The rise of the BRICS and their challenge to the G7

2015 ◽  
Vol 10 (1) ◽  
pp. 156-170 ◽  
Author(s):  
Golam Mostafa ◽  
Monowar Mahmood
Keyword(s):  
Secondary Data ◽  
Content Type ◽  
Brics Countries ◽  
Economic Threat ◽  
Long Run ◽  
Number Of Factors ◽  
Growth Prospects ◽  
Secondary Data Sources ◽  
Magazine Articles ◽  
Different Sources

Purpose – This paper attempts to assess the economic growth prospects of the BRICS countries and their potential ability to challenge and overtake the G7 countries. Specifically, the purpose of this paper is to answer the following question: Do the BRICS represent a tangible economic threat to surpass the G7, and if so, how? Design/methodology/approach – The authors adopt a qualitative research method based on secondary data sources, such as journal publications, reports published by international organizations, and newspaper and magazine articles. Data from these different sources is compiled and presented in tabular form to provide logical support to the arguments. Findings – Based on the data analysis, the authors conclude that the BRICS have the potential to overtake the G7 in the long run. However, this objective is not likely to be as easy as presumed by economists, since a number of factors and uncertainties may deter the growing economic power and influence of the BRICS. Originality/value – At present, there is hardly any study or research in the available literature that compares these two blocs of countries. Hence, this comparative study will contribute significantly toward the advancement of future comparative economic studies.

scholarly journals Fiscal federalism and accountability in Nigeria: an ARDL approach

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Olabanji Olukayode Ewetan ◽  
Romanus Osabohien ◽  
Oluwatoyin Augustina Matthew ◽  
Abiola Ayopo Babajide ◽  
Ese Urhie
Keyword(s):  
Public Sector ◽  
Fiscal Federalism ◽  
Local Economic Development ◽  
Fiscal Decentralization ◽  
Secondary Data ◽  
Law And Order ◽  
Content Type ◽  
Distributed Lag ◽  
Long Run ◽  
Auto Regressive

Purpose The purpose of this paper is to examine the relationship between fiscal federalism and accountability in Nigeria. Corruption is a global plague and is endemic in nature. Several policies have been adopted by the Nigerian Government to institutionalize accountability and combat the scourge of corruption that have hindered socio-economic progress but to no avail. Design/methodology/approach Thus, this study examined fiscal federalism and accountability issues in Nigeria using secondary data and used the auto-regressive distributed lag econometric technique to analyse the data. Findings The results from this study reveal that fiscal federalism fails to mitigate corruption in the long run in Nigeria because of poor bureaucratic quality (BQ) and ineffective law and order (LOR). Social implications Fiscal decentralization must be accompanied by legislations that will strengthen BQ of fiscal institutions at subnational levels and promote effective LOR. Originality/value This study recommends that for fiscal federalism to mitigate corruption in the long run, government must adopt appropriate policies to improve BQ and further strengthen LOR in Nigeria. The finding also suggests that to promote public sector accountability in Nigeria, government should ensure the simultaneous decentralization of expenditure and revenue to lower tiers of government. This study provides detailed empirical evidence that fiscal decentralization without accountability will accentuate public sector corruption, and in the long run, weaken local economic development initiative to boost growth and development.

The IMF, its mandate and influence in prevention of financial sector abuse

2016 ◽  
Vol 23 (4) ◽  
pp. 987-1011
Author(s):  
Norman Mugarura
Keyword(s):  
World Bank ◽  
Secondary Data ◽  
Financial Sector ◽  
Data Sources ◽  
Content Type ◽  
The World Bank ◽  
The World ◽  
Secondary Data Sources ◽  
Work Done ◽  
The Imf

Purpose The purpose of this paper is to articulate the mandate of the International Monetary Fund (IMF) not least in promoting a sound legal regulatory environment for markets to operate globally and its inherent challenges. While acknowledging the plausible work done by the IMF in supporting countries to achieve their macro-economic stability, the paper articulates some of its shortcomings as a global institution. It is evident that the post-war climate in which the World Bank and IMF were created has drastically changed – which presupposes that these institutions now need to reposition themselves to reflect on contemporary global challenges accordingly. The author has argued in the past that a robust regulatory system should be devised taking into account the dynamic challenges in the market environment but also to prevent them from happening again. Design/methodology/approach The paper has utilized empirical evidence to evaluate the mandate of the IMF in addressing its dynamic challenges such as the global financial and debt crises in Europe and the USA and prevention of financial sector abuse globally. The IMF is one of the Bretton Woods Institutions charged with the oversight responsibility to enforce policies and enable countries to manage their macro-economic challenges efficiently. Findings The findings demonstrate that the IMF is as relevant and important as it was when it was created in 1945. However, there is a need for intrinsic and structural changes within this institution to continue discharging its mandate in a changed global regulatory landscape. The IMF is still crucial in fostering a fundamental stabilization function to fragile global economies in areas of financial and technical assistance, and developing requisite legal and supervisory infrastructure within fledging member countries. Research limitations/implications The paper was written by analysis of both theoretical and empirical data largely based on secondary data sources. It would have been better to first present the findings in an international conference to solicit wide views and internalize them accordingly. Practical implications While acknowledging the plausible work done by the IMF and its counterpart the World Bank in facilitating global financial markets regulation and prevention of financial sector abuse, as oversight institutions, they need to constantly review their mandate to respond robustly to their dynamic challenges such as the global and debt crises and financial sector abuse. Oversight institutions need to constantly review and adapt their mandate accordingly, if they are to discharge their varied responsibilities efficiently. They cannot stand still in the face of challenges because they will be superseded and kept at a back foot. Social implications Markets and states are embedded in each other, and the way they are regulated is of a significant importance to varied stakeholders and people. Originality/value This paper is one of its kind, is unique in its character and evaluates embedded issues using empirical evidence in a way not done in its context before. Secondary data sources have been evaluated to achieve a thoughtful analysis of the objectives of the paper.

scholarly journals “Coke on Tick”: exploring the cocaine market in the UK through the lens of financial management

2017 ◽  
Vol 24 (2) ◽  
pp. 181-199 ◽  
Author(s):  
Alexandra Hall ◽  
Georgios A. Antonopoulos
Keyword(s):  
Financial Management ◽  
Capital Investment ◽  
Relevant Literature ◽  
Organised Crime ◽  
Content Type ◽  
Number Of Factors ◽  
The Uk ◽  
Depth Interviews ◽  
Different Sources ◽  
Integral Feature

Purpose This paper aims to offer detailed preliminary data and analysis that focuses specifically on the structures and financial aspects of the UK cocaine market. Design/methodology/approach This paper is based on in-depth interviews with – among others – four active criminal entrepreneurs involved in powder cocaine supply in the UK. Furthermore, along with a review of relevant literature and open sources, in-depth interviews were undertaken with a range of experts with knowledge of the cocaine market. These experts include law enforcement agents and independent academics/researchers who have researched the cocaine market in the UK and internationally. Findings The cocaine market is a fragmented business dependent on networks of individual entrepreneurs and groups. At the core of collaborations often lie family, ethnic or kinship relationships and relationships forged within legal businesses and in prison. Capital investment practices in this market are flexible, “messy” and mutating, and money comes from a range of different sources. Credit is an integral feature of the cocaine business in the UK. The financial management of the cocaine trade is a result of (and reflects) a number of factors, such as the fragmented and decentralised nature of the trade. Originality/value Empirical research into financial aspects of organised crime manifestations is important for the assumptions that are part of public debate to be tested. In addition, understanding the broader range of financial aspects of organised crime is an important component of the process of crimes for gain and can contribute to both better investigation and better prevention.

Intensity of shock transmission amid US-BRICS markets

2015 ◽  
Vol 10 (3) ◽  
pp. 311-328 ◽  
Author(s):  
P. Lakshmi ◽  
S. Visalakshmi ◽  
Kavitha Shanmugam
Keyword(s):  
Stock Market ◽  
Granger Causality ◽  
Stock Markets ◽  
Subprime Mortgage ◽  
Content Type ◽  
Brics Countries ◽  
Long Run ◽  
The Us ◽  
The Usa ◽  
Short Run

Purpose – The purpose of this paper is to analyze the intensity of transmission of shocks from USA to BRICS countries in the long-run and short-run deviations and swiftness of recovery during US subprime mortgage crisis. This analysis enables the authors to explore the evolving patterns of relationships between these markets and examine whether their co-movements altered either in response to international shocks that originated in advanced markets like USA or due to their domestic fluctuations. Design/methodology/approach – Employing data of daily stock market indices (open and close) of BRICS countries for the period January 2, 2001 to May 31, 2012, this paper examines the interactions and characteristics of price movements of BRICS with US market by applying co-integration tests, vector error correction model and Granger causality relationship. The daily stock market indices data are derived from respective stock exchange web sites. Findings – The results exhibit that both long-run co-integration relationships and short-run Granger causality relationships exist between the stock markets of US-BRICS. Furthermore, this nexus is amplified in the short-run during 2007-2009, when the subprime mortgage financial crisis in the USA cropped up. This finding lends support to the prominence of developed (US) market links in the proliferation of persistent co-movements of BRICS stock markets. Research limitations/implications – The findings imply an increasing degree of global market integration due to quick dissemination of global shocks originating from developed market like USA, and swift recovery which can be attributed to the increased resilience, consistent with the moderated level of domestically driven risk in the BRICS markets. In spite of their similarities, long-run and short-run interdependences with the US stock market exhibit differences among the BRICS. This can be attributed to the regional heterogeneity in long-run risk and return co-movements with the USA. Practical implications – Changes from the US index easily affect these stock markets in the short-run, which implies that the US index may act as a leading indicator for investing funds in BRICS markets. Originality/value – This study would enable the authors to understand whether BRICS economies actually remain resilient to adverse developments in USA and could serve as alternative investment destinations for global portfolio diversification.

Export diversification augurs well for Europe's growth

2015 ◽  
Keyword(s):  
Euro Area ◽  
Export Diversification ◽  
Content Type ◽  
Long Run ◽  
Area Growth ◽  
Growth Prospects

Subject The diversification and quality of European exports. Significance For all the gloom about Europe's economy, one fact stands out: the continent is a proficient exporter. This is not just true of Germany, the biggest exporter in Europe and the world's third-largest exporter overall. Half of the world's top-ten exporters are European. Impacts Export prowess suggests Europe's long-run growth prospects remain good. This finding is independent of the currency fortunes of individual members or the region. This supports a more bullish view on the euro-area growth prospects than currently foreseen.

On productivity differential of export composition: evidence from India

2014 ◽  
Vol 7 (1) ◽  
pp. 38-50
Author(s):  
Avijit Debnath ◽  
Niranjan Roy ◽  
Priyanka Dasgupta ◽  
Nazira Mazumder
Keyword(s):  
Positive Impact ◽  
Secondary Data ◽  
Spillover Effects ◽  
Aggregate Level ◽  
Content Type ◽  
Export Sector ◽  
Distributed Lag ◽  
Long Run ◽  
Short Run ◽  
Export Composition

Purpose – This paper aims to analyse the relationship between exports and non-export gross domestic product (GDP) in the context of Indian economy during 1988-2012. It considers export both at aggregate and disaggregated levels to examine whether export-led growth (ELG) hypothesis is sensitive to types of goods India exports. Design/methodology/approach – The OLS-based autoregressive distributed lag (ARDL) model has been employed to analyse the potential long-run equilibrium relationship. Further, the error correction model within the ARDL framework is applied to examine the short-run and long-run causal relationship between non-export GDP, export and other variables. The study is based on secondary data. Findings – The study indicates that at aggregate level, exports do not have any significant impact on output of non-export sector, and therefore, it is maintained that ELG hypothesis is not valid at aggregate level in India; when the authors disaggregate exports into merchandise and services exports, the latter has been found to have positive spillover effects on non-export sector of the economy. However, the association between merchandise export and non-export GDP is found to be statistically insignificant. When the authors further disaggregated merchandise exports, the authors observed that primary-product export has a negative association with non-export GDP, but export of manufacturing products found to have a significant positive impact on non-export GDP. Finally, export of petroleum product shows a negative long-run association with non-export GDP, but the association is statistically insignificant. Originality/value – It is not the case that India can simply increase its exports per se and be sure of witnessing economic growth, but instead it is the composition and the concentration of these exports that matters.

Long-run dynamics between cost of quality and quality performance

2019 ◽  
Vol 36 (8) ◽  
pp. 1438-1453 ◽  
Author(s):  
Sebastian Sturm ◽  
Gernot Kaiser ◽  
Evi Hartmann
Keyword(s):  
Scale Effect ◽  
Cost Reduction ◽  
Secondary Data ◽  
Quality Performance ◽  
Data Set ◽  
Quality Cost ◽  
Content Type ◽  
Cost Of Quality ◽  
Long Run ◽  
Failure Cost

Purpose The dynamics of quality performance and quality cost are gaining renewed interest in quality management literature. Using large sample secondary data, the purpose of this paper is to build up empirical evidence for increasing quality performance in manufacturing in the long-run. The authors then examine whether it is possible to reduce internal and external failure cost over time without increasing prevention and appraisal expenditures in return. Finally, a scale effect in reducing quality cost is measured to clarify the long-run dynamics between quality cost and quality performance. Design/methodology/approach The authors conduct statistical analysis on a large sample secondary data set to reveal relationships between total cost of quality, its components and overall quality performance. Findings Significantly higher quality performance and lower quality cost are observed in the long-run. Quality costs grow less than half as fast as sales volume, pointing to a significant scale effect in quality cost reduction. Practical implications Businesses can use these implications for targeting failure costs and budgeting appraisal and prevention costs. Based on company-specific historical learning behavior through prevention and appraisal activities, an increasingly reliable prognosis of failure cost shall be possible. Originality/value For the first time, quality performance and cost dynamics are assessed using a secondary data set with more than 400 observations. A scale effect for quality cost reduction is measured. The results are of great importance to quality management practice and research.

The emergence of social entrepreneurship in Russia

2019 ◽  
Vol 15 (2) ◽  
pp. 158-178 ◽  
Author(s):  
Yury E. Blagov ◽  
Yulia N. Aray
Keyword(s):  
Social Entrepreneurship ◽  
Deep Understanding ◽  
Secondary Data ◽  
The State ◽  
Annual Reports ◽  
Content Type ◽  
Legal Documents ◽  
The Social ◽  
Secondary Data Sources ◽  
Official Status

Purpose The purpose of this paper is to build a typology of social entrepreneurship in Russian Federation and describe the related models based on a deep understanding of the current institutional context and the positioning of social entrepreneurship in the arena of market and non-market activities. Design/methodology/approach This paper is based on secondary data sources including legal documents, annual reports and websites of the social entrepreneurship-related organizations. Findings This paper finds that social entrepreneurship in Russia is located between civil society, the State and the market and it is the State that became a main driving force behind social entrepreneurship development. Originality/value This paper is the first to perceive the social entrepreneurship in modern Russia as a phenomenon with “semi-official” status. The original models and the very typology of social entrepreneurship are based on the newly introduced concept of “social-entrepreneurial mission”.

scholarly journals Globalization and female economic participation in MINT and BRICS countries

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tolulope Osinubi ◽  
Simplice Asongu
Keyword(s):  
Negative Impact ◽  
Positive Impact ◽  
Labour Force ◽  
Participation Rate ◽  
Labour Force Participation ◽  
Labour Force Participation Rate ◽  
Content Type ◽  
Brics Countries ◽  
Long Run ◽  
Economic Participation

PurposeThis study examines the effect of globalization on female economic participation (FEP) in MINT (Mexico, Indonesia, Nigeria and Turkey) and BRICS (Brazil, Russia, India, China and South Africa) countries between 2004 and 2018.Design/methodology/approachFour measures of globalization are employed and sourced from KOF globalization index, 2018, while the female labour force participation rate is a proxy for FEP. The empirical evidence is based on the Pooled Mean Group (PMG) estimator.FindingsThe findings of the PMG estimator from the Panel ARDL method reveal that political and overall globalization in MINT and BRICS countries have a positive impact on FEP, whereas social globalization exerts a negative impact on FEP in the long-run. It is observed that economic globalization has no long-run effect on FEP. Contrarily, all the measures of globalization reflect no short-run effect on FEP. This supports the argument that globalization has no immediate effect on FEP. Thus, it is recommended that both MINT and BRICS countries should find a way of improving the process of globalization generally to empower women to be involved in economic activities.Originality/valueThis study complements the extant literature by focusing on how globalization dynamics influence FEP in the MINT and BRICS countries.

Demonetization move in India: a conceptual study

2020 ◽  
Vol 23 (4) ◽  
pp. 863-869
Author(s):  
Deepa Jain ◽  
K.S. Thakur ◽  
Manoj Kumar Dash
Keyword(s):  
Conceptual Understanding ◽  
Design Methodology ◽  
Impact Analysis ◽  
Secondary Data ◽  
Content Type ◽  
The Real ◽  
Long Run ◽  
Conceptual Study ◽  
Future Work ◽  
Future Path

Purpose The purpose of this paper is to explore the real causes of demonetization drive and the future path created by the drive. Design/methodology/approach The study started with a conceptual understanding of the demonetization drive in India and ended with a future impact analysis. For exploring the concept, the authors reviewed various articles, government and corporate reports as well as studies published in newspaper and available online. Findings The study revealed that demonetization is a success in terms of cashless path created to eradicate corruption but a failure in terms of disruption caused in the economy. Thus, appropriate measures could be taken by government to make this daunting step successful in the long run. Research limitations/implications The study is limited only to demonetization concept based on secondary data. Future work may be done keeping in view more empirical data to know the effectiveness of the demonetization drive along with other parameters. Originality/value To the best of researchers’ knowledge, no study tried to uncover the strong reasons behind the demonetization move. The study extends the literature by exploring the real causes and impacts of the demonetization drive through a conceptual lens.

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