{"title":"The Global Economic Impact of COVID-19: Three Possible Scenarios","authors":"Sajjad Hosain, Mohammad Rasel","doi":"10.5937/bizinfo2001031h","DOIUrl":"https://doi.org/10.5937/bizinfo2001031h","url":null,"abstract":"This theoretical paper aims at reviewing and forecasting the possible economic after-impact of COVID-19 worldwide. It is entirely based on published sources such as articles, online and print information (e. g. information published on newspapers, Internet and different TV channels). The long last economic impact this viral outbreak is yet to be known as such dreadful news will possibly show up only after once it slowed down or completely wiped out although some of them have already been visible. In this paper, the author predicts three possible scenarios that the world economy might face. He has also provided some action recommendations for the individual Governments and economic organizations in order to reduce (as such loss cannot be prevented completely) the aftereffects of such deadly catastrophe that shows up once in a century. The paper is expected to assist as a baseline for further research attempts to be made regarding the economic impact of COVID-19 by the academicians and guide the policy makers to make some recovery plans.","PeriodicalId":176067,"journal":{"name":"PSN: Global/International Economic Institutions (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133584531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
H. Yeung, Zhanyl Bekmurzayeva, F. Huang, D. Suleimenova
{"title":"Institutional Development and the Astana International Financial Centre","authors":"H. Yeung, Zhanyl Bekmurzayeva, F. Huang, D. Suleimenova","doi":"10.2139/ssrn.3300104","DOIUrl":"https://doi.org/10.2139/ssrn.3300104","url":null,"abstract":"The Astana International Financial Centre (AIFC) was launched on 1 January 2018. It is envisaged that the AIFC will create an attractive environment for various financial activities. To accomplish this goal, one major feature of the AIFC is that it will operate an independent legal regime based on the Common Law to regulate the legal relationships between market participants. This feature sits well with the belief under the law and finance scholarship that legal institution is essential in financial development, and the Common Law systems are capable of providing superior investor protection. The core structures of this independent regime include the establishment of the Astana Financial Services Authority as the competent regulator. Also, the AIFC Court, independent in their activity and separate from the judicial system of the Republic of Kazakhstan, is established. The AIFC Court have an exclusive jurisdiction in relation to hearing and adjudicating on any disputes between market participants within the AIFC. It is also expected that the Astana International Arbitration Centre will supplement the role of the AIFC Court to provide an alternative dispute settlement solution. This contribution seeks to explore how these institutional arrangements, believed to have drawn on a Dubai model, will serve to support the development of the AIFC.","PeriodicalId":176067,"journal":{"name":"PSN: Global/International Economic Institutions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130419091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Modelling the G20","authors":"Warwick McKibbin, A. Triggs","doi":"10.2139/ssrn.3167666","DOIUrl":"https://doi.org/10.2139/ssrn.3167666","url":null,"abstract":"World leaders have declared the G20 to be the premier forum for economic cooperation. But as its influence and policy agenda has grown, so too has the need to be able to effectively model the G20 and the implications of its policy agenda. The paper introduces the G-Cubed (G20) model: a multi-country, multi-sector, intertemporal general equilibrium model of the G20. The paper gives an overview of the model and highlights its key features through four simulated shocks, all of which relate to the G20’s goal of reducing global current account imbalances: a fiscal shock (reducing the fiscal deficit in the United States), a productivity/fiscal shock (increasing infrastructure investment in Germany), a consumption shock (increasing domestic consumption in China) and the collective impact of all three shocks occurring simultaneously. The results demonstrate that, to be effective, any model of the G20 must reflect the complex trade and financial linkages between countries, the structural differences across G20 economies and the short-term rigidities observed empirically in the data, as well as a high level of disaggregation across economies, markets and sectors. The simulations show that reducing current account imbalances through these policies often comes with a real economic cost. The results also explain some of the shifts in global current account balances observed since 2007.","PeriodicalId":176067,"journal":{"name":"PSN: Global/International Economic Institutions (Topic)","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127558322","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"This Can't Go On – So It Will Stop","authors":"Dan Ciuriak","doi":"10.2139/SSRN.2866973","DOIUrl":"https://doi.org/10.2139/SSRN.2866973","url":null,"abstract":"The current global economic policy regime – the consensus macroeconomic management policy framework, the trade and investment regime, the emerging system of “megaregulation” that seeks to create a seamless framework for the global operations of multinational enterprises, and the international monetary/capital flows regime – has taken us outside the feasible space for social and political stability, not to mention environmental sustainability. To paraphrase Stein’s Law, this can’t go on – so it will stop. This note comments on the features of the economic policy regime that have led to this outcome and suggests how Canada should navigate the potentially turbulent transition to come.","PeriodicalId":176067,"journal":{"name":"PSN: Global/International Economic Institutions (Topic)","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122928605","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
F. Amtenbrink, N. Blokker, S. Bogaert, A. Cuyvers, K. Heine, C. Hillion, Jarosław Kantorowicz, H. Lenk, R. Repasi
{"title":"The European Union's Role in the G20","authors":"F. Amtenbrink, N. Blokker, S. Bogaert, A. Cuyvers, K. Heine, C. Hillion, Jarosław Kantorowicz, H. Lenk, R. Repasi","doi":"10.2139/SSRN.2652133","DOIUrl":"https://doi.org/10.2139/SSRN.2652133","url":null,"abstract":"This paper forms part of a series of nine studies on the role of the European Union in international economic fora, prepared by Policy Department A at the request of the Committee on Economic and Monetary Affairs of the European Parliament. It provides factual background information about the G20, the EU’s role and representation therein, its accountability as well as the coordination and impact thereof. The G20 has played a key role in measure taken to overcome the economic and financial crisis and promoted rules to prevent a repetition of such a crisis. The high compliance rate of the EU in implementing these commitments highlights the importance of the legally non-binding G20 commitments. Yet, the G20 is an informal international body where executives from officials’ up to leaders’ level meet. As a body G20 lacks meaningful accountability mechanisms. Moreover also the EU can hardly be held to account for its action at the G20 level. This study provides an in-depth analysis of the G20 and EU’s action at the G20 level. It sets out the EU legal framework for the participation of the EU and its Member States in the G20. In applying a two-tier accountability framework it identifies accountability gaps and concludes with policy recommendations.","PeriodicalId":176067,"journal":{"name":"PSN: Global/International Economic Institutions (Topic)","volume":"180 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116441834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
D. Helbing, E. Mitleton-Kelly, J. Bouchaud, F. Caccioli, J. Farmer, S. Keen, Katharina Pistor, D. Snower, Olsen Richard, A. Ranaldo, Norbert Häring, E. Fullbrook
{"title":"How to Improve the Financial Architecture and Its Resilience","authors":"D. Helbing, E. Mitleton-Kelly, J. Bouchaud, F. Caccioli, J. Farmer, S. Keen, Katharina Pistor, D. Snower, Olsen Richard, A. Ranaldo, Norbert Häring, E. Fullbrook","doi":"10.2139/ssrn.2449874","DOIUrl":"https://doi.org/10.2139/ssrn.2449874","url":null,"abstract":"This financial resilience survey was circulated on behalf of a working group of the Complexity Council of the World Economic Forum comprised of Prof. Eve Mitleton-Kelly of London School of Economics and Prof. Dirk Helbing at ETH Zurich's Risk Center. It was sent to a few dozens of financial experts with the aim to create an inventory of ideas of how the financial system might be improved and made more resilient. Unconventional ideas were also welcome.","PeriodicalId":176067,"journal":{"name":"PSN: Global/International Economic Institutions (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129064536","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"EU Eastern Enlargement: Economic Effects on New Members 2000-2012","authors":"M. Jovanović, J. Damnjanovic","doi":"10.11130/JEI.2014.29.2.210","DOIUrl":"https://doi.org/10.11130/JEI.2014.29.2.210","url":null,"abstract":"The European Union (EU) has a splendid record concerning enlargement. Judging by the increasing number of EU member countries, enlargement has been the most successful EU policy ever. The economic side of its eastern enlargement is, however, a hybrid bag of effects for the EU’s eastern countries because membership in the EU is not a tide that lifts all boats. This article, as a statistical primer, provides consistent data for the period 2000~2012. Majority of data is from Eurostat, where the data on eastern EU member countries are scattered around in various parts of Eurostat database. In the effort to present the data in a consolidated and straightfoward way to reveal the real economic effects on enlargement on the new EU member countries, we took the task","PeriodicalId":176067,"journal":{"name":"PSN: Global/International Economic Institutions (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114387602","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The G20's Performance in Global Financial Regulation","authors":"Ross P. Buckley","doi":"10.4225/50/583F57B41E896","DOIUrl":"https://doi.org/10.4225/50/583F57B41E896","url":null,"abstract":"This article assesses the performance of the G20 since the Global Financial Crisis by analysing the regulatory measures it has called for and their current stage of implementation. It then proceeds to consider the changes in the global financial system in the past 40 years and seeks to assess how adequate the G20’s measures have been as a response to these fundamental systemic changes. The article concludes that the G20 has met the first challenge far better than it has the second, and goes on to propose four measures that would be appropriately responsive to the massive systemic changes of the past 40 years.","PeriodicalId":176067,"journal":{"name":"PSN: Global/International Economic Institutions (Topic)","volume":"463 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133003075","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Crowd Capital in Governance Contexts","authors":"John Prpic, Prashant P. Shukla","doi":"10.31235/osf.io/d9jua","DOIUrl":"https://doi.org/10.31235/osf.io/d9jua","url":null,"abstract":"To begin to understand the implications of the implementation of IT-mediated Crowds for Politics and Policy purposes, this research builds the first-known dataset of IT-mediated Crowd applications ...","PeriodicalId":176067,"journal":{"name":"PSN: Global/International Economic Institutions (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116419666","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Is There a Bias in Sovereign Ratings Due to Financial Reasons?","authors":"Hasan Doluca","doi":"10.2139/ssrn.2397237","DOIUrl":"https://doi.org/10.2139/ssrn.2397237","url":null,"abstract":"There exist different kinds of biases in sovereign ratings. In this paper we analyze one of the possible rating biases, i.e. we examine if rating agencies may have the incentive to rate countries where they earn more money better compared to countries where they earn less (profit maximizing bias). This paper finds no empirical evidence of profit maximizing bias on the level of sovereign ratings: In the rating process for countries the reputational concerns seem to dominate over financial interests. To our knowledge, this paper is the first analysis examining the issue of profit maximizing bias on the sovereign level.","PeriodicalId":176067,"journal":{"name":"PSN: Global/International Economic Institutions (Topic)","volume":"24 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121003347","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}