scholarly journals The internationalization of local currencies of emerging countries: the experience of the Mexican peso and the Chinese renminbi

2018 ◽  
Vol 4 (1) ◽  
pp. 14
Author(s):  
Noemi Levy
Keyword(s):  
Emerging Economies ◽  
World Economy ◽  
Emerging Countries ◽  
The North ◽  
System A ◽  
Endogenous Money ◽  
Main Instrument ◽  
Currency Internationalization ◽  
Mexican Peso ◽  
Exchange Transactions

<p>Globalization introduced private and structural endogenous money (private monetary debts) as the main instrument of financial capital mobilization in the international financial system. A main consequence of this feature was the internalization of emerging economies currencies unfolding two successful experiences: the foreign exchange transactions related to the Mexican peso and the Chinese renminbi. The former currency internationalized as a result of the institutional changes unfolded in the Mexican economy and it’s insertion to the North American region (NAFTA); while the latter stemmed from a government strategy to influence the worldwide economy as a result of its accelerated economic growth and increased importance in the world economy. In this paper are discussed three main themes:  the way in which emerging economies currencies internationalized; the insertion of these economies in the international market, and the divergent developments of successful currency internationalization.</p>

Chinese Historiography in the Age of Maturity, 960–1368

2018 ◽  
Author(s):  
Charles Hartman
Keyword(s):  
South China ◽  
Song Dynasty ◽  
Political Power ◽  
Examination System ◽  
Economic Expansion ◽  
New Class ◽  
The Song Dynasty ◽  
The North ◽  
System A ◽  
Age Of Maturity

This chapter looks at how the Song dynasty (960–1279) reconsolidated central power and eliminated the provincial regimes that had developed in the wake of Tang decentralization. During the first thirty years after 960, they fostered astute policies that promoted and took advantage of continuing economic expansion. To administer their new polity, the Song emperors recruited through the examination system a new class of bureaucratic elite that Western writings on China often call the ‘literati’. The aristocrats of Tang had given way to the merchants and bureaucrats of Song. However, although the Song expanded Chinese economic and political power into South China, it never completed the conquest of all the traditional Chinese lands in the north. The Song coexisted with a series of alien or conquest dynasties to its north and west.

scholarly journals Commodity price pass-through along the pricing chain

2021 ◽  
Author(s):  
Rebeca Jiménez-Rodríguez ◽  
Amalia Morales-Zumaquero
Keyword(s):  
Emerging Economies ◽  
Raw Materials ◽  
Commodity Prices ◽  
Commodity Price ◽  
Emerging Countries ◽  
Consumer Prices ◽  
Advanced Economies ◽  
The World ◽  
Producer Prices ◽  
Pass Through

AbstractThis paper analyses the commodity price pass-through along the pricing chain for the global commodity price index and the indices of its main categories (i.e., agricultural raw materials, food and beverages, energy and metals) in the world, advanced and emerging economies. To do so, the study considers country-by-country vector autoregression models and pool the results by taking weighted means for 18 advanced economies and 19 emerging countries, as well as for the world (defined as the sum of advanced and emerging economies). The results show the following: (i) there is evidence in favour of partial pass-through from commodity prices to producer prices, although the evidence for the pass-through to consumer prices is less evident; (ii) the pass-through in the world seems to be led by both advanced and emerging countries for producer prices and only by advanced economies for consumer prices; (iii) higher prices in the four categories (agricultural raw materials only in the short-run) induce significant higher producer prices in almost all cases, with shocks in the prices of energy and metals showing the largest effects; and (iv) energy prices explain the highest variability of producer and consumer prices.

scholarly journals The North-South Gas Corridor in the Context of Poland’s Gas Transmission System—A Perfect Opportunity to Diversify Gas Resources

Energies ◽  
2021 ◽  
Vol 14 (21) ◽  
pp. 7188
Author(s):  
Wiktor Hebda
Keyword(s):  
Energy Security ◽  
Field Research ◽  
Green Energy ◽  
Coal Production ◽  
The North ◽  
System A ◽  
State Of Affairs ◽  
High Level ◽  
Huge Challenge ◽  
Gas Supply

The energy sector in Poland is currently calling for dynamic redevelopment and cleaner energy. This country is world famous for its high level of coal production, from which it does not want to retreat in the next two decades. For this reason, it is safer to gradually reduce the use of coal while increasing the consumption of gas and simultaneously developing green energy. However, the Polish gas sector is still dependent on Russian gas supplied through the Yamal gas pipeline. Taking into consideration Polish geopolitics, this state of affairs poses a huge challenge and a threat to Poland’s energy security. That is why the concept of the North-South Gas Corridor was introduced. It is intended to be a network of gas pipelines that connect the countries of Central and South Europe to two gas terminals (in Poland and Croatia), which will supply gas from a chosen source. This article presents the current condition of the gas sector in Poland. It focuses on the North-South Gas Corridor project and its impact on the energy security of Poland. An analysis of documents and field research shows that the North-South Gas Corridor provides Poland with an opportunity to diversify the sources and directions of gas supply over the next few years.

scholarly journals Does the Export-Led Growth Hypothesis Hold for Services Exports in Emerging Economies?

2021 ◽  
Vol 14 (27) ◽  
pp. 63-75
Author(s):  
Okpeku Lilian ONOSE ◽  
◽  
Osman Nuri ARAS ◽  
Keyword(s):  
Economic Growth ◽  
Emerging Economies ◽  
Emerging Countries ◽  
Distributed Lag ◽  
Autoregressive Distributed Lag ◽  
Long Run ◽  
Short Run ◽  
Per Capita ◽  
Positive Effect ◽  
Growth Hypothesis

The export-led growth hypothesis states a positive relationship between the growth of exports and long-run economic growth. This study examines the validity of the export-led growth hypothesis of services exports in 5 emerging economies, including Brazil, India, Nigeria, China, and South Africa (BINCS), for the period of 1980-2019. The study employs the panel mean group autoregressive distributed lag (ARDL) procedure to identify a causal relationship between services exports and gross domestic product (GDP) per capita. The findings show that the export-led growth hypothesis in services only has a positive effect on economic growth in the short run while other variables, including foreign direct investment (FDI), gross capital formation, and labour, increase economic growth in the long run. Hence, the emerging countries should focus more on internal investment to boost growth in the long and short run.

scholarly journals Towards a new paradigm of “coopetitiveness” in emerging countries: Case of the Algerian Entrepreneurial Ecosystems

2019 ◽  
Vol 7 (1) ◽  
pp. 67-86
Author(s):  
Abdelkader Baaziz
Keyword(s):  
Value Chain ◽  
Emerging Countries ◽  
New Paradigm ◽  
Entrepreneurial Ecosystems ◽  
The North ◽  
Quintuple Helix ◽  
Multidisciplinary Working ◽  
The Creation ◽  
Individual Success ◽  
Private Financing

The main aim of this paper is to propose thinking tracks of Entrepreneurial Ecosystems based on a “Quintuple Helix” approach that overcomes the competitive partitions by founding a paradigm of “coopetition” and “coopetitiveness” through the “intelligent specialization” with a strong societal and economic impact. Indeed, the dominant vision in most of emerging countries calls the relationship between Entrepreneurial Ecosystems and their actors, exclusively in terms of competitiveness aspects by reproducing identically the North-American models unlinked to the environmental dissimilarities, such as entrepreneurial culture. However, it is important to enquiring about the spatiotemporal adaptability of this model in the emerging countries contexts, particularly through its uninhibited relationship to the concepts of individual success and failure as well as the ecosystems running based mainly on private financing from business angels, crowdfunding and venture capital investors. While the creation of a startup is administratively facilitated, the uncertainties of the environment put its sustainability in a severe test. The causes are numerous, we cite among others, the difficulty of these startups to fit into a multidisciplinary working mode, hence the necessity to integrate them in the value chain of an ecosystem where they answer efficiently to mutualized and specific RD needs. That's why we propose to identify the main barriers to open innovation as well as the catalysts enabling the creation of the integrative entrepreneurial ecosystems. By borrowing the paradigm of the city, we highlight the “urbanized” ecosystem made up of “useful” and “specialized” blocks, integrated in the value chain of this ecosystem. We will show the viability of the proposed tracks through many cases of economic, societal and academic actions undertaken in Algeria in order to setting up a favorable environment of integrative entrepreneurial ecosystems.

scholarly journals Critical macro-finance, Post Keynesian monetary theory and emerging economies

2020 ◽  
Vol 6 (1) ◽  
pp. 76-86
Author(s):  
Bruno Bonizzi ◽  
Annina Kaltenbrunner
Keyword(s):  
Financial Institutions ◽  
Emerging Economies ◽  
Monetary Theory ◽  
Liquidity Premium ◽  
Its Analysis ◽  
Endogenous Money ◽  
Macro Finance

In our contribution to this forum, we suggest that critical macro-finance (CMF) scholars and Post Keynesian monetary theorists would profit from a more explicit engagement with each other. Post Keynesian scholars would benefit from the detailed empirical insights that CMF provides, particularly through its analysis of non-bank financial institutions and the conceptual focus on liquidity and liabilities. Meanwhile, the CMF literature would benefit from more explicit grounding in earlier Post Keynesian concepts. In particular, the theory of liquidity preference, the concept of the liquidity premium, and the theory of endogenous money highlight macroeconomic issues missing from CMF scholarship.

The World Economy

1997 ◽  
Vol 159 ◽  
pp. 28-56
Author(s):  
Julian Morgan ◽  
Nigel Pain ◽  
Florence Hubert
Keyword(s):  
World Trade ◽  
World Economy ◽  
Fiscal Consolidation ◽  
The Third ◽  
The North ◽  
External Demand ◽  
The Us ◽  
The World ◽  
World Economic ◽  
The Uk

There are now widespread signs that activity in the world economy has begun to recover steadily from the pause in growth apparent at the beginning of 1996. Output rose by 0.6 per cent in the North American economies in the third quarter of last year and by 0.8 per cent in Europe. Business and consumer sentiment has improved gradually in recent months in most of the major economies. We expect world economic growth to pick up further over the course of this year as the contractionary effects from the downturn in world trade and prolonged inventory adjustment come to an end and as the effects from a more relaxed monetary stance begin to outweigh those from ongoing fiscal consolidation. Recent currency movements should help to stimulate external demand in Germany, France and Japan, but may act to constrain growth within the UK, Italy and the US. For both this year and 1998 we expect growth of around 2½ per cent per annum in the OECD economies.

scholarly journals Governance quality, foreign direct investment, and entrepreneurship in emerging markets

2019 ◽  
Vol 26 (2) ◽  
pp. 238-264
Author(s):  
Nam Hoai Tran ◽  
Chi Dat Le
Keyword(s):  
Emerging Economies ◽  
Institutional Context ◽  
Emerging Countries ◽  
Entrepreneurial Activity ◽  
Outward Fdi ◽  
Content Type ◽  
Necessity Entrepreneurship ◽  
Governance Quality ◽  
The Relationship

Purpose The purpose of this paper is to thoroughly investigate the interplay between institutions, foreign direct investment (FDI) and entrepreneurship in the context of emerging markets (EMs). Design/methodology/approach The authors argue that the impact of FDI on entrepreneurial activity depends on different natures of capital flow and entrepreneurial motivation and relates to the quality of institutional environment. First, the roles of inward and outward FDI are examined in connection with the new firm creation by opportunity- and necessity-motivated entrepreneurs. Second, the integrated influences of (inward/outward) FDI and governance quality (GQ) on (opportunity/necessity) entrepreneurship are tested. This nexus of relationships is analyzed through segmented regressions using the GEM data of 39 EMs over the 2004–2015 period. Findings It is evidenced that the quality of governance infrastructure affects the relationship between FDI and entrepreneurship: in emerging countries with low GQ, opportunity entrepreneurship is stimulated by inward FDI and diminished by outward FDI; and in emerging countries with high GQ, necessity entrepreneurship is discouraged by inward FDI and promoted by outward FDI. Practical implications This research has implications for the institutional context-based execution of public policy in emerging economies. As the entrepreneurial effects of inward and outward FDI are pronounced differently under the two types of entrepreneurship and the two extremes of GQ, public policy makers who recognize the catalytic role of FDI in domestic business development should take the distinct institutional context of their country into consideration. Originality/value The paper contributes to the extant literature on international entrepreneurship in emerging economies by making a breakdown on the roles played by different types of FDI in the entrepreneurial activity, analyzing the mediating effects of GQ on the relationship between inward/outward FDI and entrepreneurship, and interpreting the capital and institutional determinants of entrepreneurship in terms of entrepreneurial motivations by opportunity and necessity.

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