scholarly journals Discussion of Financial Integration at the Global Market Era

2020 ◽  
Vol 11 (2) ◽  
pp. 69
Author(s):  
Turgut TURSOY ◽  
Niyazi BERK
Keyword(s):  
Economic Growth ◽  
Risk Sharing ◽  
Financial Integration ◽  
Necessary Conditions ◽  
Free Market ◽  
Global Market ◽  
Dominant Factor ◽  
Critical Event ◽  
Market Participants ◽  
The World

This paper purpose is to discuss the latest troubling episode and remind the most critical event again at the world is the integration. First, the last attempt by the countries had been discussing and pronoun that the free market and its extensions are the most prominent phenomena around the world that market participants' perceptions are determined the equilibria prices freely. All the development into the markets witnesses that free market dynamics and the creation of the single global market is the most dominant factor to create a tremendous stimulus behind economic growth. This paper consequently supporting the view that financial integration is providing the necessary conditions to risk-sharing and capital flows to stimulus the economic growth with the expected level at global.

scholarly journals The Age of Milton Friedman

2009 ◽  
Vol 47 (1) ◽  
pp. 123-135 ◽  
Author(s):  
Andrei Shleifer
Keyword(s):  
Economic Growth ◽  
Life Expectancy ◽  
Educational Attainment ◽  
Free Market ◽  
Living Standards ◽  
Market Forces ◽  
Absolute Poverty ◽  
Milton Friedman ◽  
The World

Between 1980 and 2005, as the world embraced free market policies, living standards rose sharply, while life expectancy, educational attainment, and democracy improved and absolute poverty declined. Is this a coincidence? A collection of essays edited by Balcerowicz and Fischer argues that indeed reliance on free market forces is key to economic growth. A book by Stiglitz and others disagrees. I review and compare the two arguments.

scholarly journals INCREASING THE ROLE OF COMPETITIVENESS OF THE NATIONAL ECONOMY AS A FACTOR OF ECONOMIC GROWTH IN THE CONDITIONS OF GLOBALIZATION

2021 ◽  
Author(s):  
Olena Pankratova
Keyword(s):  
Economic Growth ◽  
National Economy ◽  
Import Substitution ◽  
Global Market ◽  
Economic Life ◽  
Added Value ◽  
High Tech ◽  
Economic Sectors ◽  
Factors Affecting ◽  
The World

The article discusses the current problem related to the innovative development of our country’s economy under the influence of globalization. The transition to a higher level of economic development will increase the competitiveness of the Ukrainian economy as a factor of economic growth in the context of globalization. Sustainable economic growth of any state requires favorable conditions for business development and active intervention of innovative factors in economic life, which involves an increase in competitive advantages over other countries of the world. Therefore, the problem of competitiveness of Ukraine's economy is extremely relevant in the context of globalization. Key approaches to assessing the competitiveness of the national economy in the current environment are also being considered. A system of indicators of competitiveness of the national economy is being formed, as well as the factors influencing it. The article defines the essence of the concept of competitiveness of the national economy as a factor of economic growth in the context of the integration of the world economic space and the formation of a global market. Among the main methods that were used in the process of analytical research, the following should be highlighted: analysis and comparison – to determine the concept of competitiveness and the factors affecting it. Methods – for processing statistical data when assessing the analysis of factors affecting competitiveness; strategic analysis – identifying Ukraine's place in the world ranking. To strengthen and increase the competitiveness of the national economy in the context of globalization, further modernization and diversification of industry is required by transferring it to a qualitatively new level, aimed at the advanced development of high-tech processing industries, primarily in the production of finished products (production of dietary supplements and organic food) with high added value based on deep processing of raw materials; continuation of the policy of stimulating the localization of production and import substitution, primarily of consumer goods and components, expansion of inter-industry industrial cooperation; liberalization and simplification of export activities, diversification of the structure and geography of exports, expansion and mobilization of the export potential of economic sectors.

Global Market Risks and Their Possible Consequences for Russian Economy

2019 ◽  
pp. 55-63
Author(s):  
E.Yu. Sokolova
Keyword(s):  
Economic Growth ◽  
Global Market ◽  
Energy Prices ◽  
Negative Consequences ◽  
Global Recession ◽  
Market Risks ◽  
World Energy ◽  
The World ◽  
Global Economic Growth ◽  
Global Uncertainty

At present there is more and more information about the slowdown in the world economic growth. There is deterioration in the economic situation in European countries: GDP is declining in Germany, the leading Central banks continue to ease monetary policy, there are also growing signs of a slowdown in China. These events have raised concerns about the onset of a recession in the world economy. The dynamics of the world energy prices is also influenced by the risks of global economic growth slowing. The instability of the global financial system significantly exacerbates global uncertainty, increasing currency, trade and economic differences between countries. As a result, there is an increasing need to strengthen the role of public administration in order to increase the importance of domestic programs in order to ensure stable economic growth. This task is also important for Russia, since the growth of our country's economy has slowed significantly. In the situation of the global recession threat, Russia should take certain measures to avoid the negative consequences that may arise when the global crisis occurs.

scholarly journals Integracja rynków finansowych w Unii Europejskiej

2012 ◽  
pp. 185-210
Author(s):  
Eliza Maria Kierska-Woźny
Keyword(s):  
Economic Growth ◽  
Financial Markets ◽  
Economic Integration ◽  
Financial Services ◽  
Financial Integration ◽  
Free Market ◽  
Economic Recession ◽  
Global Scale ◽  
Negative Effects ◽  
The Eu

The integration of financial markets is one of the stages of economic integration. The trends for the integration of financial markets is observed both on a global scale, as well as its various regions. The integration of financial markets may occurs as a result of actions by the authorities, but also by the international free market processes – globalization. Speaking about the integration of EU financial markets, we mean creating opportunities for free movement of capital and financial services in the EU and the single currency. As a result of increase in the financial integration process in Europe the value of the flow of capital between countries has significantly increased. With the progress of economic integration in the EU, the EU as a whole has become a stronger business partner and was able to invest more beyond its borders, as well as more investments flowed from the third countries. The integration of financial markets through greater development of the financial markets is leading to faster economic growth. It can bring many benefits, but also risks. Benefits should be seen in the possibility to boost the GDP growth, the risks in the existence of increasingly stronger links between national markets and intermediaries acting on that markets. A particularly important issue is the contagion effect. Additionally, in case of institutional mismatches on the side of economic policy, financial integration can also have negative effects on the economy, such as greater probability of financial crisis and economic recession, because the price for increased integration of financial markets is an increase in the risk of financial crises. Economic growth stimulated by the development of financial markets should be accompanied by proper regulation of markets to prevent future crisis. However, it must be also remembered that the growth of the institutions may limit the development of markets.

scholarly journals Poverty and International Relations Theory

2005 ◽  
Vol 10 ◽  
pp. 23-33
Author(s):  
Laura Kelly
Keyword(s):  
Economic Growth ◽  
International Relations ◽  
Free Market ◽  
State Power ◽  
International Relations Theory ◽  
International Order ◽  
The World ◽  
World Poverty ◽  
Market Ideology

World Poverty. Why has this problem persisted through years of unprecedented economic growth throughout most of the world? This paper proposes that the problem is theoretical. The main theories, such as Realism and Modernization rely on fundamental assumptions such as international order through the maintenance of state power, or free market ideology, which serve to exacerbate, rather than solve, the problem of poverty. The result is either the misrepresentation of poverty, or the blatant ignorance of its existence by these dominant theories.

scholarly journals The Impact of Globalisation on Economic Growth of Pakistan

2007 ◽  
Vol 46 (4II) ◽  
pp. 723-734 ◽  
Author(s):  
Mohammad Afzal
Keyword(s):  
Economic Growth ◽  
Full Employment ◽  
Global Market ◽  
Macroeconomic Policies ◽  
Financial Flows ◽  
Economic Implications ◽  
The World ◽  
The Government ◽  
National Economies ◽  
The Impact

Globalisation has diverse definitions and concepts.1 Globalisation has many facets and has a variety of social, political and economic implications. This term introduced in early 1980, which never precisely defined, is a frequently used word in the political economy. It simply means growing integration of the national economies, openness to trade, financial flows, foreign direct investment and the increasing interaction of people in all facets of their lives. Globalisation also implies internationalisation of production, distribution and marketing of goods and services. International integration implies the adoption of common policies by the individual countries. Between 1870 and 1914, the world was integrated into a single word economy dominated by one power: Great Britain. The government functions were limited and faced many constraints like gold standard and lack of freedom to pursue easy monetary policy. Later governments were burdened by performing many functions like achievement of macroeconomic goals—full employment, economic growth and price stability. Freedom of using macroeconomic policies resulted in greater integration of national economies but at the same time they led to international disintegration and interdependence. Streeten (1998) argues that today global market forces can lead to conflict between states, contributing to international disintegration and weakened governance. Before 1914, the world was more integrated than it is today but it did not prevent the First World War.

scholarly journals Population Growth and Economic Development in Developing and Developed Countries

2018 ◽  
Vol 7 (4.34) ◽  
pp. 123
Author(s):  
Mohd Khairul Amri Kamarudin ◽  
Noorjima Abd Wahab ◽  
Mahadzirah Mohamad ◽  
Ahmad Shakir Mohd Saudi ◽  
Mohamad Shaharudin Samsurijan ◽  
...  
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Economic Development ◽  
Population Growth ◽  
Free Market ◽  
Strong Relationship ◽  
Developed Countries ◽  
Free Market Economy ◽  
The World ◽  
Developing And Developed Countries

This research examines the effects of population growth on the economic development between the two developed and developing countries which is Singapore and Malaysia. They were many previous studies that have sought to gauge the effects or impact of population growth along the economic development. It was said that there was a strong relationship between the effects of population growth and the economic development, which is the growth of population is depending on the economic growth. Singapore was well known worldwide as a highly developed free-market economy. The economy of Singapore has been ranked as the most open in the world and the most-pro business. The population in the country is estimated at 5.5 million recently. As for Malaysia, it is known as the most competitive developing countries and is ranked on the 5th largest in South Asia. The population estimated at 31.63 million in Malaysia.  

Russia and the World: How Sustainable is Economic Growth? Risks and Barriers

2017 ◽  
pp. 63-80 ◽  
Author(s):  
M. Ershov
Keyword(s):  
Economic Growth ◽  
High Risk ◽  
Central Bank ◽  
Balance Sheet ◽  
The Political ◽  
Market Participants ◽  
Political Events ◽  
The World ◽  
Relative Stabilization ◽  
Low Levels

Relative stabilization of economic situation in a large number of countries is now coupled with the growing concerns about the political events. New US sanctions against Russia contribute to this. In economic sphere QE reduction plans, central bank balance sheet optimization which became excessively large, also create concerns. Growing interest of market participants to the high risk transactions, which is caused by lower volatility and low levels of yield, also raise doubts.

scholarly journals Does Financial Integration Enhance Economic Growth in China?

Economies ◽  
2020 ◽  
Vol 8 (3) ◽  
pp. 65
Author(s):  
Duc Hong Vo ◽  
Anh The Vo ◽  
Chi Minh Ho
Keyword(s):  
Economic Growth ◽  
Financial Integration ◽  
Economic Activities ◽  
Causality Test ◽  
Aggregated Data ◽  
The World ◽  
Potential Link ◽  
Auto Regressive ◽  
The Government

China is a fascinating country in Asia, the second-largest economy in the world, with incredible economic growth and development in the last two decades. In addition, China has dramatically enjoyed a disciplined and successful financial integration with the region and the world in the same period. As such, it is interesting to examine a potential link between economic growth and financial integration in this most populous country. This paper was conducted to identify whether financial integration fosters Chinese economic growth. The Auto-Regressive Distributed Lags (ARDL) model is selected, utilizing the most updated data on a globalization (or integration) index. Two distinct aspects of financial integration, the de facto (proxied for economic activities) and the de jure (proxied for the Government policies leading to integration), are considered in this paper. We apply an econometric technique, using yearly aggregated data, to examine a long-term co-integration and a causal relationship between financial integration and economic growth in China. Findings from this paper indicate a long-term co-integration between financial integration de facto and economic growth in China. The bidirectional causality between financial integration and economic growth in China is also confirmed using the Granger causality test.

scholarly journals THE INTERPLAY BETWEEN GLOBAL CONSULTING SERVICES AND ECONOMIC GROWTH

2021 ◽  
Vol 1 (30) ◽  
Author(s):  
Volodymyr V. Tokar ◽  
Keyword(s):  
Economic Growth ◽  
Information Technologies ◽  
Global Market ◽  
Professional Advice ◽  
Know How ◽  
Consulting Services ◽  
Adequate Knowledge ◽  
Business Results ◽  
The World ◽  
Business As Usual

The Covid-pandemic forces governments, individuals, and legal entities to transit from business-as-usual approach to digital, inclusive, innovative, and adaptive management and producing models. Maintaining the old ways of decision-making became increasingly difficult, if not impossible. The lack of adequate knowledge, know-how and time deficit increases the demand for professional advice from peers or individuals and companies specialized in consulting services in different spheres, including management in general, personnel, information technologies, security, etc. The global consulting services industry in general and its most successful representatives, both individuals and firms, seem to prosper in any case, but the question is whether their consultancy really improves business results and stimulates economic growth. The article aims are disclosing the connection between global consulting services and economic development applying correlation analysis to the size of global consulting services market and the World Bank’s data on GDP. The paper discloses recent changes in the size of global consulting services market and world GDP growth. The size of global consulting services markets constantly grew and the change equaled 44.4 percent in 2011–2020. Financial advisory and operations consultancy were the fastest growing segments demonstrating the increase of 54.5 and 53.6 percent, respectively. The global GDP increased by 14.2 during this period reaching $83.8 trillion in 2020 and showing the peak of $87.6 trillion in 2019. Our calculations have shown that the linear correlation coefficient of the size of global consulting services market and world GDP is statistically significant. Therefore, there is a direct and strong connection between consulting services and economic growth, namely the global GDP. The increase of the size of global consulting services market by 1 unit ($1 billion) causes the average increase of the world GDP by 0.139 units ($ trillion). The perspectives of further investigations embrace the analysis of efficiency of consulting services in key segments of the global market, namely strategy, operations, human resources, financial advisory, and technology

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