The Impact of the Network Trade Era on the Chinese (Asian) Economy

With the rapid development of the Internet and information technology, network trade has emerged and broken through the traditional trade boundaries in the rapidly developing information technology. Therefore, with the advent of the information age, network trade has had a series of impacts on China’s economy, which has given wings to the take-off of China’s economy, but also made the development of China’s economy face a new environment and new challenges. Based on this, this paper first analyzes the connotation of network trade, and analyzes the impact of the network trade era on China’s economy. Through such a study, it aims to make China better seize the opportunities of the times and meet the challenges of the times in the process of promoting social and economic development, so as to achieve a good and rapid development of the national economy.

Design, implementation and academic perspectives on authentic assessment for applied business higher education in a top performing Asian economy

PurposeThe purpose of authentic assessment can enrich students with a set of skills that can have a significant impact on their employability. The key aim of these actions is to equip students with the practical skills to be work ready. The focus here is to demonstrate effects on student satisfaction and observations from teaching staff accrued over several semesters in an educational institution after introducing authentic assessments.Design/methodology/approachThis paper used a set of scaffolded authentic assessments for students in logistics and supply chain management (LSCM). A combination of literature and expert input was used to design and implement the authentic assessment. A multi-phase systematic approach using cyclical model steps articulated the course learning outcomes (CLOs).FindingsReinforced evidence that authentic assessments create options for divergent learners and provide opportunities for applying practical and higher-order cognitive skills in tertiary education system of an emerging economy. With the focus on student ability in doing things, students with diversified backgrounds and abilities in Asia can be encouraged to take an active role in their own learning. The formats of the newly redesigned assessments allow multidimensional cognitive capabilities such as art development (posters and video tasks) and reflective exercises. Importantly, formative types of authentic assessments help to decrease the level of anxiety by emphasising the aspect of doing and lead to better student satisfaction with the courses. All of these effects are shown to be repeatable in an Asian economy.Practical implicationsAuthentic assessments prepare students for the new world of work through a more focused scaffolding of their learning.Originality/valueStimulation of deeper learning in tertiary education students is relevant for a top performing Asian economy.

INVITED POLICY ECONOMICS PAPER — ECONOMICS IN ASIA 1995–2020

Over the last 25 years, Asia’s economic rise has been extraordinary. Its share of global gross domestic product (GDP) has risen from 5.8% to 22.9%. 1 The first phase of high economic growth — up to 1995 — saw Asia enter the global supply chain primarily with labor-intensive/low-cost manufacturing. Domestic consumption was a fairly low share of GDP; Asia was manufacturing mainly for consumption in the US and Europe. As such, it was primarily a rule-taker. In the second phase — from 1995 to 2020 — it gradually turned into an economic force joining the US and Europe in shaping the global economy, exercising significant influence upon the value chain, the cycles of the global economy, transport and logistics, the global capital markets and consumption patterns (consumer preferences and tastes). While not yet among the leading rule-makers, it had become difficult for policymakers (public and private) to make decisions without Asia’s consent. To form an opinion of today’s emerging third phase — post 2020 — the intriguing question is whether the Asian countries have adopted what may be termed Anglo-American economic thinking (basically, the primacy of the market). Or whether behind the curtain, the Asian economy works in its own way diverging from the American and British economic schools. Since demographics and sheer economic scale mean that Asia will dominate the global economy in the years to come, the nature of the Asian economy will be of crucial importance for the future global economy. The conclusion of this paper is that “Asia” in many respects differs — and fundamentally so — from market economy principles. How this prospect should be interpreted is also evolving, as circumstances change. Certainly, the repercussions of COVID-19 have not been the same in the US, Europe, East Asia and South Asia — and this may suggest that socio-political structures have a stronger impact on economic outcomes than economic theory teaches, thus calling into question the global validity of market economy principles.

COVID-19, liquidity and financial health: empirical evidence from South Asian economy

PurposeThe pandemic COVID-19 has affected every sector of an economy in every possible way. Banking sector of Bangladesh has been affected by it badly. The purpose of this paper is to find out the impact of COVID-19 on the liquidity and financial health of the listed banks in Bangladesh.Design/methodology/approachLiquidity ratios are calculated to measure the liquidity condition of the banks and revised Altman's Z-Score Model for non-manufacturing companies is used to measure the financial health. The ratios are compared before and during the COVID-19 periods to assess the impact.FindingsThe findings of this study indicate a deterioration of liquidity position and financial health of the listed banks after the emergence of this pandemic. Though the banks have poor liquidity ratios and financial health prior to the emergence of this pandemic, they have decreased more in the second quarter of 2020. Most of the banks have poor liquidity ratios and cash position. The listed Islamic Banks have poor financial health than the listed Commercial Banks and all the banks belong to the red zone in all the quarters.Practical implicationsThe results of this study will have policy implications for companies and regulators of money market.Originality/valueThis paper is a pioneer initiative in assessing the impact of COVID-19 pandemic on liquidity and financial health based on empirical data.

Economic Impacts of the US–China Trade War on the Asian Economy: An Applied Analysis of IDE-GSM

In this article, we attempt to estimate the economic impacts of the US–China trade war that began in 2018. We used IDE-GSM, a computational general equilibrium simulation model, to estimate the economic impacts of a ‘full-confrontation’ scenario wherein both countries impose 25% additional tariffs on all goods imported from each other for 3 years 2019 onwards. In our calculation, the economic impact for the United States is −0.4% and −0.5% for China. Some Asian countries benefit from the trade war. As far as it remains bilateral, the trade war is only an issue for the concerned parties. We also ran the US–world trade war scenario, wherein the United States and all other countries impose a 25% additional tariff on all goods. The negative impact on the global economy is –0.8%, much more significant than the 0.1% impact from the US–China trade war. Thus, it is clear that the world cannot afford to engage in a multilateral trade war. JEL Codes: C68, F13

THE CENTRAL ASIAN ECONOMY DURING THE PANDEMIC: AN ANALYSIS OF SMALL AND MEDIUM BUSINESS SUPPORT STRATEGIES

This paper examines public policy towards small and medium-sized enterprises in the Central Asian countries during the COVID-19 pandemic. A study of analytical surveys for 2020 and 2021 produced by international organizations (such as the World Bank, the Asian Development Bank, KPMG, and the Organization for Economic Cooperation and Development), as well as of legal and regulatory documents and strategic programs adopted in the countries of Central Asia during the coronavirus pandemic, has made it possible to identify the advantages and disadvantages of government decisions regarding business and to analyze public strategies for supporting small and medium-sized enterprises. This analysis leads to the conclusion that the potential for economic recovery in the Central Asian countries is directly dependent on the measures taken by their governments to maintain and support the business sector. In particular, the study results show that the main business support tools during the coronavirus pandemic are mechanisms such as tax holidays for businesses, soft loans, loan restructuring and refinancing, and administrative support measures.

Comparative Analysis of President Soeharto and Kim Dae Jung's Policies in Overcoming the 1997 Economic Crisis based on Small Theory and Idiosyncratic Theory

The 1997 economic crisis was a situation in which the Asian economy experienced a drastic decline which was triggered by Thai finance. At that time Thailand, burdened by huge foreign debt, decided to develop the Baht currency after attacks by currency speculators on the country's foreign reserves. This monetary shift was aimed at stimulating export earnings but this strategy actually had a bad impact. This has had the effect of transmitting to several countries in other Asian regions, such as South Korea and Indonesia. In responding to the formulation of this phenomenon, South Korea and Indonesia have their own policies to overcome the 1997 Economic Crisis.Thus, in order to understand the decision-making process in foreign policy, a level of analysis is needed, namely using idiosyncratic theory and small theory. Using a qualitative approach, this research generates ideas to understand the background to the policy process it created to address the issue of the 1997 Economic Crisis.