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The purpose of this research is to study the effects of neoclassical trade liberalization policies enacted in India in 1991 to determine the effect on levels of poverty and income inequality. This research predicts that poverty and economic inequality will be reduced due to implementation of economic liberalization policies. The research uses empirical data from the National Sample Survey Organization (NSSO), in India and develops a regression model to determine the effects of economic liberalization on income inequality and absolute poverty. The results of the regression model suggest that income inequality and poverty decreased during the year liberalization policies were enacted, but is not statistically proven with enough confidence that liberalization is strongly correlated with a reduction in inequality and poverty. There is a weak statistical correlation that suggests inequality increased in the Indian urban sector, and decreased in the rural sector due to liberalization. In conjunction with a literature review where more robust data and econometric models are applied, the empirical analysis by complimented with the fact that in general income inequality decreased due to economic liberalization policies alone, holding all exogenous factors that affect income inequality constant. The literature review also confirms that poverty levels decreased with economic liberalization, holding all other exogenous factors that affect poverty constant. The implication of this research is that liberalization polices have been successful for overall development in India, and suggests that implementation of liberalization policies may be desirable in nations under similar circumstances as India in the era before its liberalization. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.
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The paper presents the reaction of the Romanian cereal market to the disruption of trade flows caused by certain shocks, such as the COVID-19 pandemic, which lead to changes with high impact on the functioning of this market, representing an important test for the resilience of the sector. Due to trade liberalization in global markets, including agri-food markets, the competitiveness of exports has become increasingly important, contributing to the creation of the country's competitive advantage. Any restrictions to trade in agri-food products can distort trade flows, and this disruption will have an impact on supply and prices. Maintaining a balance between imports and exports is essential to ensure domestic market stability. International trade in agri-food products plays an important role in global food security. The results show that Romania mainly exports unprocessed agricultural products, with cereals having the largest share in the export structure, cereal supply is dependent on climate change, yet it is one of the products with the lowest volatility. The cereal market shows a more elastic reaction to price responses, even though demand for staple foods is generally inelastic.
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In this article, we trace Germany's recent reform (and its precursors) seeking to remedy precarious working conditions in the meat sector. Focusing on an extreme case of labour exploitation, and asking how unique it is, allows us to uncover which institutional features of EU Member States condition the liberalization effects of negative integration. We thereby contribute to the literature on Europeanization, which has mainly emphasized weak industrial relations to account for the German meat industry's reliance on cheap migrant labour. Complicated enforcement structures, demanding requirements of administrative cooperation, and the complexities of an evolving case law, we argue, further contributed to the precarious conditions of migrant workers in Germany. Major COVID outbreaks in slaughterhouses created the political momentum for reform which specifically addresses this administrative side of labour protection, but remains limited to the meat sector – despite similar patterns of labour exploitation elsewhere.
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Purpose - This paper elucidates a nexus between the occurrence of rare disaster events and the volatility of economic growth by distinguishing the likelihood of rare events from stochastic volatility. We provide new empirical facts based on a quarterly time series. In particular, we focus on the role of financial liberalization in spreading the economic crisis in developing countries. Design/methodology - We use quarterly data on consumption expenditure (real per capita consump-tion) from 44 countries, including advanced and developing countries, ending in the fourth quarter of 2020. We estimate the likelihood of rare event occurrences and stochastic volatility for countries using the Bayesian Markov chain Monte Carlo (MCMC) method developed by Barro and Jin (2021). We present our estimation results for the relationship between rare disaster events, stochastic volatility, and growth volatility. Findings - We find the global common disaster event, the COVID-19 pandemic, and thirteen country-specific disaster events. Consumption falls by about 7% on average in the first quarter of a disaster and by 4% in the long run. The occurrence of rare disaster events and the volatility of gross domestic product (GDP) growth are positively correlated (4.8%), whereas the rare events and GDP growth rate are negatively correlated (-12.1%). In particular, financial liberalization has played an important role in exacerbating the adverse impact of both rare disasters and financial market instability on growth volatility. Several case studies, including the case of South Korea, provide insights into the cause of major financial crises in small open developing countries, including the Asian currency crisis of 1998. Originality/value - This paper presents new empirical facts on the relationship between the occurrence of rare disaster events (or stochastic volatility) and growth volatility. Increasing data frequency allows for greater accuracy in assessing a country's specific risk. Our findings suggest that financial market and institutional stability can be vital for buffering against rare disaster shocks. It is necessary to preemptively strengthen the foundation for financial stability in developing countries and increase the quality of the information provided to markets.
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PurposeThis article contributes to the debate on how social policies and labour market regulation have been used to limit the socio-economic consequences of the pandemic by focusing on one specific economic segment of European labour markets: private consumption services, such as trade, tourism, catering and other support services.Design/methodology/approachThe analysis combines mixed methods and a variety of sources. First, we built a set of indicators from the EU-LFS microdata for 2019 and the 2018 Eurostat "Structure of earnings survey” and performed a cluster analysis (k-means) on the dimensions and indicators considered. Second, we elaborated EU-LFS data covering 2019 and 2020 (by quarter) and OECD 2020 data, and finally we traced Covid-related policy reforms for the period March 2020–December 2021 and analysed documents and information collected in different policy repositories.FindingsThe paper shows the relevance and characteristics of private consumption services in different countries, demonstrating that so-called labour market "outsiders” are highly represented in this sector and illustrates the policies adopted to respond to the pandemic in different European countries. The paper asks whether this emergency has been a window of opportunity to redefine regulation in this sector, making it more inclusive. It demonstrates, however, that the common approach in Europe has been dominated by temporary, short-term and one-off measures, which do not represent major changes to the social security schemes that were in place before the pandemic.Originality/valueThis article builds on the literature on labour market dualization, but approaches the concept from a different perspective – one not centred on the nature of employment relations (stable/unstable) but on economic sectors/branches. This article does not, therefore, discuss in general terms what happened to labour market outsiders during the pandemic, but rather focus attention on a specific group of workers who are highly exposed to risks stemming from dualization: those employed in the private consumption services. The economic sector perspective is an integrative way of framing dualization which is still under-researched.
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Depuis la pandémie de Covid-19, le télétravail s'est généralisé dans des entreprises notariales de proximité jusqu'alors peu concernées. Leurs employés l'ont expérimenté lors du premier confinement, pendant lequel les notaires ont en partie maintenu à distance leur activité. Le dynamisme de ce secteur, sa libéralisation, la dématérialisation des activités et le profil des travailleurs, féminisé et qualifié, ont facilité la généralisation du télétravail sous divers statuts (salarié, intérimaire, indépendant…). Cette pratique s'est répandue au prix d'une porosité croissante des frontières du travail notarial et de stratégies diversifiées de circonscription du temps et de l'espace. Celles-ci varient selon les métiers, offices, statuts, profils socio-démographiques, trajectoires, ressources et conditions de vie des travailleurs concernés, dans un milieu marqué par d'importantes hiérarchisations genrées. La volonté de travailler autrement motive en partie ce choix du travail à distance, mais aussi de formes alternatives d'emploi, voire de sortie de ce secteur.Alternate :Since the Covid-19 pandemic, teleworking has become widespread in notary offices which, as small local businesses, were hardly concerned before. Their employees have experimented it during the first containment, during which notaries have partly maintained their activity at a distance. The dynamism of this sector, its liberalization, the dematerialization of activities and the feminized and qualified profile of workers have facilitated the generalization of telework under various statuses (salaried, temporary, self-employed, etc.). This practice has spread at the cost of an increasing porosity of the boundaries of notarial work and of diversified strategies for circumscribing time and space. These strategies vary according to the professions, offices, status, socio-demographic profiles, trajectories, resources and living conditions of the workers concerned, in an environment marked by significant gender hierarchies. The desire to work differently partly motivates this choice of remote work, but also of alternative forms of employment, or even of leaving this sector.
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This article constitutes an empirical contribution regarding the correlation between economic informality and the COVID-19 pandemic in Peru. Based on interviews with merchants in the informal sector of the city of Huancayo, the pandemic-related impacts are analyzed in relation to income and livelihoods. It is argued that informal employment played an important role in the tragic indicators of public health in the country. The intrinsic flexibility of this type of activities, specifically for walking merchants, and the lack of access to systems and programs of social security were the main reasons that people worked in this sector to replace the income they lost due to confinement. Thus, the notion "replacement of income” in the economy appeared during the pandemic. The heterogeneity among those who carry out informal work, specifically in terms of their access to different resources, enabled such work and enabled some people to control their exposure to the virus. It is concluded that the focus on economic formalization of the last decades of financial liberalization are not considered advantages that informal activities offer in relation to formalization. In fact, informality continues to offer the best opportunity for immediate income and highly flexible options, in particular for adapting to crisis situations like the pandemic. (English) [ FROM AUTHOR] Este artículo constituye un aporte empírico sobre la correlación entre la informalidad económica y la pandemia de la covid-19 en Perú. Con base en entrevistas a comerciantes del sector informal de la ciudad de Huancayo, se analizan los impactos pandémicos en relación con sus ingresos y medios de vida y se sostiene que el empleo informal tuvo una gran repercusión en los trágicos indicadores de salud pública en el país. La flexibilidad intrínseca de este tipo de actividades, puntualmente para el comercio ambulatorio, y la falta de acceso a sistemas y esquemas de protección social fueron las principales razones por las que las personas emprendían en este sector para reemplazar los ingresos que perdieron debido al confinamiento. Así, se introduce la noción "recambio de ingresos” en la economía durante la pandemia. La heterogeneidad entre quienes realizan labores informales, específicamente en el acceso a diferentes tipos de recursos, permitió tales emprendimientos y facilitó que algunas personas controlen su posible exposición al virus. Se concluye que en el enfoque de la formalización económica de las últimas décadas de liberalización financiera no se consideran las ventajas que las actividades informales ofrecen frente a la formalización. De hecho, la informalidad sigue brindando la mejor oportunidad de ingresos inmediatos y opciones altamente flexibles, en particular para adaptarse a situaciones de crisis como la pandemia. (Spanish) [ FROM AUTHOR] Copyright of Íconos. Revista de Ciencias Sociales is the property of FLACSO Ecuador (Facultad Latinoamericana de Ciencias Sociales) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)
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This article attempts to examine the recent developments that have amplified the consequences of uncertainty regarding trade between Brazil, Russia, India, China, and South Africa (BRICS) countries under global economic turmoil such as occurred in the 2008 financial crisis and trade wars sparked by the USA and the COVID-19 pandemic. These events severely affected intraBRICS trade and investment. For this purpose, we employed the Westerlund and Edgerton cointegration approach to check for cointegration under structural breaks and the procedure for the asymmetric Granger non-causality test to assess the causal relationship between the custom tariff and export variables of BRICS countries with regard to the panel data methodology for the 2000-2020 period using annual data. The empirical results for cointegration indicate the presence of a long-term relationship;in other words, they are seen to move together under investigation. The estimated breakpoints correspond with 2008 and the ongoing financial turmoil and with the 2018-2020 period and the rising trade disputes between USA and China. In addition, the Granger non-causality test provides enough evidence to show opposite directions (signs) for the causal links between the variables that run from tariffs to exports for BRICS countries.
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PurposeEvery shock, starting from the banking sector reform in 1992 to the global crisis due to Covid-19 pandemic, affects the performance of banks. The shocks and transformations jeopardise the bank's performance. This study cover period of 30 years starting from 1992. So, the reason behind taking only public sector banks is that after 1991–92 many banking sector reforms took place, and many new private sector banks and foreign sector banks entered into competition due to the liberalization, privatization, globalization (LPG) policy. So, it has been difficult for public sector bank to manage their performance in a competitive market. So, the purpose of this study is to find out influencing factors of bank performance especially public sector bank, because, it has been vital to identify factors influencing their performance.Design/methodology/approachThe current study explores the determinant of the performance of public sector banks in India. Currently, in India, 12 banks are public sector banks, which capture 59.8% market share in the banking industry. After 1994 new licences were issued by Reserve Bank of India for many banks, and foreign sector banks entered the market as an effect of LPG policy, and market competition is one of the significant determinants of the performance of banks. Thus, the panel regression model is used to analyse the impact of various determinants on the performance of public sector banks (from 1992 to 2021). Return on equity and return on assets are used as indicators of performance, whereas influencing factors are divided into two parts, bank-specific factors, which include bank size, asset quality (AQ), liquidity, credit deposit ratio (CDR), capital adequacy, debt-equity ratio, employee's productivity and macroeconomic factors which include inflation rate, tax rate and gross domestic product (GDP).FindingsResults of the study show that bank size is not an essential factor for measuring bank performance because it is insignificant with both indicators of performance. AQ, liquidity ratio and CDR are significant in both models with negative impact. Macroeconomic factors like GDP are insignificant with both indicators with positive relations and tax rates are significant with a positive relationship. The inflation rate is significant but affects negatively to performance.Research limitations/implicationsThis study only focuses on public sector banks. So, the results for private and foreign sector banks might differ. Considering the larger market share compared to other sector banks, the authors are focusing on public sector banks only. Foreign banks and cooperative banks are not included current analysis because of huge numbers and different working environments.Originality/valueDetermining influencing factors of bank performance is crucial because it will help the bank take various policy implications and formulation. Since independence measuring bank performance are important area.
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The international shipping industry is unique and important. The negative list related to the opening up of the shipping industry is an important part of the reform and innovation of China's pilot free trade zones. In recent years, as countries around the world continue to promote the process of opening up in the fields of trade and services, the negative list system has been used more in international investment and trade agreements. In the field of International Shipping, how to correctly grasp and apply the negative list system is an important topic. Starting with the general concept of the negative list system of shipping market access, this paper reviews and summarizes the developmental processes of the negative list of foreign capital market access in the shipping field since the establishment of Shanghai Pilot Free Trade Zone. It compares and analyzes the international contracting practice of the European Union and the United States as reflected in the negative list of shipping market access. It equally points out that the system connection between the negative list still existing in China's shipping field and the international high standard negative list is not enough. It argues that the transparency of the negative list still needs to be further strengthened as the rules behind the list and the awareness of its risk prevention are weak. In view of these hitches, this paper makes some suggestions that are tilted towards improving the negative list system of China's shipping market access. It also continues the optimization of the negative list of shipping market access, and the improvement of a conscious awareness aimed at avoiding the possible risks of the negative list. Finally, it makes a strong argument for a continuous improvement of China's international shipping competitiveness.
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This study aims to discuss the potential that the epistemology of Fran-cis Bacon has concerning our epistemic actions during the Covid-19 pandemic. In the study, it will be asserted that the thoughts-warnings-disclosures of Bacon on the subject of epistemology will contribute positively to our epistemic actions during the pandemic that we have been experiencing over the last two years. The study concludes that the epistemology of Bacon and especially his doctrine of idols has three positive interrelated contributions which are valid during the pan-demic. Firstly, it is understood that such an epistemology will give epistemic power to the individuals concerning to be able to see and understand the scien-tific realities that are different from the existing and established scientific con-sensus. Secondly, it is concluded that such epistemic power enables to have ep-istemic liberalization which makes it possible to pay attention to the different scientific knowledge during the pandemic. In this regard, it is concluded that we need to be liberated epistemically from the illusions that prevent us from making true judgments during the pandemic. Finally, we conclude that such a liberaliza-tion obtained by Bacon's epistemology helps us to have epistemic healing in that it shows us which scientific knowledge to value and explains the distinctive kinds of illusion forms in our epistemic actions.
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This article takes stock of the regulatory convergence between US antitrust law and EU competition law in the field of international air transport. The analysis draws a distinction between domestic aviation and international aviation and sets the boundaries of regulatory convergence in international air transportation. Through a comparative analysis of the decisional practice of the U.S. Department of Transportation and the European Commission, it identifies instances of regulatory convergence in: (i) the definition of the relevant market in international airline alliance cases, (ii) the remedies imposed to immunize international airline alliances, and (iii) the duration of the antitrust immunity. It further identifies an instance of legislative convergence in the area of fair competition in international air transport. The analysis addresses the future of regulatory convergence in the post-Covid 19 era and emphasizes the role of the competition authorities in safeguarding consumer welfare.
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The COVID-19 pandemic and the ensuing crisis have shown in a clearer light than before the growing global economic, social, and environmental challenges of recent decades. And today no one doubts that the Russian invasion on Ukraine will exacerbate the existing problems. It is increasingly often stated that the implementation of sustainable development goals (SDGs) defined by the UN and the fight against the effects of the crisis caused by the pandemic and war in Ukraine is not possible without greater involvement and active attitude of society, that leaving it only to market forces and top-down regulations will not bring the expected results. There arises the question if and eventually how such socio-economic initiatives as Fair Trade can contribute to the systemic transformation towards a sustainable market economy and building a new post-covid reality in the third decade of the 21st century. Using the method of critical analysis of the literature, the author comes to the conclusion that this initiative fits both into the streams of economics which emphasize the social aspects of markets, as well as into the neoclassical perception of economic processes. Looking at Fair Trade from both perspectives allows to explain the reasons for its emergence and dynamic growth as well as to understand its role in contemporary socio-economic life. It also leads to the conclusion that Fair Trade is not an accidental episode, but can constitute an important development trend in the global economy, playing an important role in counteracting global challenges, including the effects of the pandemic crisis and war in Ukraine. Fair Trade contributes to the society taking responsibility for social problems, incorporating such values as solidarity and altruism into market decisions, and increasing the role of the society as the third institution, next to the market and the state, shaping the economic reality.
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A growing global trend towards authoritarianism has left democracy, especially its liberal form, under strain. This has occurred despite earlier promises of democratization between the end of the Cold War and the early twenty-first century. Our essay examines how the dynamics of post-democratization politics have played out across several polities in Southeast and Northeast Asia. These regions once included supposed "third wave" democracies and polities apparently on the cusp of political liberalization. Such expectations have not panned out. Instead, the region has generally witnessed either significant authoritarian resilience or autocratic resurgence following spurts of political openness. We examine how such autocratic dynamics have played out following earlier movements toward democratization. Specifically, we identify three key elements of postdemocratization politics associated with autocratic success and democratic robustness based on contributions to this special issue, and suggest pathways through which they can affect political outcomes. Dominant beliefs can prime accommodation with authoritarianism given pervasive acceptance of state-driven ideologies while identification with liberal values can drive democratic consolidation and resistance to autocracy, regardless of wealth and education. Ostensibly democratic institutions, such as constitutional courts, can become anti-democratic instruments when the exercise of their independent prerogatives means upholding autocratic tendencies that align with their interests and outlooks. Agents and their decisions can both prompt and stymie autocratization, whether intentionally or inadvertently;strategies to consolidate authority can fracture even dominant ruling coalitions. Examining the role ideas, institutions, and agents play in post-democratic politics can further efforts at understanding the current authoritarian wave and its limits.
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The COVID pandemic has affected the global economy and most countries are facing a double crisis: health and economic. Mexico's responses to these crises have been among the worst in all Latin America. The aim of this paper is to analyse Mexico's economic dynamics and its response to the pandemic crisis, paying particular attention to the role played by the US countercyclical policy. Based on the study of the changes and implications of the process of economic liberalization and trade integration with the US as well as the comparative growth and budget spending patterns, it is concluded that its countercyclcial policy contributes to Mexican economic growth. The results show there is no roadmap for dismantling the neo-liberal economic model. Mexico finds itself tied to the US economic cycle. © 2022 Universidad de Santiago de Compostela
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Given the openness of most national economies, ensuring sustainable economic growth, trends of linearization, transnationalization, there has been a significant increase in foreign direct investment. Foreign direct investments (FDI) is a key component of economic growth and development, as the essence of economic growth is the rapid and efficient transfer of "best practices". In addition to direct capital investing, FDI can be a source of the valuable transfer of technology and exchange, know-how, and foster international connections of companies that have an impact on economy. In addition, it should be noted that FDI have potentially desirable features that affect the quality of growth with significant social consequences. This can decrease negative shocks caused by financial instability. FDI generate income directed to support other economies. The volumes of foreign direct investments are growing under the influence of globalization, the intensification of existing ties creating problems and threats to secure the national economic development, and in today's sustainable and inclusive (integral) growth. The evolution of the world economy has strongly influenced the dynamics of foreign direct investments and foreign capital flows, as well as economies of host countries. Current trends of the impact of foreign direct investments on economic growth have not bypassed economy of Ukraine, which is in a transitional stage of its development and is a host country. Therefore, the importance of attracting safe foreign direct investments is extremely ripe for the national economy and its economic growth at the current stage.
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Much less attention has been given to South Korea's more recent political economy, and even less to its financial liberalization and how that has impacted not only economic growth but also democratization and social equality. [...]this serious study based on careful examination of economic data has something new and important to add. Except for the insurance industry, the financial markets never really opened up much, and five big domestic banks still dominate the banking sector. [...]as every South Korean knows, the power of the major chaebols, such as Lotte, LG, Samsung, and Hyundai, and the families that control them has not been effectively curtailed.
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Article 16 of the Ireland–Northern Ireland Protocol annexed to the EU–UK Withdrawal Agreement is an escape clause which allows the parties to deviate from their obligations under certain conditions. This article maps out the main features of the safeguards provision in the Protocol in light of international trade law and international relations literature on treaty design. It provides a detailed examination of the safeguards provision in the Protocol and highlights the key design flaws associated with this regime as well as some potential solutions to such flaws.