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Kriza ekonomske globalizacije: pouke iz 1914. godine

Author(s): Aleksandar Milošević / Language(s): Serbian Publication Year: 0

Contrary to the popular belief, economic globalization is not a contempo rary phenomenon. This paper will explore the nature and dimensions of the first modern globalization and analyze its similarity to the present time. The growth of trade and financial relations, labor migration and technological progress are commonly cited elements of globalization that has experienced its rapid rise in the second half of the 19th and early 20th century. The integration of financial markets and monetary stability based primarily on the cooperation of central banks (and the existence of the gold standard) have contributed to the strengthening of economic interdependence among countries. However, World War I marked the beginning of the Great Reversal, a period of opposite, deglobalisation trends − financial disintegration and the growth of commercial self-sufficiency, which lasted until the end of the Second World War. The paper will seek to answer the question whether another Great Reversal is possible (and how likely is it), ie. whether contemporary economic globalization is „unusual, unstable, complicated and unreliable“ as Keynes described the economic organization of the Western world in the period before the First World War (Keynes 1919). The nature and characteristics of current trade and capital flows, international migration and technology transfer, as well as the impact of production chains on economic interdependence of countries will be analyzed. Financialisation of the modern economy and its negative effects: the growth of economic inequality, the creation of precarity and crisis-proneness suggest that, paradoxically, the dramatic strenghtening of economic globalization leads to its crisis.

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Разходите за отбрана в Р България- състояние и сравнителен анализ със страните в ЕС

Author(s): Evgeni Genchev / Language(s): Bulgarian Publication Year: 0

Defense spending as a whole illustrate the operational capabilities of the armed forces of a country. Much of the literature in this area is aimed to investigate the relationships between defense spending and other economic categories (economic growth, government debt, GDP, etc.).This publication analyzes the state of defense spending in the Republic of Bulgaria for the period 2000-2015. Key trends are examined as growth, relative share to government spending, average costs per capita, etc. Comparative analysis was conducted of defense spending in Bulgaria with those of other EU countries. Data for the analysis are from the Stockholm International Peace Research Institute.

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GLOBAL AND REGIONAL REGULATORY CHANGES TO THE FINANCIAL INDUSTRY AS A CONSEQUENCE OF THE FINANCIAL CRISIS: THE CASE OF THE EUROPEAN UNION

Author(s): Roberto J. Santillán-Salgado / Language(s): English Publication Year: 0

Since the first signs of the financial crisis appeared during 2007, several national governments announced initiatives to implement extensive bailout measures and recovery plans backed up with tax-payers money. The official language was very similar in all countries; extraordinary measures were required to avoid a systemic collapse that could endanger economic stability. However, it was during the Global Finance summit that took place in London in November of 2008 that the most industrialized and the biggest emerging economies agreed on the implementation of a global financial reform to close loopholes in regulation and supervision. While the discussion about the origins and consequences of the recent Financial Crisis will be an ongoing topic for many years to come, a number of national governments, regulatory agencies and international financial organizations, have already taken important steps and towards the implementation of new regulatory frameworks, as well as more robust supervision mechanisms of the financial industry.This chapter briefly discusses the antecedents of Financial Regulation in the European Union, as well as the political and institutional responses of governments to the Financial Crisis of 2007-2009. As a result of our critical analysis, we conclude there is no doubt of the interest of national authorities to minimize the probability of a repetition of a systemic financial stress episode or, worse yet, another fully fledged financial crisis; but the challenge to conciliate so many legislations, political interests and economic interests is not a trivial matter.

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Income Growth and Inequality over the Very Long Run: England, India and Japan Compared

Author(s): Osamu Saito / Language(s): English Publication Year: 0

In »The Great Divergence: China, Europe and the Making of the Modern World Economy« (published in 2000), Ken Pomeranz argued that until about 1750, both East Asia and western Europe were reasonably advanced in terms of commercial growth and market integration, and hence that the former region’s standard of living was more or less on a par with that of the latter. The book thus postulates that there had been a sort of East-West convergence before the real divergence emerged with the industrialisation of the nineteenth century, and as such has stimulated debate amongst economic historians at both ends of Eurasia (Pomeranz, 2000). This paper turns to an issue that has not been explicitly discussed in the debate on the ‘Great Divergence’, that is, the question of class differentials in household earnings, and places inequality in the context of income growth from early modern to modern times. By adding India, where de-industrialisation is said to have taken place in the nineteenth century, to the Europe-Japan comparison, the paper will examine the three countries’ early modern social tables, and how they changed over time with special reference to trends in growth and inequalityin the period from the late nineteenth century to the 1930s.

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Why the West became rich before China and Why China has been catching up with the West since 1949: Another Explanation of the “Great Divergence” and “Great Convergence” Stories

Author(s): Vladimir Popov / Language(s): English Publication Year: 0

Among many puzzles in economic history, the crucial and most intriguing is the “Great Divergence,” the gap between Western and developing countries that started to emerge in the sixteenth century and widened until at least the mid twentieth century. The USSR in the 1930s-60s was the first major non-Western country to experience successful catch-up development and to narrow the gap with the West, although afterwards (1970-80s), the gap stopped narrowing and it later (1990s) widened. Japan, South Korea, Taiwan, Hong Kong, and Singapore in the 1950-80s were the only states that successfully caught up with the West and became developed countries. In recent decades, a similar process is underway in Southeast Asia and China. Together with the recent acceleration of growth of India and some other developing countries, it could mean that we have reached a tipping point in the Great Divergence and that from now on, the world will gradually experience global convergence in the level of income. The goal of this paper is to offer a non-technical interpretation of the “Great Divergence” and “Great Convergence” stories. After reviewing the existing explanation in the literature, I offer a different interpretation. Western countries exited the Malthusian trap by destroying traditional institutions, which was associated with the increase in income inequalities and even decrease in life expectancy, but allowed to redistribute income in favor of savings and investment at the expense of consumption. When the same pattern was imposed on developing countries (colonialism – Latin America, FSU, SSA), it resulted in the destruction of traditional institutions, increase in income inequalities and worsening of the starting positions for catch up development. In other developing countries (East Asia, India, MENA) that were less affected by colonialism and managed to retain traditional institutions, starting positions for modern economic growth remained good. The slowly going technical progress finally allowed them to find another (and less painful) exit from the Malthusian trap – increased income permitted to raise the share of investment in GDP without the major increase in income inequalities and decrease in life expectancy.

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Balance of Payments from a Comparative Perspective: China, India, and Russia under Globalization

Author(s): Akira Uegaki / Language(s): English Publication Year: 0

The three regional powers of China, India, and Russia have been actively participating in international trade and international financing recently, although they have large populations, huge territories, and abundant natural resources, which would enable them to be independent and autarkic. The globalization movement especially since the ’90s has undoubtedly made their attitudes possible, but on the other hand, the fact that the three regional powers have sailed out on the world market itself has made today’s globalizing trend as a whole stronger and faster. The purpose of this paper is to clarify each country’s similarities and peculiarities in their international financing in a globalizing economic situation by using balance of payments statistics. China, India, and Russia have a common feature in their macroeconomic structure in the new century, that is, the excess of savings over investment, which resulted in current account surpluses. At the same time, the three countries have actively introduced foreign financial resources through various routes. Consequently, their financial claims against the rest of the world have been increasing rapidly, especially in the form of reserve assets of the central banks. These phenomena reflect weak financial networks in their domestic markets, which would have functioned as financial intermediaries and added to domestic investment. Of course there are different characteristics among the three countries. India seems to be a typical developing industrial state, because of its relatively small current account surplus (sometimes, deficit), and active introduction of many kinds of foreign financial resources, which have spurred domestic economic development. On the other hand, Russia is unique because both the I-S balance and fiscal balance have been in large surplus, which resulted in a large amount of reserve assets. At same time, it is noteworthy that its foreign economic transactions have been isolated from domestic economic circulation. China’s international finances, especially in the sphere of FDI, have close connection with its domestic economy. The net receipt of investment income is also an important point in China’s future.

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External Openness and Firm Productivity in China and India: Evidence from Business Enterprises Surveys

Author(s): Takahiro Sato / Language(s): English Publication Year: 0

China and India have experienced high economic growth over the last two decades after a long period of stagnation. During the period 1980-2007 India's annual growth rate of per capita income was 6.4 percent compared with that of China at 10.9 percent. While India's growth performance has been considerable, China's has been nothing short of a miracle. The main propose of this paper is to provide a comparative analysis of China's and India's economic growth pattern. This paper contributes to the literature on comparative studies on China and India in two ways. First, most of the existing literature is based on aggregate data. We focus on the determinant of firm-level productivity, which has been omitted by most of the existing studies. Second, the positive nexus between external openness and firm productivity is tested by using the comparable data set in China and India. We expect these two ways to allow us to examine the firm-level heterogeneity, which affects the divergent growth pattern in China and India The rest of this paper is organised as follows. In Section 2 we discuss the model and estimation strategy for analysing the relationship between external openness and productivity. In Section 3 we describe our data and main variables. In Section 4 we report our empirical evidence and in Section 5 we provide a summary of the main findings with some remarks.

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ГЛОБАЛЬНЫЕ ТРЕНДЫ РАЗВИТИЯ МИРОВОГО РЫНКА ТРУДА

Author(s): Svitlana Kalinina,Lyudmila Davydyuk / Language(s): English Publication Year: 0

The article deals with the issues of the development of the world labor market in the conditions of globalization. The employment trends in the global labor market, including trends by sectors of the world economy, analyzedin the article, as well as emphasized dynamics and trends of unemployment. Emphasis was did on detailed analysis of trends in the development of the world labor market forms which are the basis for the formation of prerequisites for the equal inclusion of Ukraine in the global resource labor space.

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Глобални рискове и икономически тенденции в съвременния свят

Author(s): Maria Marikina / Language(s): Bulgarian Publication Year: 0

The report examines global risks in today’s world economy based on the classification proposed by the WEF (World Economic Forum) in Davos. The оbject is the economic, social, environmental, geopolitical and technological risks that are analyzed in interrelation. The subject is on the socio-economic situation in the world economy.

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ПРАВНИ АСПЕКТИ ПРИ ВЪВЕЖДАНЕ НА ИСЛЯМСКИТЕ ФИНАНСИ В КОНВЕНЦИОНАЛНИ БАНКОВИ СИСТЕМИ

Author(s): Miroslav Kamdzhalov / Language(s): Bulgarian Publication Year: 0

Islamic finances are a significant and continued growing segment of the financial product market not only in the Muslim world. Globally, this type of financial operations, subject to the Islamic law – Sharia, enjoys a warm welcome in counties hosting large financial centers. In view of the specificities of Islamic financial operations, where credit institutions take an active part in the business of their clients, a specific regulatory framework needed to regulate their activities.

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Global Corporate Tax Rate Competition Who Pays the Bill?

Author(s): Gilda Almeida / Language(s): English Publication Year: 0

Countries heavily rely on tax revenue for their welfare programs, which aim to reduce inequalities. Taxes are countries’ main sources of revenue and provide funding for governmental expenditures. A country’s spending is usually divided into categories: mandatory, discretionary, and interest on debt expenditures. These include assistance programs, such as the United States’ Medicaid program, the Supplemental Nutrition Program (so-called foods stamps), and the Temporary Assistance for Needy Families program. The United States lowered its U.S. corporate income tax rate from 35% to 21% in 2018, after the enactment of the United States Tax Cuts and Jobs Act. Similarly, members of the Organization for Economic and Co-operation and Development (OECD) lowered their corporate statutory tax from their 2000 average rate of 28.6% to 21.4% in 2018. In the international context, state-to-state tax arbitration is implemented by OECD members to provide multinationals with double tax relief. In contrast, individuals do not benefit from a similar tax reduction. The United States’ highest marginal income tax rate was reduced from 39.60% to 37% in 2018, whereas 0.5% was the average reduction implemented for individuals by OECD members from 2000 to 2017. This paper analyzes whether states expect private corporations to undertake more social responsibility when considering tax benefits. States’ examination of corporates’ social responsibility includes whether private social accountabilities align with corporations’ profit-oriented natures as well as state interest in public welfare. Furthermore, this paper examines states’ alternative sources of revenues that could balance out the effects of the reduction of corporations’ tax rates and other granted benefits, including tax arbitration for multinationals’ double tax relief.

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The Man with a Dream and a Plan: Xi Jinping, the “Chinese Dream” and the Belt and Road Initiative

Author(s): Marsela Musabelliu / Language(s): English Publication Year: 0

The purpose of this paper is to seek the organizing principle of China’s Belt and Road Initiative in terms of the People’s Republic of China’s overall foreign policy objectives, and, in order to do this, an understanding of the leadership of the Middle Kingdom becomes imperative. There are five generations of Chinese leaders since the proclamation of the PRC and obviously each of them has had distinct attitudes when it comes to foreign policy and the decision making process, since their actions have been the outcome of specific historical, social and geopolitical conditions. Notwithstanding, we see a continuity of grand strategies and application of the same principles of Socialism with Chinese Characteristics, inherited from one establishment by the other. The current leader Xi Jinping, soon after getting to be General Secretary of the Communist Party in late 2012, expressed what might turn into the hallmark of his administration: “The Chinese Dream – the great rejuvenation of the Chinese nation.” Some months later the New Silk Road Strategy was proclaimed; the proposed revival of a great trade route which, two thousand years ago, bridged Eastern and Western cultures across the Eurasian continent, becomes in the 21st century the fulcrum of the Belt and Road Initiative and the blueprint of the actual Chinese foreign policy.

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Can Asymmetric Relationships Work Together? A Quantitative Approach of “16+1” Cooperation Mechanism

Author(s): Hongfei Gu / Language(s): English Publication Year: 0

Is there a possibility that there will be cooperation between two sides with a big gap? If so, could this cooperation be sustainable development? This question has always been a hot issue in international cooperation research. The “16+1” framework is a relatively new cooperation format initiated by China with 16 CEE countries in 2012. Since its formation, the “16+1” has made some progress in strengthening dialogue and cooperation between China and CEE countries. The heads of state of the member countries meet annually and each meeting results in a list of agreements. During the 5th and most recent summit, held in Riga, Chinese premier Li Keqiang formally launched a 10 billion euro investment fund to finance infrastructure and production capacity projects (“The Riga Guidelines for Cooperation between China and Central and Eastern European Countries,” n.d.). While the above initiatives have been made so far, it is not difficult to trace that in China and the CEE countries, the significant differences in the countries among the CEE made for a complexity of interaction. First of all, the CEE countries are not only a strictly strategic entity, but not a political or economic entity, and the two sides are now facing the problem of “one to sixteen.” Moreover, for the relationship between China and the EU, China cannot be a member state or even a power to arrange the sixteen countries as a political group. Secondly, despite the continuous warming of economic and trade cooperation between the two sides, such as the Czech Republic, Poland, Hungary, Serbia and other countries with China, in terms of bilateral trade, there are still huge differences for both exports and imports, and bilateral ties show an asymmetric pattern from the political and economic perspectives. Thirdly, while the CEE countries are developing economic and trade relations with China, there are big differences regarding foreign policy toward China among the CEE countries: sixteen states are not consistent with their foreign policies toward China, and at the same time, there is still a disagreement between the two sides on political, economic, and human rights; Tibet and Taiwan issues; the arms embargo and other relevant issues. Therefore, the development of China’s relations with CEE countries is now facing opportunities and challenges simultaneously. The asymmetry of bilateral cooperation requires China to optimize its policies on CEE countries for further development. This paper will analyze the CEE countries’ foreign policy toward China via a 15 language1 database among all CEE countries since the two sides established diplomatic ties. Using big data, the development of small countries’ foreign policies will be analyzed while confronting big powers through game theory, then it will be tested if it is possible for such asymmetric relationships to work.

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Values or Interests? Japan’s Relations with European Countries under the Abe Administration

Author(s): Karol Żakowski / Language(s): English Publication Year: 0

Both during his first (2006–2007) and second administrations (since 2012) Prime Minister Abe Shinzō emphasized the gravity of value-oriented diplomacy based on promotion of democracy, free-market economy, human rights, and rule of law. At the same time, however, his foreign policy has been very pragmatic and focused on hard-power-like measures, such as an increase in the deterrence capacity of the Self-Defense Forces. On the one hand, the Japanese government declared its attachment to universal values on the international scene, but on the other hand there were doubts whether it lived up to those values on domestic ground. For that reason, Tokyo has been accused by neighboring countries of treating value-oriented diplomacy as an empty slogan in order to realize national interests. The aim of this paper is to evaluate the role of this dichotomy in relations with Europe. It is examined to what extent Abe declared his adherence to the universal values, and to what extent he really promoted them in Europe. Special emphasis is placed on the discrepancy between Tokyo’s narrative on values in relations with the European Union (EU) on the one side and with Moscow and other undemocratic regimes in Europe on the other.

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On Origins and Implications of the Sovereign Debt Crisis in the Euro Area

Author(s): Rajmund Mirdala,Anna Ruščáková / Language(s): English Publication Year: 0

The current Euro Area crisis has revealed certain flaws of the Euro Area, such as its vulnerability toasymmetric shocks and its inability to act as assumed by the optimum currency area theory (Jagerand Hafner, 2013). It has highlighted the serious lack of confidence in the ability of the Euro Area toface challenges resulting from political and economic development in the Euro Area countries and inthe world economy (Goméz-Puig and Sosvilla-Rivero, 2012).

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The Effects of the Crisis on Euro Area Member Countries

Author(s): Júlia Ďurčová,Ľudmila Bartóková / Language(s): English Publication Year: 0

When the project of monetary union among European countries was being prepared it was not expected that Europe would be hit by such severe crises as occurred few years ago. “Shortcomings”of the euro area were well known even at the beginning, as well as the fact that future EMU countrieswere far from being the optimum currency area. However, it was not anticipated it would be necessary to address these issues and existing asymmetries in such a short time. Even after more than a decadea position of certain countries, especially of so-called former transition economies can be still described as a lagging. What is more, differences and asymmetries can be found also in the group of “founder”countries, or EMU core countries, as they are often called.

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Decomposing Euro Area Sovereign Debt Yields into Inflation Expectations and Expected Real Interest Rates

Author(s): Rajmund Mirdala / Language(s): English Publication Year: 0

Recent macroeconomic development in the Euro Area, characterized by persisting deflationary pressures, induces fundamentally different background for the economic policy framework and related institutions experimenting with a convenient policy mix to provide growth incentives and improve growth perspectives in the Euro Area.

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Exchange Rate Pass-Through in the Euro Area

Author(s): Rajmund Mirdala / Language(s): English Publication Year: 0

Exchange rate pass-through to domestic prices represents one of the most discussed topics in the recent literature dealing with a wide area of effects associated with exchange rate flexibility. The establishment of the Euro Area and introduction of the euro represent a crucial milestone in the ongoing discussions highlighting positive and negative implications of the nominal exchange rate rigidity. On the other hand, we suggest that it is still convenient to analyze the wide spectrum of effects related to the abortion of the relative flexibility of the national exchange rates after the euro adoption (Barhoumi 2006). Among many of impulses that the exchange rate transmits from the external environment to the domestic market we highlight price related effects associated with sudden changes in the foreign prices and related responsiveness of the domestic price indexes.

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Real Exchange Rates, Current Accounts and Competitiveness Issues in the Euro Area

Author(s): Rajmund Mirdala / Language(s): English Publication Year: 0

Euro Area member countries are still suffering from negative effects of the crisis period. Increasing economic imbalances have become obvious in the Euro Area since the start of the monetary union. Differentials in productivity, inflation and unit labor costs were indeed very persistent (Comunale and Hessel 2014). Economic and debt crisis highlighted their existence and impropriate economic policy mix has even intensified their negative implications. Economic imbalances are obvious not only among different countries (e.g. rising disparities between core and periphery) but also within particular member countries of the Euro Area (Gruber and Kamin, 2005). In addition, we can observe clear contagion effect among the European Union member countries. Disturbances and distortions are fairly transmitted on both intra-country and cross-country levels (Berger and Nitsch, 2010).

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For the Love of Bread

Author(s): Tine Lehmann / Language(s): English Publication Year: 0

The average German eats 56 kg of bread per year (Statista 2013). And even though that means the German consumer is just about average in the EU, German bread has always had a specific reputation. Since 2014, German bread baking culture is even considered to be UNESCO world heritage. Nevertheless, traditional bakeries are struggling with the extremely low-price competition in the supermarkets. More and more traditional bakeries are closing; and more bread is sold in the supermarkets, containing long lists of additives.

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