The impact of clean energy consumption on economic growth and CO2 emissions in BRICS countries: Does the environmental Kuznets curve exist?

This paper examines the impact of clean energy consumption (CEC) on economic growth (EG) and CO₂ emissions (CO₂) within a framework of environmental Kuznets curve (EKC) hypothesis in a panel of BRICS countries for the period 1992–2014. The results indicated that CEC and EG have a significant positive impact on EG, while CO₂ has a negative impact on it. Our results also found that EC and EG increase CO₂ while CEC significantly reduces it. Further, we found that the EKC hypothesis is valid in the BRICS countries. Finally, panel causality test indicated that unidirectional causality running from EC to EG. However, we did not find a causal relationship between CEC and EG. Based on these results, some of the policy implications have proposed for these emerging market economies.     

Is there an export‐ or import‐led growth in emerging countries? A case of BRICS countries

The BRICS economies could be considered a world number one trading group in one respect and emerging economies in another. The study applied both Johansen cointegration methodology for the long‐run relationship and Granger causality test for the direction of causality for the period of 1979–2018. The study findings confirmed that the growth‐led exports (GLE) hypothesis model is relevant for India, South Africa, and China, while exports‐led growth (ELG) hypothesis model is relevant for both Brazil and Russia. The growth‐led imports (GLI) hypothesis model is relevant for Brazil, India, China, and South Africa, while import‐led growth (ILG) hypothesis model is relevant for Russia. Hence, based on the findings, we confirmed that trade‐led growth hypothesis is valid. Finally, the results show that domestic and global demand contributes to a larger trade; countries that are labor‐abundant generate employment and foster economic growth.     

Donors in transition and the future of development cooperation: What do the data from Brazil,India, China,and South Africa reveal?

How are Development Assistance Committee (DAC) donors evolving their financial flows and aid modalities in response to the growing influence and economic power of Southern BRICS? After presenting the shifting landscape of international development cooperation, we explore five hypotheses about the changing nature of DAC aid allocation patterns and modalities in BRICS countries. In our conclusion, we reflect on the evolution of DAC engagement in Brazil, China, India, and South Africa (BASIC countries) and what it might mean for all official donors. Our assessment is that the changing geopolitical environment for development cooperation is once again privileging economic diplomacy concerns within DAC donors, propelling specific kinds of decisions about the choice of instruments, sectors, and modalities in BASIC countries. It would appear that the administrative practice of foreign aid is increasingly derived from changes within the institutional environment for international development.     

国际气候问题及我国应对之策

2010年底在墨西哥坎昆召开的联合国气候大会,标志着冷战结束以来以国际气候变化为代表的全球环境问题,已经成为影响当前国际安全和国际关系的重大问题。该问题对包括我国在内的广大发展中国家的国家利益和国家安全都有很深的影响。国际气候变化问题的实质是西方利用其话语霸权之优势,阻遏非西方世界过快赶超而精心设计的战略陷阱和圈套,是国际政治斗争与国家利益较量的新型表现形式,其核心是所谓的"气候政治学"。对此,我国应有充分的认识,并积极应对。     

Alternative South–South development collaboration? The role of China in the Coega Special Economic Zone in South Africa

Aid, in the form of financial aid and investment, has become increasingly prevalent in both bilateral and multilateral partnerships in the BRICS. In Africa, the Forum on China–Africa Cooperation provides the official framings for forms of development assistance to the continent, with financial forms of aid available through the New Development Bank and the China–Africa Development Bank (CADFund). This article explores how Chinese international development assistance has influenced South Africa's economic growth and development strategies and is reshaping South Africa as “gateway” to Africa and continental leader. Special economic zones (SEZs) have become a prioritised form of BRICS development collaboration particularly in terms of Chinese trade and investment expansionism into Africa through South Africa. Chinese international development assistance and foreign direct investment in South Africa in particular are very notable and have been strengthened during the Chinese official state visit prior to the Johannesburg BRICS Summit in 2018. The article critically analyses the development policy discourse on BRICS spearheading an alternative model of South–South international cooperation by examining the Coega SEZ in South Africa, hailed as the most SEZ in Africa. The article critically examines the development alternative potential of the Coega SEZ.     

Investigating Ministry Names for Comparative Policy Analysis: Lessons from Energy Governance

This commentary contends that ministry names offer a valuable construct for furthering the state of comparative policy analysis. Using energy governance as an example, this study shows that ministries’ names are stable in some countries but subject to changes in others. Furthermore, there is variation in the ministries’ names over time. Creating or maintaining a ministry that explicitly mentions “energy” is interpreted as signaling enhanced political attention to this issue, whereas removing the referral to “energy” signals the opposite. The names of ministries responsible for energy matters also affect energy policy outputs. Drawing on 43 OECD and BRICS countries, the empirical analysis shows that countries which have ministries in place that mention “energy” together with “economy” in their names are swifter in adopting renewable energy targets. Ministries that mention “economy” along with “climate” and/or “environment” also have an inclination to be faster in adopting such targets, but the coefficients fail to reach conventional levels of statistical significance. Given this finding, it appears worth pursuing this line of research further.     

Dynamics of governance,gross capital formation,and growth: Evidence from Brazil,Russia, India,China, and South Africa

This study investigates the impact of governance index and gross fixed capital formation on the economic growth of Brazil, Russia, India, China and South Africa (BRICS) using annual data from 2002 to 2019. This study employs Fixed Effect Model, Driscoll and Kraay standard error with fixed effect, Fully Modified Ordinary Least Square, Dynamic Ordinary Least Square (DOLS) and Panel Dumitrescu Hurlin Causality test. The study has divided the variables into two models where model I includes the impact of governance index (jointly) on economic growth while model II examines the impact of governance index on economic growth individually. The findings demonstrate that the governance index, gross fixed capital formation, population, control of corruption, and governance effectiveness have a positive and significant impact on economic growth, whereas regulatory quality showed a significant and negative impact on economic growth. Furthermore, regarding the Panel test, we notice the presence of unidirectional causality among the constituent variables. Therefore, this study suggests that the government should encourage economic development in the BRICS countries and move away from outdated ideas and poor institutional quality in favor of a new comprehensive reform to achieve excellent governance, population growth control, labor law changes, and corruption control.     

Towards a stages theory approach to privatization

In analysing the path of optimal sequencing of privatizations by public administrations, it is too simplistic to characterize the process as one in which in the early phase small state-owned enterprises are disposed of and, in the later stage, the larger enterprises. Such a dichotomy fails to capture fully the market failure elements, technological dimensions, sociological imperatives and political constraints that help to determine the choice and timing of enterprises to be privatized. Rather, the privatization experience of the developing and developed countries, including the former centrally planned economies, can be eclectically analysed as traditional, transitional and transformation stages in an almost inexorable movement towards a pure capitalist economy. In the traditional stage, countries have tended to privatize those enterprises for which the private sector has an obvious comparative advantage. In the transitional stage, the privatization programme includes certain important enterprises, which, despite a considerable amount of government subsidy or tariff protection, have performed ‘inefficiently’. In the stage of transformation from a still basically mixed economy to a near pure capitalist economy, there is privatization of the strategic enterprises. Although the stages approach varies between countries, the above-mentioned sequencing allows for more effective cumulative internalization of the learning experience.     

On the Development of Public–Private Partnerships in Transitional Economies: An Explanatory Framework

This article develops a generic framework to explain the environment for public–private partnership (PPP) development in transitional economies. The framework stands on a tripod that includes the market, the operating environment, and the government, each containing several factors that support aspects of PPPs. The authors apply the framework to analyze the results of a multicountry survey in an effort to identify key factors that facilitate PPP development in transition countries. The identified factors are market potential, institutional guarantee, government credibility, financial accessibility, government capacity, consolidated management, and corruption control. The framework and identified factors may serve as effective tools to diagnose and monitor PPP development in a broader array of countries. The framework is applied in analyzing data from four transitional economies and several advanced economies. The efficacy of the framework is further justified by its explanatory power of PPPs’ practicality and is largely confirmed by results from a sensitivity test.     

The empirical relationship between carbon emission and energy use of BRICS nations

In literature, there has been a large number of empirical research to examine the impact of CO2 emission on economic activity popularly known as the Environmental Kuznets curve having an inverted U shape relationship. The increasing environmental problem and environmental degradation are global phenomena due to increasing economic activities. In order to verify this relationship empirically in the context of BRICS nations, the present study intends to investigate the importance of energy use in the estimation of carbon emission while controlling GDP, industry value added and trade openness using Ordinary Least Square (OLS) and Fixed Effect (FE) Models. Our findings have confirmed that the relationship between CO2 emission and GDP confirmed inverted U‐shaped of the EKC. The direction of the relationship between squared LNIVA and LNCO2P further reinforce the inverted U‐shaped EKC. The relationship between LNEU and CO2P also satisfied the inverted U‐shape of the EKC. This may be due to the practice of energy efficiency and energy conservation measures in industrial sectors in BRICS nations. However, BRICS nations should also emphasize renewables and policies need to be aligned accordingly to keep CO2 emission at a lower level so that global warming could be kept to below 1.50°C, which is the target given by Paris Agreements.     

Interrogating sub-Saharan Africa's high economic growth rate and low poverty reduction rate: A poverty paradox?

Sub-Saharan Africa's (SSA) high economic growth coincides with an increase in the level of poverty. In a panel of 40 SSA countries over a 30-year period, while accounting for the potential spillover effect of poverty in the region. The study found that economic growth recorded over the years has not translated to poverty reduction, particularly, in resource-rich economies of SSA. The result also shows that income inequality worsens the effect of economic growth on poverty and that the poverty-reducing effectiveness of growth varies considerably across sectors, across space, and over time. The research findings suggest that governments across the region, particularly, in oil-exporting countries in SSA must diversify the economy away from oil (toward the service sector) to reduce poverty in the region.     

Empirical examination of public debt sustainability in African economies: A panel data analysis

This study intends to investigate public debt sustainability across 29 Sub-Sahara African (SSA) economies, employing various econometric specifications, for the sampled years 1996–2020. The study employs Bohn's (Are stationarity and cointegration restrictions really necessary for the intertemporal budget constraint? Journal of monetary Economics, 54(7), pp.1837–1847.) framework of sustainability as the baseline model to assess public debt sustainability across the sampled Sub-Sahara African economies. As additional tests of public debt sustainability in order to support the baseline findings, the study also employs panel unit root and timeseries unit tests. The baseline findings from the OLS, panel quantile and instrumental panel quantile regressions show that public debt is sustainable across the panel of SSA economies. The positive and statistically significant response of primary balance under the Bohn's framework of sustainability manifest that the intertemporal budget constraint is not violated in the sampled economies. The consistency in the estimates under the OLS, panel quantile and instrumental panel quantile regressions also show that the estimates are robust throughout the estimation process. Also, utilizing the panel unit root test for public debt sustainability, the findings show that public debt is stationary over the sampled years which implies that intertemporal budget constraint holds and that public debt is sustainable across the sampled SSA economies. However, the timeseries analysis indicate that although majority of the SSA economies have sustainable public debt ratios, four countries namely Uganda, Sudan, Togo and Cote d'Ivoire have unsustainable public debt ratios. The study has important policy implications in terms of prudent public debt management and fiscal management for the sampled SSA economies.     

Accelerating Municipal Bond Market Development in Emerging Economies: An Assessment of Strategies and Progress

The advantages of using municipal bonds to finance urban infrastructure are increasingly evident to policymakers in emerging economies, some of whom are undertaking efforts to accelerate the development of municipal bond markets in their countries. Many of these efforts use the strengths of the U.S. municipal market as a guide to suggest the kinds of market characteristics necessary to attract issuers as well as investors to the marketplace. Features of the U.S. market are often difficult to recreate in these countries in the short run, but policymakers are using a variety of innovative techniques to approximate essential market characteristics. This article reviews these efforts in four emerging economies: Indonesia, the Philippines, Poland, and South Africa.     

Inequality in developing economies: the role of institutional development

This paper studies the distributive impact of institutional change in developing countries. In such economies, property rights systems may preserve the interests of an influential minority, who can control key-markets, access to assets and investment opportunities, especially if they enjoy disproportionate political power. We test this hypothesis using cross-section and panel data methods on a sample of low- and middle-income economies from Africa, Asia and Latin America. Results suggest that: (a) increasing property rights protection increases income inequality; (b) this effect is larger in low-democracy environments; (c) some countries have developed political institutions capable of counterbalancing this effect.     

Gender,quality of life,and growth in Asia 1970-90

This paper examines the gender distribution of the benefits of economic growth in several Asian economies from 1970–90. Using Borda rank ordering, we compare the progress made in these countries towards closing the gender gap in well-being. In addition to commonly-used indicators, trends in the ratio of females to males in the population are examined. We explore determinants of changes in this ratio, using regression analysis. The results indicate that gender equity in quality-of-life ratings is highest in those Asian economies that grew the slowest over the period in question. Further, the data indicate that economic growth does not have a significant effect on the female-to-male population ratios for this set of countries. Variables that affect women's bargaining power do, however, have a positive effect on relative female life chances, as does spending on public education.     

Managing creativity: the tensions between commodities and gifts in a digital networked environment

Abstract

In this paper, I critically examine the management of creativity in a digital networked economic and social environment, which broadly comprises high-speed Internet connections and a diverse ecology of devices and other infrastructure. The non-rivalrous and non-excludable characteristics of information, in this environment, pose distinct challenges for the industrial producers of creativity (such as film studios, publishing houses, record labels). The paper uses the case of media and entertainment to pursue two analytical goals. The first is to conceptualize the networked environment as a seedbed for myriad ‘Internet gift economies’, which are broadly defined by decentralized social production and sharing of resources within networks of computer users (or peers). The second is to consider the extent to which Internet gift economies can be regulated in a fashion that incorporates scope for some degree of commodification. I therefore seek to identify potential routes towards more balanced ‘peer-based’ models, which combine the power of Internet gift economies with the ongoing reproduction of industrialized creativity. There is a brief conclusion, where I comment upon the challenges facing the long-term expansion and legalization of Internet gift economies.     

Public opinion towards welfare state reform: The role of political trust and government satisfaction

The traditional welfare state, which emerged as a response to industrialization, is not well equipped to address the challenges of today's post-industrial knowledge economies. Experts and policymakers have therefore called for welfare state readjustment towards a ‘social investment’ model (focusing on human skills and capabilities). Under what conditions are citizens willing to accept such future-oriented reforms? We point at the crucial but hitherto neglected role of citizens’ trust in and satisfaction with government. Trust and satisfaction matter because future-oriented reforms generate uncertainties, risks and costs, which trust and government satisfaction can attenuate. We offer micro-level causal evidence using experiments in a representative survey covering eight European countries and confirm these findings with European Social Survey data for 22 countries. We find that trust and government satisfaction increase reform support and moderate the effects of self-interest and ideological standpoints. These findings have crucial implications not least because they help explain why some countries manage – but others fail – to enact important reforms.     

The politics of mortgage credit expansion in the small coordinated market economies

Abstract

Recent contributions to the comparative political economy literature claim that liberal market economies are vulnerable to asset booms and busts because of financial deregulation, shrinking welfare states and a political ideology emphasising financial self-sufficiency. This article examines the rapid expansion of mortgage lending in three coordinated market economies (CMEs): Denmark, Sweden and the Netherlands. This expansion is puzzling given that all three countries are CMEs with generous welfare states. Yet the pattern of mortgage lending resembles the Anglo-Saxon or liberal market economies (LMEs) more than other CMEs. The article argues that mortgage bubbles in the small CMEs emerged as the unintended outcome of pairing neoliberal programmes to expand home ownership with collectivist housing institutions. This resulted in supply restrictions and rising property values which saddled households with extraordinarily high mortgage debts. In short, mortgage credit bubbles are not unique to Anglo-liberal welfare states and may have different origins.     

Is the EU held accountable for economic performances? Assessing vote and popularity functions before and after membership

The EU has become increasingly responsible for the state of national economies over the last decades. Meanwhile, many observers have claimed that this increased responsibility has not translated into more accountability. In this article, we revisit this literature and analyse vote-popularity functions before and after accession because it provides a situation when the EU is an incumbent and when it is not. Using Eurobarometer surveys from 2001 to 2011, which were carried out in the countries that joined the EU in 2004 and 2007, we first show that individuals do not hold the EU accountable for macroeconomic performances before accession, but that they do after accession. Using European Election Studies surveys, we also indicate that the incumbent European Peoples’ Party is held accountable for the state of the economy in countries that are ruled by the EU, but not in countries that have just become EU members.     

Beyond religious affinity: Malaysia's relations with countries in the Arab Gulf

Abstract

Economic and political changes at the global level have simultaneously shifted Malaysia's interests in the Arab Gulf countries. The economic liberalisation and transformation agenda that emerged in these economies are argued to be contributing factors to Malaysia's interest in expanding its economic relationships with the countries. Although the current cooperation between Malaysia and the Arab Gulf countries is aimed at reaping economic benefits, religious values also constitute an important foundation for these relationships. This article seeks to understand why politics, economics and religion remain the key drivers in determining Malaysia's relations with the Arab Gulf countries. The paper also suggests a future direction for engagement between Malaysia and Gulf Cooperation Council countries.