ABSTRACT
Purpose: This study aims to investigate the dynamic interconnectedness of economic policy uncertainty (EPU), fiscal policy uncertainty (FPU) and monetary policy uncertainty (MPU) in four nations, the USA, Japan, Greece and South Korea, between 1998 and 2021. Design/methodology/approach: To comprehend the cross-category/cross-country evolution of uncertainty connectedness, the authors use the conditional connectedness approach. By using an inclusive network, this strategy lessens the bias caused by omitted variables. The TVP-VAR method is advantageous as it eliminates outliers that may potentially skew the results and reduces the bias caused by picking arbitrary rolling windows. Findings: Based on the findings, aggregate EPU is a net transmitter of policy uncertainties across all countries when conditional-country connectedness is used. MPU receives significantly more spillovers than FPU does across all countries, even though both are primarily recipients of uncertainties. The USA appears to be a transmitter of categorical spillovers before COVID-19, while Greece appears to be a net receiver of all category spillovers in terms of category-specific connectedness. The existence of extreme global events is also seen to cause an increase in category-specific and country-specific connectedness. Additionally, the authors report that conditional country-specific connectedness is greater than conditional category-specific connectedness. Originality/value: This study expands existing literature in several ways. Firstly, the authors use a novel conditional connectedness approach, which has not been used to untangle cross-category/cross-country policy uncertainty connectedness. Secondly, they use the TVP-VAR approach which does not depend on rolling windows to understand dynamic connectedness. Thirdly, they use an expanded number of countries in their analysis, a departure from existing studies that have in most cases used two countries to understand categorical EPU connectedness. © 2023, Kingstone Nyakurukwa and Yudhvir Seetharam.
ABSTRACT
En marzo de 2020 fue declarada una pandemia por la COVID-19 y los gobiernos del mundo implementaron la cuarentena. Partimos de la premisa de que todo dependería de las representaciones sociales sobre la pandemia, variable que impactó también la economía en todas sus escalas. En Venezuela el 16 de marzo de 2020, el gobierno decretó una cuarentena radical que fue reestructurada a un método denominado 7+7. El artículo muestra la acción colectiva multi-nivel de los actores socio-institucionales con énfasis en el Estado Bolívar, de importancia económica nacional e internacional por su vinculación fronteriza con Brasil. El trabajo de campo fue en el municipio Caroní entre marzo 2020 – diciembre 2021, con un enfoque de investigación en tiempo real sobre los procesos de interacciones entre los actores involucrados y las Tecnologías de la Información y la Comunicación (TIC). Como resultado se tiene que las acciones colectivas emprendidas;entre los niveles de gobierno y sus instituciones, el sector privado y la sociedad civil fueron significativas para contener la propagación del virus y mantener la subsistencia de la economía local. Se concluye en que fueron determinantes: el esquema de cuarentena 7+7 y las acciones a nivel local producto de los acuerdos entre la mayoría de los segmentos de la sociedad. Por último, resaltan la forma y el método para el manejo de la información y comunicación que permitió hacer explícitas las normas, los acuerdos y reglas funcionales en pandemia en medio de complejas y confusas representaciones sociales.Alternate abstract:In March 2020, a pandemic was declared by COVID-19 and the governments of the world implemented the quarantine. We start from the premise that everything would depend on the social representations of the pandemic, a variable that also impacted the economy on all its scales. In Venezuela on March 16, 2020, the government decreed a radical quarantine that was restructured to a method called 7+7. The article shows the multilevel collective action of the socio-institutional actors with emphasis on the Bolívar State, of national and international economic importance due to its border link with Brazil. The field work was carried out in the Caroní municipality between March 2020 - December 2021, with a real-time research approach on the processes of interactions between the actors involved and Information and Communication Technologies (ICT). As a result, the collective actions undertaken;between the levels of government and its institutions, the private sector and civil society were significant in containing the spread of the virus and maintaining the subsistence of the local economy. It is concluded that the 7+7 quarantine scheme and the actions at the local level resulting from the agreements between most segments of society were decisive. Finally, they will highlight the form and method for the management of information and communication that made it possible to clean up the norms, agreements, and functional rules in a pandemic in the midst of complex and confusing social representations
ABSTRACT
In view of the unceasing global pandemic, centralized governments across the world have been put under the spotlight to account for all the provisions in the states they represent. Early 2020, the COVID-19 pandemic has dispersed worldwide with many repercussions, such as economic lockdown, that gave rise in important decline of international economic activities and gave escalation in social insecurity. This has disproportionally affected lot of countries if not all, leading to their citizen's incapability to pay and maintain their necessities such as housing and further disrupted public services by government. This has called on to the government to provide basic services reliably and effectively. The study seeks to elevate a discussion on the need to address political accountability as it appears to be a massive dilemma in government. The study argues that the pandemic has created a conducive environment for lack of political accountability. Moreover, as a matter of urgency, accountability in governance should be re-evaluated, where more decisive actions should be taken to avoid another pandemic post COVID-19. The study adopted desk research method, the researcher used secondary data such as published report, books, previous studies, journal articles and other readily available materials to gain broad understanding of accountability dynamics. The study takes cognisance of the stewardship approach to broaden an understanding of accountability and political leadership. As remedy, the study calls for enforcement of harsh accountability mechanisms to avoid another pandemic post COVID-19.
ABSTRACT
From the perspective of international economic governance, other than casting aspersions on the judgement of those that negotiated previous multilateral trade accords and the accession of China to the World Trade Organization, the deglobalisation narrative is silent on how to reform that organisation — or what to salvage from existing global trade rules.
ABSTRACT
As coronavirus disease-2019 (COVID-19) and other restrictions intensified, individuals, businesses and governments turned to mobile digital platforms to reduce the financial costs and mitigate the risk of spreading the virus within the population. Drawing on lessons from Kenya and Uganda, our study examines the drivers of digital financial inclusion as a pathway for financing post-COVID-19 recovery. We find that digital financial inclusion is higher in middle-aged male digital users with more SIM cards registered in their names. Results also show that users who trust mobile money agents were likely to use more digital financial platforms than others. Based on these results, we recommend the need for government to strengthen the National Identification Systems and consumer protection policies to increase trust in digital financial services. Additionally, financial sector players such as mobile network operators and commercial banks need to innovate and roll out customized digital financial products for the marginalized/unbanked population such as women, the elderly and the youth.
ABSTRACT
On September 24th, 2021, the European Institute for International Economic Relations (EIIW/University of Wuppertal) hosted an international workshop in the context of marking the Institute’s 25th Anniversary;it had initially been hoped that postponing the workshop from the originally intended date in 2020 to 2021 would allow to have a normal in person conference, but COVID-19 dynamics continued to disrupt plans, and the workshop took place belatedly in an online format. Founded at the University of Potsdam, the Institute subsequently moved to the University of Wuppertal where, over many years, the EIIW team and guest researchers have contributed greatly to international economic analysis. This has included work for various International Organizations (e.g., the United Nations, International Monetary Fund) as well as research for governments (and public agencies) in the European Union — including the European Parliament and the European Commission — companies and non-governmental organizations (NGOs) across Europe. The Special Issue presented here provides an exemplary selection of the research in the Institute’s area of expertise. It places an analytical focus on International Economics, climate-policy-related research, International Organizations and economic policy analysis, including some of the first papers with analytical economic findings on the effects of the Russo-Ukrainian war. This special issue thus reflects key fields of International Economics and climate policy as well as research on key aspects of the war in the Ukraine.
ABSTRACT
The existence of pastoralism as it has been organised for hundreds of years is dependent on constant adaptation to ever-changing situations. Such adaptation includes crop agriculture, wage labour, and community conservancies. In northern Kenya, conservancies are epicentres of wildlife, nature tourism, and commercial ventures. This study incorporates methods and perspectives from history, anthropology, and development studies. The study shows that the shift to community conservancies has exposed pastoral communities to a fluctuating international economic system that has collapsed due to COVID-19 pandemic. The instability caused by the pandemic exposed the vulnerability of community conservancy as a livelihood system.
ABSTRACT
The subject of the article is the economic analysis of passenger transport at polish airports before and during the COVID-19 pandemic. Air transport is considered as an integral part of polish transport system, which significantly increased the dynamism of service development, after joining the European Union by Poland. Along with the globalization of production and international economic exchange, the demand for efficient communication between airports is increasing. During the initial phase of the pandemic, the passenger transport had stopped altogether and afterwards was significantly weaker compared to the times prior to the pandemic. It was caused by the closure of borders and partial suspension of transport connections. One of the key tasks for airports is the provision of passenger service at the appropriate level. The level of passenger service can be considered satisfying his needs in terms of quality, punctuality, comfort and reliability. Important issues in ensuring the appropriate quality of service is the possibility for the passenger to choose more than one airport, as well as the profit from non-aviation activities. One of the most important factors influencing the passenger service process is the activity of air carriers, staff and management of the airport, as well as services located within the airport. As a consequence of spreading the coronavirus (COVID-19) worldwide and the actions taken by the authorities, the demand for international traveling at polish airports ceased to exist at the time. The article presents an economical analysis of passenger transport before and during the pandemic.
ABSTRACT
Set amidst growing global challenges and great power politics, this article asks how middle powers might best promote global collective action. Adopting a historical approach, it explores four case studies on middle power multilateralism in (1) post-1974 UN New International Economic Order;(2) post-1989 Bretton Woods institutions;(3) post-1992 European Union expansion;and (4) post-2003 UN SouthSouth cooperation. These inform a policy framework and an ensuing alternative termed "resilient multilateralism." Adopting a foreign policy standpoint, this alternative entails principles on context specificity, complementarity, consensus building, and non-confrontation. By opening space for global action, it offers a timely approach to countering future shocks and coordination failures-whether wrought through nature or through hands of our own.
ABSTRACT
The COVID-19 pandemic has had a profound impact on international economic and energy development, Until now, the epidemic has not completely retreated, and prevention and control of the epidemic has become a new normal. Starting from the analysis of the impact of COVID-19 on the upper, middle and lower reaches of the energy industry chain, this paper explores the dilemma faced by China's energy development under the situation of normalized epidemic prevention and control, and puts forward effective countermeasures, which have important strategic significance for ensuring the sustainable development of China's energy and the coordination and stability of economic society. © 2022 by Aussino Academic Publishing House.
ABSTRACT
Between COVID-19 and the ongoing trade friction between China and the United States, the domestic and international economic situations have become much more complicated. In this context, what is of vital importance is studying the impact of exchange rate fluctuations on trade balance from two perspectives, namely China's international balance of payments and maintaining the smooth operation of the domestic economy. Economists at home and abroad have done considerable research into the relationship between exchange rate fluctuations and trade balance. However, few studies to date have examined the relationship from the perspective of exchange rate pass-through. This paper reviews relevant theories about exchange rate pass-through (EPT in short) and its impact on trade balance, both at home and abroad. A literature review on empirical studies of the relationship between exchange rate pass-through (EPT) and trade balance is also conducted. After that, a brief conclusion of the literature is made. As a result, the findings of this research can provide a reference platform for future scholars who choose to study the relationship between exchange rate fluctuation and its influence on trade balance, from the exchange rate pass-through (EPT) perspective. © 2021 Kriedt Enterprises Ltd. All right reserved.
ABSTRACT
A hegemonic power can guarantee the status quo in an international economic system. However, domestic or international changes may unsettle a hegemon’s priorities. In such phases, smaller states benefiting from the existing system may fear that the hegemon will fail to keep the system stable. How do they react if they lose trust in the hegemon’s ability or will to maintain the status quo? This article argues that in such cases, free riding becomes less rewarding. Therefore, smaller states build publicly visible coalitions to ‘voice’ their preferences. Applying this argument to the role of small ‘creditor states’ in the Economic and Monetary Union (EMU), the article draws on original in-depth interviews to analyze the ‘New Hanseatic League’ as a strategy to defend the present euro regime and counterbalance the Franco–German tandem. By elaborating and tracing a fine-grained causal mechanism, the article thus explains the emergence of vocal small-state coalitions in a hegemonic environment.
ABSTRACT
In this essay, we apply insights from International Economics and Economic Geography to examine how the current COVID-19 crisis may structurally change the international economy. Our key argument is that the current crisis will fundamentally change key economic actors' risk appetite, triggering a renewed risk assessment that will lead to the comeback of buffers and borders across industries. This partial return to regionalization will involve a form of de-globalization that transforms modern just-in-time management into its just-in-case counterpart, because resilience will be priced and discounted for by enterprises and governments alike. We discuss what such a structural change will imply for the International Business of international value chains.