Journal of the Group of 77

Total Page:16

File Type:pdf, Size:1020Kb

Journal of the Group of 77 Journal of the Group of 77 Published since September 1982 by the Office of the Chairman of the Group of 77 Volume 15/2 at the United Nations Headquarters in New York April-July 2002 1234567890123456789012345678901212345678901234567890123456789012123456 1234567890123456789012345678901212345678901234567890123456789012123456 1234567890123456789012345678901212345678901234567890123456789012123456 1234567890123456789012345678901212345678901234567890123456789012123456 123456789012345678901234567890121234567890123456789012345678901212345THE FIRST SOUTH-SOUTH HIGH-LEVEL 6 1234567890123456789012345678901212345678901234567890123456789012123456 1234567890123456789012345678901212345678901234567890123456789012123456 123456789012345678901234567890121234567890123456789012345678901212345CONFERENCE ON SCIENCE AND TECHNOLOGY 6 1234567890123456789012345678901212345678901234567890123456789012123456 1234567890123456789012345678901212345678901234567890123456789012123456 123456789012345678901234567890121234567890123456789012345678901212345TO BE HELD IN DUBAI, UNITED ARAB EMIRATES 6 1234567890123456789012345678901212345678901234567890123456789012123456 1234567890123456789012345678901212345678901234567890123456789012123456 12345678901234567890123456789012123456789012345678901234567890121234527-30 OCTOBER 2002 6 1234567890123456789012345678901212345678901234567890123456789012123456 "The South-South High-level Conference on Science and Technology will be held in Dubai, United Arab Emirates (UAE), from 27 to 30 October 2002. The Conference is being sponsored by the Group of 77 in New York in close coordination with the Paris Chapter of the Group of 77, currently chaired by the United Arab Emirates, and also in collaboration with the Municipality of Dubai." WWW.G77.ORG JOURNAL OF THE GROUP OF 77 • Volume 15 No. 2 G-77 NATIONS TO MEET IN DUBAI ON SCIENCE & TECHNOLOGY ICT, Biotechnology & Safe Drinking Water top agenda UNITED NATIONS — July (IPS/G-77) The Group tries, however, lag far behind in knowledge generation. of 77 is holding its first-ever South-South High-level The disparity between the developed and developing Conference on Science and Technology in October 27- world in their capacity to produce scientific and techni- 30 in Dubai, United Arab Emirates, Ambassador Milos cal knowledge and to utilize this knowledge in support of Alcalay, Permanent Representative of the Bolivarian social and economic development has emerged as a Republic of Venezuela and Chairman of the Group of 77, major challenge facing the international community." announced here. To raise public awareness about the Conference, the The convening of this conference was decided at the Office of the Chairman of the Group of 77 is launching South Summit in Havana (10-14 April 2000) with the a new Web site devoted to the Dubai conference. The objective of formulating new Web site can be accessed global strategies and clear through the Group of 77 home policies within the South for page at the Internet address the promotion of science and http://www.g77.org. technology. Intended as a site for news The Conference is be- and general information con- ing sponsored by the Group cerning the Conference, the of 77 in New York in close Web site will be continuously coordination with the Paris updated by the Office of the Chapter of the Group of 77, Chairman. It features a joint currently chaired by the welcome message by the United Arab Emirates, and Chairman of the Group of 77 also in collaboration with and the Chairman of the Paris the Municipality of Dubai. Chapter of the Group of 77. The four-day Confer- Also offered are sections ence will bring together describing the general back- policy makers from mem- ground of the Conference and ber countries of the Group information about the host of 77, as well as representa- country and the city of Dubai. tives from relevant scien- Information on conference tific organizations, research registration and accreditation institutions, universities, for participants and the media foundations, business sector and other stakeholder groups is also available. A Press Centre in Dubai will provide dealing with science and technology. up-to-the minute press releases about the conference, To facilitate this objective, there will be a high-level statements and other public information. interactive dialogue among Ministers of Science and The Group of 77 is the largest single coalition of Technology, senior officials, scientists and researchers developing nations in the world. The Group was founded from the South, on October 27. on 15 June 1964, by 77 developing countries at the first Three workshops on information communication session of the United Nations Conference on Trade and technology, safe drinking water, and biotechnology will Development (UNCTAD). be held during the conference. Other parallel events, Since then, the Group has grown to 133 nations, including an exhibition, are scheduled to be organized by representing almost the entire developing world, includ- the Municipality of Dubai. ing China. The Group has five Chapters located at Geneva, In a joint message to the upcoming conference, Nairobi, Paris, Rome, Vienna and Washington, D.C. (G- Ambassador Milos Alcalay, Chairman of the Group of 77 24). Over the past nearly four decades, the G-77’s role in New York, and Ambassador Hussein Ghubash, Chair- and influence have expanded as seen most recently at the man of the Group of 77 Paris Chapter at UNESCO, said: first South Summit. "Rapid advances in science and technology, particu- For further information, please contact the Confer- larly in such areas as microelectronics, biotechnology ence Secretariat located at the Office of the Chairman of and information technologies, have played a critical role the Group of 77, telephone: (212) 963-3816; fax: (212) in economic and social development. Developing coun- 963-3515, E-mail: [email protected]. 2 JOURNAL OF THE GROUP OF 77 • 2002 Founded in September 1982 EDITORIAL Why the World Needs a Humanitarian International Fund... t the recently-concluded summit meeting on Financing for The JOURNAL OF THE GROUP OF 77 is pub- lished at the United Nations Headquar- ADevelopment (FfD) in Monterrey, we accepted with humble- ters by the Office of the Chairman of ness - but with a lot of firmness-- the flag of dignity, on behalf of the the Group of 77 in New York in collabo- peoples of the third world. ration with Inter Press Service (IPS). As president of Venezuela, and speaking on behalf of the Group Contributions to the Journal are wel- of 77 and China, I was the first speaker at this Summit meeting. come and should be addressed to the Managing Editor of the Journal: Of- In this forum, I presented a proposal for the creation of a fice of the Chairman of the Group of Humanitarian International Fund. 77, U.N. Headquarters, Secretariat building, Room S-3953, New York, Since the International Monetary Fund (IMF) is not an instru- N.Y. 10017, U.S.A. ment either to help the social development of the planet or to fight hunger and misery that kills millions of human beings, the Humani- tarian International Fund is aimed at filling this void. Publisher: According to UN statistics, a child dies every three-seconds either of hunger or of illnesses that can be avoided. You can count Ambassador Milos Alcalay up to 1, 2, and 3-- and misery takes away a life. Chairman of the Group of 77, New York Millions of human beings don't have employment, decent hous- Managing Editor: ing, drinking water, electricity, or property. They don't have the Mourad Ahmia right to health or education. Executive Secretary Millions of human beings are being forced to live with less than Editor: a dollar per day. Still they survive. Thalif Deen But there are more than enough reasons to declare a worldwide Inter Press Service emergency to redress these shortcomings. This is our clamor. Editorial Assistant: If 10% of the external debt of our countries, and 10% of the military expenses, are earmarked to finance this Humanitarian José Hernández International Fund, along with the call for official help for develop- ment, we will be able to give shape to a mechanism that allows us to fight this anguish of humanity. This is a contribution that Venezuela is willing to make to heal Telephone: the wounds of the planet. (212)963-3816 (212)963-0192 As everyone is aware, the present situation in the world is terrible, and it is an emergency that generates a lot of risks -- risks Fax: of violence, wars, and death and destruction. (212)963-3515 (212)963-0050 God didn't create us to find a way to hell. With this proposal for a Humanitarian International Fund, we E-Mail: may be able to return to life, dignity, equality and happiness of [email protected] humanity. The Journal of the Group of 77 is also Hugo Chavez Frias avaialble on the Internet at: President of the Bolivarian Republic of Venezuela http://www.g77.org Chairman of the Group of 77 3 JOURNAL OF THE GROUP OF 77 • Volume 15 No. 2 GLOBAL ECONOMIC CRISIS THREATENS STABILITY & GROWTH IN THE SOUTH UNITED NATIONS, May (IPS/G-77)-- The chairman of In fact, he said, all of the outcomes of the major UN the Group of 77 Ambassador Milos Alcalay of Venezuela, international summits and conferences have explicitly and who was invited to address the G-24 in Washington DC, told implicitly addressed and highlighted the indispensability of delegates that the economic crisis affecting developing nations is financial resources for development. a major threat to the future stability and growth in the South. The reviews undertaken
Recommended publications
  • Brics Versus Mortar? Winning at M&A in Emerging Markets
    BRICs Versus Mortar? WINNING AT M&A IN EMERGING MARKETS The Boston Consulting Group (BCG) is a global management consulting firm and the world’s leading advisor on business strategy. We partner with clients from the private, public, and not-for- profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep in sight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable compet itive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 78 offices in 43 countries. For more information, please visit bcg.com. BRICs VeRsus MoRtaR? WINNING AT M&A IN EMERGING MARKETS JENS KENGELBACH DOminiC C. Klemmer AlexAnDer Roos August 2013 | The Boston Consulting Group Contents 3 EXECUTIVE SUMMARY 8 THE GLOBAL M&A MARKET ReMAINS IN A DEEP FREEZE Disappointing Results for Public-to-Public Deals Emerging Markets Claim a Growing Share of Deal Flow Key Investing Themes 13 LEARNING FROM EXPERIENCE AND MANAGING COMPLEXITY: THE KEYS TO SUPERIOR ReTURNS Serial Acquirers Reap the Rewards of Experience The Virtue of Simplicity 17 A TOUR OF THE BRIC COUNTRIES Brazil Looks to the North Russia Seeks Technology, Resources—and Stability India Aims at Targets of Opportunity China Hunts for Management Know-How—and Access to the Global Business Arena 31 EMERGING THEMES AND ReCOMMENDATIONS 34 Appendix: Selected trAnSActionS, 2012 And 2013 36 FOR FURTHER ReADING 37 NOTE TO THE ReADER 2 | BRICs Versus Mortar? exeCutIVe suMMaRy espite the current worldwide lull in mergers and acquisitions, there’s Dnot much argument that emerging markets will remain a hotbed of M&A activity for some time to come.
    [Show full text]
  • How Important Are Spillovers from Major Emerging Markets?
    WPS8093 Policy Research Working Paper 8093 Public Disclosure Authorized How Important are Spillovers from Major Emerging Markets? Public Disclosure Authorized Raju Huidrom M. Ayhan Kose Franziska L. Ohnsorge Public Disclosure Authorized Public Disclosure Authorized Development Economics Development Prospects Group June 2017 Policy Research Working Paper 8093 Abstract The seven largest emerging market economies—China, a 1 percentage point increase in EM7 growth is associ- India, Brazil, Russia, Mexico, Indonesia, and Turkey—con- ated with a 0.9 percentage point increase in growth in stituted more than one-quarter of global output and more other emerging and frontier markets and a 0.6 percentage than half of global output growth during 2010–15. These point increase in world growth at the end of three years. emerging markets, called EM7, are also closely integrated Second, sizeable as they are, spillovers from EM7 are still with other countries, especially with other emerging and smaller than those from G7 countries (Group of Seven of frontier markets. Given their size and integration, growth advanced economies). Specifically, growth in other emerg- in EM7 could have significant cross-border spillovers. The ing and frontier markets, and the global economy would authors provide empirical estimates of these spillovers increase by one-half to three times more due to a simi- using a Bayesian vector autoregression model. They report larly sized increase in G7 growth. Third, among the EM7, three main results. First, spillovers from EM7 are sizeable: spillovers from China are the largest and permeate globally. This paper is a product of the Development Prospects Group, Development Economics.
    [Show full text]
  • Future of Consumption in Fast-Growth Consumer Markets: ASEAN
    Insight Report Future of Consumption in Fast-Growth Consumer Markets: ASEAN A report by the World Economic Forum’s Platform on Shaping the Future of Consumption Prepared in collaboration with Bain & Company June 2020 Contents 4 Preface 5 Executive summary 7 Introduction 7 – The ASEAN macro-context 7 – Four mega-forces will drive the future of consumption in ASEAN 11 Eight consumption themes to 2030, some accelerated due to COVID-19 12 – Consumer spending will double, driven by ASEAN’s middle-class boom 13 – Boundaries of premium and value shopping will blur 13 – Digital ubiquity will become the new normal 13 – Technology-enabled platforms will tear down socio-economic walls 15 – Local and regional competitive winds will prevail 15 – Shoppers will move beyond omni-channel to expect retail omni-presence 17 – Convenience will be the new currency 17 – Health of people and the planet will be non- negotiable 19 Business capabilities required for the firm of the future 19 – Reset vision, mission and goals 19 – Realign offerings to the new ASEAN consumer 19 – Reframe consumer engagement 20 – Restructure route-to-market and win at point of sale 21 – Rethink supply chains as a priority 21 – Reimagine operating model and talent 23 – Re-envision the role of sustainability 24 Critical societal challenges and calls to action World Economic Forum 24 – Create trade and investor-friendly reforms 91-93 route de la Capite CH-1223 Cologny/Geneva 24 – Invest in socio-economic inclusion Switzerland Tel.: +41 (0)22 869 1212 26 – Upgrade infrastructure for a connected and Fax: +41 (0)22 786 2744 Email: [email protected] sustainable future www.weforum.org 27 Conclusion © 2020 World Economic Forum.
    [Show full text]
  • Emerging Market Multinationals: a Decolonial Perspective
    Emerging markets multinationals: the presence of the state and state owned enterprises Abstract: In this article we argue that we should go beyond the dominant idea that the extension of traditional Euro-American theorizing is enough for a proper explanation of the internationalization of EMNC. The author of this article argues that we should take a decolonial turn instead, and direct our theorizing at the borders of the South. By embracing theories and knowledge that relate more specifically to the region, we can provide a better understanding of the internationalization of MNC not only from the North, but also from the South. Accordingly, we consider that history, geography and politics should be brought back into the theoretical debate from a specific locus of theorizing. A decolonial perspective from the South shows that a major issue involving the role of government and state companies, which are more obviously important in the South, but no less important in the North, remains largely overlooked or misrepresented. Key words: decolonial perspective; emerging market multinationals; state owned enterprises Introduction Emerging markets multinationals (EMNC) were first studied by authors from the North in the early 1980s during the Cold War period when they were still called Third World multinationals (Wells, 1983; Lall, 1983). Decades marked by a sound belief that Multinational Corporations (MNC) are a solely Euro-American institution, have resulted in a great deal of mobilization of Euro-American theories, frameworks and concepts to explain the internationalization path of MNC from the so-called emerging economies (Dunning, Kim and Park, 2008; Johanson and Vahlne, 2009; Rugman, 2009), at the expense of other knowledges and proper understanding.
    [Show full text]
  • Emerging Global Markets: a Five-Country Comparative Study Frank Cost
    Rochester Institute of Technology RIT Scholar Works Books 2007 Emerging global markets: A Five-country comparative study Frank Cost Stanley Widrick Follow this and additional works at: http://scholarworks.rit.edu/books Recommended Citation Cost, Frank and Widrick, Stanley, "Emerging global markets: A Five-country comparative study" (2007). Accessed from http://scholarworks.rit.edu/books/9 This Full-Length Book is brought to you for free and open access by RIT Scholar Works. It has been accepted for inclusion in Books by an authorized administrator of RIT Scholar Works. For more information, please contact [email protected]. Emerging Global Print Markets: A Five-Country Comparative Study By Stanley Widrick, Ph.D. Senior Associate Dean E. Philip Saunders College of Business Rochester Institute of Technology Frank Cost Associate Dean College of Imaging Arts and Sciences Rochester Institute of Technology A Research Monograph of the Printing Industry Center at RIT No. PICRM-2006-06 Emerging Global Print Markets: A Five-Country Comparative Study Part A By Stanley Widrick, Ph.D. Senior Associate Dean E. Philip Saunders College of Business Rochester Institute of Technology Frank Cost Associate Dean College of Imaging Arts and Sciences Rochester Institute of Technology A Research Monograph of the Printing Industry Center at RIT Rochester, NY October 2007 PICRM-2006-06 © 2007 Printing Industry Center at RIT— All rights reserved. i With Thanks The research agenda of the Printing Industry Center at RIT and the publication of research findings are supported by the following organizations: bc ii Widrick & Cost (PICRM-2006-06) Table of Contents Table of Contents Acknowledgements ......................................................................................................
    [Show full text]
  • REGIONAL INTEGRATION and EMERGING MARKETS
    REGIONAL INTEGRATION and EMERGING MARKETS Tie South African Institute of International Affairs SOUTH AFRICA AND SOUTHERN AFRICA REGIONAL INTEGRATION AND EMERGING MARKETS edited by Antoinette Handley & Greg Mills with the assistance of Laurie Boulden ©SAIIA, 1998 All rights are reserved While copyright in the volume as a whole is vested in the South African Institute of International Affiars, copyright in the text rests with the authors, and no chapter may be reproduced in whole or in part without the express permission, in writing, of both authors and publisher. It should be noted that any opinions expressed are the reponsibility of the individual authors and not the SAIIA or any of the funders. ISBN: 1-874-890-76-5 First published by the SAIIA, January 1998 (Printed by Print Inc.) This publication is the result of a conference sponsored by: The Brazilian Embassy The British Council Eskom Friedrich-Naumann-Stiftung The Royal Netherlands Embassy The Standard Bank of SA Limited Cover designed by Brian Robertson Contents Notes on the Contributors vii Foreword viii Jack Spence Preface ix Greg Mills Part One: Regionalism in Africa Chapter 1: Introduction 1 Antoinette Handlev Chapter 2: Regional Integration in Africa: Lessons and Experiences 17 Christopher Ctapham Chapter 3: Developing Nations, Regional Integration and Globalism 29 Jeffrey Herbst Part Two: The Specifics of Regional Co-Operation in Southern Africa Chapter 4: South Africa and Southern Africa 40 Rob Davies Chapter 5: Financial Co-Operation in SADC 51 Timothy Thahane Chapter 6:
    [Show full text]
  • The Case for Investment in New Emerging Markets - Africa & Middle East Strong 10Yrs Returns and Attractive Entry Point
    The Case for Investment in New Emerging Markets - Africa & Middle East Strong 10yrs returns and attractive entry point 10 Year Annualized Euro Returns (%) Current value vs. 5 Year high (%) Emerging Markets 8% Emerging Markets -24% World -5% World -51% Dubai* 5% Dubai* -81% Nigeria 6% Saudi Arabia -74% Saudi Arabia 8% Nigeria -74% Ghana 6% Ghana -65% Abu Dhabi* 5% Abu Dhabi* -63% Kuwait 13% Kenya -57% Kenya 0% Qatar -55% Qatar 15% Kuwait -54% Egypt 10% Botswana -49% Oman 6% Oman -43% Botswana 10% Egypt -35% Morocco 4% South Africa -29% South Africa 7% Mauritius -27% Mauritius 9% Morocco -24% Tunisia 9% Tunisia 0% 2 -10% -5% 0% 5% 10% 15% 20% -100% -80% -60% -40% -20% 0% Source: Bloomberg; MSCI World; Silk Invest Note: Values of End November 2009; *Values for UAE are based on 2001 data Salt trading predated all other forms of trade 3 Early trading routes 4 Now the trading routes are re-establishing themselves o It is Silk Invest’s view that the barriers of trade are coming down and that new trading routes are being re- established. o Over time, these will redistribute purchasing power based more on population and resources. 5 The story is not just oil o OPEC producers have around two-thirds of the world’s oil reserves. o Majority of these oil reserves are located in Saudi Arabia, Iran, Iraq Nigeria and 6 Kuwait We are returning to a world where population correlates to GDP. 100% 5% 9% 8% 4% 9% 90% 2% 16% 9% 2% 8% 7% 80% 8% 12% 23% 21% 70% 10% 60% 27% 19% 50% 61% 40% 50% 57% 26% 30% 37% 20% 17% 10% 22% 14% 7% 6% 7% 0% 1000 A.D.
    [Show full text]
  • Impact on and Responses of Emerging Markets to the Financial Crisis
    Impact On and Responses of Emerging Markets to the Financial Crisis Final Report EMERGING MARKETS COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS September 2009 TABLE OF CONTENTS EXECUTIVE SUMMARY 4 CHAPTER 1: BACKGROUND, MOTIVATION AND APPROACH 6 Background and Motivation 6 Approach of the survey 7 Permanent Questions 8 Topical questions 8 Summary of Respondents 9 CHAPTER 2: CONCLUSIONS AND RECOMMENDATIONS 10 Conclusions 10 General Conclusions 10 Areas for Further Inquiry 13 Context of the Ongoing G-20 Process 15 Recommendations 15 CHAPTER 3: SUMMARY OF SURVEY RESULTS 18 Introduction 18 Approach to setting out responses 18 Key Regulatory and Supervisory issues before the onset of 25 widespread global financial turbulence Key Regulatory and Supervisory issues after global turbulence became more 30 pronounced Sources of instability 34 Measures undertaken to address instability 35 Additional Information and Comments Received 37 CHAPTER 4: ANALYSIS OF SURVEY RESULTS 38 Sustained focus on systemic risk issues 39 Increasing emphasis on regulatory approach and capacity 41 Increased focus on business conduct of market participants 43 Continued market development efforts 43 Macroeconomic risks to markets 44 Regulators have acted more proactively in combating the crisis 48 APPENDIX 51 Appendix 1: Detailed Survey Results 51 Appendix 2: EMC Chairman‘s Task Force on Financial Crisis 73 Appendix 3: The Core Task Force Team 77 Appendix 4: GDP and market capitalization data for the Sample jurisdictions 78 Appendix 5: The Survey Questionnaire 81 Appendix 6: Mandate 84 Appendix 7: Feedback statement on the public comments received on the 87 Consultation Report 1 LIST OF TABLES AND FIGURES Table 1 Sample jurisdictions .............................................................................................
    [Show full text]
  • The Changing Nature of Emerging Markets
    TEMPLETON EMERGING MARKETS INVESTMENT TRUST THE CHANGING NATURE OF EMERGING MARKETS TEMPLETON EMERGING MARKETS INVESTMENT TRUST YEARS 30 YOUNG EMERGING MARKET PIONEERS FOREWORD The emerging markets asset class has changed considerably over emerging market opportunities has never been more important. the last 30 years and the investment opportunity that we invest in With a turbulent domestic environment, the differences that exist on behalf of our clients is currently of a standard we have not seen between emerging market countries and the evolving nature of these at any time previously. Yet outdated perceptions about emerging economies mean that navigating the investment opportunities can markets still persist and, as a result, we believe that there is a be complex. With many years of investment experience in emerging risk that investors may miss out on some of the fastest growing markets, we have helped our investors to prosper through economic opportunities in the world today. highs and lows. We attribute this to the depth of independent company research and local knowledge from our on-the-ground These are not the emerging markets that the UK first saw in the resources, overlaid with a global perspective that helps us assess the 1980s and 1990s when the story was very much about producing best relative opportunities around the world. cheaply and selling abroad. And there are a number of key reasons for the changes we have witnessed over the last 30 years. We believe that the current opportunity within emerging markets is substantial and this is borne out in the findings of this report. The first of these is down to policymakers, who have deliberately With many emerging market companies not constrained by legacy changed economic policy to make these economies much more infrastructures, in the way many developed market companies are, resilient during times of stress.
    [Show full text]
  • Currency Crises in Emerging-Market Economies: Causes, Consequences and Policy Lessons
    N o . 51 Marek D¹browski (ed.) Currency Crises in Emerging-Market Economies: Causes, Consequences and Policy Lessons with contribution from Ma³gorzata Antczak, Rafa³ Antczak, Monika B³aszkiewicz, Georgy Ganev, Ma³gorzata Jakubiak, Ma³gorzata Markiewicz, Wojciech Paczyñski, Artur Radziwi³³, £ukasz Rawdanowicz, Marcin Sasin, Joanna Siwiñska, Mateusz Szczurek, and Magdalena Tomczyñska and editorial support of Wojciech Paczyñski W a r s a w , 20 0 2 Summary Report from the research project on "Analysis of Causes and Course of Currency Crises in Asian, Latin American and CEE Countries: Lessons for Poland and Other Transition Countries", grant No. 0144/H02/99/17 of the State Committee for Scientific Research (KBN). The publication was financed by Rabobank Polska S.A. Key words: currency crisis, financial crisis, contagion, emer- ging markets, transition economies, exchange rates, mone- tary policy, fiscal policy, balance of payments, debt, devalua- tion. DTP: CeDeWu Sp. z o.o. Graphic Design – Agnieszka Natalia Bury Warsaw 2002 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, without prior permission in writing from the author and the European Commission. ISSN 1506-1647 ISBN 83-7178-285-3 Publisher: CASE – Center for Social and Economic Research ul. Sienkiewicza 12, 00-944 Warsaw, Poland e-mail: [email protected] http://www.case.com.pl Currency Crises in Emerging-Market Economies ... Contents Abstract . .7 1. Introduction . .9 2. Definition of Currency Crisis and its Empirical Exemplification . .12 3. Theoretical Models of Currency Crises . .17 3.1. First-generation Models .
    [Show full text]
  • States, Markets and Governance for Emerging Market Economies: Private Interests, the Public Good and the Legitimacy of the Development Process
    States, markets and governance for emerging market economies: private interests, the public good and the legitimacy of the development process GEOFFREY R. D. UNDERHILL The words ‘states, markets and governance’ surely draw together the great issues of our times in this apparently ‘global’ era. Despite the unprecedented pros- perity of a range of developed economies and the considerable success of some emerging market countries, a recurrent frisson of doubt regularly shakes the collective consciousness when the issue of governance and the global market is raised. Frequent financial crises in the developing world are not the only reason, nor is the growing inequality which has accompanied the market integration process. Corporate scandals in the US and the threat of global recession have hardly helped the situation. Unease is perhaps particularly prevalent when one invokes the issue of democratic accountability and observes the tension between global market integration and the resolutely national forms of governance which, for the most part, prevail. The rioters of Genoa, Stockholm, Quebec, Prague and Seattle (the list will no doubt become longer) are no longer needed to keep the issue on the public agenda. The past 20 years of liberal market reforms across a range of societies have wrought changes which make many nostalgic for past certainties which probably never were. This article is based on the premise that how ‘we’ as a society think about states, markets and governance affects what we believe ‘we’ can do about or with them. The clear implication is that, if much thinking about states and markets is flawed, as here I argue that it is, then it is highly likely that policy- makers (among others) will make mistakes in their responses to the undoubted pressures of change.
    [Show full text]
  • The Wave of Foreign Investment in Sub-Saharan Africa Amarildo
    Barbosa • 29 Modern Colonialism in African Education: The Wave of Foreign Investment in Sub-Saharan Africa Amarildo Barbosa Many African scholars feel that there is a need for a re-focusing of goals and purpose among universities in Sub-Saharan Africa. Because of the low retention rate of graduates, who continue to emigrate and work outside of Africa, scholars often view African higher education as a loss of investment. A current educational objective in Sub-Saha- ran Africa is creating a new generation of African universities that are focused on community development projects and programs aimed at aiding problems related to civil works. With significant financial assistance from foreign investors, however, African universities must be wary of the control external parties will have over internal matters. As a continent long enduring the effects of colonialism, Africa and its edu- cational leaders must be intentional about ensuring that the primary beneficiaries of this developmental process are the African countries affected and those who study, work, and live there. How is Africa factored into the globalizing world economy? Commerce and edu- cation play significant roles as nations on every continent become contributors to the global economy. This has created an interdependence of industries. A consequence of that interdependence is the domino effect felt when a particular industry in one nation collapses. For instance, the struggles of the oil industry, stemming from one region of the world, had dramatic effects on various con- tinents, as evidenced by the fluctuations of gas prices in the United States and elsewhere. As the world economy continues the trend of globalization, revolving around trade, importation, and exportation of goods to and from various coun- tries, new markets will emerge and display the potential of a promising future.
    [Show full text]