This paper replicates the study of Topalova (2010), performs a robustness check, and extends the
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In India, most of the investments in the service sector are made in the form of private equity (PE), with the e-commerce segment being the largest receiver. Altough this has allowed the sector to grow, it does not favour the interests of young start-ups, as PE investors merely seek for short-term profit opportunities. After acquiring stakes in newly established companies, PE firms re-sell them after short time with premium rates. Despite being harmful, this remains the easiest option available for start-ups to access funds: receiving loans from banks is difficult, especially due to their lack of collaterals. In this situation, the Indian Government is taking steps forward to protect and encourage entrepreneurship by providing funds to allow the growth of start-ups. Yet, there is still room for new policies to allow the sustainable growth of newly-established companies without the need of turning to private equity financing.
In Contemporary South Korean Economy, Chiang provides a critical analysis of the Republic of Korea’s economic development in the two most recent decades. Chiang highlights that most of the literature on the Republic of Korea’s economy focuses on the country’s substantial economic growth periods between the 1960s and 1980s; yet, there is little literature that discusses Republic of Korea’s post-industrialization period. Examining the recent economic performance of the country is important because policymakers can observe whether the Republic of Korea’s export-oriented policies were sustainable in the long-run. This book aims to investigate the core economic structures of the country and issues after attaining its post-war industrialization. Contemporary South Korean Economy is a necessary addition to literature on the country’s miraculous growth.
This paper examines the effect of corruption on the business environment in Viet Nam. Our survey of firms operating in Viet Nam suggests that corruption is perceived as the most severe business constraint for their operation. Also, corruption has a significant negative association with the overall satisfaction of the business environment in Viet Nam. Such results support the hypothesis that corruption has a “sand the wheel” effect on firms’ business activities. While this paper sheds light on the importance of corruption, it would be useful to conduct follow-up studies to examine corruption and its impact in more detail. Such studies could be conducted in those segments that most severely suffer from corruption according to our survey, i.e., medium-sized enterprises, hotel/restaurant and construction sectors, Hanoi based, and Vietnamese owned firms.
Globalization created wealth and improved standards of living and promoted convergence of incomes across economies. Yet, globalization’s benefits have been seen as heavily tilted towards multinational corporations (MNCs). It is perceived that this was enabled by the rules of global trade which are stacked against small and medium-sized enterprises (SMEs). Today’s global agenda on greater inclusion is meant to remedy the disadvantages faced by small firms.
WTO+ Commitments on Services in Asian PTAs: The Role of Regulatory Homogeneity and Goods Trade Complementarity
This paper looks at the role of applied services regulations in accounting for WTO+ commitments on trade in services in preferential trade agreements (PTAs) among Asian economies. The empirical findings suggest that Asian trading dyads with regulatory frameworks that are more similar and more trade-restrictive tend to undertake higher levels of WTO+ commitments on services in their PTAs. There is also evidence in the results for such WTO+ commitments being driven by goods trade complementarities, alluding to the importance of supply chain dynamics in the region. Such results support the hypothesis that the heightened “servicification” of production generates a greater demand for lower services input costs and for certainty against possible new and disruptive services barriers.
China is a success story of inclusive trade growth as a result of its participation in Global Value Chains (GVCs). It is in transition from a processing and assembly hub towards an innovation centre, and is becoming a regional supplier of research and development (R&D) intensive parts and components. The infrastructure projects under the Belt and Road Initiative (BRI), a quasi-regional trade arrangement, are helping to improve regional connectivity and production linkage, but Chinese manufacturing also bring shocks to local production and employment.
In Straight Talk on Trade, economist Dani Rodrik discusses the danger of hyperglobalization – when the rapid expansion in world trade reaches beyond the boundaries of what the global political economy can sustain. He argues that the imbalance between economic integration and global governance is a root cause of many problems that the world faces today.
The future of the Export Credit Agency (ECA) of the United States, the US Export Import Bank (EXIM bank hereafter), has been a controversial subject for the past presidential terms as proponents and opponents have been unable to agree on whether the Bank actually promotes US exports and generate American jobs. Of particular interest is the question of the environmental impact of the credit granted. In this essay, we examine the political complexity behind the role of US EXIM Bank in promoting climate compatible development in the past decade and offer insight into its potential future contribution to climate related actions.