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Rapid technological developments in communications and
transportation, economic liberalization and the emergence of new
economies with vast market potential have changed the shape of
international production. This scholarly selection of articles
represents some of the most important contributions to an
understanding of this ongoing, global economic restructuring and
its impact on the geographic configuration of production and the
economic competitiveness of nations in the world economy.
This authoritative collection presents the most important published
articles on barter and countertrade from early scepticism to the
recent sophisticated theoretical models and empirical evidence. The
papers selected focus upon the policy and managerial implications
of barter and countertrade and explain the reasoning behind these
arrangements in an environment characterized by transaction
difficulties. They demonstrate that appropriately designed
transactional governance is crucial for the efficiency of
successful trading relationships between different parties. The
Economics of Barter and Countertrade is a timely collection due to
the resurgence of barter and countertrade following the Russian and
Asian financial crises. It is an essential reference source for
those with an interest in trade and international economic
relations.
Increased integration of financial markets has led to many tangible
economic benefits in Asia and around the world; yet, greater
financial globalization has also exposed emerging economies to the
vagaries of international capital flows. Harnessing the benefits of
financial globalization while mitigating the risks posed by
procyclical financial flows is a major preoccupation that has
required central bankers in Asia and around the world to extend
their focus beyond price and exchange rate stability to include the
stability and efficiency of the financial system. This expanded
domain of concern for central bankers has brought new, often
complex, policy challenges. Since 2014, the Monetary Authority of
Singapore, Asian Bureau of Finance and Economic Research,
University of Chicago Booth Business School, and National
University of Singapore Business School have organised the Asian
Monetary Policy Forum (AMPF) annually, bringing together prominent
academics, policymakers and private sector economists to deliberate
pressing monetary policy issues particularly relevant for Asian
countries. The aim is to draw lessons from experience for the
benefit of policymakers in the region and beyond. This volume
includes selected AMPF speeches and commissioned papers from 2014
to 2020. Based on the latest academic research in economics and
finance and written for a more general audience, the chapters cover
a range of topics that have assumed central importance in the
global monetary and financial system over the past twenty years.
These include the efficacy of traditional monetary policy
frameworks against the backdrop of synchronised global financial
flows, the challenges presented by the US dollar dominance in the
international trade and monetary systems, and the optimality of
central banks' use of a wider set of policy instruments within an
integrated policy framework to attain price and financial
stability.
On March 12th 2020, World Health Organization (WHO) declared the
spreading of the new virus, 2019-nCoV, a pandemic. In Asia, the
virus, more commonly referred to as COVID-19, has been spreading
since the end of December. To contain the public health threat,
almost all countries enforced a variety of measures, including
lockdowns, to minimize face-to-face human interactions between the
infected and the susceptible.While these vigilant measures save
lives, they also generate a substantial negative economic shock
that immediately halts demand and significantly disrupts supply,
global production value chain and trade. The consequences are dire
- considerable decline in output, massive surge in unemployment,
countless bankruptcy cases, and unrelentless worries over financial
stability. The result, a worldwide economic setback, is more severe
than that experienced during the Great Financial Crisis of
2008-2009.Asia's experiences with COVID-19 precede that in the
West. This fortuitous timing allows Asia to share its learnings
drawn from experiences to benefit the world.The Asian Bureau of
Finance and Economic Research's (ABFER) community has gathered a
collection of insights to inform the public. Besides providing
access to research on the pandemic conducted in Asia, these
commentaries offer comprehensive information on the effects of the
pandemic, the effectiveness of measures employed to contain it and
the subsequent economic impacts from such implementation. With
granular analyses of government policies and their associated
economic rescue packages, these commentaries elucidate the hard
trade-offs between public health protection and economic security.
Finally, the commentaries address the broader impact of the
pandemic on international trade, global value chains and society.
Recent technological advancements, particularly the advent of
distributed ledger, have made the development of private digital
currencies possible. This raises some important questions: Whether
private digital currencies can be considered 'money' and their
impact on monetary policy and the international monetary system;
whether central banks should issue their own digital currencies and
the impact of such actions; and the usage of the distributed ledger
technology in the financial system.In November 2018, the Asian
Bureau of Finance and Economic Research (ABFER), the Economic
Policy Group (EPG) of the Monetary Authority of Singapore (MAS),
and the National University of Singapore (NUS) Business School
co-organised a two-day workshop on Digital Currency Economics and
Policy to explore these issues. Leading academic researchers in
monetary and financial economics offered valuable stimulating
insights useful to practitioners, policymakers and academics in a
non-technical manner. This volume is a collection of their
work.This volume suggests that central banks will most likely issue
digital currencies. There are many positive considerations. A
central bank digital currency can generate useful information for
the monetary authority, can enhance the effectiveness and
flexibility of monetary policy, and may raise financial inclusion.
Central bank digital currency, however, can have a significant
impact on the banking and financial sector and could change a
central bank's role in the economy.This volume also explains
crucial differences between distributed ledger and centralized
ledger, which is the basis of currency payment systems. Continuous
innovations have made the distributed ledger technology more
resilient, auditable and scalable, giving it far-reaching
applications and potential contributions.For anyone who would like
to gain a fundamental and comprehensive understanding of the impact
of technology on our money and financial system and the future
implications, this is a must-read volume.
This book provides an anatomy of Hong Kong's 2019-2020 social
unrest, which has significantly damaged its economy and image. A
coalition of Opposition to the Communist Party of China (CPC)
emerged in Hong Kong after the 1989 Tiananmen Square Incident. The
Basic Law, Hong Kong's mini-constitution which took effect in 1997,
defined 'one country, two systems' in Hong Kong but inadvertently
installed an 'opposition politics' system that the city was
unfamiliar with. Fresh out of a colonial system, Hong Kong did not
have the socio-ecological system to hold politicians accountable
for their policies. For more than two decades, the tug of war
between the Opposition and all other politicians has been
delivering inconsistent public policies raising the costs of living
and income disparity while hollowing out job opportunities. As a
result, the younger generations have been immensely hurt.
Meanwhile, the Opposition Camp has been promoting the blame
narrative that the CPC is chipping away at Hong Kong's democracy
and freedom. While the narrative's empirical evidence is weak and
its linkage to Hong Kong's economic grievances is absent, the
Opposition Camp has fallen captive to the narrative in the sense
that its legitimacy is now tied to the narrative.For more than
twenty years, rallies built on the blame narrative have profoundly
influenced the development of people who grew up after 1997.
Furthermore, the year-long unrest has socialised many more to adopt
the narrative. The younger generations have been hurt by
inconsistent public policies, and on top of that, the blame
narrative has robbed them of any coherent social identity; and
finally, the unrest has further dimmed their future. Hong Kong is
now facing the problem of how to reincorporate a significant
portion among its younger generations into mainstream society. This
book offers in-depth analyses of the journey, identifies government
and societal failures, and suggests long- and short-term policy
directions.
This book provides an anatomy of Hong Kong's 2019-2020 social
unrest, which has significantly damaged its economy and image. A
coalition of Opposition to the Communist Party of China (CPC)
emerged in Hong Kong after the 1989 Tiananmen Square Incident. Hong
Kong's mini-constitution, the Basic Law, which became effective in
1997, defines 'one country, two systems' in Hong Kong but
inadvertently installed an 'opposition politics' system that the
city was unfamiliar with. Freshly out of a colonial system, Hong
Kong did not have the socio-ecological system to hold politicians
accountable for their policies. For decades, the tug of war between
the Opposition and all other politicians delivered incoherent
public policies that raised the costs of living and income
disparity, while hollowing out economic opportunities in the middle
that particularly hurt the younger generations. Meanwhile, the
Opposition camp promotes the blame narrative that the CPC is
chipping away at Hong Kong's democracy and freedom. While the
narrative's empirical evidence is weak and its linkage to Hong
Kong's economic grievances is absent, the Opposition camp
propagates the narrative relentlessly. Ironically, the Opposition
Camp has fallen captive to the narrative in the sense that its
legitimacy is now tied with the narrative. Two decades of rallies
grounded on the blame narrative have profoundly influenced the
development of people who grew up after 1997. Furthermore, the
year-long unrest has socialized many more to adopt the narrative.
The younger generations are hurt first by inconsistent public
policies, and on top of that, the blame narrative that robs them of
any coherent social identity; and finally, the unrest further dims
their future. Hong Kong now faces the problem of how to
re-incorporate a significant portion among its younger generations
into mainstream society. This book offers in-depth analyses of the
journey, identifies government and societal failures, and suggests
long- and short-term policy directions.
Entrepreneurship has always been a key factor in economic growth,
innovation, and the development of firms and businesses. More
recently, new technologies, the waning of the "old economy,"
globalization, changing cultures and popular attitudes, and new
policy stances have further highlighted the importance of
entrepreneurship and enterprise.
Entrepreneurship is now a dynamic and expanding area of research,
teaching, and debate, but there has been no standard reference work
which is suitable for both established scholars and new
researchers. This book fills that gap. All the major aspects of
entrepreneurship are covered, including:
* the start-up and growth of firms,
* financing and venture capital,
* innovation, technology and marketing,
* women entrepreneurs,
* ethnic entrepreneurs,
* migration,
* small firm policy,
* the economic and social history of entrepreneurship.
This is a comprehensive review of state-of-the-art research in
entrepreneurship, written by an international team of leading
scholars, and will be an essential reference for academics and
policy makers, as well as being suitable for use on masters courses
and doctoral programs.
Entrepreneurship and globalization are two much-examined forces as
we enter the new millennium--yet very little has been published on
the intersection of small and medium-sized enterprises (SMEs) and
the global economy. To close the gap, this volume delves into the
intricate roles and consequences of such businesses on both global
and domestic economies.
The first part of the volume provides an overview of the phenomenon
of globalization, arguing that entrepreneurial discovery and
technological change lead to globalization, which in turn leads to
further opportunity for entrepreneurial discovery--no less for SMEs
than for multinational corporations. In part two, the essays
examine the role of SMEs in the global economy and why they are
thriving. Part three reviews the roles of SMEs and innovators and
examines their roles in direct foreign investment. Part four
explores the role of technological diversity and knowledge
spillovers as a way to explain the superior innovative performance
of SMEs. Part five looks at the role of SMEs in technology
transfer. Finally, part six examines the theoretical and policy
implications of the international activities of SMEs, suggesting
that policies should aim to reduce the costs in international
expansion for SMEs.
This volume will provide the foundation for further study in SMEs
and globalization. It will appeal to scholars and students in both
international business and economics.
Zoltan J. Acs is Professor of Economics and Finance, University of
Baltimore. Bernard Yin Yeung is Professor of International
Business, University of Michigan.
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