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Dilip K. Das

growing developing and transition economies effectively reformed and restructured their economies.2 This subset of dynamic developing economies has evolved better than the others and is continuing to do so. Their GDP growth rate has also been much higher than that of the advanced industrial economies. This unprecedented growth performance has dramatically changed the global economic landscape. It caused a gradual shift in global economic power from the advanced industrial economies to a subset of emerging economies of the dynamic South (EEDS), or simply the emerging

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Two Faces of Globalization

Munificent and Malevolent

Dilip K. Das

Like the ancient Roman god Janus, globalization has two faces, one benign and the other malign. In this comprehensive and authoritative book, Dilip K. Das fills a gap in the literature by examining both aspects of the contemporary phase of economic globalization.
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Yoshiyasu Ono

other, through an improvement in the terms of trade. Moreover, in the presence of unemployment a positive tariff seems even more beneficial since it protects an import-competing industry and raises employment. In fact, Choi and Beladi (1993, 1998) assume wage and interest rate rigidities and show that a positive tariff is beneficial even for a small economy. However, in a small-country setting with Harris–Todaro-type urban unemployment caused by fixed urban and flexible rural wages, Chen and Choi (1994) find that a negative tariff benefits the country. This occurs

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Robert P. Flood and Andrew K. Rose

that gives stock price as a weighted function of earnings and dividends and their respective growth rates.3 Versions of equation (6.7) are commonly known as the “Gordon growth model”, after Gordon (1962). We follow MR, and consider a log-linearized version of (6.7), with the interest rate added: pt 5 b0 1 bd dt 1 bdg ln (1 1 gD) 1 bnnt 1 bng ln (1 1 gN) t t 1 bi ln (1 1 it) 1 ut, (6.8) where i represents the interest rate, {b} are a set of coefficients of interest, and lower-case letters are natural logs of their upper-case counterparts.4 In our forecasting analysis

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Junichi Goto

workers gives a dampening effect on the level of the Aging and migration in Japan 213 MVPL, W A W0 W1 B E C 0 Figure 10.2 D F G Labor Cheaper foreign labor effect prevailing wage rate in the host country. So, the host country as a whole can benefit from the cheaper foreign labor. Needless to say, there would be conflicts of interest between employers and workers in the host country, because workers, including native workers, incur a loss from the decline in the wage. Figure 10.2 demonstrates an intuitive reasoning for this effect, that is, cheaper foreign

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David Greenaway and Douglas Nelson

classes of political economy model (Weberian models and interest-group models). Second, we shall consider how well these models account for policy outcomes, both mean and variance, in trade and immigration policies. We conclude that the pattern of successes and failures is difficult to account for within any of the standard political economy frameworks. This will lead us to the third part of the 69 70 Globalization and economic integration chapter in which we propose what, for want of a better label, we call the social values extension of both the Weberian and

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Jennifer Corbett

and workout procedures, competition and free entry, risk pricing undistorted by subsidies or interest rate controls, clearing and settlement Asian financial integration 113 systems, government bond markets and benchmark yields and the promotion of securitization. There is only limited consistent statistical evidence on which of these desiderata actually affect the extent of financial integration. Lane and Milesi-Ferretti (2007) find that financial depth and the size of stock markets have an effect but, tellingly, corporate income tax rates and the introduction of

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Hugo Dobson

approach versus the interpersonal approach, in addition to transactional/strategic leadership – ‘the pursuit of mutual self-interest over the long-term’ (Walker, 2006: 138) – and transformational/moral leadership, which places emphasis on morality in the means and ends of international politics. Important variables influencing leadership might include domestic constraints, nationalism, different perceptions of time, differing levels of operation (unilateral, bilateral and multilateral) and the utilization of formal, informal and proxy channels of diplomacy (McGillivray and

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Neil Renwick

10. Contesting East Asian security leadership: China and the Shanghai Cooperation Organisation Neil Renwick 1. INTRODUCTION Leadership in contemporary global systems is exciting a great deal of interest as the early decades of the twenty-first century appear to be laying the foundations for a major ‘power shift’ in the global political system centred upon a ‘rising’ China. The perception is of an emergent transition from a global system – either ‘unipolar’ or ‘hegemonic’ depending upon theoretical taste – led by the United States to one eventually led by China

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Tomoko Kishi and Noel Gaston

’s dependence on natural resources. We also include data on industry growth rates. As we discuss further below, there is a widespread view that the low growth rates of the 1990s were in large measure responsible for some of the structural changes that took place in the Japanese labor market. These data appear in Table 11A.5. What is immediately obvious is the severity of the recession in the second half of the 1990s as well as the marked differences across industries in growth rates. One might anticipate that the combination of both of these factors would result in