economie

The Power of Microsoft Moves Markets and Economies


Back in November 2004, I referenced the historic Microsoft dividend payout in the context of what one could buy with money. I often perform these numeric exercises or reference work by others because it can sometimes be hard for people to comprehend how big numbers are. The influence of Microsoft is simply huge. I referenced how their recent moves affected the stock markets in the antivirus space. Now as Suzanne has pointed out to me, it appears the dividend payout has positively influenced the government's measure of consumer spending. Simply wow.




economie

Africa: African Innovators Poised to Heal the Planet and Drive Local Economies, Says Wanjira Mathai

[allAfrica] Cape Town -- "We are gathering to celebrate African innovators who are developing innovations that heal our planet, create local jobs, and safeguard our communities."




economie

THE OPERATIONAL AND SIGNALING BENEFITS OF VOLUNTARY LABOR CODE ADOPTION: RECONCEPTUALIZING THE SCOPE OF HUMAN RESOURCE MANAGEMENT IN EMERGING ECONOMIES

Labor codes have been voluntarily adopted and used by manufacturers in emerging economies for the past two decades, as a means of ensuring minimally acceptable or core labor standards for workers. However, far too little is known of the potential benefits from the voluntary adoption of labor codes to the manufacturer, and prior human resource management research has been virtually silent on the business implications of their use for emerging economy manufacturers participating in global supply chains. Drawing on previous work across multiple disciplines and proposing a framework that extends human resource management theory more explicitly and rigorously to the context of emerging economy manufacturing, I theorize and demonstrate that the voluntary adoption of a labor code may constitute an effective human resource investment in emerging economies in improving establishment-level employee outcomes and operational and financial performance. The hypotheses are tested using longitudinal data on a sample of apparel manufacturing plants in Sri Lanka. Implications of this study include providing insight into how to expand the scope and relevance of human resource management theory to better understand research and practice in emerging economies.




economie

Morgan Stanley predicts 2018 will be tricky for global economies

Investors will have to be careful next year as potential stalling economies in the U.S. and China, along with rising global inflation and tighter monetary policy, could make for a “tricky” 2018, according to Morgan Stanley.




economie

Economies, Public Finances, and the Impact of Institutional Changes in Interregional Perspective: The Low Countries and Neighbouring German Territories (14th‑17th Centuries)

Location: Electronic Resource- 




economie

Weak States: Rebel Governance and War Economies




economie

Conflict Economies in the Middle East and North Africa




economie

The Electric Vehicle Revolution: Impacts on Oil Economies and Industry

The Electric Vehicle Revolution: Impacts on Oil Economies and Industry 24 January 2019 — 8:15AM TO 9:45AM Anonymous (not verified) 3 December 2018 Chatham House | 10 St James's Square | London | SW1Y 4LE

Electric vehicle (EV) deployment is gathering pace: the Norwegian government thinks that EV subsidies will be unnecessary by 2025 as they reach parity with diesel and petrol vehicles.

China has stipulated that EVs comprise 12 per cent of vehicle sales by 2020 while more governments are committing to banning diesel and petrol vehicles.

These developments are expected to be replicated as urban air pollution rises up the political agenda while technological developments and falling costs have given rise to ambitious forecasts on the increase in the deployment of EVs and the demise of the internal combustion engine.

Considering this, the presentations and initial discussion focus on:

  • The influence of new technologies on the automotive landscape, including autonomous vehicles.
  • How the automotive and oil companies are adjusting their business models to accommodate and encourage the rise in EVs.
  • The risks and opportunities for the deployment of EVs for incumbents and new market actors.
  • The role of government for example in public procurement and infrastructure development.
  • The potential for modal shift and its impact on oil demand.

The discussion then seeks to explore the need for benchmarks of change including data and metrics to understand the changing risk landscape and the implications for different actors.

Finally, the discussion focuses on the speed of transformation and what this means for existing and new market actors.




economie

Emerging Economies: Where is the Debt Problem?

16 July 2020

David Lubin

Associate Fellow, Global Economy and Finance Programme
Just two months ago it appeared self-evident that emerging economies faced a devastating inability to service their foreign debt, mostly denominated in dollars. That has turned out to be wrong, for now at least.

2020-07-16-India-Banking

Yes Bank branch of Malcha Marg, in New Delhi, India. Photo by Vipin Kumar/Hindustan Times via Getty Images.

Back in April, nervousness about external debts reached its peak when highly-respected economists Carmen Reinhart and Kenneth Rogoff suggested emerging economies with less than a AAA credit rating be offered a moratorium on all their external debt service payments.

Although such a proposal might make sense if emerging economies were actually facing any serious shortage of access to foreign exchange, it is a difficult case to make. What we should worry about is not the external debt of emerging economies, but rather the large increases in government debts denominated in their own currencies.

In the first six months of 2020, borrowers from emerging economies issued more than $400 billion of Eurobonds to international investors, up by one-fifth over the same period in 2019. Most of these bonds were sold by borrowers with relatively high credit ratings, but many of the poorest countries do not fear for their access to international capital markets - largely because the US Federal Reserve increased global supply of dollars to a point where their availability is beyond question.

Much of the panic about emerging economies’ external debt comes from ‘sticker shock’ - the bald fact that developing countries’ external debt rose by $4.1 trillion in the decade to 2018 generates much hand-wringing.

But the increase in gross external debt of developing countries looks a lot scarier than the net increase in debt, which sets off a country’s foreign assets - mostly foreign exchange reserves - against its liabilities. And it is net that counts.

At the end of 2018, foreign exchange reserves covered 70% of the external debt of low and middle income developing countries - much lower than a decade ago, when that coverage was above 100%. But in the 1980s and 1990s – two decades of financial instability largely because of excessive foreign debt – the coverage was 15%. By that measure, we are far from crisis territory.

Complacency about the external debt burden of developing countries is quite wrong. But, if complacency is misplaced, so is panic.

The debt growing most worryingly is the domestic debt of governments. There are large, systemically important emerging economies who will suffer eye-watering increases in public debt this year thanks to a combination of collapsing GDP and the fiscal effort needed to save lives.

In Brazil, public debt is rising from 75% GDP last year to a level that could top 100% in 2020. South African public debt is rising from just over 60% last year to something close to 80% GDP. These are truly unprecedented levels of debt.

So why worry about a government’s domestic debt? These are debts which are denominated in these countries’ own currency. So surely the central bank can just print the currency needed to repay their obligations if more conventional solutions – such as tax increases – will not work.

But it is one thing for the US Federal Reserve to increase supply of dollars on a massive scale, since the world is hungry for them - it is quite another thing if emerging economies do the same with their currencies which almost entirely lack the many attractions of the dollar. That remains the currency of the pre-eminent global superpower whose capital markets offer legal certainty and depth of liquidity. And other highly developed economies have a similar privilege.

And yet printing money – in effect, asking the central bank to finance budget deficits – does seem as though it could become a more attractive option for many emerging countries. Importantly, international fund managers have lost interest in buying bonds issued by emerging economy governments in their local currencies. Just a few years ago, foreign investors owned more than 40% of South Africa’s public debt. That has fallen sharply to 30% and is unlikely to rise.

Monetising budget deficits was once anathema, since it was routinely associated with uncontrolled rates of inflation - bad news not only for firms trying to decide whether to invest but also for the poor, who suffer disproportionately when inflation accelerates.

Right now there are emerging economies – such as Indonesia – whose central banks lend directly to the government, and the sky has not fallen in. The rupiah has been remarkably stable this year. However, there are other examples – Argentina, Turkey – where central bank financing of government deficits has been associated with uncomfortably high inflation rates.

This needs careful watching. The biggest risk is the accumulation of public debt threatening longer-term growth. If firms stop investing because they worry about the risks to the value of their currency as domestic public debt explodes, emerging economies will have a tough time growing their way out of these debts.

It could be this, rather than the external debt of emerging economies, that is the biggest risk to the post-coronavirus economic environment in the developing world.




economie

COP29 Expected Finalise Financing Model for Developing Economies

[SAnews.gov.za] With the United Nations Framework Convention on Climate Change (COP29) taking place this week, South Africa expects the COP29 Presidency to enhance efforts to finalise the New Collective Quantified Goal on Finance (NCQG), which is a matter of great importance for developing economies.




economie

Island Economies of the Future 2019/20 – the results

Cyprus is ranked first in fDi’s Island Economies of the Future rankings, followed by the Dominican Republic and Sri Lanka. Cathy Mullan and Naomi Davies detail the results.




economie

Coronavirus set to shock Middle East's most fragile economies

The pandemic is likely to hit the Middle East’s more fragile countries hardest.




economie

Sudanese Civil War Exacerbates Economies in Neighbouring Countries

Critical levels of nationwide hunger in Sudan has only increased to critical levels since the start of the Sudanese civil war in April 2023. Escalated hostilities between the Sudanese Armed Forces (SAF) and the Rapid Support Forces (RSF) have led to limited mobility and repeated blockages of humanitarian aid. This, coupled with the volatile floods […]




economie

Dealing with Dollarization: What Options for the Transitional Economies of Southeast Asia?

What should the transitional economies of Southeast Asia do, if anything, to address their multiple currency situations?



  • Publications/Papers and Briefs

economie

Bronze Age hoards hint that market economies arose surprisingly early

An analysis of 20,000 metal objects from Bronze Age Europe suggests human economic behaviour may not have changed much over the past 3500 years




economie

Rebooting African Economies: The Place of Science and Technology in Society

"African countries are already at the forefront of harnessing these technologies. For example, Rwanda has set itself the ambitious goal of building the first drone airport in the world. An increasing number of African countries are leveraging drone technology to address a variety of resource mapping, delivery and agricultural services. It is through such efforts that salient basic research challenges are likely to emerge."





economie

Handbook of Ancient Afro-Eurasian Economies : Volume 3: Frontier-Zone Processes and Transimperial Exchange [Electronic book] / ed. by Sitta von Reden.

München ; Wien : De Gruyter Oldenbourg, [2023]




economie

Journal of Southeast Asian Economies [electronic resource]

[Singapore] : ISEAS - Institute of Southeast Asian Studies, [[2013]-




economie

Rise of Economic Nationalism in Emerging Economies and the Influence of Elections

Rise of Economic Nationalism in Emerging Economies and the Influence of Elections Rise of Economic Nationalism in Emerging Economies and the Influence of Elections

jacksonl




economie

Sustainable Business and Society in Emerging Economies [electronic journal].




economie

Supply and Demand in Disaggregated Keynesian Economies with an Application to the Covid-19 Crisis [electronic journal].

National Bureau of Economic Research




economie

Real Interest Rates and Productivity in Small Open Economies [electronic journal].




economie

Rational Bubbles in Non-Linear Business Cycle Models: Closed and Open Economies [electronic journal].




economie

Notes on the Underground: Monetary Policy in Resource-Rich Economies [electronic journal].




economie

New Technologies, Global Value Chains, and Developing Economies [electronic journal].

National Bureau of Economic Research




economie

The Limits of Monetary Economics: On Money as a Medium of Exchange in Near-Cashless Credit Economies [electronic journal].




economie

The Household Finance Landscape in Emerging Economies [electronic journal].




economie

A Global Safe Asset for and from Emerging Market Economies [electronic journal].

National Bureau of Economic Research




economie

Exploiting MIT Shocks in Heterogeneous-Agent Economies: The Impulse Response as a Numerical Derivative [electronic journal].

National Bureau of Economic Research




economie

An Event Study of COVID-19 Central Bank Quantitative Easing in Advanced and Emerging Economies [electronic journal].

National Bureau of Economic Research




economie

Different no more: Country spreads in advanced and emerging economies [electronic journal].




economie

Deterministic Debt Cycles in Open Economies with Flow Collateral Constraints [electronic journal].

National Bureau of Economic Research




economie

Determinants of Economies of Scope in Retail [electronic journal].




economie

Cities, Lights, and Skills in Developing Economies [electronic journal].

National Bureau of Economic Research




economie

The economic impact of cashew farming: How nut agriculture fuels local economies

With proper investments and policy support, this sector could deliver even greater benefits




economie

Asian stocks, oil higher as economies emerge from coronavirus lockdown

In reduced trade, with China, Japan and South Korea on holiday, Australia's ASX 200 rose 1.26% and Hong Kong's Hang Seng climbed 0.66%.




economie

Chill wind of pandemic ravaging economies everywhere

More and more indicators are spelling out the scale of economic damage being wreaked by Covid-19 and the containment measures taken to tackle it, writes Robert Shortt.



  • Analysis and Comment

economie

The path to economic recovery in the aftermath of coronavirus will shape economies for generations

It may sound like Australia's political class is arguing about how to get people working again and businesses reopened, but listen closer. They're fighting about something deeper, writes Gareth Hutchens.




economie

Business start-up rates diverging across OECD economies

Diverging patterns of business start-up rates are emerging across OECD economies five years after the sharp, synchronized falls recorded at the beginning of the financial crisis.




economie

Global Value Chains offer major opportunity for growth and progress in advanced and developing economies, according to OECD-WTO-UNCTAD report to G20

Global value chains (GVCs) have become a dominant feature of world trade and investment, offering new prospects for growth, development and jobs, according to a new joint report by the Organization for Economic Cooperation and Development (OECD), the World Trade Organization (WTO) and the United Nations Conference on Trade and Development (UNCTAD).




economie

Developments in Steelmaking Capacity of Non-OECD Economies

This publication reports on trends in the steelmaking capacity of economies that are not members of the OECD. It examines existing capacity and investments that will lead to changes by 2014, with detailed tables on equipment, starting dates of planned projects, and works ownership.




economie

Manufacturing or Services? That is (not) the Question - The Role of Manufacturing and Services in OECD Economies

While de-industrialisation and offshoring have dominated the news about manufacturing during the past decades, recent years have witnessed a number of examples of companies re-shoring activities back to OECD economies. Policy discussions often ignore the profound changes manufacturing has undergone. This working paper addresses this issue against the background of long-term structural change in OECD economies.




economie

"Greening Economies in the Eastern Neighbourhood” (EaP GREEN): Steering committee meeting

The first meeting of the EaP GREEN Steering Committee was held on 26 April 2013 in Berlin to discuss with representatives of the Eastern Partnership (EaP) countries the overall priorities of the programme, specific activities to be carried out in 2013, and the means of programme implementation.




economie

Greening Economies in the Eastern Neighbourhood (EaP GREEN): Third Steering Committee Meeting

The meeting was held on 8 October 2014 in Minsk, Belarus. The key objective was to discuss the progress made on the programme's implementation and to agree on priorities for 2015.




economie

Greening Economies in the Eastern Neighbourhood (EaP GREEN): Fourth Steering Committee Meeting

The meeting was held on 18 June 2015 in Chisinau, Moldova. The key objective was to discuss the progress made on the programme implementation and to agree the work plan for 2015-16.




economie

Insights blog: Building Biodiversity-Friendly Economies

We are losing diversity of life on Earth at an alarming rate – one tenth of the world’s terrestrial biodiversity and one third of freshwater biodiversity has been wiped out since 1970. And we’re on course to lose another 10% of terrestrial species by 2050.




economie

Green Growth in Africa Workshop January 15-18 2013: Concepts, Tools and Strategies for Building Greener Economies and a Sustainable Future

Information on and background documents for the Green Growth African Regional Workshops, 15-18 January 2013. The workshops presented conceptual issues and policy tool kits on implementing green growth policy measures and strategic environmental assessments.




economie

Advanced economies growing again but some emerging economies slowing, says OECD

A moderate recovery is underway in the major advanced economies, according to the OECD’s latest Interim Economic Assessment. Growth is proceeding at encouraging rates in North America, Japan and the UK. The euro area as a whole is out of recession, although output remains weak in a number of countries.




economie

Recovery continuing in G7 countries, but emerging economies are mixed, OECD says

Recovery is under way in the world’s advanced economies, underpinned by supportive financial conditions and reduced drag from budgetary tightening, but activity in the major emerging markets is mixed, according to the OECD’s latest Interim Economic Assessment.