Investigating the Role of Regional Economic Integration on Growth: Fresh Insights from South Asia

2020 ◽  
pp. 097491012097480
Author(s):  
Muhammad Ibrahim Shah
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
South Asia ◽  
South Asian ◽  
Economic Integration ◽  
Regional Integration ◽  
Policy Implications ◽  
Regional Economic Integration ◽  
Asian Countries ◽  
Regional Economic

Regional economic integration is the key to achieving prosperity and stability. However, intra-regional trade in South Asia accounts for not more than 5%–6% of their total trade. This study aims to examine the role played by regional economic integration in determining the economic growth of South Asian countries over the period 1980–2015. Since shocks in one country may affect another country in the region, this is taken into account in the article by employing methodologies that are robust to cross sectional dependence. Specifically, continuously-updated and bias-corrected (CupBC) of Bai et al. (2009) and Dumitrescu–Hurlin panel causality test (2012) have been employed to estimate long-run coefficients and determine the direction of relationship among the variables, respectively. The findings suggest that economic integration increases economic growth significantly in this region. However, contrary to popular belief, both democracy and human capital are negatively related to economic growth. Bidirectional causality is found between economic integration and democracy, regional integration and human capital, democracy and human capital and, democracy and labor. This study also presents several policy implications for South Asian countries.

Financial Sector Reforms in South Asian Countries

2016 ◽  
pp. 36-50
Author(s):  
Amir Manzoor
Keyword(s):  
Economic Growth ◽  
South Asia ◽  
South Asian ◽  
Economic Integration ◽  
Growth Rates ◽  
Financial Sector ◽  
Asian Countries ◽  
Settlement Systems ◽  
Domestic Savings ◽  
Economic Growth Rates

Several far-reaching reforms to the financial sector were introduced by South Asian countries in early 1980. The nature and progress of these reforms vary from country to country. These reforms covered a number of areas such as promoting competition in the financial sector, developing payment and settlement systems, and strengthening regulations. So far, these reforms have not only helped South Asian countries to significantly raise domestic savings, attract foreign capital, and raise economic growth rates but also provided greater economic integration of South Asia. This chapter performs a close re-scrutiny of the reforms implemented in South Asian countries. Suggestion for further reforms for building efficient, competitive, and resilient financial sector is also provided.

scholarly journals MACROECONOMIC STABILITY OF NEW MEMBER STATES OF THE EUROPEAN UNION: FIFTH ENLARGEMENT

2020 ◽  
Vol 8 (19) ◽  
pp. 55
Author(s):  
Sanel Razić ◽  
Merim Kasumović
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Economic Integration ◽  
Regional Integration ◽  
Developed Countries ◽  
Regional Economic Integration ◽  
The European Union ◽  
Regional Economic ◽  
National Economies ◽  
Macroeconomic Stability

The historical context of globalization as an organized process, which influenced the majority of national economies linked via international institutional mediators, led to the so called regional economic integration phenomenon. It is interpreted as the efforts of underdeveloped and developing countries to speed up their economic growth and more significantly impact the entire macroeconomic stability by means of some form of regional integration. Nowadays, regional economic integration is one of the pillars for proper functioning of modern economic relations. Experience of developed countries serves as an example to point out that integration processes inevitably contribute to more favorable environment for developing business sector in the countries striving for integration. In the context of global integrations, more frequent forms of regional changes and the establishment of trade blocks come as the consequence as well as the overall need for obtaining trade balance among national economies. Within this context, the European Union is seen as one of the most important regional integration and an imperative in economic, political and cultural segment, as it is the territory with significant economic growth and the region with high living standards.

scholarly journals Regional Economic Integration in South Asia: The Way Forward

2004 ◽  
Vol 43 (4II) ◽  
pp. 959-974
Author(s):  
Musleh-ud Din ◽  
Shahbaz Nasir
Keyword(s):  
South Asia ◽  
South Asian ◽  
Economic Integration ◽  
Developing Economies ◽  
Economic Cooperation ◽  
Regional Economic Integration ◽  
The South ◽  
Regional Trade ◽  
Regional Economic ◽  
Asian Economies

Like many developing economies, the South Asian countries are opening-up their economies with a view to accelerating their economic growth through greater trade and investment. In this context, attempts have also been made to encourage regional trade under the aegis of the South Asian Association for Regional Cooperation (SAARC). In particular, the South Asian Preferential Trade Agreement (SAPTA) provides for reductions in tariffs and other restrictions on specific commodities on a reciprocal basis, and the eventual objective is to integrate the South Asian economies into a free trade area through SAFTA, which would come into force on January 1, 2006. However, despite greater attention on regional economic cooperation initiatives, there has been little progress in regional trade expansion: intra-regional trade continues to be minimal, not exceeding 5 percent of the total trade of the South Asian economies. This paper highlights the importance of regional economic integration in South Asia as elsewhere, spells out the factors which have so far hampered economic cooperation in the region, and outlines a future course of action to achieve greater economic integration in South Asia. Section 2 provides a broad perspective on regional economic integration with a particular focus on the need to foster greater economic cooperation in South Asia. Section 3 discusses the factors that have impeded intra-regional trade and economic ties within the region. Section 4 spells out measures to enhance economic cooperation in the SAARC region, while Section 5 concludes the discussion.

Openness of the Russian economy as a source of economic growth

2016 ◽  
pp. 26-42 ◽  
Author(s):  
P. Kadochnikov ◽  
A. Knobel ◽  
S. Sinelnikov-Murylev
Keyword(s):  
Economic Growth ◽  
Economic Integration ◽  
Global Economy ◽  
Regional Economic Integration ◽  
Policy Recommendations ◽  
Regional Economic ◽  
Russian Economy

The paper considers measures on Russia’s integration into the global economy, aimed at the economic growth resumption. It analyzes conditions and mechanisms due to which the expanding trade and mutual investment with other countries contribute to economic growth in Russia. The paper provides policy recommendations for export support, regional economic integration agenda and the institutions reform.

scholarly journals The Necessity of Regional Economic Integration: a Lesson for South Asia?

2017 ◽  
Vol 9 (1) ◽  
pp. 136
Author(s):  
Md. Rajin Makhdum Khan ◽  
Faizah Imam
Keyword(s):  
South Asian ◽  
Economic Integration ◽  
Regional Cooperation ◽  
Modern World ◽  
Regional Economic Integration ◽  
The European Union ◽  
The South ◽  
Regional Economic ◽  
Contemporary World ◽  
Domestic Economies

ASEAN and the European Union have showed this world the privileges regional economic integration provides the states. Although Greece and Italy might be the torchbearers of criticism against regional cooperation and integration, these two organizations tend to be some prime examples of necessity of regional economic integration. This dissertation thus focuses on the privileges and advantages that regional economic integration system and organizations deliver to the states aligned within. With the possible and crucial criticisms on mind, the discussion moves forward analyzing if this system is making the countries perform better economically and advance towards domestic development. The dissertation further intends to find out why the South Asian nations might need similar kind of cooperation and why these countries should act more sensible to make the economic integration possible. While remarking the recommendations, the discussion also draws the barriers and the problems that this region might face in order to integrate their economies or enhance their trades. The core argument of this dissertation therefore lies in analyzing the importance of regional economic integration and liberal economics in this modern world and if the South Asian countries need economic integration to develop their domestic economies. The recommendations are to provide the possible ways to run the process and the drawbacks portion mentions the difficulties and barriers to be faced whilst all of these countries’ ongoing strict policies. The argument tries to find out the significance of liberal economics and tribulation of realism in the contemporary world.

Climate change and women in South Asia: a review and future policy implications

2019 ◽  
Vol 17 (2) ◽  
pp. 145-166
Author(s):  
Sangram Kishor Patel ◽  
Gopal Agrawal ◽  
Bincy Mathew ◽  
Sunita Patel ◽  
Biswajit Mohanty ◽  
...  
Keyword(s):  
Climate Change ◽  
South Asia ◽  
South Asian ◽  
Focal Point ◽  
Policy Implications ◽  
Asian Countries ◽  
Physical And Mental Health ◽  
The South ◽  
Content Type ◽  
Future Policy

Purpose South Asian region is a focal point owing to its vulnerabilities to climate-sensitive diseases, dependence on climate-sensitive livelihoods, projected levels of crop decline in the region, and high rates of poverty and malnutrition. Women are particularly vulnerable to climate change and this affects women disproportionately during different extreme events. The purpose of this paper is to understand the issue of climate change and its impact, and climate resilience among women in South Asia. Further, it also identifies the gaps and suggests future policy implications. Design/methodology/approach Climate change is increasingly being recognised as an alarming issue and the present review is important when South Asian countries are facing the brunt of climate change impacts. This paper tries to understand the issue by review of the literature and conceptual framework methodology. To understand women’s vulnerability due to climate change and its aftermath, the authors conducted both offline and online desk reviews for this study. Findings The findings of this study show a clear linkage between climate change and women’s vulnerabilities in South Asia. Climate change has significant socio-economic impacts on women, and it affects them disproportionately in various domains of agriculture, livelihood, food security, both physical and mental health, water and sanitation in the South Asia region. Practical implications The paper also highlights that the programmes that aim at combating the effects of climate change require a gender-sensitive approach so that climate change does not obstruct the development and reduction of poverty in the region. Social implications The findings of this paper will add value in helping families to come out of poverty by undertaking adaptive measures with proactive assistance from the government and grassroots level organisations. Originality/value The present study also advocates for more gender- and climate-sensitive measures from governments, and implementation of intervention- and evidence-based research in the South Asian countries.

scholarly journals The Contribution of Sustainable Tourism to Economic Growth and Employment in Pakistan

2019 ◽  
Vol 16 (19) ◽  
pp. 3785 ◽  
Author(s):  
Faiza Manzoor ◽  
Longbao Wei ◽  
Muhammad Asif ◽  
Muhammad Zia ul Haq ◽  
Hafiz ur Rehman
Keyword(s):  
Economic Growth ◽  
South Asian ◽  
Global Economy ◽  
Tourism Industry ◽  
Policy Implications ◽  
Future Research ◽  
Asian Countries ◽  
Long Run ◽  
Augmented Dickey Fuller ◽  
The Impact

In the global economy, tourism is one of the most noticeable and growing sectors. Thissector plays an important role in boosting a nation’s economy. An increase in tourism flow canbring positive economic outcomes to the nations, especially in gross domestic product (GDP) andemployment opportunities. In South Asian countries, the tourism industry is an engine ofeconomic development and GDP growth. This study investigates the impact of tourism onPakistan’s economic growth and employment. The period under study was from 1990 to 2015. Tocheck whether the variables under study were stationary, augmented Dickey–Fuller andPhillips–Perron unit root tests were applied. A regression technique and Johansen cointegrationapproach were employed for the analysis of data. The key finding of this study shows that there isa positive and significant impact of tourism on Pakistan’s economic growth as well as employmentsector and there is also a long‐run relationship among the variables under study. This studysuggests that legislators should focus on the policies with special emphasis on the promotion oftourism due to its great potential throughout the country. Policy implications of this recent studyand future research suggestions are also mentioned.

China's foray into South Asia is risky for both sides

2016 ◽  
Keyword(s):  
Regional Development ◽  
South Asia ◽  
South Asian ◽  
Asian Countries ◽  
Economic Interests ◽  
Regional Economic ◽  
Content Type ◽  
Security Interest ◽  
Mixed Responses ◽  
Competitive Rivalry

Subject China's ties with smaller South Asian countries. Significance Beijing is being drawn by its strategic aspirations westwards by land and sea corridors that lead to Africa and Europe. Pakistan and Myanmar are obvious outlets to the sea. Others along the maritime route fall squarely within India's sphere of geopolitical and security interest, on which Beijing is encroaching. Impacts China's regional economic interests and ability to bankroll projects are positive for regional development. Politically, China's growing presence is unsettling and arouses mixed responses in target countries. A growing competitive rivalry with India has global security implications as the two powers jostle for influence.

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