scholarly journals Financial Governance After the Great Recession: What Changed and What Didn’t?

2015 ◽  
Vol 66 ◽  
pp. 10-28
Author(s):  
Jan Kregel
Keyword(s):  
Developing Countries ◽  
Economic System ◽  
Financial Management ◽  
Global Economy ◽  
Financial Institution ◽  
Developed Countries ◽  
Capital Requirements ◽  
Real Economy ◽  
Developed Country ◽  
Widespread Agreement

Finance in general, and banking in particular, are probably the only areas of the economic system where there is widespread agreement on the necessity of formal governance. Most governments reserve for themselves the right to issue debt in the form of coins and currency; in addition private providers of means of payment have failed so frequently to provide a safe and secure means of payment, with disastrous consequences for the operation of the real economy that governments have sought to regulate financial to prevent financial crisis. However, in an open global economy the regulations of national governments have little impact on the operation of global financial markets which are regulated by the governments of developed countries. Thus the regulations determined in developed country markets, in particular the US are of crucial importance to the governance of finance in developing countries. This paper considers the main innovations of developed country governance in the aftermath of the recent crisis, in p ticular capital requirements and macroprudential regulations and suggests that they are in fact not new regulatory provisions, but have been employed for some time with little succeeds and are thus not likely to shield developing countries for the financial instability caused by the failure of governance in developed country markets.Keywords: financial management, economic system, economic crisis, monetary policy, financial institution, regulation, governance

scholarly journals TRANSNATIONAL BANKING «UNDER THE DOME» OF THE CORONAVIRUS PANDEMIC: ACTUAL CHALLENGES

2021 ◽  
Author(s):  
Fakhri Fuad Murshudli ◽  
◽  
Roksolana Zapotichna ◽  
Keyword(s):  
Developing Countries ◽  
Global Economy ◽  
Developed Countries ◽  
Host Countries ◽  
Developed Country ◽  
Chinese Banks ◽  
The Subject ◽  
Low Probability ◽  
Alternative Sources ◽  
Near Future

The article analyzes changes in the activities of transnational banks (TNBs) taking into account the consequences of the coronavirus pandemic. A review of modern literature on the subject under study was carried out. Given the importance of TNBs for many countries, understanding the scope and direction of current changes is of particular importance to the global economy. Over the past two decades, transnational banking has experienced the following trends: the transformation of credit strategies from aggressive to conservative; South-South banking growth; access to alternative sources of financing; a significant increase in the size of banks; expansion of Chinese banks; strengthening the position of fast-growing markets as home countries of TNBs and the growing importance of developing and emerging markets as host countries of TNBs; geographical differentiation and regionalization of their activities. The results of the study show that the above-mentioned trends are due to a decline in the economies of developed countries and an increase in the economic importance of developing countries. Based on this, we predict a low probability that developed country banks will be active creditors in the near future. Banks from developing countries (especially within their geographical region), whose financial position is much better, can be of great importance in this capacity. It is expected that 2020 will be the year of turning points in the development of transnational banking. A decade after the global economic crisis of 2008-2009, the banking industry faces a new problem that has undoubtedly affected almost every sector of the world economy - the outbreak of coronavirus. Given the lack of research on this topic, the article comprehensively examines the consequences of the crisis pandemic for TNBs.

World 2021: Pandemic and economic problems remain acute

2021 ◽  
pp. 5-20
Author(s):  
M. V. Ershov
Keyword(s):  
Economic System ◽  
Global Economy ◽  
Large Scale ◽  
Real Economy ◽  
Economic Problems ◽  
Support Measures ◽  
Long Time ◽  
Digital Money ◽  
Successful Business ◽  
The Stability

The global economy continues to grow, albeit mainly due to large-scale support measures from governments and regulators. Moreover, the latter are not sure about the prospects for such development, since the economies do not demonstrate the potential for independent growth. As a result, in order to stimulate it, regulators are forced to expand the range of their tools, mechanisms, approaches, otherwise the risks to the stability of the global financial and economic system increase. All this is happening against the background of negative rates, which have become virtually ubiquitous and persist for a long time. New growth records are being set in the stock markets, and their gap from the real economy is growing. A number of sectors are beginning to dominate, forming distortions and bubbles in the markets. In such conditions, the importance of digital money, ecosystems, etc. increases. Moreover, the faster and more efficiently regulators can integrate into these formats, the more successful business, the population, and the economy as a whole will be.

The Rise of Transnational Corporations from Developing Countries in the Second Half of the 20th Century

Istoriya ◽  
2021 ◽  
Vol 12 (11 (109)) ◽  
pp. 0
Author(s):  
Alexey Kuznetsov
Keyword(s):  
Developing Countries ◽  
Foreign Direct Investment ◽  
Direct Investment ◽  
Global Economy ◽  
World Order ◽  
Developed Countries ◽  
Global South ◽  
Business Environment ◽  
Outward Foreign Direct Investment ◽  
Foreign Direct Investment Stock

The article highlights three stages of the formation of multinationals from developing countries. Although first Argentine TNCs appeared at the turn of the 19th — 20th centuries, in the majority of the Global South countries TNCs appeared in the 1960s — 1980s. With the collapse of the bipolar world order, which in many developing countries was accompanied by significant internal political and economic transformations, the second stage of foreign expansion of TNCs from the Global South began. Indeed, in 1990 they accounted for 6 % of global outward foreign direct investment stock, while the figure was 10 % by the end of 2005. We date the beginning of the third stage to the financial and economic crisis of 2007—2009, since multinationals from developing countries as a whole are more successfully overcoming the period of turbulence in the global economy. By the end of 2020, they accounted for 22 % of global outward foreign direct investment stock, and during the COVID-19 pandemic crisis they generally exported more than 50% of the capital. The modern foreign expansion of such TNCs has many reasons, differs greatly from country to country, and often differs slightly from the specifics of Western multinationals. At the same time, initially, “late internationalization” in developing countries had two main vectors — the use of new opportunities for South — South cooperation and overcoming, through the creation of subsidiaries in highly developed countries, the shortcomings of the business environment of “catching up” countries.

scholarly journals Industry 4.0 and Developing Countries: Innovation Perspective of Ethiopia, India and Bangladesh

2020 ◽  
Vol 6 (6) ◽  
pp. 62-70
Author(s):  
Amrut Rao ◽  
Ravindra Pathak ◽  
Ashraf Mahmud Rayed
Keyword(s):  
Developing Countries ◽  
Industry 4.0 ◽  
Global Economy ◽  
Information Technologies ◽  
Technological Development ◽  
Value Added ◽  
Developed Countries ◽  
Intelligent Manufacturing ◽  
Smart Manufacturing ◽  
Efficient Production

Ethiopia, India and Bangladesh are raising economic power, but have not yet integrated very much with the global economy and still have not achieved their potential in context of technology, globalization, and international competitiveness like developed countries. These countries have much strength, but at the same time , are facing many challenges in the increasingly competitive and fast changing global economy. The main key strengths of these courtiers are their large domestic market, young and growing population, a strong private sector with experience in market institutions, and a well developed legal and financial system. In today’s environment of global competition, technological development and innovation; companies, especially manufacturing, are forced to reconfigure their manufacturing and management processes. Industry 4.0 and intelligent manufacturing are part of a transformation, in which manufacturing and information technologies have been integrated to create innovative systems of manufacturing, management and ways of doing business. This system allows optimizing manufacturing, to achieve greater flexibility, efficient production processes and generate a value added proposal for their customers, as well as to provide a timely response to their market needs. The objective of this work is to explore the Industry 4.0, smart manufacturing, environment requirement and relation of innovation in perspective of developing countries.

Accounting Reforms for Accountable Public Sector Management

2020 ◽  
pp. 41-64
Author(s):  
Chitra Sriyani De Silva Lokuwaduge ◽  
Keshara M. De Silva Godage
Keyword(s):  
Developing Countries ◽  
Public Sector ◽  
Sri Lanka ◽  
Financial Management ◽  
Public Management ◽  
New Public Management ◽  
Developed Countries ◽  
The Public ◽  
New Public ◽  
Public Sector Accounting

Accounting reforms in the public sector have become one of the most debated aspects of the public sector financial management during the last three decades. Following the steps of developed countries around the globe, Sri Lanka as a developing country made initiatives to adopt international public sector accounting standards (IPSAS). The purpose of this study is to analyse the progress and the challenges they face in adopting IPSAS as a new public management (NPM) reform in Sri Lanka to enhance public sector accountability. Public sector accounting reforms in the developing countries in Asia is relatively under researched. Using the NPM concept, this study attempts to fill this gap. This chapter argues that even though Sri Lanka has initiated the move towards adopting IPSAS, developing countries face practical problems in adopting reforms due to their contextual factors such as limited institutional capacity and resources, high political involvements in decision-making, and high informality.

A Study on the Economic Benefits of Globalization: Focusing on the Poverty and Inequality between the Rich and the Poor

2009 ◽  
Vol 12 (2) ◽  
pp. 191-214 ◽  
Author(s):  
Sang-Hyup Shin
Keyword(s):  
Developing Countries ◽  
Global Economy ◽  
Developed Countries ◽  
Economic Benefits ◽  
Global Poverty ◽  
The Poor ◽  
Poverty And Inequality ◽  
The World ◽  
The Rich ◽  
The Developed Countries

Globalization is now well recognized by many as an inescapable feature of the world today. In particular, in the middle of global economic crisis globalization is one of the hot issues drawing much attention from countries around the world. There are contradictory perspectives on globalization. There are many sweeping statements that assert that economic globalization is increasing global poverty and inequality between the rich and the poor in the world. There are also many others who insist that the poverty and inequality issues have been resolved in some sense through globalization. In order to find the answer to the question, firstly the meaning of globalization was fully explained. Based on the understanding of globalization, the questions such as how globalization has contributed to reduce the economic gap between the developed and the developing countries, and to reduce the poverty by analyzing the economic growth, the number of people living below the absolute poverty line and so on were analyzed. The reasons why globalization is a good opportunity for some countries while some other countries get not something from the globalization was also discussed in this research. We found that globalization has contributed to reduce global poverty and to increase the welfare of both the developed and developing countries. However globalization has impacted different groups differently. Some have benefited enormously, while others have borne more of the costs. The developed countries could get more economic benefits from the less developed countries through globalization. This means, inequality between the rich and the poor countries still remained as a serious threat in the global economy. And even among the developing countries globalization has impacted differently. The trends toward faster growth and poverty reduction are strongest in developing economies that have integrated with the global economy most rapidly, which supports the view that integration has been a positive force for improving the lives of people in developing countries There are two main reasons for the inequality existing between the developed and developing countries. The fist one is the difference of economic size and power between the developed countries and the developing countries started to exist from the late 18th century. The second one is the differences in the management skill in taking advantage of the globalization.

Reconceptualization of “Brain Drain”

2017 ◽  
Vol 6 (2) ◽  
pp. 288-314
Author(s):  
Li Zong ◽  
Yixi Lu
Keyword(s):  
Developing Countries ◽  
Brain Drain ◽  
Work Experience ◽  
Traditional Approach ◽  
Developed Countries ◽  
International Mobility ◽  
Brain Gain ◽  
Developed Country ◽  
Global Competitiveness ◽  
Highly Educated

AbstractTraditional approach to the issue of “brain drain” and “brain gain” focuses on outflow and inflow of migration of academics and professionals between countries of origins and destinations. It is suggested that, in the international labor market, the developing countries have experienced the problem of brain drain while the developed countries have benefited from brain gain in the process of globalization and international mobility of talent. From this perspective, “brain drain” or “brain gain” is primarily measured by the number of talented people who have “moved in” or “moved out” of a country, but not the extent to which the “brain” has been utilized. This study redefines the notion of “brain drain” by focusing on the actual utilization of professional talents. Previous research findings show that despite attractive Canadian immigration policy and the increasing number of professional immigrants, Canada as a developed country has the problem of “brain waste” due to its systemic barriers such as the devaluation of foreign credentials and non-recognition of foreign work experience for professional Chinese immigrants. At the same time, China as a developing country has benefited from contributions made by highly educated professionals/students returning to their home country through its attractive and rewarding opportunities for those who have attained knowledge and skills from overseas. China has become a model of “brain gain” for developing countries by implementing a series of open and favorable policies to attract top-notch overseas Chinese and foreign talents to help promote the economic development and global competitiveness of the nation.

Applying Environmental Interpretation in Protected Areas of Developing Countries: Problems in Exporting a US Model

1993 ◽  
Vol 20 (3) ◽  
pp. 232-242 ◽  
Author(s):  
Sam H. Ham ◽  
David S. Sutherland ◽  
Richard A. Meganck
Keyword(s):  
Developing Countries ◽  
Environmental Education ◽  
Protected Areas ◽  
Developed Countries ◽  
Host Countries ◽  
Working At Home ◽  
Widespread Application ◽  
Developed Country ◽  
Master Plans ◽  
State Of Affairs

Interpretation is most effective when its form and content are adapted to the situations in which it will be presented. Although many developed countries have a long and rich tradition of interpretation, the physical, financial, and socio-economic, differences among and within developing nations suggest that this tradition will not always apply there. As our colleagues in developing countries look for interchange and suggestions, the temptation to impose our model—and the difficulty for them to accept it—will be great.Interpreters in developing countries need to pursue a different model—one which gives relative emphasis to interpretation's role in strategic environmental education for target audiences. Though not altogether excluding the visitor service function that is frequently emphasized in US protected areas, interpretive programmes in many developing countries are often included as just one component of country-wide environmental education master-plans aimed at establishing sustainable development as a national ideology.Host countries sometimes accept the conventional model too readily, often because the only available training materials are translated from these sources. When application falls short of expectations, in-country interpreters usually blame themselves or conclude that interpretation ‘just isn't for us—rather than questioning the model they have been handed. Universities must also share some of the responsibility for this sorry state of affairs. International students studying at US or European institutions sometimes return home better prepared to work as interpreters in those countries’ protected areas than in those in their own countries. Trainers and teachers, whether working at home or elsewhere, need to do a better job of listening to their students. They need to learn what it is like to be an interpreter in that student's country, and they need to learn what it is like to be part of the audience. Would we accept anything less of our own mentors and interpretive trainers?Clearly, a superior strategy to exporting our model of interpretation is to assist developing countries in arriving at their own. Over many decades, interpreters in the US and other developed countries have developed a profound knowledge about their craft. Although much of it will not apply everywhere, some of our ideas may have widespread application. The key will be to determine which ones these are. Working with our developed country colleagues, learning with them and through them, we can explore together a range of possibilities that neither of us is able to envision alone. Filtered through our cultures and individual realities, the ideas which have merit will be identified and put to test. Others will be rejected. In the very best scenario, both parties will learn, and sustainable environmental quality will be the result.

The Politics of Carbon Leakage and the Fairness of Border Measures

2010 ◽  
Vol 24 (4) ◽  
pp. 367-393 ◽  
Author(s):  
Robyn Eckersley
Keyword(s):  
Developing Countries ◽  
Global Economy ◽  
Emission Trading ◽  
Developed Countries ◽  
Carbon Leakage ◽  
Leadership Responsibilities ◽  
Playing Field ◽  
Climate Regulation ◽  
Production And Consumption ◽  
Border Adjustment

The article critically examines domestic political concerns about the competitive disadvantages and possible carbon leakage arising from the introduction of domestic emission trading legislation and the fairness of applying carbon equalization measures at the border as a response to these concerns. I argue that the border adjustment measures proposed in the emissions trading bills that have been presented to Congress amount to an evasion of the U.S.'s leadership responsibilities under the United Nations Framework Convention on Climate Change (UNFCCC). I also show how the “level commercial playing field” justification for border measures that has dominated U.S. domestic debates is narrow and lopsided because it focuses only on the competitive disadvantages and direct carbon leakage that may flow from climate regulation while ignoring general shifts in the production and consumption of emissions in the global economy, which have enabled the outsourcing of emission to developing countries. The UNFCC production-based method of emissions accounting enables Northern consumers to enjoy the benefit of cheaper imports from Southern producers and to attribute the emissions associated with this consumption to the South. I argue that it is possible to design fair border measures that address carbon leakage, are consistent with the leadership responsibilities of developed countries, do not penalize developing countries, and ensure that consumers take some responsibility for the emissions outsourced to developing countries.

scholarly journals How Does the Global Economy Crisis Influence in Managing Investment in Indonesia

The Winners ◽  
2012 ◽  
Vol 13 (2) ◽  
pp. 147
Author(s):  
Enggal Sriwardiningsih
Keyword(s):  
Developing Countries ◽  
Emerging Markets ◽  
Global Economy ◽  
Developed Countries ◽  
Subprime Mortgage ◽  
Poor Countries ◽  
Mortgage Crisis ◽  
The World ◽  
Liquidity Crisis ◽  
Growing Economy

July 2007 is the beginning of the world’s subprime mortgage crisis. Since then, the world’s liquidity crisis occurred and never found any solution until now. The liquidity crisis began to spread from developed countries to poor countries, developing countries and emerging markets with two channels. This contagious crisis made growing economy and emerging economy fell. No country in the world survived, including Indonesia. This paper discussed the management of investments in Indonesia. It started from the spread of global crisis to Indonesia and its impact on investment in Indonesia. Then, we discussed the government's efforts to encourage investment. The last was the view of the investment for the next three years (2010-2014)

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