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Emerging Economy (emerging + economy)
Selected AbstractsEmerging Economies in East Asia: Are they Safe from Future Crises?IDS BULLETIN, Issue 4 2007Yung Chul Park First page of article [source] A Vector Autoregressive Analysis Of An Oil-Dependent Emerging Economy , NigeriaOPEC ENERGY REVIEW, Issue 4 2000O. Felix Ayadi This paper models the interrelationship among a variety of macroeconomic variables representing the financial, as well as the energy, sectors of the Nigerian economy from 1975 through 1994. The attempt is to investigate the impact of the energy sector on the functioning of the Nigerian economy, including the financial markets. The investigation is explored within a vector autoregressive (VAR) system. The results reveal that the energy sector exerts a significant influence on the Nigerian economy by acting as a prime mover. More importantly, Nigeria seems to find itself in a vicious circle, because of its inability to exercise control over the price of its main export and its imports. Thus, the strength and autonomy exhibited by Nigerias macroeconomic managers during the oil boom era appears to have been barren. [source] Entrepreneurship in Emerging Economies: Where Are We Today and Where Should the Research Go in the FutureENTREPRENEURSHIP THEORY AND PRACTICE, Issue 1 2008Garry D. Bruton Emerging economies are characterized by an increasing market orientation and an expanding economic foundation. The success of many of these economies is such that they are rapidly becoming major economic forces in the world. Entrepreneurship plays a key role in this economic development. Yet to date, little is known about entrepreneurship in emerging economies. This introductory article to the special issue on entrepreneurship in emerging economies examines the literature that exists to date in this important domain. It then reviews the research that was generated as part of this special issue on this topic. The article concludes with a discussion of the critical future research needs in this area. [source] Contrasting Entrepreneurial Economic Development in Emerging Latin American Economies: Applications and Extensions of Resource-Based TheoryENTREPRENEURSHIP THEORY AND PRACTICE, Issue 1 2008G. Page West III Emerging economies face daunting economic development challenges. Economists and management consultants have generally suggested global solutions that typically focus solely on foreign direct investment. Yet a resource-based theory approach offers an alternative view of economic development in which a foundation of resources within a region gestates entrepreneurial activity. While theoretically appealing, it is unclear in application how such resources can be developed or which types of resources are most important to develop. This paper extends the application of resource-based theory to entrepreneurial economic development in subsistence economies. A qualitative study of contrasting entrepreneurial activity in Chiapas (Mexico) and Atenas (Costa Rica) highlights the primacy of intangible resources,and especially entrepreneurial orientation resources,in the gestation of entrepreneurial activity. [source] INFLATION TARGETING AND THE ECONOMY: LESSONS FROM CANADA'S FIRST DECADECONTEMPORARY ECONOMIC POLICY, Issue 1 2001C Freedman Inflation targeting has become the centerpiece of the monetary policy framework in a number of industrial countries and emerging economies. The first part of this article examines the Canadian experience with inflation targeting since its introduction in early 1991 and various issues that require resolution in establishing such a framework. It also examines the way inflation targets deal with demand, price, and productivity shocks. The second part focuses on Canada's economic performance during the 1990s. Factors other than monetary policy - most notably private sector restructuring and the fiscal situation in the first half of the decade - played an important role in the sluggishness of the recovery from the recession of 1990,91. Trend growth in Canada during the 1990s was lower than in earlier periods and than U.S. trend growth over the same period. The article examines the role of such factors as productivity growth and participation rates in explaining the differences. I conclude that a good monetary policy is necessary but not sufficient for good economic outcomes. [source] Measurement matters for modelling US import prices,INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 2 2009Charles P. Thomas Abstract We focus on capturing the increasingly important role that emerging economies play in determining US import prices. Emerging-market producers differ from others in two respects: (1) their cost structure is well below that of developed-market producers, and (2) their wide profit margins induce pricing policies that seek to exhaust production capacity. We argue that these features have dampened the short-run responses of import prices to changes in the value of the dollar but that they have not altered the associated long-run response. To capture these considerations, we develop a new method to measure foreign prices and adopt a formulation that differentiates between short- and long-run responses. Our econometric work asks two questions: First, can one replicate the literature's dispersion of pass-through estimates? Second, is there any evidence of a change in the dynamic response of import prices to changes in the exchange value of the dollar? To address the first question, we estimate the parameters of our models using several alternative measures of US and foreign prices, dynamic specifications, and sample periods. We find that these alternative inputs translate into a large range of parameter estimates, a finding that helps to rationalizing the existing dispersion of estimates. To address the second question, we compute the implied dynamic adjustment of import prices to a change in the value of the dollar using parameters estimated from two samples: 1974,2000 and 1974,2005. The long-run response of import prices is similar regardless of which sample is used,roughly one-half of the change in the exchange rate is passed through to import prices. However, the short,run response is quite sensitive to the sample period. Specifically, the short-run response based on data through 2005 is smaller than the short-run response based on data through 2000. We argue that one force behind the change in dynamics of the import-price process is the greater presence of producers from emerging economies and that their effect on import prices can be captured with their measure of foreign prices. Published in 2008 by John Wiley & Sons, Ltd. [source] Managing new-style currency crises: the swan diagram approach revisited,JOURNAL OF INTERNATIONAL DEVELOPMENT, Issue 5 2007Ramkishen S. Rajan Abstract The new-style currency crises that have afflicted a number of developing and emerging economies of late are characterised by sudden stops in capital inflows and adverse balance sheet effects. Given the potential high costs of these crises, there remains an ongoing debate on how they might best be managed when they do arise. This paper argues that the age-old Swan diagram, appropriately modified, is able to provide useful insights into how a country might manage a new-style crisis via a combination of adjustment (which involves expenditure switching and reducing polices) and financing. Copyright © 2006 John Wiley & Sons, Ltd. [source] Strategy Research in Emerging Economies: Challenging the Conventional Wisdom*JOURNAL OF MANAGEMENT STUDIES, Issue 1 2005Mike Wright ABSTRACT This review and introduction to the Special Issue on ,Strategy Research in Emerging Economies' considers the nature of theoretical contributions thus far on strategy in emerging economies. We classify the research through four strategic options: (1) firms from developed economies entering emerging economies; (2) domestic firms competing within emerging economies; (3) firms from emerging economies entering other emerging economies; and (4) firms from emerging economies entering developed economies. Among the four perspectives examined (institutional theory, transaction cost theory, resource-based theory, and agency theory), the most dominant seems to be institutional theory. Most existing studies that make a contribution blend institutional theory with one of the other three perspectives, including seven out of the eight papers included in this Special Issue. We suggest a future research agenda based around the four strategies and four theoretical perspectives. Given the relative emphasis of research so far on the first and second strategic options, we believe that there is growing scope for research that addresses the third and fourth. [source] Sustainable consumption and production: Trends, challenges and options for the Asia-Pacific regionNATURAL RESOURCES FORUM, Issue 1 2010Wei Zhao Abstract This paper highlights current trends in consumption and production patterns in Asian developing countries and emerging economies. It describes the main challenges and opportunities for Asian countries making the transition towards sustainable consumption and production patterns. The main challenge for Asian economies is to address the unsustainable consumption patterns of urban consumers, which entails a policy shift from the current focus on pollution and inefficient industrial production. In view of future consumption trends and the global convergence of consumption patterns, the characteristics of the emerging ,global consumer class' are examined, with particular focus on urban ecological footprints and carbon emissions. Furthermore, the difference between urban and rural consumption is discussed, together with opportunities for low-carbon urban development in the megacities of Asian developing countries. To conclude, the paper presents an overview of current policy measures taken in Asian countries to green economic development and realise sustainable consumption and production patterns. [source] Food Price Surges: Possible Causes, Past Experience, and Longer Term RelevancePOPULATION AND DEVELOPMENT REVIEW, Issue 4 2008Nikos Alexandratos The food price surges of recent years have created much misery and raised once again the Malthusian specter. Increases in the demand for food in the emerging economies, particularly China and India, have frequently been identified as the dominant factor behind a perceived shock on the demand side. Use of crops for biofuels was listed as an additional, though less important, factor. Yet global cereals utilization without biofuels has been growing at slowly decelerating rates, as in the past. It is the addition of biofuels that has resulted in its growing faster than in the past. In parallel, global production had been falling behind utilization for several years, leading to declining stocks. Weather shocks, depreciation of the dollar, and turbulence in the financial markets were added to these fundamentals of the supply,demand balance to generate the price surges. If energy prices remain high and/or rising and pro-biofuel policies remain in place, the diversion of crops to biofuels is likely to continue. This could prevent the current commodity cycle from unfolding in the "normal" way over the short to medium term with prices trending back toward their pre-surge levels. Conclusions are drawn about how these developments should influence the way we assess long-term food and agriculture prospects. [source] Contractual governance, business groups and transitionTHE ECONOMICS OF TRANSITION, Issue 2 2002Raja Kali We suggest a unified framework to explain the following stylized pattern in the development of contractual governance and industrial organization. Contractual governance in many emerging economies is characterized by relational contracting. Coincident with relational contracts are large, diversified organizations , often referred to as business groups. As institutions and market intermediaries develop, a process of transition from relational contracting to arms-length explicit contracting takes place. During this phase relational and explicit contracts complement each other. Business groups initially expand in size, scope and increase the strength of ties. As development proceeds, a threshold is crossed after which business groups begin to unravel. This process of transition in contractual governance is often accompanied by a period of rapid growth, which eventually comes to a stop. JEL classification: L22, L14, O17. [source] The effects of foreign direct investment on domestic firmsTHE ECONOMICS OF TRANSITION, Issue 3 2001Evidence from firm-level panel data in emerging economies This paper uses firm-level panel data to investigate empirically the effects of foreign direct investment on the productivity performance of domestic firms in three emerging economies of Central and Eastern Europe: Bulgaria, Romania and Poland. To this end, a unique firm-level panel dataset is used with detailed information on foreign ownership at the firm level. Two main questions are addressed in the present paper: (1) do foreign firms perform better than their domestic counterparts? (2) do foreign firms generate spillovers to domestic firms? The estimation technique in this paper takes potential endogeneity of ownership, spillovers and other factors into account by estimating a fixed effects model using instrumental variables in the general methods of moment technique for panel data. Only in Poland, do foreign firms perform better than firms without foreign participation. Moreover, for all three countries studied here, I find no evidence of positive spillovers to domestic firms, on average. In contrast, on average, there are negative spillovers to domestic firms in Bulgaria and Romania, while there are no spillovers to domestic firms in Poland. This suggests a negative competition effect that dominates a positive technology effect. JEL classification: D24, F14, O52, P31. [source] China and the Global Financial Crisis: Assessing the Impacts and Policy ResponsesCHINA AND WORLD ECONOMY, Issue 3 2010Yan Liang F40; O11; O53 Abstract The present paper explores the role of China in the creation of the current global financial crisis and the impacts of the crisis on its economy. It argues against the view that the "saving glut" in China (along with other Asian emerging economies) played a significant causal role in the crisis. The global financial crisis did not engender much damage in China's financial structure, thanks to the relatively closed, bank-centered financial system. However, the impacts on the "real" side of the Chinese economy were hard felt. Growth and employment have fallen, largely due to the decline in exports and foreign direct investment. The crisis reveals the vulnerability of the export-dependent growth pattern. Policy responses of the Chinese Government, including monetary, fiscal and social policies, have helped to stem the downfall of the economy in the immediate term, but some of the policies have not addressed the structural problems of the Chinese economy and might well aggravate such problems over time. The present paper proposes a tentative reform blueprint to rebalance the economy and to sustain long-term growth. [source] Examining resistance, accommodation and the pursuit of aspiration in the Indian IT-BPO space: reflections on two case studiesINDUSTRIAL RELATIONS JOURNAL, Issue 2 2010M. N. Ravishankar ABSTRACT This article is based on case studies of two organisations: an India-based information technology (IT) services company and a financial services company located in the UK and India. Although they operate in different sectors and have some notable contrasts, both can be seen as typifying aspects of India's new economy. Our article explores the lived experience of working in this economy,a perspective that has been relatively neglected in the extant literature. Drawing on Homi Bhabha's notions of ambivalence and mimicry, and V. S. Naipaul's powerful illustrations of these concepts in his fiction and non-fiction works, we report on how respondents talked about their aspirations within India's emerging economy, and examine their mobilisation of particular discursive resources as forms of accommodation and resistance to the demands they face at work. [source] The Impact of Foreign Equity Ownership on Emerging Market Share Price VolatilityINTERNATIONAL FINANCE, Issue 1 2000Mark Coppejans We ask whether foreign equity ownership affects the stability of share prices in an emerging economy. We address the effect of ownership restrictions exogenously imposed on stock ownership and the impact of introducing or widening foreign ownership through cross-listing. A methodology for variance ratio analysis is introduced that corrects for liquidity and volume differences across stock series experiencing different degrees of foreign ownership. We find that foreign ownership does not affect volatility in the absence of cross-listing. Foreign ownership introduced or accompanied by cross-listing of a stock series raises the variance of returns. This effect is found to operate in part through increases in volume traded on the domestic market following the listing, and through an identifiable increase in the volatility of information net of volume effects. [source] A Study of Corporate Disclosure Practice and Effectiveness in Hong KongJOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING, Issue 1 2001Simon S. M. Ho The recent economic turmoil in Asia has led to a wider recognition of the importance of corporate transparency and disclosures in financial dealings. The objective of this study is to provide comprehensive and up-to-date evidence of current practice and perceived effectiveness of corporate disclosure of listed companies in an emerging economy,Hong Kong. The study compares the perceptions of chief financial officers (CFOs) and financial analysts about a variety of information flow, disclosure and capital market efficiency issues. It also seeks to determine whether there is a perceived need for increased financial reporting regulations and to what extent this and other alternative means might improve market functioning. While both subject groups believed that a majority of firms only adopt a conservative one-way disclosure strategy and the existence of a communication gap, analysts perceived a much higher need than CFOs for increased financial reporting regulations. Neither group thought that enhancing disclosure requirements alone would suffice to close this gap. Instead, they suggested an improvement in the quality of the communication and disclosure processes through means such as choosing more appropriate communication media, formulating a more proactive disclosure strategy, enhancing investor relationship, and voluntarily reporting more information desired by users. [source] Ownership Types and Strategic Groups in an Emerging Economy*JOURNAL OF MANAGEMENT STUDIES, Issue 7 2004Mike W. Peng ABSTRACT Existing strategic group studies have rarely examined ownership type as a variable to classify firms in an industry. Using Chinese firms of different ownership types, we suggest that ownership type can be a parsimonious and important variable that managers use to cognitively classify firms into different strategic groups. While ownership itself is an objective variable, we contend that different ownership types lead to different managerial outlook and mentality due to a number of macro and micro foundations giving rise to various managerial cognitions. Employing the Miles and Snow typology, we find that state-owned enterprises (SOEs) and privately-owned enterprises (POEs) tend to adopt defender and prospector strategies, respectively, while collectively-owned enterprises (COEs) and foreign-invested enterprises (FIEs) exhibit an analyser orientation that falls between defenders and prospectors on the strategy continuum. Three statistical tests suggest that ownership types can be used to successfully predict strategic group memberships in China's emerging economy. [source] Cost efficiency and value driver analysis of insurers in an emerging economyMANAGERIAL AND DECISION ECONOMICS, Issue 4 2009Attiea Marie This study investigated cost inefficiencies and its relationship with value drivers of insurers in United Arab Emirates (UAE). The study revealed that there were 21,33% cost inefficiencies in these insurers under different model specifications of stochastic frontier and DEA; value drivers such as lower leverage risk, lower capital risk significantly improved cost efficiencies consistent with Basel II norms; ROE positively influenced cost efficiencies with further trade off between increased profit margin, decreased asset utilization and/or reduced equity multiplier by the insurer managements to achieve a target-ROE; and the trend of cost efficiency was improving during 2000,2004. The study suggests that stock insurers could overcome their cost inefficiencies through adoption of efficient measures such as risk mapping of clients, risk prioritization besides ALM techniques. The study has direct implications for individual and institutional investors in making their portfolio investment decisions in insurance sector, policymakers, and regulators to closely monitor inefficient insurers consistent with Basel II norms. Copyright © 2008 John Wiley & Sons, Ltd. [source] Crouching Tiger, Weakened EagleNEW PERSPECTIVES QUARTERLY, Issue 2 2010MARTIN JACQUES Buoyed by its creditor's hold on the United States and its ability to withstand the harsh winds of recession blowing from across the Pacific, China has graduated in its own mind from an emerging economy to a world power. From their confrontation with Google to their renewed repression of dissidents to their dissing of President Obama, China's leaders clearly feel that the time has come for the world to accomodate China, not vice-versa. Is the West ready for this new reality? Is China's new arrogance well-founded, or is it going to be the next bubble to burst? As it moves beyond "the primary stage of socialism" is it ready to open up politically? In this section, some top China scholars, one of China's most well-known dissidents and a former US spy chief discuss these issues. [source] Post-Olympic Powershift: The Return of the Middle Kingdom in a Post-American WorldNEW PERSPECTIVES QUARTERLY, Issue 4 2008NATHAN GARDELS In the minds of its leaders and intellectuals, China is more than just another successful emerging economy and a rising regional power. For them, what is going on today might be considered a renaissance that will bring a neo-Confucian sensibility to a post-American world. In this section NPQ editor Nathan Gardels reports on his recent visit to Shanghai. Wang Hui, China's leading new left intellectual and author of The Rise of Modem Chinese Thought, offers his, views on subjects ranging from modernity to Tibet. [source] Modern China Emerged Before Its Encounter with the WestNEW PERSPECTIVES QUARTERLY, Issue 4 2008WANG HUI In the minds of its leaders and intellectuals, China is more than just another successful emerging economy and a rising regional power. For them, what is going on today might be considered a renaissance that will bring a neo-Confucian sensibility to a post-American world. In this section NPQ editor Nathan Gardels reports on his recent visit to Shanghai. Wang Hui, China's leading new left intellectual and author of The Rise of Modem Chinese Thought, offers his, views on subjects ranging from modernity to Tibet. [source] Relative Efficiency of Price Discovery on an Established New Market and the Main Board: Evidence from KoreaASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, Issue 4 2010Kyong Shik Eom G10; G14; G15 Abstract We examine the relative efficiency of price discovery between the new market (KOSDAQ) and the main board (KOSPI) in the Korean stock markets that have the same trading mechanism (i.e. electronic limit-order book), focusing on the comparisons of each market's efficiency of price discovery in three aspects: speed, degree, and accuracy. We find that, for our entire firm sample, price discovery on KOSDAQ is less efficient than on KOSPI. However, the price discovery of the most liquid group (top 40 stocks) on KOSDAQ turns out to be as efficient as the lowest group (top 160th,200th stocks) among the top 200 liquid stocks on KOSPI. These two quintiles are comparable in terms of their firm characteristics, so it appears that the greater overall efficiency of price discovery on KOSPI is due to the characteristics of its listed firms, rather than any inherent difference between a main board and a new market. We also find evidence that the speed of price discovery is mainly determined by turnover, whereas the accuracy of price discovery is mainly determined by turnover and intraday volatility. All together, our results provide some policy implications for developing or even developed countries eager to establish a viable new market. First, price discovery in a successful or viable new market in an emerging economy behaves as predicted in the market microstructure literature, even though that literature is based primarily on main boards in advanced stock markets. Second, price discovery in the most liquid group in a new market is more accurate, although slower, than in the lowest group among the liquid stocks on a main board; on balance, the main board and new market are comparable. Finally, the accuracy of price discovery is more (less) impacted by turnover (intraday volatility) on the new market than on the main board. [source] Impact of the QFII Scheme on Investment-Cash Flow Sensitivity,ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, Issue 3 2009Jung-Hua Hung Abstract Taiwan is an important emerging economy which has adopted a progressive strategy to open up its securities markets, mainly through the QFII (Qualified Foreign Institutional Investor) scheme. This paper examines Taiwan's QFII experience so as to determine whether the implementation of such a policy has helped reduce corporate investment-cash flow sensitivity. Empirical results suggest that the launching of the QFII program as an interim institutionalization strategy to attract foreign capital into Taiwan's securities markets has been successful in relaxing corporations' investment-cash flow sensitivity. [source] Determinants of Organizational Flexibility: A Study in an Emerging EconomyBRITISH JOURNAL OF MANAGEMENT, Issue 2 2006Andrés Hatum This paper examines the processes of organizational adaptation and competitiveness of firms in an emerging economy. The study is set in the Argentinian context of the 1990s when a combination of economic and political change triggered a massive change in the competitive context of indigenous firms. Two highly flexible firms and two less-flexible firms are studied from the pharmaceutical and edible oil industries and longitudinal data are supplied to explore the determinants of organizational flexibility in those organizations. [source] | |||||||||||||||||||||||||||||||