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2. Assessing Asia: Sub-Saharan Africa Global Value Chain Linkages
- Author:
- Heiwai Tang, Douglas Zhihua Zeng, and Albert Zeufack
- Publication Date:
- 06-2020
- Content Type:
- Working Paper
- Institution:
- Kiel Institute for the World Economy (IfW)
- Abstract:
- This paper studies the relationship between Asia’s economic engagements in Africa and individual African nations’ participation in global value chains (GVC) over the past two decades. We find that while overall exports from Africa to Asia are still highly concentrated in resource-intensive sectors, a few African countries have exploited the emerging opportunities to diversify export portfolios through exporting to Asia. Each African nation has a distinct main trade partner in Asia, in contrast to the common view that China has become the dominant trade partner of most African nations. Using a panel data set for 46 African countries over 16 years from 2000 and 2015, we find that exports to Asia are positively correlated with exports to the rest of the world, suggesting that in contrast to trade diversion, trade with Asia complements exports to other countries. Asian economic engagement in the continent is associated with countries’ exports “moving up the value chain”, as measured by the upstreamness index proposed by Antras et al. (2012). However, such process was accompanied by a reduction in the length of their production chains, implying that fewer stages and countries are now involved in the production of exported goods.
- Topic:
- Development, International Political Economy, Natural Resources, Partnerships, Exports, Trade, Global Value Chains, and Data
- Political Geography:
- Africa, Asia, and Global Focus
3. Silk Road Pathways: The China–Central Asia–West Asia Economic Corridor
- Author:
- Yu Hongjun
- Publication Date:
- 09-2020
- Content Type:
- Journal Article
- Journal:
- Baku Dialogues
- Institution:
- ADA University
- Abstract:
- Since the outbreak of 2008 world financial crisis, issues such as lackluster economic growth around the world and lack of progress in regional cooperation have not been resolved. Conservatism, isolationism, racism, populism, and unilateralism are on the march; political and social movements based on opposition to economic globalization are in vogue; and policymakers as much as ordinary people are expressing concern about the future of the world. Based on his observations and thoughts with regards to modern international relations, as well as his commitment towards a common destiny for mankind, Chinese President Xi Jinping proposed the launch of the Silk Road Economic Belt and Twenty-first Century Maritime Silk Road, which together form the globally influential Belt and Road Initiative (BRI).
- Topic:
- International Political Economy and Geopolitics
- Political Geography:
- China, Europe, Asia, and Global Focus
4. Completing the Southern Gas Corridor: SGC in a Post-pandemic World
- Author:
- Akhmed Gumbatov
- Publication Date:
- 09-2020
- Content Type:
- Journal Article
- Journal:
- Baku Dialogues
- Institution:
- ADA University
- Abstract:
- The global spread of the latest zoonotic virus, commonly known as COVID19, has become an unprecedented calamity for all humankind. By the time this publication goes to press, it is likely that worldwide around 25 million people will have been infected and the number of lives lost will approach the one million mark.
- Topic:
- Energy Policy, International Political Economy, Natural Resources, Gas, and Pandemic
- Political Geography:
- Europe, Caucasus, Asia, and Global Focus
5. From the EMS to the EMU and...to China
- Author:
- Joseph Halevi
- Publication Date:
- 11-2019
- Content Type:
- Working Paper
- Institution:
- Institute for New Economic Thinking (INET)
- Abstract:
- The paper highlights the position of German authorities, showing that they were quite lucid about the fundamental weaknesses inherent in a process that separated monetary from fiscal policies by giving priority to the centralization of the former. Instead of repeating the well known critiques levelled against the EMU – for which readers are referred to the unsurpassed treatment by Stiglitz, the essay highlights the splintering of Europe in the way in which it has unfolded during the 1990s and in the first decade of the present millennium. In particular the early economic and political origins of the terminal crisis of Italy are located between the late 1980s and the 1990s. France is shown to belong increasingly to the so-called European periphery by virtue of a weakening industrial structure and persistent balance of payments deficits. The paper argues that France regains its central role by political means and through its weight as an active nuclear military power centered on maintaining its imperial interests and posture especially in Africa. The first decade of the present millennium is portrayed as the period in which a distinct German economic area had been formed in the midst of Europe with a strong drive to the east with an increasingly powerful gravitational pull towards the People’s Republic of China.
- Topic:
- Economics, International Political Economy, Political Economy, History, and Macroeconomics
- Political Geography:
- Africa, China, Europe, Asia, Germany, and Global Focus
6. BALANCING AGAINST CHINA WITH THE ASIA-AFRICA GROWTH CORRIDOR: AN INDIAN-JAPANESE INITIATIVE TOWARDS THE INDO-PACIFIC
- Author:
- Carlos Eduardo Carvalho and João Paulo Nicolini Gabriel
- Publication Date:
- 10-2018
- Content Type:
- Journal Article
- Journal:
- Conjuntura Austral: Journal of the Global South
- Institution:
- Conjuntura Austral: Journal of the Global South
- Abstract:
- The launch of a vision document for Asia-Africa Growth Corridor (AAGC) at the African Development Bank meeting in Gujarat in 2017 reveals an important aspect to grasp the awkening of a strategy to face China’s rise. This conference of the African Development Bank (AfDB) is a landmark for this initiative. This bank is a mechanism for economic and social development with the participation of non-African members (e.g. China, India, Brazil, the United States, and Japan). The main contributors to the African Development Fund -linked to this bank -are the United Kingdom, the USA and Japan. Beijing does not figure among the most influent members of this organization. Thus, it was an opportunity for think tanks, supported by India and Japan, to introduce the idea of a corridor aimed to link Asia to Africa in order to increase co-operation in agriculture, social development and technology sharing.
- Topic:
- Development, International Political Economy, International Trade and Finance, Economic Growth, Banks, Trade, Economic Development, Trade Policy, and Economic Cooperation
- Political Geography:
- Africa, Japan, China, and Asia
7. Factors Influencing ASEAN FDI and the Policy Implications
- Author:
- Jeong Hyung-Gon
- Publication Date:
- 06-2017
- Content Type:
- Working Paper
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- Since the global economic crisis triggered in the United States in 2008, the East Asian economic region has received particular attention as it achieved relatively solid economic growth compared to developed countries, which struggled with recession. The discussion on economic cooperation and economic liberalization within East Asia has mainly focused on the RCEP, with this discussion being led by ASEAN as it calls for ASEAN centrality. ASEAN is currently the second-largest overseas investment destination and second-largest trading partner for South Korea, making it an important partner in economic cooperation for South Korea. Particularly, as China is openly implementing economic retaliatory measures against South Korea for the deployment of THAAD missiles in the nation, South Korea has become more interested in the ASEAN market as it strives to diversify its trade and investment portfolio. Under this background, this research examines the characteristics of ASEAN FDI by income level and doing business conditions, then conducts an empirical analysis of determination factors to draw policy implications for stronger economic cooperation with ASEAN.
- Topic:
- International Political Economy and International Trade and Finance
- Political Geography:
- Asia
8. The Effect of Restructuring on Labor Reallocation and Productivity Growth: An Estimation for Korea
- Author:
- Choi Hyelin, Kim Subin, and Jung Sung Chun
- Publication Date:
- 09-2017
- Content Type:
- Working Paper
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- Productivity is considered one of the most important factors for economic growth. Total productivity grows through technological progress or realloca-tion of resources. This paper analyses their contribution to economic growth for total economy and by sectors. The main finding is that economy-wide increases but this is mainly due to internal technological improvements. On the one hand, inter-sector reallocation of labor negatively contributes to eco-nomic growth as employment moves to service sectors with low productivity. Further, when looking at the sectoral-level productivity growth, both internal and external restructuring make positive contributions to aggregate economic growth. However, internal technological progress and reallocation of employment appear to similarly contribute to the sectoral-level economic growth in the manufacturing sector, whereas internal restructuring makes a larger contribution to economic growth in the service sector. This suggests that there is more room for reallocation of resources to contribute to the productivity growth in service sectors. Therefore, the productivity growth of the service sector would foster economy-wide productivity and it can be achieved by the mitigation of misallocation of resources in service sectors.
- Topic:
- International Political Economy and International Affairs
- Political Geography:
- Asia
9. Anatomy of the Trade Collapse, Recovery, and Slowdown: Evidence from Korea
- Author:
- Lee Sooyoung
- Publication Date:
- 06-2017
- Content Type:
- Working Paper
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- The last decade of the world trade has been marked by an unprecedented collapse, quick recovery, slowdown, another drop, and recovery. To study cyclical and structural aspects of the recent trend of trade, I use both aggregate and disaggregated trade statistics of a small open economy, South Korea, whose economic success and growth have been heavily dependent on exports. The aggregate trend of the country is surprisingly similar to that of the world, which is why the trend of Korea's export is called a proxy for the world. I show that while the last drop of trade after 2015 has cyclical aspects, there is evidence that the continued slowdown from 2012 is structural: (1) the so-called `China factor' is found in the analysis of trade-income elasticity of the world and China for imports from Korea. (2) The bilateral trade barriers between Korea and its important trading partners are universally tightening. I also show that the firm sizes, destination countries, and the mode of transactions affect disaggregated trade flows during the slowdown periods. It is advisable to diversify main export products to lower the effect of oil prices on export prices and to strengthen the cooperation with ASEAN countries, whose trade barriers have exceptionally diminished throughout the last decade.
- Topic:
- International Political Economy and International Trade and Finance
- Political Geography:
- Asia
10. Investment Puzzle: Deeper Roots
- Author:
- Kim Sujin
- Publication Date:
- 05-2017
- Content Type:
- Working Paper
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- Even at near-zero interest rates for a prolonged period since the financial crisis, why has business investment in advanced economies remained persistently below its pre-crisis level? This paper investigates empirically the roots of this investment puzzle from the global megatrend perspective. The empirical model of this study augmented the uncertainty-finance accelerator investment model with megatrend variables of a transition to service industry, ageing population and a rise in income inequality. The main estimation results show that they have affected negatively the business investment over the period 1980-2014. The shift-to-service driven investment fall is the price-dominant effect during the transition, which is not necessarily pessimistic news, while the suppressing effects from ageing and a rise in income inequality require adequate policy reactions. In addition, the analysis finds significant negative spillover effects of trade partners' ageing and income inequality on a country's own private investment. Based on the empirical results, I expect that the G20’s efforts in inclusiveness with structural reforms will stimulate global business investment.
- Topic:
- International Political Economy and International Trade and Finance
- Political Geography:
- Asia