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22. Asia’s Climate Finance Needs & Opportunities: Advancing a Shared Vision
- Author:
- Meera Gopal and Kate Logan
- Publication Date:
- 06-2024
- Content Type:
- Special Report
- Institution:
- Asia Society
- Abstract:
- Asia is home to over half of the world’s population and faces immense challenges from climate change impacts. Despite receiving more climate finance than other regions, Asia's needs far outpace current flows, highlighting the urgency for enhanced transparency and accelerated reforms. “Asia’s Climate Finance Needs & Opportunities: Advancing a Shared Vision” provides a comprehensive analysis of climate finance flows to developing countries in Asia, emphasizing the need for reforms to the global financial architecture. This report, launched by the Asia Society Policy Institute, takes stock of current financial flows, assesses how global financial reforms could enhance these flows, and offers recommendations for moving forward from an Asian perspective. The study highlights Asia's diverse climate finance needs, the role of China’s development finance in the region, and the challenges posed by varying needs across subregions. It underscores the importance of harmonizing data and standards to improve transparency and support equitable distribution of funds. Key recommendations include adopting a “whole-of-economy” approach, repurposing fossil fuel subsidies, and increasing finance for adaptation efforts by tapping into the private sector. These strategies aim to address the unique climate and development needs of Asia and support its transition towards sustainable growth.
- Topic:
- Reform, Climate Finance, Economic Growth, and Transparency
- Political Geography:
- Asia
23. Engaging Gender Equality in the Economic-Productive Sphere
- Author:
- Beatriz Muriel and Daniel Romero
- Publication Date:
- 02-2024
- Content Type:
- Working Paper
- Institution:
- Institute for Advanced Development Studies (INESAD)
- Abstract:
- This study reviews the conceptual framework of the economic-productive sphere and of gender equality, the aim of which is to establish theoretical-practical lines allowing progress in engaging these two spheres. In this context, equality in opportunities and in rights can be harmonized, though equality of “responsibilities, resources and retribution” by gender are more difficult to reconcile. Also, women’s (economic) empowerment – seen as a way of promoting gender equality – possesses a degree of relation with the theory of growth and wellbeing when an individual has the role of consumer, for which “capabilities” are needed for selecting valuable “functionings”. However, when such a woman takes on the role of worker, producer or businesswoman, her seeking of a high level of economic-productive performance does not imply that she is empowered, nor does the latter imply the former; though there may be a positive correlation between the two. On this basis, economic-productive interventions may harmonize with equality of opportunities by gender.
- Topic:
- Economic Growth, Equality, Empowerment, Gender, and Well-Being
- Political Geography:
- Global Focus
24. Still in the Fast Lane? How can EU-CEE Get its Groove Back?
- Author:
- Tomáš Slačík
- Publication Date:
- 09-2024
- Content Type:
- Special Report
- Institution:
- The Vienna Institute for International Economic Studies (WIIW)
- Abstract:
- This report revisits the growth and convergence performance of the 11 EU member states in Central, East and Southeast Europe (EU-CEE11) over the past few decades, examining the underlying drivers, structural changes and the outlook. The review aims to assess the sustainability of the current economic model and identify areas for economic policy to focus on boosting growth. The findings show that convergence has significantly slowed since the global financial crisis, with value added growth declining in virtually all industries. This slowdown is attributed to structural rather than cyclical factors, with total factor productivity (TFP) being the main driver as well as the primary culprit behind the deceleration. Since medium-term growth projections for the region are not optimistic, the EU-CEE11 countries must make substantial efforts to improve their economic models. Key areas to focus on include energy, underutilised labour and improving human capital. While still very competitive, the manufacturing sector needs to move towards higher value added activities.
- Topic:
- European Union, Economic Growth, Trade, Regional Economy, and Convergence
- Political Geography:
- Europe
25. Toward Innovation-driven Growth: Innovation Systems and Policies in EU Member States of Central Eastern Europe
- Author:
- Alexandra Bykova, Viktrória Döme, Richard Grieveson, Francesca Guadagno, and Doris Hanzl-Weiss
- Publication Date:
- 09-2024
- Content Type:
- Special Report
- Institution:
- The Vienna Institute for International Economic Studies (WIIW)
- Abstract:
- This study builds on our previous analyses of a new growth model for the EU member states of Central and Eastern European (CEE), focusing on fostering innovation-driven development. We aim to explain the types of innovation systems and policies that enhance domestic innovation capabilities, drawing on global best practices. A critical evaluation of the current innovation landscape in EU-CEE countries is conducted, particularly in the context of the green and digital transitions. The study assesses the strengths and weaknesses of both national innovation initiatives and opportunities provided by EU industrial and technology policy frameworks. Based on these insights, we offer actionable policy recommendations to promote innovation-driven growth, enhance productivity, and boost economic convergence over the medium term, taking into account the unique political and historical contexts of the EU-CEE countries. Additionally, we prepare country-specific briefing notes tailored to the individual development needs and opportunities of each nation.
- Topic:
- Development, International Trade and Finance, Science and Technology, Economic Growth, Innovation, Economic Competition, and Convergence
- Political Geography:
- Europe, Eastern Europe, and Central Europe
26. Good Governance and Rule of Law Effect on GDP Growth: Lessons for Emerging Economies
- Author:
- Esat A. Durguti, Avni Alidemaj, and Anatolijs Krivins
- Publication Date:
- 04-2024
- Content Type:
- Journal Article
- Journal:
- Journal of Liberty and International Affairs
- Institution:
- Institute for Research and European Studies (IRES)
- Abstract:
- The overall aim of this article is to explore the effect of governance parameters on gross domestic product (GDP) in the 15 countries of the European Union (EU15) as well as the 6 countries of Southeast Europe (SEE6). The research employed the dynamic methodology generalized methods of moments (GMM) to explore the data gathered from the World Bank and the Global Economy database stretching 2000 - 2022, correspondingly 2008 - 2022. Our analyzed result for EU15 confirms that regulatory quality (RQ), government effectiveness (GE), and rule of law (RL) positively influence GDP; instead, control of corruption (CC) negatively influences GDP. The results obtained for SEE6 reveal that GE and CC positively influence GDP, but instead, the RL negatively influences GDP. Additionally, RQ in the SEE6 instance has shown an insignificant influence on GDP. Unfortunately, the study could not cover every country in both panel groups because of data limitations. Regarding the study’s conclusions, increased dedication to applying and undertaking reform measures for the key governance indicators for SEE6 countries would be helpful. These insights may raise the need to create specific mechanisms for the RL and CC. Compared to other research, the novelty and originality of the present research lies in the fact that it used panel data via the dynamic GMM approach to explore the role of improving government quality metrics in GDP.
- Topic:
- Corruption, Governance, GDP, Economic Growth, and Emerging Economies
- Political Geography:
- Global Focus
27. Place-based Policies and Household Wealth in Africa
- Author:
- Matthew Amalitinga Abagna, Cecília Hornok, and Alina Mulyukova
- Publication Date:
- 02-2024
- Content Type:
- Working Paper
- Institution:
- Kiel Institute for the World Economy (IfW)
- Abstract:
- This paper provides empirical evidence on the impact of a prominent place-based policy - Special Economic Zones (SEZs) - on the economic well-being of African households. We compile a novel dataset on repeated cross-sections of households living in various distance bands around SEZs in 10 African countries over the period of 1990 to 2020. Exploiting time variation in SEZ establishment, the estimation yields that households in the vicinity of SEZs become significantly wealthier compared to the national average after SEZs are established. The effect is most pronounced for households within 10 km and decays rapidly with distance. We show that this result is not driven by the residential sorting of wealthier households in SEZ neighbourhoods. The rise in wealth is strongest towards the middle of the wealth distribution and goes hand in hand with increased access to household utilities, higher consumption of durable goods, higher levels of education, and a shift away from agricultural activities - patterns that we interpret as indicative of an urbanization trend and the strengthening of the middle class.
- Topic:
- Migration, Economic Growth, Special Economic Zones, Labor Market, Wealth, Opportunity, and Household Income
- Political Geography:
- Africa
28. Optimal Investments in Africa’s Road Network
- Author:
- Sebastian Krantz
- Publication Date:
- 07-2024
- Content Type:
- Working Paper
- Institution:
- Kiel Institute for the World Economy (IfW)
- Abstract:
- This paper characterizes economically optimal investments into Africa's road network in partial and general equilibrium - based on a detailed topography of the network, road construction costs, frictions in cross-border trading, and economic geography. Drawing from data on 144 million trans-continental routes, it first assesses local and global network efficiency and market access. It then derives a large network connecting 447 cities and 52 ports along the fastest routes, devises an algorithm to propose new links, analyzes the quality of existing links, and estimates link-level construction/upgrading costs. Subsequently, it computes market-access-maximizing investments in partial equilibrium and conducts cost-benefit analysis for individual links and several investment packages. Using a spatial economic model and global optimization over the space of networks, it finally elicits welfare-maximizing investments in spatial equilibrium. Findings imply that cross-border frictions and trade elasticities significantly shape optimal road investments. Reducing frictions yields the greatest benefits, followed by road upgrades and new construction. Sequencing matters, as reduced frictions generally increase investment returns. Returns to upgrading key links are large, even under frictions.
- Topic:
- Emerging Markets, Globalization, International Trade and Finance, Infrastructure, Economic Growth, Investment, and Roads
- Political Geography:
- Africa
29. Reconciling Contrasting Views on the Growth Effect of Currency undervaluations
- Author:
- Cécile Couharde, Carl Grekou, Valérie Mignon, and Florian Morvillier
- Publication Date:
- 05-2024
- Content Type:
- Working Paper
- Institution:
- Centre d'Etudes Prospectives et d'Informations Internationales (CEPII)
- Abstract:
- This paper provides an in-depth analysis of the link between exchange rate misalignments and economic growth for a large sample of 170 countries over the 1973-2019 period. We rely on new cross-country data on multilateral currency misalignments and cross-quantile regressions to demonstrate that the seemingly divergent views of the Washington Consensus and the export-led growth theory on the role of currency undervaluations in promoting economic growth can be reconciled. Although any significant departures from the equilibrium exchange rate levels are found undesirable, we show that undervaluations are more likely to stimulate economic growth in developing countries. However, this positive impact is observed only up to certain thresholds of development level and currency undervaluation. Consequently, strategies in the poorest countries that systematically undervalue currencies in real terms to foster growth should be carefully tailored, as they raise the risk for these economies of switching from a positive to a less favorable growth regime, depending on both their specific wealth level and the extent of their currency undervaluation.
- Topic:
- Economic Growth, Currency, and Undervaluation
- Political Geography:
- Global Focus
30. Xi Jinping’s Quantitative Easing Unlikely to Save Economy
- Author:
- Willy Wo-Lap Lam
- Publication Date:
- 10-2024
- Content Type:
- Journal Article
- Journal:
- China Brief
- Institution:
- The Jamestown Foundation
- Abstract:
- In an apparent U-turn, the People’s Republic of China (PRC) has initiated stimulus policies that have boosted the stock market and are attempting to jump-start key sectors and meet the annual GDP growth target of 5 percent. In the last week of September, the central bank announced a package worth at least 2 trillion Renminbi (RMB; $280 billion), cut the banks’ reserve requirement ratio by 50 basis points, and hinted at further measures. The domestic and international response has been underwhelming, in part because the package leaves the economy even more overleveraged than before. President Xi Jinping’s attempts to enhance the PRC’s global stature, including through a recent ICBM test and by deepening support for Russia’s war in Ukraine and for other countries willing to denounce the United States and the West, will not help the domestic economic woes as they discourage foreign investment.
- Topic:
- Monetary Policy, Economy, Economic Growth, Investment, and Quantitative Easing
- Political Geography:
- China and Asia