Status and Prospects of Economic Development in East Asia

2014 ◽  
pp. 42-52
Author(s):  
M. Potapov
Keyword(s):  
Economic Growth ◽  
East Asia ◽  
Industrial Development ◽  
Free Trade Area ◽  
Chinese Economy ◽  
Domestic Investment ◽  
Trade Area ◽  
Structural Problems ◽  
East Asia Region ◽  
Post Industrial

The East Asia region had survived the global economic crisis of 2008–2009. However, the general slowdown in the region indicates many structural problems. The Chinese economy actively switches to the domestic market, giving priority to domestic investment and consumer demand in the maintenance of the economic growth. The development of integration processes in East Asia leaves open the question of the formation of a region-wide free trade area. East Asia is capable to retain the role of economic growth locomotive, moving towards the level of post-industrial development.

Inter-country inequality as a dynamic process and the problem of post-industrial development

2018 ◽  
pp. 5-29 ◽  
Author(s):  
L. M. Grigoryev ◽  
V. A. Pavlyushina
Keyword(s):  
Economic Growth ◽  
Political Institutions ◽  
Industrial Development ◽  
Modern World ◽  
New Approach ◽  
Development Level ◽  
The World ◽  
Long Time ◽  
The Difference ◽  
Post Industrial

The phenomenon of economic growth is studied by economists and statisticians in various aspects for a long time. Economic theory is devoted to assessing factors of growth in the tradition of R. Solow, R. Barrow, W. Easterly and others. During the last quarter of the century, however, the institutionalists, namely D. North, D. Wallis, B. Weingast as well as D. Acemoglu and J. Robinson, have shown the complexity of the problem of development on the part of socioeconomic and political institutions. As a result, solving the problem of how economic growth affects inequality between countries has proved extremely difficult. The modern world is very diverse in terms of development level, and the article offers a new approach to the formation of the idea of stylized facts using cluster analysis. The existing statistics allows to estimate on a unified basis the level of GDP production by 174 countries of the world for 1992—2016. The article presents a structured picture of the world: the distribution of countries in seven clusters, different in levels of development. During the period under review, there was a strong per capita GDP growth in PPP in the middle of the distribution, poverty in various countries declined markedly. At the same time, in 1992—2016, the difference increased not only between rich and poor groups of countries, but also between clusters.

scholarly journals Trade and Growth

2021 ◽  
pp. 249-277
Author(s):  
Jakkie Cilliers
Keyword(s):  
Economic Growth ◽  
Regional Integration ◽  
Poverty Reduction ◽  
Regional Cooperation ◽  
Free Trade Area ◽  
Successful Implementation ◽  
Trade Area ◽  
Growth Increase ◽  
Trading Partners ◽  
History Of

AbstractCilliers starts by exploring the modern history of international trade and the importance of trade to economic growth and global cooperation. The chapter then provides an overview of Africa’s trading partners, the need for greater regional integration in the continent and the challenges to achieving intra-regional cooperation. It examines the need to improve the quality of governance, bridge the infrastructure deficit and eventually focus on a manufacturing-led growth path. Reducing both tariff and non-tariff barriers could facilitate the successful implementation of African Continental Free Trade Area (AfCFTA), induce economic growth, increase per capita incomes and reduce poverty. A penultimate section models the potential impact of the AfCFTA on growth, poverty reduction and increased average incomes.

Integration Potential of Free Trade Area of the Asia-Pacific

2016 ◽  
Vol 60 (1) ◽  
pp. 68-81
Author(s):  
E. Arapova
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Free Trade ◽  
Economic Integration ◽  
Hybrid Approach ◽  
Free Trade Area ◽  
Hierarchical Cluster ◽  
Asia Pacific ◽  
Trade Area ◽  
Asian Regionalism

During the 2014 APEC summit the participating countries agreed to move towards a region-wide economic integration and approved China-backed roadmap to promote the Free Trade Area of the Asia-Pacific (FTAAP). The paper examines prospects for economic integration in the Asia-Pacific in the framework of 21 APEC participating members. It aims to measure the “integration potential” of the FTAAP on the basis of quantitative and qualitative analysis of the actual statistic data, to explore key obstacles hampering economic integration in the region. The research comes from the theory of convergence and concept of proximity. They suppose that the higher is the degree of homogeneity in economic development and regulatory regimes of the integrating countries the higher is their “integration potential”. The objective of the author’s analysis is to measure the “integration potential” of APEC countries in four directions: trade liberalization, free movement of investments, monetary and banking integration, free division of labor. Initial estimates of the FTAAP prospects base on the merchandize trade complementarity indices and coefficients of variation analysis. Besides, the research uses hierarchical cluster analysis that helps to classify countries in different groups according to similarity of their economic typologies. This methodology allows to reveal the favorable algorithm of regional economic integration in the framework of the “hybrid approach” (or “open regionalism” adopted for APEC countries in 1989) which encourages the countries to enter into free trade agreements on a bilateral basis or to make offers to the APEC membership as a whole. Final conclusions are based on the results of authors’ calculations with consideration for contemporary trends of the member countries’ economic development and long-term strategies of economic growth. Acknowledgements. The research was supported by the Russian Fund for Humanities, project no. 15-07-00026 “East Asian regionalism in the context of diversifi cation of economic growth model”.

Foreign Aid, FDI and Economic Growth in South-East Asia and South Asia

2020 ◽  
pp. 097215091989095
Author(s):  
D. Tripati Rao ◽  
Narayan Sethi ◽  
Devi Prasad Dash ◽  
Padmaja Bhujabal
Keyword(s):  
Economic Growth ◽  
Private Sector ◽  
East Asia ◽  
Foreign Aid ◽  
South Asia ◽  
Low Income ◽  
Trade Openness ◽  
Financial Assistance ◽  
South East Asia ◽  
Domestic Investment

We examine the interrelationship among foreign aid, foreign direct investment (FDI) and economic growth in South-East Asia (SEA) and South Asia (SA) during 1980–2016. The findings from alternative empirical estimations suggest that while foreign aid is negatively associated with FDI as well as growth, FDI positively influences growth. Further, governmental financial assistance to private sector for domestic investment turns out to be important in all empirical estimations insofar as positively associated with FDI flows as well as growth. We, therefore, infer that low-income SEA and SA economies should focus on channelizing governmental financial assistance to private sector for domestic investment, macroeconomic stabilization, trade openness, and efficient utilization of aid flows, in order to attract, absorb and reap the benefits of complementing FDI flows and sustaining higher economic growth.

Advancing Regional Integration in Africa through the Continental Free Trade Area (CFTA)

2017 ◽  
Vol 10 (1) ◽  
Author(s):  
F. A. Ismail
Keyword(s):  
Trade Liberalization ◽  
Free Trade ◽  
World Bank ◽  
Regional Integration ◽  
Industrial Development ◽  
Free Trade Area ◽  
African Union ◽  
Trade Area ◽  
The World Bank ◽  
The World

AbstractThe past decade and a half of the new millennium has ushered in dramatic changes to the architecture of world trade creating both opportunities and challenges for Africa’s development. The paper is critical of the recent paper of the World Bank that resuscitates the approach to trade liberalization and regional integration propagated by the Washington Consensus. The paper argues that African countries should adopt a “development integration” approach to regional integration that seeks to combine trade liberalization, industrial development and infrastructure development. The paper urges the World Bank and Africa’s trading partners from the north and south, such as the EU, the US and China, to work closely with the African Union to advance the negotiations and implementation of the Continental Free Trade Area (CFTA) and the African Union Agenda 2063.

Civilization Market Integration

2009 ◽  
pp. 363-393
Author(s):  
Andrew Targowski
Keyword(s):  
United States ◽  
Market Integration ◽  
Free Trade Area ◽  
The United States ◽  
Chinese Economy ◽  
World Population ◽  
Trade Area ◽  
The World ◽  
The Future ◽  
Asian Economy

The purpose of this chapter is to define the dynamics of the economic infrastructure, which supports any civilization and defines the modus operandi of the world civilization in the 21st century and third millennium. This chapter especially addresses the economic roles of two countries/civilizations: Will the Chinese economy, as many suggest, continue its strong economic advance under its system of “authoritarian capitalism” and surpass in size that of the United States and its economically integrated partners (currently NAFTA), or will China convulse and stagnate? This chapter explores the scenario that the United States will see its destiny at the heart of a free trade area of the Atlantic with an economy significantly greater than China’s and with an even larger population. China will remain the dominant Asian economy, but it will do so independently, not as part of a regional economic union. The future of capitalism is also addressed. What kind of capitalism or other economic system must be applied in order to keep the world population within the threshold of the Ecosystem? The answer to this question will determine the future of civilization.

Seaport Development – Multi-National Co-operation in West Africa

1974 ◽  
Vol 12 (3) ◽  
pp. 395-407 ◽  
Author(s):  
Babafemi Ogundana
Keyword(s):  
West Africa ◽  
Industrial Development ◽  
Free Trade Area ◽  
Customs Union ◽  
Regional Economic ◽  
Trade Area ◽  
Pan African ◽  
Popular View ◽  
Regional Basis ◽  
State Relations

Integragation has been a topical issue in inter-state relations in post-independence Africa.1 The most radical of the three suggested strategies is to bid for immediate continental economic and political integration.2 A more popular view is to seek a gradualist approach to pan-African unity via regional economic co-operation;3 this could range from a free trade area, customs union, common market, and economic community, to ultimate political fusion.4 The third, less-studied strategy is for African states to lay the basis for regional economic integration, and even ultimate continental unity, through functional co-operation, for example, in transport, industrial development, trade, and monetary policy.5 This article examines the prospects and problems of co-operation on a regional basis, with particular reference to West Africa, in a specific economic field – namely, seaport development. See Map I, page 399, below.

Does the formation of RTA support the neoclassical growth theory and convergence hypothesis?

2014 ◽  
Vol 41 (1) ◽  
pp. 51-70 ◽  
Author(s):  
A.K.M. Nurul Hossain ◽  
Mohammad Abdul Munim Joarder
Keyword(s):  
Economic Growth ◽  
Free Trade ◽  
Free Trade Area ◽  
Unconditional Convergence ◽  
Reduced Form ◽  
Per Capita Gdp ◽  
Content Type ◽  
Trade Area ◽  
Per Capita ◽  
The Eu

Purpose – The authors considered three regional trading agreements (RTAs): European Union (EU-25), ASEAN Free Trade Area (AFTA), and South Asian Free Trade Area (SAFTA) to test the hypothesis that poor members within a RTA catch rich members and thereby follow the path of income convergence. Of particular interest is to test whether partial openness (i.e. formation of RTAs) or openness or political conditions are conducive to economic growth among the member countries of RTAs. The paper aims to discuss these issues. Design/methodology/approach – The authors used pooled datasets from three different RTAs, namely the EU-25, the AFTA, and the SAFTA. Taking five years average for all variables, starting from 1961 to 1965 and extending to 2001-2005, the authors tested the hypothesis that the growth rate of per capita GDP is negatively related to the initial level of per capita GDP. Constructing a dynamic behavioral equation and forming the reduced form equation, the authors calculated the s-convergence, and both conditional and unconditional convergence. Findings – The authors found that both the EU-25 and the AFTA exhibit s-convergence, and both conditional and unconditional convergence, while the reverse evidence was observed in the case of the SAFTA. However, the speed of convergence of the AFTA was found to be much higher than that of the EU-25. Originality/value – Formation of RTA by countries should be considered as an essential condition to achieve sustained economic growth. In addition, political rights, trade openness, and more importantly benevolence of the member countries within the RTA must be shown to sustain economic growth and convergence; otherwise with the passage of time, divergence among the RTA members will be evident.

The Impression of Logistic Management on Customer Satisfaction in Small and Medium Enterprises

2021 ◽  
Vol 4 (1) ◽  
pp. 349-366
Author(s):  
Riski Delfi Nur Aisa ◽  
Ratih Hendayani
Keyword(s):  
Economic Growth ◽  
Customer Satisfaction ◽  
Free Trade ◽  
Small And Medium Enterprises ◽  
Linear Regression Analysis ◽  
Free Trade Area ◽  
Logistics Management ◽  
Trade Area ◽  
Data Processing Tool ◽  
Medium Enterprises

Batam has its own regulations to regulate its area. It is part of the Free Trade Area making Batam a priority area for exports and imports. The purpose of this research is to find out whether there is an effect of Logistics Management on Customer Satisfaction in SMEs in the Free Trade Area during a decline in economic growth. In, collecting data, the researchers used an instrument in the form of a questionnaire whose respondents were business actors in Small and Medium Enterprises (SMEs) in Batam. There are 428 samples then used as data analysis, applying Simple Linear Regression Analysis Technique using SPSS as a data processing tool. The results shown in the form of Logistics Management have a significant effect on SME Customer Satisfaction in Batam when there is a decline in economic growth.

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