Co-integration Between Globalisation and Economic Growth

2017 ◽  
Vol 2 (2) ◽  
Author(s):  
Cândida Ferreira

<span class="fontstyle0">This paper analyses the co-integration relationship between globalisation and economic<br />growth of 27 more or less developed countries across almost all Continents for the time period<br />1970–2013. Globalisation is </span><span class="fontstyle2">proxied </span><span class="fontstyle0">by the overall globalisation index and the sub-indices<br />representing economic globalisation, social globalisation and political globalisation, all<br />provided by the Swiss Economic Institute. Economic growth is measured through the natural<br />logarithm of the real Gross Domestic Product, sourced from the World Development<br />Indicators which are provided by the World Bank. Co-integration is tested with quantile cointegration regressions. The results obtained clearly confirm the existence of non-linear cointegration relationships between the considered globalisation indices and the real economic<br />growth.</span>

2017 ◽  
Vol 2 (2) ◽  
Author(s):  
Cândida Ferreira

<span class="fontstyle0">This paper analyses the co-integration relationship between globalisation and economic<br />growth of 27 more or less developed countries across almost all Continents for the time period<br />1970–2013. Globalisation is </span><span class="fontstyle2">proxied </span><span class="fontstyle0">by the overall globalisation index and the sub-indices<br />representing economic globalisation, social globalisation and political globalisation, all<br />provided by the Swiss Economic Institute. Economic growth is measured through the natural<br />logarithm of the real Gross Domestic Product, sourced from the World Development<br />Indicators which are provided by the World Bank. Co-integration is tested with quantile cointegration regressions. The results obtained clearly confirm the existence of non-linear cointegration relationships between the considered globalisation indices and the real economic<br />growth.</span>


1997 ◽  
Vol 2 (2) ◽  
pp. 87-108
Author(s):  
Anis Alam

In 1995 the Republic of Korea (ROK) was officially admitted to the Organisation for Economic Cooperation and Development (OECD). This organisation groups together industrially developed countries of the world. Recently, the World Bank has also released a study of China that predicts that China is going to become the second biggest economy in the next fifteen years if its economic growth follows the pattern of the last fifteen years. ROK is the only country from among the developing countries to join the ranks of the developed industrialised countries in the last thirty years. However, it is still a small country compared to China. Hence when China completes its transformation into an industrialised country the whole world will be affected.


Author(s):  
Nguyen Manh Hung

Trong khoảng 10 - 15 năm gần đây, ở Việt Nam đã nổi lên luận điểm rằng: cải cách thể chế kinh tế ngày càng đóng vai trò quan trọng hơn trong tiến trình đổi mới. Khi các nguồn lực như tài nguyên thiên nhiên, lao động giá rẻ và vốn...đã đến giới hạn thì cải cách thể chế trở thành đòi hỏi tất yếu đối với nền kinh tế. Tuy nhiên, đây cũng là thử thách khó khăn của quá trình phát triển. Trên thế giới, nhiều quốc gia chỉ đạt được một phần mục tiêu của cải cách, thậm chí ở một số quốc gia nỗ lực cải cách thể chế lại đẩy nền kinh tế vào những bất ổn không ngừng.  Tiến trình cải cách thể chế kinh tế sẽ khó thể thành công nếu không đi kèm với nỗ lực thiết lập một nền tảng quản trị quốc gia vững mạnh. Từ khóa Quản trị, thể chế, kinh tế thị trường, cải cách References [1] Acemoglu, Daron and James Robinson (2012). Why Nations Fail: The Origins of Power, Prosperity, and Poverty. Random House[2] Acemoglu, Daron, Simon Johnson and James A. Robinson (2001), “The Colonial Origins of Comparative Development: An Empirical Investigation” The American Economic Review Vol. 91, No. 5 (Dec., 2001)[3] Acemoglu, Daron, Simon Johnson and James Robinson (2005). “Institutions as Fundamental Cause of Long run Growth”, Handbook ofEconomic Growth, Volume IA. Edited by Philippe Aghion and Steven N. Durlauf. 2005 Elsevier B.V[4] Asian Development Bank (1995). Governance: Sound Development Management, October 1995;[5] Diễn đàn kinh tế tư nhân Việt Nam 2016: Cơ hội, thách thức và giải pháp. Hà nội,[6] Heritage Foundation (2017). 2017 Index of Economic Freedom,[7] [http://www.heritage.org/index/ranking][8] International Development Association (1998). Additions to IDA Resources: Twelfth Replenishment (IDA12). 23 December 1998; [9] Kasper, Wolfgang and Manfred E Streit (1999). Institutional Economics: Social Order and Public Policy, Edward Elgar. Tr. 41[10] Kaufmann, Daniel; Aart Kraay, Massimo Mastruzzi (2010), The Worldwide Governance Indicators Methodology and Analytical Issues, the World Bank Policy Research Working Paper 5430, September 2010[11] Nguyễn Quang Thuấn (2017). “Cải thiện nền quản trị quốc gia, tạo môi trường thuận lợi thúc đẩy tăng trưởng kinh tế trong giai đoạn tới”, tham luận tại Diễn đàn Kinh tế Việt Nam 2017: Phát huy nội lực, tăng trưởng bền vững, Ban kinh tế trung ương ngày 27/06/2017[12] North, D.C. (1990), Institutions, Institutional Change and Economic Performance, Cambridge and New York: Cambridge University Press.[13] Osborne, S. P. (2006), “The New Public Governance?” Public Management Review, vol. 8, No. 3, pp. 377-388.[14] UNDP (1997). “Governance for Sustainable Human Development” New York; WB (1994). Governance: The World Bank’s Experience. Washington DC; [15] VCCI & USAID (2015). Báo cáo năng lực cạnh tranh cấp tỉnh năm 2015. Hà Nội: Phòng Thương mại và Công nghiệp Việt Nam và Cơ quan Phát triển Quốc tế Hoa Kỳ [16] Wolfensohn, James D. (1999), Address to the Board of Governors (September 28, 1999), the World Bank[17] WB (1992). World Development Report: Governance and Development, Washington DC. [18] WB (1989). Sub-Saharan Africa: From Crisis to Sustainable Growth, Washington DC[19] WB (2016). Ease of Doing Business 2016. Washington DC [20] http://www.doingbusiness.org/data/exploreeconomies/vietnam[21] WB (1997). World Development Report 1997. Washington DC. [22] WB (2017). Worldwide Governance Indicator, [23] http://info.worldbank.org/governance/wgi/index.aspx#reports[24] World Economic Forum (2016). Global Competitiveness Report 2016-2017, Geneva.


2019 ◽  
Vol 12 (3) ◽  
pp. 86-92
Author(s):  
T. I. Minina ◽  
V. V. Skalkin

Russia’s entry into the top five economies of the world depends, among other things, on the development of the financial sector, being a necessary condition for the economic growth of a developed macroeconomic and macro-financial system. The financial sector represents a system of relationships for the effective collection and distribution of economic resources, their deployment according to public demand, reducing the risk of overproduction and overheating of the economy.Therefore, the subject of the research is the financial sector of the Russian economy.The purpose of the research was to formulate an approach to alleviating the risks of increasing financial costs in the real sector of the economy by reducing the impact of endogenous risks expressed as financial asset “bubbles” using the experience of developed countries in the monetary policy.The paper analyzes a macroeconomic model applied to the financial sector. It is established that the economic growth is determined by the growth and, more important, the qualitative development of the financial sector, which leads to two phenomena: overproduction in the real sector and an increase in asset prices in the financial sector, with a debt load in both the real and financial sectors. This results in decreasing the interest rate of the mega-regulator to near-zero values. In this case, since the mechanisms of the conventional monetary policy do not work, the unconventional monetary policy is used when the mega-regulator buys out derivative financial instruments from systemically important institutions. As a conclusion, given deflationally low rates, it is proposed that the megaregulator should issue its own derivative financial instruments and place them in the financial market.


2016 ◽  
Vol 9 (1) ◽  
pp. 23
Author(s):  
Shih-Feng Tsai

<span lang="EN-US">Aiming at six big emerging economies in the world, namely, China, United States, United Kingdom, Germany, France and Japan, this paper analyzes their carbon emission conditions based on the data of carbon emission, energy consumption and economic development during 1970—2008 from the statistics in the World Development Index Database (WDI) of the World Bank, and carries out empirical analyses based on theories &amp; policies and driving factors of their low carbon economy. It is found that energy intensity, economic growth and urbanization progress exert more remarkable influences on carbon intensity, and the effect of carbon emission reduction depending on government fiancé is not sustainable. Thus, this paper is intended to explain that China needs more actively promoting green sustainable towns with its sustainable development, and developing urban low carbon industries and buildings for more civilized ecological towns.</span>


2021 ◽  
Vol 7 (167) ◽  
pp. 28-33
Author(s):  
S. Burlutska ◽  
D. Krasovsky

At present, the totality of global environmental and economic threats and challenges has put the world economic science in front of the need to find a new way of developing the world economy. The new model of economic growth must satisfy two main criteria: firstly, to find a qualitatively new direction of growth, and secondly, to ensure the preservation and improvement of the quality of the environment for human life, that is, to ensure new economic growth without negative consequences for the environment. Many modern scientists see the solution of these problems in a relatively new direction in the economy, which has existed for just over 30 years - the "green" economy. Their opinion is shared by leading politicians and civil servants of the world's economic powers. The directions of the "green" economy system are considered: introduction of renewable energy sources; improvement of the waste management system; improvement of the water resources management system; development of "clean" transport; organic farming in agriculture; energy efficiency in housing and communal services; conservation and effective management of ecosystems. As a result of the analysis, key ones were identified directions in which the green economy is moving, systematized basic support tools that divided into price and non-price, in more detail characterized by price with the separation of financial tools that experts focus on international organizations for sustainable development. The main elements of the state are defined green growth strategies and analyzed the situation harmonization of the influence of developed countries on the development of "green" economy. An understanding of the essence and description of the goals of "green" technologies is proposed, which implies work not with the consequences, but with the causes of environmental problems. Considered the "green" experience of developed countries and global companies. In conclusion, the author emphasizes that the concept of a "green" economy is an innovative development project, but to achieve sustainability it is necessary to use the experience of other companies. One of the main problems was noticed, this is the use of pseudo environmental friendliness by companies for their own commercial purposes.


2021 ◽  
Vol 2 (1) ◽  
pp. 136-142
Author(s):  
Vitalis Jafla Pontianus ◽  
Oruonye E.D.

Nigeria is the most populous black nation in the world. It is equally one of the Less Developed Countries (LDCs) with very high population. Population growth is a very important element and a challenge in the development process in LDCs. The population of Nigeria is expected to continue to grow up to 239 million by 2025 and 440 million by 2050, thereby ranking it to 4th position among countries of the World with high population. This without doubt will place Nigeria in a position of major player in the global system, and more importantly in the African region. It is against this background that this study examines Nigeria’s population composition by poising the following questions; will Nigeria’s present and future population structure be a benefit or a burden? How can Nigeria’s relative share of working-age composition (15- 64) and dependents (under 15 and 65 and over) contribute to long term economic growth and development of the country? The findings of the study reveals that population growth is a critical factor in the development of any economy, providing workforce for production of goods and services to boost economic development and a critical determinant of the potentials of a country’s investment. The study findings also show that continuous population growth militates against economic growth through inducement of poverty, falling medical care/services and environmental degradation, worsen resource scarcity in areas where a large proportion of the population already relies on natural resource-based livelihoods. The study argued that population increase is not a problem in itself to any nation, and that there are some impeding factors associated with population growth such as corruption, inadequate planning, inappropriate implementation of development plans, poor budget/implementation and complacency in developing human capital. These are issues that the Nigerian state since independence have continued to battle with which has invariably made it a seemingly failed state. The study concludes that how much any country can benefit from its population size is dependent on the quality of human capital. Based on the findings, the study recommends economic diversification, government empowerment of Small and Medium scale Enterprises, paying attention to human capital development and target-oriented education.


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