Search results for "liberalization"
showing 10 items of 55 documents
Exploring the nexus between financial sector reforms and the emergence of digital banking culture – Evidences from a developing country
2017
Several financial and banking sector reform programs were instituted in different countries over the last three decades. The underlining purpose of these reforms was largely to improve banking sector supervision and regulation, introduce bank privatization mechanism, introduce clearance and settlement systems, infuse competition and to stimulate financial innovation. The objectives of this study are to 1) review the relevant published literature and market survey reports on the financial & banking sector reforms undertaken in Pakistan and elsewhere, 2) analyze how these reform programs develop digital banking culture and increase financial inclusion in the country and 3) guide future resear…
The Great Financial Crisis in Finland and Sweden: The Dynamics of Boom, Bust and Recovery 1985–2000
2009
This paper explores the anatomy of the boom, deep depression and recovery in the Finnish and Swedish economies in the period 1985-2000. These fifteen years are divided into three phases: (1) financial liberalization and the boom and the overheating of 1985-90, (2) the outbreak and spread of the crisis to all sectors of the economy in 1990-92, and (3) the recovery 1993-2000. Each period is analyzed separately.
Ragnar Frisch and the Postwar Norwegian Economy
2014
Published version of an article in the journal: Econ Journal Watch. Also available from the publisher at: http://econjwatch.org/articles/ragnar-frisch-and-the-norwegian-postwar-economy. Open Access In the story of Norwegian economics, and of Norwegian economic policy and performance during the postwar years, a central place must be given to Ragnar Frisch (1895-1973). In 1969 he was awarded the first Nobel Prize in economics, together with Jan Tinbergen (1903-1994). In our view, the brighter parts of the story come only in the later years, and they involve the overcoming of Frisch's influence and legacy. As professor, Frisch started a grand project to establish economics as a science based o…
A reply to Olav Bjerkholt on the postwar Norwegian economy
2014
Published version of an article in the journal: Econ Journal Watch. Also available from the publisher at: http://econjwatch.org/articles/a-reply-to-olav-bjerkholt-on-the-postwar-norwegian-economy Open Access Professor Olav Bjerkholt has provided a spirited critique of our 2014 article titled “Ragnar Frisch and the Postwar Norwegian Economy.” Here we reply briefly, noting that many of the quotations he provides actually support our interpretation, that it is naïve of him to play the ideology card, and that he offers no response whatsoever to our central point: that Norway’s postwar growth rates have to be understood in light of the country’s exceptionally high investment ratios, which meant …
Efficient Diversification of International Investments: The Spanish Point of View
1999
The search for the best investments in a return-risk framework has led the investors to the portfolio diversification. The domestic markets liberalisation and a increasingly financial market integration, have made the investors to exceed the national barriers in order to get the international diversification of their portfolios.
Not excluding nuclear power: the dynamics and stability of nuclear power policy arrangements in Finland
2011
In this article, we aim at using the policy arrangement approach to explain the renewal of nuclear power policy in Finland from 1986 to 2010. From the point of view of national nuclear power decision making, we distinguish three different policy arrangement periods: (1) rejection (1986–1993), (2) revival (1994–2002) and (3) renewal (2003–2010). Within each period, the four dimensions which are, such as policy coalitions, ‘rules of the game’, policy discourses and resources are analysed. The three periods indicate that policy development has not been unilinear. In the rejection period, the ‘shock event’ of Chernobyl mixed up the policy arrangement. For example, the supporting coalition was t…
Sectoral Transformations in Neo-Patrimonial Rentier States: Tourism Development and State Policy in Egypt
2007
This article challenges claims that liberalising state regulated markets in developing countries may induce lasting economic development. The analysis of the rise of tourism in Egypt during the last three decades suggests that the effects of liberalisation and structural adjustment are constrained by the neo-patrimonial character of the Egyptian political system. Since the decline of oil rent revenues during the 1980s tourism development was the optimal strategy to compensate for the resulting fiscal losses. Increasing tourism revenues have helped in coping with macroeconomic imbalances and in avoiding more costly adjustment of traditional economic sectors. Additionally, they provided the p…
Trade, innovation and interdependence : a spatial econometric approach
2015
This thesis studies the consequences for innovation of international trade allowing for spatial interdependence. Indeed, the mechanisms through which international trade affects innovation are based on highlighting factors that, because they are the source of increasing returns, represent real engines of the growth. Yet, the accumulation process of these factors depends on effects which are constraints in space .First, trade flows by which technology is supposed to transmit between countries are interdependent. Second, the results highlighted in existing literature capture only the direct effect of trade on innovation. However, it is possible that a country benefits technology from an anoth…
Mainstreaming gender in the EU-accession process: the case of the Baltic Republics
2005
Since the early 1990s, the Baltic states have gone through processes of economic transition and liberalization. Although various reports give an overview of gendered impacts of these economic reforms, they fail to elaborate on the more complex relations between gender, citizenship, and social exclusion. This article explores these relations in more detail. The first decade of reforms in the Baltic states resulted in a lack of economic prospects, in particular for women from minority groups and women working in low-pay sectors. This made them increasingly vulnerable to trafficking for sexual purposes: migration to Western Europe was an attractive alternative for those without work, whether …
Neoclassical growth, manufacturing agglomeration, and terms of trade
2007
This paper presents an integrated view of economic growth, development traps, and economic geography. We explain why there is income convergence among some countries (neoclassical regime) and income divergence among others (poverty trap regime). Income convergence (divergence) and manufacturing industry diffusion (agglomeration) are re-enforcing each other in a cumulative process. Moreover, trade openness may trigger a catch-up process of an economy that is stuck in a \"poverty trap\". This catch-up is characterized by an increase in the investment-to-GDP ratio and an improvement of the terms of trade. A new dynamic welfare gain of trade liberalization is identified, which is likely to be l…