scholarly journals Revisiting euro area accession terms: fiscal rectitude is not sufficient!

2019 ◽  
Vol 69 (s1) ◽  
pp. 73-97
Author(s):  
Daniel Daianu
Keyword(s):  
Exchange Rate ◽  
Euro Area ◽  
Risk Sharing ◽  
Critical Mass ◽  
Value Chains ◽  
Middle Income ◽  
Real Convergence ◽  
Production Value ◽  
Per Se ◽  
Productivity Gains

This paper argues that there are conditions for successful euro area (EA) accession, apart from fiscal rectitude. One is an ex ante critical mass of real convergence which should enhance lasting nominal convergence. Another condition is an overhaul of EA mechanisms and policies that should make it a properly functioning monetary union, which implies an adequate mix between risk-reduction and risk-sharing. It is argued that risk-sharing cannot be secured by private sector arrangements only. Entering the ERM2 is deemed to be no less demanding than euro area accession per se, especially for countries that use fl exible exchange rate regimes. The paper examines also the infl uence of production (value) chains on the efficacy of autonomous monetary and exchange rate policies when it comes to controlling external imbalances; macro-prudential policies, too, are highlighted in this regard. Steady productivity gains are a must for surmounting the middle income trap and achieving sustainable real convergence.

International trade: Research of the reasons for the fall

2019 ◽  
pp. 79-91 ◽  
Author(s):  
V. S. Nazarov ◽  
S. S. Lazaryan ◽  
I. V. Nikonov ◽  
A. I. Votinov
Keyword(s):  
Growth Rate ◽  
International Trade ◽  
Exchange Rate ◽  
Global Economy ◽  
Structural Changes ◽  
Global Value Chains ◽  
Value Chains ◽  
Negative Contribution ◽  
Basic Commodity ◽  
The Impact

The article assesses the impact of various factors on the growth rate of international trade. Many experts interpreted the cross-border flows of goods decline against the backdrop of a growing global economy as an alarming sign that indicates a slowdown in the processes of globalization. To determine the reasons for the dynamics of international trade, the decompositions of its growth rate were carried out and allowed to single out the effect of the dollar exchange rate, the commodities prices and global value chains on the change in the volume of trade. As a result, it was discovered that the most part of the dynamics of international trade is due to fluctuations in the exchange rate of the dollar and prices for basic commodity groups. The negative contribution of trade within global value chains in 2014 was also revealed. During the investigated period (2000—2014), such a picture was observed only in the crisis periods, which may indicate the beginning of structural changes in the world trade.

Compressed Development

2020 ◽  
Author(s):  
D. Hugh Whittaker ◽  
Timothy Sturgeon ◽  
Toshie Okita ◽  
Tianbiao Zhu
Keyword(s):  
Social Development ◽  
Global Economy ◽  
National Development ◽  
Value Chains ◽  
Middle Income ◽  
The United Kingdom ◽  
Development Processes ◽  
Multiple Levels ◽  
New Perspective ◽  
The One

This book highlights the importance of time and timing in economic and social development. ‘Compressed development’ consists of two key features and their interaction: the tendency for development processes to unfold more rapidly (compression) and the institution-shaping influences of major periods of change and growth, especially when countries become integrated into the global economy (era). Using an interdisciplinary conceptual framework of state–market and organization–technology co-evolution, the authors contrast the experiences of ‘early’ and ‘late’ developers such as the United Kingdom and Japan, with countries–most notably China–which have become more deeply integrated with the global economy since the 1990s. Compressed developers experience ‘thin industrialization’, layered types of employment, and ‘double burdens’ or challenges in social development. National development strategies must accommodate global value chains and powerful international actors on the one hand, and decentralization on the other. To cope, and thrive, states must remain developmental, whilst being increasingly engaged and adaptive in multiple levels of governance. Compressed Development explores the historical and contemporary features of economic and social development at the intersection of development studies and studies of globalization. By bringing a new perspective on the ‘middle-income trap’, as well as the emerging digital economy, and the state–market and geopolitical tensions that are currently upending conventional wisdoms, the book offers timely insights that will be useful, not only for students of development, but for policymakers, business, and labour organization seeking to navigate the rushing currents of contemporary capitalism.

scholarly journals Determinants of Long Immunization Clinic Wait Times in a Sub-Saharan African Country

2021 ◽  
Vol 8 ◽  
pp. 2333794X2110282
Author(s):  
Osayame Austine Ekhaguere ◽  
Rosena Olubanke Oluwafemi ◽  
Angela Oyo-Ita ◽  
Burke Mamlin ◽  
Paul Bondich ◽  
...  
Keyword(s):  
Focus Group ◽  
Critical Mass ◽  
Wait Time ◽  
Wait Times ◽  
Group Discussions ◽  
Middle Income ◽  
Middle Income Countries ◽  
Group Data ◽  
Focus Group Data ◽  
Sub Saharan

The wait time clients spend during immunization clinic visits in low- and middle-income countries is a not well-understood reported barrier to vaccine completion. We used a prospective, observational design to document the total time from client arrival-to-discharge and all sequential provider-client activities in 1 urban, semi-urban, and rural immunization clinic in Nigeria. We also conducted caregiver and provider focus group discussions to identify perceived determinants of long clinic wait times. Our findings show that the time from arrival-to-discharge varied significantly by the clinic and ranged between 57 and 235 minutes, as did arrival-to-all providers-client activities. Focus group data attributed workflow delays to clinic staff waiting for a critical mass of clients to arrive for their immunization appointment before starting the essential health education talk or opening specific vaccine vials. Additionally, respondents indicated that complex documentation processes caused system delays. Research on clinic workflow transformation and simplification of immunization documentation is needed.

scholarly journals International Liquidity and Exchange Rate Dynamics *

2015 ◽  
Vol 130 (3) ◽  
pp. 1369-1420 ◽  
Author(s):  
Xavier Gabaix ◽  
Matteo Maggiori
Keyword(s):  
Exchange Rate ◽  
Financial Markets ◽  
Exchange Rates ◽  
Capital Flows ◽  
Risk Sharing ◽  
Market Model ◽  
International Liquidity ◽  
Balance Sheets ◽  
Macroeconomic Analysis ◽  
International Pricing

Abstract We provide a theory of the determination of exchange rates based on capital flows in imperfect financial markets. Capital flows drive exchange rates by altering the balance sheets of financiers that bear the risks resulting from international imbalances in the demand for financial assets. Such alterations to their balance sheets cause financiers to change their required compensation for holding currency risk, thus affecting both the level and volatility of exchange rates. Our theory of exchange rate determination in imperfect financial markets not only helps rationalize the empirical disconnect between exchange rates and traditional macroeconomic fundamentals, it also has real consequences for output and risk sharing. Exchange rates are sensitive to imbalances in financial markets and seldom perform the shock absorption role that is central to traditional theoretical macroeconomic analysis. Our framework is flexible; it accommodates a number of important modeling features within an imperfect financial market model, such as nontradables, production, money, sticky prices or wages, various forms of international pricing-to-market, and unemployment.

The Impact of Global Value Chains on the Euro Area Economy

2019 ◽  
Author(s):  
Ettore Dorrucci ◽  
Vanessa Gunnella ◽  
Alexander Al-Haschimi ◽  
Konstantins Benkovskis ◽  
Francesco Chiacchio ◽  
...  
Keyword(s):  
Euro Area ◽  
Global Value Chains ◽  
Value Chains ◽  
The Impact

scholarly journals Quantitative analysis of the beef cattle industry in the state of Pará, Brazil

2018 ◽  
Vol 39 (2) ◽  
pp. 747
Author(s):  
Marcos Antônio Souza dos Santos ◽  
José De Brito Lourenço Júnior ◽  
Antônio Cordeiro de Santana ◽  
Alfredo Kingo Oyama Homma ◽  
Cyntia Meireles Martins ◽  
...  
Keyword(s):  
Beef Cattle ◽  
Production Systems ◽  
Supply And Demand ◽  
Generalized Method Of Moments ◽  
The State ◽  
Economic Surplus ◽  
Cattle Industry ◽  
Rural Credit ◽  
Production Value ◽  
Productivity Gains

The state of Pará has the fifth largest cattle herd in Brazil at 20.3 million heads, and beef cattle breeding accounts for 44.32% of the agricultural production value. Using a recursive econometric model estimated by the generalized method of moments, we evaluated the effects of variables that define the supply and demand of slaughtered beef cattle from 1990 to 2015. The results showed that supply and demand were inelastic to prices. Increases in rural salary and calf prices negatively affected supply, and the response to rural credit applications occurred with a four-year lag due to the biological and technological characteristics of production systems. Deforestation tended to increase the supply of cattle and slaughterhouses appropriated the largest share of the economic surplus generated. There were productivity gains since the early 1990s, with the yield of slaughtered animals was 230.55 kg for cattle and 182.25 kg for cows, while currently, it is 276 and 202.5 kg, respectively. The creation of the Agriculture and Livestock Defense Agency of the State of Pará had a positive effect on the supply of cattle and the expansion of agroindustry structure, contributing to the supply of large markets with higher quality beef.

scholarly journals Banks, Financial Markets and International Consumption Risk Sharing

2012 ◽  
Vol 13 (3) ◽  
pp. 331-351 ◽  
Author(s):  
Markus Leibrecht ◽  
Johann Scharler
Keyword(s):  
Financial Markets ◽  
Risk Sharing ◽  
Banking Sector ◽  
Financial System ◽  
International Diversification ◽  
Oecd Countries ◽  
Idiosyncratic Risk ◽  
Per Se ◽  
Consumption Risk

Abstract In this article, we explore how characteristics of the domestic financial system influence the international allocation of consumption risk in a sample of OECD countries. Our results show that the extent of risk sharing achieved does not depend on the overall development of the domestic financial system per se. Rather, it depends on how the financial system is organized. Countries characterized by developed financial markets are less exposed to idiosyncratic risk, whereas the development of the banking sector contributes little to the international diversification of consumption risk.

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