Finance and Structural Change

2021 ◽  
pp. 473-493
Author(s):  
Stephany Griffith-Jones ◽  
José Antonio Ocampo
Keyword(s):  
Developing Countries ◽  
Structural Change ◽  
Structural Transformation ◽  
Macroeconomic Policies ◽  
Emerging And Developing Countries ◽  
Currency Mismatches ◽  
Private Financing ◽  
Domestic Level

This chapter emphasizes two crucial links between finance and structural change. The first is a direct contribution with finance supporting innovative sectors through long-term funding. The chapter highlights the role of development banks, multilateral, but especially national ones, which should place structural transformation at the centre of their activities. The second link emphasized involves avoiding the risks associated with boom–bust cycles in external as well as domestic private financing. The proper use of capital account regulations as one of the instruments of macroeconomic policies in open economies is essential, particularly in emerging and developing countries. At the domestic level, avoiding unsustainable credit booms, and managing the maturity and currency mismatches in portfolios, are also emphasized.

Natural Resources and Problems of Development

1974 ◽  
Vol 9 (2-3) ◽  
pp. 179-184
Author(s):  
Per Antonsen
Keyword(s):  
Developing Countries ◽  
Third World ◽  
Large Scale ◽  
Mineral Resources ◽  
World Market ◽  
Economic Security ◽  
Industrial Enterprises ◽  
The Third World

The author focuses on problems in the economy of the developing countries likely to arise as a consequence of mineral exploitation in the new territories. A general shortage of mineral resources, although predicted, should not uncritically be adopted as a sufficient explanation of the demonstrated interest of industrial enterprises in undertaking heavy investments in the new territories. The economic security claimed by institutions financing large-scale investments, may just as likely force the companies to seek options for long-term supplies from these areas, unhampered by the politically caused instabilities perceived in the Third World. This development may tend to push the developing countries into the role of subsidiary suppliers in the world market. The committees preparing the UN Conference on the Law of the Sea have so far taken no realistic measures to counteract this possibility, which may prove detrimental to the economies of several developing countries. The Conference will, in the opinion of the author, provide little but a settlement of disputed interests among the coastal states.

Availability of Infrastructure Facilities in India

2017 ◽  
pp. 143-163
Author(s):  
Soumyadip Chattopadhyay ◽  
Sampriti Pal
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Rural Areas ◽  
Strong Relationship ◽  
Publicly Funded ◽  
Enabling Environment ◽  
Catching Up ◽  
Private Financing ◽  
Government Level

It has been a well-accepted fact that there exists a strong relationship between infrastructure and economic growth. Like many other developing countries, lot of emphasis has been placed on the importance of investments in infrastructure for fostering economic growth in India. A state-wise analysis of five support infrastructure in India shows improvement in infrastructural facilities in 2014 as compared to 2007. Rural–urban gap is converging for most of the states, showing that the rural areas are catching up with their urban counterparts. However, the availability of infrastructure can be termed anything but inadequate. The infrastructural deficits can be met possibly through better management of publicly funded projects and greater role of private players. Given the resource crunch at government level, private financing of investment is simply a matter of necessity rather than a matter of choice. Therefore, this chapter argues for creation of an enabling environment and to facilitate the infusion of adequate private fund while keeping the interest of vulnerable sections in mind.

Fertile Research Grounds in Emerging and Developing Countries: Revisiting the Role of the Researcher

2015 ◽  
Vol 2015 (1) ◽  
pp. 17675
Author(s):  
Silvia Dorado ◽  
Moses N Kiggundu ◽  
Christopher Marquis ◽  
Uchenna Uzo ◽  
Christopher B. Yenkey
Keyword(s):  
Developing Countries ◽  
Emerging And Developing Countries

The Oxford Handbook of Industrial Policy

2020 ◽  
Keyword(s):  
Developing Countries ◽  
Development Strategy ◽  
Industrial Policy ◽  
Global Financial Crisis ◽  
Infrastructure Development ◽  
Macroeconomic Policies ◽  
Political Consequences ◽  
Theoretical Perspectives ◽  
And Shifts ◽  
Emerging And Developing Countries

Industrial policy has long been regarded as a strategy to encourage sector, industry, or economy-wide development by the state. It has been central to competitiveness, catching-up, and structural change in both advanced and developing countries. It has also been one of the most contested issues in economics, reflecting ideologically inflected debates and shifts in prevailing ideas. There has lately been a renewed interest in industrial policy in academic circles and international policy dialogues, prompted by the weak outcomes of policies pursued by many developing countries under the direction of the Washington Consensus (and its descendants), the slow economic recovery of many advanced economies after the 2008 global financial crisis, and mounting anxieties about the economic, social, and political consequences of globalization. The Oxford Handbook of Industrial Policy presents a comprehensive review of and novel approaches to the conceptual and theoretical foundations of industrial policy. The Handbook also presents analytical perspectives on how industrial policy connects to broader issues of development strategy, macroeconomic policies, infrastructure development, human capital, and political economy. By combining historical and theoretical perspectives and integrating conceptual issues with empirical evidence drawn from advanced, emerging, and developing countries, the Handbook offers valuable lessons and policy insights to policymakers, practitioners, and researchers on developing productive transformation, technological capabilities, and international competitiveness. It addresses pressing issues including climate change, the gendered dimensions of industrial policy, global governance, and technological change. Written by leading international thinkers on the subject, the volume pulls together different perspectives and schools of thoughts from neo-classical to structuralist development economists to discuss and highlight the adaptation of industrial policy in an ever-changing socio-economic and political landscape.

scholarly journals Pandemic recession and helicopter money: Venice, 1629–1631

2022 ◽  
pp. 1-19
Author(s):  
Donato Masciandaro ◽  
Charles Goodhart ◽  
Stefano Ugolini
Keyword(s):  
Political Economy ◽  
Government Debt ◽  
Macroeconomic Policies ◽  
Fiscal Stimulus ◽  
Net Worth ◽  
Monetary Expansion ◽  
Monetary Instability

We analyse the money-financed fiscal stimulus implemented in Venice during the famine and plague of 1629–31, which was equivalent to a ‘net-worth helicopter money’ strategy – a monetary expansion generating losses to the issuer. We argue that the strategy aimed at reconciling the need to subsidize inhabitants suffering from containment policies with the desire to prevent an increase in long-term government debt, but it generated much monetary instability and had to be quickly reversed. This episode highlights the redistributive implications of the design of macroeconomic policies and the role of political economy factors in determining such designs.

scholarly journals Framing Structural Transformation in South Africa and Beyond

2021 ◽  
pp. 1-27
Author(s):  
Antonio Andreoni ◽  
Pamela Mondliwa ◽  
Simon Roberts ◽  
Fiona Tregenna
Keyword(s):  
South Africa ◽  
Political Economy ◽  
Structural Transformation ◽  
Power Dynamics ◽  
Middle Income ◽  
Role Of The State ◽  
Societal Changes ◽  
Sectoral Composition

Structural transformation is a complex, long-term historical process entailing both structural change in the sectoral composition of an economy, as well as broader societal changes in the productive organizations, institutions, and political economy of a country. With a focus on South Africa as a middle-income country, this chapter advances a holistic and integrated perspective on the nature and dynamics of structural transformation and highlights a specific set of interlocking critical factors and dimensions. These are: the processes of learning and productive capabilities development and accumulation; technological change—digitalization, specifically—and its relationship with sustainability; power dynamics along global value chains (GVCs) and their relation to inequality; and finally, the political economy of development and the role of the state. Over the course of its democratic history, since 1994, South Africa has not undergone sustained and thoroughgoing structural transformation. Despite some areas of partial success, there has been premature deindustrialization, lack of sufficient development of the local production system alongside integration into GVCs, and persistent cross-cutting challenges of inclusiveness and sustainability. Here it is argued that the holistic and integrated framework developed by the authors can help in developing a policy approach towards effective and feasible packages of industrial policies for structural transformation.

Technical Change, the Shifting ‘Terrain of the Industrial’, and Digital Industrial Policy

2020 ◽  
pp. 368-393
Author(s):  
Antonio Andreoni
Keyword(s):  
Developing Countries ◽  
Structural Change ◽  
Industrial Policy ◽  
Technical Change ◽  
Digital Technologies ◽  
Value Chains ◽  
Industrial Ecosystem ◽  
Technology Platforms ◽  
Key Enabling Technologies

Technical change is a major driver of structural transformation and industrial mutations within and across sectors of the economy. We show how, by deploying different concepts of sector—commodity/product, production/technology, or location-based taxonomies—we can better capture the heterogeneity of production activities, shifting sectoral boundaries, industrial mutations, sources of technical change, and non-linear patterns of structural change. These are important dimensions for industrial policy targeting. We analyse these technological dynamics with an industrial ecosystem framework structured around several sectoral value chains underpinned by different technology platforms. Within this framework, we highlight the role of digital technologies alongside other key enabling technologies and discuss technological change trajectories and cross-sectoral diversification patterns. Against this background, we discuss the specific challenges of deploying digital technologies effectively faced by developing countries. To address these challenges and capture windows of digital opportunity, industrial policy must be articulated along both sectoral and cross-sectoral mission-oriented strategies.

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