New competitive strategies of foreign banks in large emerging economies: the case of Brazil

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Fernando J. Cardim de Carvalho

2000-06-01

Full Text Available Financial relations have been deeply transformed in the 1980s and 1990s by deregulation and liberalization. Among the most affected by these changes has been the banking system. Domestic banks have generally lost the implicit protection given by regulatory barriers to entry. Until very recently, in most of the world, foreign banks had their range of operations limited by both regulatory and market factors in developed and developing countries alike. This has radically changed in the 1990s. Foreign banks previously content to hold marginal positions in domestic emerging markets started to pursue aggressive strategies of expansion. Competition among banks operating domestically is being intensified as a result, particularly in emerging economies large enough to support entry of new banking firms. We examine the case of Brazil, where, following the semi-crisis of 1995, a significant number of banks set up subsidiaries fighting for increasing market shares of the domestic market. The paper shows the ways these banks chose to enter the market and explores the perspectives for the domestic banking sector.

The Transmission of Foreign Shocks to South Eastern European Economies

DEFF Research Database (Denmark)

Petrevski, Goran; Bogoev, Jane; Tevdovski, Dragan

2014-01-01

This paper investigates the transmission of foreign shocks to economic activity and macroeconomic policies in the South Eastern European (SEE) economies with fixed exchange rate regimes: Croatia, Macedonia and Bulgaria. Specifically, we provide empirical evidence on the influence of the EMU policy...... with rigid exchange rate regimes, with different degree of integration within the EU. As for the methodological issues, we employ recursive Vector Auto regressions to identify the exogenous shocks in the euro-area. Generally, the estimated results imply that euro-zone economic activity has significant...... reference rate are relatively quickly transmitted to domestic money market rates. We can explain these effects by several factors, such as: the fixed exchange rates, the relatively high integration of SEE financial markets to EMU financial markets as well as the dependence of banks on foreign financing...

Intra-Industry Affiliate Trade of Foreign-Owned Companies in Transition Economies:

DEFF Research Database (Denmark)

Nielsen, Jørgen Ulff-Møller; Pawlik, Konrad

2008-01-01

Using a database containing trade and industry variables of foreign-owned companies in the Polish manufacturing industry for the years 1993-2002, we investigate the relationship between the organizational structure of multinational enterprises (MNE) in Poland and the intra-industry trade of their...... become a more important mode of organization for multinational enterprises as Poland has evolved into a relatively stable economic environment where MNEs feel comfortable basing their regional operations.......Using a database containing trade and industry variables of foreign-owned companies in the Polish manufacturing industry for the years 1993-2002, we investigate the relationship between the organizational structure of multinational enterprises (MNE) in Poland and the intra-industry trade...... of their affiliates (IIAT). We find labour intensity; scale economies and absorptive capacity of affiliates are the main explanatory variables for IIAT. Given the overall rise in export and import intensities of foreign affiliates over the period of investigation, our findings suggest that export-platform FDI has...

Foreign direct investment with regard to the economic growth of the Japanese economy

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Milan Palát

2011-01-01

Full Text Available Foreign direct investment presents an indivisible part of the global economy and a major catalyst to development. The paper stresses out the importance of FDI in boosting the growth of the nation’s economy and is aimed at assessing the flow of inward FDI into Japan in the frame of the economic development of the country. Many studies reflected the superior managerial efficiency and productivity of foreign business companies operating in Japan and this is considered to be an asset of inward FDI into Japan. From the beginning of the reference period (with an exception of last two decades the ratio of FDI on gross domestic product in Japan remained quite stable. This economy witnessed augmented FDI flows in the 1990s but current economic situation aggravated by the global financial and economic crisis differs significantly from the development in previous years. A fitted developmental series using a logarithmic polynomial indicate the described trend of FDI in Japan. Based on results of methods of regression and correlation analysis (including testing the statistical significance, the correlation is evident between FDI and gross domestic product in the monitored country and the existence of a growth impact of FDI can be thus accepted.

How extractive industries affect health: Political economy underpinnings and pathways.

Science.gov (United States)

Schrecker, Ted; Birn, Anne-Emanuelle; Aguilera, Mariajosé

2018-06-07

A systematic and theoretically informed analysis of how extractive industries affect health outcomes and health inequities is overdue. Informed by the work of Saskia Sassen on "logics of extraction," we adopt an expansive definition of extractive industries to include (for example) large-scale foreign acquisitions of agricultural land for export production. To ground our analysis in concrete place-based evidence, we begin with a brief review of four case examples of major extractive activities. We then analyze the political economy of extractivism, focusing on the societal structures, processes, and relationships of power that drive and enable extraction. Next, we examine how this global order shapes and interacts with politics, institutions, and policies at the state/national level contextualizing extractive activity. Having provided necessary context, we posit a set of pathways that link the global political economy and national politics and institutional practices surrounding extraction to health outcomes and their distribution. These pathways involve both direct health effects, such as toxic work and environmental exposures and assassination of activists, and indirect effects, including sustained impoverishment, water insecurity, and stress-related ailments. We conclude with some reflections on the need for future research on the health and health equity implications of the global extractive order. Copyright © 2018 The Authors. Published by Elsevier Ltd.. All rights reserved.

International Trade and Foreign Direct Investment as Innovation Factors of the U.S. Economy

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Napiórkowski1 Tomasz M.

2014-10-01

Full Text Available The aim of this research is to asses the hypothesis that foreign direct investment (FDI and international trade have had a positive impact on innovation in one of the most significant economies in the world, the United States (U.S.. To do so, the author used annual data from 1995 to 2010 to build a set of econometric models. In each model, 11 in total the number of patent applications by U.S. residents is regressed on inward FDI stock, exports and imports of the economy as a collective, and in each of the 10 SITC groups separately.

Particularities Regarding the Evolution and Role of Foreign Direct Investments in Romania’s Economy

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Ion Botescu

2016-01-01

Full Text Available Criticized by some, praised by others foreign direct investments are a financial flow with amajor impact on the economies of many countries. In an increasingly globalized world, the processthrough which multinationals open production and distribution branches over the entire surface ofthe globe is something as natural as possible. After the fall of communism in Europe, Romania has been a favorite destination for manyforeign investors, fact which requires a careful analysis on the dynamics and structure of foreigndirect investment flows attracted by Romania. I have also tried to highlight the nature of the linkbetween the flow of foreign direct investment attracted by Romania and the variations recorded inthe economic development of our country. Given all the positive and negative aspects presented, foreign direct investments are a realityfor Romania, and future policies promoted in the area should stimulate the entry foreign capitalfirms whose work will generate a high level of content of knowledge and technology directlyimpacting the improvement of the economic efficiency at national level.

Foreign Investment Boosts Rural Economies.

Science.gov (United States)

Glasmeier, Amy; Glickman, Norman

1990-01-01

Through 1987, 10 percent of foreign investment was in nonmetro counties; 44 percent of this was in the South; and 38 percent of nonmetro foreign investment created new jobs (versus 17 percent in metro areas). Foreign investors chose nonmetro areas with low wages, lack of unionization history, good transportation access, and government incentives.…

Foreign Remittances, Foreign Direct Investment, Foreign Imports and Economic Growth in Pakistan: A Time Series Analysis

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Muhammad Tahir

2015-10-01

Full Text Available This empirical research paper focuses on establishing a relationship between external determinants and economic growth of Pakistan economy. Empirical analyses are carried out with time series econometric techniques using data over the period of 1977-2013. The main finding is that external determinants such as foreign remittances, foreign direct investment, and foreign imports matter from a growth perspective. Foreign remittances and foreign direct investment have a significant positive role in the growth process of Pakistan economy. Furthermore, it is found that foreign imports have adversely influenced the economic growth of Pakistan. The study recommends that policy makers shall take appropriate steps to increase the inflow of both foreign remittances and foreign direct investment in order to achieve the long run economic growth.

Do democratic institutions and foreign direct investment affect ...

African Journals Online (AJOL)

Do democratic institutions and foreign direct investment affect economic growth? Evidence from ... International Journal of Development and Management Review ... The importance of sound democratic institutional structures and foreign direct investment for enhancing economic growth is well documentedin literature.

The external sector of the Serbian economy

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Ristanović Vladimir

2016-01-01

Full Text Available The aim of this paper is to show the external sector of the Serbian economy, its features and peculiarities, as well as anomalies that afflicted it for years. In the analysis, data acquired from the Statistical Office of the Republic of Serbia will be used, as well as the official international methodology. The text will include the analysis of the structure of the external sector, market share, competitive position of Serbian economy and export products according to sectors of the economy and factor intensity. Since 2000, the structure of production and exports of the Serbian economy shows low comparative advantages and competitive position throughout the world. Unfavorable structure of the sectors, departments and the product groups affected the deepening of external imbalances and high foreign trade deficit. Exports of technology of predominantly low intensity, resources, and labor-intensive products, common for Serbian economy, represent no guarantee of economic growth in the long term. The causes of external imbalances should be sought in the absence of adequate export strategy, as well as in high speed of liberalization of foreign trade flows and exchange rate policy.

Determinants of Foreign Direct Investments in Transition Economies: Case of Commonwealth of Independent Countries

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Sobir Shukurov

2016-01-01

Full Text Available While there has been voluminous research on the determinants of FDI for developed and developing countries, little has been done on this issue for transition economies, especially, for the Commonwealth of Independent States (CIS countries. the present paper examines the determinants of inward Foreign Direct Investment (FDI flows in the CIS during 1995–2010. the results of empirical analysis using panel data models, conducted with the purpose of identifying the factors that determine the motivation and decision of multinational companies (MNC to invest in CIS economies, show that regardless of the presence of high investment risk in transition economies, the choice of FDI location always depends on a preliminary analysis of countries’ advantages (FDI stock, market size, abundance in natural resources and disadvantages at macro level (fiscal imbalance and inflation. These pre‑existing conditions can always roughly predict the type of FDI (resource-seeking, market‑seeking, efficiency-seeking.

A STUDY OF CHINESE YUAN (RMB APPRECIATION ACCOMPANYING WITH OTHERS FACTORS INCLUDING FOREIGN DIRECT INVESTMENT (FDI AND THEIR EFFECT ON CHINA ECONOMY

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Ping-fu (Brian LAI

2014-07-01

Full Text Available The Chinese Yuan (RMB has been on the trend of appreciation over the last decade, and such a trend will likely be continuing for some years over the next decade. According to some scholars in their published literatures, the appreciation of RMB, the influx of Foreign Direct Investment (FDI has been ongoing accompanying the sustained growing economy in mainland China over the past decade. It is believed that the China economy has an implication from some significant factors including appreciation of RMB, interest rate of RMB, inflation and continuous increase of FDI for the next several years. The present study aims to provide an emphasis on investigation into effect on China economy as a result of appreciation of RMB and FDI together with some other factors, and to provide an outlook on the economy in China for the coming decades. First, a review was carried on relevant background information and development history of RMB and FDI. There are many reasons and factors behind leading to the sustained growth in the economy in China in the last decade and such effects were in coverage in the literature review. An overview of the development of RMB exchange mechanism, and other variables including (1 RMB exchange rate, (2 China interest rate, (3 Foreign Direct Investment (FDI, (4 Trade Balance of China, (5 Annual Inflation rate in China, (6 Energy Consumption in China, (7 Foreign Exchange Reserve in China, (8 China wages, (9 China External Debt and (10 China Consumer Price Index, which may have effect on the growth of the economy in China is covered in the literature review conducted in Chapter 2.

CONSIDERATIONS ON TRANSACTIONS OF FOREIGN TRADE

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Paliu-Popa Lucia

2009-05-01

Full Text Available In the complex connection process of national economies to global economy flows, an important role has the foreign trade, which in recent decades has become, in the market economy conditions, one of the factors determining for economic growth. Foreign trade, as a separate branch of the national economy is an important factor of economic growth, caused by the internationalization of business and determining for the process of globalization. For Romania, a country still in transition and recent member of the European Union is particularly important to enhance the participation to international trade in goods and services, but also attracting foreign investments in the economy as the main possibilities for the re-industry and restructuring the national economy in order to creation and maintenance of sustainable competitive advantages. Starting from these considerations, in this article I addressed/aproached the theoretical aspects of foreign trade, without omitting intracomunity purchases and deliveries of goods.

The dynamics and economic impact of foreign debt in South Africa

OpenAIRE

2010-01-01

D.Comm. Foreign debt affects the economy through three main channels, namely: the debt overhang effect, the liquidity constraint effect and the uncertainty effect. The main aim of this study is to derive an optimal level of foreign debt relative to Gross Domestic Product (GDP) for South Africa by investigating these channels. Incurring foreign debt is like a double edge sword. On the one side the foreign debt is needed for economic development (from a demand perspective) and on the other s...

Evidence of fueling of the 2000 new economy bubble by foreign capital inflow: implications for the future of the US economy and its stock market

Science.gov (United States)

Sornette, Didier; Zhou, Wei-Xing

2004-02-01

Previous analyses of a large ensemble of stock markets have demonstrated that a log-periodic power law (LPPL) behavior of the prices constitutes a qualifying signature of speculative bubbles that often land with a crash. We detect such a LPPL signature in the foreign capital inflow during the bubble on the US markets culminating in March 2000. We detect a weak synchronization and lag with the NASDAQ LPPL pattern. We propose to rationalize these observations by the existence of positive feedback loops between market-appreciation/increased-spending/increased-deficit-of-balance-of-payment/larger-foreign-surplus/increased-foreign-capital-inflows and so on. Our analysis suggests that foreign capital inflow has been following rather than causing the bubble. We then combine a macroeconomic analysis of feedback processes occurring between the economy and the stock market with a technical analysis of more than 200 years of the DJIA to investigate possible scenarios for the future, three years after the end of the bubble and deep into a bearish regime. We conclude that the low interest rates and depreciating dollar are the indispensable ingredients for a lower sustainable burden of the global US debt structure and for allowing the slow rebuilding of an internationally competitive economy. This will probably be accompanied by a weak stock market on the medium term as the growing Federal deficit is consuming a large part of the foreign surplus dollars and the stock market is remaining a very risky and unattractive investment. Notwithstanding strong surge of liquidity in recent months orchestrated by the Federal Reserve, this macroeconomic analysis which incorporates an element of collective behavior is in line with our recent analyses of the bearish market that started in 2000 in terms of a LPPL “anti-bubble”. We project this LPPL anti-bubble to continue at least for another year. On the short term, increased availability of liquidity (M1) and self-fulfilling bullish

Influence of the economy crisis on project cost management

Science.gov (United States)

Simankina, Tatyana; Ćetković, Jasmina; Verstina, Natalia; Evseev, Evgeny

2017-10-01

Economy crisis significantly affects primarily the project cost management. The article considers the problems of project management in the field of housing under conditions of economy crisis. Project budgets are reduced, their mutual interference grows and framework of risks changes. Apparently, specific approaches are required to be developed to optimize the expenses and guarantee the project implementation within the approved budget. There is considered domestic and foreign experience in terms of project cost management with involvement of BIM technologies.

The Belgian Minister of Economy, Energy, Foreign Trade and Science Policy, Marc Verwilghen, with CERN's Director-General, Robert Aymar.

CERN Multimedia

Michel Blanc

2005-01-01

Marc Verwilghen, Belgian Minister of Economy, Energy, Foreign Trade and Science Policy, came to CERN on 8 April 2005, where he visited the CMS assembly hall and underground cavern, as well as the hall where the LHC superconducting magnets are being tested.

Does Access to Foreign Markets shape Internal Migration? Evidence from Brazil

OpenAIRE

Laura Hering; Rodrigo Paillacar

2014-01-01

This paper investigates how internal migration is affected by Brazil’s increased integration into the world economy. It analyzes the impact of regional differences in access to foreign demand on sector-specific bilateral migration rates between the Brazilian states for the years 1995 to 2003. Using international trade data, a foreign market access measure is computed at the sectoral level,...

How do Institutions Affect Corruption and the Shadow Economy?

OpenAIRE

Axel Dreher; Christos Kotsogiannis; Steve McCorriston

2005-01-01

This paper analyzes a simple model that captures the relationship between institutional quality, the shadow economy and corruption. It shows that an improvement in institutional quality reduces the shadow economy and affects the corruption market. The exact relationship between corruption and institutional quality is, however, ambiguous and depends on the relative effectiveness of the institutional quality in the shadow and corruption markets. The predictions of the model are empirically test...

Experiences of Emerging Economy Firms

DEFF Research Database (Denmark)

Experiences of Emerging Economy Firms investigates the different elements of the experiences of emerging economy firms and sheds essential light on a large variety of aspects associated with their functioning in both home and host contexts. For example, firms must be able to overcome the liability...... of foreign and emerging issues when they expand their activities in various contexts, enter, exit, and re-enter overseas markets; they have to overcome institutional barriers, adapt the cultural challenges in foreign markets, undergo the impact of large multinational firms from developed economies...

Spillovers from Foreign Direct Investment

DEFF Research Database (Denmark)

Meyer, Klaus E.; Sinani, Evis

2005-01-01

The extensive empirical literature analyzing productivity spillovers from foreign direct investment to local firms provides inconclusive results. Some studies find that foreign presence has a positive impact on the productivity of domestic firms, while others find no evidence or a negative effect...... for industrialized countries in the 1990s. Transition economies may experience spillovers, but these have been declining in recent years. Keywords: developing countries, transition economies, spillovers, foreign direct investment, technology transfer, meta-analysis...

Capital income taxation in a growing open economy

DEFF Research Database (Denmark)

Nielsen, Søren Bo; Sørensen, Peter Birch

1991-01-01

The paper studies the dynamic macroeconomic effects of various forms of capital income taxation in a model of a small open economy with perfect mobility of financial capital and intertemporal optimization on the part of households and firms. One of the noteworthy results is that the introduction...... of a (low) corporate income tax will not affect consumption in the long run, but will simply lead to a replacement of shares by foreign financial assets in household portfolios. It is also found that an anticipated investment tax credit can have and that an anticipated dividend tax will have contractionary...... effects on investment before they are introduced. Moreover, it is shown that while an unanticipated dividend tax is neutral with respect to investment, it will have real effects on consumption and net foreign assets in a growing economy...

PROMOTING AND ATTRACTING FOREIGN DIRECT INVESTMENT

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Elena CHIRILA DONCIU

2014-09-01

Full Text Available FDI is an important element of the economic development of any country and its functioning on market principles. They have a great importance for strengthening the economy of countries in transition and their integration into the world’s economy. The modernization of national economies occurs with FDI help, by implementing advanced technologies, know-how sites, the most powerful equipment and the new quality standards by switching to a higher type of growth. The purpose of this research is to identify of the policies to attract and promote FDI, adopted by host countries for foreign investors and are highlighted beneficial aspects of foreign investments flows on recipient economies. The research results show that policies aimed at ensuring access to foreign markets, those that are considering providing commercial facilities and last, but not least, policies focused on tax incentives are very important for foreign investors.

The Impact of Foreign Direct Investment on Developing Economies and the Environment The Impact of Foreign Direct Investment on Developing Economies and the Environment

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Anne Marie Zwerg

2008-12-01

Full Text Available This article is about the impact of foreign direct investment on developing economies and the environment. All of us that are concerned about the environment should ask ourselves if the increase in capital mobility associated with the world-wide process of  liberalization, deregulation and privatization, known as the Neo-liberal global regime, has contributed to the problems of higher emissions, ozone layer destruction, and pollution of water sources, as well as to create false economic bubbles that lead to increased consumption in these regions whilst forcing the destruction of the environment by the poor in order to survive and cope with the roles their society demands. Neo-liberal practices such as those enforced in developing countries like Colombia, while seeking to attract foreign investment to push their economies, tend to generate a false aggregated demand growth that in most cases is not sustainable in the long term, increases global unemployment, unleash destructive competitive processes and weaken government’s ability to regulate business in the citizens` best interests.Este artículo trata sobre el impacto de inversión extranjera directa en economíasen vías de desarrollo y el medio ambiente. Todos los que nos preocupamos por elmedio ambiente debemos preguntarnos, si el aumento en la movilidad de capitales asociada con el proceso mundial de liberalización, desregulación y privatización,conocido como “neoliberalismo”, ha contribuido a problemas de emisiones másaltas, destrucción de la capa de ozono, y polución de fuentes de agua, así como a lacreación de falsas burbujas económicas que llevan a aumentar el consumo en estasregiones, obligando a los más pobres a destruir el medio ambiente para sobrevivir ypoder cumplir con los roles impuestos por la sociedad. Prácticas neoliberales talescomo las implantadas en países en vías de desarrollo, como Colombia, en busquedade alcanzar mayor inversión extranjera para

DETERMINANTS OF FOREIGN DIRECT INVESTMENTS IN ROMANIA

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Lenuta CARP (CEKA

2014-11-01

Full Text Available Foreign direct investments have known an increased importance in the worldwide economy. Theoretical approaches highlight the positive externalities foreign direct investments generate in the beneficiary economy though different channels. The aim of this paper is to emphasize, based on an econometric analysis using data for Romania, the fundamental determinants of foreign direct investments attractiveness. The analysis will be followed by the recommendations for increasing the inflows in our country and measures to enhance their effect in the national economy. Further analysis will be developed focusing on the emerging countries from Europe using a panel technique.

Foreign Shocks, Monetary Policy, and Macroeconomic Fluctuations in a Small Open Economy: A SVAR Study of Malaysia

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Zulkefly Abdul Karim

2016-06-01

Full Text Available This paper investigates the effect of foreign shocks upon domestic macroeconomic fluctuations and monetary policy, and examines the effectiveness of domestic monetary policy as a stabilization policy in Malaysia. Monetary policy variables (interest rate and money supply have been measured through a non-recursive structural VAR (SVAR identification scheme, which allows the monetary authority to set the interest rate and money supply after observing the current value of foreign variables, domestic output and inflation. The results show the important role of foreign shocks in influencing Malaysian monetary policy and macroeconomic variables. There is a real effect of monetary policy, that is, a positive shock in money supply increases domestic output. In contrast, a positive interest rates shock has a negative effect on domestic output growth and inflation. The effects of money supply and interest rate shocks on the exchange rate and stock prices are also consistent with standard economic theory. In addition, domestic monetary policy is able to mitigate the negative effect of external shocks upon domestic economy.

IMPACT OF FOREIGN DIRECT INVESTMENTS ON CROATIAN FINANCIAL GROWTH

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Zoran Ivanovic

2014-12-01

Full Text Available Foreign direct investments are for the transition and less developed countries very important source of capital. Such investments have very positive impact on country’s economy in terms of employment growth, industrial production growth, gross domestic product growth, favorable effects on the balance of payments and many other positive impacts for country economy, so it’s not strange that countries in the absence of its domestic investors, are trying to attract foreign investors. Foreign investors analyze in detail possibilities and risks of each country, and if the risks exceed the opportunities there will be no inflow of foreign capital. Therefore every country which is trying to attract foreign direct investments must take care about the policy and its economy and try to be most attractive as it can be.

Foreign Direct Investments Expansion – Essential Globalization Factor

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Cătălin Emilian HUIDUMAC PETRESCU

2011-01-01

emerging countries. In the global economic crisis, foreign investment flow analysis is a dynamic element that can help the economy of a country. This is not the first time when the world economy is facing recession, but it happens after many years, namely after the Great Depression that began in 1929 and after Breton Woods System Fall in 1971. In addition, we can say that it is for the first time after a long period when the crisis is located at the level of developed countries, not only in emerging economies. The FDI expansion is indeed a fabulous one, aspects of their development periods of time are presented in detail in this paper. In the last decades of the twentieth century, international investment flows have risen to unprecedented growth. The climax was reached in 2000, next period representing a regression of foreign investments. From 2003 to 2007, it was a period marked by a continuous expansion and increase flows until 2008, when the global economical crisis has had an impact on the entire world economy, including foreign direct investments. Undoubtedly, the world economic crisis had a negative effect on FDI. The negative impact mostly consisted of two elements, namely: reducing access to financial resources, which affected the ability of firms to invest, and the tendency of companies to invest because of gloomy prospects for the economy, markets and risks.

Determinants Of Foreign Direct Investment In Mauritius Evidence From Time Series Data

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Medha Kisto

2017-08-01

Full Text Available Over the last two decades Foreign Direct Investment FDI claimed an impressive economic record as it enables economy to transit from an agrarian to knowledge based economy. This paper focuses on the determinants and impact of FDI in Mauritius using annual time series data from 1975 through 2015. The Vector Error Correction Model VECM analysis reveals that macroeconomic variables namely inflation rates and exchange rate are among the major and important factor that affect FDI in Mauritius over this period of time. Exchange rate exhibited negative significant influence on FDI while interest rate affects FDI positively. The study therefore recommends that government should continue to diversify the export and tourism markets ensure stable macroeconomic policies implement reforms on doing business increase its expenditure in the area of infrastructural development and redirect FDI in productive sector of the economy as ways to accelerate the growth of Mauritian economy.

Foreign Capital, GDP and Effects Affairs of Macedonia

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Mico Apostolov

2015-09-01

Full Text Available This paper focuses on Southeast Europe and analyzes foreign capital movements, gross domestic product and possible effects, through a case study of Macedonia. There are many respectable sources of data, especially macro data and firm-level data that are used in this research. What we are interested in are the movements of foreign direct investment i.e. foreign capital, gross domestic product and effects of such changes, and possible contributions to the development of domestic firms and the overall economy. Foreign direct investment is usually defined as dominant or controlling ownership of a company in one country, by an entity based in another country. As of the beginning of the transition process, foreign direct investments remain priority, as essential pillar, that moves forward the society towards developed market economy. Further, we are interested in the possibility that these two indicators have positive and upward climb to facilitate this developing economy.

Does Foreign Aid Increase Foreign Direct Investment?

DEFF Research Database (Denmark)

Selaya, Pablo; Sunesen, Eva Rytter

  The notion that foreign aid and foreign direct investment (FDI) are complementary sources of capital is conventional among governments and international cooperation agencies. This paper argues that the notion is incomplete. Within the framework of an open economy Solow model we show...... that the theoretical relationship between foreign aid and FDI is indeterminate. Aid may raise the marginal productivity of capital by financing complementary inputs, such as public infrastructure projects and human capital investment. However, aid may also crowd out productive private investments if it comes...... in the shape of physical capital transfers. We therefore turn to an empirical analysis of the relationship between FDI and disaggregated aid flows. Our results strongly support the hypotheses that aid invested in complementary inputs draws in foreign capital while aid invested in physical capital crowds out...

THE INFLUENCE OF THE SIZE OF THE ECONOMY AND EUROPEAN INTEGRATION ON FOREIGN DIRECT INVESTMENTS IN THE CENTRAL, SOUTHEASTERN AND EASTERN EUROPEAN STATES 1994-2013

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Petar Kurecic

2016-03-01

Full Text Available The paper studies the interdependence of the economy size and foreign direct investments (FDI in the transitional economies of Central, Southeastern and Eastern Europe. In the global capitalist economy, foreign direct investments (FDI represent one of the key determinants of economic growth. Among some transitional economies, in the last 20 years, FDI represented one of factors that increased the economic growth, and in other transitional economies, the influence of FDI was minor or even negligible. In the literature devoted to the influence of FDI on economies, the research about the determinants of geographical pattern of FDI distribution usually focuses on the factors that determine why some states manage to draw FDI in higher levels than some other states. Our research focused on the transitional economies of Central, Southeastern and Eastern Europe, which were for the most part of the last 20 years net receivers of the FDI. Only a couple of these countries in the years of the current economic crisis have experienced FDI net outflow. Among the states studied, we have equally studied the EU members, as well as the non-EU members. We have tried to find similarities and differences between these two groups of states in order to determine the influence of EU membership on FDI per capita and how it correlates with the size of the state’s economy. We have also tried to answer the question of how much the GDP growth rate correlates to the FDI net inflow share in GDP for EU and non-EU members. The methodology is based on the statistical correlation between FDI in current US dollars and GDP per capita in current US dollars (World Bank data for each represented state, through the surveyed period from 1994 until 2013. The statistical correlation matrix (Pearson method determined whether any correlation between the average GDP growth rate (chain index and the average share of FDI in GDP per each state exists for each state surveyed.

Czech small and medium-sized enterprises and the success in foreign markets

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Lenka Procházková

2011-01-01

Full Text Available The importance of small and medium-sized enterprises (SMEs in national economies has been growing. For these reasons, SME’s are paid more attention. The paper deals with the success of Czech SME’s activities in the foreign markets. These enterprises exploited the opportunity of extensive European Union market without internal borders and extended its activities to foreign markets. The objective of this paper is to determine characteristics related to activities carried on by small and medium-sized Czech companies in the foreign markets and then to describe those that fundamentally affect the success of these entities in the foreign markets. The characteristics are divided into five groups (a group of characteristics relating to the company, product, management, international experience and a group of characteristics relating to the target market. The enterprises’ success in foreign markets is assessed by aggregate indicator of success. This indicator is monitored by multi-dimensional indicators of corporate success and evaluation of both objective and subjective. At the last part of the article due to analysis of relationship used, there are identified characteristics affecting the success of Czech small and medium-sized enterprises in foreign markets.

Depletion policies for oil-exporting developing economies

Energy Technology Data Exchange (ETDEWEB)

Stournaras, Y A

1984-01-01

The fact that most oil-exporting countries are developing economies has important implications for oil supply which have not been properly taken into account in the literature on exhaustible resource depletion. The way in which depletion policies are affected by trade uncertainty, given the high degree of the major oil exporters' 'dependence' on crude oil revenues, by investment time lags which delay the exploitation of (some of) these countries' comparative advantage in a petroleum based development, and by ideological objections to the ideal of a rentier society and to foreign capital are examined.

Trans-nationalisation Processes in the Ukrainian Economy

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Bolharova Natalya K.

2013-12-01

Full Text Available The article considers main processes of trans-nationalisation of Ukrainian economy, identifies specific features of trans-national production and explains some theoretical aspects of these issues. It provides main stages of theoretical comprehension of activity of trans-national corporations (TNC, specific features of the theory of competitive advantages of TNC and specifies the basic ones of them. The article conducts analysis of flows of direct foreign investments into the Ukrainian economy. It shows distribution of direct foreign investments into Ukraine by main countries-investors, regions-recipients and types of economic activity. It conducts review and analysis of the modern state of trans-national corporations of foreign origin in the Ukrainian market. It considers functioning of domestic TNC in Ukraine and main tendencies of entering of Ukrainian companies into the world environment and also identifies directions of further development of these phenomena. Prospects of further studies in this direction are identification of the degree of trans-nationalisation processes in the Ukrainian economy and identification of the positive effect, in particular, synergy from integration and globalisation.

Los giros del comercio exterior y la inversión extranjera directa en Cuba. The turns of foreign trade and direct foreign investment in cuba

OpenAIRE

Quintero Santos, Jose

2013-01-01

Cuban economy has a high dependence on foreign trade. In this way, Cuban economy is very vulnerable to changes occurring in the international economy. The changes in domestic economic policy and in the international economic have a great influence in the structure of the trade balance and the positioning of the various products and services in the composition of exports and imports that Cuba needs for economic development. Hence, external financing and the foreign direct invest...

RELEVANT PROBLEMS OF UKRAINE’S INTEGRATION INTO GLOBAL ECONOMY

Directory of Open Access Journals (Sweden)

Yevheniia Duliba

2017-12-01

Full Text Available The purpose of this research is to study the main problems that prevent Ukraine from integrating into the global economy and to determine correct focuses of the foreign economic policy of Ukraine against the background of strengthening of globalization tendencies throughout the world. The bases of this research are bases of business development of the foreign economic policy of Ukraine and improvement of Ukrainian economy against the background of international integration. At the heart of the research methodology is a dialectical method of scientific knowledge and, besides, special methods of research based on modern scientific bases of economic, management and related to them knowledge: economic and statistic method – for the assessment of the modern state of foreign trade and investment activity of Ukraine; method of analysis and synthesis – for the determination of tendencies of development of integration processed in Ukraine; comparative analysis – for comparison of information concerning development of specific indicators of foreign economic activities in Ukraine. Results. As a result of research, the main blocks of problems, which impede the integration of Ukraine into the global economy, and requirements for their complex solution are determined. Besides, interdependence and interdetermination of problems, which impede the integration of Ukraine into the global economy, and requirements for their complex solution are explained. Political and legal, economic, sociocultural, and infrastructural preconditions that are necessary for effective integration of Ukraine into the global economy are highlighted. Practical implications. Analysis of the existing problems related to the actual economy, investments, innovation processes gives the possibility to determine the vector of development of Ukraine’s economy taking to account recommendations concerning its improvement for the purposes of integration into global economy. Value

THE DYNAMICS OF FOREIGN DIRECT INVESTMENT IN ROMANIA AFTER EU ACCESSION

Directory of Open Access Journals (Sweden)

Nicoleta Rusu

2010-12-01

Full Text Available Identification of potential investment of the countries in the current context is one of the main important problem of the world economy because the investments, particularly foreign ones, is considered the key factor for economic growth and development. Foreign direct investments are an alternative source for financing the national economy, with a tendency in recent years of a positive effect on the Romanian economy. This paperwork highlights the role of foreign direct investment in Romania's economical growth potential, with major impact on employment, on the economic modernization, technology transfer and on the living standards. At the same time the article analyzed and highlights the contains of the current trend of foreign direct investments, structure and dynamics after Romania joined the European Union and their geographical distribution on the main development regions.

How did China's foreign exchange reform affect the efficiency of foreign exchange market?

Science.gov (United States)

Ning, Ye; Wang, Yiming; Su, Chi-wei

2017-10-01

This study compares the market efficiency of China's onshore and offshore foreign exchange markets before and after the foreign exchange reform on August 11, 2015. We use the multifractal detrended fluctuation analysis of the onshore and offshore RMB/USD spot exchange rate series as basis. We then find that the onshore foreign exchange market before the reform has the lowest market efficiency, which increased after the reform. The offshore foreign exchange market before the reform has the highest market efficiency, which dropped after the reform. This finding implies the increased efficiency of the onshore foreign exchange market and the loss of efficiency in the offshore foreign exchange market. We also find that the offshore foreign exchange market is more efficient than the onshore market and that the gap shrank after the reform. Changes in intervention of the People's Bank of China since the reform is a possible explanation for the changes in the efficiency of the foreign exchange market.

Why foreign firms forsake franchises

OpenAIRE

Blajina, M.

2013-01-01

This article is devoted to the problem of franchising in Russia. The article informs about difficulties, which face foreign companies developing their business in our country. Doing business in franchising foreign companies have to overcome some challenges such as: obtain a credit, unpredictability of the economy and so on. But in spite of all these difficulties many foreign companies and Russian ones set up franchising in Russia and promote themselves at the Russian market, but never the les...

EMPIRICAL EVIDENCE ON DYNAMICS OF CREDIT GROWTH AND FOREIGN RESERVE

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Satrugan Sinah

2017-09-01

Full Text Available The paper presents a model for looking into the nature of change in foreign reserve from movements in domestic credit. This model is relevant to foreign reserve targeting, small and open economies. The model denotes that measures undertaken by central banks to constraint domestic credit growth with the view of controlling capital outflows will also be detrimental to foreign reserves level. The empirical studies with application of Fourier Transformation technique have been used to build a model, which shows that growth in domestic credit is more biased towards positive swings in foreign reserves, rather than being unfavorable. The small and open economies, particularly, the Pacific Island nations, have the right set up for application of this model to safeguard foreign reserves level.

The Optimal Taxation of Dividends in a Small Open Economy

OpenAIRE

Fuest, Clemens; Huber, Bernd

2000-01-01

This paper analyses the optimal taxation of dividends and other types of income from portfolio investment. We show that, in an open economy, it is not desirable to offer double taxation relief for dividends paid by domestic firms to domestic households. This result holds for fairly general utility functions. The reason is that the marginal shareholder in domestic firms is a foreign investor. This implies that the level of real investment is not affected by the taxation of domestic dividend in...

From Enclave to Linkage Economies?

DEFF Research Database (Denmark)

Hansen, Michael W.

as the enclave economy par excellence, moving in with fully integrated value chains, extracting resources and exporting them as commodities having virtually no linkages to the local economy. However, new opportunities for promoting linkages are offered by changing business strategies of local African enterprises...... as well as foreign multinational corporations (MNCs). MNCs in extractives are increasingly seeking local linkages as part of their efficiency, risk, and asset-seeking strategies, and linkage programmes are becoming integral elements in many MNCs’ corporate social responsibility (CSR) activities....... At the same time, local African enterprises are eager to, and increasingly capable of, linking up to the foreign investors in order to expand their activities and acquire technology, skills and market access. The changing strategies of MNCs and the improving capabilities of African enterprises offer new...

The Impact of Foreign Ownership on Research and Development Intensity and Technology Acquisition in Indian Industries

DEFF Research Database (Denmark)

Aggarwal, Aradhna

2018-01-01

of the Center for Monitoring Indian Economy. Foreign ownership is categorized according to the level of control exercised by foreign firms as defined under the Companies Act of India. A comparative analysis of domestic and different categories of foreign firms was conducted for two time periods: (i) the global...... boom period of 2004–2008, and (ii) the post global financial crisis period of 2008–2014. A horizontal cluster analysis of 3-digit, industry-level data shows that foreign firms cluster in high-technology industries. The propensity score matching analysis, however, reveals that in a matched sample...... of foreign and domestic firms, majority-owned foreign firms spend less on research and development and more on technology transfers than their local counterparts, demonstrating that the level of equity holdings by a foreign firm matters. There is little evidence of the global financial crisis affecting...

The Foreign Exchange Rate Exposure of Nations

OpenAIRE

Entorf, Horst; Moebert, Jochen; Sonderhof, Katja

2007-01-01

Following the well-known approach by Adler and Dumas (1984), we evaluate the foreign exchange rate exposure of nations. Results based on data from 27 countries show that national foreign exchange rate exposures are significantly related to the current trade balance variables of corresponding economies.

The impact of oil price volatility on the future of the U.S. economy

International Nuclear Information System (INIS)

Boyd, Roy; Doroodian, K.; Thornton, Dennis

2000-01-01

This paper examines the impact of a foreign oil price shock on domestic energy markets as well as the U.S. economy as a whole. The analytical approach employed in the analysis consisted of a dynamic CGE model composed of eight production sectors, eight consumption sectors, three household categories classified by income, foreign sector, and the government. The results show that oil price shocks will have, as expected, a significantly positive effect on crude oil production. We also find that such price shocks negatively affect the refinery sector as input costs rise there. A decline in per-well productivity has the effect of dampening the rise in crude oil extraction and causing a further decline in refinery output. Economy-wide, the impact of a new series of oil price shocks is quite limited with overall welfare falling, but nowhere near the levels experienced in the 1970s and early 1980s. (Author)

The Influence of Low-carbon Economy on Global Trade Pattern

Science.gov (United States)

Xiao-jing, Guo

Since global warming has seriously endangered the living environment of human being and their health and safety, the development of low-carbon economy has become an irreversible global trend. Under the background of economic globalization, low-carbon economy will surely exert a significant impact on global trade pattern. Countries are paying more and more attention to the green trade. The emission permits trade of carbon between the developed countries and the developing countries has become more mature than ever. The carbon tariff caused by the distribution of the "big cake" will make the low-cost advantage in developing countries cease to exist, which will, in turn, affect the foreign trade, economic development, employment and people's living in developing countries. Therefore, under the background of this trend, we should perfect the relevant laws and regulations on trade and environment as soon as possible, optimize trade structure, promote greatly the development of service trade, transform thoroughly the mode of development in foreign trade, take advantage of the international carbon trading market by increasing the added value of export products resulted from technological innovation to achieve mutual benefit and win-win results and promote common development.

The Export Intensity of Foreign Affiliates in Transition Economies

DEFF Research Database (Denmark)

Nielsen, Jørgen Ulff-Møller; Pawlik, Konrad

2007-01-01

  Using a unique database containing trade and industry variables of foreign-owned companies in the Polish manufacturing industry for the years 1993-2002, we investigate the relationship between the organizational structure of multinational enterprises in Poland and the export structure of their ......  Using a unique database containing trade and industry variables of foreign-owned companies in the Polish manufacturing industry for the years 1993-2002, we investigate the relationship between the organizational structure of multinational enterprises in Poland and the export structure...... of their affiliates. We find that labour intensity and foreign control are the main explanatory variables for the export intensity of the affiliates. Given the overall rise in export intensity over the period of investigation, our findings suggest that export-platform FDI has become a more important mode...

The Role Of Foreign Investment In Economic And Social Development In Libya

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Mustafa Khalifa Thawadi El. Hamoudi

2017-02-01

Full Text Available Investment is whether in local or foreign organization is the action Plan split by various investment activities The Libyan economy is among those economies that require this kind of foreign investment to achieve the desired economic goals which are correlated with the objectives of the Libyan economic system for subsequent stages. Therefore it is important to study the trends and determinants of FDI in developing in general and in Libya in particular. This paper describes the role that could be played by investment foreign investment in economic and social development in Libya pointing out the positive and negative aspects and how to deal with each of them in proportion to the facts of the Libyan Economy needs. And in the light of the new economic orientation in line with the political and economic developments in the international arena and foreign investment and thus contributing to the expansion of the ownership base and create job opportunities for citizen in this study will follow the descriptive approach through the way ahead obtained from digital data from various sources using the forms as required and discussed this paper to the definition of foreign investment evolved of investment determinants of FDI motivated encourage foreign investment history prospects for foreign direct investment in Libya Barriers to foreign direct investment in Libya Policies strategies to support foreign direct investment in Libya conclusions and recommendations.

Foreign Trade Dvelopment between Libya and the European Union

OpenAIRE

Mansoor Maitah; Nassir Salim; Abulgasem Bazina

2011-01-01

This article deals with the analysis of foreign trade development betweenLibyaand the European Union in the recent years. Libya is one of the developing countries with large area, low density of population and large endowment of natural resources, oil and gas. The Libyan economy like a number of other Arab economies, depends heavily on oil revenue, it relies heavily on a single exportable commodity, as the main source of foreign exchange earnings. Trade relations betweenLibyaand the European ...

Foreign currency borrowing by small firms in the transition economies

NARCIS (Netherlands)

Brown, M.; Ongena, S.; Yesin, P.

2011-01-01

We examine the firm- and country-level determinants of foreign currency borrowing by small firms, using information on the most recent loan extended to 3101 firms in 25 transition countries between 2002 and 2005. Our results suggest that foreign currency borrowing is much stronger related to

Japanese attitudes towards foreign languages.

Science.gov (United States)

Abe, Keiko

2004-01-01

The purpose of this study is to clarify Japanese attitudes towards foreign languages based on the kinds and changes of TV and radio programs that aired on the Japanese national broadcasting station (NHK) between 1955 and 2000. Foreign language programs are classified into three groups according to their content: 1) cultivation, 2) education, or 3) communication. For Japanese people, foreign languages are the measures of intelligence and intellect. Studying a foreign language is considered a sign of intelligence whether or not it is used for actual communication. The number of foreign language programs has increased tremendously since 1965 in part because the global economy has brought many countries in such close contact. Since 1990, programs for the purpose of communication have increased because of the necessity to communicate with foreign people. Japanese attitudes towards studying foreign languages have been changing gradually from an intellectual purpose to a communication purpose.

The foreign exchange rate rate exposure of nations

OpenAIRE

Entorf, Horst; Moebert, Jochen; Sonderhof, Katja

2007-01-01

Following the well-known approach by Adler and Dumas (1984) we evaluate the foreign exchange rate exposure of nations. Results based on data from 27 countries show that national foreign exchange rate exposures are significantly related to the current trade balance variables of corresponding economies.

Services tradeability, trade liberalization and foreign direct investment

NARCIS (Netherlands)

J.G.M. van Marrewijk (Charles); J.J. Stibora (Joachim); A. Vaal, de (Albert)

1996-01-01

textabstractThe article analyzes a two-country general equilibrium model to examine the role played by services in the world economy. Services play an increasingly important role in the world economy, as observed, for instance, by the growing share in employment, production, exports and foreign

FOREIGN INVESTMENTS IN RUSSIA IN 2013

OpenAIRE

Ekaterina Ilyukhina

2014-01-01

Foreign investment in the Russian economy in 2013 increased 10.1% year-o-year. The increase was triggered by the results achieved in Q1 2013. Foreign investment was concentrated in the industrial sector, trade, and financial sector. Manufacturing industry was leading in the industrial sector. Cyprus, Switzerland, and Great Britain were leading in volumes of investment in the Russian Federation.

Determinants of Foreign Direct Investment and Nigerian Economic ...

African Journals Online (AJOL)

This study on foreign Direct Investment determinants and the Nigeria's economy covering 38 years, was empirically done, and was discovered that exchange rate is a very important determinant influencing FDI inflow, and FDI is a significant variable influencing the economy (GDP) The study recommends that adequate ...

Factors affecting economies of scale in combined sewer systems.

Science.gov (United States)

Maurer, Max; Wolfram, Martin; Anja, Herlyn

2010-01-01

A generic model is introduced that represents the combined sewer infrastructure of a settlement quantitatively. A catchment area module first calculates the length and size distribution of the required sewer pipes on the basis of rain patterns, housing densities and area size. These results are fed into the sewer-cost module in order to estimate the combined sewer costs of the entire catchment area. A detailed analysis of the relevant input parameters for Swiss settlements is used to identify the influence of size on costs. The simulation results confirm that an economy of scale exists for combined sewer systems. This is the result of two main opposing cost factors: (i) increased construction costs for larger sewer systems due to larger pipes and increased rain runoff in larger settlements, and (ii) lower costs due to higher population and building densities in larger towns. In Switzerland, the more or less organically grown settlement structures and limited land availability emphasise the second factor to show an apparent economy of scale. This modelling approach proved to be a powerful tool for understanding the underlying factors affecting the cost structure for water infrastructures.

ROMANIAN FOREIGN TRADE - A REGIONAL PERSPECTIVE

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Gabriela Carmen Pascariu

2010-03-01

Full Text Available The increasing integration of Romania in the global economy is a reality of the last years, proved through a constant growth of the foreign trade with other countries, which exceeded, in terms ofdynamics, both GDP and industrial production. In the first part of our paper, we intend to analyze the evolution of Romanian foreign trade in the period 1995-2007, focusing on the proportions of the imports and exports, at regional level. We wish to emphasize the correlations between the indicators that describe the degree of openness to foreign trade and indicators of competitiveness and specialization in different industries. The main goal of our approach is to highlight the sectors which generate comparative advantages and potential competitiveness poles, contributing significantly to the increase of the Romanian economy, expressed in GDP/capita. In the second part of the paper, based on the frame of analysis and interpretation defined and implemented in the first part, we intend to establish if the agglomeration processes in some regions of ourcountry will lead gradually to the strengthening of growth poles and, therefore to boost the foreign trade.

Determinants of cross-border bank acquisitions in transition economies1

NARCIS (Netherlands)

Poghosyan, Tigran; de Haan, Jakob

2010-01-01

We analyse the microeconomic determinants of cross-border bank acquisitions in 11 transition economies over the period 1992-2006. We find that foreign banks target relatively large and efficient banks when they enter transition economies with weak institutions. This evidence provides support for the

Foreign Direct Investment and its Role in the Development of Greece

Directory of Open Access Journals (Sweden)

Vasiliki DELITHEOU

2011-06-01

Full Text Available A distinctive characteristic of Global Economy over the last few decades has been the rising rate and impressive increase in Foreign Direct Investment (FDI globally. Due to the potential role that foreign direct investment may play in accelerating the growth rate and re-shaping the economy, many developing countries are seeking such types of investment that can multiply efforts being made towards the growth of their economy. Consequently, foreign direct investment has become an important source of private external finance for developing countries. For this reason, countries like Greece are attempting to focus on the implementation of policies that can attract specific FDI and thus achieve high rates of growth. Attracting FDI and the subsequent creation of sustainable enterprises that will provide an increase in jobs and will reinforce the productivity of the country, is today a national target.

Essays in Open Economy Monetary Policy

OpenAIRE

Castro, Pedro

2012-01-01

International economic integration has risen during the last decades and the interdependence between each economy and the rest of the world has become central for policy decisions. My dissertation contributes to the debate about the conduct of monetary policy in a financially integrated world. In the first chapter of the dissertation I discuss the relationship between domestic policies and the currency denomination of foreign debt. Foreign debt is a double-edged sword. It allows countries to ...

ANALYSIS OF BUSINESS ENVIRONMENT USING THE MULTI-CRITERIA APPROACH – CASE OF BALKAN’S TRANSITION ECONOMIES

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Saša Obradović

2012-02-01

Full Text Available Due to the lack of their own financial resources, attracting the foreign direct investment (FDI isthe main prerequisite for transitional economies in order to increase production and employment, sothat they can ensure the long term sustainable economic growth. In addition, the foreign directinvestment is an important instrument for the economy restructuring, based on market principles.However, achieving this goal is not simple at all. In order to attract foreign investors, it is necessaryto create a favorable business environment in transition countries, which requires a number ofeconomic, institutional, political and other reforms. The aim of this paper is to point out the mainfactors attracting foreign direct investment and, by using the multi-criteria approach, to rank theBalkan’s transition economies depending on the preferences of investors taking into account certaincomponents of the business environment.

Foreign direct investments and their impact on the economic development of Bosnia and Herzegovina

Science.gov (United States)

Susic, I.; Stojanovic-Trivanovic, M.; Susic, M.

2017-05-01

From the perspective of macroeconomic indicators, investment is a significant determinant of economic development in general, as well as the development indicator of economic entities in the micro segment. Investments are an essential element of any economic policy, because their implementation provides a platform not only for economic development, but also are prerequisite for the stability of economic and social trends. Foreign direct investment plays an important role in the financing of the global economy, and it represents the most frequent feature in financing the national economies of developing countries and countries in transition. Demand for foreign investment in the global market is large, and thus the governments have been conducting many activities in order to create a more favorable environment to attract investors. In this paper, special attention was paid to direct investments in financing the economy on a global scale, their importance for the development of the global economy and the impact of foreign direct investment in the economic development of Bosnia and Herzegovina. The major activities, which are necessary to be done to attract investments in the highest possible volume, have been emphasized. With the use of statistical and quantitative analysis, the paper shows that the inflow of foreign capital is one of the basic prerequisite of economic growth acceleration and that the inflow of foreign capital has a positive impact on the economic development of Bosnia and Herzegovina. By monitoring and analyzing the various instruments of foreign capital inflow, with an emphasis on investment in the free zone and a joint venture with foreign investors, it has been clearly pointed out the fact that they have diverse, but proven positive impact on macroeconomic variables in the economy of Bosnia and Herzegovina.

Foreign direct investments in Romania in EU28 framework

Directory of Open Access Journals (Sweden)

Constantin Postoiu

2015-12-01

Full Text Available Foreign direct investments flows are perceived by economic policymakers and by economic researchers as one of the key - determinants of the process of adjustment and structural modernization of emerging economies. They are also recognized in the economic literature as an important source of economic growth. This research aims to identify whether FDI can contribute to the economic growth of a country and to estimate whether the foreign investors are attracted to investin economies that recorded successive growth rates. This approach involves the use of econometric tools and descriptive statistics to empirically support the assumptions made. Thus, for the quantitative analysis Eviews 7 and ArcGIS software tools were used. For the case study we analysed the Romanian economic situation in the current European context. First we take a look at the main evolution of foreign direct investment flows in the European Union. Subsequently we focus on the FDI flows into the Romanian economy and we test the links between these FDI flows and the economic growth process.

The place of foreign direct investment in the global economy

Directory of Open Access Journals (Sweden)

Tomasz Gutowski

2011-06-01

Full Text Available Foreign direct investment (FDI plays an extraordinary and growing role in global business. It can provide a firm with new markets and marketing channels, cheaper production facilities, access to new technology, products, skills and financing. For a host country or the foreign firm which receives the investment, it can provide a source of new technologies, capital, processes, products, organizational technologies and management skills and as such can provide a strong impetus to economic development. The sea change in trade and investment policies and the regulatory environment globally in the past decade, including trade policy and tariff liberalization, easing of restrictions on foreign investment and acquisition in many nations, and the deregulation and privitazation of many industries, has probably been been the most significant catalyst for FDI’s expanded role.

Entry and Growth Strategies for Emerging Economies

DEFF Research Database (Denmark)

Meyer, Klaus E.; Tran, Yen Thi Thu

2004-01-01

to adapt their strategies, most notably their marketing and acquisition strategies, to the local context. In this paper, we outline why globalisation drives MNEs into emerging economies, and we provide conceptual frameworks that may aid investors to adapt their strategies to emerging economy contexts. MNEs...... requires the acquisition of complementary local resources controlled by local firms. However, acquisitions in emerging economies are inhibited by institutional obstacles and weak local firms. Thus, foreign investors may pursue staged, multiple, indirect, or Brownfield acquisitions to build their projected...... operation. We illustrate our proposed strategies by analysing how one multination enterprise - Carlsberg Breweries - has developed its operations in three very different emerging economies: Poland, Lithuania and Vietnam....

15 CFR 1300.1 - Reporting of exports of technology to nonmarket economy countries.

Science.gov (United States)

2010-01-01

... nonmarket economy countries. 1300.1 Section 1300.1 Commerce and Foreign Trade Regulations Relating to... § 1300.1 Reporting of exports of technology to nonmarket economy countries. (a) For purposes of complying... the export of technology to a nonmarket economy country, exporters of such technology shall be deemed...

Attracting foreign direct investment under high risk and volatility of international financial markets

OpenAIRE

PARTACHI Ion; ARVINTE Vitalie

2009-01-01

International financial crisis caused significant reduction of investment flows, especially to emerging markets, vulnerable to external shocks and foreign exchange rate fluctuations. Under these conditions, decision factors are pushed to adopt changes in investment strategies in order to maintain competitiveness in attracting foreign investments needed to stabilize economy and continue development programs. Under the conditions of incertitude and high risks emerging economies adopted differen...

THE PLACE OF THE EMERGING ECONOMY OF ROMANIA INSIDE THE EUROPEAN UNION ECONOMIES IN TERMS OF FTSE CRITERIA

Directory of Open Access Journals (Sweden)

Mardiros Daniela-Neonila

2011-12-01

Full Text Available The importance of this research lies from the need to know the economies developed, emerging and frontier of the European Union and the mode of their manifestation according to the market indicators. Consequently, we had in mind a presentation of the economies in the categories mentioned above framed in terms of market criteria used by FTSE Group, a provider of stock market indices and associated data services. Using data from a series of reports published by FTSE we made an analysis of how each of the considered economies and in particular Romania, acts according of these. Was taken into consideration criteria as: market and regulatory environment (formal stock market regulatory authorities actively monitor market; fair and non-prejudicial treatment of minority shareholders; non or selective incidence of foreign ownership restrictions; free and well-developed equity market; no objections or significant restrictions or penalties applied on the repatriation of capital; free and well-developed foreign exchange market; non or simple registration process for foreign investors; custody and settlement (settlement-rare incidence of failed trades; custody-sufficient competition to ensure high quality custodian services; clearing and settlement; stock lending permitted; settlement-free delivery available; custody-omnibus account facilities available to international investors; dealing landscape (brokerage-sufficient competition to ensure high quality broker services; liquidity-sufficient broad market liquidity to support sizeable global investment; transaction costs-implicit and explicit costs to be reasonable and competitive; short sales permitted; off-exchange transactions permitted; efficient trading mechanism; transparency; derivates (developed derivatives market. The final part of the paper is reserved to the understanding of the mode in which each of the considered economies of the European Union, including Romania and regardless of what category

The Competitive Potential of the Belorussian Economy

OpenAIRE

Migranyan, A.

2014-01-01

The article is an attempt to study the factors of the competitive capacity of Belorussian economy. There are two groups of factors of competitive potential and competitive advantages' formation: internal (changes in resource allocation) and external factors (adaptation to external shocks). The study found that the main source of the increase of competitive capacity of the Belorussian economy were foreign. The competitive potential of Belarus was formed on the basis of the increased exports. H...

Political economy with affect: on the role of emotions and relationships in political economics

NARCIS (Netherlands)

van Winden, F.

2015-01-01

This paper discusses and provides experimental evidence on the role of emotions and, in particular, the neglected role of endogenous affective relationships (bonding) in three key areas of political economy: (i) appropriation, with compliance or resistance as response; (ii) competition for access to

PRECONDITIONS AND DETERMINING CAUSES OF THE SHADOW ECONOMY IN UKRAINE

Directory of Open Access Journals (Sweden)

Z. Varnalii

2014-03-01

Full Text Available The article analyzes the main processes that led to the high level of the economy shadowing. The historical aspects of the formation of the shadow economy in Ukraine are highlighted. The socio-economic aspects of the shadow economy of Ukraine causality are discussed. The theoretical contribution of foreign and domestic researchers on the preconditions of formation of the shadow economy in transition economies is studied. Theoretical perspective on the factors of the shadowing processes in the economy of Ukraine from the standpoint of modern scientific researches is analyzed. The paper also provides scientific vectors for further development of researches aimed at studying the causes and preconditions of the shadow economy.

Foreign Language Learning, Motivation and the Market Economy

Science.gov (United States)

Diamantatou, Christina; Hawes, Thomas

2016-01-01

This study explores UK students' motivation to study foreign languages, linking unrewarding past learning experiences with attrition rates and posing questions about the influence of official policy and socially structured conditions. 31 Further Education college students were given a questionnaire based on Gardner's (1975) Attitude/Motivation…

The economy of smiles: affect, labour and the contemporary deserving poor.

Science.gov (United States)

Gerrard, Jessica

2018-02-14

This paper examines the affective dimensions of new forms of informal entrepreneurial work carried out in spaces of unemployment. Situating the analysis within contemporary scholarship on deservingness and on affect and labour, I shed light on the forms of entrepreneurial labour that rely upon affect-driven economies of exchange underpinned by moral judgements of deservingness, value and worth. In particular, this paper draws on a multi-city (Melbourne, London, San Francisco) study of homeless street press sellers (The Big Issue and Street Sheet) to explore the ways in which contemporary practices of charity and care are carried out through individualized market-place exchanges. Sellers' accounts of their work reveal how smiling and being (or looking) happy is a performative expectation that must be managed in the face of poverty and precarity. © London School of Economics and Political Science 2018.

Mitigating Double Taxation in an Open Economy

OpenAIRE

Lindhe, Tobias

2001-01-01

The interaction of various methods of mitigating economic and international double taxation of corporate source income is studied within a standard neoclassical model of firm behavior. The main purpose is to determine to what extent methods effective in mitigating economic double taxation in a closed economy remain useful in an open economy where the firm's marginal investor is a foreigner. While a cut in the statutory corporate tax rate invariably reduces the cost of capital, the impact of t...

Corporate taxes in the world economy: reforming the taxation of cross-border income

OpenAIRE

Grubert, Harry; Altshuler, Rosanne

2006-01-01

Proposals for the reform of the taxation of cross-border income are evaluated within the general context of the corporate tax in an open economy. We focus on the various behavioral decisions that can be affected such as the location of income and its repatriation. The two income tax proposals considered are: (1) dividend exemption and (2) burden neutral worldwide taxation in which all foreign subsidiary income is included currently in the U.S. worldwide tax base, and at the same time the corp...

An empirical study of the substitution of foreign for domestic savings in Brazil

Directory of Open Access Journals (Sweden)

Luiz Carlos Bresser-Pereira

2014-01-01

Full Text Available This study aims to investigate the relations between the level of the real exchange rate, foreign savings and domestic savings in Brazil. The appreciation of the domestic currency caused by financing the current account deficit reduces the expected profit rate in the tradable goods industry, leading to a drop in domestic savings and the substitution of foreign for domestic savings. An econometric analysis of the Brazilian economy indicates a stable long-term relation between the exchange rate and domestic savings, and that relative devaluations of the real exchange rate positively and significantly affect domestic savings in 1994–2013. The estimations’ results persist even after the period is divided into two samples, after tests showing the presence of a structural break in the model in 2002. In addition, the results of the estimations performed on the two samples confirm the presence of substitution of foreign for domestic savings.

An Investigation into Emotional Intelligence, Foreign Language Anxiety and Empathy through a Cognitive-Affective Course in an EFL Context

Directory of Open Access Journals (Sweden)

Rouhani, Ali

2008-01-01

Full Text Available Emotional intelligence, as concerned with how an individual recognizes and regulates his or her emotions, has been in limelight quite recently. The present study seeks to fill a small gap in the literature on emotional intelligence, together with foreign language anxiety and empathy. To this end, short literary readings are used in a cognitive-affective reading-based course to see how emotional intelligence, foreign language anxiety and empathy are affected. Mayer, Salovey and Caruso (2002 Emotional Intelligence Test (MSCEIT, Cooper's (1996/1997 EQ-Map, Horwitz, Horwitz and Cope's (1986 Foreign Language Classroom Anxiety Test (FLCAS and Caruso and Mayer's (1998 Multi-Dimensional Emotional Empathy Scale (MDEES were administered to 70 Iranian EFL undergraduate students in a pretest posttest quasi-experimental design. MANOVA and ANCOVA were conducted. The results revealed that the cognitive-affective reading-based course in which literary readings were used significantly improved the subjects' emotional intelligence scores from the MSCEIT measure as well as empathy (MDEES scores, but significantly decreased their foreign language anxiety (FLCAS scores. The pedagogical implications for learners, teachers, educators and materials developers are presented.

Evaluation Of Democracy And Foreign Investment In Nigeria | Arinze ...

African Journals Online (AJOL)

This paper contends that a good indicator of confidence in the stability of Nigerian economy is the significant inflow of foreign direct investment. Foreign capital inflow to Nigeria in recent years has not been significant. The object of the paper is to examine how the current democracy contributed significantly to improvement in ...

A Literature Review of Foreign Ownership and Company Performance

Directory of Open Access Journals (Sweden)

Iuliana Oana MIHAI

2014-11-01

Full Text Available The purpose of this article is to review the results of research papers conducted in the area of foreign ownership impact on company’s performance and to highlight the specifics of this linkage in the environment of transition economies. Several authors have documented greater efficiency of private companies compared to state-owned. According to different studies, an alternative option for transition economies is foreign ownership. Recent studies show that the effect of ownership forms on companies and financial performance is more significant in Eastern European countries compared to developed countries. However, study results are often contradictory, therefore they require additional research.

The offshorization of economy: the present realities

OpenAIRE

Maslak Olga; Grishko Natalya; Hlazunova Olha; Vorobiova Kateryna

2017-01-01

In this article the essence and main types of offshore zones have been studied. It has been analyzed the main reasons for cooperation with the tax havens, established that the main reason of the Ukrainian economy offshorization is not only the desire of economic entities to optimize taxes, but also the desire to protect their assets from the negative impact of the crisis phenomena in the national economy during 2010-2016. The foreign experience of the anti-offshore regulation has been researc...

Human Capital Influences in FDI in Eastern European Economies

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Shpresim Vranovci

2016-11-01

Full Text Available Despite the increase of total foreign direct investments (FDI in developing countries, the distribution of these investments among countries is disproportional. The inflows have been directed only to a limited number of developing countries. The most significant effect of FDI on the country’s economy is the injection of needed capital and employment to overcome the gap between the savings of a developing economy, which does not invest much in new business, hindering so the employment increase. The idea that possible determinants of FDIs are not only determinants of economic nature, but also other factors that have impacts in attracting FDI inflows are progressively increasing. New studies realized that social capital is a factor, which is considered by foreign enterprises before investment decisions.

THE MAIN FEATURES OF THE FLOWS OF FOREIGN DIRECT INVESTMENTS IN ROMANIA

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Elena Chirilă-Donciu

2012-10-01

Full Text Available A distinctive characteristic of The Global Economy over the last few decades has been the rising rate and the impressive increase in the Foreign Direct Investment (FDI globally. Due to the potential role that foreign direct investments may play in accelerating the growth rate and re-shaping the economy, many developing countries are seeking such types of investments that can multiply the efforts being made towards the growth of their economy. The purpose of this research is to analyze the flows of foreign direct investments in Romania between 2003 and 2010. The results of the research highlight the negative balance between the trade balance and the enterprises with FDI in 2007-2010, due to the financial crisis, to the fragile budget balance, due to the low competitiveness of the imports, the low quality of the Romanian products and the macroeconomic risk determined by the rate of inflation, the unemployment and the instability in the exchange rate.

Efficiency of Foreign Exchange Markets and Measures of Turbulence

OpenAIRE

Jacob A. Frenkel; Michael L. Mussa

1980-01-01

Since the move to generalized floating in1973, exchange rates between major currencies have displayed large fluctuations. This turbulence of foreign exchange rates is an important concern of government policy and its explanation is a challenge for theories of foreign exchange market behavior. In Section I of this paper, we document the extent of turbulence in foreign exchange markets by examining (i) the magnitude of short-run variations in exchange rates relative to other measures of economi...

Influence of Foreign Direct Investments on Commodity Exchange of the Republic of Croatia

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Goran Marijanović

2009-12-01

Full Text Available Almost all countries of the world try to ensure accelerated development of their economies with the help of foreign direct investments. Since the foreign direct investments, in addition to capital, potentially ensure the transfer of contemporary technology, management and marketing knowledge and skills respectively, they can be a signifcant growth factor of competitive abilities of national economies and involvement of countries into international exchange. Trough the RCA method and “Trade Overlap” index, this paper analyzes the infuence of foreign direct investments on the comparative advantages and specialization degree in international commodity exchange for the selected group of transition countries and the Republic of Croatia. The paper tries to determine how much the foreign direct investments have infuenced the structure change of the foreign trade exchange and whether they have contributed to export growth of more complex groups of products in the observed period.

Foreign Direct Investment and its Spillover Efficiency in China

OpenAIRE

劉, 黄金

2004-01-01

In this paper, we review the development process and its characteristics of inward foreign direct investment (FDI) in China. Using the latest data of Jiangsu province, we test the spillover efficiency of FDI. We find that FDI has spillover efficiency in Jiangsu's economy, but the smaller the technology gap between domestic and foreign enterprises, the larger the spillovers.

Current Trends in Foreign Trade Theory and Policy

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Zdzisław W. Puślecki

2017-12-01

Full Text Available In this research work, Author focus on the current analysis trends in foreign trade theory and policy. Accordance with the foreign trade policy theory further trade liberalisation and improved framework policies would increase trade and promote growth. It must be emphasized that openness to trade is associated with higher incomes and growth and there is the need for new approaches to trade cooperation in light of the forces that are currently re-shaping international business. What indicates the importance and innovativeness of the research is the presentation of the new models of the foreign trade policy and trade interests. First of all, it must underline that in the new theoretical terms in demand for trade policy very important is factor specificity. The low specificity of factors means that factor returns are equalized throughout a region’s economy. On the other hand, some factors are stuck in their present uses; therefore, factor returns are not equalized throughout a region’s economy but are industry specific. The main objective of the research task is to give a comprehensive analysis of current trends in foreign trade theory and policy and in particular models of foreign trade policy, trade interests indicated by export orientation and import sensitivity, foreign trade policy in different types of authoritarian regimes, protectionist pressures in different political system, the level of protectionist pressures, the tendencies to bilateralism in the foreign trade policy. It should be stressed that free trade in itself is not responsible for economic growth, but more significant are the determining macroeconomic stability and increasing investment.

Financial Frictions, Foreign Direct Investment, and Growth

OpenAIRE

Luis San Vicente Portes

2010-01-01

This paper assesses the role of financial frictions and Foreign Direct Investment (FDI) on an economy´s growth rate, business cycle volatility, and firm´s capital structure. We gauge these effects within the Financial Accelerator framework, where entrepreneurs can establish affiliates of local firms abroad through Foreign Direct Investment. Model simulations suggest that in the presence of credit market imperfections FDI is associated with faster growth, less leverage, and lower aggregate vol...

Multinational Corporations and Foreign Direct Investments in Romania. Effects on the Romanian Trade

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Catana Adina Mihaela

2011-12-01

Full Text Available This paper focuses on the study of transnational corporations and their business development through foreign direct investments made in other countries, mostly greenfield type countries. The objective of this paper is to determine the impact of these companies enlargement on the Romanian retail market, especially on the consumer goods market. Transnational companies have experienced a very dynamic economic growth, enjoying success at first in their country and then expanding to other countries. As independent players on the international market, multinational corporations are becoming more and more powerful every day. Most of these companies record annual sales of ten million dollars each. The most important aspect of business globalization is the interdependence between national economies. In this process, Foreign Direct Investments have an important role, given the fact that the internal resources are not enough to ensure the development and support of businesses hence the need to obtain external resources. Generally, FDI have a strong training effect both in the national and global economy, providing the replacement and modernization of techniques and technologies, increasing production and supply of goods, improving their quality and competitiveness, creating new jobs and growing the quality of life. Thus, each national economy is building its economic development strategy in which investments have a predominant role. Foreign Direct Investment is a major driver of globalization that characterizes the modern economy. Increasing of Foreign Direct Investment flows, accompanied by the increasing of the portfolio investments, highlights the major role played by transnational corporations, especially in developing economies and transition economies. The most important areas in which FDI was made in Romania are: financial intermediation and insurance, trade, construction and real estate, information technology and communication. The entering of

EFECT OF FOREIGN EXCHANGE RATE FLUCTUATIONS ON NIGERIAN ECONOMY

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Lawrence Olisaemeka UFOEZE

2018-03-01

Full Text Available This study investigated the effect of exchange rate fluctuations on Nigerian economy. The fixed and floating exchange eras were compared to know the exchange rate system in which the economy has fairly better. The time period covered was 1970 to 2012. The study employed the ordinary least square (OLS multiple regression technique for the analysis. The coefficient of determination (R2, F-test, t-test, beta and Durbin-Watson were used in the interpretation of the results. The resulted revealed that about 85% of the changes in macroeconomic indicators are explained in the fixed exchange era. In the floating exchange era, 99% was explained while the whole periods has 73% explanatory power, hence the floating exchange era (1986 to date is more effective in explaining economic trend in Nigeria. Also, exchange rate has significant positive effect on GDP during the fixed exchange rate era and negative effect the eras floating and all-time; inflation has insignificant negative effect on GDP during the fixed exchange era; significant effect in floating era and significant negative effect in the all-time period; money supply has insignificant negative effect GDP in fixed exchange era; and significant positive effect during the floating and all-time period; and oil revenue has significant positive effect on the GDP in all the exchange rate regimes (floating, fixed and all-time in Nigeria.  The study thus conclude that exchange rate movement is a good indicator for monitoring Nigerian economic growth. So far exchange rate has always been a key economic indicator for Nigeria. The floating exchange period has outperformed the fixed exchange rate in terms of contribution inflation, money supply and oil revenue to economic growth. This indicate that the floating exchange rate has been a better economic regime for sustainable economic growth in Nigeria. From the findings, it is evident that oil revenue has positive effect in Nigeria and has remained the mainstay

Do international economic developments affect the South African economy?

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JA Swanepoel

2014-07-01

Full Text Available Globalisation has opened economies more, exposing them to more international shocks and increasing the challenges to which domestic economic policies must respond. This paper provides a starting point for the analysis of the impact of international economic developments on the South African economy by means of graphical illustrations, correlations coefficients and in some cases a VAR analysis. Although this paper has shed some light on the importance of international economic developments on the South African economy, more rigorous econometric investigation is needed to validate the arguments and to address many of the unresolved questions.

DIRECT FOREIGN INVESTMENTS AND THE LACK OF POSITIVE EFFECTS ON THE ECONOMY

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Suzana Djordjevic

2015-12-01

Full Text Available In recent years, Croatia was interesting to investors in attracting foreign direct investment. One of the objectives of this research was to deal with their negative effects. Most of invested capital was invested in brownfield investments, i.e. in taking over the ownership share of companies through privatization. Consequently, revenues were spent to settle financial debts and not on the growth and development of competitiveness. According to economic theory, foreign direct investments have a positive impact on the economic growth of the recipient country. This paper attempts to answer the question: ‘Is the economic theory confirmed in the Croatian case?’ The aim is to analyse the impact of foreign direct investments on the economic growth of Croatia in the period from 1999 to 2014. The paper analyses the impact that direct foreign investments had on the unemployment rate, GDP per capita and export using the model of linear regression.

Smallish foreign direct investment, sluggish growth: Can ...

International Development Research Centre (IDRC) Digital Library (Canada)

2010-12-08

Dec 8, 2010 ... Since the 1990s, foreign direct investment (FDI) has been on the rise worldwide. ... to developing countries, mainly the fast-growing economies of East Asia. ... besides Brazil, and to entrust these subsidiaries to develop global ...

The "Celtic Tiger" and a Knowledge Economy

Science.gov (United States)

Crawley, Gerard M.; O'Sullivan, Eoin

2006-01-01

Over the last two decades, Ireland has proactively marketed its educated workforce, its favourable corporate tax rates, membership of the European common market, and other advantages, to multinational technology corporations. The resulting foreign direct investment in high-tech manufacturing operations has driven a booming Irish economy that has…

Considering foreign direct investment in Denmark

DEFF Research Database (Denmark)

Gjerding, Allan Næs

2005-01-01

The present paper examines the aspect of relational assets and relates it to the strategic decision on undertaking foreign direct investment (FDI). The point of departure is the increasing importance of FDI globally as well as in the Danish economy, and the observation that even though Denmark...

Turkey’s Foreign Trade as a Driver of Economic Development

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Nigyar R. Masumova

2016-01-01

Full Text Available Turkey now is a regional leader due to economic success story of the past decade, changes in the economy's structure and dynamic. Since 1980th foreign trade has become the main driver of the economic growth. Due to liberalization policy Turkey was able to overcome the system crisis. The negative economic trends had contributed to the political instability. That's why it will be interesting to highlight some aspects of Turkish foreign trade policy, which influence the value, geographical and product orientation of foreign trade. Negative balance of trade is the result of its oil import dependence. But the export of goods with more value added has the trend to growth - 30% of exports come to machineries and transport equipments. After the collapse of the USSR Turkish-Russian economic relationship was facing revival. Trade and investment cooperation was developing rapidly. But the conflict of interest during the war in Syria led to growing differences between Russia and Turkey. 24th of November 2015 became a turning point for the Russian-Turkish relations, when Turkish fighter jet F-16 shot down a Russian military jet along the Syrian border. This tragedy had serious consequences for the bilateral economic relations. Huge investment pipeline project "Turkish stream" is freezed, the work of intergovernmental authorities is stopped, certain agricultural goods originated from Turkey is banned to the territory of the Russian Federation. Russia also suspended the visa-free regime for Turkish citizens, all charter flights to Turkey are prohibited. Nevertheless economic sanctions inevitable affect both the Turkish and Russian economies, but Russia is still one of the main partners of Turkey.

GLOBALIZATION AND FOREIGN DIRECT INVESTMENTS

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Elena Chirilă – Donciu

2013-07-01

Full Text Available Mobilizing financial resources to cover investment needs is a concern of all countries, developed or developing ones, of consolidated market economies or emerging ones. A distinctive characteristic of Global Economy over the last few decades has been the rising rate and impressive increase in Foreign Direct Investment (FDI. The purpose of this research is to analyse global FDI inflows in Europe and in Romania. The results of the research support the idea that the balance of economic power is changing in the world economy and the countries that own a stable and solid industrial base are at an advantage. The new trends determined by the economic crisis in the field of FDI refer to the growing percentage of developing and emerging countries in the global flows of FDI.

FOREIGN EXPERIENCE OF SOCIAL ENTREPRENEURSHIP DEVELOPMENT

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N. Ignatovych

2014-12-01

Full Text Available The theoretical and applied aspects of forming and realization conception of social entrepreneurship are considered in the world economy. The main features of social entrepreneurship are distinguished. On the basis of generalization foreign experience of social entrepreneurship realization are certained its organization leading forms, in particular, unprofitable private organizations, business with social mission, social co-operatives, and also priority spheres and basic directions of modern development. The features of social entrepreneurship state support are investigated in the different countries of the world. Differences between European models and The USA model of social entrepreneurship are shown, pointed reasons of these differences. Foreign experience of social entrepreneurship is very important for Ukrainian social enterprises development. In unstable political situation and in period of financial crisis with production reducing and high inflation only social entrepreneurs can make economy conditions better. Also there is pointed the important role of legislative power for creating favorable conditions.

“Rational, Emotional, Affective Learning” and the Use of Innovative Methods in Foreign Language Teaching

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Paolo Frascà

2016-05-01

Full Text Available Foreign language didactics is a field which, notwithstanding the many centuries of application and development, is still very methodologically problematic. Statistics clearly show that, in certain countries, the educational system provides foreign language instruction that is not apt and does not deliver effective linguistic competence; a few methods, however, have been developed to contravene this problem. In the specific case of Italy, a country which is renowned for its general monolingualism, Associazione Culturale Linguistica Educational (ACLE has developed an innovative language teaching method (Rational, Emotional, Affective Learning to attempt to fill the lacunae of the Italian school system, especially in regards to the teaching of English as a foreign language. This paper seeks to briefly outline the REAL method and its applications, describe its affinity to didactic and cognitive theories, and speculate on its potential effectiveness.

FAKTOR-FAKTOR YANG MEMPENGARUHI FOREIGN DIRECT INVESTMENT (FDI DI KAWASAN ASIA TENGGARA

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Cep Jandi Anwar1

2016-10-01

Full Text Available The need for investment as factors triggering the development of a country has a very important role. Foreign direct investment can be one of the important sources of capital in developing countries, and contribute, the national development by transfer of asset, management, and technology to stimulate the economy of the country.The purpose of this research is to determine the effects of interest rate, inflation, economic growth, openness on foreign direct investment (cases study in 5 South-east Asia countries namely, Indonesia, Malaysia, Thailand, Philippines, and Vietnam period of 2005 to 2012. The analytical method in this study is linear regression analytical method of panel data with Fixed Effect Model (FEM method to calculate the data is used by Eviews 8 software.The result of this research showed that during 2005 to 2012 the economic growth has positive and significant effect on foreign direct investment. Interest rate, inflation, and openness have negative and significant onforeign direct investment. Simultaneously, independent variable is significantly affect on dependent variable.

The Research of Foreign Exchange Exposures in Taiwan

OpenAIRE

Chen, Yi Chen

2006-01-01

The research will be mainly focused on the relationship between the stock returns and the fluctuation of foreign exchange rate exposure in Taiwan listed corporations. Due to the environmental limitations and in sufficient resources, if Taiwan inclines to develop international trade, the exchange market plays an important role in the advances of Taiwan's economy. Therefore, the fluctuations of foreign exchange rate must have a substantially impact on the profitability of industries in Taiwan.

TRENDS IN THE EVOLUTION OF WORLDWIDE FOREIGN DIRECT INVESTMENTS

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Maria Ramona Sarbu

2014-06-01

Full Text Available The flows of foreign direct investments constitutes a major component of the phenomena that manifest themselves in the world economy, these representing financial resources geared toward a particular investment area that allow those who invest to develop operations over which they have the control and the decision-making power. Given the fact that the world economy is characterized by the increasing interconnectedness of national states as a result of spreading the links in the spheres of economic, political, social and cultural life, following starting with 2008 a period of unusual developments, the purpose of the paper is to analyze the evolution of worldwide foreign direct investment (FDI inflows, before and after the onset of the global economic crisis.

Post acquisition business synergies of a foreign affiliate. Case study of companies in Nuevo Leon

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Luis Cabeza

2016-09-01

Full Text Available This article will explain the importance of creating synergies after having acquired foreign affiliates. Interviews were conducted to executives of four of the most important manufacturing companies in Nuevo Leon, which have been involved in the international acquisition process of foreign affiliates. Also presented are 10 areas where synergies may be obtained after having acquired a foreign affiliate, in accordance with (Marin and Ketelhohn, 2008 economies of size at corporate headquarters, greater opportunities for professional development, corporate image, interdivisional transactions, vertical integration, economies of scale and/or scope, coordination of skills, learning center, leverage of intangible assets and unleashing of skills.

The Rise of China and Foreign Direct Investment from Southeast Asia

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Krislert Samphantharak

2011-01-01

Full Text Available This paper discusses foreign direct investment from Southeast Asia to China. With the exception of some government-linked companies, most investments from Southeast Asia have been dominated by the region’s overseas Chinese businesses. In addition to cheap labour costs, large domestic market and growing economy, China has provided business opportunities to investors from Southeast Asia thanks to their geographic proximity and ethnic connections, at least during the initial investment period. However, the network effects seem to decline soon after. As the Chinese economy becomes more globalised and more competitive, the success of foreign investment in China will increasingly depend on business competency rather than ethnic relations.

MULTINATIONAL COMPANIES AND FOREIGN DIRECT INVESTMENT

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Lucia P. BLĂJUȚ

2014-11-01

Full Text Available This paper highlights the significant share of multinational companies in international trade that are a factor of developing global economies. In the context of economic globalization the activity of multinational companies and their foreign direct investment have a strong impact on the host country which presents advantages and disadvantages for them. The main objective of this article is the review of the important role played by multinationals in economic development, especially in developed economies. In the economies in which they operate, they bring capital, technology transfer, improve the national reputation and influence the other companies to invest in this countries, they provide a substantial source of revenue for the government and always improve the balance of payments in the host country.

The Development of Service Sector in the Economy of Ukraine

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Melnyk Tetyana M.

2018-01-01

Full Text Available The article is concerned with the topical issue of the importance of the service sector in economy of Ukraine with the purpose of identification of directions of promoting the national services in foreign markets. Consideration of this issue is carried out on the basis of studying tendencies of foreign trade in services in Ukraine in comparison with global tendencies. The review of scientific sources in this direction indicates that discussions about the prospects of development of tertiary sector in the context of groups of countries according to the level of economic development are being held among scholars. The article characterizes the current trends in the development of world trade in services, assesses the proportion of individual groups of countries in the foreign trade in services. The geographical structure of exports of services of Ukraine was analyzed. Tendencies of trade in information-communication services were researched. The contribution of certain economic activities to the formation of GVA has been evaluated. The reserves for expansion of potential of service sector in the economy of Ukraine have been defined. The prospective direction of further scientific researches in this direction is identification of instruments of promotion of exports of national services to foreign markets.

PROBLEM ASSESSMENT OF THE LEVEL INVESTMENT ACTIVITY IN THE NATIONAL ECONOMY

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Tatiana ANDREEVA

2013-01-01

Full Text Available In this article the fundamental importance of the investment sphere, forming of factors of production and defining the competitiveness of the national economy, as well as some of the problems of evaluation of the level of investment made in the national economy, the problems of attracting foreign direct investment, as the most important conditions for sustainable growth of the national economies. The special attention in the article is paid to the methods of factor analysis of the investment climate, as well as the General trends of changes in the business environment, as basic conditions for improving the level of investment activity of the national economy.

Institutional Field for Outward Foreign Direct Investment:

DEFF Research Database (Denmark)

Marinova, Svetla Trifonova; Child, John; Marinov, Marin Alexandrov

2012-01-01

The paper AU :3 explores the stages of development of an outward foreign direct investment (OFDI) institutional field during periods of major system change in big emerging economies. The state and its agencies appear to be the principal institutional entrepreneurs in developing the OFDI...

HUNGARY, POLAND, THE CZECH REPUBLIC AND RUSSIA: ECONOMIC GROWTH AND FOREIGN DIRECT INVESTMENTS

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Dementiev N. P.

2017-06-01

Full Text Available The article examines the role of foreign direct investment (FDI in the economic development of Hungary, Poland and the Czech Republic in recent decades. It is shown that the high rates of economic growth achieved by these countries in the pre-crisis years were closely linked to large foreign loans. The governments placed special emphasis on the attraction of FDI in high-tech export industries having very high growth rates (motor vehicles, machinery, equipment, computers, electronics and optics. For this purpose, central banks maintained an undervalued exchange rate of national currencies. As a result, adverse foreign trade balance in each of the three countries has shown a surplus in recent years. Furthermore, the disadvantages of excessive foreign loans are listed: high interest and dividend payments to foreign investors, reduction of national and economic sovereignty. For example, more than half of the Czech economy is under the control of foreign investors. Foreign direct investment in the Russian economy is also briefly discussed. It is shown by comparing the data of the Bank of Russia and the Eurostat that more than half of FDI in Russia is made through so-called special purpose entities (SPE and would be only formally considered a direct investment.

The Real Effects of Foreign Inflation in the Presence of Currency Substitution

OpenAIRE

Charles Engel

1987-01-01

The paper explores optimizing models of small open economies that hold foreign money balances. Particular attention is paid to the impact of foreign inflation on the real exchange rate and other real variables. At first, an environment in which foreign money is the only traded asset is explored. This is compared to a more general setting in which many assets can be traded. The effect of foreign inflation on domestic real variables depends on: 1) the degree to which it causes a substitution ou...

Impact of Globalization in Kosovo’s Economy

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MSc. Nexhat Shkodra

2013-12-01

Full Text Available The economy in Kosovo continues to generate macroeconomic growth and solid stability, especially in fiscal and financial terms. Despite the increasing risks from the external sector, Kosovo’s economy has marked positive growth rates in 2012 also. Nevertheless, being an open economy, it has not been spared of the effects of the crisis faced direly by some of the most developed countries, and especially those in the Eurozone, which have shrinked the growth rate in comparison to previous years, despite it being positive. These risks mainly are reflected into the adverse impacts of the crisis on external demand for Kosovo products (along with an already low export rate, and by a lighter impact on migrant remittances, and a stronger impact on foreign direct investment. The decline in remittances has been smaller than forecasted, mainly because migration in Kosovo is of longer term in nature, and 70% of our migrants possess foreign citizenships. The banking sector has remained solid, with private sector deposits and loans continuing to increase in 2009 and 2010. There is still evidence though, that banks have become more prudent in extending loans, mainly due to the fact that bad loans are increasing at a slow pace. Adverse impacts of the global financial crisis have been compensated by an expansionist fiscal policy adopted by the Government, thereby ensuring medium growth rates.

Financial Security and Optimal Scale of Foreign Exchange Reserve in China

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Guangyou Zhou

2018-05-01

Full Text Available The study of how foreign exchange reserves maintain financial security is of vital significance. This paper provides simulations and estimations of the optimal scale of foreign exchange reserves under the background of possible shocks to China’s economy due to the further opening of China’s financial market and the sudden stop of capital inflows. Focused on the perspective of financial security, this article tentatively constructs an optimal scale analysis framework that is based on a utility maximization of the foreign exchange reserve, and selects relevant data to simulate the optimal scale of China’s foreign exchange reserves. The results show that: (1 the main reason for the fast growth of the Chinese foreign exchange reserve scale is the structural trouble of its double international payment surplus, which creates long-term appreciation expectations for the exchange rate that make it difficult for international capital inflows and excess foreign exchange reserves to enter the real economic growth mechanism under the model of China’s export-driven economy growth; (2 the average optimal scale of the foreign exchange reserve in case of the sudden stop of capital inflows was calculated through parameter estimation and numerical simulation to be 13.53% of China’s gross domestic product (GDP between 1994 and 2017; (3 with the function of the foreign exchange reserves changing from meeting basic transaction demands to meeting financial security demands, the effect of the foreign exchange reserve maintaining the state’s financial security is becoming more and more obvious. Therefore, the structure of foreign exchange reserve assets should be optimized in China, and we will give full play to the special role of foreign exchange reserve in safeguarding a country’s financial security.

SOME ASPECTS OF THE GEORGIAN ECONOMY AT THE CONTEMPORARY STAGE

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Tamaz ZUBIASHVILI

2016-08-01

Full Text Available In the former Soviet Union the economy of the Georgian Republic occupied advanced positions. At the very first stage of the restoration of independence the post-Soviet Georgia’s economy declined 3-times; in the following years, the situation improved, but it reached the 1990 level only after 15 years. In spite of difficult problems of development it should be singled out the middle period progress of the 90-ies when the country introduced a new currency - Lari, created conditions for attracting foreign investments, economic growth was expressed in double-digit figures; it created an independent banking system, rapidly implemented the program of privatization, strengthened the links with international financial organizations and others. By this time, the private sector’s share in the state budget revenues was already 80%. After the end of the 90-ies, in a few years, economic reforms stalled. After the “Rose Revolution” - until 2012, the development of economy was greatly influenced by tightened administrative methods, foreign loans, foreign investment, and so forth. Unfortunately, at this stage of development, a property encroachment for the government became common practice in such a way as pressure on business. In recent four years, more attention was paid to the actual development, deepening of integration with European Union, the governmental pressure on business was removed. However, because of the lack of jobs, labour force continues to flow abroad.

Management of financial sources for innovative development: foreign countries experience

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Dyba O. M.

2016-12-01

Full Text Available Authors have analyzed and synthesized the main features of financial sources management for innovative development in development economies of foreign countries. The article describes the peculiarities of above mentioned type of management, using the examples of such countries as Germany, USA and Japan, which represent different kinds of economy and society. The main sources for innovative development financing are highlighted within the national economies conditions. The authors proposed the generalized models of financial sources management for innovative development. The information will be useful for Ukrainian model of financial sources management development.

The Effect of Foreign Trade Policy Transparency on Integration of Ukraine in the World Economy

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Yakovchenko Victoria S.

2018-02-01

Full Text Available The article is concerned with the interdependence between dynamics of the international trade and economic relations development and the existing level of foreign trade policy transparency in accordance with the provisions of the WTO Trade Facilitation Agreement. The effect of observance of transparency principle in foreign trade policy on forming the transaction costs in foreign trade is analyzed. A comparative analysis of the influence of import duties and transaction costs on the formation of Ukraine’s foreign trade barriers is carried out. Prospects of the national export-import activity development under increasing transparency of foreign trade policy of Ukraine and other world countries are determined.

Foreign investment multinational companies and economic development

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Popov Đorđe

2013-01-01

Full Text Available There is no universal answer on the question whether foreign investments stimulate economic development. The positive effect of foreign direct investments will follow when the investments is carried out under normal conditions of competition. That means, above all, low barriers for foreign trade and the low level of restrictions for foreign owned companies. In such circumstances, multinational corporations can assist the economies of penetration to make its businesses more efficient. Foreign investors bring with them brand new types of economic activities and in that way shifting the limits of business opportunities in the countries of penetration. But if the investments are implemented in markets protected with protectionist barriers of various kinds, then they could have negative effects. The negative effects are in particularly reflected in the inefficient use of domestic resources. Foreign investments depend on the macro and micro institutional reforms, low inflation, real exchange rate, and reasonably efficient legal system that protects the property rights and encourages savings and investment. The low level of corruption, together with the foregoing conditions is a prerequisite for the creation of a stimulating environment for foreign investments.

Turkey in Search of Relevant Foreign Policy Strategy (2002-2016

Directory of Open Access Journals (Sweden)

Urmanov Dayan R.

2016-06-01

Full Text Available The main idea of this article is to describe the process of Turkish foreign policy evolvement during the rule of Justice and Development party (JDP. From weak economy and unstable political situation in 2001, JDP quickly formulated a new strategy of foreign policy and stabilized economy. In the article the Turkish foreign policy in the 21st century is divided into several stages which respond to different international threats and circumstances. The first stage was a peacekeeping stage when Turkey tried to stabilize the situation near its borders and implement peace initiatives for the purpose to find new markets and allies. As a result, Turkey formulated a new strategy of foreign policy, called “Zero Problems Policy” which aimed to create a ring of friendly countries on the borders. On the second stage, Turkish foreign policy was more active – Turkey tried to balance among regional power centers and confront with one of the most powerful actors – Israel. Confrontation with Tel Aviv was a preface to the third stage, and today under the influence of “Arab Spring” and desire to change its role in international relations, Turkey refused “Zero Problems Policy” strategy and turned to a new aggressive and revanchist idea – neo- Ottomanism. Ankara tries to build a new regional set of rules where Turkey will play a leading role.

Chinese Foreign Direct Investment in Indonesia

DEFF Research Database (Denmark)

Gammeltoft, Peter; Tarmidi, Lepi T.

China‟s increasing integration with the world economy is met with much anticipation and much anxiety in the Southeast Asian region. In Indonesia, there is intense interest in Chinese foreign direct investment (FDI), not only among academics but also among policy makers, industrialists and the gen......China‟s increasing integration with the world economy is met with much anticipation and much anxiety in the Southeast Asian region. In Indonesia, there is intense interest in Chinese foreign direct investment (FDI), not only among academics but also among policy makers, industrialists...... conducted in 2008 among Chinese invested enterprises supplemented with available official statistics and secondary data, the study finds that Chinese FDI in Indonesia is performed by mixed entities: some are owned by central government, some by regional government and some are private firms. In the case...... of joint ventures, their local partners are mostly local Chinese, except in the infrastructure, mining and energy sector where their local partners are Indonesian state-owned enterprises. Where the local developmental effects are concerned, a picture emerges where Chinese investments, at this early period...

ECONOMIC VALENCES OF THE NATIONAL INTEREST IN THE CONTEXT OF FOREIGN DIRECT INVESTMENTS’ INFLOWS

Directory of Open Access Journals (Sweden)

CAMELIA MILEA

2015-03-01

Full Text Available In the context of globalization and the tightening of relationships among countries, we consider to be important an analysis of the national interest of an economy. The national interest is a complex concept consisting of many interests that occur at several levels, converging towards assuring security, freedom, justice and welfare. The state is the main defender of the national interest. The national interest has as objective the definition of the national development priorities in order to ensure the survival and the prosperity of the country concerned, by following a trend of sustainable development and it is based on several factors, including foreign direct investments. These are a necessity for the development of an economy, especially when national savings do not meet the needs of capital for investments. But in order to serve the national interest, foreign direct investments have to be channeled towards the areas of national interest. After the national interest is defined, there are presented the characteristics of the economic national interest and the ways through which foreign direct investments can support the achievement of the economic interest of an economy. Then, the article highlights a few of the areas toward which foreign direct investments should be directed in Romania in order to sustain the sustainable development of our country.

Penetration of small and medium sized food companies on foreign markets

Directory of Open Access Journals (Sweden)

Ladislav Mura

2010-01-01

Full Text Available In the world the interconnection of national economies and internationalization of economic processes occur. In turbulent changing business environment only those companies that understand the current trends in global economy may survive, develop and prosper. Therefore, the issue of internationalization for most companies becomes to be more important and the process of in­ter­na­tio­na­li­za­tion is the way how to stand this increasingly competitive environment. In presented contribution, the attention is paid to issues of internationalization of Slovak food industry enterprises such as their way of business internationalization, percentage share of foreign - trading activities on overall business activity, company evaluation of business internationalization or barriers of foreign markets pe­ne­tra­tion that researched companies have to deal with. Small and medium-sized enterprises (SMEs are the engine of the Slovak economy, generator of development, innovation, growth and they employ more than 60% of employees. Almost all businesses operating in agri-food complex have character of small and medium enterprises. The results of carried research have shown that small and medium-sized companies are considered to be successful in operation on foreign markets in surrounding European countries.

The International Balance of Payments Role in the Economy of Indonesia

Directory of Open Access Journals (Sweden)

Ismadiyanti P Astuti

2016-06-01

Full Text Available The balance of payments is an indicator of economic fundamentals. Balance of payment describes the ability of a country to gain foreign exchange and foreign payments. This study aimed to analyze the determinants of the balance of payments on the Indonesian economy . It used  Thirlwall and Hussain models and also Duasa empirical model. This study used secondary data years 1987-2014, namely foreign exchange reserves, exports, foreign investment, the exchange rate and the real gross national income. The results showed that the performance of the balance of payments in Indonesia can be explained by the models shown in accordance with the hypothesis, but on several variables did not show a significant correlation.

Institutional Distance and International Business Strategies in Emerging Economies

DEFF Research Database (Denmark)

Ionascu, Delia Simona; Meyer, Klaus E.; Estrin, Saul

2004-01-01

The concept of `distance' has been used by international business scholars to explain variations in international business strategies and operations across countries. The more distant a host country is from the organizational centre of a multinational enterprise (MNE), the more it has to manage...... for the investing MNE. Using a unique dataset of foreign direct investment in emerging economies that incorporates multi-host as well as multi-home countries, we find empirical support for our propositions, and provide an explanation for apparently inconsistent results in the previous literature....... on Hofstede's work on culture. However, these measures capture only very partially the dimensions of distance of concern to international business. In this paper, we show how the broader theoretical concept of institutional distance, which incorporates normative, regulatory and cognitive aspects, affects...

The political economy of local content in African extractives

DEFF Research Database (Denmark)

Buur, Lars; Hansen, Michael; Kjær, Mette

Extractive foreign direct investment (FDI) is heralded as the new development opportunity in Africa. But extractive FDI has a record of producing enclaves in host countries with few linkages to the local economy. Only if it creates local content will extractive FDI become a catalyst of development...

Foreign bond markets and financial market development: International perspectives

OpenAIRE

Batten, Jonathan A.; Hogan, Warren P.; Szilagyi, Peter G.

2009-01-01

The domestic bond markets of the Asia and Pacific region have grown considerably since the Asian financial crisis of 1997, although they remain undeveloped relative to the region's weight in the world economy. This paper proposes that in order to encourage further development of these markets, regulators should make them more accessible to foreign borrowers. To that end we offer insights into the nature and mechanics of foreign bond issuance by investigating the key characteristics of 3,132 f...

Chinese Foreign Direct Investment in R&D in Europe

DEFF Research Database (Denmark)

Di Minin, Alberto; Zhang, Jieyin; Gammeltoft, Peter

2012-01-01

’ investment in R&D in Europe, focusing on three different aspects: technology exploration vs. technology exploitation as investment motive; locational strategies for R&D investments; and the dynamics of motives of overseas R&D units. The analysis proceeds to draw out differences between the R...... rather than technological innovation, as the extant literature tends to assume. Chinese R&D units appear to evolve often from a strategy of pure technology exploration, over fusion of foreign technologies with R&D activities back home, into one of technology exploitation in foreign locations.......&D internationalization process of multinationals from developed economies and those from emerging economies. Evidence of Chinese R&D internationalization is provided through analyses of five cases of international R&D units set up by Chinese companies in Europe: ZTE Corporation, JAC Motors, Chang’an Motors, Hisense...

Selection of Mergers and Acquisitions by Foreign Capital in Open Economies

Institute of Scientific and Technical Information of China (English)

ZHENG Ying-fei; CHEN Hong-min; XU Li

2007-01-01

By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. Meanwhile, the trade policy of the host government is taken into account. It is concluded that the more open the economy and the more intense the competition, the less profitable the integration; the most important determinant to the changes of the domestic social welfare is the industry strength of the host country. The host authority can enhance the domestic social welfare in two ways: to adjust the trade policy and to only approve the socially desirable cross-border mergers and acquisitions.

Perspectives on Eco Economics. Circular Economy and Smart Economy

Directory of Open Access Journals (Sweden)

Cristina Balaceanu

2017-12-01

Full Text Available The implementation of sustainable development principles in contemporary economic thinking has generated the conceptual remodeling that expresses the new mechanisms of the economy. Thus, the concept of circular economy meet the theoretical representation of an economic system oriented towards the re-use of waste as raw materials and limiting the production of waste that cannot come back into the economic circuit. Circular economy is one that involves even its concept of operation, recovery and regeneration, as much as possible of resources, aiming to preserve, at the highest level, the value and usefulness of products, components and raw materials, distinguishing between technical and biological cycles. In this way, we can find solutions for two major issues affecting today's economy: the limited nature of resources and the pollution generated by the waste resulting from economic activities.

Economy globalization and internationalization of business

OpenAIRE

Lucia PALIU-POPA

2009-01-01

In the conditions of contemporary world, the active participation in international division of labor is an essential component of the development process of each country. In this context the foreign trade, as a distinct branch of the national economy is an important factor of economic growth caused by the internationalization of business and determining for the process of globalization. Starting from the belief that international business development tends to bec...

Analysis of Factors That Affects the Investors in Conducting Business in Indonesia

Directory of Open Access Journals (Sweden)

Rini Kurnia Sari

2015-10-01

Full Text Available Investment is needed in the development of the economy. With the decentralization of investment is expected to evolve as a whole in every province in Indonesia. Local governments need to improve the quality of economic (GDP / Capita, social (HDI and the infrastructure to attract domestic and foreign investors. Fromthe test results showed that factors affecting investors conducting business in Indonesia is still influenced by GDP/capita, HDI and Infrastructure instead of natural resources.This study uses descriptive analysis and correlation analysis methods to look at the correlation factors that affect investors doing business in Indonesia.

FEATURES OF FOREIGN INVESTMENTS AND THEIR IMPACT ON THE ECONOMY OF THE STATE

Directory of Open Access Journals (Sweden)

K. V. Zhyzhko

2010-03-01

Full Text Available In this article the importance of foreign direct investments forUkraineare analyzed and studied, and main investors are described. Also the role of transnational companies and theirs influence on recipient countries are studied, and the basic strategies on the markets of countries depending on theirs aims are analyzed. The advantages and disadvantages of foreign investments are described

FOREIGN INVESTMENTS INTO SVERDLOVSK AREA IN THE CONTEXT OF RUSSIAN CONNECTION TO WTO

Directory of Open Access Journals (Sweden)

L.M. Kapustina

2005-09-01

Full Text Available Dynamics and structure of the foreign investments involved in economy of Sverdlovsk area are analyzed in the article. Consequences of Russian connection to WTO from the view point of foreign investments volumes change are considered. Directions of multilateral regulation of investment measures on the basis of the international arrangements are certain.

The Determinants of International Capital Movements and an Analysis in the Context of Foreign Direct Investments: A Case of Turkey

Directory of Open Access Journals (Sweden)

Oğuzhan AYDEMİR

2015-07-01

Full Text Available Foreign direct investments being an important part of the international capital movements are evaluated as the investments making in the form of reestablishing a factory in a foreign country, becoming a partner with an existing company or purchasing an established company. Foreign direct investments make a major contribution to economic development in connection with employment, technology, business information, integration with international markets and generating a sound competition environment. In view of the results which foreign direct investments give to national economy; determining the economic factors as to which national economy foreign direct investments would prefer is of great importance in terms of providing foreign capital inflows with continuity. In this regard; the factors determining foreign direct investments are estimated and the relationship between these factors and direct foreign capital inflows is analyzed in this study. As a result of the study; it is seen that gross domestic product (GDP, trade openness, unit labor cost and inflation are the economic determinants of foreign direct investments. Separately it is concluded that GDP, trade openness and unit labor cost have a positive effect on foreign direct investments and that there is negative relationship between inflation and foreign direct investments.

THE DILEMMA OF DEMAND SIDE POLICIES VERSUS SUPPLY SIDE POLICIES FOR RELAUNCHING CAPITALIST ECONOMIES

Directory of Open Access Journals (Sweden)

PETRE PRISECARU

2014-11-01

Full Text Available The first important economic recession in this century started in USA with the burst of real estate bubble followed by the bankruptcy of some investment and commercial banks and the collapse of capital market. The financial-banking crisis spilt over the world economy and caused the second deepest economic recession in the last 80 years. The financial crisis has badly affected almost all market economies and was the result of a combination between market failures and mistakes made in macroeconomic policies. In the financial sector there was not enough regulation and supervision of corporate governance while in goods industry the pressure of over-regulation led to higher factor costs and supply contraction. The direct result of supply side policies and particularly of monetarist instruments is seen now clearly in the USA: large deficits, huge debts, reduced savings, heavy dependence on foreign money (capital and resources, relatively low domestic output and supply.

Motivations and attitudes affecting high school students' choice of foreign language.

Science.gov (United States)

Stewart-Strobelt, Jody; Chen, Huabin

2003-01-01

There are some foreign languages that enjoy great status in the United States, while other foreign languages are rarely represented at the high school level. The present study explored the following questions: Why do students choose to take a particular foreign language? Do students gravitate toward it because it is widely thought to be the easiest language to learn or because they perceive greater career opportunities with proficiency in this particular language, or is it simply because there are more classes offered? As long as foreign language study is elective in high schools and as long as a variety of languages are offered, the answers to these questions will remain important for foreign language educators, especially in schools where the various language programs compete with one another for student enrollments and the programs' ultimate survival.

Improving quality of foreign direct investment attraction in Vietnam

OpenAIRE

Ngo Phuc Hanh; Đao Van Hùng; Nguyen Thac Hoat; Dao Thi Thu Trang

2017-01-01

Foreign direct investment (FDI) enterprises are playing a key role in Vietnam's economy. By the end of 2016, there are more than 21,398 FDI projects in force, with the total registered capital of nearly 293 billion USD. One hundred six countries and territories have invested in 19 industries in 68 provinces and cities of Vietnam. These investments have added a large amount of capital to the economy, which has basically been used effectively, contributing to the economic growth of Vietnam. In ...

When does fdi have positive spillovers? Evidence from 17 emerging market economies

Czech Academy of Sciences Publication Activity Database

Gorodnichenko, Y.; Švejnar, Jan; Terrell, D.

-, č. 58 (2007), s. 1-53 ISSN N Institutional research plan: CEZ:AV0Z70850503 Keywords : foreign direct investment * spillovers * transition economies * efficiency Subject RIV: AH - Economics http://hdl.handle.net/2027.42/57179

Indochina becoming prime target for foreign investment in E and D

International Nuclear Information System (INIS)

Anon.

1992-01-01

This paper reports that Indochina is emerging as a prime target for investment in oil and gas exploration and development. The Southeast Asian subcontinent offers sharp contrasts: the booming, market oriented economy of Thailand with its friendly climate for foreign investment, compared with the flagging socialist economies of Myanmar (formerly Burma), Cambodia, Laos, and Viet Nam. The contrast extends to the Thai energy sector as well. Aggressive development of Thailand's gas reserves with foreign assistance and capital underpins the buoyant Thai economy and has helped it reduce its dependence on imports to 40% of total energy demand. That contrast may also give impetus to a window of opportunity for oil and gas companies to participate in little tested or rank exploration plays elsewhere in the region. Except for Thailand, the region has seen little exploration and almost none by private companies since the early 1970s. The other countries are just beginning to emerge from years of international isolation caused by war or civil strife, and some are seeking foreign private investment in oil and natural gas for the first time in more than a decade. The need for hard currency capital is keen. Accordingly, industry officials point to nations such as Cambodia offering among the most attractive terms for oil and gas investment in the world

46 Evaluating Foreign Direct Investment and Africa's Development ...

African Journals Online (AJOL)

Africa to several factors discouraging foreign direct investment. Suggestions and ... in the economy of African states and what reasons account for such impacts. ..... information to second-guess market signals (prices) and because powerful interest ..... over 115 million people using cell phones in Nigeria, we do not have any ...

From lagging to leading? Technological innovation systems in emerging economies and the case of Chinese wind power

International Nuclear Information System (INIS)

Gosens, Jorrit; Lu, Yonglong

2013-01-01

There is increasing attention for the contribution of emerging economies to global innovation, including innovation of renewable energy technologies. The Technological Innovation Systems (TIS) framework presents a list of system functions for the analysis of the development of a technology. It has often been applied to renewable energy technologies, but with a strong focus on advanced economies. In this paper, we elaborate on emerging economy innovation system formation, structured according to TIS functions. Rather than analysing development of the technology, we analyse the development of the Chinese TIS vis-à-vis the global forefront. Key to this notion is that TIS, especially for clean-tech, are transnational phenomena. Lagging TIS depend on the global TIS, whereas leading TIS contribute to its formation. It is concluded that China has reduced its dependence on foreign knowledge and investment, but the outward contribution remains limited. The main challenge to foreign market expansion lies in reforming the domestic TIS to focus on turbine quality rather than cost reduction. Demonstration projects are needed, especially for large capacity and offshore turbine models, in order to build up operational history and get quality certification. - Highlights: • The TIS framework was adapted to suit emerging economy case studies. • China's wind power TIS is emerging vis-à-vis the global forefront. • China's wind power TIS has reduced its dependence on foreign knowledge and finance. • Chinese innovative activity for wind power remains limited to the domestic context. • Foreign market expansion requires a focus on turbine quality and certification

Advantages and risks of foreign investors' participation in the projects of public-private partnership

OpenAIRE

I. Bohdan

2013-01-01

The purpose of this article is investigating the role of foreign investments in a contemporary globalized economy as a factor of acceleration of the national economic development. Based on the analysis of international trends in the investment projects involving foreign investors the author proves that active gross fixed capital formation, particularly in low- and middle-income countries, is largely determined by the availability of efficient mechanisms to attract foreign investments into the...

MNE R&D Subsidiary Mandates Evolution in Emerging Economies

DEFF Research Database (Denmark)

Schulzmann, David; Slepniov, Dmitrij

2017-01-01

The aim of this paper is to present the results of a systematic literature review (SLR) on the subject of Research and Development (R&D) subsidiary mandate evolution in emerging economies and to illustrate what triggers R&D mandate upgrade. The subject of R&D mandates is of crucial importance to ...... on subsidiary evolution in general and particularly in emerging markets. From a practical perspective, a better-integrated framework can provide guidance to businesses in emerging economies on how to start and successfully upgrade their R&D activities.......The aim of this paper is to present the results of a systematic literature review (SLR) on the subject of Research and Development (R&D) subsidiary mandate evolution in emerging economies and to illustrate what triggers R&D mandate upgrade. The subject of R&D mandates is of crucial importance...... to many multinational enterprises (MNEs) striving to utilize the potential of their foreign operations towards higher-value-added activities. While developed economies have long been a destination for R&D activities, emerging economies are increasingly recognized for their innovation potential. Previous...

An empirical study of the underground economy in the Kingdom of Belgium

DEFF Research Database (Denmark)

Rezaei, Shahamak; Goli, Marco; Dana, Léo-Paul

2013-01-01

This article investigates the underground economy in Belgium. Although several government initiatives are attempting to combat underground economic activities, we found illegal foreign workers identifying opportunities and fulfilling market needs. Underground employment thus thrives in a variety...

Travel patterns and characteristics of foreign-born sub-population in New York state

Energy Technology Data Exchange (ETDEWEB)

Chin, Shih-Miao [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Hwang, Ho-Ling [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Reuscher, Tim [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Wilson, Daniel W. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)

2017-10-01

According to the 2010 Census, over 22% of total New York State (NYS) residents were foreign-born and over one in three persons living in New York City (NYC) were foreign-born. Foreign-born and their dependents impact local economies in many different ways, including purchasing power, transportation service needs, business sales and receipts generated, and workforce. To allow better policy decision making and program planning of transportation developments and investments in NYS, a clear understanding of the foreign-born population’s travel characteristics and behaviors, as well as their unique transportation service needs, are necessary. This report documents the characteristics of the foreign-born population and identified differences in travel behaviors and mobility issues between foreign-born residents of NYS and their U.S.-born counterparts.

RUSSIAN MULTINATIONALS IN ROMANIA AND THEIR IMPACT UPON THE ROMANIAN ECONOMY

Directory of Open Access Journals (Sweden)

CODRUŢA DURA

2012-01-01

Full Text Available Our paper provides an insight into the universe of Russian multinationals and their influence upon the Romanian economy. Even if statistical data on foreign direct investment stock by country of origin do not prove the existence of Russian capital in Romania, it is a fact that the high values of foreign direct investment stock from the Netherlands, Austria, Germany or Switzerland are largely due to the investment projects undertaken in Romania by Russian multinationals. Despite the lack of relevant statistical data, we can say that the impact of Russian MNC’s on the Romanian economy is huge. Among positive influences we can mention: global employment opportunities for highly qualified workforce in the region; the transfer of advanced technologies to Romanian enterprises and the local markets; the awareness of business partners and public opinion on social responsibility; the insert of higher performance standards, competitiveness and managerial ethics.

REVIEW OF FDI THEORY IN THE KNOWLEDGE–INTENSIVE ECONOMY

Directory of Open Access Journals (Sweden)

Ruslan Harasym

2013-02-01

Full Text Available International flow of capital in the form of Foreign Direct Investment (FDI is considered to be the primary form of capital transfer in the global economy. It plays an important role among other forms of international capital flows, due to the intensity of its streams and its strength of impact on local economies. Host countries use FDI to finance activities such as industry restructuring and transfer of technology. The aim of this paper is to present current achievements in the field of theoretical explanations of FDI – its main motives. The article relates also to current selected trends in FDI flows during the economic downturn caused by the recent financial crisis. Above all ,however, this paper aims at showing FDI theories in terms of a knowledge intensive economy.

Asymmetric Effects of Global Liquidity Expansion on Foreign Portfolio Inflows, Exchange Rates, and Stock Prices

Directory of Open Access Journals (Sweden)

Dong-Eun Rhee

2014-06-01

Full Text Available This paper examines the effects of global liquidity expansion on advanced and emerging economies by using panel VAR methodology. The results show that global liquidity expansion tends to boost economy by increasing GDP growth and stock prices. However, we find that the effects are asymmetric. The effects of global liquidity on GDP and stock prices are greater and more persistent in emerging economies than in liquidity recipient advanced economies. Moreover, global liquidity appreciates emerging economies' exchange rates more persistently than those of advanced economies. Lastly, while global liquidity expansion increases foreign portfolio investment inflows to Asian countries and liquidity recipient advanced economies, there is no evidence for Latin American countries.

Trans-nationalisation Processes in the Ukrainian Economy

OpenAIRE

Bolharova Natalya K.; Panevnyk Tetyana M.

2013-01-01

The article considers main processes of trans-nationalisation of Ukrainian economy, identifies specific features of trans-national production and explains some theoretical aspects of these issues. It provides main stages of theoretical comprehension of activity of trans-national corporations (TNC), specific features of the theory of competitive advantages of TNC and specifies the basic ones of them. The article conducts analysis of flows of direct foreign investments into the Ukrainian econom...

The Monetary Policy in the System of State Regulation of the Indian Economy

Directory of Open Access Journals (Sweden)

Natalia V. Galistcheva

2015-01-01

Full Text Available The main task of this research is the analysis of India's monetary policy and its place in the system of state regulation of the economy. The article highlights the main directions of the Indian monetary policy in 1990-2000s aiming to raise competitiveness of the Indian goods on the foreign markets as well as stimulating the inflow of foreign capital in necessary volumes into the national economy. The author focuses on the main instruments of the modern Indian monetary policy, pursued in line with providing the undervalued rupee, which include the manipulating of the bank rate and currency interventions, directed mainly at sterilization of excessive inflow of foreign currency to the country. The article also underlines all the advantages and costs of the monetary policy. One of its main advantages is stimulation of national production's exports and among costs there are difficulties of importing machines and equipment into the country, increase of inflation rate as a result of massive inflow of export revenue, difficulties at external debt's service. The author notes the gradual nature of introduction of current account rupee convertibility and reasons for delay in achieving its full convertibility. Among them there are rather high level of fiscal deficit of the consolidated budget, essential average annual level of inflation, problems of non-performed assets in the economy, high liquidity ratio for commercial banks. The article also presents statistical data on the present state of the Indian foreign exchange reserves as well as dynamics in nominal and real effective exchange rate of rupee in 2005/06 - 2013/14 fiscal year.

The Position of Sub-Saharan Countries in the World Economy

Directory of Open Access Journals (Sweden)

Baumgartner Boris

2016-06-01

Full Text Available Most of the countries of sub-Saharan Africa belong to the most underdeveloped and poorest countries in the world economy. This region consists of forty-nine countries but at world GDP, world export, world import and inflow of foreign direct investment share only by small percent. There are some positive facts in the recent history of sub- Saharan Africa. Sub-Saharan Africa has grown faster than the world economy in the past ten years. The predictions are also positive. There is an expectation of another growth till the 2020. If the sub-Saharan countries want to keep the growth in the future they have to invest to infrastructure, in educational system, in research and science to make their economies more competitive.

The Placenta Economy

DEFF Research Database (Denmark)

Kroløkke, Charlotte; Dickinson, Elizabeth; Foss, Karen A.

2018-01-01

This article examines the human placenta not only as a scientific, medical and biological entity but as a consumer bio-product. In the emergent placenta economy, the human placenta is exchanged and gains potentiality as food, medicine and cosmetics. Drawing on empirical research from the United......, in the emergent bio-economy, the dichotomy between the inner and the outer body is deconstructed, while the placenta gains clinical and industrial as well as affective value....

Doing Business 2014 Economy Profile : Croatia

OpenAIRE

World Bank; International Finance Corporation

2013-01-01

This economy profile presents the Doing Business indicators for Croatia. In a series of annual reports, Doing Business assesses regulations affecting domestic firms in 189 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders. This year's report data cover regulations measured from June 2012 throug...

Doing Business 2014 Economy Profile : Chile

OpenAIRE

World Bank; International Finance Corporation

2013-01-01

This economy profile presents the Doing Business indicators for Chile In a series of annual reports, Doing Business assesses regulations affecting domestic firms in 189 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders. This year's report data cover regulations measured from June 2012 through M...

Doing Business 2014 Economy Profile : Australia

OpenAIRE

World Bank; International Finance Corporation

2013-01-01

This economy profile presents the Doing Business indicators for Australia. In a series of annual reports, Doing Business assesses regulations affecting domestic firms in 189 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders. This year's report data cover regulations measured from June 2012 thro...

EXPORT ACTIVITY OF MASHINE-BUILDING ENTERPRISES WITHIN TRANSFORMATION OF UKRAINIAN FOREIGN TRADE

OpenAIRE

Yarosh-Dmytrenko, Liudmila Oleksiivna

2017-01-01

Urgency of the research. Transformational processes in Ukrainian economy and its integration to European and world economic areas set new challenges to domestic machine building. Target setting. In modern conditions, national machine building suffers from huge economic crisis and loses its competitive fight in domestic and, what is sufficiently important for the economy of Ukraine, in foreign markets. Actual scientific researches and issues analysis. The operation of Ukrainian machine buildin...

Analyzing R&D Activities of Foreign Enterprises in Emerging Economies. Lessons from Turkey

OpenAIRE

M. Teoman Pamukçu; Erkan Erdil

2011-01-01

Emerging economies have played an important role in the internationalization of R&D activities at least since the 1990s. Turkey, an emerging economy and at same time an accession country to the European Union which signed a Customs Union Agreement with the EU already in 1995, is no exception. In-depth face-to-face semi-structured interviews were conducted with R&D directors of 26 multinational companies operating in Turkey –with headquarters located in France, Germany, Italy, Japan, Switzerla...

Exchange rate policy, growth, and foreign trade in China

Directory of Open Access Journals (Sweden)

Gligorić Mirjana

2011-01-01

Full Text Available This paper analyzes a hot topic: the influence of an undervalued currency on macroeconomic variables - primarily on the economic growth and trade balance of a country, but also on employment, foreign exchange reserves, competition, and living standards. It also reviews and explains the consequences of yuan undervaluation, points out the need for its appreciation, and states the negative effects that stem from this measure. Special attention is given to the problematic bilateral relations between China and the USA and the reasons why Americans are worried about the exchange rate policy that China implements. Although yuan appreciation would decrease the American foreign trade deficit, it also raises the question of further financing of the American deficit. There are also other problems that the possible appreciation would cause for the American economy, due to the effect of J-curve, passthrough, larger costs of input imported from China, etc. Therefore, Chinese foreign exchange policy is an important subject, but it is not the solution to the problems of the global economy - which have deeper roots than that. However, there is no excuse for China implementing unfair exchange rate policies, or replacing such policies with controversial protectionist policies (as some authors have suggested.

Where do Foreign Student STEM graduates work after they graduate?

Science.gov (United States)

Ruiz, Neil

2017-01-01

Foreign students and entrepreneurs add path-breaking innovative ideas and billions of dollars to the United States economy. This presentation takes a look at where foreign students originate, what degrees and subjects they are pursuing in the U.S., and where they work after they graduate from U.S. universities. With a special focus on STEM degrees and physics, Dr. Ruiz will show how foreign students open up markets in their hometown cities which facilitates trade, foreign direct investment and knowledge transfer. In addition, they infuse revenue into local communities, and they help fill demand for jobs requiring specific skills in local U.S. labor markets. He argues that America's business, educational, and community leaders need to develop better strategies that retain their talents after they graduate. Invited speaker number 44869.

The Determinants of Foreign Investment in Pakistan: A gravity model analysis

Directory of Open Access Journals (Sweden)

Syed Waqar Azeem

2012-06-01

Full Text Available Background: During the last two decades Pakistan was one of the most attractive countries that received Foreign Direct Investment (FDI among developing economies, and especially in first half of the last decade the growth was so rapid and sustainable in different industries as well as in agriculture.  In Pakistani economy the role of Foreign Direct Investment is very important. Policies are clear about the foreign investment even then adjustments are made according to the time, objective, needs and economic circumstances in the country.  Methods: The present study aims to investigate the determinants of foreign investment in Pakistan by using Gravity model. By using panel data of FDI which is used as dependent variable and Gross domestic product, Gross domestic product per capita, Gross domestic product growth rate, Inflation rate, Trade, Total government expenditure, Population growth and Distance used as independent variable from 1999 to 2009 for empirical consequences, the study encompasses the examination of Foreign Direct Investment inflows from different countries and their geographical distance from Pakistan. Results:  Two type of test is used (1 fixed and (2 random effect to check the relationship among foreign direct investment and independent variables. In our both models distance shows a negative impact on the decision to make an investment by investing partner while GDP and GDP growth have a positive and significant impact. Gravity in this regards does not effect that much for foreign direct investment attraction because results are negatively significant in this case that shows higher distance is a hurdle for the inflow of foreign investment but rest of the variables are significantly positive and related to the inflow of foreign investment except population growth which is negatively correlated.   Conclusion: This research concludes that there is a strong evidence of existence of gravity between Pakistan and its investing

Healthcare delivery in a frail economy: challenges and way forward ...

African Journals Online (AJOL)

The Nigerian Nation is a pluralized, multi-ethnic and diverse geographical entity. The country is naturally endowed with financial, material and human resources. Nigeria is a mono-economy with an entirely skewed dependence on Crude-oil as a major source of foreign exchange earnings at the expense of other viable ...

Human Rights Promotion through Transnational Investment Regimes: An International Political Economy Approach

Directory of Open Access Journals (Sweden)

Claire Cutler

2013-05-01

Full Text Available International investment agreements are foundational instruments in a transnational investment regime that governs how states regulate the foreign-owned assets and the foreign investment activities of private actors. Over 3,000 investment agreements between states govern key governmental powers and form the basis for an emerging transnational investment regime. This transnational regime significantly decentralizes, denationalizes, and privatizes decision-making and policy choices over foreign investment. Investment agreements set limits to state action in a number of areas of vital public concern, including the protection of human and labour rights, the environment, and sustainable development. They determine the distribution of power between foreign investors and host states and their societies. However, the societies in which they operate seldom have any input into the terms or operation of these agreements, raising crucial questions of their democratic legitimacy as mechanisms of governance. This paper draws on political science and law to explore the political economy of international investment agreements and asks whether these agreements are potential vehicles for promoting international human rights. The analysis provides an historical account of the investment regime, while a review of the political economy of international investment agreements identifies what appears to be a paradox at the core of their operation. It then examines contract theory for insight into this apparent paradox and considers whether investment agreements are suitable mechanisms for advancing international human rights.

Outward Foreign Direct Investment from Emerging Economies and National Development Strategies

DEFF Research Database (Denmark)

Gammeltoft, Peter; Kokko, Ari

2013-01-01

Foreign direct investment (FDI) is an integral part of national development strategy throughout the developing world. However, while traditionally strategies have focused on the role of inward flows only, today, outward FDI is used on a larger scale and more deliberately to access markets...

The offshorization of economy: the present realities

Directory of Open Access Journals (Sweden)

Maslak Olga

2017-01-01

Full Text Available In this article the essence and main types of offshore zones have been studied. It has been analyzed the main reasons for cooperation with the tax havens, established that the main reason of the Ukrainian economy offshorization is not only the desire of economic entities to optimize taxes, but also the desire to protect their assets from the negative impact of the crisis phenomena in the national economy during 2010-2016. The foreign experience of the anti-offshore regulation has been researched. It has been defined that the general anti-offshore regulation vector should be based on the principles of financial transparency, active cooperation with the international community, an optimal combination of instruments that restrict the capital outflows and the effective instruments that stimulate the business development in the country. It has been also established that the mechanism of deoffshorization should be aimed not only at elimination of the territories with the preferential taxation, but also at receiving benefits from their use on the basis of the existing financial infrastructure of the leading world offshore centers. The experience of China in attracting additional foreign investments, gaining wider access to financial resources through the cooperation with an offshore financial centre has been researched.

Contagion of us subprime mortgage crisis to Colombian economy: measured by financial market data

Directory of Open Access Journals (Sweden)

Chu V. Nguyen

2011-06-01

Full Text Available The long-horizon event study methodology is used to document the severe impact of the US subprime mortgage crisis on the Colombian economy. The estimated parameter of a constantmean return model is used to derive the “abnormal return” on the market portfolios of Colombia over its selected event window. Analyses of the results reveal that the US subprime mortgage crisis negatively affected both the Colombian and the US equity markets almost identically in terms of cumulative percentage reductions and timing. Statistic testing results seem to support the qualitative observation. This phenomenon can be attributable to the recent multilateral and regional trade agreements that increase the flow of trade and foreign direct investment to Colombia.

Impact Of Foreign Currency Hedging On Firm Value Among Indian Corporates

OpenAIRE

Gupta, Amit

2016-01-01

Indian economy was opened for globalization in 1991 and Indian Rupee was deregulated in 1993 and subjected to market fluctuations. Indian Rupee was very volatile during the past decade due to global events like US subprime crisis (2007-2009), European sovereign debt crisis, Oil prices fluctuations and Fed monetary policy speculations to name few. This volatility has put pressure on Indian firms to manage their foreign currency exposure. Hedging and use of Foreign Currency Derivatives (FCD) is...

DETERMINANTS OF FOREIGN DIRECT INVESTMENT (FDI IN PAKISTAN’S AGRICULTURAL SECTOR

Directory of Open Access Journals (Sweden)

Zeshan ANWAR

2013-01-01

Full Text Available Pakistan is an agricultural based economy, therefore, agricultural sector is one of the most important sectors of Pakistan as it provides employment opportunities to millions of people, contributes significantly in GDP, fulfills local demand for food items, export variety of commodities to foreign countries, boosts foreign exchange reserves and eventually enhances economic growth rate of Pakistan’s economy. This study has investigated the determinants of FDI in agricultural sector of Pakistan. The results have shown that GDP and trade openness have positive and significant relationship with FDI inflows in Pakistan agricultural sector whereas government debt has negative and significant relationship. The results have further revealed that inflation has positive whereas exchange rate has negative relationship with FDI inflows in Pakistan’s agricultural sector but both of these variables have insignificant relationship with FDI.

Effects of Fiscal Policy in a Small Open Economy: Evidence of Croatia

OpenAIRE

Deskar-Škrbić, Milan; Šimović, Hrvoje; Ćorić, Tomislav

2013-01-01

In this paper we use structural VAR model to analyze dynamic effects of fiscal shocks on economic activity in Croatia from 2000Q1-2012Q2. Due to the fact that Croatia is a small open economy we assume that shocks of foreign origination can have notable effects on its performance. Therefore, original Blanchard-Perotti (2002) model is extended by introducing variables that represent external (foreign) demand shocks. The results show that the government spending has a positive and statistically ...

Adapting smart specialisation to a micro-economy – the case of Malta

OpenAIRE

Georghiou, Luke; Uyarra, E.; Saliba Scerri, R.; Castillo, N.; Cassingena Harper, J.

2014-01-01

Purpose– The purpose of this paper is to set out the process by which a smart specialisation strategy was developed for a small, peripheral economy in the European Union, the Republic of Malta. It assesses the applicability of the approach in the context of a micro-economy with an industrial structure based on a small number of foreign direct investments and a predominance of micro-enterprises.Design/methodology/approach– The paper follows an action research approach by presenting as a case s...

CONTRIBUTION OF FOREIGN DIRECT INVESTMENT FOR THE REGION DEVELOPMENT

Directory of Open Access Journals (Sweden)

KATARÍNA ČULKOVÁ

2013-02-01

Full Text Available Foreign direct investments contribute to the important solving of the economical growth and regionaldevelopment and it presents part of the state’s effort to increase living level of the state. Slovakia government ismotivated to support any foreign investment and it competes for such investments with other transforming countries.Goal of the contribution is to provide idea about main factors that influence inflow of the foreign investments to theindividual regions of Slovakia and to evaluate their contribution through characteristics and main determinants of theforeign investments. Only through careful choice can Slovakia obtain successfully investors that would come to thecountry with production, research and development since in modern economy we cannot be competitive without suchactivities, neither in regional, nor in the international level.

Strategic imperative formation of foreign economic policy of Ukraine

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O. P. Borysenko

2015-10-01

Full Text Available Deep rethinking and thorough elaboration require a general plan for the development of the state management in the sphere of foreign economic processes - strategy formation and implementation of foreign economic policy of Ukraine. Formed in conditions of political and economic crisis, it is not aimed at providing qualitative change - innovation development, enhance national business investment, measuring asymmetry foreign trade balance, optimize the structure of imports, increasing competitiveness of Ukrainian goods and so on. Significant changes need in government regulation mechanisms of transformation processes, their system updates, meaningful transition to a model of a market transformations, which combined with effective self-governance. The purpose of the article is to explore the strategic principles of foreign economic policy formation, identifying directions Ukraine’s foreign economic strategy formation and ways to improve its effectiveness. Today in Ukraine needs logically consistent application of the basic model of strategy formation and implementation of foreign economic policy: strategy of protectionism, strategy of competitiveness and foreign economic trade integration strategy. The scale and fragmentation tasks are preventing their full implementation. For a targeted and effective state influence on the economy suggest to build a strategy of foreign economic policy on the principles of consistency, integrity, comprehensiveness, subordination, continuity, dynamism, system-creating relations.

INSTITUTIONAL TRANSFORMATIONS TO ECONOMY OF THE URAL FEDERAL DISTRICT

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S.I. Mayer

2007-06-01

Full Text Available Economy of the Ural federal district is characterized by appreciable institutional transformations. First of all, it concerns arrival on the market new and leaving from the market of the old enterprises and the organizations, that, alongside with other factors, defines growth of competitiveness of regions. The processes of development of small business, strengthening of market positions of the organizations with participation of the foreign capital, activisation of the market of merges and absorption of the companies operate also in the same direction. Noted tendencies are characteristic for economy of all Russia. However regional features, as between federal districts, and subjects of Federation are kept also.

Knowledge Creation in International Joint Ventures in Emerging Economies

DEFF Research Database (Denmark)

Nielsen, Ulrik B.

Entering and developing presence in emerging economies often require foreign firms to set up International Joint Ventures (IJVs) with local partners, especially when the prime motive of the operation is to capture opportunities in the local markets (Mohr & Puck, 2005). IJVs have therefore become...... an important way for firms to enter these markets and a significant force in shaping a firm’s global strategy in expanding international activities abroad. However, research has shown that IJVs in emerging economies are unstable, and firms have experienced that performance of their IJVs in these emerging...... economies often does not meet their expectations (Fang & Zou, 2010). Extant research has shown that, in general, management of IJVs appears to be a difficult issue. 60-70% of all partnerships are not successful (Lambe, Spekman, & Hunt, 2002). Inter-partner learning has been proposed in the literature...

Foreign Direct Investment and China’s Productivity Growth during the 1997 Asian Financial Crisis

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Fulgence Dominick Waryoba

2017-09-01

Full Text Available The study estimates the fixed effect model using cross–section weights to estimate panel EGLS for 7 years in 29 regions of China. Though for the sample period, foreign direct investment influences productivity positively, the effect is very lower compared to other factors in the model. Conversely, labor has a very high influence on productivity for the period under consideration. Nevertheless, the years after 1997 have shown more productivity growth compared to the years before 1997. This is probably due to the fact that the government acted quickly to recover by boosting the external demand. Consequently, the contribution of export on productivity growth is significantly large. As long as China’s productivity keeps growing, high technological foreign direct investments will continue to flow into the economy. Chinese government should continue to invest in human capital to match with high technology embodied in foreign direct investments for the economy to continue experiencing high productivity growth.

A Qualitative Study on Foreign Language Teaching Anxiety

OpenAIRE

İpek, Hülya

2018-01-01

Affective constructs such as motivation, self-esteem, and anxiety play an important role in learning a foreign language. Scholars have conducted many studies to find out how these constructs affect foreign language (FL) learning. They aimed to find out how anxiety affects language learning, the sources of anxiety in FL learners, and how to overcome this anxiety. Teachers were offered various strategies to lower their students’ anxiety. Studies on Foreign Language (FL) anxiety mostly focused o...

Alternative Financial Policy Rules in an Open Economy Under Rational and Adaptive Expectations

OpenAIRE

Blackburn, Keith; Currie, David; Whittaker, R; Wren-Lewis, Simon

1985-01-01

The potential instability of a fixed monetary rule combined with automatic fixed stabilisers is a well-established feature of closed economy IS/LM models with wealth effects and asset accumulation. This paper examines the stability issue in a general open economy macromodel with alternative expectations mechanisms (rational or adaptive) in both the labour market and the foreign exchange market. The fixed monetary rule is found to be stabilising only in special cases, notably when post-tax rea...

PREVIOUS DEVELOPMENTS AND THE CURRENT SITUATION IN THE TURKISH BANKING SECTOR, FOREIGN ENTRY AND ITS REFLECTIONS ON THE NATIONAL BANKING INDUSTRY

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Aytac GOKMEN

2009-01-01

Full Text Available The banking industry possesses a unique property that is unlike to other sectors with respect to supplying liquidity and financial strength for the economy and transaction operations However, despite their significance, banking industries in the world are subject to various crises and foreign interventions that could affect the financial industry negatively. This study describes the background of the Turkish Banking Sector, explains the reasons for the three major crises it was subjected to in 1994, 2001 and 2002 that resulted from numerous factors such as insufficient implementation of regulations, inadequate depth of the capital markets, lack of assessment of risk, inadequate managerial applications and excessive lending to incorporated institutions. The study also dwells on the restructuring process that has been continuing for more than two decades, reasons of foreign entry to the Turkish Banking Industry, as well as explains the reflections of foreign entry on the national banking industry depending on various comprehensive and credible national and international publications.

EMERGING ECONOMIES: COMPARATIVE ANALYSIS OF MIST AND IBSA COUNTRIES

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Gonca Oguz Gok

2016-04-01

Full Text Available Post Second World War liberal economic order and its institutions have been challenged with the rapidly growing powerful economies of some Asian and Latin American countries in the last decade. Yet, there is ambiguity in international political economy field with regard to conceptualizing and categorizing these emerging economies. This study mainly aims to ravel out this obstacle by offering a new quantitative benchmarking framework. In other words, this study proposes a new evaluation criteria set for assessing emerging economies with combining testable domestic and systematic factors. Accordingly, this study presents the cross-country comparison by using quantitative benchmarking analysis between IBSA -India, Brazil and South Africa- and MIST -Mexico, Indonesia, South Korea and Turkey- countries over the period 2008- 2012. We compare these countries based on the criteria of economic growth, human development index, foreign direct investment, and official development assistance. This study also aims to evaluate the group performance of these newly emerging economies- namely the rise of IBSA and MIST countries-in a comparative perspective. In conclusion, the performance of these countries -from both group-of-country and individual-country perspectives- are discussed in light of the results

Foreign language affects the contribution of intentions and outcomes to moral judgment.

Science.gov (United States)

Geipel, Janet; Hadjichristidis, Constantinos; Surian, Luca

2016-09-01

We examine whether the use of a foreign language, as opposed to the native language, influences the relative weight intentions versus outcomes carry in moral evaluations. In Study 1, participants were presented with actions that had positive outcomes but were motivated by dubious intentions, while in Study 2 with actions that had negative outcomes but were motivated by positive intentions. Participants received the materials either in their native or a foreign language. Foreign language prompted more positive moral evaluations in Study 1 and less positive evaluations in Study 2. These results show that foreign language reduces the relative weight placed on intentions versus outcomes. We discuss several theoretical accounts that are consistent with the results such as that foreign language attenuates emotions (triggered by intentions) or it depletes cognitive resources. Copyright © 2016 Elsevier B.V. All rights reserved.

Free Market Institutions and FDI Performance in Emerging Asian Economies

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Vogiatzoglou Klimis

2016-12-01

Full Text Available This paper examines long-term developments in the quality and efficiency of free market institutional systems across thirteen emerging economies from South, South-east, and East Asia over the 1995–2014 period. The paper also empirically assesses the impact of free market institutions on a country’s inward foreign direct investment (FDI performance. We find that the free market institutional framework in most economies is still relatively inefficient, restrictive, and underdeveloped but has, nevertheless, substantially improved during the last twenty-year period. Our empirical results also indicate that a free market institutional system in a host-country is a factor that attracts inward FDI to emerging Asian economies by multinational companies. Consequently, policy makers should focus on further improving the quality of free market institutions.

Political Strategies of Foreign Firms in the Dutch Chemical Industry

NARCIS (Netherlands)

Kranenburg, H.L. van; Voinea, C.L.; Burger, M.; Tulder, R. van; Verbeke, A.; Voinea, L.

2012-01-01

- Purpose – This chapter explores the rationale for foreign companies to have a political strategy and how these companies are politically active in a small, open and regionally integrated economy. The reasons why companies are engaged in corporate political activities are tied to the rationales for

The Political Economy of Extraterritoriality

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Paul B. Stephan

2013-06-01

Full Text Available Near the end of the 2009 Term the Supreme Court decided Morrison v. Australia National Bank, Ltd., the strongest anti-extraterritoriality opinion it has produced in modern times. Not only is Congress presumed generally to prefer only territorial regulation, but lower courts that had carved out exceptions from this principle over a long period of time must now revisit their positions. Again this year in Kiobel v. Royal Dutch Shell Co. the Court relied on an aggressive use of the presumption against extraterritoriality to cut back on an important field of private litigation. The Court appears to have embraced two related stances: The imposition of barriers to extraterritorial regulation generally advances welfare, and the lower courts cannot be trusted to determine those instances where an exception to this rule might be justified. Implicit in the Court's position are intuitions about the political economy of both legislation and litigation. I want to use the occasion of the Morrison and Kiobel decisions to consider the political economy of extraterritorial regulation by the United States. International lawyers for the most part have analyzed state decisions to exercise prescriptive jurisdiction over extraterritorial transactions in terms of a welfare calculus that determines the likely costs and benefits to the state as a whole. Fewer studies have considered the political economy of the decision whether to regulate foreign transactions. No work of which I am aware has considered the political economy of deciding the extraterritorial question through litigation. This paper seeks to fill these gaps by sketching out what political economy suggests both about extraterritoriality and the role of courts as arbiters of extraterritoriality.

Reframing aid in a world where the poor live in emerging economies

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Gilles Carbonnier

2012-04-01

Full Text Available This special issue of International Development Policy analyses the major shifts affecting traditional development assistance, particularly with regard to global public policy and the emerging economies. In this introductory chapter, the authors examine the changing development landscape and the shifting geography of poverty to question the role of aid organisations in middle-income economies (MICs. They argue that continued donor engagement in these richer countries is warranted for two reasons. First, and in the best interest of lower-income countries (LICs, traditional donors and MICs must cooperate in the design and implementation of global policies to protect global public goods. Second, foreign aid agencies can assist MICs in reducing poverty at home. They must, however, tread lightly in this political endeavour that often implies supporting domestic drivers of change in pushing for tax reform and improved public service delivery. The authors focus in particular on the pivotal role of the emerging middle classes and civil society organisations in MICs. Finally, they introduce policy coherence for sustainable development as a shared framework for MICs and high-income countries (HICs to effectively address the poverty and global public goods agendas.

MULTINATIONAL COMPANIES AND FOREIGN DIRECT INVESTMENT

OpenAIRE

Lucia P. BLĂJUȚ

2014-01-01

This paper highlights the significant share of multinational companies in international trade that are a factor of developing global economies. In the context of economic globalization the activity of multinational companies and their foreign direct investment have a strong impact on the host country which presents advantages and disadvantages for them. The main objective of this article is the review of the important role played by multinationals in economic development, especially in develo...

THE IMPACT OF THE FOREIGN CAPITAL BANKS ON ENSURING FINANCIAL STABILITY ON LONG TERM

Directory of Open Access Journals (Sweden)

Isac\tBORS

2015-06-01

Full Text Available The present study is focusing on analysing the role played by the foreign banks within the national and international banking system as well the impact the foreign banks have on the autochthon banking system, on the financial activity, on the real economy and on the financial stability on long terms. The research conducted highlights the fact that along the positive impact on the banking system and on the economy of the host country, generated by their quality as vectors of mobilizing and directioning the international financial flows towards the host country, there can also be considered a negative impact. The study shows that the impact of the negative effects, that have as main cause the reversibility of the international financial flows, depends, on a great extent, on the specific conditions of the host country, on the characteristics of the foreign banks, but mostly, by the share held by the foreign countries within the framework of the host banking system. Starting from the role played by the capitalization of the banking system to ensure financial stability, the research made on Romania’s case shows both, the positive effects generated by the presence of the foreign banks and also, their vulnerability in front of this excessive dependence on the foreign capital induced by this presence. The solution to reduce this dependence can only come from the autochthon capital direction whose mobilization may countervail the gap made by the foreign banks and, by surceasing the process of financial disintermediation, to ensure the maintenance of the financial stability on long term.

Oil boycott and the political economy

International Nuclear Information System (INIS)

Katouzian, H.

1988-01-01

The severe foreign exchange shortage caused by the loss of oil revenues forced Musaddiq's government to adopt the strategy of non-oil economics. This was not a coherent and comprehensive policy framework, but its different strands tended to complement and reinforce each other. Hence by August 1953 the balance of payments was on a steady course, and the domestic economy was under control. This paper gives a brief review of the background of the oil boycott and a discussion of the search for a solution

STYLE OVER SUBSTANCE? THE EFFECT OF PERCEPTIONS OF THE ECONOMY AND AFFECT TOWARD THE PRESIDENT ON TRUST IN GOVERNMENT

OpenAIRE

Holmes, Adam J

2005-01-01

This study examines persons' trust in the federal government using data from the National Election Study for the presidential election years 1980 through 2000. I hypothesize that person's perceptions of the national economy's health and their affect toward the incumbent president are both positively correlated with their trust in the federal government. I also hypothesize that a person's level of affect toward the president is a stronger predictor of their trust in the federal government th...

Foreign Aid to Nigeria and Domestic Obstacles: A Review of Anambra State Education Sector

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Emma E.O Chukwuemeka

2014-06-01

Full Text Available The study investigated the effect of foreign aid on the development of different sectors of the Nigerian economy. Particular emphasis was laid on the educational sector of Anambra State. Survey research method was adopted. Data collected were analyzed using Chi-square parametric statistics. Many factors were found to militate against the effectiveness of foreign aid in achieving development. Among the factors were corruption, poor policies and institutional framework as well as poor utilization of development fund. Based on the findings, recommendations were made. These include the need for the establishment of a sound institutional framework and infrastructural facilities; also there is the need for a reform of the educational sector of Anambra state as well as all sectors of the Nigerian economy.

Doing Business 2014 Economy Profile : Taiwan, China

OpenAIRE

World Bank; International Finance Corporation

2013-01-01

This economy profile presents the Doing Business indicators for Taiwan. In a series of annual reports, Doing Business assesses regulations affecting domestic firms in 189 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders. This year's report data cover regulations measured from June 2012 through...

Doing Business 2014 Economy Profile : Marshall Islands

OpenAIRE

World Bank; International Finance Corporation

2013-01-01

This economy profile presents the Doing Business indicators for Marshall Islands. In a series of annual reports, Doing Business assesses regulations affecting domestic firms in 189 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders. This year's report data cover regulations measured from June 20...

The underground economy in Romania

Directory of Open Access Journals (Sweden)

Adriana Veronica LITRA

2016-07-01

Full Text Available The paper aims at covering issues related to the underground economy, activities that compound this phenomenon, its magnitude in Romania and reported to the European average. Underground economy in Romania consists of undeclared work (2/3 from the total and unreported income; it decreased from 33.6% of GDP in 2003 to 28% in 2014, but remained over EU-28 average with about 10 p.p. Among EU-28 countries, only Bulgaria exceeds the size of the underground economy of Romania. The underground economy is a challenge for the leadership of the state which must act simultaneously to stop illegal activities, and to discourage non-declaration of the legal activities. Corruption favours maintaining the underground economy, delays economic development, obstructs democratic processes and affects justice and the law state.

Foreign direct investment (FDI) in energy/electricity projects in the economies in transition

International Nuclear Information System (INIS)

Brendow, K.

1995-01-01

Registered foreign direct investments (FDI) in energy/ electricity projects in central and eastern Europe and the CIS are weak and disappointing compared with expectations and business opportunities. In addition, energy FDI is highly concentrated in oil and gas exploration/extraction. FDI opportunities in electricity generation, transmission and distribution while being explored, have not been implemented, mostly for legislation restriction reasons towards foreign participation. The major issue appears to be the extent of privatization of this politically and socially sensitive industry. Progress are made in Hungary, Poland and the Czech Republic. A significant breakthrough depends on political stability, economic recovery and progress in privatization. 2 figs

Does Combining the Embodiment and Personalization Principles of Multimedia Learning Affect Learning the Culture of a Foreign Language?

Science.gov (United States)

Wang, Yanlin; Crooks, Steven M.

2015-01-01

The purpose of this study was to investigate how social cues associated with the personalization and embodiment principles in multimedia learning affect the learning and attitude of students studying the culture of a foreign language. University students were randomly assigned to one of two experimental conditions that consisted of an…

Bollywoodization of foreign policy: How film discourse portrays tension between states

Directory of Open Access Journals (Sweden)

Azmat Rasul

2015-07-01

Full Text Available As the nexus between film industry and state apparatus has grown critical and complex in the wake of war on terror, academic circle have paid attention to identify the patterns of relationship between entertainment industry of a country and its foreign policy. To understand the role of the soft power in assisting governments to secure their interests at international level, this article examines the relationship between Bollywood and the Indian foreign policy through the lens of critical political economy of communication approach. Popular films portraying tension and cooperation between the South Asian neighbors were critically analyzed, and the results indicated that Bollywood closely followed the foreign policy initiative of the Indian government.

Foreign direct investment as an entry mode. An application in emerging economies

NARCIS (Netherlands)

Sels, A.T.H.

2006-01-01

This dissertation examines the determinants of foreign investment entry modes in Central and Eastern Europe during transition. Utilizing various theoretical bases in industrial organization and strategy, it attempts to distill a better understanding of the ownership choice between joint ventures and

On the creative economy chain in Brazil: potential and challenges

Directory of Open Access Journals (Sweden)

ANITA KON

2016-03-01

Full Text Available ABSTRACT The article presents an analysis of the Creative Economy in Brazil, showing its development potential for the generation of income and employment, in order to the country's development resumption. They are initially presented concepts and features of the Creative Economy for, in sequence, to analyze the economic development profile and potential of this industry in Brazil. The empirical part introduces some methodological aspects, in continuing with the analysis of the creative chain contribution to the generation of Value Added and employment in the country, and a vision of their foreign trade.potential. Finally, the challenges to the implementation of public policies are investigated.

Shadow Economy and Poverty

OpenAIRE

Nikopour, Hesam; Shah Habibullah, Muzafar

2010-01-01

This study attempts to investigate the relationship between shadow economy and poverty by explaining the mechanism through which shadow economy affects poverty via its impact on government size and economic growth, and using the human poverty index (HPI) for developing and developed countries. In order to achieve this objective, the three-way interaction model is utilized using data of 139 developing and 23 developed countries separately during 1999-2007. For developing countries the dynamic ...

What we buy with foreign aid.

Science.gov (United States)

Rowan, C T

1995-02-03

Some in the US view foreign assistance as some type of wasteful international welfare program. To the contrary, US foreign aid is invaluable investment in both the country's future and that of the world. 43 of the top 50 customers of American agricultural products were, for example, once foreign aid recipients. South Korea imports three times as much in US goods each year as it received in aid during the entire 1960s. Furthermore, President Bill Clinton's recent bypass of Congress to bail Mexico from its economic morass serves both US and Mexican interests. Helping to help the economy of Mexico afloat protected 750,000 US jobs which come from trade with Mexico as well as billions of dollars of investments by middle-class Americans in Mexico and Latin America. It is unfortunate that the Republican-controlled Congress fails to understand that the continuation of US foreign aid serves US interests while at the same time helping other less fortunate populations. It is clear that US aid over the decades has made an enormous positive impact upon the health and welfare of populations in developing countries worldwide, especially in the area of population assistance. Congressional leaders are considering cutting US foreign aid to developing countries by 10-20%, but that won't save much money. The US in 1994 spent $12.3 billion on foreign assistance, less than 1% of the federal budget and the lowest amount in the history of the aid program. About half of that was in military assistance, which would not be cut.

Does Foreign Direct Investment Affect Green Growth? Evidence from China’s Experience

Directory of Open Access Journals (Sweden)

Shujing Yue

2016-02-01

Full Text Available Foreign Direct Investment (FDI not only affects the economic growth but also affects the environmental protection of the host country. With China’s background of pursuing green growth, we need to consider the performance of FDI from the economic and environmental benefit aspects. On this basis, using slacks-based measure directional distance function (SBMDDF to build up green growth efficiency, economic efficiency and environmental efficiency indexes, empirical research on FDI in 104 Chinese cities from 2004 to 2011 has shown that: (1 Different cities have differences in their green growth efficiency. Shenzhen city is always efficient in green economic growth. (2 Overall, FDI is positive on Chinese cities’ green growth. (3 When the green growth efficiency is broken down into economic efficiency and environmental efficiency, FDI promotes China’s economic green growth through both environmental benefits and economic benefits. (4 The effect of FDI differs in different sectors. FDI in the emission-intensive sector promotes green efficiency mainly through the improvement of economic efficiency. FDI in the non-emission-intensive sector promotes economic efficiency, environmental efficiency and green efficiency.

Corporate foreign exchange speculation and integrated risk management

DEFF Research Database (Denmark)

Aabo, Tom; Hansen, Marianna Andryeyeva; Pantzalis, Christos

2012-01-01

Purpose – The purpose of this paper is to investigate how non-finance departmental involvement in the management of exchange rate risks impacts the extent of foreign exchange speculation in non-financial firms. Design/methodology/approach – We survey non-financial firms in a small open economy...... (Denmark) to investigate the extent of foreign exchange speculation and how it is related to the degree of non-finance departmental involvement in the management of exchange rate risks. We employ binary and ordered probit regression analysis. Findings – We find a positive link between 1) the extent...... to which other departments than the finance department is involved in the management of exchange rate risks and 2) the extent to which the firm is likely to speculate – whether in the form of selective hedging or active speculation – on the foreign exchange market. Practical implications – Our findings...

AN INTRODUCTION TO THE UNDERGROUND ECONOMY OF ROMANIA

Directory of Open Access Journals (Sweden)

Loredana Maftei

2014-04-01

Full Text Available Shadow economy affected for a long time Romania, even since the old regime. During the period 1995-1996, the expansion of this phenomenon has become more serious. Along with Bulgaria, Romania is the second most affected country in the Eastern part of Europe, the shadow economy reaching around 28% of national GDP. This process is boosted by a high level of tax evasion, black labor and overregulation. With the ascension into EU, Romania made considerable efforts to combat the underground economy through a increase of electronic payments, credit card and deposit use.

Rentierism in the Algerian economy based on oil and natural gas

International Nuclear Information System (INIS)

Machin Alvarez, Alejandra

2010-01-01

This essay analyzes Algeria's degree of adaptation toward possessing the constituent features of an oil and gas rentier economy, and whether its current status could be threatened by changes to its energy policy. With this aim, the article first uses empirical evidence to analyze different rentier features of the Algerian economy (the importance of the hydrocarbon sector, Algerian NOC Sonatrach's role in energy policy and revenue distribution). Second, the circuit that perpetuates rentier logic is described, the main conclusion being that the Algerian economy does indeed offer the very conditions that guarantee the self-perpetuation of rentierism. However, this conclusion is jeopardized by uncertainties stemming from two potential changes in the national status of the hydrocarbons sector: a greater presence of foreign hydrocarbon companies in Algeria, and growing internationalization by Sonatrach.

Capital Accumulation in a Region. Cooperatives Versus Foreign Direct Investments

Directory of Open Access Journals (Sweden)

Zimnoch Krystyna

2016-09-01

Full Text Available The main aim of this article is to demonstrate the ability of cooperatives to create internal resources of a region through foreign direct investments and the creation of financial, physical, human, and social capital. It concerns the comparing and emphasizing of the stability of resources created in a region by these forms of action. In order to demonstrate the stability of internal resources of a region, generated through foreign direct investment, a research was conducted involving the analysis of the rankings of the largest foreign investors in Poland, statistical data from the Central Statistical Office and the NBP, showing the inflow and outflow of FDIs, the number of companies with foreign capital participation, and the number of people working in them. In addition, a case study was used for the regions where the investments have been withdrawn, showing the importance of cooperatives for the stabilization of the potential of the regions. The study shows that the transfer of FDIs is always guided by the maximization of profit, tax optimization of a location, and the native currency exchange rate fluctuations. The following consequences of withdrawal have no significance to foreign investors but affect the regions: the increase in the unemployment rate, the reduction in the income of local residents, the increase in debt, the acquisition of real estate purchased on credit. The case study shows that cooperative enterprises can replace foreign capital in the region, ensuring the stability and durability of its internal resources. The concepts and strategies for regional development should focus on cooperatives as a way to create the internal resources of a region, which are seen as the current development source. Co-operatives can prevent the leaching of resources and backwash effects. The economic policy must ensure the equal treatment of all of the entities investing in the region. Currently, Poland gives the priority to foreign investors

MULTIFRACTAL STRUCTURE OF CENTRAL AND EASTERN EUROPEAN FOREIGN EXCHANGE MARKETS

Directory of Open Access Journals (Sweden)

Cn#259;pun#351;an Rn#259;zvan

2012-07-01

Full Text Available It is well known that empirical data coming from financial markets, like stock market indices, commodities, interest rates, traded volumes and foreign exchange rates have a multifractal structure. Multifractals were introduced in the field of economics to surpass the shortcomings of classical models like the fractional Brownian motion or GARCH processes. In this paper we investigate the multifractal behavior of Central and Eastern European foreign exchange rates, namely the Czech koruna, Croatian kuna, Hungarian forint, Polish zlot, Romanian leu and Russian rouble with respect to euro from January 13, 2000 to February 29, 2012. The dynamics of exchange rates is of interest for investors and traders, monetary and fiscal authorities, economic agents or policy makers. The exchange rate movements affect the international balance of payments, trade flows, and allocation of the resources in national and international economy. The empirical results from the multifractal detrending fluctuation analysis algorithm show that the six exchange rate series analysed display significant multifractality. Moreover, generating shuffled and surrogate time series, we analyze the sources of multifractality, long-range correlations and heavy-tailed distributions, and we find that this multifractal behavior can be mainly attributed to the latter. Finally, we propose a foreign exchange market inefficiency ranking by considering the multifractality degree as a measure of inefficiency. The regulators, through policy instruments, aim to improve the informational inefficiency of the markets, to reduce the associated risks and to ensure economic stabilization. Evaluation of the degree of information efficiency of foreign exchange markets, for Central and Eastern Europe countries, is important to assess to what extent these countries are prepared for the transition towards fully monetary integration. The weak form efficiency implies that the past exchange rates cannot help to

UNDERGROUND ECONOMY, GDP AND STOCK MARKET

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Caus Vasile Aurel

2012-07-01

Full Text Available Economic growth is affected by the size and dynamics of underground economy. Determining this size is a subject of research for many authors. In this paper we present the relationship between underground economy dynamics and the dynamics of stock markets. The observations are based on regression used by Tanzi (1983 and the relationship between GDP and stock market presented in Tudor (2008. The conclusion of this paper is that the dynamics of underground economy is influenced by dynamic of financial markets. Thus, using specific stock market mathematical tools analysis, one can analyze the dynamic of underground economy

Domestic and foreign effects on prices in an open economy

DEFF Research Database (Denmark)

Juselius, Katarina

1992-01-01

Domestic price determination in Denmark is investigated using three kinds of macroeconomic explanations: (1) internal labor market theories describing the relation between price and wage inflation, (2) pure monetarist theories describing the effect of excess money on the inflation rate. and (3...... found to be the main determinants of the inflation rate. Among these, the domestic effects were small compared to the foreign effects. The empirical results strongly favored a backward-looking behavioral model in terms of structurally stable parameters as opposed to a forward-looking expectations model...

Gaps in EU Foreign Policy

DEFF Research Database (Denmark)

Larsen, Henrik

of Capability-Expectations Gap in the study of European foreign policy. Through examples from relevant literature, Larsen not only demonstrates how this concept sets up standards for the EU as a foreign policy actor (that are not met by most other international actors) but also shows how this curtails analysis...... of EU foreign policy. The author goes on to discuss how the widespread use of the concept of ‘gap' affects the way in which EU foreign policy has been studied; and that it always produces the same result: the EU is an unfulfilled actor outside the realm of “normal” actors in IR. This volume offers new...... perspectives on European foreign policy research and advice and serves as an invaluable resource for students of EU foreign policy and, more broadly, European Studies....

Globalisation, Trade Openness and Foreign Direct Investment in Romania

Directory of Open Access Journals (Sweden)

Dima Stela

2016-11-01

Full Text Available The paper analyses the trend of globalisation, trade openness and foreign direct investments (FDI in Romania and the link between them in the last 25 years. Data from UNCTAD, World Bank and KOF globalisation index were used in econometrical models testing the link between globalisation, trade openness and foreign direct investment. A strong positive and statistical validated link is found between globalisation and FDI, between trade openness and FDI, and between FDI and globalisation. In the context of Romanian economy, these three phenomena are interrelated and each of them is acting to potentiate the effect of the other. Moreover, a multivariate regression analysis emphasized the dependency between globalisation index and foreign direct investment, trade openness and market capitalisation. These results can be taken into account when national policies aiming to attract FDI and stimulating export-import activities are designed.

Foreign direct investment mode choice : entry and establishment modes in transition economies

NARCIS (Netherlands)

Dikova, Desislava; van Witteloostuijn, Arien

In this study, we bridge two streams of foreign direct investment literature, specifically studies on establishment mode choice (i.e., the choice between an acquisition and a greenfield establishment) and studies on entry mode choice (i.e., the choice between a wholly owned outlet and a subsidiary

National policy measures. Right approach to foreign direct investment flows

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Cătălin-Emilian HUIDUMAC-PETRESCU

2013-02-01

Full Text Available 2011 was a difficult year for all the countries, developed and emerging ones. For overcoming the negative effects of the financial crisis, many economies have established as purpose to adopt new economic policies regarding the foreign direct investment flows (FDI, even to stimulate the flows or to reduce it (protectionism measures. So, there can be identified two categories of national policies: measures for the FDI flows stimulation and measures whose aim was the weighting of FDI developing, through restriction and regulation. In the first category we could include the liberalization measures and promotional and faciletation policies. In this study we evidenced that the fundament of the second category of policies is the belief that the FDI outward lead to job exports, to a raise of unemployment and a weakness of the industrial base.Many reports on FDI flows, here we talk about those made by UNCTAD, show that the regulation and restriction policies are seen as a possible protectionism, especially in the agricultural and extractive industries, where there have been required nationalization processes and divestments. Even more, the economies which adopted this kind of policies have been less interested in investing abroad, the outward of FDI being affected and globally the total outward decreased.

Cointegration and Causality Test Among Export, Import, and Foreign Exchange

Directory of Open Access Journals (Sweden)

Haryono Subiyakto

2016-06-01

Full Text Available The rupiah exchange rate, import, and export are the important indicators in economy, including the Indonesia economy. The debate regarding the relationship among the exchange rate, import, and export has been persisting for several decades. Some researchers found that there is a relationship among those three and others explained that there is no correlation among them. The aim of this research is to obtain the empirical evidence of the causal relationship among the export, import, and foreign exchange rate by using the monthly data from January 2010 to April 2014. The export and import data are the export and import values in US dollar. The exchange rate data is the median exchange rates of the Indonesian Bank. The Johansen Cointegration Test and the Granger Causality Test are used to analyze the data. The research result shows that export and import have no causal relationship at five percent. Next, the foreign exchange rate influences the export and import at 10 percent level. The result indicates that the foreign exchange rate has small effects on the export and import. Based on the results, the government should control the balance of trade and should not make any policy that is based on the exchange rate values. Finally, it can be said that the exchange rate policy is not effective in increasing the exports and reducing the imports.

Determinants of Foreign Direct Investment and Its Causal Effect on ...

African Journals Online (AJOL)

Foreign direct investment (FDI) is an important tool for the growth of any economy as it is more stable than several forms of capital flows. The consensus is that it provides the much needed requirement for economic development and growth. However, evidences in Nigeria have shown FDI crowding out of domestic firms and ...

Do Foreign-Owned Firms Provide Better Working Conditions Than Their Domestic Counterparts? A Comparative Analysis

OpenAIRE

Hijzen, Alexander; Martins, Pedro S.; Schank, Thorsten; Upward, Richard

2010-01-01

This paper analyses to what extent working conditions in foreign-owned firms differ from those in their domestic counterparts. It makes three main contributions. First, we replicate the consensus in the empirical literature by applying a standardised methodology to firm-level data for three developed (Germany, Portugal, UK) and two emerging economies (Brazil, Indonesia). We show that, consistent with previous evidence, foreign-owned firms offer substantially higher average wages than domestic...

China – A New Center of Power in the Global Economy

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Sarmiza Pencea

2012-04-01

Full Text Available In its first part, this paper looks at China’s rapid economic transformation of the last more than three decades, at its accelerated, never-met-in-history growth, and at the factors underneath: masive investments, both foreign and local, technology and managerial know-how transfers, related productivity rises, huge exports and, hopefully, increasingly larger future domestic comsumption. In its second part, the article highlights China’s complex impact on world demand, supply and prices, resulting from its extensive development and from its new positioning in the world economy. Finally, the paper also looks at the negative externalities of China’s unsustainable development, in terms of land, water and air pollution, speedier depletion of the natural resources of the planet and climate change, stressing upon the ideea that while the whole mankind is affected, the first to suffer are the Chinese themselves.

Methods of currency risk management in foreign trade

Directory of Open Access Journals (Sweden)

V.V. Ksendzuk

2016-03-01

Full Text Available Development of the country’s market national economy is closely connected with international economic relations. Therefore national business entities are actively involved in foreign trade, and their positive results influence not only on the status and income of owners, but form the economic potential of the country. The survey describes the main indicators of foreign trade and the impact of export and import transactions on economic development of Ukraine, particularly on the gross domestic income of the country. Taking into account also the negative trends in foreign currency exchange rates, the article considers the types of currency risks that accompany international transactions and identifies the limits of the usefulness of currency risk management methods. The methods of currency risk management are also systematized, the benefits of their use for the enterprise are considered and the status and readiness of Ukraine’s financial market to ensure appropriate conditions for the functioning of the currency risk management in domestic enterprises are analyzed.

Doing Business 2014 Economy Profile : Iran, Islamic Rep.

OpenAIRE

World Bank; International Finance Corporation

2013-01-01

This economy profile presents the Doing Business indicators for Iran. In a series of annual reports, Doing Business assesses regulations affecting domestic firms in 189 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders. This year's report data cover regulations measured from June 2012 through M...

WAYS TO ATTRACT ADDITIONAL INVESTMENTS IN THE ECONOMY OF UKRAINE

Directory of Open Access Journals (Sweden)

Volodymyr Boreiko

2016-06-01

Full Text Available In the article investigated the role of investment resources in ensuring the dynamic development of the economy of countries; analyzed the dynamics earnings of direct foreign investments in Ukraine and deposits of the population attracted by commercial banks; proved that to create a favorable environment for investors, Ukraine should strengthen legal protection of the commercial interests of investors and provide them with tax breaks, provide insurance their of industrial and commercial risks, cancel taxation of deposits of citizens and to reimburse them the full amount of deposits in bankruptcy of commercial banks. Keywords: investment resources, economy of country, population deposits, legal protection, risk insurance, tax benefits. JEL: O 16

The effect of informal economy on income inequality: Evidence from Turkey

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Elveren Adem Y.

2016-01-01

Full Text Available By considering the manufacturing pay inequality index as a proxy for overall income inequality and a novel index for the informal economy, this study analyzes the relationship between income inequality and the size of the informal economy in Turkey for the first time during the period of 1963-2008. For this purpose, we employ a time-series analysis with the Johansen cointegration test, a vector error correction model and the Granger causality tests. The findings suggest that while an increase in income inequality and foreign trade competitiveness leads to an expansion of the informal sector, unemployment has negative effects on the informal sector.

Rentierism in the Algerian economy based on oil and natural gas

Energy Technology Data Exchange (ETDEWEB)

Machin Alvarez, Alejandra [Grupo de Investigacion sobre Economia Politica de la Mundializacion, Departamento de Economia Aplicada I, Facultad de Ciencias Economicas y Empresariales, Universidad Complutense de Madrid, Campus de Somosaguas, 28223 Madrid (Spain)

2010-10-15

This essay analyzes Algeria's degree of adaptation toward possessing the constituent features of an oil and gas rentier economy, and whether its current status could be threatened by changes to its energy policy. With this aim, the article first uses empirical evidence to analyze different rentier features of the Algerian economy (the importance of the hydrocarbon sector, Algerian NOC Sonatrach's role in energy policy and revenue distribution). Second, the circuit that perpetuates rentier logic is described, the main conclusion being that the Algerian economy does indeed offer the very conditions that guarantee the self-perpetuation of rentierism. However, this conclusion is jeopardized by uncertainties stemming from two potential changes in the national status of the hydrocarbons sector: a greater presence of foreign hydrocarbon companies in Algeria, and growing internationalization by Sonatrach. (author)

Mexico Under NAFTA: Accounting Information In a Changing Economy

Directory of Open Access Journals (Sweden)

Juan M. Rivera

1998-08-01

Full Text Available Mexico has successfully implemented policies to open foreign trade, stabilize the Peso, control inflation, deregulate private business, scale back state enterprises, eliminate bureaucratic red tape, and welcome foreign investment. This process started before NAFTA was considered; however, NAFTA helped in making these economic changes more permanent. Given a more propitious business environment, understanding the financial information reported by Mexican firms constitutes a relevant inquiry. This paper analyzes features of the accounting model used in that economy and compares them against the characteristics of its counterpart accounting practice in the U.S. As a whole, the Mexican accounting practice has achieved a reasonably good level of competence. In their quest to find solutions to problems and issues not yet covered by their accounting norms, the Mexican Accounting Principles Committee has paid close attention to the U.S. GAAP and to the principles advanced by the International Accounting Standards Committee. A new Law of the Securities Market has added mechanisms to guarantee a healthy operation of the securities market and to increase the transparency of transactions and financial disclosures of the companies whose securities are traded in the exchanges. All this is a reflection of the new open economy and free market mechanisms embraced by the Mexican government.

'Cold reality in the land of fire': The interrelations of Azerbaijan's natural gas export and foreign policy

Science.gov (United States)

Marosvari, Csaba

Azerbaijan, a landlocked post-Soviet country since its independence has been trying to utilize its energy resources in its foreign policy. With production-sharing agreements with Western oil companies beginning with the 1994 signing of the "Contract of the Century" and the construction of the Baku-Tbilisi-Ceyhan oil pipeline Azerbaijan successfully opened up its energy sector for foreign investment and used pipelines to stabilize its economy and underpin its foreign policy. The discovery of the Shah Deniz gas field opened up new opportunities for Baku to buttress its foreign policy goals with the export of natural gas. In this Master's thesis I will evaluate and show the importance and significance of natural gas export in Azerbaijani foreign policy.

Foreign direct investment and policy framework: New Granger causality evidence from African countries

Directory of Open Access Journals (Sweden)

Rafiu Adewale Aregbeshola

2014-11-01

Full Text Available The strategic importance of foreign direct investment in the contemporary economies has been tremendous.While various countries (developed and developing economies have benefitted from the direct and spillovereffects of FDI, which range from improved technology and knowledge diffusion through to individual andcorporate capability enhancement, FDI outflow remains largely channelled to the developed countries, andthe rapidly developing countries in Asia and South America. Evidence suggests that the developmentenhancingeffects of FDI are felt more highly in the developing economies, such as economies in Africa.However, FDI inflow to the developing economies has been very low. Using data generated from the AfricanDevelopment Indicators (ADI between 1980 and 2008 in econometric estimations, this paper finds thatgovernment policies (especially fiscal and monetary policies play significant roles in facilitating FDI inflow tothe African countries studied. The study thereby suggests an improved regulatory framework to make Africamore attractive to inflow of FDI.

77 FR 8184 - Foreign Tax Credit Splitting Events

Science.gov (United States)

2012-02-14

... Foreign Tax Credit Splitting Events AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of... these proposed regulations. The regulations affect taxpayers claiming foreign tax credits. Special... of the Federal Register.] Sec. 1.909-6 Pre-2011 foreign tax credit splitting events. [The text of...

POLAND`S OUTWARD FOREIGN DIRECT INVESTMENT

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Buczkowski Bogdan

2013-07-01

Full Text Available The paper contributes to the discussion of motives, determinants and effects of outward FDI of companies from emerging economies. We analyze the the scale, structure, geographical location and effects of Polish foreign direct investments as well as we prioritize their determinants. The interest of Polish companies in investing abroad has increased sharply over the last decade, due to the need to broaden the scale of business operations and geographical scope of their economic activities after the Poland`s accession to the European Union.

Romanian Economy in the Interwar Period

Directory of Open Access Journals (Sweden)

Gheorghe Stefan

2016-05-01

Full Text Available Resumption of economic progress Will Be slow, but unevenly but after overcoming the food crisis of 1920-1921, Romania will be able to deliver on economic recovery by attracting capital investment, Increase the number of enterprises and workers and especially by increasing the driving force and technical endowment of enterprises. The Central Authorities Legislation Will draw up related protectionist liberal economic doctrine “by ourselves” in most of the period, According to political algorithm and the result of Increasing domestic resource mobilization of capital while limiting the foreign capital in the Romanian economy.

Chaoticity in the time evolution of foreign currency exchange rates in Turkey

Science.gov (United States)

Cakar, O.; Aybar, O. O.; Hacinliyan, A. S.; Kusbeyzi, I.

Tools from chaos theory that have found recent use in analysing financial markets have been applied to the US Dollar and Euro buying and selling rates against the Turkish currency. The reason for choosing the foreign exchange rate in this analysis is the fact that foreign currency is an indicator of not only the globalization of economy but also savings and investment. In order to test the globality assumption and to ascertain the degree of involvement of local conditions in Turkey, the Euro and US dollar exchange rates have been subjected to the same analysis.

Does Public Investment Boost Economic Growth? Evidence from An Open-Economy Macro Model for India

OpenAIRE

Pal, Soubarna

2008-01-01

Using annual data for India for the period 1984-2003 and employing parametric technique (GMM), the present paper jointly determines GDP growth, real exchange rate and net foreign assets in Indian economy. There is evidence that public investment exerts a significant influence on real exchange rate and the growth rate and does so non-linearly. A comparison of the Indian estimates with those available for the UK and the USA economies is also revealing and highlights the role of governance on th...

Models for financial crisis detection in Indonesia based on M1, M2 per foreign exchange reverse, and M2 multiplier indicators

Science.gov (United States)

Sugiyanto; Zukhronah, Etik; Pratiwi, Esteti Sophia

2017-12-01

Indonesia has been hit by financial crisis in the middle of 1997. The financial crisis that has occurred gives a severe impact to the economy of Indonesia resulting the needs for a detection system of financial crisis. Crisis can be detected based on several indicators such as M1, M2 per foreign exchange reserves, and M2 multiplier. These three indicators can affect the exchange rate stability and may further affect the financial stability so that it can be one of the causes of the financial crisis. This research aims to determine the appropriate model that can detect the financial crisis in Indonesia. Markov switching is an alternative model that can be approach and used often for detecting financial crisis. We can determine the combination of volatility and Markov switching model with AR and volatility model are determined first. The results of this research are that M1 can be modelled by SWARCH (3, 1) while M2 per foreign research exchange reserves and M2 multiplier can be modelled by SWARCH(3,2).

IS IT POSSIBLE TO REDUCE THE STOCK OF FOREIGN RESERVES?

Directory of Open Access Journals (Sweden)

Marcello Spanò

2011-07-01

Full Text Available This work determines the optimal reserves to short term debt ratio of an exporting economy indebted in foreign currency and suggests possible remedies to reduce it. Theoretical results and numerical simulations establish that the ratios recently observed reflect the increasing weight assigned to the risk of firms going bankrupt. They also establish that neither a lower risk premium charged by international lenders nor a lower exchange rate volatility reduce the stock of reserves significantly. Full elimination of the need to hold reserves to prevent financial crises should rely either on limiting foreign capital inflow or on reforming the international monetary system.

Impact of Worker Remittances on Economic Growth of Pakistan: Analysis of Pakistan’s Economy

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M. Mobeen Shafqat

2014-06-01

Full Text Available We make this study for the purpose of getting logical answer about avery famous matter regarding contribution of worker’s remittance in the growth of the economy of Pakistan. We also include different variables to evaluate the exact effect of foreign exchange earnings in economic growth of Pakistan by using time series data for the duration of 1991 to 2010. Here we applied OLS multiple regressions model and also check the assumptions of OLS by different diagnostic tests. The empirical and quantitative results describe that foreign remittance are the famous mean of economic growth and have significant positive relationship with each other. The productive use of this paper can help the economy of Pakistan to maintain and improve the economic growth by investing this money into different long term and short term projects. Pakistan’s Government should provide different incentives and lower down the cost of transactions to attract the overseas Pakistani emigrants that sent money through unofficial ways.

ECONOMY AND SOCIAL ENVIRONMENT

Directory of Open Access Journals (Sweden)

Oleg BOGOMOLOV

2008-12-01

Full Text Available Market reforms in the post-socialist countries have brought into sharp focus the problem of interconnection and interaction between the economy and the social environment. The economy is inseparable from politics and the operation of the political system, from the state of the social consciousness, the moral and cultural level of the population and from many other aspects of human life and behavior, in short, from everything that can be described by the concept of social environment. Society in every country is a single organism with closely interconnected and interacting parts and systems. Their conjugation and mutual influence are not always apparent and are often overlooked. It is quite easy to see how changes in policy affect the economy and then trace the feedback effect of the economy on policy. It is more difficult to discern the direct and feedback relationship of the economy with administrative relations, with the state of culture, science, morals and public opinion. Meanwhile, an underestimation of these mutual influences is a frequent cause of failures in socio-economic transformation. It is to be regretted that the reforms in Russia were accompanied by a dangerous disruption not only of the economy, but also of the entire system of social relations. What was primary here and what was secondary? In order to answer this question the paper takes a theoretical look at the problem of interaction between the economy and the social environment.

The Swedish Automotive Cluster : How will it be affected by foreign acquisitions at the end of the value chain?

OpenAIRE

Sundqvist, Helena

2011-01-01

In this master thesis it is analyzed how the Swedish automotive cluster will be affected by foreign acquisitions at the end of the value chain. This is a relevant topic as the Swedish automotive industry is a very important industry in Sweden. It is of interest to evaluate how the recent shifts of ownership for the Swedish automotive manufacturers will affect the Swedish automotive cluster as a whole. It is also relevant from a theoretical point of view and this thesis draws on the extensive ...

77 FR 8127 - Foreign Tax Credit Splitting Events

Science.gov (United States)

2012-02-14

... Tax Credit Splitting Events AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Final and... affect taxpayers claiming foreign tax credits. The text of the temporary regulations also serves as the... that if there is a foreign tax credit splitting event with respect to a foreign income tax paid or...

Foreign students as a resource of skilled workforce in the region (on materials of sociological survey

Directory of Open Access Journals (Sweden)

Rubinskaya Eteri, D.

2015-09-01

Full Text Available Scientific and technical revolution leads to permanent changes in the structure of social production. As a consequence, in employment increased the demand for specialists in a specific profile, depending on the development of science and industry at this stage. Russian post-industrial economy is impossible without a sufficient number of qualified professionals required by the economy. One of the effective ways to ensure country qualified professionals is foreign graduates who have received after graduation the opportunity to stay and work in the labor market of the host country. The paper presents results of sociological survey of international students in the Southern Federal University. The objectives of the survey was to determine the migration attractiveness of the Rostov region, conditions of adaptation and integration of foreign students, as well as identifying the prospects of their involvement in the regional labour market after receiving education. On the basis of generalization of the results in the paper drawn conclusions, given recommendations for improving conditions to attract of foreign students at the regional level.

Slovenia’s Foreign Policy Opportunities and Constraints: The Analysis of an Interplay of Foreign Policy Environments

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Fenko Ana Bojinović

2017-09-01

Full Text Available The article focuses on the interconnectedness of foreign policy environments to explain Slovenia’s opportunities and constraints for foreign policy action. During the period of pre-independence para-diplomacy, the building of an internal and external domestic environment successfully turned constraints (no international recognition into opportunities (applying for membership of European and global intergovernmental organizations. In the second period - post-recognition - considering the absence of a strategic foreign policy document, the Slovenian internal foreign policy environment became a major constraint to seize foreign environment opportunities. This affected Slovenia’s accomplishments, notably after NATO and EU memberships were achieved in 2004. Although the Slovenian internal environment matured during the following period to adopt, in 2015, a comprehensive foreign policy strategy the recent turn in world politics (especially the European financial and economic crisis and the migration crisis created for the first time a foreign environment for Slovenia that offered many fewer opportunities and far more constraints.

中国发改委规范外资项目管理%NDRC standardises management of foreign-invested projects

Institute of Scientific and Technical Information of China (English)

无

2008-01-01

@@ China's National Development and Reform Commission (NDRC)on July 19 issued a circular to further standardise the management of foreign- invested projects in five aspects,in an effort to prevent the potential risks that abnormal inflow of foreign capital may have on healthy development of the Chinese economy and on the balance of international payment.

DEDOLLARISATION DE L’ECONOMIE CONGOLAISE : Atouts, contraintes et perspectives.

OpenAIRE

MALINGUMU, Crispin

2015-01-01

This paper examines the reasons for the downward irreversibility of dollarization and analyses possibilities of de-dollarization of the Congolese economy. During the 2000s, stabilizing the macroeconomic framework has not ended this phenomenon. Indeed, the dollarization rate approximated by the ratio on foreign currency deposit on the total currency, deposit on total currency deposits passed respectively from on average of 35% in 2001 to more than 69.1% at the end of 2013 for the first while t...

New “stars” of global economy: TICKS comes to replace BRICS

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Iryna Chychkalo-Kondratska

2017-10-01

Full Text Available The paper discusses the reasons for the establishment of BRICS, and the role of the BRICS countries in the global economy today. Special attention is paid to the analysis of the factors, which caused the "destruction" of BRICS. The BRICS group is now being replaced by a new grouping of fast-growing economies – TICKS in which Russia and Brazil are replaced by Taiwan and South Korea. The authors analyzed the macroeconomic indicators of the TICKS countries and proposed a new structure of the grouping - Thailand, India, China, Korea, Singapore. These countries have fast-developing high-tech industries, increasing foreign investments and GDP, as it is proved here by the respective calculations of the authors.

Abnormal profitability and foreign investment based on the investigation of covered interest parity

Science.gov (United States)

Huang, Bor-Yi; Chiou, Jer-Shiou; Wu, Pei-Shan

2007-10-01

Most literature focuses on how foreign investment and the market returns are related. Instead, this study attempts to identify the origin of abnormal behavior by foreign investors, as well as the relationship among the error in covered interest parity (ECIP), foreign investment (INV), and stock returns (RS). This study finds that the behavior of ECIP can be accurately represented by the ARJI model, which is capable of describing sudden jumps in the economy. Consequently, CBP-ARJI thus provides an effective means of studying the interaction among underlying variables. Empirically, ECIP has a negative statistical significant influence on foreign investment. While RS and INV have no mutual volatility spillover effect, they have a close correlation in terms of jump intensity. The previous jump of INV had more impact on current INV, while RS had little impact. The early withdrawal of foreign investment causes stock indexes to fall, creating potential losses for general investors. Foreign investment thus observes abnormal ECIP behavior, while leading the market movements, are always better off.

A Study on the Information and Telecommunication Services of Ukraine as an Export-Oriented Sector of the Economy

Directory of Open Access Journals (Sweden)

Rahman Mahbubur S.

2017-05-01

Full Text Available The aim of the article is to study the current status, main problems and prospects for the development of the information and telecommunication services of Ukraine at the domestic and foreign markets as an export-oriented branch of the economy. The statistical indicators of the industry structure in the dynamics at the domestic and foreign markets, the contribution to GDP and employment were analyzed; the matrix and correlation analyses were performed and, on the base of the results, forecast models for the development of indicators for sales, exports and staff costs were constructed. Recommendations on prospective directions of development of IT services and software, use of the key advantages of the industry for the development of the export-oriented sector of the national economy are offered.

Contemporary challenges in applying of the modified model CAPM with country risk premium in emerging economies

OpenAIRE

Petrović Dragana

2017-01-01

Modern approach in determining the expected return of foreign investors' investments is based on the evaluation investment in capital asset-CAPM (Capital Asset Pricing Model). In order to use the CAPM model for calculating the expected return of foreign investors in growing economies, it is developed the extended model CAPM with the risk premium in the country. This variant of the CAPM model has been used for estimating the cost of capital. This is the expected return on a portfolio of the co...

The MIRAB Model of Small Island Economies in the Pacific and their Security Issues: Revised Version

OpenAIRE

Tisdell, Clem

2014-01-01

The MIRAB model of Pacific island micro-economies was developed in the mid-1980s by the New Zealand economists, Bertram and Watters, and dominated the literature on the economics of small island nations and economies until alternative models were proposed two decades later. Nevertheless, it is still an influential theory. MIRAB is an acronym for migration (MI), remittance (R) and foreign aid (A) and the public bureaucracy (B); the main components of the MIRAB model. The nature of this model i...

Aggregate Demand–Inflation Adjustment Model Applied to Southeast European Economies

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Apostolov Mico

2016-01-01

Full Text Available Applying IS-MP-IA model and the Taylor rule to selected Southeast European economies (Albania, Bosnia and Herzegovina, Macedonia and Serbia we find that the change of effective exchange rate positively affects output, while the change of the world interest rate negatively affects output or it does not affect the output at all, and additional world output would help to increase output of the selected economies.

The integrated model of innovative processes management in foreign countries

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M. T. Kurametova

2017-01-01

Full Text Available The formation of an innovative economy must correspond to the promising areas of development of scientific, technical and social progress. To ensure sustainable innovative development of the national economy, it is not only necessary to develop our own tools and mechanisms that are characteristic of the domestic management model, but also the rational use of foreign experience in this field. Analysis of international experience in the use of various tools and mechanisms, management structures for the creation of high-tech and knowledge-based enterprises showed: the integrated nature of innovative development and modernization of the economy is the most sound methodological approach of a phased, systemic transition to new technological structures; When developing tools and mechanisms for innovative development of the economy, one should take into account the actual state of the material and technical base and the existing industrial structure of production, take into account the real possibilities of using different types of resources. The greatest innovation activity is shown by those countries in which the national integrated system effectively provides favorable conditions for the development and introduction of innovations in various spheres of life. International experience in the use of forms of governance can be considered as a mobile system of relations with the real sector of the economy. In the article is given the experience of foreign countries, and examples of adaptation for Kazakhstan integrated models of management of innovative processes to create high-tech enterprises, innovative products which can be competitive in the world market. The author highlighted the role of JSC “Kazakhtelecom” with the widespread provision of public services, having the status of a National operator associated with the provision of the services including long-distance and an international telecommunication for telecommunication networks in General

Does the economy affect functional restoration outcomes for patients with chronic disabling occupational musculoskeletal disorders?

Science.gov (United States)

Hartzell, Meredith M; Mayer, Tom G; Neblett, Randy; Marquardt, Dennis J; Gatchel, Robert J

2015-06-01

To determine how the economy affects psychosocial and socioeconomic treatment outcomes in a cohort of chronic disabling occupational musculoskeletal disorder (CDOMD) patients who completed a functional restoration program (FRP). A cohort of 969 CDOMD patients with active workers' compensation claims completed an FRP (a medically-supervised, quantitatively-directed exercise progression program, with multi-modal disability management). A good economy (GE) group (n = 532) was released to work during a low unemployment period (2005-2007), and a poor economy (PE) group (n = 437) was released during a higher unemployment period (2008-2010). Patients were evaluated upon admission for demographic and psychosocial variables, and were reassessed at discharge. Socioeconomic outcomes, including work return and work retention 1 year post-discharge, were collected. Some significant differences in psychosocial self-report data were found, but most of the effect sizes were small, so caution should be made when interpreting the data. Compared to the PE group, the GE group reported more depressive symptoms and disability at admission, but demonstrated a larger decrease in depressive symptoms and disability and increase in self-reported quality of life at discharge. The PE group had lower rates of work return and retention 1-year after discharge, even after controlling for other factors such as length of disability and admission work status. CDOMD patients who completed an FRP in a PE year were less likely to return to, or retain, work 1-year after discharge, demonstrating that a PE can be an additional barrier to post-discharge work outcomes. A difference in State unemployment rates of <3% (7 vs. 5%) had a disproportionate effect on patients' failure to return to (19 vs. 6%) or retain (28 vs. 15%) work.

Improving the competitiveness of Russian companies through internet commerce in the foreign trade

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Kozenko V.V.

2015-05-01

Full Text Available Virtual enterprises have become an independent entity conducting foreign activities and functioning of the online stores as additional sales channels is a prerequisite for increasing the development potential of the Russian economy and competitiveness of traditional Russian companies on the world market. In the present work we analyzed the dynamics of the development of e-commerce in Russia, given the author's definition of rating online stores are defined levels of their operation and the possible barriers to the further development of the foreign economic activity.

Major Problems and Countermeasures of Foreign Trade in China under the Background of Expanding Domestic Demand

OpenAIRE

Ruan, Wei-tong; Li, Yu-hong

2010-01-01

Starting from China's macro-economic policy level and combining with the status of foreign trade in China, major problems in the development of foreign trade are analyzed under the background of expanding domestic demand, which is guided by the macro-economy, international finance, international trade and other related disciplines. Problems are mainly the inflation, the reduction of import, the trade protection, the increase in export costs, the reduction of export, the scale shrinkage of for...

A Rule of Reason for Inward FDI: Integrating Canadian Foreign Investment Review and Competition Policy

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Grant Bishop

2016-10-01

Full Text Available The Investment Canada Act (ICA needs an overhaul. This reform must include a paradigm shift in thinking to a much less restrictive view about the benefits of foreign direct investment in Canada. Currently, the ICA operates under the presumption that foreign firms behave detrimentally to the Canadian economy: foreign acquirers are required to show “net benefit” to Canada and may need to make onerous commitments for maintaining output or employment. This attitude, a holdover from the ICA’s predecessor, the Foreign Investment Review Agency, has created an atmosphere which fosters protectionism and relies on economically incoherent factors to assess the merit of proposed transactions. It is time to shed that archaic attitude and adopt a more reasoned perspective. Rather than requiring each proposed transaction to provide proof for the specific benefit to Canada, the ICA should assume that foreign acquisitions benefit Canada unless there is proof to the contrary. A more welcoming, balanced and rational perspective would be that foreign acquisitions actually improve the productivity of Canadian companies and contribute to the wellbeing of Canada’s economy. The ICA is flawed in other ways, too. Some reviews of proposed transactions have become unnecessarily fraught with politics. Think of the recent politically enmeshed fretting over the bid that the state-owned Chinese Offshore National Company made for Nexen Energy, or Malaysia’s state-owned Petronas’ bid for Progress Energy Resources Corp. Indeed, there has been a very real fear of traditionally Canadian-owned institutions losing their Canadian essence to foreign ownership. Then, too, there is the federal government’s built-in ability to impose onerous conditions, or undertakings, on foreign acquirers. All this is clearly a deterrent to potentially beneficial foreign investment in Canada. Canada needs a new regime without nationalism, protectionism and politics. Ideally, this new

Measurement of Foreign Exchange Exposure on the Turkish Private Banks’ Stock Prices

OpenAIRE

Serpil Canbas; Murat Doganlar; Yildirim B.Onal

2002-01-01

All performance criteria of the banks are affected by the exchange rate fluctuations through foreign currency transactions and operations. However, exchange rate fluctuations -even without such activities can influence the banks through their affect on foreign competition, foreign loan demand and other banking conditions. Exchange rate exposure is classified as operation, transaction, and accounting exposures. Most of the studies, which measure these exposures, focused on the affect of the ex...

SELECTED MACROECONOMIC FACTORS OBSERVATION IMPACT ON THE ECONOMY OF THE REPUBLIC OF SERBIA AND THE WESTERN BALKANS IN THE OBSERVATION PERIOD 2000-2012, SHOWING RESULTS FROM 2008 TO 2012.

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BOGDAN LABAN

2017-12-01

Full Text Available The application of the neoliberal concept in the Western Balkans has had effects on the economies of those countries that can say das resulted in unsustainable economic growth and macroeconomic instability. Besides the application of the same given the developments that had features of weakness especially since 2008., from the onset of the global economic crisis. The consequences of the liberalization of international economic developments have enabled the countries of the Western Balkans obtain foreign investment in the form of foreign direct investment, but their economies have done even more dependent on foreign capital, which is increasingly going in economic activities that have a faster way could fertilize the invested capital.

China’s Foreign Trade: The Response to Changing the Exchange Rate

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Izotov D. A.

2011-12-01

Full Text Available Based on official data of Chinese and international statistics assessment is given of the impact of the yuan revaluation on the parameters of China’s foreign trade by country (including in terms of crisis tendencies in the global economy. A regression analysis made it possible to obtain quantitative assessments of the responses of China’s foreign trade parameters by country, depending on different yuan revaluation (10% and 50% to the U.S. dollar. It is found that the yuan revaluation leads to reduction in the growth rates of both China’s exports and imports, with the responses by countries being different

THE EVOLUTION AND EFFECTS OF THE FOREIGN DIRECT INVESTMENTS IN ROMANIA

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DOBROTĂ GABRIELA

2014-02-01

Full Text Available Foreign direct investments are an important component of financial resources needed for the development of any economy. Attract them should represent a desideratum in economic development strategies, fact which requires providing a favorable climate, generated by a set of economic, political, social or legal conditions. The effects generated by FDI at the macroeconomic level, are reported in plan of economic growth, at the level of balance of payments and the state budget, and also on the labor market. In the paper are presented aspects of the process of attracting FDI in Romania after the transition to market economy and is realized a meaningful analysis of flows and corresponding balances between 2003-2012. The research has enabled the formulation of important conclusions regarding the evolution of FDI, their effects and the favorable conditions for their assimilation in the romanian economy.

How energy technology innovation affects transition of coal resource-based economy in China

International Nuclear Information System (INIS)

Guo, Pibin; Wang, Ting; Li, Dan; Zhou, Xijun

2016-01-01

The aim of this research paper is to investigate factors and mechanisms that may facilitate the transition from coal resource-based economy to sustainability. Based on the energy technology innovation theory, factors that may influence the transition of coal resource-based economy were categorized into four types, including: innovation policy, innovation input, innovation ability, and innovation organization. Hypotheses were proposed regarding the mechanisms of these factors. Data were collected from surveys administered to 314 Chinese energy firms, and a structural equation model (SEM) was employed to test the hypotheses. Ten of fifteen hypotheses were retained based on the reliability tests, validity tests, and SEM. The results show that the four proposed factors are crucial in transforming the coal resource-based economy, and the effects become statistically significant through three intermediate variables, namely, transition of energy consumption structure, correction of resource wealth investment, and improvement of transition environment. - Highlights: •Approximately, 66% of energy relies on coal in China. •Serious environment problems have occurred in many coal-based regions. •Energy technology innovation can promote the transition of coal-based economy. •China should accelerate the development of clean energy.

The Political Economy of Energy Innovation

OpenAIRE

Dasgupta, Shouro; De Cian, Enrica; Verdolini, Elena

2017-01-01

This paper empirically investigates the effects of environmental policy, institutions, political orientation, and lobbying on energy innovation and finds that they significantly affect the incentives to innovate and create cleaner energy efficient technologies. We conclude that political economy factors may act as barriers even in the presence of stringent environmental policy, implying that, to move towards a greener economy, countries should combine environmental policy with a general stren...

Economy of scale still holds true

International Nuclear Information System (INIS)

Anon.

1985-01-01

The economic merits of larger generating units have been questioned and have become subject to doubt and controversy. A 1980 study by Sargent and Lundy concluded that economy of scale still held. But some of the basic factors and major assumptions used in that study have changed. An update of those results, which also looks at whether reduced load growth rates affect the study's conclusions, finds economy of scale still applies

Patterns of Foreign Direct Investment in Transylvania

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Aniela Raluca DANCIU

2016-03-01

Full Text Available Foreign direct investment (FDI has gained significant importance over the past decade as a tool for accelerating growth and development of transition economies. It is widely believed that the advantages that FDI brings to the standard of living and prospects for economic growth of the host nation largely outweigh its disadvantages. Despite the growing interest in the subject, to our knowledge, there is still no satisfactory empirical work which can explain the determinants of the spatial distribution of FDI flows into the separate regions of Romania, one of the largest new EU-member states. Thus, this research attempts to fill this gap by using a primary data from a questionnaire that covers the entire transition period. The main goal of this study is to identify the main determinants of the direct foreign investments in Central, West and North West Romanian regions. Basically, the study is constructed so, that it will provide a list of the main strengths and weaknesses of Center, West and North West regions, that would influence a foreign investor to choose the proper location for a future investment when developing his strategy.

Metallic Foreign Body in the Foot

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Firat Ozan

2016-04-01

Full Text Available Aim: A foreign body injury of the foot is a frequently encountered problem. These foreign bodies can lead to various complications in the affected tissues, and their removal can be difficult and time consuming. Therefore, the removal of a foreign body requires good preoperative preparations. The surgical treatment results of patients with a foreign body, identified as a sewing needle, that had penetrated their foot were evaluated. Material and Method: Thirty-four patients (11 males, 23 females; mean age, 30.2 ± 18.6 years who were surgically treated between 2011 and 2013 were included. Data concerning the affected limb, placement of the needle, imaging techniques, season when the injury occurred, time between medical intervention and injury, anaesthesia type, fluoroscopy of use during surgery and surgical complications were analyzed. Results: A sewing needle had penetrated the right foot of 20 (58.8% patients and the left foot of 14 (41.1% patients. Broken needles were found in the toes of 14 (41.1% patients, in the middle of the foot of 12 (35.2% patients and in the heel area of 8 (23.5% patients. The injuries occurred in summer in 13 (38.2% patients, in winter in seven (20.6% patients, in spring in one (2.9% patient and in autumn in 13 (38.2% patients. Needle penetration had occurred in 28 (82.3% patients at home and 6 (17.6% patients outside of the home environment. The average follow-up time was 8.9 ± 2.8 months. Discussion: Removal of foreign bodies from the foot requires good preoperative preparations. Foreign bodies can lead to various complications in the affected tissues. It is important to perform detailed physical and radiological examinations to obtain good treatment results in these patients.

Foreign Direct Investments – Challenges and Perspectives for Romania

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Cristina Batusaru

2013-05-01

Full Text Available In the context of globalization of markets, foreign direct investments have an important role in terms of supporting endogenous growth factors, on the one hand and the circuit of financial flows between countries, on the other hand. If we refer to the effects of the economic crisis on economies, ISD may represent capital infusion instruments for affected economic sectors, contributing to faster recovery of economic gaps that occurred. By studying this topic of FDI we consider the great impact and benefits that they can bring, being essential element in the development of a country, as in the case of Romania. This paper presents the main trends of international financial flows for the period 2008-2012, whereas in the context of economic globalization requires an overall analysis of country-specific FDI performance as it helps in improving and optimizing strategies adopted by foreign transnational companies. In order to underline their importance and necessity, we study the situation of Romania in this field by analyzing the performance of countries in attracting direct foreign investments. Following the study conducted it has been made a number of conclusions and recommendations on how to improve this process in Romania. Academics, researchers, administrators of the university all have a great responsibility on how they support to attract FDI in Romania, even if we refer to work force that they form, the ideas they can provide in supporting and developing this process or by sharing the “know-how” related to the many fields that FDI can have an impact on. This paper aims to bring on the loop the main strengths and weaknesses that Romania has in the field of FDS and invites the readers interested on the topic to involve by providing feedback in order to improve this process in Romania.

Do English Teaching Materials Foster Foreign Language Education Affectively?

Science.gov (United States)

Isik, Ali

2018-01-01

The paper investigates the role of English language teaching materials in the creation of a classroom atmosphere conducive to foreign language education. In this study, teachers and students were given a questionnaire and later interviewed to elicit their ideas about the materials. The data was analyzed and the responses of teachers and students…

Nigeria’s Mono-Cultural Economy: Impact Assessment and Prospects

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Victor Nwaoba ITUMO

2016-12-01

Full Text Available The article takes an insight into the nature of the oil based mono-cultural economy of Nigeria, providing an in-depth analysis of the situation. It clearly assesses the oil resource based economy, highlights the impacts- positive and negative on Nigeria’s economic development and why Nigeria urgently needs to diversify its economy away from oil resource dependence. If Nigeria will not change the oil dependency economy, there will be grave implications for its economic growth and development as it already negatively affects annual budgetary provisions and other fiscal responsibilities. As it is well known, Nigeria is one of the foremost countries in the global oil export, with disruptions in its supply affecting the international oil market in some ways, huge reliance on oil as a resource has seen one of the foremost economies in Africa challenged in her economic growth and development with oil price volatility and decline on the global market. The research made use of secondary data to assess the situation and also drew the conclusion that Nigeria needs to diversify her economy as reliance on a basic resource discourages growth.

Multinational companies from transition economies and their outward foreign direct investment

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Wladimir Andreff

2017-12-01

Econometric testing shows that push factors are major determinants of OFDI. The results demonstrate that OFDI is determined by the home country's level of economic development, the size of its home market, and its rate of growth as well as technological variables: OFDI decreases with an increase in the number of scientists in the home economy and with an increase in the share of high-tech products in overall exports, exhibiting a negative technological gap. A lagged relationship between OFDI and previous inward FDI suggests that Mathews’ linkage-leverage-learning theory is relevant in the case of PTEs.

The State Strategies for Building the Knowledge Economy: the Transformation Vector and Group Features

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Khanin Igor G.

2017-12-01

Full Text Available The aim of the article is to analyze the state strategies for building the knowledge economy, determine the directions of transformation and group features of the developed countries and the most economically powerful developing countries. Attention is drawn to the modern world context of historical circumstances affecting the state strategies for the transition to the knowledge economy, the changes in patterns of economic growth and the new stage of globalization associated with the development and dissemination of knowledge. In this regard, there singled out a number of global megatrends covering scientific and technical activities, international trade in high-technology goods and knowledge-intensive services, international migration of labor, etc. There also noted the change in the paradigm of rivalry and the “architecture” of the global economic leadership. The indicators of scientific and technical activities in several countries are analyzed, which proves the preservation of asymmetry. The results of the analysis of the strategies for building the knowledge economy in a number of developed countries (the US, EU countries, Germany, France, Denmark, Finland, Sweden, Japan, South Korea, Singapore, Israel and developing countries (China, India, Malaysia, Brazil, South Africa, Mexico are presented. Their participation in the world scientific progress and innovation process is characterized, as well as the main directions of transformations in terms of the transition to the knowledge economy (new industrialization, development of science and education, improvement of innovation systems, development of international scientific and technical cooperation, etc.. One of the factors of structural changes at all levels is macro innovations. Within the framework of the proposed concept, three types of such innovations are distinguished: scientific and paradigm, structural, and transformational. Their relationship with the foreign economic strategy

Does SDDS Subscription Reduce Borrowing Costs for Emerging Market Economies?

OpenAIRE

John Cady

2005-01-01

Does macroeconomic data transparency-as signaled by subscription to the IMF's Special Data Dissemination Standard (SDDS)-help reduce borrowing costs in international capital markets? This question is examined using data on new issues of sovereign foreign-currency-denominated (U.S. dollar, yen, and euro) bonds for several emerging market economies. Panel econometric estimates indicate that spreads on new bond issues declined on average by close to 20 percent, or by an average of about 55 basis...

FORCED INDUSTRIALIZATION IN ROMANIA AND FOREIGN TRADE CHANGES DURING SOCIALISM

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Eugen Ghiorghita

2016-09-01

Full Text Available During the 40 years (1949-1989 of centralized management of the economy, Romania was transformed from an agrarian-industrial country into an industrial-agrarian country, but not beyond the stage of a developing country. Planning the formation of the accumulation fund and the fixed funds allocation made possible to faster diversify and increase the industrial production. In a first stage, during the 8th decade (1971-1980, the increase in imports of capital goods needed in industries’ technology revamping engendered the growth of Romania's foreign debt. In the 9th decade, the policy of forced payment of previously accumulated foreign debt was achieved by aggressive compression of imports and boost of exports. At the end, in 1989, Romania's foreign trade structure corresponded almost completely to the structure of the supply from the countries producing industrial processed goods. From this point of view, Romania became, after four decades of accelerated development, an acceptable client to Western exporters.

The Impact of Foreign Direct Investment on the Export Performance: Empirical Evidence for Western Balkan Countries

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Dr.Sc. Nasir Selimi

2016-07-01

Full Text Available Recently there are many authors that have studied and analyzed the impact of foreign direct investments (FDI on the export performance. They have different opinions about the effect of foreign direct investments on the export performance. Some of them in their papers conclude that FDI have positive effect on the export performance and some not. There are also findings that FDI do not have any impact on the export performance. Of course for economic benefit of host country it is not important only the amount of FDI, but also their structure. To measure the effect of FDI on the export performance is not easy. Therefore, the main objective of this paper is to analyze empirically the foreign direct investments and exports performance during the period of 1996-2013 in Western Balkan countries. The paper also investigates for the fixed effects and individual heterogeneity across countries and years. Based on the panel regression techniques and Least Square Dummy Variable (LSDV regression method, FDI positively affect export performance in the sample countries in various model specifications. The results and conclusions of this paper we hope that will help everybody who are interested and studying this matter, especially the policy makers.  The last ones have the obligation to facilitate and promote the export if they award confirm that FDI contribute on developing their economy.

Inflation targeting in advanced vs. emerging economies before and after the crisis

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Josifidis Kosta

2014-01-01

Full Text Available Emerging economies have specificities which distance them compared to advanced economies in practicing inflation targeting (IT monetary regime. One of the main differences in performing IT in advanced compared to emerging economies is “fear of floating” problem in emerging group. However, on the road from exchange rate (ER as a nominal anchor to IT, differences between advanced and emerging economies concerning “fear of floating” have been more or less narrowed. In this paper we are concentrated to selected aspects of ER pass-through to prices and output, as well as (indirect monetary policy reactions to ER shocks, trying to find out is significant difference observable between advanced and emerging IT countries in pre-crisis period and (postcrisis period. The comparison is made on the basis of forecast error variance decompositions from estimated Vector Autoregression (VAR / Vector Error Correction (VEC models. “Fear of floating” phenomenon should not be exclusively applied to emerging economies, especially in the crisis period burdened with external shocks. The role of ER in IT monetary framework is strengthened with higher internal vulnerability to ER shocks, despite the level of economic development. Advanced countries more use interest rate as an indirect way to withstand ER shocks, while emerging economies more use direct way via foreign exchange interventions to withstand the ER shocks.

Policy Reforms in Indonesia: A Political Economy Perspective

OpenAIRE

Abu N. M. Wahid; Mohamad Ikhsan

1996-01-01

During the 1970s the Indonesian economy grew at a rapid rate. This growth was primarily attributable to the government’s oil revenue and massive expansion of public sector in Indonesia. However, the decline in oil price of the 1980s adversely affected the growth and stability of the economy. The government clearly recognized the fact that a restructuring of the economy was imperative. The present paper is a critical analysis of this restructuring effort. The paper argues that the restructurin...

The competitiveness of Slovak foreign trade in the European market

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Pavličková Viera

2013-01-01

Full Text Available The paper deals with the competitiveness of the Slovak Republic in its ability to succeed in foreign markets. It provides a complex view of Slovak foreign trade within the European Union using a sectoral classification of products. Several appropriate methods (Constant Market Share Analysis, Revealed Comparative Advantage, Michaely Index, and unit export and import values are applied to quantify the competitiveness of Slovak foreign trade and to identify the level and trend of its specialisation. The analysis uses the data provided by the Eurostat Comext database for the period 1999-2011. The results confirmed Slovakia as a former transition country to be a fast developing open economy. Its production is competitive in the European market, although mainly with prices. Labour- and capital-intensive commodities, along with the automotive industry, dominate Slovak foreign trade. Technology- and R&D-driven goods have a comparative disadvantage as a consequence of several factors, such as lack of innovation and creativity in the business sphere. A shift towards export of more sophisticated products would be beneficial in supporting long-term sustainable development; however, no significant change in Slovak commodity structure has occurred over the past years.

Foreign material exclusion program

International Nuclear Information System (INIS)

Perez Moreno, J.; Folguera Mateo, M.

2015-01-01

Foreign material is any element that is not part of the system as it has been designed. For example dirt, loose parts, wires, chips, etc. that may affect the operation of the system or component. (Author)

Domestic and Foreign Effects on Prices in an Open Economy

DEFF Research Database (Denmark)

Juselius, Katarina

1994-01-01

Domestic price determination in Denmark is investigated using three kinds of macro-economic explanations: (1) internal labor mar­ ket theories describing the relation between price and wage inflation, (2) pure monetarist theories describing the effect of excess money on the inflation rate, and (3...... model. The results stand up as quite strong evidence against the Lucas critiqueDomestic price determination in Denmark is investigated using three kinds of macro-economic explanations: (1) internal labor mar­ ket theories describing the relation between price and wage inflation, (2) pure monetarist...... found to be the main determinants of the inflation rate. Among these, the domestic effects were small compared to the foreign effects. The em­ pirical results strongly favored a backward-looking behavioral model in terms of structurally stable parameters as opposed to a forward- looking expectations...

Changing Dynamics of Foreign Direct Investment in China’s Automotive Industry

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Lingling Wang

2013-09-01

Full Text Available China’s automotive industry has developed dramatically in recent years as more and more major multinational corporations (MNCs in this industry began to invest in China.  Most of these investments have developed in the form of joint-ventures with Chinese state owned enterprises (SOEs. This paper contributes to the current literature by studying the effect of foreign direct investment (FDI on the productivity of the automotive industry in China using panel data during the 1999 –2008 period. Channels through which FDI may directly and indirectly affect the productivity are investigated using pooled ordinary least squares model (POLS and fixed effects model (FES to estimate the influence of FDI on productivity in the automotive industry. The results suggest that FDI plays a negative role in this industry and suggests that there is a need for Chinese government to modify its policies and practices in order to improve the productivity of such a key industry in the Chinese economy.

RISK AND FOREIGN DIRECT INVESTMENT IN ROMANIA

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Catalin Drob

2014-07-01

Full Text Available This paper tries to present the main categories (types of risks that affect the inflows of foreign direct investment (FDI in Romania, such as: country risk, political risk, economic risks, sovereign risks and so on. FDI is an important factor contributing to the economic development and to the economic growth of a country. In order to recuperate its economic handicap as compared to the other countries in the EU, Romania needs a massive inflow of foreign capital, especially in the form of direct investment. The paper also presents the evolution of FDI inflows in Romania and how they were influenced by the main factors affecting the FDI. In principle, between risk and the level of FDI inflows there is a direct dependency relationship: the higher the risk is in a country, the lower the level of FDI inflows is in that country. This is demonstrated by the empirical studies regarding FDI. These studies show that countries with high risk have major difficulties in attracting foreign investment. Therefore, it is important to identify very precisely the main risks that may affect the level of FDI inflows in Romania, in order to propose and implement strategies to mitigate these risks and to attract more foreign direct investment in Romania.

FOREIGN DIRECT INVESTEMENTS FLOWS IN BLACK SEA ECONOMIC COOPERATION

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RADU-MARCEL JOIA

2011-04-01

Full Text Available We live in a time when the world’s economy is in a constantly change. Foreign direct investments flows are in actual economy one of the most dynamic and prospective part of the world’s economy being in a continuous globalization. These international financial flows determine the traders who take part at the world’s economy to know to adopt a specific management in the international affairs field. We are viewers of an unprecedented expansion of foreign direct investments. The main objective of the paper is to analyze the foreign direct investments flows in Black Sea Economic Cooperation. This study is based on UNCTAD reports and on an econometrical model which gives us the possibility to create different analysis concerning FDI flow in this cooperation. So we defined a simple regression model, in which the dependent variable is represented by Nominal and real GDP, total and per capita, variable explicated by FDI flows, using as method the Least Squared, including 19 observations. Through this paper, we tried to illustrate the relation between the FDI flows and the economic growth rate in the past years inRomania, member of Black Sea Economic region. In line with a general upward trend in FDI to Central and Eastern Europe, inward FDI to the Russian Federation held steady between 1998 and 2001, at an annual average of $2.8 billion. In Black Sea Economic region, Russian average is the biggest one, Russia being a leader country in warding FDI. The Russian Federation is by far the leading investor country in the region, accounting for more than 75% of its annual outflows. Inward and outward direct investments flows in Russia have reached in 2009 an amount of $38,722 billion. In Romania, following years of stagnation at very low levels, 1991 to 1997, FDI flows reached $1.1 billion in 2002. Inflows to Bulgaria peaked at $1 billion in 2000; the surge is largely due to flows from developed countries. Inward and outward direct investments flows in

Unrecorded capital flows and accumulation of foreign assets: the case of Croatia

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Goran Vukšić

2010-03-01

Full Text Available This paper evaluates the magnitude of unrecorded capital flows and the resulting unrecorded accumulation of foreign assets for Croatia, over the period between 2000 and 2007. The problem of unrecorded capital outflows, often labeled as capital flight, has gained significance in the present global financial and economic crises, because of increasing capital scarcity in many emerging markets and transition economies including Croatia. The findings reveal relatively large amounts of unrecorded foreign asset accumulation over the observed period. A large portion of this accumulation relates to cumulative amounts of net errors and omissions term, which is interpreted as unrecorded capital flow. There are reasons to believe that this net errors and omissions item in Croatia possibly partly represents the unrecorded accumulation of foreign cash from foreign tourist spending, and/or partly results from overstated tourism income in the official statistics.However, even after excluding this item from the calculation of capital flight, the remaining unrecorded accumulation of foreign assets over the period is still substantial. Consequently, if these unrecorded flows are taken into account, Croatia’s net international investment position is improved.

Political economy and population health: is Australia exceptional?

Science.gov (United States)

Boxall, Anne-marie; Short, Stephanie D

2006-06-01

It is accepted knowledge that social and economic conditions--like education and income--affect population health. What remains uncertain is whether the degree of inequality in these conditions influences population health and if so, how. Some researchers who argue that inequalities are important, say there is a relationship between political economy, inequality and population health. Their evidence comes from comparative studies showing that countries with neo-liberal political economies generally have poorer population health outcomes than those with social or Christian democratic political economies. According to these researchers, neo-liberal political economies adopt labour market and welfare state policies that lead to greater levels of inequality and poorer population health outcomes for us all. Australia has experienced considerable social and economic reforms over the last 20 years, with both major political parties increasingly adopting neo-liberal policies. Despite these reforms, population health outcomes are amongst the best in the world. Australia appears to contest theories suggesting a link between political economy and population health. To progress our understanding, researchers need to concentrate on policy areas outside health--such as welfare, economics and industrial relations. We need to do longitudinal studies on how reforms in these areas affect levels of social and economic inequality, as well population health. We need to draw on social scientific methods, especially concerning case selection, to advance our understanding of casual relationships in policy studies. It is important to find out if, and why, Australia has resisted the affects of neo-liberalism on population health so we ensure our high standards are maintained in the future.

Enabling frameworks for low-carbon technology transfer to small emerging economies: Analysis of ten case studies in Chile

International Nuclear Information System (INIS)

Pueyo, Ana

2013-01-01

Technology transfer is crucial to reduce the carbon intensity of developing countries. Enabling frameworks need to be in place to allow foreign technologies to flow, to be absorbed and to bring about technological change in the recipient country. This paper contributes to identifying these enabling factors by analysing 10 case studies of low-carbon technology transfer processes based in Chile. Our findings show the importance of strong economic and institutional fundamentals, a sound knowledge base, a sizable and stable demand and a functioning local industry. Policy recommendations are derived to improve the penetration of foreign low-carbon technologies in developing countries, focusing on the particularities of small and medium emerging economies. - Highlights: ► We analyse 10 case studies of low carbon technology transfer to Chile. ► We identify enablers of technology transfer to developing countries. ► We provide policy recommendations focusing on small and medium economies.

Depreciation of the Indian Currency: Implications for the Indian Economy.

OpenAIRE

Sumanjeet Singh

2009-01-01

The Indian currency has depreciated by more than 20 per cent since April 2008 and breached its crucial 50-level against the greenback on sustained dollar purchases by foreign banks and stronger dollar overseas. The fall in the value of Indian rupee has several consequences which could have mixed effects on Indian economy. But, mainly, there are four expected implications of falling rupee. First, it should boost exports; second, it will lead to higher cost of imported goods and make some of th...

Opportunities for a bio-based economy in the Netherlands

International Nuclear Information System (INIS)

Sanders, J.; Hoeven, D. van der

2008-01-01

The shift to a bio-based economy for the Netherlands is not only required because of climate change, but also for industrial strategy reasons. Traditional strongholds of the Dutch economy like the Rotterdam harbour, the agricultural sector (including the greenhouse sector, and food and feed industries) and the petrochemical industry will be affected by the new economic realities, and it is precisely to these sectors that a bio-based economy will offer new opportunities. (author)

Assessing the relationship between total factor productivity and foreign direct investment in an economy with a skills shortage: the case of South Africa

OpenAIRE

Bonga-Bonga, Lumengo; Phume, Maphelane

2017-01-01

This paper assesses the relationship between total factor productivity (TFP) and foreign direct investment (FDI) in a country with skills shortage. South Africa is used as a case study. Literature is inconclusive on how FDI should affect TFP. This paper shows that it is important to account for the interactivity between FDI and human capital when assessing the effects of FDI on TFP. Moreover, the empirical results show that, contrary to countries with abundance of skills, in countries with sk...

Fast processing of foreign fiber images by image blocking

OpenAIRE

Yutao Wu; Daoliang Li; Zhenbo Li; Wenzhu Yang

2014-01-01

In the textile industry, it is always the case that cotton products are constitutive of many types of foreign fibers which affect the overall quality of cotton products. As the foundation of the foreign fiber automated inspection, image process exerts a critical impact on the process of foreign fiber identification. This paper presents a new approach for the fast processing of foreign fiber images. This approach includes five main steps, image block, image pre-decision, image background extra...

Is Russia successful in attracting foreign direct investment? Evidence based on gravity model estimation

Directory of Open Access Journals (Sweden)

Mariev Oleg

2016-09-01

Full Text Available The aim of this paper is twofold. First, it is to answer the question of whether Russia is successful in attracting foreign direct investment (FDI. Second, it is to identify partner countries that “overinvest” and “underinvest” in the Russian economy. We do this by calculating potential FDI inflows to Russia and comparing them with actual values. This research is associated with the empirical estimation of factors explaining FDI flows between countries. The methodological foundation used for the research is the gravity model of foreign direct investment. In discussing the pros and cons of different econometric methods of the estimation gravity equation, we conclude that the Poisson pseudo maximum likelihood method with instrumental variables (IV PPML is one of the best options in our case. Using a database covering about 70% of FDI flows for the period of 2001-2011, we discover the following factors that explain the variance of bilateral FDI flows in the world economy: GDP value of investing country, GDP value of recipient country, distance between countries, remoteness of investor country, remoteness of recipient country, level of institutions development in host country, wage level in host country, membership of two countries in a regional economic union, common official language, common border and colonial relationships between countries in the past. The potential values of FDI inflows are calculated using coefficients of regressors from the econometric model. We discover that the Russian economy performs very well in attracting FDI: the actual FDI inflows exceed potential values by 1.72 times. Large developed countries (France, Germany, UK, Italy overinvest in the Russian economy, while smaller and less developed countries (Czech Republic, Belarus, Denmark, Ukraine underinvest in Russia. Countries of Southeast Asia (China, South Korea, Japan also underinvest in the Russian economy.

Spillover Effects of the Russian Economy: Regional Specificity

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Elena Anatolyevna Fedorova

2016-03-01

Full Text Available The purpose of the study is to evaluate the strength and direction of the distribution of the foreign direct investments (FDI in regional economy. The subject matter of the research is FDI to the regions of Russia. The subject of the study is relevant as it makes possible to estimate the long-term consequences from the restrictions of the West countries (in connection with sanctions against the inflow of the foreign capital to the regions of the Russian Federation. The study is based on the following hypotheses: 1. Russian regional economy has horizontal (distribution of effects from FDI within an industry and vertical spillover effects (distribution according to a technological chain, from product suppliers to product consumers. Vertical effects are more important and have greater amplitude than horizontal effects. An industry competition is one of the causes of negative horizontal spillover effect, and the scale of the company is the reason of positive horizontal spillover effect. 2. FDI generates the positive regional spillover effects on the productivity of domestic firms in the Russian economy. 3. Regional industry specificity influences the sign and magnitude of spillovers from FDI. 4. Time sensitivity is revealed for horizontal spillovers, so the regional effects may change the direction. As an empirical basis of the study, the statements of 23567 Russian companies with FDI and 25354 Russian enterprises without FDI for the 5 years were used. The methodology of the research is the calculation of spillover effects, Cobb-Douglas production function and panel data regression. The study has found, that the direct vertical spillover effects are almost absent. That means that industrial consumers do not notice the effect of inward FDI. At the same time, the converse effect related to the product suppliers is positive, but as the direct effect, it is not more important in any group of regions then the horizontal effect. The Russian economy has a

Ageing, funded pensions and the Dutch economy

NARCIS (Netherlands)

Bovenberg, A.L.; Knaap, T.; Fenge, R.; de Menil, G.; Pestieau, P.

2008-01-01

This chapter presents a discussion that seeks to identify through which different channels aging and pensions affect the Dutch economy, how these effects propagate, what the feedback effects are, and how the income distribution across and within generations is affected. It also seeks to quantify

Semi-strong informational efficiency in the Polish foreign exchange market

OpenAIRE

Luksz Goczek

2015-01-01

During the financial crisis a notion that the Polish exchange rate is not determined effectively was very dominant, because of a contagion effect of the global financial crisis on the Polish economy. In addition, many foreign exchange market analysts explained developments in the Polish exchange market trough a hypothesis that the Polish zloty exchange rate follows other exchange rates. This contradicts market efficiency as this would lead to profitable arbitrage possibility based on past inf...

Can memory training positively affect the skills of learning a foreign language and support learning English by older students?

Directory of Open Access Journals (Sweden)

Agata Kozak

2012-12-01

Full Text Available The experiment covered in this paper was conducted from November 2011 until February 2012 in the University of Third Age at the University of Wrocław in Poland as a part of the Third Age and New Technologies (TANT project which was realised as a Grundtvig partnership programme. The aim of the experiment was to determine whether memory training can positively affect learning a foreign language (English by senior students.

Direct foreign investment in power sector in India: Enron - a case study

International Nuclear Information System (INIS)

Singhyadav, S.

1996-01-01

In order to develop its economy at a faster pace, India needs to make large investments in its infrastructure - electric power being one such sector - domestic as well as foreign companies - to invest in this area. In response, Enron Corporation of USA entered into an agreement with the Maharashtra State Electricity Board to establish a 2-phase power project for a capacity of 2015 MW (695 MW in Phase I and 1320 MW in Phase II). Soon after the contract, there was a change of government in the State, as a result of elections. The new government scrapped the project tariff, etc. Since India is an emerging destination for foreign investments, scrapping of the project may have an adverse repercussion on the inflow of foreign capital in future as also on the cost of this capital. However, a renegotiated settlement will go a long way to establish the credibility of Enron as a serious multinational giant and India as a sage destination for foreign investments. (author). 19 refs., 3 tabs

CONSIDERATIONS ON THE EVOLUTION OF ROMANIAN FOREIGN TRADE UNDER THE IMPACT OF ECONOMIC CRISIS

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DOBROTĂ GABRIELA

2011-12-01

Full Text Available The foreign trade represent the engine of renewal of productive structures of developed countries and the essential vector for the development of newly industrialized nations as countries that can not be considered as belonging to the developing countries, mainly due to exports development. Nobody doubts the need for foreign trade and its possible beneficial effects for the economy of a country, which is supported by John Stuart Mill classical economist, who said that "openness to foreign trade ... is sometimes the effect of an industrial revolution as a country whose resources are poor" This paper analyses, on the one side, the importance of foreign trade and his evolution in 2001– 2010 period, and, on the other side, the consequences of the economic crisis on it. The period under review includes the last years of economic growth in Romania and the first years of actual economic crisis., because the global economic crisis is reflected strongly in the evolution of Romania's foreign trade, which in February 2009, has seen a veritable collapse over the same period of the previous year.

Foreign direct investments (FDI) in energy and electricity projects in the economies in transition

International Nuclear Information System (INIS)

Brendow, K.

1996-01-01

Registered foreign direct investments (or equity finance) in energy and electricity projects in central and eastern Europe (CEE) and the Commonwealth of Independent States (CIS) presently stand at about US$ 3 billion (flows) and US$ 5.5 billion (stock). This is insignificant compared with world FDI and disappointing compared with expectations and business opportunities. In addition, energy FDI is concentrated in oil and gas exploration/extraction, primarily in Russia, Kazakhstan and Azerbaijan. FDI opportunities in electricity generation, transmission and distribution while being explored (see list), have not been implemented: legislation was either restrictive as regards foreign participation, or not yet finalized, or not yet enacted. The major issue at present appears to be the extent of privatisation of this politically and socially sensitive industry. 1995 will see progress in Hungary, Poland and the Czech Republic. Related FDI would, however, still be modest. A significant breakthrough depends on political stability, economic recovery and progress in privatisation. (author)

STATE INTERVENTION IN THE ECONOMY

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Andreea-Elena, BURDUF (MIERLARU

2014-11-01

Full Text Available Starting from the deffinition of protectionism, an economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow, according to proponents fair competition between imports and goods and service produced domestically, I am compelled to find Manoilescu's vision of economy. Was this system of political and economic measures of protection of national products from similar foreign products Manoilescu's vision? In the spirit of clasical protectionist doctrine, Manoilescu thought that the focal point of economy was the national economy, the sum of production assets and a conglomerate of individual traders. Amongst national production assets the foremost is the labour, capital and the others having only secondary importance in direct comparison. After the great depression of 1929, his book, The theory of protectionism and international exchanges , was the basis for justifying protectionism in Brazil while in Romania he had to face hostility from authorities, making it impossible for him, even if for several months in 1931 he was the Governor of the National Bank, to apply his vision to end the economic crisis in Romania. M. Manoilescu analyzed the state's economic role and how this is reflected in modern economic science. He saw the state as having the role of setting certain convergent common goals for the whole society and to set rules that removes free will in economic decisions, thus creating the premises for a regulated economic space, based on the transition from little rationale of firms to big rationale of national economy. He demonstrated the necessity of state intervetionism, he has shared the conviction that through the alignment of the Romanian economic strategy to the one from the developed countries the lagging behind of Romania could be surpassed. M. Manoilescu took the occidental type economic policies of the time

INTEGRATION OF TRADE AND DISINTEGRATION OF PRODUCTION IN THE GLOBAL ECONOMY

OpenAIRE

Robert Feenstra

2003-01-01

The last few decades have seen a spectacular integration of the global economy through trade. The rising integration of world markets has brought with it a disintegration of the production process, however, in which manufacturing or services activities done abroad are combined with those performed at home. The author compares several different measures of foreign outsourcing and argues that they have all increased since the 1970s. He also considers the implications of globalization for employ...

Token Economy: A Systematic Review of Procedural Descriptions.

Science.gov (United States)

Ivy, Jonathan W; Meindl, James N; Overley, Eric; Robson, Kristen M

2017-09-01

The token economy is a well-established and widely used behavioral intervention. A token economy is comprised of six procedural components: the target response(s), a token that functions as a conditioned reinforcer, backup reinforcers, and three interconnected schedules of reinforcement. Despite decades of applied research, the extent to which the procedures of a token economy are described in complete and replicable detail has not been evaluated. Given the inherent complexity of a token economy, an analysis of the procedural descriptions may benefit future token economy research and practice. Articles published between 2000 and 2015 that included implementation of a token economy within an applied setting were identified and reviewed with a focus on evaluating the thoroughness of procedural descriptions. The results show that token economy components are regularly omitted or described in vague terms. Of the articles included in this analysis, only 19% (18 of 96 articles reviewed) included replicable and complete descriptions of all primary components. Missing or vague component descriptions could negatively affect future research or applied practice. Recommendations are provided to improve component descriptions.

FOREIGN DIRECT INVESTMENT IN POST-CONFLICT COUNTRIES: THE CASE OF IRAQ’S OIL AND ELECTRICITY SECTORS

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Ghassan Faraj Hanna

2014-04-01

Full Text Available Foreign direct investment is new phenomenon to Iraq, a post conflict country with abundance of natural resources. With dominant state-controlled public sector, attracting foreign investment is an added challenge to an economy devastated by years of wars. A qualitative case study was conducted to assess determinants of foreign direct investment in Iraq’s energy sector. Data was collected from interviews with business and government subject matter experts, and a review of publically available documents. Lack of security, political instability, corruption, and inadequate government policies towards foreign direct investment as symptoms found and typically shared by other post-conflict countries. The persistence of violence was not seen as a deterrent; however, foreign direct investment activity in the energy sector was virtually limited to the semi-autonomous region of Kurdistan. Investments were either wholly-owned or joint-venture enterprises. Implications to other post conflict countries, using Kuwait and Nigeria as illustrative examples, are presented and recommendations made.

FROM CIRCULAR ECONOMY TO BLUE ECONOMY

Directory of Open Access Journals (Sweden)

Iustin-Emanuel, ALEXANDRU

2014-11-01

Full Text Available Addressing the subject of this essay is based on the background ideas generated by a new branch of science - Biomimicry. According to European Commissioner for the Environment, "Nature is the perfect model of circular economy". Therefore, by imitating nature, we are witnessing a process of cycle redesign: production-consumption-recycling. The authors present some reflections on the European Commission's decision to adopt after July 1, 2014 new measures concerning the development of more circular economies. Starting from the principles of Ecolonomy, which is based on the whole living paradigm, this paper argues for the development within each economy of entrepreneurial policies related to the Blue economy. In its turn, Blue economy is based on scientific analyses that identify the best solutions in a business. Thus, formation of social capital will lead to healthier and cheaper products, which will stimulate entrepreneurship. Blue economy is another way of thinking economic practice and is a new model of business design. It is a healthy, sustainable business, designed for people. In fact, it is the core of the whole living paradigm through which, towards 2020, circular economy will grow more and more.

Does Corporate Governance or Transparency Affect Foreign Direct Investment?

OpenAIRE

Haksoon Kim

2010-01-01

The paper investigates the relationship between the foreign direct investment (FDI) and the corporate governance or transparency by investigating the country-level FDI flows, FDI inward performance, corporate governance and transparency variables. From the regression analysis with Newey-West estimator of 28 country panel data from 1990- 2002, we find strong positive relationships between corporate governance or transparency level of hosting countries and FDI inward performance within hosting ...

An Econometric Analysis of the Determinants of Foreign Direct Investment in Africa

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Manamba Epaphra

2018-03-01

Full Text Available This paper provides an empirical analysis on the determinants of FDI inflows in Africa. The dataset used for this paper spans from 1996-2016 and involves 48 African countries. For inferential analysis the paper employs random (RE effect model. Both structural factors and the quality of institutions and governance indices are examined. The key findings of the paper is that openness of the economy, GDP per capita and population growth have a substantial positive explanatory power over FDI in Africa. Similarly, control of corruption and political stability tend to exert a positive influence on FDI inflows in Africa. These findings provide some valuable insights into policy makers, practitioners, and foreign investors’ decision making. More so, to attract foreign investment in the less trade liberalized countries, Government policy should encourage further market liberalization. In the same vein, an effective policy on FDI in all economies should focus on improving production efficiency so as to raise GDP per capita and increase the market size. African Governments should also improve the quality of institutions and governance, especially in terms of enhancement of corruption control and political stability.

Foreign Direct Investment and export performance: The Peruvian experience in the framework of APEC

Directory of Open Access Journals (Sweden)

Alexandra Carhuaricra Ubillus

2016-12-01

Full Text Available This research measures the impact of APEC economies FDI on Peru's total exports. Solving this question will help us understand the effect that this FDI has on the Peruvian economy through its export capacity, as well as determine whether or not this FDI stimulates an export-oriented industrialization. Using data from  Proinversion, Ministry of Foreign Trade and Tourism (MINCETUR, Central Reserve Bank, SUNAT, the World Bank and StatsAPEC we developed an ordinary least squares (OLS model  and observed that APEC economies FDI has a positive effect on exports. Specifically, an increase in 1 million soles of APEC FDI generates an increase of 44.37 million soles in exports. However, this positive effect has a decreasing marginal returrn as the investment stock rises.

Energy-economy relationship and environmental regulation in the presence of unrecorded economy

International Nuclear Information System (INIS)

Karanfil, F.

2008-12-01

This PhD thesis including five manuscripts and a brief international comparison analysis proposes a multi-field study on the economic and environmental effects of energy consumption. It first investigates the causal relationship between economic growth and energy consumption in Turkey and then offers a new methodology for the estimation of unrecorded economy based on environmental data. The thesis develops also asymmetric information models, where the regulator does not know the true emission level of each firm that it wishes to regulate, so as to examine to what extend different enforcement mechanisms affect incentives for the firms to reduce polluting emissions and to invest in clean energy technologies. In order to provide a complete insight on the effects of both fiscal and environmental enforcement policies, some similar analysis are conducted taking into account the existence of unrecorded economy. The results in this thesis essentially show that: first, energy conservation policies can be implemented in order to reduce greenhouse gas emissions without any adverse effect on the recorded economic activities; second, different audit mechanisms should be used depending on the environmental objective of the enforcement agency; third, in some cases, environmental regulations may increase the size of unrecorded economy; fourth, economic policies to combat unrecorded economy may not serve as a complement to energy conservation policies. (author)

The Conditions of Formation and the Regulation Levers of the «New Economy» as a Modern Phenomenon

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Goncharova Svitlana Yu.

2017-03-01

Full Text Available The article is concerned with studying the stages of formation and development of phenomenon of the «new economy». Interpretation of the concept of «new economy» by foreign and by domestic scholars has been considered, the historical origin of the term of «new economy» has been defined, principles of its formation have been explored. The authors used reports by the World Bank on the level of development of the knowledge-based economy. Two combined index – the Knowledge Economy Index and the Knowledge Index have been provided, together with the accompanying rating of the world countries. The factors, determining the development of innovation process: economic, technological, political, legal, socio-psychological, cultural, organizational, and managerial, have been identified. Problems of establishing the national innovation system in Ukraine have been defined and ways of overcoming them have been suggested. The authors have developed and graphically presented the scheme of the conditions of formation and the regulation levers of the «new economy».

Role of modernization in maintenance of a sustainable development of economy of region

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Natal'ya Zinov'evna Solodilova

2011-09-01

Full Text Available This paper deals with the need to modernize the economy and society. The authors reveal meaningful context of the term "modernization" in relation to the Russian economy. Five priority areas of economic modernization, as initiated by the President, are considered. Species, types and sources of funding for modernization of the economy (optimization of budget expenditures, state monopolies, taxation, domestic and foreign investment and business research areas are investigated. Based on the investigation of the essence and importance of the modernization process, a mechanism of modernization, which components are described in the paper (the process, purpose, types, objects, sources of financing, the results & process control and system upgrade was developed. Based on the results of the conducted study, the potential for sustainable economic development of the region in the XXI century is presented. A fundamentally new set of its components (educational, human, scientific, innovation, natural resource, industrial, construction, agriculture and infrastructure & tourism potentials is presented.

The Parallel Market for Foreign Exchange in an Oil Exporting Economy; The Case of Iran, 1978-1990

OpenAIRE

Adnan Mazarei

1995-01-01

This paper provides a model for the determination of the parallel market exchange rate premium in a country where oil export earnings accrue directly to the government, and foreign exchange is centrally allocated for the importation of specific goods. Next, it studies the parallel market for foreign exchange In the Islamic Republic of Iran during the period 1978-90. The paper then examines the various time series properties of parallel market exchange rate in Iran, and the evidence of the rol...

Collaborative Economy

DEFF Research Database (Denmark)

collaborative economy and tourism Dianne Dredge and Szilvia Gyimóthy PART I - Theoretical explorations 2.Definitions and mapping the landscape in the collaborative economy Szilvia Gyimóthy and Dianne Dredge 3.Business models of the collaborative economy Szilvia Gyimóthy 4.Responsibility and care...... in the collaborative economy Dianne Dredge 5.Networked cultures in the collaborative economy Szilvia Gyimóthy 6.Policy and regulatory perspectives in the collaborative economy Dianne Dredge PART II - Disruptions, innovations and transformations 7.Regulating innovation in the collaborative economy: An examination...... localities of tourism Greg Richards 11.Collaborative economy and destination marketing organizations: A systems approach Jonathan Day 12.Working within the Collaborative Tourist Economy: The complex crafting of work and meaning Jane Widtfeldt Meged and Mathilde Dissing Christensen PART - III Encounters...

The foreign policy of the Gabonese Republic: new priorities and challenges

Directory of Open Access Journals (Sweden)

F Ch Ndakissa Onkassa

2016-12-01

Full Text Available The article considers the features of formation and realization of foreign policy and the basic characteristics of the international image of modern Gabon are considered. It is shown, that the foreign policy is the important direction in the state activity of Gabon and is intended to offer the General public all over the world complete and reliable information on the situation in the country on key international issues, activities and initiatives of Gabon in the field of political space and the processes and projects of socio-economic development, its cultural and scientific achievements. Foreign policy activity is aimed at creating favorable conditions for the realization of the historic choice of the Gabonese people to strengthen the rule of law, market economy and democratic society, to focus on the social dimension. Нerewith this article analyzes the main provisions of the foreign policy of the Gabonese Republic, considered in conjunction with the country's development objectives defined in the strategic plan “A prosperous Gabon”. Particular attention is paid to the role of the President in making foreign policy decisions and ideas about the prospects for the development of Gabon's foreign policy. Key value of principles of maintenance of the sovereignty and the international inclusiveness, influence of the factor of the French language and policy of multilateral diplomacy is underlined at definition of objectives and priorities of foreign policy of Gabon during an epoch of new international realities. It is noted, that foreign policy activity of Gabon is aimed at creation a wide range of the international partnership in interests of national development in in the context of globalization.

Information Technology of Study of the State Foreign Debt in Developing Countries

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Matvieieva Iuliia M.

2014-03-01

Full Text Available Due to expansion of international relations, growth of interest of states in attraction of foreign capital, appearance of excessive debts and problems connected with them, urgency of the issue of the state foreign debt significantly increased. The problem of state foreign debt is especially sharp in developing countries. Taking into account specific features of functioning of economies of these states, it is necessary to develop information approaches with the aim of studying macro-economic processes, which could assist in creation of improved mechanisms of functioning of the debt policy. The goal of the article is building an information technology of study of the state foreign debt, which would allow conduct of a complex analysis of the studied problem. The article offers a three-stage information technology of study of the state foreign debt, which gives a possibility to analyse and assess the study problem. This article also reveals properties, functions and tasks, which are solve by the information technology. It gives a detailed description of each stage and its notional elements. It forms the structured database for a possibility to carry out an experiment. On the basis of the first stage the article builds econometric models, which reflect interrelations between macro-economic factors, which gives an opportunity to forecast, analyse and assess the state foreign debt.

Contemporary challenges in applying of the modified model CAPM with country risk premium in emerging economies

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Petrović Dragana

2017-01-01

Full Text Available Modern approach in determining the expected return of foreign investors' investments is based on the evaluation investment in capital asset-CAPM (Capital Asset Pricing Model. In order to use the CAPM model for calculating the expected return of foreign investors in growing economies, it is developed the extended model CAPM with the risk premium in the country. This variant of the CAPM model has been used for estimating the cost of capital. This is the expected return on a portfolio of the company's stocks in less developed countries. Those countries have certain problems and factors of risk investment. This research examines the limitations and shortcomings in the application of the extended model with country risk premium, during the calculation of the cost of capital in the less developed economies. We present possible models to overcome those problems and also a need for upgrading of modified CAPM model with a risk premium of the country which, beside risk of the country (CR must have a discount for the 'advantage of the country'.

Endogenous Currency of Price Setting in a Dynamic Open Economy Model

OpenAIRE

Michael B. Devereux; Charles Engel

2001-01-01

Many papers in the recent literature in open economy macroeconomics make different assumptions about the currency in which firms set their export prices when nominal prices must be pre-set. But to date, all of these studies take the currency of price setting as exogenous. This paper sets up a simple two-country general equilibrium model in which exporting firms can choose the currency in which they set prices for sales to foreign markets. We make two alternative assumptions about the structur...

Money Demand and Inflation in Dollarized Economies; The Case of Russia

OpenAIRE

Franziska L Ohnsorge; Nienke Oomes

2005-01-01

Money demand in dollarized economies often appears to be highly unstable, making it difficult to forecast and control inflation. In this paper, we show that a stable money demand function for Russia can be found for "effective broad money," which includes an estimate of foreign cash holdings. Moreover, we find that an excess supply of effective broad money is inflationary, while other excess money measures are not, and that effective broad money growth has the strongest and most persistent ef...

Aptitude for Learning a Foreign Language.

Science.gov (United States)

Sparks, Richard; Ganschow, Leonore

2001-01-01

Review research on foreign language aptitude and its measurement prior to 1990. Describes research areas in the 1990s, including affective variables, language learning strategies, learning styles as contributors to aptitude and aptitude as a cognitive construct affected by language variables. Reviews research on individual differences and the…

Importance of foreign investors for Russian power industry in prospect of energy revolution

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Yaroslava N. Zubkova

2017-01-01

Full Text Available The article discusses current state of Russian electric power industry and the main problems of its development in the future of global energy revolution, which will lead to a significant increase in share of renewable energy in global production and consumption of energy and use of industrial energy storage, and will make it possible to change the structure of the industry and significantly reduce electricity prices. Traditional energy generation displacement by renewables associated with emergence of new, more cost effective technologies. Producers of “disruptive technologies” receive advantages over importers of innovations, which are especially noticeable during the formation of the new technological wave. Considering possibilities of effective development of Russian power industry, it is important to take into account the realities, including high level of depreciation of equipment, lack of capital and technologies. Currently, in the field of technology in the power industry innovative economies of Japan, USA, UK, Canada, as well as dynamically developing economy of China are leading. The high level of patent activity in these countries is caused by presence of infrastructure which promotes the commercialization of new technologies and free access to investment capital. In Russia technological exports in power sector occurs mainly due to foreign projects of Rosatom. Operation of foreign-made equipment which accounts for a significant proportion of fixed assets and problems with the development and introduction of competitive technologies are complicated by the lack of investment in domestic market. For maintenance of imported equipment Russian companies have to buy spare parts abroad and to enter into service contracts with foreign suppliers. High depreciation of fixed assets also determines the need for new investment inflows into the sector. Thus the existing dependence on foreign investors is supposed to increase. In the short term

Toxic economy - interferences with recent Romanian experience

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Cristian Gheorghe Iacob

2015-05-01

Full Text Available What is the toxic economy? Economy through which the legislation and control in place, fails to provide a standard of living with sustainable uptrend, getting to transform assets into cash whose value is consumed unproductively. Why we do not live well? Good life is in fact the standard of living of the economic and political offered by the laws of a state or groups of states, citizens living on a certain territory. The standard of living is a result of variety of factors, difficult to quantify both separately and in particular unit. In this article we will try to define the fractal complexity of how the toxic economy is affecting the standard of leaving

Do business groups affect corporate cash holdings? Evidence from a transition economy

Directory of Open Access Journals (Sweden)

Weixing Cai

2016-03-01

Full Text Available We examine whether business groups’ influence on cash holdings depends on ownership. Group affiliation can increase firms’ agency costs or benefit firms by providing an internal capital market, especially in transition economies characterized by weak investor protection and difficult external capital acquisition. A hand-collected dataset of Chinese firms reveals that group affiliation decreases cash holdings, alleviating the free-cash-flow problem of agency costs. State ownership and control of listed firms moderate this benefit, which is more pronounced when the financial market is less liquid. Group affiliation facilitates related-party transactions, increases debt capacity and decreases investment-cash-flow sensitivity and overinvestment. In transitional economies, privately controlled firms are more likely to benefit from group affiliation than state-controlled firms propped up by the government.

[Selective internationalization: foreign workers and Japanese society].

Science.gov (United States)

Ito, R

1990-01-01

Japan's December 1989 revision of the law on immigration and recognition of refugees was intended to provide greater felxibility for employment of foreigners with specialized skills or professional qualifications while excluding migrant workers. This policy, referred to as selective internationalization by the author, represents an effort by the government to early 1980s and to changes in the Japanese economy which after decades of rapid growth is entering a new phase of diversification. The ideal of national homogeneity has prevented formulation of any coherent policy of integrating Japan's foreign born population, mostly descendents of laborers from Japan's former colonies. In 1988, Japan's 677,000 Korean residents constituted 72% of the foreign population registered in Japan. As of 1988, some 40,000 foreigners were registered as residents and permitted to work in any of several well-defined areas. The number, while small, is growing. Illegal migrants are defined essentially as foreigners exercising economic activities not authorized by their visas. The number of such workers is notoriously difficult to estimate, but the number of expulsions for labor violations increased by 4700 in 1989 to 22,600, suggesting that the problem is growing. The Ministry of Justice estimated the number of foreigners in irregular situations at 70,000 in 1988, and it has probably reached 120,000 at present. The number of foreign workers, authorized or not, is estimated at 150-160,000 or .3% of the active population. The 1989 revision of the immigration law does not constitute a foreign labor policy, but it does clearly signal the end of complete protectionism vis a vis the labor market which characterized Japan's period of rapid growth. Internationalization of the labor market reflects 2 concerns, provision of highly qualified employees to enable large enterprises to adapt more readily to changing international conditions, and continued control over the foreign labor supply of small

Trust within Brazilian New Economy Organizations: an Empirical Investigation of Gender Effects Benchmarked on Brazilian Old Economy Organizations

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Marco Tulio Zanini

2009-07-01

Full Text Available It has been suggested that one of the negative aspects of the New Economy has been growing organizational survival-risk both at the firm and the sector levels. This precarious positioning of the firm has profoundly changed the work environment resulting in the dissolution of job-definition-boundaries, thereby raising the intensity of work and finally affecting the level and nature of trust in the workplace. This is the starting point for our study. Using a questionnaire developed by Gillespie, we investigated gender profiles concerning trust in Supervisors, Peers, and Team in the New and the Old Economies for Brazilian managers. The results show that, for the New Economy, Brazilian women are more willing to give trust to Supervisors whereas Brazilian men expressed higher levels of trust when dealing with Team members. The Peer results are mixed. For the Old Economy, men uniformly express higher levels of trust compared to women over all three reference groups. Finally, for gender matched comparisons, those working in the Brazilian Old Economy firms express higher levels of trust compared to their counterparts in the New Economy independent of gender or time worked. We conclude by discussing the control implications of the above results.

Windfall gains, political economy and economic development

DEFF Research Database (Denmark)

Dalgaard, Carl-Johan Lars; Olsson, Ola

2008-01-01

Natural resource rents and foreign aid have the character of windfall gains that affect economic outcomes both directly and indirectly. Several studies have shown that the indirect effect typically works via institutions like corruption. In this article, we offer a theoretical framework for a joi...... in a large cross-section of countries. Our results suggest that whereas more aid means less corruption, natural resource rents is positively correlated with corruption, although both relationships are non-linear......Natural resource rents and foreign aid have the character of windfall gains that affect economic outcomes both directly and indirectly. Several studies have shown that the indirect effect typically works via institutions like corruption. In this article, we offer a theoretical framework for a joint...

77 FR 57072 - Submission for OMB Review; Comment Request

Science.gov (United States)

2012-09-17

...: Bureau of Economic Analysis. Title: Survey of Foreign Ocean Carriers' Expenses in the United States. OMB... foreign economies, to compile and improve the U.S. economic accounts, to support U.S. commercial policy on... evaluate market opportunities. Affected Public: U.S. agents of foreign ocean carriers. Frequency: Annually...

Key Trends in the Development of Foreign Trade of France in the Global Competitive Environment

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Zvirgzde Kateryna I.

2016-01-01

Full Text Available The article is aimed at analyzing the nature and contemporary trends of foreign trade activity of France. In the process of evolutionary development of the economy of France in content, structure and directions of its foreign trade strategies occurred permanent modifications and transformations, resulting from the need to maintain optimal proportions between material, financial and human resources, production and consumption, commodity supply and purchasing power, as well as receipts and payments in the settlements with other countries. The article is concerned with an integrated analysis of progressive structural reforms in the economic system of France in the last decade, which led to fundamental changes in its foreign trade operations both in terms of monetary magnitude of export-import transactions and their product-species, geographical, institutional and regulatory structures. The nature, key indicators, trends and issues in the foreign trade strategy of France in the face of global volatility as well as ways for its improvement have been researched.

Economic reform in Vietnam - the role of foreign direct investment and trade policy

International Nuclear Information System (INIS)

Tran, D.L.

1998-11-01

Vietnam was one of the five poorest countries in the world in the 1980's. Since then, Vietnam has adopted a market economic policy, and she has made substantial economic progress. In the last 10 years Meanwhile Vietnam's per capita income has increased by 3 times, the volume of export doubled very two years, and the inflation rate was reduced to 4.5 % in 1997 from 775 % in 1986. The GDP also has increased, the exchange rate with the US$ was stabilized and foreign direct investment (FDI) and trade has increased. There was about US$35 billion were invested by the foreign investors between 1987 to the middle of June 1998. However, the current crisis in the economies of Southeast Asian countries has put pressure on Vietnam to rethink seriously her future reform program with respect to stabilization and sustainable current economic policies. Since FDI is an imperative for the development of a country like Vietnam, it is necessary to use this capital very careful for her economy. Thus, the main objective of this dissertation is to study the role of FDI in the development of Vietnam. To examine this objective, various investigations were made, especially focusing on development dimensions such as reforming state enterprises, foreign trade policy, foreign investment and so on. Therefore, in the future, FDI and privatization policies should be strengthened to maintain and create an international market. Moreover, there are some major reforms required to transform the state sector into a private sector with appropriate policy measures, such as improving management of financial companies, developing the agricultural sector and minimizing bureaucracy and red tapism of the government. This dissertation provides a set of recommendations how to strengthen Vietnams economic and market situation in the 21st century. (author)

Impacts on the biophysical economy and environment of a transition to 100% renewable electricity in Australia

International Nuclear Information System (INIS)

Turner, Graham M.; Elliston, Ben; Diesendorf, Mark

2013-01-01

We investigate the impacts on the biophysical economy, employment and environment of a transition scenario to an energy-efficient, 100% renewable electricity (RE) system by 2060, based on wind, solar and biomass technologies, and an introduction of electric vehicles. We employ a CSIRO process-based model of the physical activity of Australia’s economy and environmental resources, the Australian Stocks and Flows Framework. The RE systems are assumed to be manufactured in Australia to identify possible employment benefits. In comparison with the business-as-usual (BAU) scenario, on a national scale, the RE scenario has much lower economy-wide net emissions, remaining below contemporary levels and becoming zero in the electricity sector by 2060. Compared with BAU, the RE scenario also has significantly lower industrial water use, somewhat higher materials use, slightly lower unemployment, lower net foreign debt (relative to a GDP proxy) and, resulting from the growth in electric vehicles, reduced oil imports. The GDP per capita growth, based on the physical stocks of capital and labour, is virtually the same in both scenarios. Hence, from the viewpoint of the biophysical economy, there are no major barriers to implementing policies to facilitate the transition to a 100% renewable electricity system for Australia. - Highlights: ► Simulation of a 100% renewable electricity (RE) system in a process-based model. ► The RE scenario achieves zero GHG emissions in the electricity sector by 2060. ► Consumption of secondary materials is higher and more variable in the RE scenario. ► The RE scenario has lower water use, unemployment, foreign debt and oil imports

Alternative Monetary Systems in the Context of Managing the National Economy

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Vartsaba Vira I.

2017-12-01

Full Text Available The aim of the article is to investigate alternative monetary systems, each of which can be an algorithm for managing the national economy. By analyzing, systematizing and summarizing the scientific works of both foreign and domestic scientists, it is established that money is a phenomenon capable of managing the socio-economic relations in the time and space development coordinates following the institutionalized functioning algorithms. There justified the informational nature of money, i.e., that money is artificial information, a peculiar way of understanding social and economic relations, since the monetary subsystem is algorithmizing social and economic relations and is a derivative of the functioning and development of the national economy. The effectiveness of the national currency depends on the built-in algorithms of its functioning, which are realized in the model of the national economy. The study reflects the basic variations of potential alternative monetary systems. In particular, world money, the issuers of which are highly developed countries; S. Gesell’s “free money”; S. Sharapov’s “absolute money”; money secured by commodity values; private money; virtual money — electronic money and crypto currency, etc. Given that the socio-economic system of Ukraine as a synergetic system have been in a state of bifurcation for a long time, the article considers and proposes the most effective way of the development and functioning of the monetary system in the context of a harmonious interrelations with the national economy in time and space coordinates by direct emission of money for innovative projects of development of the national economy. Prospects for further research are the trans-scientific paradigm of managing the national economy.

Continuity and Change in India’s Foreign Policy

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Juan López Nadal

1998-09-01

Full Text Available Adaptation of foreign policy to the post-cold war era and the globalisation of the economy has not been easy for India, a country which occupies a key position in Asia and arguably the world due to its size, strategic position and economic potential. In Indiacontinuity and change coexist, manifesting dramatic contradictions, with the former gradually superseding the latter. The diplomacy of New Delhi has come under harsh criticism for its resistance to adapt to a changed and changing world - something rooted in its Britishcolonial heritage and its lack of enthusiasm for questioning traditional values and attitudes. An analysis of the fundamental basis underlining these traditional conceptions is necessary, as is an historical perspective on the evolution of India’s foreign policy which embraces vastly differing factors of influence such as the external environment and internal economic and political conditions. This study begins its historical perspective on the foreign policy of independent India in 1947, dividing the period up to the present decade into three phases: the period of Nehru (1947-65, including L.B.Shastri; that of Indira Ghandi and her successors (1965-1990; and the period following the end of the cold war, under an unstable and uncertain leadership.

Sharing Economy in Travel and Tourism: Finland vs. Hong Kong

OpenAIRE

Shoaib Ullah, Syed

2017-01-01

The key aim of this thesis is to determine how the sharing economy companies, especially sharing accommodation services like Airbnb, are affecting travel and tourism industry in Fin-land and in Hong Kong. The thesis also looks into the future of sharing economy in travel and tourism industry and any possibilities of cooperation between traditional service providers and sharing economy companies. The thesis is commissioned by the Association of Finnish Travel Agents (AFTA/SMAL). In the the...

Real economy versus virtual economy - New challenges for nowadays society

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Associates Professon Dr. Veronica Adriana Popescu

2011-05-01

Full Text Available In the paper Real Economy versus Virtual Economy – New Challenges for Nowadays Society our goal is to present the importance of both real economy and virtual economy.At the begging of our research, we have presented the main views of some specialists concerning both virtual and real economy. After that we have compared the two types of economies and we have stressed the most important aspects connected to them. The main reason why we have decided to approach this complex subject is due to the increasing interest in the virtual economy matters and the relation that this particular type of economy develops with the real economy.

'They are stealing my island' : Residents' opinions on foreign investment in the residential tourism industry in Tamarin, Mauritius

NARCIS (Netherlands)

Wortman, Tessa; Donaldson, Ronnie; van Westen, Guus|info:eu-repo/dai/nl/068876572

2016-01-01

The small nation of Mauritius in the Indian Ocean, once a poor sugar plantation island, has successfully diversified and expanded its economy since independence, by attracting foreign investment in manufacturing and modern service industries. Tourism is a major part of the 'Mauritian Miracle'; in

Tourism's intimate economies

Directory of Open Access Journals (Sweden)

Bill Maurer

2008-12-01

Full Text Available [First paragraph] What’s Love Got To Do with It? Transnational Desires and Sex Tourism in the Dominican Republic. Denise Brennan. Durham NC: Duke University Press, 2004. ix + 280 pp. (Paper US$ 21.95 Behind the Smile: The Working Lives of Caribbean Tourism. George Gmelch. Bloomington: Indiana University Press, 2003. x + 212 pp. (Paper US$ 19.95 New research on Caribbean tourism solidly locates it within the regional shift from “incentive-induced exports” like bananas to “service-based exports” like data processing, offshore finance, and novel forms of mass tourism (Mullings 2004:294; Duval 2004. Earlier studies may have made mention of the similarities between plantation economies and tourism development, but new models like the all-inclusive resort demonstrate a near identity of form and structure with plantation systems: foreign dominance over ownership and profit leaves little multiplier effect for the Caribbean islands playing host to enclaved resorts. Agricultural exports have been in free fall since the end of preferential trade protocols, and export manufacturing after the North American Free Trade Agreement is in steep decline. If new service economies seemed to offer a solution to economic and social disorder, the reaction to the events of September 11, 2001 demonstrated the fragility of service-based exports and, in particular, of new kinds of tourism. It took four years for international tourism to rebound to pre-9/11 levels;1 with the perceived threat of SARS and avian flu, as well as the Iraq war and the weak U.S. dollar, official projections of the industry’s near future are “cautiously optimistic.”2

Latin America in the World Economy and Trade at the Beginning of the XXI st Century

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A R Massarova

2013-12-01

Full Text Available The article deals with the role of Latin America in the world economy during the pre- and post-crisis period. It analyses the dynamics of the indicators that define social and economic capacity of the region and the impact of the world financial crisis in different types of the region's countries. The article examines in details structural and regional shifts in the foreign trade of Latin America. The analysis revealed the major problems of the region's foreign trade (branch and regional structure and allowed to set out the ways of their decisions through the diversification of Latin American export and the intensification of intra-regional trade.

Dyslexia and Learning a Foreign Language: A Personal Experience.

Science.gov (United States)

Simon, Charlann S.

2000-01-01

This participant observer report reviews research on how dyslexia complicates learning a second language, a description of how dyslexia has affected educational experiences, personal experiences learning a foreign language, and recommendations to individuals with dyslexia who are faced with fulfilling a foreign language requirement and their…

Priorities in the State Policy of Unshadowing the National Economy of Ukraine at the Present Stage of Development

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Avhustyn Ruslan R.

2016-11-01

Full Text Available The aim of the article is to justify the priorities of the state policy of unshadowing the national economy in the system of basic characteristics of the state economic security at the present stage of development. There made a conclusion about the perspectiveness of aligning the policy of economy unshadowing with forming a viable system of economic security of Ukraine, which allows to achieve a synergistic effect oriented both towards counteraction to the shadowing of economic relations and comprehensive enhancement of key parameters of the state economic security, including through the economy unshadowing. Consequently, the strategic priorities are defined in the following areas: (1 self-sufficiency of economic development and provision of the policy of economy unshadowing (forming the environment of perception of the shadow economy, resource support and an information and analytical system of economy unshadowing; introducing effective foreign technologies; increasing the efficiency in the regulatory sphere; (2 stability of the economic system and high capacity of the policy of economy unshadowing (legalization of the national economy in the branch-sectoral as well as spatial and structural aspects by structural elements of the state security, in the financial system and the internal market; (3 ability of the economy to develop and realize the potential of the policy of economy unshadowing (building the infrastructure; introducing «fuses» of control, human and intellectual, investment and innovation support of the economy unshadowing

The Impact of Cooperation on Firms’ Innovation Propensity in Emerging Economies

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Serdal Temel

2013-01-01

Full Text Available The importance of collaboration has been one of the main issues in innovation studies. Despite many different findings on collaboration and its impact on innovation performance, the impact of different types of collaboration on different types of innovation is still inconclusive. The purpose of this research is to investigate the effects of openness on the performance of the innovation process in a leading emerging economy. Based on Turkish CIS data, the findings reveal that doing R&D either continuously or occasionally affects the probability to introduce novelties. Conducting simultaneously marketing, organisational and process innovations also increases the likelihood to innovate. Furthermore, cooperation with partners and their effects on innovation propensity unveil that process, marketing and organisational innovations are determinants of product and service innovation, thus confirming that the various innovation types are intertwined and mutually supporting each other. From a geographical perspective, cooperating with external parties from the same country plays a dominant role in determining the innovation outcome. Cooperating with consultants and private labs on the other hand seems to negatively affect innovation performance. Surprisingly, the role of foreign cooperation remains ambiguous as results were not statistically significant. Another very interesting finding is the negative impact of firms’ size on innovation propensity. This paper, apart from its contribution to collaboration research, provides concise recommendations for policy makers and managers.

"Where can I be deported?" Thinking through the "Foreigner Fetish" in Namibia.

Science.gov (United States)

Lorway, Robert

2008-01-01

In "Thinking through the Foreigner Fetish," I examine the safer sex difficulties that form unevenly around class, gender, and ethniciy for a communiy of Namibian township youth involved in a transnationally-mediated queer rights movement. Post-structural notions of "desire" are employed in this article to re-orient poliical economic frameworks that consider "the body" in sex tourism in Marxists terms of "commodification" and "alienation." Through ethnographic account, I emphasize the practices through which local actors reflect on the value and authenticiy of their "self" in relation to the "global gay Other." By examining the moral economies of selfhood generated wihin the relationships between local and foreign males, I attempt to move discussions of "sex tourism" and "HIV-vulnerabiliy" beyond binary notions of "structure" and "agency."

The Impact of Foreign Direct Investments on Economic Growth in Romania

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Adrian Petre

2015-12-01

Full Text Available One of the current priority objectives for Romania is the integration into euro zone. To achieve this objective, Romania must record progress on economic growth. Various empirical studies have analyzed the influence of foreign direct investment (FDI on economic growth to see whether investment flows positively influence the economic development. The results revealed that positive connection depends on certain features of the economy at a time. The purpose of this research is to highlight the impact of the FDIs on the Romanian economic development because the debates on capital flows, both in the political and academic environment, associate these flows with a number of benefits for beneficiary states. In order to fulfill the objective of this research is analyzed, mainly, the relationship between foreign direct investment (FDI and gross domestic product (GDP.

Albania economy toward official euroisation

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Erjola BARBULLUSHI

2015-11-01

Full Text Available The euroisation issue in European Integration context, is a continuous process of discussions between different researchers and regulatory institutions. Nowadays, different aspects of collaboration and integration processes between countries in the region, are extended in all politics, economic and security dimensions. In this study, we are going to treat one of the aspects of this process integration for Albania: the possibility of substituting the Albanian Lek with Euro, beginning with the explanation of the concept of euroisation. Also we are going to identify the actual non-official replacement level of lek and how it is expected to be realized in the future. Albania like other developing countries is lack of a currency with which people can buy abroad and which can be used in short-run and long-run credit contracts. On the other hand, the exchange rate represents an important risk, especially for the business which realizes transactions in foreign currency. Here in we are focused on the measurement of the money replacement level in Albania through three main methods. For this purpose is used the regression analysis in order to test the hypothesis under evaluation in two directions: endogenous and exogenous potential factors affecting this replacement. Through the factor analysis identifying the pro and cons of the euroisation phenomenon, we will give the potential alternative in our county economy conditions. Finally, the replacement rate cannot be assessed without being related to the degree of money in circulation replacement and the degree of assets replacement and without being connected with the exchange rate between currencies.

Emergence of new Russian and foreign investors in the Russian oil and gas complex

International Nuclear Information System (INIS)

Arbatov, A.A.

1996-01-01

A critical analysis is presented of the factors influencing foreign investment in Russian oil and gas exploration and production. Greater stability in the Russian economy would help and unfortunately some elements of the Russian bureaucracy hinder quick decision making. Western investors could improve their position by concentrating on developments which are unlikely to be developed by Russian companies in the next decade. (author)

Effect of Body Composition on Walking Economy

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Maciejczyk Marcin

2016-12-01

Full Text Available Purpose. The aim of the study was to evaluate walking economy and physiological responses at two walking speeds in males with similar absolute body mass but different body composition. Methods. The study involved 22 young men with similar absolute body mass, BMI, aerobic performance, calf and thigh circumference. The participants differed in body composition: body fat (HBF group and lean body mass (HLBM group. In the graded test, maximal oxygen uptake (VO2max and maximal heart rate were measured. Walking economy was evaluated during two walks performed at two different speeds (4.8 and 6.0 km ‧ h-1. Results. The VO2max was similar in both groups, as were the physiological responses during slow walking. The absolute oxygen uptake or oxygen uptake relative to body mass did not significantly differentiate the studied groups. The only indicator significantly differentiating the two groups was oxygen uptake relative to LBM. Conclusions. Body composition does not significantly affect walking economy at low speed, while during brisk walking, the economy is better in the HLBM vs. HBF group, provided that walking economy is presented as oxygen uptake relative to LBM. For this reason, we recommend this manner of oxygen uptake normalization in the evaluation of walking economy.

Random walk theory and exchange rate dynamics in transition economies

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Gradojević Nikola

2010-01-01

Full Text Available This paper investigates the validity of the random walk theory in the Euro-Serbian dinar exchange rate market. We apply Andrew Lo and Archie MacKinlay's (1988 conventional variance ratio test and Jonathan Wright's (2000 non-parametric ranks and signs based variance ratio tests to the daily Euro/Serbian dinar exchange rate returns using the data from January 2005 - December 2008. Both types of variance ratio tests overwhelmingly reject the random walk hypothesis over the data span. To assess the robustness of our findings, we examine the forecasting performance of a non-linear, nonparametric model in the spirit of Francis Diebold and James Nason (1990 and find that it is able to significantly improve upon the random walk model, thus confirming the existence of foreign exchange market imperfections in a small transition economy such as Serbia. In the last part of the paper, we conduct a comparative study on how our results relate to those of other transition economies in the region.

Thinking More or Feeling Less? Explaining the Foreign-Language Effect on Moral Judgment.

Science.gov (United States)

Hayakawa, Sayuri; Tannenbaum, David; Costa, Albert; Corey, Joanna D; Keysar, Boaz

2017-10-01

Would you kill one person to save five? People are more willing to accept such utilitarian action when using a foreign language than when using their native language. In six experiments, we investigated why foreign-language use affects moral choice in this way. On the one hand, the difficulty of using a foreign language might slow people down and increase deliberation, amplifying utilitarian considerations of maximizing welfare. On the other hand, use of a foreign language might stunt emotional processing, attenuating considerations of deontological rules, such as the prohibition against killing. Using a process-dissociation technique, we found that foreign-language use decreases deontological responding but does not increase utilitarian responding. This suggests that using a foreign language affects moral choice not through increased deliberation but by blunting emotional reactions associated with the violation of deontological rules.

Compliance in the banking sector: checking the observance of legislation on controlled foreign companies

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Elena A. Shapkina

2017-03-01

Full Text Available Objective to identify the features of law implementation in the banking sector when fulfilling the compliance procedures as well as specificity of the identification of clients by credit institutions in the implementation of the law provisions on controlled foreign companies. Methods dialectic approach to cognition of legal phenomena allowing to analyze them in their development and functioning in the context of objective and subjective factors. Comparative method formallogical method method of deduction. Results in the article the necessity is proved to introduce the compliance procedures as a mechanism for internal control systems in the banking sector and for impeding the development of the shadow economy corruption and extremist manifestations. It is determined that the application of the compliance system allows to solve the problem of the effectiveness of anticorruption policy. The approaches are analyzed to the problem of offshorization of the Russian economy and measures for its resolution including by creating mechanisms of taxation of controlled foreign companies. The aims and approaches are viewed to defining the controlled foreign companies and the impact of Russian reforms on the legal systems of foreign countries. In particular we consider changes in Swiss law aimed at tightening controls over financial transactions in the banking sector with the aim of combating money laundering as well as compliance with Russian antioffshore legislation. It is stated that the change in the legal field in Russia will contribute to the protection of fiscal interests of the state and modernization of thebanking systems of internal control. Scientific novelty basing on the use of complex scientific methods for the first time the study is carried out of the compliance procedure in the banking sector from the point of view of checking the observance of the legislation on controlled foreign companies. Practical significance the main provisions and

The impact of exchange rate volatility on capital flows in BRICS economies

OpenAIRE

Bonga-Bonga, Lumengo; Gnagne, Pascal Xavier

2017-01-01

This study intends to analyse the impact of exchange rate risk on equity returns and bond yields as well as the volatility spillover between the foreign exchange, equity and bond markets in the BRICS economies. To reach this objective, a multivariate GARCH-M with BEKK specifications is applied on weekly data obtained from Thomson Reuters DataStream. The findings of the paper show that exchange rate volatility has a positive impact on ten-year bond yields in all BRICS countries except in South...

Collaborative Economy

DEFF Research Database (Denmark)

that are emerging from them, and how governments are responding to these new challenges. In doing so, the book provides both theoretical and practical insights into the future of tourism in a world that is, paradoxically, becoming both increasingly collaborative and individualized. Table of Contents Preface 1.The...... collaborative economy and tourism Dianne Dredge and Szilvia Gyimóthy PART I - Theoretical explorations 2.Definitions and mapping the landscape in the collaborative economy Szilvia Gyimóthy and Dianne Dredge 3.Business models of the collaborative economy Szilvia Gyimóthy 4.Responsibility and care...... in the collaborative economy Dianne Dredge 5.Networked cultures in the collaborative economy Szilvia Gyimóthy 6.Policy and regulatory perspectives in the collaborative economy Dianne Dredge PART II - Disruptions, innovations and transformations 7.Regulating innovation in the collaborative economy: An examination...

Collaborative Economy

DEFF Research Database (Denmark)

collaborative economy and tourism Dianne Dredge and Szilvia Gyimóthy PART I - Theoretical explorations 2.Definitions and mapping the landscape in the collaborative economy Szilvia Gyimóthy and Dianne Dredge 3.Business models of the collaborative economy Szilvia Gyimóthy 4.Responsibility and care...... and similar phenomena are among these collective innovations in tourism that are shaking the very bedrock of an industrial system that has been traditionally sustained along commercial value chains. To date there has been very little investigation of these trends, which have been inspired by, amongst other...... in the collaborative economy Dianne Dredge 5.Networked cultures in the collaborative economy Szilvia Gyimóthy 6.Policy and regulatory perspectives in the collaborative economy Dianne Dredge PART II - Disruptions, innovations and transformations 7.Regulating innovation in the collaborative economy: An examination...

The relationship between foreign direct investment and economic growth in South Africa: Vector error correction analysis

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Tshepo S. Masipa

2018-05-01

Full Text Available Orientation: From the Growth, Employment and Redistribution (GEAR strategy of 1996 to the currently implemented National Development Plan (NDP, the need to attract more foreign investors and promote exports in pursuit of economic growth and job creation has been emphasised. Research purpose: It is within this context that the purpose of this article was to determine the nexus between foreign direct investment (FDI inflows and economic growth from 1980 to 2014. Research design, approach and method: The vector error correction model is employed to determine and estimate the long-run relationship between the variables in the model. Main findings: From the findings, it was found that economic growth shares a positive relationship with both FDIs and the real effective exchange rate, while sharing a negative long-run relationship with government expenditure. Practical and managerial implications: The article contributes towards the on going debates on the impact of FDIs on economic growth and job creation in the recipient countries. Accordingly, its findings reinforce the importance of attracting FDIs in South Africa and to what extent they affect economic growth and employment. Contribution or value-add: From a policy perspective, the attraction of foreign investors must target sources that can create jobs and boost the South African economy. It is vital for the government to strengthen its machinery to fight corruption to create an environment conducive for foreign investors. Hence, this article suggests that South Africa’s capacity to grow and create jobs also depends on the country’s performance to enhance gross domestic product growth and attract more FDIs. The attraction of FDIs should, however, not be seen as an end in itself but also as a means of supporting other initiatives such as eradicating poverty and inequalities in South Africa.

49 CFR 525.11 - Termination of exemption; amendment of alternative average fuel economy standard.

Science.gov (United States)

2010-10-01

... average fuel economy standard. 525.11 Section 525.11 Transportation Other Regulations Relating to... EXEMPTIONS FROM AVERAGE FUEL ECONOMY STANDARDS § 525.11 Termination of exemption; amendment of alternative average fuel economy standard. (a) Any exemption granted under this part for an affected model year does...

FOREIGN EXCHANGE RISK MANAGEMENT IN THE REPUBLIC OF MOLDOVA IN CONDITIONS OF CURRENCY CRISIS

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Pavel TIPA

2016-07-01

Full Text Available At the end of 2014 and beginning of 2015, the banking sector from Moldova faced a tough crisis. It was generated by a series of frauds which led to three banks in process of liquidation, three other banks under NBM`s supervision and a huge gap in the broad money in the economy. These events severely affected the banking sector from the Republic of Moldova. Thus, the novelty of this paper is to highlight the difficulties which the banks from the Republic of Moldova have faced at managing their FX operations during that period. Also, considering the conditions of the downturn of the financial situation in the national banking sector and in the national economy in general, which followed as consequences of the crisis, this paper has the purpose to explain from theoretical point of view the basic concepts of correct banks’ FX operations management. For this, the author applied analytical, logical, bibliographical and synthesis research techniques. The results of the research are identification of the causes of currency crises, presentation of the basic measures taken by the National Bank of Moldova for mitigating the effects of the crisis, as well as exhibition of author’s recommendations regarding the main directions which have to be considered by banks in their foreign currency operations management.

The Volatile Effect of Conflict Risk on Foreign Investment

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Umit Hacioglu

2013-04-01

Full Text Available The opportunities of investment brought along by the global economic integrity might turn into a threat in an instant and undermine the underlying structures of national economies. It is necessary to analyze the conflict risk properly in terms of both portfolio investment and finance strategies. This is an important step to be included in the process of arriving to a rational decision. In that way, the existing investment risks could be priced more efficiently. It is proved on Collier and Starr models that there is a correlation between the conflict risk and unemployment, economic recession, inflation and fiscal discipline. In brief, the breakdown in the economic parameters increases the conflict risk and a progress occurring in the opposite way, decreases that risk. In this study, it is discussed the effects of the conflict risk for foreign investment availabilities. Keywords: Foreign direct investment; volatile effect; conflict risk; investment climate

MODELING THE RELATIONSHIP BETWEEN FOREIGN DIRECT INVESTMENTS AND ECONOMIC GROWTH – EVIDENCE FROM CENTRAL AND EASTERN EUROPEAN COUNTRIES

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Florin Cornel Dumiter

2014-10-01

Full Text Available The internationalization and globalization of economical problems, industrial manufacturing, and the movement of financial capital, determine the investment activities to become a global one, with implications for all the national and world wide economies. As a result, the foreign direct investments, throughout their economical constitution and substance, form a part of the economical relationships and international cooperation, which bring an essential contribution to the economical growth, creating work places, optimize the allocation of resources, enabling technology transfer and stimulate trading. Foreign Direct Investments have presently become the most important source of external funding for all the countries, regardless of their level of development. This kind of investments proved to be a more stable and used source of funding than the portfolio investments or the bank loans, as they are less affected by the financial crisis. Against this background, global direct financial investments flows remain one of the main manifestations of globalization, which is easily demonstrated if we reflect on the fact that currently over 50% of everything that happens in the world, be it product or services, is carried out by subsidiaries of transnational corporations, namely companies resulting from direct financial investments. It is estimated that the volume, structure and geographical distribution of foreign direct investments will be "patterned" in the proportion of 50% by the international economic situation, the implications of the crisis on the global financial system.

When Sex Work Becomes Your Everything: The Complex Linkages Between Economy and Affection Among Male Sex Workers in Peru.

Science.gov (United States)

Bayer, Angela M; Garvich, Mijail; Díaz, David A; Sánchez, Hugo; García, Patricia J; Coates, Thomas J

2014-09-01

In Peru, there are few studies on male sex workers (MSWs), and existing studies explore limited subgroups or offer limited information about MSWs' perspectives. This study provides in-depth perspectives from 40 MSWs who work in downtown Lima (Cercado) and in surrounding urban neighborhoods (non-Cercado) through interviews on their identities, lives, and HIV/STI (sexually transmitted infection) risks and vulnerabilities. Findings are that entry into sex work links economy and affection, particularly among Cercado MSWs. Continued sex work cements this link, making it difficult to exit sex work and establish goals. Ties between economics and affections influence MSWs' perceived HIV/STI risks, vulnerabilities, and prevention practices. Although Cercado MSWs report higher HIV/STI risks and vulnerabilities than non-Cercado peers, they report fewer prevention practices given inability to buy condoms and acceptance of client offers of higher payment, especially clients they feel affection for. MSWs need support to strengthen their self-perceptions and define and pursue their goals in order to improve their HIV/STI prevention practices, health, and well-being. © The Author(s) 2013.

Extraction of Tourist Destinations and Comparative Analysis of Preferences Between Foreign Tourists and Domestic Tourists on the Basis of Geotagged Social Media Data

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Takashi Nicholas Maeda

2018-03-01

Full Text Available Inbound tourism plays an important role in local economies. To stimulate local economies, it is necessary to attract foreign tourists to various areas of a country. This research aims to develop a method of extracting the locations of tourist destinations in a country and to understand what characteristics foreign tourists expect of areas near tourist attractions compared with what domestic tourists expect. In this paper, a tourist destination is defined as a small area that has places of interests for tourists such as historic sites, theme parks, hotels, and restaurants. The methods proposed in this paper are applied to data acquired from Twitter and Foursquare in Japan. The proposed method successfully extracts the locations of tourist destinations and characterizes those locations based on the points of interest in the neighborhood. The results indicate that foreign tourists who come to Japan expect nightlife spots (bars, nightclubs, etc. to be located in the neighborhood of tourist destinations, in contrast to the expectations of domestic tourists. The proposed methods are applicable to not only Japan, but to any country.

Foreign language interactive didactics

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Arnaldo Moisés Gómez

2016-06-01

Full Text Available Foreign Language Interactive Didactics is intended for foreign language teachers and would-be teachers since it is an interpretation of the foreign language teaching-learning process is conceived from a reflexive social interaction. This interpretation declares learning based on interactive tasks that provide learners with opportunities to interact meaningfully among them, as a way to develop interactional competence as objective in itself and as a means to obtain communicative competence. Foreign language interactive didactics claims for the unity of reflection and action while learning the language system and using it to communicate, by means of solving problems presented in interactive tasks. It proposes a kind of teaching that is interactive, developmental, collaborative, holist, cognitive, problematizing, reflexive, student centered, humanist, and with a strong affective component that empower the influencing psychological factors in learning. This conception appears in the book: DIDÁCTICA INTERACTIVA DE LENGUAS (2007 y 2010. The book is used as a textbook for the subject of Didactics that is part of the curriculum in language teachers’ formation of all the pedagogical sciences universities, in Spanish teachers’ formation who are not Spanish speaking people at Havana University, and also as a reference book for postgraduate courses, master’s and doctorate’ s degrees.

The model of sustainable socio-economic development of the national economy

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O. A. Kalchenko

2016-01-01

Full Text Available According to the new "National security strategy of the Russian Federation, sustainable socio-economic development is the basis of national economic security. UN conceptual model of sustainable development is considered. The “Club of Rome” founder’s Aurelio Peccei point of view that world could be presented by interrelated but sufficiently stable elements: Nature, Man, Society, science-based Technique is mentioned (early 1980s. Today, sustainable socio-economic development of the national economy is determined by: Nature, Man, Society, Technology, Economy and Infrastructure. To support this opinion, statements of leading scientists, politicians, business representatives are given: A. Aganbegian, M. Friedman, V. Sidorov, V. Inozemtsev, G. Gref. The author's model of sustainable socio-economic development of the national economy is presented. The position of Russia according to the “2016 Global R&D Funding Forecast”, compiled by well-known scientific periodical “R&DMagazine” is presented. Classification of indicators groups, taken from the Russian and foreign statistical data books (Russian Statistical Yearbook, IRI, R&D Magazine, International Monetary Fund, World Bank, CIA Factbook, OECD, according to the elements of an integrated system of sustainable socio-economic development of the national economy is given. Implementation aggregating partial indices into an integrated index for each group and their population as a whole is proposed. For each private indicator is proposed to develop three levels of threshold values (acceptable, marginal and critical for sustainable socio-economic development of the national economy and security. Since innovation is a key mechanism for the concept of sustainable socio-economic development of the national economy in a new tenor of technology, the need for innovative development of all elements of the proposed integrated system is required.

Predictive performance of DSGE model for small open economy – the case study of Czech Republic

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Tomáš Jeřábek

2013-01-01

Full Text Available Multivariate time series forecasting is applied in a wide range of economic activities related to regional competitiveness and is the basis of almost all macroeconomic analysis. From the point of view of political practice is appropriate to seek a model that reached a quality prediction performance for all the variables. As monitored variables were used GDP growth, inflation and interest rates. The paper focuses on performance prediction evaluation of the small open economy New Keynesian DSGE model for the Czech republic, where Bayesian method are used for their parameters estimation, against different types of Bayesian and naive random walk model. The performance of models is identified using historical dates including domestic economy and foreign economy, which is represented by countries of the Eurozone. The results indicate that the DSGE model generates estimates that are competitive with other models used in this paper.

KNOWLEDGE SOCIETY, GENERAL FRAMEWORK FOR KNOWLEDGE BASED ECONOMY

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Dragos CRISTEA

2011-03-01

Full Text Available This paper tries to present the existent relation between knowledge society and knowledge based economy. We will identify the main pillars of knowledge society and present their importance for the development of knowledge societies. Further, we will present two perspectives over knowledge societies, respectively science and learning perspectives, that directly affects knowledge based economies. At the end, we will conclude by identifying some important questions that must be answered regarding this new social paradigm.

77 FR 3373 - Establishing Visa and Foreign Visitor Processing Goals and the Task Force On Travel and...

Science.gov (United States)

2012-01-24

... improve visa and foreign visitor processing and travel promotion in order to create jobs and spur economic... requirements imposed after 2001. Given the importance of the travel and tourism industry to the U.S. economy... Promotion Act was signed into law. While our processes for moving people and goods across our borders are...

Multinationals and Foreign Direct Investment: The Portuguese Experience (1900-2010

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Alvaro Ferreira da Silva

2016-07-01

Full Text Available A long-term perspective on the evolution of inward and outward foreign investment in Portugal over the twentieth century has been absent from the existing literature. In a few cases the analysis has a larger chronological depth, namely in the studies by Salgado de Matos (1973. However, even in this case the author zooms in a specific period of time: the 1960s and early 1970s. Other studies provide a long-term synthesis on foreign direct investment (see for all, Leite et al, 2001; Moreira and Dias, 2008, but they rely on a descriptive and very superficial approach. The chapters dedicated by the recent and in-depth História Económica de Portugal (Lains and Silva, 2005, vol. 3 to the internationalization of the Portuguese economy or to capital as a factor of production never address FDI, which constitutes one important weakness of this work.

Caspian oil and Azerbaijan foreign policy: analyse of Azerbaijanese arguments

International Nuclear Information System (INIS)

Gurbanov, T.

2005-03-01

Since Azerbaijan's independence, He decided to use its natural resources for strengthening the bases of a new state and signed 21 massive oil contracts with 35 companies of 21 different countries. Our research aims to analyse the Azerbaijanis' arguments related to Caspian oil through its foreign policy, by economic, legal and geopolitical axes. Oil has a fundamental place in the country's economy, as it is Azerbaijan's Gross Product. The treaties of 1921 and 1940 do not regulate the question concerning the common use of the resources of the Caspian Sea. Therefore, it became urgent to define new status related to divide the sea by median line into national sectors according to the equidistance principles. As the oil is a 'political game' between foreign powers, Azerbaijan tries to take the benefice from this 'New great game' by transforming the country into a zone of cooperation. (author)

The Intangible Assets of Korean Manufacturing Firms for Foreign Direct Investment

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Sunghoon Hong

2004-12-01

Full Text Available This paper attempts to apply the intangible assets approach to the emerging multinational enterprises of Korea. More specifically, it tries to empirically analyze whether Korean firms investing in foreign markets possess more advanced intangible assets than those investing only in the domestic market, and whether Korean firms exploit different types of tangible assets in different host regions. The following conclusions have been drawn by analyzing the data on Korea manufacturing firms listed on the Stock Exchange. First, firms investing in foreign markets possess more advanced intangible assets than domestic market-oriented ones. More specifically, firms investing in the Western developed region are shown to be superior in the economies of scale, R&D, advertising intensity, capital intensity, and interfirm linkages, whereas those investing in the Asian developing region are superior only in the economies of scale and organizational skills. This implies that Korean firms operating in developed countries seem to exploit a wider range of intangible assets to address intense competition and sophisticated demand in the host markets. And, when firms investing in the developed and developing regions are compared directly, the former group are found to exploit technological capability and interfirm linkages more intensively. Second, availability of internal funds and human capital intensity do not show statistical significances, implying that these abilities are not different between firms investing in foreign markets and the domestic market. Third, Korean multinational enterprises are more similar to Japanese than Western ones in terms that they actively exploit organizational skills and interfirm network. Nonetheless, these conclusions have been derived by analyzing the data on parent firms, based on the assumption that Korean overseas subsidiaries commonly share the intangible assets of their parents. This weakness is mainly due to the limited

Sectoral Economies, Economic Contexts, and Attitudes toward Immigration.

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Dancygier, Rafaela M; Donnelly, Michael J

2013-01-01

Do economic considerations shape attitudes toward immigration? In this article, we consider the relationship between economic interests and immigration preferences by examining how developments in individuals' sectors of employment affect these views. Using survey data across European countries from 2002 to 2009 and employing new measures of industry-level exposure to immigration, we find that sectoral economies shape opinions about immigration. Individuals employed in growing sectors are more likely to support immigration than are those employed in shrinking sectors. Moreover, the economic context matters: Making use of the exogenous shock to national economies represented by the 2008 financial crisis, we show that sector-level inflows of immigrant workers have little effect on preferences when economies are expanding, but that they dampen support for immigration when economic conditions deteriorate and confidence in the economy declines. These sectoral effects remain even when controlling for natives' views about the impact of immigration on the national economy and culture. When evaluating immigration policy, individuals thus appear to take into account whether their sector of employment benefits economically from immigration.

Sectoral Economies, Economic Contexts, and Attitudes toward Immigration

Science.gov (United States)

Donnelly, Michael J.

2013-01-01

Do economic considerations shape attitudes toward immigration? In this article, we consider the relationship between economic interests and immigration preferences by examining how developments in individuals' sectors of employment affect these views. Using survey data across European countries from 2002 to 2009 and employing new measures of industry-level exposure to immigration, we find that sectoral economies shape opinions about immigration. Individuals employed in growing sectors are more likely to support immigration than are those employed in shrinking sectors. Moreover, the economic context matters: Making use of the exogenous shock to national economies represented by the 2008 financial crisis, we show that sector-level inflows of immigrant workers have little effect on preferences when economies are expanding, but that they dampen support for immigration when economic conditions deteriorate and confidence in the economy declines. These sectoral effects remain even when controlling for natives' views about the impact of immigration on the national economy and culture. When evaluating immigration policy, individuals thus appear to take into account whether their sector of employment benefits economically from immigration. PMID:24363457

FOREIGN DIRECT INVESTMENTS DURING FINANCIAL CRISES

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VINTILA DENISIA MARIANA

2011-12-01

Full Text Available The fundamental idea of International capital flows is that short-term flows can be easily reversed, while flows on a longer time horizon are more stable. Crises are associated with withdrawals of short-term capital flows and growth of the foreign direct investment flows. The current crisis has meant a major decline of international capital flows, also of the foreign direct investment. The analysis in this article tries to establish if and under which conditions foreign direct investments can bring greater stability during the crisis, comparing the evolution of foreign direct investments in the current crisis with their response in previous crises. We show that during previous crises foreign direct investments were stable, behaving differently from other types of capital. Yet, during the current crisis, foreign direct investments have proven to be not so stable and all the components declined, raising questions about the resumption of the positive trend. The stability of foreign direct investments in the past was given by the increase of mergers and acquisitions during the crisis, reflecting fire-sale FDI. This feature is not found in the current crisis as mergers and acquisitions were severe affected by the crises and recorded a major decline. The current paper is realized in the doctoral program entitled PhD in economics at the standards of European knowledge- DoEsEc, scientific coordinator Prof. PhD Rodica Zaharia, institution The Academy of Economic Studies Bucharest, Faculty of International Business, period of research 2009-2012.

Personality Traits and Foreign Policy Attitudes in German Public Opinion

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Schoen, Harald

2007-01-01

This article examines the effects of personality traits on attitudes toward foreign policy issues among the German public. Building on previous research, it argues that personality characteristics shape an individual's motivation, goals, and values, thereby providing criteria to evaluate external stimuli and affecting foreign policy opinions. An…

RUSSIAN FOREIGN POLICY - INTERESTS VECTORS AND ECONOMIC IMPACT

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ANDREEA – EMANUELA DRǍGOI

2015-12-01

Full Text Available In recent decades, Russia's foreign policy was shaped by both a number of internal factors (government strategy, political elites, culture, economics and demography and external ones (international treaties, changes in the structure of the international power balance. In the post-soviet era Russian foreign policy was radically different from that of other major economic powers. One of the factors that influenced decisively Russia’s external strategies was the collapse of the USSR as a superpower (phenomenon described by the president Vladimir Putin as "the most powerful geo-political catastrophe of the XXst century". The shift from the former communist regime (a totalitarian one to an authoritarian oligarchy (the current regime was followed by the transition to a market economy, a phenomenon that coincided with Russia’s military and political diminished influence in the international arena. Our research aims to assess the main interest vectors that shaped Russian Foreign Policy considering the main events that constitute milestones: Russia’s emerging as a great energy power, the Crimean crisis and Western international economic sanctions that followed. Our paper will base the main assumption on a joint analysis both qualitative and quantitative, using main international economic indicators (GDP, FDI flows, trade flows, general government balance and general gross debt and the most relevant approaches in the literature in the field.

The Effect of Foreign Direct Investment in Economic Growth from the Perspective of Nonlinear Dynamics

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Ch. K. Volos

2015-09-01

Full Text Available In today’s globalized economy one of the most crucial factors for the economic growth of a country, especially of a developing country, is the foreign direct investment, not only because of the transfer of capital but also of technology. In this work, the effect of foreign direct investments in a county’s economic growth by using tools of nonlinear dynamics is studied. As a model of the economic growth of a country, a well-known nonlinear discrete-time dynamical system, the Logistic map, is used. The system under study consists of two countries with a strong economic relationship. The source country of foreign direct investments is an industrialized, economically powerful and technologically advanced country that makes significant investments in the host country, which is a developing country and strong dependent from the source country. Simulation results of system’s behavior and especially the bifurcation diagrams reveal the strong connection between the countries of the proposed system and the effect of foreign direct investments in the economic growth of the host country.

Foreign Direct Investment – The Case of Botswana

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Patricia Lindelwa Makoni

2015-08-01

Full Text Available This article sets out to analyse the occurrence of foreign direct investment (FDI in Botswana. Diamonds contribute more than 50% of Botswana’s gross domestic product (GDP, hence economic growth and development focus has been on the mining sector. The country’s other sectors of tourism, agriculture, financial services and manufacturing have not received as much support from the Government, private sector and even international investors. This article briefly examines FDI inflow trends and the country’s national economic-building policies which the Government has put in place to diversify its economy from the current export-oriented, diamond mining economy. A country-specific case study approach was adopted. The results yielded show that Botswana is overly dependent on export earnings from diamonds. This leaves the country vulnerable to external global economic shocks. Given that diamonds are a natural resource with a limited lifespan, the Government of Botswana needs to draw up investor-friendly policies to attract FDI inflows to expand its economic base. International capital inflows would complement domestic savings and further boost employment and trade opportunities in the country.

Biophysical structure of the Ecuadorian economy, foreign trade, and policy implications

International Nuclear Information System (INIS)

Vallejo, Maria Cristina

2010-01-01

At the core of this paper lays the notion that a systematic analysis of material flow accounts enables us to discuss the sustainability of an economic model. Ecuador is going through a socio-ecological transition from an agrarian towards an industrial regime, based on the use of nonrenewable sources of materials and energy. Direct material flow indicators are used in this article to analyze the ecological dimension of the economy of Ecuador during 1970-2007. This approach enables the concept of societal metabolism to become operative. The paper compares societal metabolic profiles showing that per capita use of materials is still at about one-fifth of the average in the high income countries of the world. Physical flows of trade indicate that there is an ecologically unequal exchange. Whereas a positive trade balance is desirable from an economic policy, its counterpart in physical units has been a persistent net outflow of material resources, the extraction of which causes environmental impacts and social conflicts. (author)

Biophysical structure of the Ecuadorian economy, foreign trade, and policy implications

Energy Technology Data Exchange (ETDEWEB)

Vallejo, Maria Cristina [Facultad Latinoamericana de Ciencias Sociales, Pradera E7-174 y Avenida Diego de Almagro, Quito (Ecuador)

2010-12-15

At the core of this paper lays the notion that a systematic analysis of material flow accounts enables us to discuss the sustainability of an economic model. Ecuador is going through a socio-ecological transition from an agrarian towards an industrial regime, based on the use of nonrenewable sources of materials and energy. Direct material flow indicators are used in this article to analyze the ecological dimension of the economy of Ecuador during 1970-2007. This approach enables the concept of societal metabolism to become operative. The paper compares societal metabolic profiles showing that per capita use of materials is still at about one-fifth of the average in the high income countries of the world. Physical flows of trade indicate that there is an ecologically unequal exchange. Whereas a positive trade balance is desirable from an economic policy, its counterpart in physical units has been a persistent net outflow of material resources, the extraction of which causes environmental impacts and social conflicts. (author)

Mediatised affective activism

DEFF Research Database (Denmark)

Reestorff, Camilla Møhring

2014-01-01

bodies by addressing affective registers. The mediatised ‘affective environment’ (Massumi, 2009) cues bodies and generates spreadability, yet it also produces disconnections. These disconnections might redistribute the ‘economy of recognizability’ (Butler and Athanasiou, 2013); however, the Femen...

Foreign Investors Able to Establish Foreign- exclusively Exhibition Corporations

Institute of Scientific and Technical Information of China (English)

2005-01-01

Foreign Investors Able to Establish Foreign-exclusively Exhibition Corporations In Feb, Ministry of Commerce issued its 1st decree on temporary regulation for foreign-investing corporations; the regulation allows foreign investors to set up foreign-investing convention & exhibition corporations exclusively or through cooperation with other Chinese corporations, enterprises or organizations. With legal protection on their regulatory management and legal rights, these foreign-investing corporations are in the charge of Department of Foreign Investment Administration, Ministry of Commerce.

Explaining Iceland’s Excessive Boom and Bust: a Political Economy Approach

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Stefán Ólafsson

2016-06-01

Full Text Available We explain the Icelandic bubble economy and the financial crisis of 2008 with lessons from classical political economy theories (Keynes, Minsky, Kindleberger, Reinhart and Rogoff. We ask why and how the Icelandic bubble came about? Why it went so far off track? Who were the main actors? And why they did it? At the base of these developments were changes in the policy environment and institutional changes in finance and economy, which produced both new opportunities and new risks, as well as paving the way for new powers to rise in the society, not least with the full privatization of the state banks in 2003. An overextended belief in the virtues of the free market of the private sector led to a laissez-faire attitude towards the new risks, while the new opportunities were pursued with great efforts. This produced a classical but unusually large financial bubble, culminating in 2003-2008, with massive and risky growth of banks. The main characteristic of the Icelandic bubble was extensive business speculation with borrowed money. The consequence was excessive accumulation of foreign debt, which tends to be the ultimate cause of financial crises. The main actors were the top ten percent of income earners, who gained tremendously during the decade leading up to the collapse. Their incomes grew way beyond all others, not least their financial earnings, which sprang mainly from the activities of the unsustainable bubble economy.

Analyzing Student’s Attitude towards Foreign Language Learning

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Karwan Talaat Rashid

2017-06-01

Full Text Available The study of research upon a qualitative procedure has conducted with twenty-two various instruments, based on the quantitative data collection to prepare for statistical analysis. Learning of the study is analytical Analyzing Student’s Attitude for Foreign Language. In some countries most of the students have to learn the first foreign language it may sometimes have is impact of learners The procedure of teaching a foreign language are influenced by different issues such as the used attitude, methods, techniques, educators, learners, inspiration, environment, and etc.. The problem of the study accompanied with dimensions to get solved the Foreign language as an official language has its impact on Student’s Relations. Foreign language (FL gave a good opportunity to students to know the culture of the other country, to learn the second language, students attitude toward foreign language differ according to gender. Furthermore, For the better understanding of different type of foreign languages and its empowerment to discover the solution to research problem take a notice of these objectives and can formulate as followings: To know the different type of foreign language and how it affect the student’s performance and measure the ability of their efficiency.

Challenges and Problems in the Kosovo Reality Related to Foreign Direct Investment

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MSc. Nexhat Shkodra

2015-06-01

Full Text Available Economic development is a goal aspired by many countries of the world, Kosovo included. In attaining such goals, many countries face numerous difficulties. Amongst the most often taken paths by various countries is the attraction of foreign direct investments to the country. The term investment includes a wide range of human activities in engaging financial means into one of the areas: immoveable property, bonds and shares, manufacturing and service projects, scientific research, technological development, personnel education, etc. Different from internal investment which is engaged by domestic investors in their own territories, Foreign Direct Investment, the topic of our study, is a form of investment which generates revenues by a company in the country and an affiliate branch outside the investor’s seat. Foreign Direct Investments generate relations through the local company and its branches outside the country. Foreign Direct Investments (FDIs are considered to be a strength giving life to economic development of a country, and especially the developing countries. They have an important role to play in a long-term development of a country, and not only as a capital source, but also in increasing competitive abilities of the domestic economy, by technological transfers, strengthening infrastructure, increased productivity and generation of new employment opportunities.

Comparison of External Exposure of Central and Eastern-European States as a Factor Threatening Financial Security of Their Economies

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Magdalena Redo

2018-06-01

Full Text Available Central and Eastern-European countries are strongly linked to the international economic and financial systems, which results in their dependence on foreign capital and on the upturn in the global markets. This situation also makes them vulnerable to external shocks. Resilience of the economies of CEE countries was additionally diminished by their relatively quick and uncompromising opening up to the process of globalization and European integration. All the economies subject to scrutiny have quite a substantial external debt level (reaching 55–139% of GDP, their net international investment position is quite strongly in the negative (constituting 25–71% of GDP. They are also characterized by high level of foreign liabilities (85–350% of GDP, a significant degree of trade openness (export and import of goods and services amounting to 41–94% of GDP, considerable rate of foreign liquid portfolio investments (even as much as 32% of GDP. Another common feature is the strong financial support received from the EU budget, with CEE countries being its net beneficiaries (with the accumulated value of funds received from the EU budget in 2004–2015 at the level of 21–42% of GDP. It should be borne in mind that Lithuania, Latvia, Estonia, Slovenia and Slovakia are members of the Eurozone, i.e. operate an international currency, which improves their creditworthiness and augments the trust of the global markets. What seems not without significance for investors is the fact that the IMF classified these five CEE countries – as well as the Czech Republic – as advanced economies. In light of the above, it should be stated that the Polish economy is characterized by a relatively strong external exposure relative to the creditworthiness the country boasts. This exposure increases Poland’s vulnerability to shocks and makes it less immune thereto. These circumstances partially explain the higher estimation of the risk premium for investments in

From colonial empires to developing countries and on to emerging economies : the international expansion of the Dutch brewery Heineken, 1930-2010

NARCIS (Netherlands)

Sluyterman, K.E.; Bouwens, A.M.C.M.

2015-01-01

This article analyzes the foreign expansion of the Dutch brewery Heineken in countries that were successively seen as colonies, developing countries, and emerging economies. Why did Heineken want to go overseas as early as the 1930s, what advantages could the brewer offer, and what challenges did it

THE INFLUENCE OF INSTITUTIONAL STRATEGIES ON THE UNDERGROUND ECONOMY

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Ciprian Tudurachi

2014-12-01

Full Text Available The fight against shadow economy must be addressed not only as a permanent concern of economic analysts and decision-makers, but rather as a problematic ethical-moral nature affecting economic and interpersonal relations, as strategic and operational object. The authors attempt outline an institutional management strategy geared towards underground economy combating has as objective the strands establishment without having exhaustiveness claim. We make a case for extending the implementation of a coherent program, strategic and operational, and its adoption as a way of institutional management in the context it really wants to launch a concerted offensive to combat the underground economy.

The economy of consumption as a socio-theoretical proposal

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Ortiz Negrón, Laura

2007-11-01

Full Text Available We propose the concept of "economy of consumption" as a way of examining the multiple effects of contemporary consumption. We present an interdisciplinary approach to the factors and social processes that have configured Puerto Rico as an economy of consumption. If one considers the specific ways in which modernization has affected the country, as well as the social transformations it has undergone in recent decades, one can take a contextual view of Puerto Rico as an economy of consumption. The transformations of capital and the inscription within consumption itself, as an order of signification, are the hermeneutic keys of this analysis.

Comparison between response dynamics in transition economies and developed economies

Science.gov (United States)

Tenenbaum, Joel; Horvatić, Davor; Bajić, Slavica Cosović; Pehlivanović, Bećo; Podobnik, Boris; Stanley, H. Eugene

2010-10-01

In developed economies, the sign of the price increment influences the volatility in an asymmetric fashion—negative increments tend to result in larger volatility (increments with larger magnitudes), while positive increments result in smaller volatility. We explore whether this asymmetry extends from developed economies to European transition economies and, if so, how such asymmetry changes over time as these transition economies develop and mature. We analyze eleven European transition economies and compare the results with those obtained by analyzing U.S. market indices. Specifically, we calculate parameters that quantify both the volatility asymmetry and the strength of its dependence on prior increments. We find that, like their developed economy counterparts, almost all transition economy indices exhibit a significant volatility asymmetry, and the parameter γ characterizing asymmetry fluctuates more over time for transition economies. We also investigate how the association between volatility and volatility asymmetry varies by type of market. We test the hypothesis of a negative correlation between volatility and volatility asymmetry. We find that, for developed economies, γ experiences local minima during (i) “Black Monday” on October 19, 1987, (ii) the dot-com bubble crash in 2002, and (iii) the 2007-2009 global crisis while for transition economies, γ experiences local maxima during times of economic crisis.

Canada’s Foreign Direct Investment Challenge: Reducing Barriers and Ensuring a Level Playing Field in the Face of Sovereign Wealth Funds and State-Owned Enterprises

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Matt Krzepkowski

2010-10-01

Full Text Available Recent takeovers – and attempted takeovers – of strategic resource companies have renewed concerns that some of Canada’s prized corporate players are falling into foreign hands. However, data shows that Canada has not been a significant attractor of multinational investment, lagging behind a number of developed and developing nations. Indeed, since the mid-1990s, Canada has been a net exporter of capital in world markets, as foreign direct investment by Canadian companies far outpaced the inflow of foreign capital. Rather than being hollowed out, we are hollowing out other countries. As a general policy, Canada should reduce barriers to foreign direct investment and welcome our growing role in international markets. As many studies have shown, foreign direct investment brings significant net benefits to the Canadian economy, including knowledge transfers, new management, better wages and productivity. Only in limited circumstances, such as in the case of protecting Canada’s national security, should Canada block foreign takeovers of Canadian companies. In the interest of neutrality and minimizing economic distortions, takeovers of Canadian companies by foreign sovereign wealth funds or state-owned enterprises should be reviewed on a case-by-case basis. When state-owned enterprises have similar commercial objectives and operate on a level-playing field without financial support by state owners, they could also provide net benefits to the Canadian economy. One important area that requires further consideration is with respect to the tax-exempt status of sovereign wealth funds and state-owned companies. Canadian tax treaties should be reviewed to ensure that Canadian withholding taxes maintain an even playing field among private and state-owned businesses operating in Canada.

Motivations of Russian firms to invest abroad: how do sanctions affect Russia’s outward foreign direct investment?

Directory of Open Access Journals (Sweden)

Liuhto Kari

2015-12-01

Full Text Available In 2013, Russia’s outward foreign direct investment (OFDI soared and the OFDI stock exceeded $ 500 billion. However, a year later, Russia’s OFDI dropped by nearly 15 per cent. Rapid upward and downward swings make it necessary to analyze the motivation of Russian firms to invest abroad as well as to assess the impact of sanctions on Russian OFDI. The author points out that a significant part of Russia’s outward FDI stock is accounted for by the operations of Russian corporations in their home market. It is concluded that although Western sanctions target a relatively small number of Russian citizens and companies, they nevertheless affect some of Russia’s key people, largest banks, and hydrocarbon producers. Therefore, their direct impact could be substantial. Alongside the direct impact, one should consider their indirect impact, such as the tumbling rouble exchange rate and Russian banks’ increasing interest rates, which decrease Russian firms’ capability to invest abroad. Moreover, a less amicable politic al atmosphere in the West may push some Russian corporations out of the Western markets and diminish the enthusiasm of new ones to enter them. Today, Russia’s counter-sanctions do not directly restrict the country’s OFDI, but Russian state-owned enterprises may reach a decision to hold foreign investments to support Russia’s sanction policy.

Critical Analysis on Construction Workforce Sustainability in Developed Economy

OpenAIRE

Sing, Michael; Tam, Vivian; Fung, Ivan; Liu, Henry

2017-01-01

The construction industry in the developed economy has suffered a shortage of workforce which triggers project cost escalation and project delay and suppresses the whole economy. This paper aims to explore the perceptions of the general public and construction workers towards workforce shortage in the Hong Kong construction industry and identifies the critical factors affecting their intention to join the industry. Triangulation approach was adopted in this study and a street survey was condu...

The impact of foreign trade in agricultural products of Bosnia and Herzegovina within the framework of CEFTA 2006

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Ćejvanović Ferhat

2014-01-01

Full Text Available In modern conditions, characterized by the growing importance of foreign trade between the countries, relations of a country with international environment play an increasingly impor­tant role in economic development. Over the last decade the process of economic integration through the removal of barriers for the free movement of goods, services, money and people has improved job creation and economic growth. From economic cooperation with foreign countries should expect positive effects on the economy of the state if the external economic factor used in accordance with the plans and programs of economic development of a coun­try. Thereto, there are social forces that can decide relatively independently to all elements of internal development and cooperation with foreign countries. The objective of this study was to investigate the effect of the CEFTA 2006 on the foreign trade of agricultural products in Bosnia and Herzegovina. In this respect it may be noted that foreign trade of agricultural products has an impact on the agricultural sector in Bosnia and Herzegovina.

Rapid Detection and Characterization of Emerging Foreign Animal Disease Pathogens

Energy Technology Data Exchange (ETDEWEB)

Jaing, C. [Lawrence Livermore National Lab. (LLNL), Livermore, CA (United States)

2016-11-18

To best safeguard human and animal health requires early detection and characterization of disease events. This must include effective surveillance for emerging infectious diseases. Both deliberate and natural outbreaks have enormous economic and public health impacts, and can present serious threats to national security. In this project, we developed novel next generation detection technologies to protect the agricultural economy and biosecurity. The first technology is a multiplexed assay to simultaneously detection 10 swine viral and bacterial pathogens. The second one is the Lawrence Livermore Microbial Detection Array (LLMDA) which can detect more than 10,000 microbial species including 4219 viruses, 5367 bacteria, 265 fungi, 117 protozoa and 293 archaea. We analyzed a series of swine clinical samples from past disease events to demonstrate the utility of the assays for faster and cheaper detection of emerging and foreign animal disease pathogens, and their utility as s routine diagnosis and surveillance tool. A second goal of the study is to better understand mechanisms of African swine fever virus (ASFV) infection in pigs to aid the development of countermeasures and diagnostics. There is no vaccine available for ASF. ASF outbreak is on the rise on several European countries. Though ASF is not currently in the U.S., a potential outbreak in the U.S. would be detrimental to the swine industry and the US agricultural economy. We pursued a genome-wide approach to characterize the pig immune responses after ASFV infection. We used RNA sequencing and bioinformatics methods to identify genes and pathways that are affected during ASF infection. We have identified a list of most differentially expressed genes that are in the immune response pathways.

China’s Rise and Its Implications for the Global Economy

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Jitaru Loredana

2017-01-01

Full Text Available Since 1978, the world has been witnessing China’s formidable growth at an average growthyearly rate of about 10%. Even when the world economy was affected by the global economicfinancialcrisis, China’s economy grew 9-10% per year. The objective of this study is to provide acomplex view of the Chinese economic growth and to identify the effects of this growth on theworld economy. To that effect, this paper is structured in two parts. In the first part, we analysedthe evolution of the Chinese economic growth and the drivers of this spectacular growth. In thesecond part, we identified and analysed the implications of this growth for the global economy. Toachieve our objective, we used the method of documentary research.

Foreign ownership and its effects on employment and wages

DEFF Research Database (Denmark)

Brännlund, Runar; Nordström, Leif Jonas; Stage, Jesper

2016-01-01

In this paper, we study how foreign ownership of Swedish companies affects employment and wages. To study these effects, we specify a model based on the assumption that the Swedish labour market can be described as one where trade unions and employers bargain over employment and wages. Our...... hypothesis is that bargaining power is affected by institutional settings and the ownership of the firm. To test our hypothesis, we used a panel data set of 242 large Swedish manufacturing firms over the period 1980–2005. The results indicate no significant impact of foreign ownership on employment or wages...

Essays in financial intermediation and political economy

NARCIS (Netherlands)

Luo, Mancy

2017-01-01

This thesis consists of three chapters in financial intermediation and political economy. The first chapter studies how investors’ preference for local stocks affects global mutual funds’ investment behaviors, and shows that mutual funds overweight stocks from their client countries (i.e., where

Transnational corruption and innovation in transition economies

NARCIS (Netherlands)

Habiyaremye, A.; Raymond, W.

2013-01-01

In this paper, we examine how transnational corruption affects host country firms’ innovation behaviour and performance in transition economies of Eastern Europe and Central and Western Asia. Using firm-level data from the Business Environment and Enterprise Performance Survey, we show that the

Current energy situation affecting national economy, security, and psyche

International Nuclear Information System (INIS)

Blundell, H.; Culbreath, H.L.

1979-01-01

Nuclear energy should be perceived by Americans as the energy option that can fill the gap left by petroleum shortages. Opposition to nuclear power symbolizes a drive to slow economic growth and return to a decentralized society, but it overlooks the implications that not going nuclear will have for the economy and national security. The General Accounting Office plotted the consequences for three scenarios and concluded that only nuclear power can provide enough domestic energy to meet projected electrical needs. The impact of higher energy prices that will follow energy-supply shortages will result in social change and in a decline in national security. The issues of import dependence, proliferation, economic competition, and morality are not valid reasons to forego nuclear development because the connections are not valid

The Impact of Country Risk on the Dynamics of Foreign Direct Investments in Romania

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Sorcaru Sergiu-Lucian

2016-12-01

Full Text Available The main objective of the scientific approach consists of country risk analysis to substantiate the Foreign Direct Investments (FDI in Romania. The thesis proposes a new approach and analysis regarding the risks to which foreign investors are subjected to, both in terms of concepts and theoretical understanding of the phenomena. As a method of analysis we have used qualitative research as it focuses on cultural studies of the place chosen for investment; on the sociological survey and it covers an extensive interdisciplinary field. The motivation of approaching so an important topic on country risk and the importance it has in the location of foreign investments in general, and especially the direct foreign investments, is justified on the one hand by the scarcity of studies in the field, and, furthermore, the impact of economic policies that it can have such research. The results or our approach are correlated with statistical data analysis, which allowed the creating a general framework on the country risk influence on FDI. The added value lies in the approach particularly complex due to the multitude of variables involved, and the risk management is an absolute necessity in today's economy.

Influence of corruption on economic growth rate and foreign investment

Science.gov (United States)

Podobnik, Boris; Shao, Jia; Njavro, Djuro; Ivanov, Plamen Ch.; Stanley, H. E.

2008-06-01

We analyze the dependence of the Gross Domestic Product ( GDP) per capita growth rates on changes in the Corruption Perceptions Index ( CPI). For the period 1999 2004 for all countries in the world, we find on average that an increase of CPI by one unit leads to an increase of the annual GDP per capita growth rate by 1.7%. By regressing only the European countries with transition economies, we find that an increase of CPI by one unit generates an increase of the annual GDP per capita growth rate by 2.4%. We also analyze the relation between foreign direct investments received by different countries and CPI, and we find a statistically significant power-law functional dependence between foreign direct investment per capita and the country corruption level measured by the CPI. We introduce a new measure to quantify the relative corruption between countries based on their respective wealth as measured by GDP per capita.

Knowledge Economy

OpenAIRE

Kerr, Aphra; O Riain, Sean

2009-01-01

We examine a number of key questions regarding this knowledge economy. First, we look at the origin of the concept as well as early attempts to define and map the knowledge economy empirically. Second, we examine a variety of perspectives on the socio-spatial organisation of the knowledge economy and approaches which link techno-economic change and social-spatial organisation. Building on a critique of these perspectives, we then go on to develop a view of a knowledge economy that is conteste...

How do Locals in Finland Identify Resident Foreigners

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Minna Säävälä

2008-01-01

Full Text Available This study examines the identi? cation by Finns of foreign residents in Finland by analyzing data from a representative sample survey carried out in 2002. When people were asked to name a group of foreigners residing in Finland, the majority ?rst mentioned Somalis, despite the fact that only 4 percent of foreign residents are Somali and 6 percent of foreign-language speakers speak Somali. The general tendency when identifying resident foreigners is to refer primarily to ethnic or national groups; references to status (e.g. refugee, return migrant, guest worker or religion (e.g. Muslim are rare in the survey. In terms of ethnicity, identifying foreign residents in Finland is inconsistent, particularly as Russians and Estonians, the two largest groups, are not readily seen as foreign residents. The prevalence of answering Somalis could be considered an outcome of the maximally visible difference between Finns and Somalis. A logistic regression analysis is used to examine whether identifying resident foreigners differs according to socio-economic and educational characteristics, age, gender, region, and attitude towards the number of resident foreigners in Finland. The variables that signi? cantly in? uence the probability of answering Somalis and Russians are the respondents region, age, attitude towards the number of foreign residents in Finland, and to some extent, gender and higher education. Respondents occupational status, vocational education or income does not have a signi? cant impact on the answers. Regional differences appear to be a major factor affecting how foreigners are identi? ed, which shows that although the need to consider resident foreigners as visibly, culturally and linguistically maximally different may be a nearly universal base line for creating difference and identity, identifying foreign residents in Finland is not entirely independent of demographic realities.

Effects of regiolects on the perception of developmental foreign accent syndrome

NARCIS (Netherlands)

Tops, Wim; Neimeijer, Silke; Mariën, Peter

Foreign accent syndrome (FAS) is a relatively rare speech motor disorder in which the pro- nunciation of an affected speaker is perceived as distinctly foreign by listeners of the same language community. Because of various close semiological resemblances with apraxia of speech, FAS has been

U.S. foreign policy traditions: multilateralism vs. unilateralism since 1776

OpenAIRE

Restad, Hilde Eliassen

2010-01-01

As the world’s most powerful state the foreign policy choices of the United States have affected global security for a century and will continue to do so for quite some time. The study of U.S. foreign policy traditions is therefore an important aspect of the study of international relations. The conventional assumption of several scholars of U.S. foreign policy is that the United States abandoned its policy of isolation and aloofness and adopted one of responsibility for international securit...

Determinants of loans and deposits strategies of foreign bank subsidiaries in emerging countries

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Mehdi Mili

2013-09-01

Full Text Available Abstract. This paper focuses on the transmission of bank liquidity shocks in Loan and deposit in emerging markets. First, we attempt to identify factors affecting the credit strategy of foreign banks in emerging countries. Second, we test whether depositors exert market discipline on foreign subsidiaries. By combining financial variables of subsidiaries and their parent banks and macroeconomic variables of host and home countries, we investigate the factors that may affect the behavior of depositors. Our empirical approach is based on a Partial Least Squares-Path model that allows us to indentify the causal relationships between the various groups of variables. Our results show that foreign bank lending is determined by the specific financial variables of the parent bank and macroeconomic variables of the country of origin. This support that the strategy's credit of foreign subsidiary is centrally managed at the parent bank and credit supply of subsidiaries depends primary on the financial situation of its parent bank. Finally we find evidence of market discipline exercised over foreign subsidiaries in emerging countries. We show that market discipline is strongly affected by the specific characteristics of the subsidiary.

Rural-urban migration: policy simulations in a dual economy model of Bangladesh.

Science.gov (United States)

Ahmed, S

1986-03-01

The process of rural-urban migration in Bangladesh is analyzed using a dual economy model. The focus is on the period 1976-1985. The main purpose of the paper is to examine alternative policies designed to reduce the level of such migration without adversely affecting the country's economy.

METHODS TO QUANTIFY THE UNDERGROUND ECONOMY

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Oana Simona HUDEA

2017-12-01

Full Text Available The underground economy issue has raised in time miscellaneous discussions, it representing a large interest problem that affects the nations all over the world, without exception and, thereby, the well—being of stand—alone individuals. Although also treated in some previous works of the author, this topic in herein approached from a different perspective, namely the one related to distinct methods to be used in order to capture, by quantification, this undesirable economic form. Such methods, empirically tested or just imposed, based on arguments, by the researchers having launched the same, are rendered while considering their pluses and minuses in revealing, with a reasonable accuracy, the level of the above—mentioned informal economy.

KOBİ’lerde Girişimcilik Değerleri ve Dış Ticaret Faaliyetleri Arasındaki İlişki: Sanayi İşletmeleri Örneği - The Relationship Between The Values Of Entrepreneurship And Foreign Trade Activities In SME’s: The Case Of Industrial Enterprises

Directory of Open Access Journals (Sweden)

Ayberk ŞEKER

2016-06-01

Full Text Available Nowadays, SME’s and entrepreneurs have important roles in the national and international economy in terms of countries. SME’s and entrepreneurs have several advantages in competitive market economy. These advantages are adapting increasing competition, gaining knowledge of market and production, undertaking the risks that may occur, adapting quickly to innovations in the organization. In this study, it is analyzed relationship between SME’s entrepreneurship values and foreign trade activities. It has been included to study that foreign trade firms in Ankara, Istanbul, Adana, Mersin, Bursa and Kocaeli in order to evaluate their views of foreign trade activities and determine relationship between entrepreneurship and foreign trade. In the scope of the research, it is used primary data that belong to 180 SMEs. The empirical result of research shows that there are positive relationship between entrepreneurship values and foreign trade.

On inflation in the Russian economy

Directory of Open Access Journals (Sweden)

Alexey I. Bolonin

2014-01-01

Full Text Available For the economy is very important to have the amount of money in circulation, sufficient to serve the movement of goods and services without generating inflation, indicating an excess of money, so matching the growth rate of monetary and commodity weight control is an important task of the monetary system in all countries. During the time of the gold standard and bimetallism regulation of the economy as a whole was not considered as an important macroeconomic problem. But the economic crisis of 1929 - 1933 forced to reconsider these views and problems of regulation of financial and credit sphere began to be perceived as a function of a stable level of production and employment. The article describes the monetary factors of inflation in the economy and describes the causes, which can lead to programming of monetary growth in the Russian Federation. As the first group of factors impact on the volume of money in circulation in the national economy, the author defined low value added products produced in the country, based on the external market, and the absence, so the room for maneuver of financial resources to stabilize budget revenues with a deterioration in global market conditions. The weakening of the national currency provides large ruble revenues from exports, which reduces the growth of the budget deficit. But the decline of import revenues, which can compensate for the devaluation of the national currency, leads to higher prices in the domestic market due to the prevalence it offers imported goods. The second group of factors linked to the credit activity of banks, which consists in increasing primary issue in lending importers and secondary, which occurs during the formation of foreign exchange reserves by the Bank of Russia. Result of credit activity of banks is to increase money supply growth and the discrepancy between the higher growth of money in circulation and lower growth rates actually created in the production of value added

Real-Time Price Discovery in Global Stock, Bond and Foreign Exchange Markets

DEFF Research Database (Denmark)

Andersen, Torben G.; Bollerslev, Tim; Diebold, Francis X.

Using a unique high-frequency futures dataset, we characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. We find that news produces conditional mean jumps; hence high-frequency stock, bond and exchange rate dynamics...... are linked to fundamentals. Equity markets, moreover, react differently to news depending on the stage of the business cycle, which explains the low correlation between stock and bond returns when averaged over the cycle. Hence our results qualify earlier work suggesting that bond markets react most strongly...... to macroeconomic news; in particular, when conditioning on the state of the economy, the equity and foreign exchange markets appear equally responsive. Finally, we also document important contemporaneous links across all markets and countries, even after controlling for the effects of macroeconomic news....

THE EFFECTS OF FOREIGN DIRECT INVESTMENT ON THE ECONOMIES OF CENTRAL AND EASTERN EUROPE COUNTRIES

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CUCOŞ PAULA – ROXANA

2016-08-01

Full Text Available The present study aims to highlight the positive impact that foreign direct investments have on occupancy rate, on government revenue and economic growth of Central and Eastern Europe countries. The period of time that was analyzed is conducted from 1993 to 2012. Results have validated what the literature says, namely that FDI exerts a positive influence on economic growth in the FDI receiving countries.

76 FR 68370 - Tax Accounting Elections on Behalf of Foreign Corporations

Science.gov (United States)

2011-11-04

... Tax Accounting Elections on Behalf of Foreign Corporations AGENCY: Internal Revenue Service (IRS... change a method of accounting or taxable year on behalf of a foreign corporation. The regulations affect... with respect to the proposed amendments under section 964, which would provide a special definition of...

The effects of public debt on foreign direct investment in South Africa (1983-2013: An empirical analysis

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Mary Oyemowo Oche

2016-12-01

Full Text Available The political move in South Africa occurred against a setting of high government deficits. Efforts have been made over the years by the government to reduce fiscal deficit and inflation, liberalize the capital account and the financial system as well as reduce tariffs. The main objective of this study, therefore, is to empirically investigate the effect of public debt on foreign direct investment in South African for the period 1983 – 2013. The study employs a Vector Error Correction Model, which provides both the long run and short run relationships among the variables. The long run results indicate that the relationship between public debt and foreign direct investment, as well as interest rate and foreign direct investment, is positive and statistically significant, while there is an insignificant negative relationship between exchange rate and foreign direct investment. Based on the long run results, the study, thus, recommend that the level of public debt and interest rate should increase so that the level of foreign direct investment can increase in the country. However, the policy of depreciation of rand is considered inappropriate for the economy if the desire is to increase the level of foreign direct investment in the country

The Approach to Defining Gravity Factors of Influence on the Foreign Trade Relations of Countries

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Kalyuzhna Nataliya G.

2017-03-01

Full Text Available The aim of the article is to determine the gravity factors of influence on the foreign trade relations of countries on the basis of the results of the comparative analysis of the classical specifications of the gravity model of foreign trade and the domestic experience in gravity modeling. It is substantiated that a gravity model is one of the tools of economic and mathematical modeling, the use of which is characterized by a high level of adequacy and ensures prediction of foreign trade conditions. The main approaches to the definition of explanatory variables in the gravity equation of foreign trade are analyzed, and the author’s approach to the selection of the factors of the gravity model is proposed. As the first explanatory variable in the specification of the gravity model of foreign trade and the characteristics of the importance of economies of foreign trade partners, it is proposed to use the GDP calculated at purchasing power parity with the expected positive and statistically significant coefficient. As the second explanatory variable of the gravity equation of foreign trade, it is proposed to use a complex characteristic of the “trade distance” between countries, which reflects the current conditions of bilateral trade and depends on factors influencing the foreign trade turnover between countries — both directly (static proportionality of transport costs of geographical remoteness, and indirectly (dynamic institutional conditions of bilateral relations. The expediency of using the world average annual price for oil as the quantitative equivalent of the “trading distance” index is substantiated. Prospects for further research in this direction are identifying the form and force of influence of certain basic gravity variables on the foreign trade relations of certain partner countries and determining the appropriateness of including additional factors in the composition of the gravity equation of foreign trade.

THE ‘UNFORGETTABLE’ EXPERIENCE OF FOREIGN LANGUAGE ANXIETY

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Morana Drakulić

2015-09-01

Full Text Available Foreign language anxiety (FLA has long been recognized as a factor that hinders the process of foreign language learning at all levels. Among numerous FLA sources identified in the literature, language classroom seems to be of particular interest and significance, especially in the formal language learning context, where the course and the teacher are often the only representatives of language. The main purpose of the study is to determine the presence and potential sources of foreign language anxiety among first year university students and to explore how high anxiety levels shape and affect students’ foreign language learning experience. In the study both the questionnaire and the interviews were used as the data collection methods. Thematic analysis of the interviews and descriptive statistics suggest that most anxiety-provoking situations stem from the language classroom itself.

The Impact of Religious Tourism on Nepalese Economy

OpenAIRE

Pandey, Ramesh

2016-01-01

Religious tourism is one of the main contributors to the Nepalese tourism industry. It has not only generated thousands of jobs but also has been one of the main media to promote Nepalese culture, lifestyle and traditions. At the same time, it has grown as a strong contributor to the Nepalese economy. The main aim of this thesis was to point out the impact of religious tourism on the Nepalese economy, to find out the main factors affecting religious tourism and to get views of people about th...

UNDERGROUND ECONOMY, INFLUENCES ON NATIONAL ECONOMIES

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CEAUȘESCU IONUT

2015-04-01

Full Text Available The purpose of research is to improve the understanding of nature underground economy by rational justification of the right to be enshrined a reality that, at least statistically, can no longer be neglected. So, we propose to find the answer to the question: has underground economy to stand-alone?

Nuclear energy development and national economy

International Nuclear Information System (INIS)

Fukami, Hiroaki

1982-01-01

The utilization and development of nuclear power in Japan are now advanced on the basis of a fact that nuclear power generation has taken root in the country. The scale of nuclear power generation is currently a total of 22 power plants with aggregate capacity over 15,500 MW, 16% of the total power generation. There are still two alternate arguments: i.e. whether nuclear energy can be a complete substitute of petroleum or not, because the consumption of petroleum is necessary for the fuel cycle. Due to the rise of petroleum price, the nuclear power generation is now positively economical. On the other hand, the promotion of nuclear power can lead to the saving in foreign currency. While the economy in nuclear power is through the use of LWRs presently, the research and development efforts in ATRs, FBRs, etc. are essential for the future. (Mori, K.)

Detection of foreign objects using bobbin probe eddy current test

Energy Technology Data Exchange (ETDEWEB)

Jung, Hee Sung; Kweon, Young Ho; Lee, Dong Ha; Shin, Wook Jo; Yim, Chan Ki [ECT Group, Sae-An Engineering Corporation, Seoul (Korea, Republic of)

2016-08-15

Residual foreign objects at the secondary side (top of the tubesheet and tube support plates) of a steam generator are likely to cause a leak by causing wear in the tube. The extent of wear is significantly affected by the material, shape, and size of the foreign object, and the corrosion properties of the tube. The presence of foreign objects at the top of the tubesheet and tube support plates has been identified using remote visual inspection methods such as the foreign object search and retrieval and eddy current test (ECT). The detection of the residual foreign object at the secondary side of a steam generator has limitations that depend on the material properties and the condition of contact with the tube. In this study, which is vertical and horizontal from the upper tubesheet, the corresponding bobbin ECT signals were collected and analyzed to measure its ability to detect foreign objects.

Linear Economy Versus Circular Economy: A Comparative and Analyzer Study for Optimization of Economy for Sustainability

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Sariatli Furkan

2017-05-01

Full Text Available Upon visiting the existing literature on the subject of linear vs. circular economy, this paper finds that, the blueprint of the current economy is hardly sustainable by using the comparative benchmarking method that drained from literature. The intrinsic mechanics of the linear economy, by relying on the wasteful take - make - dispose flow, is detrimental to the environment, cannot supply the growing populace of our planet with essential services and it naturally leads to strained profitability. Elements of a plausible solution to the challenges have been around for decades, although they have only recently been compiled in to the conceptual framework of circular economy. The core ideas of Circular Economy are elimination of waste by design, respect for the social, economic and natural environment and resource-conscious business conduct. Built on the backbone of these principles, the circular economy has demonstrated to deliver tangible benefits and viability to address the economic, environmental and social challenges of our days.

The Technological Innovations and Their Impact on the Economy

Directory of Open Access Journals (Sweden)

Mikhail Ivanovich Maslennikov

2017-12-01

Full Text Available Drastic and inclusive technology progress is changing the economy of Russia and foreign countries. This progress significantly impacts production forces. . This paper analyzes theoretical and applied approaches to the investigation of production forces development. I reveal the role and importance of innovations in science and technology as well as their impact on various segments of the economy. I analyze the conceptual framework used for technological shifts. The paper describes the indicators showing the level of scientific and technological potential development in various countries and regions including the Urals. I define growth areas in technology and assess their contribution to gross domestic product (GDP growth. The administrations and authorities at federal and regional levels impact the development of science, innovations, technologies and breakthrough areas. The development of these spheres leads to the increase in productivity of social activities, production and business activity. The paper reveals the impact of the technological breakthrough in such latest fields as the alternative energy sources, drones, electric car industry, storage and delivery of energy. This fields transform the economy and society. Furthermore, they change theoretical concepts of functional and institutional social structure. The development paradigm is to be modified from fuel and raw model to the innovative and technological one. The economic development and scientific and technological potential are interrelated. I discuss the reason of close attention to the development of science, technologies, innovations in the developed countries. as well as the measures to stimulate their development. The article studies the mechanism and tools of science and education funding in various regions of the world. The results of the research may be used for updating the strategy of scientific and technological development of Russia and its regions in the current

SUSTENABLE DEVELOPMENT OF THE ROMANIAN ECONOMY BY ADOPTING THE CHINESE MODEL OF SPECIAL ECONOMIC ZONES

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NEGREA Adrian

2011-12-01

Full Text Available The architecture of the Chinese economy began to take shape in the late 1980's, because of the new reforms that the Chinese Communist Party started to take. With the death of Mao Zedong in 1976, the Chinese leadership is taken by Deng Xiaoping, who stated a blitz course in capitalism. The new president encouraged foreign direct investments by creating special economic zones near the costal cities, were foreign companies obtained several tax brakes and other incentives, only to invest in those regions. With the help of statistical data from WTO, IMF, and the World Bank, the current paper analyzes the impact of these special economic zones on the Chinese economy, raging from mutations in the labor market and economic sectors structure and their evolution in the formation of the GDP, FDI inflows, and last but not least external trade and current account situation. On the other hand, the paper tries to make a connection with Romania, computing and predicting, based on the Chinese figures, the way in which the Romanian economy, by creating four economic zones within the counties of Satu Mare, Bihor, Arad, and Constanta, will be able to experience the same growth. The first three counties have been piked up based on their proximity to the Schengen area, and/or on their infrastructure, plain terrain, and a qualified and skilled labour force. Constanta, the only one that resembles with its Chinese counterparts, has been considered because of its capabilities of shipping products right away as they are manufactured. The results would decrease the disparity that exists in revenue levels across Romania, Bucharest leading the group way ahead of the other counties. Foreign direct investments in those areas will attract more others made by the local authorities in the infrastructure (schools, universities, roads, airports, high speed railways. This development will have a direct impact on the current account of the Romania's balance sheet of payments, while

The Promotion of Foreign Direct Investment into Japan - The Measures' Impact on FDI Series

OpenAIRE

Maiko Wada

2005-01-01

At the occasion of delivering the fiscal year 2003 policy speech, Prime Minister Junichiro Koizumi proposed to double foreign direct investment (hereafter, FDI) stock into Japan within five years to revitalize the Japanese economy. Against this background, various measures aimed at promoting FDI into Japan have been investigated and implemented by the government and concerned ministries. A number of significant measures implemented in the most recent years to improve the investment environmen...

17 CFR 240.3b-4 - Definition of “foreign government,” “foreign issuer” and “foreign private issuer”.

Science.gov (United States)

2010-04-01

... government,â âforeign issuerâ and âforeign private issuerâ. 240.3b-4 Section 240.3b-4 Commodity and... Definition of “foreign government,” “foreign issuer” and “foreign private issuer”. (a) The term foreign... country. (c) The term foreign private issuer means any foreign issuer other than a foreign government...

COMPARATIVE ANALYSIS OF PROFITABILITY DETERMINANTS OF DOMESTIC AND FOREIGN ISLAMIC BANKS IN MALAYSIA

Directory of Open Access Journals (Sweden)

Muhamad Muda

2013-07-01

Full Text Available This paper is conducted to compare the determinants of profitability of the domestic and foreign Islamic banks operating in Malaysia. The Generalized Least Square (GLS is employed with unbalanced panel data on seventeen Islamic banks, using quarterly data for the period of 2007 to 2010. In order to find out the differences in the profitability determinants, the sample of banks is divided into two sub-samples (domestic and foreign. The results reveal that domestic Islamic banks are more profitable than foreign Islamic banks. The results also show that the profitability determinants of domestic banks are different from those of foreign banks. The overhead expenses, loans, efficiency, gross domestic product growth rate and bank size have a significant effect in determining banks’ profitability, in which case applicable to the domestic banks only. In turn, the gross domestic product per capita has a significant effect in determining banks’ profitability of only the foreign banks. The study finds that, deposits, capital and reserves, inflation and banks’ age have a significant effect in determining banks’ profitability of both domestic and foreign banks. Meanwhile, liquidity and concentration are not able to explain the variability of domestic and foreign Islamic banks’ profitability. The findings indicate that the profitability of domestic banks is affected by the global financial crisis while, the profitability of foreign banks is not affected.

Government budget, public-sector wages and capital taxes in a small open economy

DEFF Research Database (Denmark)

Chao, C.C.; Yu, E. S. H.; Yu, Wusheng

This paper examines the welfare implications of adjustments in public-sector wages and capital tax rates for a small open economy in a general equilibrium setting. The individually and jointly optimal wage and tax policies are derived and interpreted. Facing reductions in land sales and falls...... in foreign interest rates, a cut in public workers’ pay is needed for making their wage comparable to the private sector and a hike in capital taxes is recommended for a budgetary consideration. Using a computable general equilibrium model for Hong Kong, we numerically evaluate the various optimal policies...

An Exploration of Foreign Language Anxiety and English Learning Motivation

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Meihua Liu

2011-01-01

Full Text Available Perceived to be two important affective variables, anxiety and motivation have been found to be highly correlated to second/foreign language acquisition. In order to examine the relationship between foreign language anxiety, English learning motivation, and performance in English, the present study investigated 980 undergraduate students from three universities in China who answered a 76-item survey. Analyses of the data revealed that (1 the respondents generally did not feel anxious in English and were moderately motivated to learn English, (2 foreign language anxiety and English learning motivation were significantly negatively correlated with each other, and (3 both foreign language anxiety and English learning motivation were significantly correlated with students' performance in English. Among the scales, foreign language classroom anxiety (FLCAS, intrinsic motivation (IntrinM, instrumental motivation (InstruM, fear of being negatively evaluated (FLCAS1, and interest in foreign languages and cultures (IFLC proved to be powerful predictors for the latter.

The effect of oil revenues instability on the oil-based and labor-exporting economies: The case of the Arab region

International Nuclear Information System (INIS)

Al-Abbasi, M.A.

1991-01-01

The changes in the trend of the oil-export earnings in the oil-based economics not only affected the growth of the domestic economics not only affected the growth of the domestic economies but influenced the economic activities in the neighboring labor-exporting economies. This study investigates and tests the hypothesis that uncertainty associated with fluctuations in oil-export earnings affect adversely the economic growth in the oil-based economies of the Middle East. In addition, it seeks to examine the hypothesis that the impact of such fluctuations has been transmitted to the neighboring labor-exporting economies, during the period 1970-1986. Results show that oil-export instability does indeed create a wave of fluctuations in the domestic economic activity of the oil-based economies through the negative effect on investment, government spending, and domestic output. For the labor-exporting economies, results suggest that the flow of workers' remittances have had a positive impact on investment and income growth. Results also indicate that the rate of economic growth in the oil-based economies sets a broad limit on the range of feasible growth in the labor-exporting economies

Attitudes and Motivation in Early Foreign Language Learning

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Jelena Mihaljević Djigunović

2012-01-01

Full Text Available This paper focuses on young foreign language learners’ attitudes andmotivations. An overview is given of the main issues in this researcharea, based on key European studies. Approaches to studying these affective learner characteristics are described. Some attention is devoted to data elicitation techniques and the importance of triangulation. Research findings are presented through overviews of cross-sectional and longitudinal studies carried out in different European settings. The latter are presented in more detail, because their findings seem to be more revealing of the early foreign language learning process. The overall conclusion of this review paper is that young foreign language learners’ attitudes and motivations are not stable learner characteristics but change over time, creating layers of complexity that warrant further research.Suggestions about possible future directions in researching young foreign language learner attitudes and motivations, and the application of its findings are also made.

Editorial: Dilemmas of Modern Economy and Business

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Jelena Stankevičienė

2016-02-01

Full Text Available Various dilemmas concerning modern economy and business have been in the focus of scientific discussion in recent years (Klich, 2013; Renko & Knezevic, 2013; Szarucki, 2013; Agrawal & Gugnani, 2014; Pardhasaradhi & Grace, 2015. In modern economy, not only researches but corporations face complex economic and business dilemmas in their daily routine. The Joint Research Centre of the European Commission addresses key economic challenges by stimulating innovations, sustainability policies, social and environmental responsibilities. These challenges require the mobilization of significant resources by science, innovation and regional policy makers and scientific communities across Europe (EUA, 2014. Broader scientific discussions are crucial for the success of the Europe 2020 strategy for smart, sustainable and inclusive growth. According to the Global Risks Report 2015, the biggest threat to world stability in the next 10 years arise from the four most serious economic risks. These are high structural unemployment or underemployment, energy price shock, critical information infrastructure breakdown and fiscal crises. We continuously agree that innovation is critical to global prosperity (WEF, 2015. Currently, the internationalisation of family businesses is an increasingly important research area. Substantial numbers of FBs are forced to expand into foreign markets in order to survive and grow in the competitive environment (Daszkiewicz & Wach, 2014. The roles of business angels are especially important taken both decreasing the levels of formal venture capital investment and growing average amount of individual deals. Angel investors are the key players in generating high-growth companies, essential to regional economic development. As a result, they have attracted the attention of policy makers (Rostamzadeh et. al., 2014. Consequently, this issue of EBER concentrates on the current dilemmas of modern economy and business, particularly dealing

Innovative Methods in Strategic Planning of Foreign Economic Activity of Enterprises

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Valentyna Yakubiv

2017-12-01

Full Text Available Changes in the external conditions of business in Ukraine, European integration vector of the country development, and possibilities of import/export operations facilitate foreign trade. Modern methods of strategic management and strategic diagnostics should be developed in line with international requirements and needs of managers in Ukraine and partners abroad. Therefore substantiation of innovation trends for enterprise development strategies on the international arena as a constituent of stable economy is important and necessary. The purpose of this article is to define innovative approaches to planning, development and implementation of strategies and to develop a comprehensive diagnosis of the strategic potential of foreign economic activity. During the research, the following methods: logical abstraction, modeling, PEST-analysis, systems analysis, graphic. The main results of the study are: 1 disclosure of the features of the construction of strategic management in international business; 2 analysis of European and American practices of strategic management of foreign economic activity of enterprises; 3 study of algorithmic scheme of strategic management in the Ukraine; 4 justification of methods of three-level system of strategic analysis using matrix methods of assessment; 5 the classification of the main methods of matrix analysis within groups: macro, meso, macro level; 6 a comprehensive diagnosis of the strategic potential of foreign economic activity of enterprises in Ukraine. The study proved the main areas of innovation and strategic principles of international management and comprehensive methodology for strategic planning matrix based on innovative methods.

Knowledge Economy and its Effects in Romania

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Prof. Ph. D. Laura Cismas

2009-05-01

Full Text Available Knowledge economy implies that the rationality of individuals is limited because they make and adapt their choices in an environment affected by risk and uncertainty. The first part of this paper proposes an analysis of the knowledge economy, based on its interdisciplinary nature. Thus, classical theories adapt to visions that pertain to the dynamics of human interactions, the restructuring of the social network theory, the general equilibrium theory and the game theory.The research part of this paper identifies and explains the link between innovation and knowledge, as well as its effects on the Romanian economy’s competitiveness and innovation. The conclusions illustrate that the consolidation of knowledge-based economy in Romania implies setting certain priorities, such as: investing in education, developing entrepreneurship, creating an innovative and efficient system made up of companies, research centers and universities, which enables new technologies to be absorbed, adapted and created for the society.

Exploring the connections between green economy and informal economy in South Africa

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Suzanne Smit

2015-11-01

Full Text Available The notion of an inclusive green economy in the context of sustainable development and poverty eradication requires an approach that engages with the informal economy. However, the informal economy is generally ignored or undervalued in discussions on the green economy. This paper set out to bolster this argument by identifying the ways in which the green economy and the informal economy may be connected by establishing the extent to which policies and plans relating to green economy connect with the informal economy, and recognising several informal green activities. The barriers and opportunities for connecting the two spheres were also explored as well as possible ways in which such activities may be supported at different levels of organisation. In the case of South Africa, many informal green activities that contribute to sustainable livelihoods are recognised. However, issues pertaining to procedure, process and participation hinder the transition to a truly inclusive green economy.

Labor skills and foreign investment in a dynamic economy : estimating the knowledge-capital model for Singapore

OpenAIRE

Chellaraj, Gnanaraj; Maskus, Keith E.; Mattoo, Aaditya

2009-01-01

Singapore is an interesting example of how the pattern of foreign investment changes with economic development. The authors analyze inbound and outbound investment between Singapore and a sample of industrialized and developing countries over the period 1984-2003. They find that Singapore s two-way investment with industrialized nations has shifted into skill-seeking activities over the p...

Foreign Body Retrieval

Medline Plus

Full Text Available ... Physician Resources Professions Site Index A-Z Foreign Body Retrieval Foreign body retrieval is the removal of ... foreign body detection and removal? What is Foreign Body Retrieval? Foreign body retrieval involves the removal of ...

Economic and financial relations of Serbia with foreign countries in the period 2000-2003

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Kovačević Mlađen Đ.

2004-01-01

Full Text Available The dissolution of the federation, war in the immediate environment, the UN sanctions, scarce investment as well as the NATO air-attacks had disastrous consequences for trade and financial relations of Serbia with foreign countries. Simultaneously, its foreign debt rose sharply due to the accrued interests, being at the end of 2000 substantially higher than Serbian gross domestic product. Thanks to the write-off of 51% of debt towards the Paris club, a windfall of donations and obtaining new favorable medium-term and long-term credits, the condition of Serbia's international financial relations considerably improved in the period 2001-2003, thus enabling it to run a foreign-exchange surplus during this period. Due to the policy of de facto floating exchange rate, sudden and drastic liberalization of imports and the lack of non-tariff protection, exports of goods and services in the last three years, contrary to plans, have increased much more slowly than imports, resulting in a large increase in growth and an enormously high level of trade deficit unsustainable in the long run. Due to new credits euro-denominated and other foreign-currency denominated debts being converted into the increasingly weaker dollar and the accrual of interests Serbian foreign debt increased sharply reaching an all-time high at the end of last year and being twice as high as was officially predicted three years before. The level of foreign debt is very high. Trade deficit and foreign indebtedness have become the most serious problems of Serbian economy and unless appropriate measures are taken, it will soon face a serious debt crisis.

The importance of foreign direct investment for South East European countries' agriculture

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Stojadinović-Jovanović Sandra

2015-01-01

Full Text Available As agriculture is strategically important sector for economic development and growth, it is also important every mode of foreign participation in agriculture, including foreign direct investments (FDI. The aim of the paper is to consider whether there are opportunities and potentials for improvements in SEE countries' agriculture through FDI and in which segments. Therefore, the paper analyses agricultural characteristics within other macroeconomic characteristics of SEE countries' economies and also possible FDI impacts on agriculture aiming to determine if there are opportunities for improvements in SEE agriculture through FDI. Research results, presented in the paper, suggest that FDI has significant potential for support and improvement of SEE countries' agricultural performances. However, there is a need for higher level of FDI in order to use potential positive effect as well as recognition of these potential benefits from FDI inflow in agriculture by the governments and policy makers.

Policy Ideas, Knowledge Regimes and Comparative Political Economy

DEFF Research Database (Denmark)

Campbell, John L.; Pedersen, Ove K.

2015-01-01

Despite much attention to how ideas affect policy making, where these ideas come from is a blind spot in comparative political economy. We show that an important source of policy ideas are knowledge regimes—fields of policy research organizations. We show as well that the organization of knowledge...... to restore it by transforming their knowledge regimes, albeit in ways that are still shaped by the surrounding political and economic institutions. The effectiveness of their efforts is not guaranteed. The argument is based on an analysis of the evolution of knowledge regimes since the 1970s in the USA...... regimes is heavily influenced by the organization of their surrounding political economies such that knowledge regimes have particular national characters. Furthermore, when people perceive that the utility of their knowledge regime for the rest of the political economy breaks down, they often try...

Effect of Foreign Language Classroom Anxiety on Turkish University Students' Academic Achievement in Foreign Language Learning

Science.gov (United States)

Tuncer, Murat; Dogan, Yunus

2015-01-01

This study was carried out in order to identify to what extent the Turkish students' English classroom anxiety affects their academic achievement in English language. In this quantitative descriptive study, a correlational survey model was employed, and the convenience sampling was done. In order to collect data, the Foreign Language Classroom…

Effect of Intake Air Filter Condition on Vehicle Fuel Economy

Energy Technology Data Exchange (ETDEWEB)

Norman, Kevin M [ORNL; Huff, Shean P [ORNL; West, Brian H [ORNL

2009-02-01

fuel economy with increasing restriction. However, the level of restriction required to cause a substantial (10-15%) decrease in fuel economy (such as that cited in the literature) was so severe that the vehicle was almost undrivable. Acceleration performance on all vehicles was improved with a clean air filter. Once it was determined how severe the restriction had to be to affect the carbureted vehicle fuel economy, the 2007 Buick Lucerne was retested in a similar manner. We were not able to achieve the level of restriction that was achieved with the 1972 Pontiac with the Lucerne. The Lucerne's air filter box would not hold the filter in place under such severe conditions. (It is believed that this testing exceeded the design limits of the air box.) Tests were conducted at a lower restriction level (although still considerably more severe than the initial clogged filter testing), allowing the air filter to stay seated in the air box, and no significant change was observed in the Lucerne's fuel economy or the AFR over the HFET cycle. Closed-loop control in modern fuel injected vehicle applications is sophisticated enough to keep a clogged air filter from affecting the vehicle fuel economy. However for older, open-loop, carbureted vehicles, a clogged air filter can affect the fuel economy. For the vehicle tested, the fuel economy with a new air filter improved as much as 14% over that with a severely clogged filter (in which the filter was so clogged that drivability was impacted). Under a more typical state of clog, the improvement with a new filter ranged from 2 to 6%.

Corporate governance in banks operating in Serbia with the majority foreign capital

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Obradović Zoran

2014-01-01

Full Text Available The importance attached to successful corporate governance in banks derives primarily from the importance that the banks have in the financial and economic system of the country. Namely, banks are the only legally authorized depositing institutions and as such are the main generators of savings and financing for the needs of economy by supplying it with the working capital, in view of a relatively small share that the capital market has in the economic system. During many years of sanctions, isolation and bombardment, our companies have remained without working capital. In addition, the advent of foreign investments often does not imply that the parent companies are providing sufficient working capital, but this capital must be provided from the domestic banks. What derives from such a role of banks is their immediate responsibility for proper allocation of free funds to the economy and their best deployment.

Global Cities and Liability of Foreignness

DEFF Research Database (Denmark)

Wernicke, Georg; Mehlsen, Kristian

2016-01-01

In this paper, we combine the concepts of location, liability of foreignness (LoF), and their relation to factors that drive multinational enterprises (MNEs) towards, or away from, global cities. We argue that three interrelated characteristics of global cities - cosmopolitanism, availability...... indicate that MNEs have a stronger propensity to locate in global cities than in metropolitan or peripheral areas, and that these locational choices are affected by institutional distance and industrial characteristics. The results provide empirical support for our argument that locating in a global city...... can reduce the liability of foreignness suffered by MNEs, and that global cities play a central role in the process of globalisation....

The changing strategic roles for warehousing in an emerging economy: case study in Ukraine

NARCIS (Netherlands)

de Boer, S.J.; Voordijk, Johannes T.

2014-01-01

The increasing globalisation of the world economy is having a profound impact on logistics. Emerging economies are experiencing rapid developments that affect their warehousing facilities. The purpose of this study is to explore the strategic roles that warehousing plays and the changes therein.

How Can Economies in Transition Pursue Emissions Trading or Joint Implementation?

International Nuclear Information System (INIS)

Missfeldt, F.; Villavicenco, A.

2002-07-01

Under the 1997 Kyoto Protocol, economies in transition are eligible for both emissions trading (Article 17) and joint implementation (Article 6). Guiding rules for implementing these mechanisms were decided through the Marrakech Accords in November 2001. These countries may benefit substantially from those mechanisms if they are implemented appropriately. However, with the departure of the USA from the Kyoto Protocol, the likely revenues from international emissions trading for the economies in transition are likely to be limited at least during the first commitment period. A key criterion on whether countries should undertake emissions trading is the comparison of projections of emissions until 2012 with the target under the Kyoto Protocol. For joint implementation, the investment climate and the emission reductions potential of a specific project are more important. Countries that are bound by the Kyoto Protocol need to implement a clear institutional structure, which includes a JI office or a position solely in charge of JI. Even if a country decides not to engage in JI, such an office could help guide possible foreign investors

TRIPOLARISATION OF THE CURRENCIES IN THE WORLD ECONOMY: US DOLLAR – EURO – YEN

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Ramona TOMA

2006-12-01

Full Text Available At present, the world economy is dominated by three poles – the USA, the European Union and Japan – among which there should be real co-operation to ensure the international stability on all levels. The introduction of the euro was perceived by the experts as the beginning of the competition among the currencies on the international financial markets. The European Monetary Union was conceived to cause an internal, not an external change, with an economic and financial purpose and as a further step of the European integration. Moreover, the international monetary system does not allow the European single currency to make gains that might cause losses to the US dollar. Both currencies have room in the world economy, but the euro has been beneficial to both the euro area and the rest of the world. At present, the euro is stronger than the sum of the twelve former national currencies. The consolidation of the national economies of the euro area becomes stronger due to the impact on liquidities, to the various investment opportunities for the entities that manage the financial portfolios and the central banks that manage the foreign currency reserves. The competition among the currencies means more opportunities in the world economy: the euro is an international currency used along with the US dollar and the yen, not against them.

Running for exercise mitigates age-related deterioration of walking economy.

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Justus D Ortega

Full Text Available Impaired walking performance is a key predictor of morbidity among older adults. A distinctive characteristic of impaired walking performance among older adults is a greater metabolic cost (worse economy compared to young adults. However, older adults who consistently run have been shown to retain a similar running economy as young runners. Unfortunately, those running studies did not measure the metabolic cost of walking. Thus, it is unclear if running exercise can prevent the deterioration of walking economy.To determine if and how regular walking vs. running exercise affects the economy of locomotion in older adults.15 older adults (69 ± 3 years who walk ≥ 30 min, 3x/week for exercise, "walkers" and 15 older adults (69 ± 5 years who run ≥ 30 min, 3x/week, "runners" walked on a force-instrumented treadmill at three speeds (0.75, 1.25, and 1.75 m/s. We determined walking economy using expired gas analysis and walking mechanics via ground reaction forces during the last 2 minutes of each 5 minute trial. We compared walking economy between the two groups and to non-aerobically trained young and older adults from a prior study.Older runners had a 7-10% better walking economy than older walkers over the range of speeds tested (p = .016 and had walking economy similar to young sedentary adults over a similar range of speeds (p =  .237. We found no substantial biomechanical differences between older walkers and runners. In contrast to older runners, older walkers had similar walking economy as older sedentary adults (p =  .461 and ∼ 26% worse walking economy than young adults (p<.0001.Running mitigates the age-related deterioration of walking economy whereas walking for exercise appears to have minimal effect on the age-related deterioration in walking economy.

A Historical Approach to Clustering in Emerging Economies

DEFF Research Database (Denmark)

Giacomin, Valeria

of external factors. Indeed, researchers have explained clusters as self-contained entities and reduced their success to local exceptionality. In contrast, emerging literature has shown that clusters are integrated in broader structures beyond their location and are rather building blocks of today’s global...... economy. The working paper goes on to present two historical cases from the global south to explain how clusters work as major tools for international business. Particularly in the developing world, multinationals have used clusters as platforms for channeling foreign investment, knowledge, and imported...... inputs. The study concludes by stressing the importance of using historical evidence and data to look at clusters as agglomerations of actors and companies operating not just at the local level but across broader global networks. In doing so the historical perspective provides explanations lacking...

Biofuels sources, biofuel policy, biofuel economy and global biofuel projections

International Nuclear Information System (INIS)

Demirbas, Ayhan

2008-01-01

The term biofuel is referred to liquid, gas and solid fuels predominantly produced from biomass. Biofuels include energy security reasons, environmental concerns, foreign exchange savings, and socioeconomic issues related to the rural sector. Biofuels include bioethanol, biomethanol, vegetable oils, biodiesel, biogas, bio-synthetic gas (bio-syngas), bio-oil, bio-char, Fischer-Tropsch liquids, and biohydrogen. Most traditional biofuels, such as ethanol from corn, wheat, or sugar beets, and biodiesel from oil seeds, are produced from classic agricultural food crops that require high-quality agricultural land for growth. Bioethanol is a petrol additive/substitute. Biomethanol can be produced from biomass using bio-syngas obtained from steam reforming process of biomass. Biomethanol is considerably easier to recover than the bioethanol from biomass. Ethanol forms an azeotrope with water so it is expensive to purify the ethanol during recovery. Methanol recycles easier because it does not form an azeotrope. Biodiesel is an environmentally friendly alternative liquid fuel that can be used in any diesel engine without modification. There has been renewed interest in the use of vegetable oils for making biodiesel due to its less polluting and renewable nature as against the conventional petroleum diesel fuel. Due to its environmental merits, the share of biofuel in the automotive fuel market will grow fast in the next decade. There are several reasons for biofuels to be considered as relevant technologies by both developing and industrialized countries. Biofuels include energy security reasons, environmental concerns, foreign exchange savings, and socioeconomic issues related to the rural sector. The biofuel economy will grow rapidly during the 21st century. Its economy development is based on agricultural production and most people live in the rural areas. In the most biomass-intensive scenario, modernized biomass energy contributes by 2050 about one half of total energy

Evaluation of the Current State of Investment and Innovation Activity of Enterprises in the Real Sector of Ukraine’s Economy

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Andryeyeva Victoriya G.

2016-02-01

Full Text Available The article analyzes the main indicators of investment and innovation activity of enterprises in the real sector of Ukraine’s economy at the present stage. Capital investments in enterprises in the real sector of the economy by types of economic activity and of their structure by source of financing, the largest share of which are own resources of enterprises and organizations, have been analyzed. The main indicators of innovation activity of industrial enterprises and sources of financing of innovation activity have been analyzed. It is noted that the main problems of implementing innovation activity by enterprises in the real sector of Ukraine’s economy is the lack of a high-quality system of financial support, an effective legal framework for attracting foreign investors as well as the insufficient level of development of financial market participants. The authors conclude that the current state of investment and innovation activity of enterprises in the real sector of Ukraine’s economy is characterized by the existence of positive and negative trends, timely evaluation of which will enhance the competitiveness of entities in this sector of economy and ensure their sustainable development

Entrepreneurship in Virtual Economy: the Case of Currency One SA

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Ewa Badzińska

2017-11-01

Full Text Available Purpose: The scientifc purpose of the study is an attempted synthesis of interpretation of “the virtual economy” and “the virtual environment” in the Polish and foreign literature on the subject. The cognitive purpose thereof is to offer an identifcation and a qualitative analysis of the factors that determine the development of e-entrepreneurship using an example of business practice. Methodology: The theoretical basis of the study is a scientifc research of leading scholars on the theory of entrepreneurship in the context of virtual economy. An exploratory, qualitative case study methodology has been applied for the purpose thereof. The research has been conducted using the example of Currency One SA, operating on the currency exchange market in virtual economy. The application of the empirical method of a case study has made it possible to characterize the essence of e-entrepreneurship and present the studied phenomenon in business practice. Findings: Research results reveal an existence of interdependencies between the intellectual potential of staff members and the market success of a company. Explanation of the critical success factors, showing the implementation of innovative ICT solutions and stages of company development, illustrates how the existing theory is experienced by practitioners in virtual economy. Furthermore, the paper confrms the positive impact of e-entrepreneurship on the effectiveness of the company subject to analysis, and presents virtual economy as a completely new sphere through which it is possible to offer new products and services. Research implications: The rationale for conducting research on case studies is the need to orient the practice towards a better understanding of modern economic reality. The study may provide a starting point for empirical quantitative research, as well as act as a contribution to the discussion on entrepreneurship in the rapidly changing virtual economy. Originality: This

Human economy and natural economy

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Masullo Andrea

2014-03-01

Full Text Available The decline of economy is due to its dependency from a virtual value, the currency, the coin, that in the recent phase of consumerism is so far from real value: human capital and natural capital. If human economy wants to continue to produce wellbeing, it must accept to be a subset of natural economy, intercept flux of matter produced by its circular mechanisms, put constraints in it, i.e. machines and structures, to direct it temporarily for our advantage, and finally release it to the same original flux, in an still usable state. In this way it will assume a function no more parasitic but symbiotic. It will be connected to natural cycles without destroying it, recovering the co-evolutionary link between nature and culture, building an economic web suited to the ecological web; thus we will have a mosaic characterised by biodiversity, technological diversity, and cultural diversity, able to produce a durable prosperity.

The effects of nationality differences and work stressors on work adjustment for foreign nurse aides

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Yang Hsieh

2011-08-01

Full Text Available Abstract Background The main purpose of this study was to discuss the nationality differences of foreign nurse aides and the effect of work stressors influencing work adjustment. And of helping them adapt to Taiwanese society, we summarized the difficulties that foreign nurse aides face in Taiwan. Methods The subjects included 80 foreign nurse aides from the Philippines, Indonesia, and Vietnam who worked in long-term care facilities in Tao Yuan County. We recruited volunteers at the participating facilities to complete the anonymous questionnaires. The return rate of the questionnaire was 88.75%. The validated instruments of Hershenson's (1981 and Schaefer and Moos (1993 were adopted to measure work stressors and work adjustment, respectively. A forward-backward translation process was used in this study. Results Indonesian foreign nurse aides respect their work, and are better workers than Vietnamese and Filipino nurse aids in many respects, which shows how the nationality of the foreign nurse aides might affect work adjustment. The stress created from patient care tasks influenced the foreign nurse aides' personal relationships at work and also affected their attitude when they performed their tasks. In addition, pressure from their supervisors might have affected their work skills, work habits, personal relationships, self-concepts or work attitudes. Moreover, a heavy workload and improper scheduling might have affected the personal relationships and work attitudes of the foreign nurse aides. It was found that work stressors had a significant correlation with work adjustment. Conclusions The results of the present study indicate that training programs are important factors for work adjustment among foreign nurse aides. Furthermore, celebration and leisure activities could be provided to release them from work stressors. More effort should be put into improving the working environment, namely providing a more supportive and enriching

The impact of sovereign credit rating downgrade to foreign direct investment in South Africa

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Virimai Mugobo

2016-02-01

Full Text Available Foreign Direct Investment (FDI has grown to be an attractive alternative to borrowing from multilateral institutions such as the World Bank and the International Monetary Fund for emerging economies. Global investors prefer investing in countries which have received a Sovereign Credit Rating (SCR as they perceive it as a good measure of risk allocation. This research applied an event study methodology to SCR downgrades from the three international CRAs (Moody, Standard and Poor and Fitch over the period 2004 to 2014 to investigate the impact of SCR change on FDI flow into South Africa. Empirical findings show that there is a statistically significant relationship between FDI and SCR downgrades. Evidence also shows that not all downgrades from the three CRAs equally affect investors’ decisions as Moody’s downgrades tend to dominate, causing FDI to reaction at with a higher magnitude. However, not only SCR downgrade determines FDI flow into SA but there is a host of other fundamentals that government should address to attract investment and stabilise financial markets

New criteria to select foreign entry mode choice of global franchise chains into emerging markets

OpenAIRE

Baena Graciá, Verónica; Cerviño Fernández, Julio

2015-01-01

Despite emerging markets are some of the fastest growing economies in the world and represent countries that are experiencing a substantial economic transformation, little is known about the factors influencing choices of foreign entry mode in those markets. Especially, regarding companies that franchise overseas. In an attempt to expand our knowledge of this topic, this paper presents an empirical assessment of the relationship between a set of different variables with the four poss...

Sipping fuel and saving lives: increasing fuel economy withoutsacrificing safety

Energy Technology Data Exchange (ETDEWEB)

Gordon, Deborah; Greene, David L.; Ross, Marc H.; Wenzel, Tom P.

2007-06-11

The public, automakers, and policymakers have long worried about trade-offs between increased fuel economy in motor vehicles and reduced safety. The conclusion of a broad group of experts on safety and fuel economy in the auto sector is that no trade-off is required. There are a wide variety of technologies and approaches available to advance vehicle fuel economy that have no effect on vehicle safety. Conversely, there are many technologies and approaches available to advance vehicle safety that are not detrimental to vehicle fuel economy. Congress is considering new policies to increase the fuel economy of new automobiles in order to reduce oil dependence and reduce greenhouse gas emissions. The findings reported here offer reassurance on an important dimension of that work: It is possible to significantly increase the fuel economy of motor vehicles without compromising their safety. Automobiles on the road today demonstrate that higher fuel economy and greater safety can co-exist. Some of the safest vehicles have higher fuel economy, while some of the least safe vehicles driven today--heavy, large trucks and SUVs--have the lowest fuel economy. At an October 3, 2006 workshop, leading researchers from national laboratories, academia, auto manufacturers, insurance research industry, consumer and environmental groups, material supply industries, and the federal government agreed that vehicles could be designed to simultaneously improve safety and fuel economy. The real question is not whether we can realize this goal, but the best path to get there. The experts' studies reveal important new conclusions about fuel economy and safety, including: (1) Vehicle fuel economy can be increased without affecting safety, and vice versa; (2) Reducing the weight and height of the heaviest SUVs and pickup trucks will simultaneously increase both their fuel economy and overall safety; and (3) Advanced materials can decouple size from mass, creating important new possibilities

Globalization and Public Policy Analysis: A Case Study of Foreign Policy of ASEAN Member States

OpenAIRE

Nattapol Pourprasert

2016-01-01

This study has an objective to analyze foreign policy of member states in globalization current, aiming to answer that the foreign policy of member states have been changed or remained the same and there are any factors affecting changing of foreign policy of the member states. From the study results, it is found that the foreign policy of Thailand is a friendly foreign policy with all states. The policy of Indonesia is more opened because of a change in leader, allowing ...

Performance of Senior Tourism Students in Using Foreign Language

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Dr. Dexter R. Buted

2014-06-01

Full Text Available The study generally intended to reckon the previous and present condition of senior tourism students with regards on their foreign language class. Specifically, it described the profile of the professors teaching foreign language; determined the senior tourism student’s performances on their foreign language class; assessed the teaching strategies used by the professors; tested the significant relationship between the performances of the students to the teaching strategies used; and lastly, proposed an action plan to help tourism students in the study of foreign language. The researchers used the descriptive method of research, with one hundred seventy-eight (178 respondents composed of all senior tourism students who are enrolled in foreign language class. The result of the study revealed that the professors who are teaching foreign language are 61 years old and above, masters degree holder, 10 years and above, with a unit of 21 and can speak Spanish. Also, the students are able to speak and comprehend Mandarin, French and Spanish. The teaching techniques used by the professors in teaching the language was giving and evaluating student’s performance more often. Moreover, the performances of the students in foreign language are affected by the teaching strategies used by the professors. And a proposed plan was formulated to improve foreign language subject of the study

Ethical challenges of the new economy: An agenda of issues

OpenAIRE

Argandoña, Antonio

2002-01-01

The new economy is a technological revolution involving the information and communication technologies which affects almost all aspects of the economy, business, and our personal lives. The problems it raises for businesses are not radically new, least of all from an ethical viewpoint. However, they deserve particular attention, especially now, in the first years of the 21st century, when we are feeling the full impact of the changes brought about by this technological revolution. In this art...

Political pressures and exchange rate stability in emerging market economies

OpenAIRE

Ester Faia; Massimo Giuliodori; Michele Ruta

2008-01-01

This paper presents a political economy model of exchange rate policy. The theory is based on a common agency approach with rational expectations. Financial and exporter lobbies exert political pressures to influence the government’s choice of exchange rate policy, before shocks to the economy are realized. The model shows that political pressures affect exchange rate policy and create an over-commitment to exchange rate stability. This helps to rationalize the empirical evidence on fear of l...

The Impact of the Protectionist Politics over the Increase of Foreign Commerce

Directory of Open Access Journals (Sweden)

Chiru Gheorghe

2007-10-01

Full Text Available This article presents the evolution of foreign commerce between 1865 up to First World War. After 1863 until the first World War, theforeign trade of Romania increases its volume permanently (between 1863-1913 - 6,5 times, from a 72,1 million gold lei import and 120,9 millionexport, to an import of 590 million and an export of 670,7 million gold lei. Romania reduced already the gap between prices, but its predominantagrarian economy, its poor industrial development exposed it still to the effects of uneven exchange with stronger partners better economicallydeveloped.

78 FR 54391 - Determining the Amount of Taxes Paid for Purposes of the Foreign Tax Credit

Science.gov (United States)

2013-09-04

... Determining the Amount of Taxes Paid for Purposes of the Foreign Tax Credit AGENCY: Internal Revenue Service... purposes of the foreign tax credit. These regulations address certain highly structured arrangements that produce inappropriate foreign tax credit results. The regulations affect individuals and corporations that...

76 FR 53818 - Determining the Amount of Taxes Paid for Purposes of the Foreign Tax Credit

Science.gov (United States)

2011-08-30

... Determining the Amount of Taxes Paid for Purposes of the Foreign Tax Credit AGENCY: Internal Revenue Service... of taxes paid for purposes of the foreign tax credit. These regulations address certain highly structured arrangements that produce inappropriate foreign tax credit results. The regulations affect...

76 FR 53819 - Determining the Amount of Taxes Paid for Purposes of the Foreign Tax Credit

Science.gov (United States)

2011-08-30

... Determining the Amount of Taxes Paid for Purposes of the Foreign Tax Credit AGENCY: Internal Revenue Service... purposes of the foreign tax credit. These regulations address certain highly structured arrangements that produce inappropriate foreign tax credit results. The regulations affect individuals and corporations that...

76 FR 42036 - Determining the Amount of Taxes Paid for Purposes of the Foreign Tax Credit

Science.gov (United States)

2011-07-18

... Determining the Amount of Taxes Paid for Purposes of the Foreign Tax Credit AGENCY: Internal Revenue Service... purposes of the foreign tax credit. These regulations address certain highly structured arrangements that produce inappropriate foreign tax credit results. The regulations affect individuals and corporations that...

Building Inclusive Economies, Building a Better World: A Look at the APEC 2015 Priority Areas (Volume 1)

OpenAIRE

Philippine Institute for Development Studies (PIDS); Philippine APEC Study Center Network (PASCN)

2015-01-01

The Department of Foreign Affairs, as chair of the Asia-Pacific Economic Cooperation (APEC) 2015 National Organizing Council Committee on Host Economy Priorities and as APEC National Secretariat, commissioned the Philippine Institute for Development Studies, through the Philippine APEC Study Center Network, to undertake research on the identified priority areas of APEC 2015 in order to gather expert analyses and insights that can serve as inputs to the various discussions during the summit as...

Foreign Body

Science.gov (United States)

... SearchingPediatrics.com Pediatrics Common Questions, Quick Answers Foreign Body Donna D'Alessandro, M.D. Lindsay Huth, B. ... I call the doctor? What is a foreign body? A foreign body is when an object is ...

Estimation of Effect of Foreign Direct Investment on the Russian Economy during Sanctions Based on Spillover Effects

Directory of Open Access Journals (Sweden)

Elena Anatolievna Fedorova

2018-03-01

Full Text Available The study estimates the effect of foreign direct investments (FDI on the efficiency of enterprises in Russia. The article test the following hypotheses: first – FDI coming from the countries that sanctioned Russia cause larger effect on the efficiency of local companies, unlike China and countries that didn’t impose sanctions, and the effect depends on the share of property of foreign investors in the local companies; second – increasing the volume of investments into research and development of receivers of FDI causes positive effect on the competitiveness of local enterprises; third – FDI into import substituting industries coming from countries that imposed sanctions cause lesser effect on the competitiveness and operational efficiency of Russian companies. The empirical base of the study includes 168 000 observations among 33 606 Russian enterprises during 2011–201. Based on the study, the authors partially confirm the first hypothesis and fully confirm the second and the third hypotheses

Why the New Economy is a Learning Economy

DEFF Research Database (Denmark)

Lundvall, Bengt-Åke

In this paper it is shown that the intense focus on the new economy reflected real change as well as 'hype?. The basic reason why new economy-growth could not be seen as sustainable is that introducing advanced technologies can only take place successfully when it is accompanied by organizational...... change and competence-building among employees. Any strategy that gives technology an independent role as problem-solver is doomed to fail. Danish data of a unique character are used to demonstrate that the key to economic performance is to promote learning at different levels of the economy....... In the conclusion it is argued that there is a need for a new type of knowledge and learning oriented Keynesianism in order to get close to the kind of growth rates characterizing the high days of the new economy adventure in the US....

The Sharing Economy

DEFF Research Database (Denmark)

Avital, Michel; Carroll, John M.; Hjalmarsson, Anders

2015-01-01

The sharing economy is spreading rapidly worldwide in a number of industries and markets. The disruptive nature of this phenomenon has drawn mixed responses ranging from active conflict to adoption and assimilation. Yet, in spite of the growing attention to the sharing economy, we still do not know...... much about it. With the abundant enthusiasm about the benefits that the sharing economy can unleash and the weekly reminders about its dark side, further examination is required to determine the potential of the sharing economy while mitigating its undesirable side effects. The panel will join...... the ongoing debate about the sharing economy and contribute to the discourse with insights about how digital technologies are critical in shaping this turbulent ecosystem. Furthermore, we will define an agenda for future research on the sharing economy as it becomes part of the mainstream society as well...

Mining within the energy economy of the Federal Republic in 1975. Der Kohlenbergbau in der Energiewirtschaft der Bundesrepublik im Jahre 1975

Energy Technology Data Exchange (ETDEWEB)

1976-10-01

Seven chapters present a survey of German mining in 1975. Special emphasis is put on its position within the energy economy of the FRG. 115 tables deal with: the economic and personnel development, haulage and sales of coal, coke and briquets (balance of coal), energy consumption in the FRG, stockpiling of the economy with coal and coke and stocks in coal, coke and briquets, foreign energy trade and energy balances (primary energy generation and consumption). The annex presents figures on pit coal/brown coal haulage, coke production, petroleum and natural gas production, electricity generation and crude steel production, arranged according to countries. The data refers mainly to the period 1964 - 1975.

The Distinctive Role of Foreign Debt in Foreign Exchange Risk Management

DEFF Research Database (Denmark)

Aabo, Tom; Hansen, Marianna Andryeyeva; Muradoglu, Yaz Gulnur

Finance theory suggests that a positive (long) foreign exchange exposure can be offset by debt denominated in foreign currency (“foreign debt”) and empirical studies confirm that foreign debt is used for hedging purposes. We use detailed exposure information on a sample of medium-sized nonfinancial...... firms and show that in its practical hedging application, foreign debt is used distinctively different from derivatives (e.g. forward contracts). While the use of derivatives is associated with flow measures (foreign sales revenue), the use of foreign debt is solely associated with stock measures...... level which makes it possible to go deeper than previous studies in detecting the drivers behind foreign debt usage. The empirical results are important in order to understand the factors driving the use of foreign debt in non-financial firms....