7 million) in lost productivity in 2015. Lost productivity due to premature deaths was estimated to be $985.7 million (I$3,638.6 million). Our scenario analyses excluding mortality costs showed that the economic burden ranged from 20.3% ($8.3 million) to 139.3% ($57.1 million) in high and low scenarios when compared to the base case scenario ($41 million) and was least at 10.1% ($4.1 million) when estimated based on cholera cases reported to WHO. The economic burden of cholera in Asia provides a better understanding of financial offsets that can be achieved, and the value of investments on cholera control measures. With a clear understanding of the limitations of the underlying assumptions, the information may be used in economic evaluations and policy decisions. [ABSTRACT FROM AUTHOR]

This study provides a comprehensive analysis of intercountry inequality and convergence in Asia by using a combined approach that is based on decomposition techniques and transitional dynamics analysis. The research is divided into three stages. First, decomposition by regional subgroups is conducted to estimate the contributions of the interregional component and the five spatial groupings to overall inequality to reveal the development of inequality in Asia. Second, the technique of decomposition by income sources is used to evaluate the relative significance of the agricultural, industrial and service sectors to facilitate formulation of industrial policy for economic development. Finally, the present study analyses the evolution of regional inequality and assesses the possibility of convergence. [ABSTRACT FROM AUTHOR]

This study examines the impact of cultural differences on the creation of social capital in technology transfer processes. The aim is to understand the influence of culture on relationships, particularly the structural, relational and cognitive dimensions of social capital created in relationships associated with university-industry links, specifically technology transfer (TT). The research builds on a culture-moderated social capital perspective; observing that the characteristics and usefulness of social capital are determined by cultural practices prevailing in social structures. The influence of culture on social capital in case studies of six American and ten Asian technology transfer offices and organizations involved in technology transfer has been investigated. Using university research technology transfer and commercialization as the centerpiece of the empirical work, we examine basic Hofstede's cultural characteristics and the way they influence TT practices in two different culture types. Our findings suggest cultures can influence creation and utilization of social capital in university-industry links. Culture can influence not only relationships with external stakeholders in technology transfer (industry, governmental bodies) but also internal relationships and management styles in TT offices (influences on organizational culture). We propose that the awareness of cultural characteristics and influences is important not only in cross-cultural technology transfer but also domestic operations. Using this awareness to build trust lies at the heart of interactions with internal and external stakeholders. The research results should be useful for entrepreneurs, universities and technology transfer officers in order to better understand the nature, and role, of culture-moderated social capital in technology transfer and to support effective processes for scientific research commercialization. • National cultures can influence the creation and utilization of social capital in university-industry links. • In technology transfer national culture can influence the ways bonding and bridging social capital (networks) are built. • Cultural dimensions influence the ways that technology transfer officers benefit from social capital. • Culture influences, internal relationships and management styles in TT offices (influences on organizational culture) • The awareness of cultural influences is important not only in cross-cultural but also domestic technology transfer. [ABSTRACT FROM AUTHOR]

This paper combines a Granger causality test and a VAR model to investigate the relationships among oil price shocks, global economic policy uncertainty (GEPU), and China’s industrial economic growth. Based on monthly data from 2000 to 2017, we reveal that GEPU and world oil prices jointly Granger cause China's industrial economic growth; world oil prices have a positive effect on China's industrial economic growth, while GEPU has a negative effect. Further analyses investigate the asymmetry effect of oil prices and find that the negative component shows a more significant impact on China's industrial economic growth. The results are robust to different oil price and EPU proxies. [ABSTRACT FROM AUTHOR]

The use of social media has risen exponentially in Asia in the past decade, but there have been few comparative studies examining social media news engagement in the region. We use online survey data to examine the relationships among political social networks, internal political efficacy, and social media news engagement in six countries (Taiwan, Japan, Korea, Hong Kong, Malaysia, and Singapore). Findings across the samples showed that individuals in political social networks comprising cross-cutting and like-minded political views engage in social media news more, and internal political efficacy accentuated the relationships between cross-cutting/like-minded political social networks and engagement. Implications for the findings are discussed in relation to current debates on the potential for social media news engagement to engender a more deliberative democracy; or lead to greater ideological segregation and echo chambers in social media spaces. [ABSTRACT FROM AUTHOR]

This paper examines the impact of remittances on economic growth, using developing countries in Asia and the Pacific as a case study. Using data for the period 1993–2013, our results show that remittances only generate negative and significant impacts on economic growth if they reach 10 percent of GDP or higher. A remittances‐to‐GDP ratio of below 10 percent could still impact growth negatively, but the effect is statistically insignificant. The present study finds some degree of substitutability between remittances and financial development. Foreign direct investment (FDI), but not other types of capital inflow, contributes significantly to economic growth. Other traditional growth engines, including education, trade openness, and domestic investment, are crucial in promoting growth in developing Asian and Pacific nations. [ABSTRACT FROM AUTHOR]

This article analyses macroeconomic policies capable of influencing the long-run real exchange rate (RER). In this vein, it identifies economic policy tools that can devalue RER, covering a theoretical issue neglected by the economic literature, which argues that competitive exchange rate enhances growth. After discussing the "Trilemma," we identify those variables that could affect RER without constraining monetary policy or exchange rate regime choice. In what follows, we model the probability of achieving an undervalued (small or large) RER for a sample of 14 developing countries from 1980 to 2010 (30 years) by applying econometric techniques for discrete choice and censored data. Afterwards, we compare the results for Latin American nations with Asian ones. They suggest that competitive exchange rate requires different approaches depending on the region. Moreover, Latin American countries need to take on additional policies so that interventions in the foreign exchange market become effective. [ABSTRACT FROM AUTHOR]

This article examines the relative importance of the main components of capital inflows for a sample of emerging market economies. Does composition matter? Is there a nexus between capital inflow components? We assess, firstly, how each capital inflow component reacts to important macro and policy variables, and secondly, how the components themselves interact. We find that bank inflows appear the most sensitive to macro factors, institutions matter more for Latin America and external financial factors matter more for Asia. Further, for Latin America, capital inflows interact largely as complements, while for Asia, any expansion of bank inflows might crowd out FDI and portfolio flows. [ABSTRACT FROM AUTHOR]

Southeast Asia is a development success story. By 2025, it is forecast that extreme poverty in the region will have been ‘eradicated’. Does this mean that the challenges so evident in the 1960s when the countries of the region began to pursue development have been met, and the objectives achieved? The paper makes a case for thinking afresh about development and the poverty project, recognising that development is never neatly achieved but, rather, re‐worked, re‐engineered and re‐imagined over time. This is done through identifying different categories of ‘poor’, each produced through different poverty‐making processes, measured and viewed in different ways, and their poverty addressed using different approaches and policies. With specific reference to the cases of Laos and Thailand, and drawing on longitudinal research in the latter country, it is argued that while economic growth does trickle down, it trickles down in quite discrete and often contingent ways. Furthermore, there is always development work to be done, because development creates its own work. [ABSTRACT FROM AUTHOR]

▀ In only one of 12 large advanced economies do we expect consumption to outstrip GDP growth in 2018. As key drivers rotate, the impact of a recovery in real incomes will be dampened by higher oil prices and waning wealth effects. ▀ Policy‐fuelled asset booms sustained the post‐crisis recovery in G7 consumption, though by historical standards the recovery was nothing special. Historically, the G7's average 5‐year recovery from troughs entailed consumption matching GDP growth, but in the five years from 2010 consumption was 0.2 ppt weaker. Its relative strength only picked up from 2015, when boosted by weak oil prices. ▀ Relatively weak G7 consumption growth is likely to continue as key drivers rotate. Strong employment growth and a modest pick‐up in wage inflation will offset waning equity and housing wealth effects. ▀ Near‐term risks are two‐way. An oil‐fuelled inflation surprise could hit consumers, wreck central bank gradualism and reveal balance sheet weaknesses. Currently, however, we see only limited pockets of credit risk and vulnerability to higher rates. ▀ Conversely, there is scope for a credit‐fuelled boost to consumption. G7 household borrowing relative to its trend is arguably close to 40‐year lows, so unless financial deepening has reached a limit, there is scope for increases in borrowing. Furthermore, G7 bank deleveraging could be over, boosting credit supply conditions. ▀ We see two positive longer‐term drivers of the global consumption share: (i) Asian economies will become more consumption‐driven; (ii) Household re‐leveraging offers scope for some debt‐fuelled consumption growth. Offsetting negatives are that demographics, interest rates and asset prices will provide little support [ABSTRACT FROM AUTHOR]

Asia’s rapid population aging fortifies the case for strengthening human capital investments. Further, the experience of the newly industrialized economies suggests that human capital investments will be a vital ingredient of the transition from middle income to high income. Those investments can also affect equity and public finances. In this article, we use data from the National Transfer Accounts to empirically analyze the effect of human capital investment in Asian countries on economic growth, inequality, and fiscal balance. Our empirical evidence suggests that human capital investments have a positive effect on labor productivity and, hence, output. The positive effect is stronger for poorer households and, hence, beneficial for equity. We also find that such investments can generate sufficient tax revenues to improve the fiscal balance. Overall, our evidence points to a positive effect of human capital on growth, equity, and fiscal balance in Asia. [ABSTRACT FROM AUTHOR]

We present three conditions for a demography-driven middle-income trap and show that many economies in East, South, and Southeast Asia satisfy all of them. The conditions involve (1) the support ratio of workers to consumers has an impact on economic growth, (2) economic development accompanies more investment in human capital and lower fertility due to the quantity-quality trade-off, and (3) a current low level of fertility corresponds to very low support ratios for keeping up with frontier economies in the long run. Panel analysis for 178 countries shows that (1) and (2) are satisfied for Asia with higher elasticity than others. As for (3), we set up a dynamic model for simulations, showing that approximately two-third of Asia’s developing countries have an unsustainable level of support ratios, implying possibility of a middle-income trap due to future demographic headwinds. [ABSTRACT FROM AUTHOR]

Purpose The author explains how the story of China geo-political vision has recently taken a new turn under the leadership of Xi Jinping, and signals a major shift towards a more expansive and outward-looking economic policy.Design/methodology/approach Understanding more fully what is happening in the latest phase of China’s modern resurgence is a strategic imperative for both public policy analysts and corporate leaders with global interests and ambitions.Findings China is now convinced that extending its ‘infrastructure and connectivity” focus outwards in this way will help ‘to dismantle investment barriers, create new trade routes, improve international logistics and deepen financial integration.’Practical implications Beijing is ‘adamant’ that it should not be called a ‘plan’ or a ‘strategy’ lest it ‘be interpreted as ruse to build a vast economic empire.’Originality/value China's BRI extends beyond ports, railways and highways to other major types of infrastructure including oil and gas pipelines, electricity power plants and telecommunications networks. So the invitation to be part of BRI presents ‘a vast economic carrot,’ and the prospect of becoming major hubs on emerging new pan-regional trade routes is enormously attractive to many of China’s underdeveloped neighbors. 10; [ABSTRACT FROM AUTHOR]

This article examines the economic and strategic rivalry between China and India along with a number of dimensions: infrastructure, border disputes, sea power, and trade. The two countries increasingly pose a strategic challenge to each other, as India, fearing Chinese encirclement, emerges as an obstacle to China's projection of power. Insufficiently studied, the clash of visions and interests between China and India is now a central feature of global politics and the most volatile element of Chinese foreign policy. The evolution of this rivalry will dramatically impact the rest of the world. [ABSTRACT FROM AUTHOR]

▀ Most leading indicators of world trade point to growth remaining robust in the next few months, but there are some headwinds, especially from Asia. Overall, we expect trade growth to decelerate this year, yet the outlook has improved since August. We see world trade rising by 6.1% in 2017 and by 4.8% this year, up from our previous forecasts of 5.7% and 3.8%, respectively. ▀ The latest trade volume data for the major economies support our forecasts, as does our survey‐based export indicator, which leads trade by around three months. This indicator and the main measure of global freight volumes are consistent with world trade continuing to grow by around 6% y/y in the near term. ▀ World trade growth is likely to be supported by emerging markets (EMs), which made a large contribution to the trade recovery last year. Another factor that may be supportive – especially for EMs – is the slippage in the US dollar last year, as there is some evidence of a negative correlation between dollar strength and world trade. ▀ The recovery of demand in the Eurozone and expected fiscal stimulus in the US add to the positive constellation of factors supporting world trade growth. Business sentiment indicators remain positive and imply upside risks to our forecasts. Yet it is not obvious that they have a strong leading relationship with trade – and the statistical relationship has become weaker since 2007–2009. This reinforces our view that there has been a structural change in the relationship between world trade and world GDP. ▀ The main near‐term downside risks to world trade come from Asia. Freight indicators for Shanghai and Hong Kong have slowed markedly, as have semiconductor billings. Although Chinese activity indicators have also moderated, China's trade volume growth remains surprisingly strong. [ABSTRACT FROM AUTHOR]

Regional disparities exist due to the uneven impact of economic development. The World Bank’s World Development Report (2009) advocates that attempts to spread out economic activity will undermine growth. This study finds that policy-makers in Central and Eastern Europe and Central Asia favour subsidizing firms in less urbanized locations. However, innovation market outcomes would probably be higher if there was an urban bias in subsidy distribution. [ABSTRACT FROM PUBLISHER]

Based on a large dataset from eight Asian economies, we test the impact of post-crisis regulatory reforms on the performance of depository institutions in countries at different levels of financial development. We allow for technological heterogeneity and estimate a set of country-level stochastic cost frontiers followed by a deterministic bootstrapped meta-frontier to evaluate cost efficiency and cost technology. Our results support the view that liberalization policies have a positive impact on bank performance, while the reverse is true for prudential regulation policies. The removal of activities restrictions, bank privatization and foreign bank entry has a positive and significant impact on technological progress and cost efficiency. In contrast, prudential policies, which aim to protect the banking sector from excessive risk-taking, tend to adversely affect banks’ cost efficiency but not cost technology. [ABSTRACT FROM AUTHOR]

The paper analyzes the role of monetary policy for cyclical movements of investment and asset markets in East Asia and Europe based on a Mises-Hayek overinvestment framework. It is shown how the gradual global decline of interest rates has triggered wandering overinvestment cycles in Japan, Southeast Asia, and China. Similarly, it is shown how a one-size monetary policy within the European Monetary Union has not preserved the European Monetary Union from idiosyncratic economic development and crisis because of uncoordinated fiscal policies. With monetary policy crisis management being argued to impede financial and economic restructuring, a timely exit from ultra-expansionary monetary policies is recommended for both East Asia and Europe to reconstitute economic stability and growth. [ABSTRACT FROM AUTHOR]

Can regionalism do what multilateralism has so far failed to do - promote greater openness of services markets? While previous research has pointed to the wider and deeper legal commitments under regional agreements as proof that it can, no previous study has assessed the impact of such agreements on applied policies. This paper focuses on the ASEAN region, where regional integration of services markets has been linked to the thriving regional supply chains. Drawing upon surveys in 2008 and 2012 of applied policies in the key services sectors of ASEAN countries, we assess the impact of the ASEAN Framework Agreement on Services ( AFAS) and the ambitious ASEAN Economic Community Blueprint, which envisages integrated services markets by 2015. We find that ASEAN is not integrating faster internally than vis-à-vis the rest of the world: policies applied to trade with other ASEAN countries are virtually the same as those applied to trade with rest of the world. Moreover, the recent commitments scheduled under AFAS have not produced significant liberalisation and, in a few instances, services trade policy has actually become more restrictive. The two exceptions are in areas that are not on the multilateral negotiating agenda: steps have been taken towards creating regional open skies in air transport, and a few mutual recognition agreements have been negotiated in professional services. These findings suggest that regional negotiations add most value when focused on areas that are not being addressed multilaterally. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach: This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings: This research paper concentrates on the focus and inherent challenges of China's efforts to unite the Asian region for mutual economic benefit. Chinese Government-led free trade agreements with other Asian countries, a promotion of China's RMB currency, and the Belt and Road infrastructure initiative are all being pursued as ways of networking Asia into firm competitor to western countries like the USA on the world trade stage. Originality/value: The briefing saves busy executives, strategists, and researchers' hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format. [ABSTRACT FROM AUTHOR]