Global Market Integration Research Articles

The Impact of Innovation on the Growth of Economic Competitiveness in Uzbekistan

In an era of rapid technological advancement and global market integration, innovation has become a critical driver of economic competitiveness. This paper explores the impact of innovation on the growth of economic competitiveness in Uzbekistan, a country strategically positioned in Central Asia with significant economic potential. The study reviews existing literature, government reports, and industry analyses to understand how innovative practices contribute to enhancing productivity, market expansion, and overall economic resilience. Data were collected from peer-reviewed academic databases, including Scopus, Emerald and Web of Science, as well as from government and international organization reports. The findings indicate that while Uzbekistan has made considerable progress in fostering innovation, several challenges, including economic and institutional barriers, reliance on fossil fuels, and gaps in technical expertise, persist. The paper offers strategic recommendations to address these challenges, emphasizing the importance of increased R&D investments, diversification of energy sources, building technical capacity, strengthening the regulatory framework, and promoting international collaboration. These measures are essential for leveraging innovation to achieve sustainable economic growth and improve Uzbekistan’s global competitiveness.

Trade can buffer climate-induced risks and volatilities in crop supply

Abstract Climate change is intensifying the frequency and severity of extreme events, posing challenges to food security. Corn, a staple crop for billions, is particularly vulnerable to heat stress, a primary driver of yield variability. While many studies have examined climate impact on average corn yields, little attention has been given to the climate impact on production volatility. This study investigates the future volatility and risks associated with global corn supply under climate change, evaluating the potential benefits of two key adaptation strategies: irrigation and market integration. A statistical model is employed to estimate corn yield response to heat stress and utilize NEX-GDDP-CMIP6 climate data to project future production volatility and risks of substantial yield losses. Three metrics are introduced to quantify these risks: Sigma (σ), the standard deviation of year-on-year yield change, which reflects overall yield volatility; Rho (ρ), the risk of substantial loss, defined as the probability of yield falling below a critical threshold; and Beta (β), a relative risk coefficient that captures the volatility of a region's corn production compared to the globally integrated market. The analysis reveals a concerning trend of increasing year-on-year yield volatility (σ) across most regions and climate models. This volatility increase is significant for key corn-producing regions like Brazil and the United States. While irrigated corn production exhibits a smaller rise in volatility, suggesting irrigation as a potential buffer against climate change impacts, it is not a sustainable option as it can cause groundwater depletion. On the other hand, global market integration reduces overall volatility and market risks significantly with less sustainability concerns. These findings highlight the importance of a multidimensional approach to adaptation in the food sector. While irrigation can benefit individual farmers, promoting global market integration offers a broader solution for fostering resilience and sustainability across the entire food system.

A Comprehensive Review of Theories, Methods, and Techniques for Bottleneck Identification and Management in Manufacturing Systems

With the advancement in global market integration, manufacturing enterprises face increasingly fierce competition, making the development of intelligent manufacturing systems a key factor in enhancing market competitiveness. However, manufacturing systems are characterized by varying characteristics of manufacturing resources and strong interdependencies, which make production control more complex. A bottleneck refers to the issue where the manufacturing system’s actual production capacity is less than or equal to the demand placed on a resource. After extensive research, scholars have concluded that the definition, identification methods, and related studies on bottlenecks are not fixed but depend on the specific research subject and the type of bottleneck. Therefore, scholars suggest that only by accurately defining the bottlenecks within a system can appropriate models be employed for prediction, thereby avoiding issues such as inefficient resource allocation and delivery delays, or implementing measures to minimize these negative impacts. Particularly under unstable production conditions, dynamic bottlenecks are likely to occur, making the prediction and identification of bottlenecks under dynamic environmental conditions crucial. Currently, there is still a lack of research in real-time state sensing and integration, as well as a lack of systematic review of related research. To fill this research gap, this review comprehensively introduces the current state and achievements in bottleneck research within manufacturing systems, focusing on bottleneck categories, identification, shifting, and management. It also provides an outlook on future research trends and directions in the study of manufacturing system bottlenecks.

Explaining the emergence of land-use frontiers.

Land-use expansion is linked to major sustainability concerns including climate change, food security and biodiversity loss. This expansion is largely concentrated in so-called 'frontiers', defined here as places experiencing marked transformations owing to rapid resource exploitation. Understanding the mechanisms shaping these frontiers is crucial for sustainability. Previous work focused mainly on explaining how active frontiers advance, in particular, into tropical forests. Comparatively, our understanding of how frontiers emerge in territories considered marginal in terms of agricultural productivity and global market integration remains weak. We synthesize conceptual tools explaining resource and land-use frontiers, including theories of land rent and agglomeration economies, of frontiers as successive waves, spaces of territorialization, friction and opportunities, anticipation and expectation. We then propose a new theory of frontier emergence, which identifies exogenous pushes, legacies of past waves and actors' anticipations as key mechanisms by which frontiers emerge. Processes of differential rent creation and capture and the built-up of agglomeration economies then constitute key mechanisms sustaining active frontiers. Finally, we discuss five implications for the governance of frontiers for sustainability. Our theory focuses on agriculture and deforestation frontiers in the tropics but can be inspirational for other frontier processes including for extractive resources, such as minerals.

A Study on Migrated Silk Entrepreneurs for Economic Impact with Special Reference to Kancheepuram

This research paper delves into the economic impacts of migrated silk entrepreneurs in Kancheepuram, a region synonymous with silk production in India. The study's primary objective is to uncover the contributions, challenges, and opportunities that migrated entrepreneurs bring to the traditional silk industry and to assess their role in the economic development of Kancheepuram. Employing a qualitative research design, the methodology hinges on semi-structured interviews with 30 migrated silk entrepreneurs, analysed through thematic analysis using NVivo 12 to identify recurring themes. Key findings reveal that migrated entrepreneurs significantly contribute to job creation, innovation, and market expansion in Kancheepuram's silk industry. They face considerable challenges, including market competition, access to capital, and regulatory hurdles, yet identify notable opportunities in technological advancements, sustainability, and global market integration. The study fills a crucial gap in the literature by offering detailed insights into the complex dynamics between migration, entrepreneurship, and economic development in a traditional industry context. The implications of this research are manifold, highlighting the need for supportive policy frameworks that recognize the unique needs and potential of entrepreneurs in traditional sectors. Furthermore, it underscores the importance of fostering an environment conducive to innovation and sustainability, thereby enhancing the global competitiveness of traditional industries like silk production.

Cross-border Asset Allocation Strategies and Global Capital Market Integration

This paper explores cross-border asset allocation strategies and their application in the context of global capital market integration. It analyzes the key elements in practical operations, including asset selection, diversification, currency risk management, regulatory and tax considerations, market entry and exit strategies, and the use of information technology and data analysis. The sources of risk and return in cross-border asset allocation are evaluated, and corresponding risk management strategies are proposed. Additionally, the driving forces behind global capital market integration, such as technological progress, the rise of institutional investors, and strengthened international economic cooperation, are discussed. A comprehensive analysis is provided on how to optimize cross-border asset allocation strategies to achieve the optimal balance between returns and risks in the context of global capital market integration.

Capital market manipulation and regulatory compliance – a bibliometric analysis of scholarly research in the post-2000 era

Purpose The purpose of this paper is to systematically analyze the literature around regulatory compliance and market manipulation in capital markets through the use of bibliometrics and propose future research directions. Under the domain of capital markets, this theme is a niche area of research where greater academic investigations are required. Most of the research is fragmented and limited to a few conventional aspects only. To address this gap, this study engages in a large-scale systematic literature review approach to collect and analyze the research corpus in the post-2000 era. Design/methodology/approach The big data corpus comprising research articles has been extracted from the scientific Scopus database and analyzed using the VoSviewer application. The literature around the subject has been presented using bibliometrics to give useful insights on the most popular research work and articles, top contributing journals, authors, institutions and countries leading to identification of gaps and potential research areas. Findings Based on the review, this study concludes that, even in an era of global market integration and disruptive technological advancements, many important aspects of this subject remain significantly underexplored. Over the past two decades, research has lagged behind the evolution of capital market crime and market regulations. Finally, based on the findings, the study suggests important future research directions as well as a few research questions. This includes market manipulation, market regulations and new-age technologies, all of which could be very useful to researchers in this field and generate key inputs for stock market regulators. Research limitations/implications The limitation of this research is that it is based on Scopus database so the possibility of omission of some literature cannot be completely ruled out. More advanced machine learning techniques could be applied to decode the finer aspects of the studies undertaken so far. Practical implications Increased integration among global markets, fast-paced technological disruptions and complexity of financial crimes in stock markets have put immense pressure on market regulators. As economies and equity markets evolve, good research investigations can aid in a better understanding of market manipulation and regulatory compliance. The proposed research directions will be very useful to researchers in this field as well as generate key inputs for stock market regulators to deal with market misbehavior. Originality/value This study has adopted a period-wise broad-based scientific approach to identify some of the most pertinent gaps in the subject and has proposed practical areas of study to strengthen the literature in the said field.

The role of related variety and exporting on a firm’s labour productivity in pollution-intensive industries in China

ABSTRACT This study investigates the influence of regional industrial variety and export activities on labour productivity in China’s pollution-intensive manufacturing sectors from 2003 to 2009. Analysing data from 345,654 firms, we discover that regional related variety significantly boosts labour productivity. Moreover, this study reveals that firms with a higher export ratio experience an amplified benefit from the related variety on labour productivity. Our findings suggest the need for comprehensive policies that balance economic growth with environmental sustainability, emphasizing the nuanced role of industrial variety and global market integration in shaping productive efficiency.

The urban political ecology of antimicrobial resistance: A critical lens on integrative governance

The objective of this paper is to integrate Urban Political Ecology (UPE) as a theory for identifying under-exposed urban dimensions of Antimicrobial Resistance (AMR). A UPE lens allows us to conceptualize urbanization as a ubiquitous socio-ecological process and an interpretive frame that could inform AMR governance strategies across related contexts by: a) situating AMR risks in relation to urbanization processes shaping social and political co-determinants of such systemic threats as climate change; b) aligning UPE scholarship with One Health (OH) approaches that address AMR to reveal the under-exposed link of AMR to environmental threats and broader structural dimensions that influence these threats; and c) identifying shared AMR and environmental governance pathways that inform the rationale for more equitable governance arrangements. We delineate a context in which the speed and scale of human activity in the larger context of urbanization, driven by global market integration strategies, impacts human-animal-environmental health threats such as AMR. We demonstrate how UPE scholarship can be leveraged to offer theoretical depth to approaches considering the interdependencies of AMR and climate change threats. We then propose a strategic approach focused on identifying shared governance pathways and intersectoral accountability frameworks to address upstream structural drivers of AM-Environmental threats. The co-benefits of a UPE-informed framework to human-animal-environmental health that leverages enabling policy environments to foster a more collaborative, equitable and sustainable approach to address systemic global health threats are clarified. Just as the concept of “health in all policies” emphasized taking health implications into account in all public policy development, the integration of UPE in AMR governance arrangements would emphasize the need to take other sectors into account through an intersectoral whole-of-government approach that fosters shared AMR - climate change governance pathways.

Entrepreneurial innovations and trends: A global review: Examining emerging trends, challenges, and opportunities in the field of entrepreneurship, with a focus on how technology and globalization are shaping new business ventures

This scholarly inquiry delves into the intricate dynamics of entrepreneurship in the global economy, focusing on the pivotal roles of technological advancements and globalization. The study's primary aim is to unravel the complexities and evolving nature of entrepreneurial success in the 21st century, examining how technology and global integration shape new business ventures. Employing a qualitative and theoretical approach, the research methodically synthesizes a wide array of literature, offering a comprehensive analysis of the current entrepreneurial landscape. The findings of the study reveal a multifaceted entrepreneurial ecosystem, significantly influenced by digital transformation and global market integration. It highlights the emergence of social entrepreneurship and the critical role of technological innovations in developing new business models. The research also uncovers the dual nature of globalization, presenting both opportunities and challenges for entrepreneurs. A sector-specific analysis further elucidates the variations in entrepreneurial growth and decline, emphasizing the significance of geographic factors in entrepreneurial outcomes. Conclusively, the study underscores the necessity for entrepreneurs to adapt to rapidly changing business environments, advocating for strategic innovation and adaptability as essential tools for sustainability and growth. It posits that the future of entrepreneurship will be characterized by increased digitalization, innovation, and a focus on sustainable and inclusive growth. Policy implications suggest the need for inclusive, technology-integrated strategies to support entrepreneurial ventures. Recommendations for future entrepreneurs centre on embracing digitalization, fostering an innovative mindset, and leveraging global opportunities while navigating associated challenges.

Global Financial Market Integration: A Literature Survey

This article undertakes a literature review on the topic of market integration, covering over 380 articles from the 1980s to 2024. The review consists of a qualitative analysis for context and a quantitative analysis for content, identifying key research streams and proposing directions for future research. I have identified six research groups: (1) market segmentation, (2) portfolio diversification, (3) market integration evidence from developed and emerging markets, (4) spillovers and linkages, (5) economic market integration, and (6) financial market integration and volatility. The literature focuses on market integration; it aims to answer the following questions: (1) What is the scope of market integration research? (2) What are the direct influences of market integration looking at top journals and authors and characteristics of most studied and cited topics? (3) What are the past and recent topics studied within the area of market integration? (4) What are the potential future research questions to explore in market integration? The topic of market integration has been controversial in many studies, as seen in policy decision-making, investments, and other related areas; this literature will provide great benefit for such an audience.

Empirical evidence of the financial development and economic growth nexus in sub-Saharan Africa (1995–2022): an index approach

PurposeThis research empirically investigates the evidence of the financial development and economic growth nexus in sub-Saharan Africa from 1995 to 2022.Design/methodology/approachA series of preliminary tests are conducted before using the two-stage estimated generalized least squares and robust least squares methods for the analysis. Two indices are constructed to measure financial development: one for the banking sector indicators and another for the market-based indicators (Ustarz and Fanta, 2021).FindingsThe results indicate that the banking sector index significantly impacts the gross domestic product (GDP) per capita positively. The market sector index has a negatively significant effect on the GDP per capita. Government expenditure has a positive impact on the GDP per capita.Research limitations/implicationsPolicymakers in sub-Saharan Africa should improve and implement finance–growth inclusive strategies that promote financial reforms and development to efficiently impact all population sectors. Policymakers should take stringent measures to ensure that the banking sector's development is sustainable to lead economic growth. The governments should strategize and promote capital market development using favorable listing rules for companies in the stock markets. Global stock market integration should be encouraged to diversify risks, increase public awareness, raise investors' confidence level and reduce stock market impediments like high taxes and regulatory barriers.Originality/valuePrevious study findings on the financial development and economic growth nexus are inconclusive and debatable. This study employs the financial development index approach.

Trade and Climate Mitigation Interactions Create Agro‐Economic Opportunities With Social and Environmental Trade‐Offs in Latin America and the Caribbean

AbstractThe Latin America and the Caribbean (LAC) region plays key roles in both meeting global agricultural demands and maintaining carbon sinks due to its abundant land and water resources. In this study we use the Global Change Analysis Model to evaluate the opportunities and challenges posed by two global‐scale drivers: agricultural market integration (i.e., reduction of trade barriers) and land‐based climate mitigation policy. We evaluate their potential individual and combined impacts on agricultural production and trade revenues across LAC's economies through mid‐century, as well as the resulting impacts on agricultural consumers and integrated land‐water‐climate systems across LAC's diverse sub‐regions. Increased global market integration results in increased agricultural production and trade revenues for many LAC economies, driven by their evolving comparative advantages. Climate mitigation measures on CO2 and non‐CO2 greenhouse gases increase revenues due to increased agricultural prices from land competition and emissions abatement. The combined outcomes from both drivers are complex and sometimes non‐linear, highlighting the importance of understanding the interactions between multiple drivers. Our results show that increased agricultural production and trade opportunities, from either of the two drivers, pose significant trade‐offs that require careful multi‐sectoral planning, such as emissions reduction challenges, potential loss of livestock production when pursuing land‐based climate mitigation strategies, increased consumer expenditures, and changes in land‐use or water withdrawals, resulting in deforestation or water scarcity pressures. There is considerable heterogeneity in economic and environmental outcomes across LAC sub‐regions and agricultural commodities, illustrating the value of considering outcomes at finer scales.

Another history of global financial markets: Local stock market integration since 1913 from a network perspective

AbstractWe examine local and global equity market integration since 1900 using network methods. The analysis uncovers a new stylised fact about equity market integration over the past 120 years. Local equity market integration generally increases over the entire sample period. This finding is at odds with much of the existing literature that describes long‐run market integration as following a U‐shape pattern. Global stock market integration peaks in 1913 followed by disintegration during the Great Depression and Bretton Woods periods. Then it rebounds and achieves the highest level of integration during the recent period of globalisation that began in the early 1970s. We argue that this U‐shape pattern is the by‐product of the interaction of the network effects of the monotonic decrease in local distances (decrease in information costs, accelerated in the past decades) and network connectivity (which varies inversely with the control over international financial transactions).

Volatility spillover and hedging strategies between the European carbon emissions and energy markets

Much attention has been paid to the complex risk transmission between carbon and energy markets along with the increasing global financial market integration. This research thus uses the DCC-MVGARCH model and spillover index method to investigate volatility linkages between the European carbon emissions and energy markets. The results make it clear that there are indeed volatility correlations and bidirectional spillover effects for the above two markets. In particular, the volatility correlations and the spillover index dramatically change when global economic turbulence and political events occur. Apart from the strongest volatility correlation between coal and carbon markets, the volatility spillover effect from the renewable energy market to the carbon market is gradually increasing. The role of the carbon market is also changing: the net information recipient becomes a transmitter from phase II to phase IV. Therefore, our findings provide investors with flexible portfolio strategies by making full use of dynamic volatility linkages between the two markets. This research also gives a decision-making basis for market regulators to improve the carbon market's risk management mechanism. It means that regulators should pay close attention to potential market risk sources. Further policy recommendations are put forward in the conclusion section.

The Dynamics of the Chinese and Global Crude Oil Market Integration: Evidence From a DCC-MIDAS Model

This paper studies the correlation between Chinese crude oil futures and international benchmarks using DCC-MIDAS models. We find that the correlation between the Chinese and international crude oil markets heightened during the COVID-19 outbreak and peaked in June 2020. As the intensity of the pandemic in China weakened, the oil market correlation weakened as well. However, as international oil prices increased from October 2021 afterwards, the oil market correlation heightened.

Southern Cone Student Movements and Capitalist Development in The Late 1800s and Early 1900s: A "New Social Movement Theory" Approach

This paper explores the “new social movement” features of the Argentinean, Chilean, and Uruguayan student movements of the late 1800s and early 1900s. In doing so, it wrestles with two questions. First, why do such features, widely associated with post-industrial societies, appear at this relatively early stage of capitalist development? Second, what does their presence at that time suggest about the explanatory power of new social movement theory? The paper agrees with new social movement theorists’ contention that capitalism shapes the character of social movements but argues that the focus of the analysis should not be on development stages but rather on the impact of rapid global market integration processes, which have occurred at different times since the rise of capitalism. Such an approach illuminates why capitalist development may yield similar collective action patterns across different historical periods.

Equity market integration in emerging economies: a network visualization approach

PurposeThe authors examine network features such as connectivity, centrality, adjacency matrices, closeness and betweenness measures through a variety of indicators. The results of the study indicate that over time there is a tendency for markets to integrate and segment due to various factors such as pandemics, financial crises, global trade relations and international investments.Design/methodology/approachThis paper employs a visualized network technique to study the dynamics of integration and comovements in global equity markets of emerging economies. Daily closing prices of stock market indices of 24 countries from January 2013 to July 2020 are used to construct a minimum spanning tree network (MSTN) and graph network (GN).FindingsThe authors identify India and China as global power hubs and clusters among the emerging economies. India and Bangladesh serve as bridging countries connecting to various other clusters. Bosnia serves as a center in the European region owing to Bosnia's trade relations with neighboring countries. Although Brazil has witnessed the worst recession in the early years of the decade, Brazil has risen to be a central cluster among the Latin American countries. Finally, the authors find that African countries tend to form links with the rest of the world rather than with economies within the Africa continent.Originality/valueThis is the pioneering study that uses network models such as MSTN and GN supplemented with measures of centrality and connectivity to study financial market integration in emerging countries. Against this backdrop, this paper aims to work on a network visualization strategy to examine global stock market integration. The authors also try to use graphs and the spanning trees instead of the correlation models to understand the association between the markets, avoiding the downsides of the existing models. The authors' approach tries to visualize the network integration to examine the interconnectedness in the global stock market.

Why is sub‐Saharan Africa an attractive destination to foreign land grabbers? Evidence from country characteristics

AbstractInvestments in large‐scale land acquisition by foreigners, also referred to as land grabbing, are crucial to sub‐Saharan Africa's development. Land acquisition investments have attracted considerable attention in global development circles due to their potential positive (e.g., technology transfer, employment creation, infrastructure improvement, and global market integration) and negative (e.g., environmental degradation, food insecurity, displacement, and loss of livelihoods) impacts. The factors making land investments attractive to foreign investors are unclear. This paper examines country characteristics associated with land acquisitions in 20 sub‐Saharan African countries to provoke evidence‐based discussion. The paper estimates regression models of land acquisitions using country‐level data from 2010 to 2019 on demographic and economic conditions, natural resources, business practices and governance. The results reveal that the availability of land and water, corruption, days required to start a business, government effectiveness, cost of business startup and political stability are critical determinants of land acquisition investments in sub‐Saharan Africa. The paper recommends that African governments should: (1) strengthen regulatory frameworks on foreign direct investment in land; (2) scrutinize investors' business models, technical experience and knowledge of local culture; (3) undertake rigorous environmental and social impact assessments (ESIA) to weigh the long‐term cost‐benefits of LASLA projects; and (4) conduct transparent contract negotiations, taking political and economic power imbalances between parties into consideration.

Indian SMEs in Global Value Chains: Status, Issues and Way Forward

Small and medium enterprises (SMEs) account for bulk of the enterprises in most countries and play a crucial role in global value chains (GVCs). In India, micro, small and medium enterprises (MSMEs) constitute around 30% of the gross domestic product (GDP), accounts for 50% of exports and a major share in employment. Under the Aatmanirbhar Bharat Abhiyan, the Central government intends to enhance the share of MSMEs in exports to 60% in the next 5 years. The government also plans to increase the contribution of the MSMEs to 40% of the GDP. In this context, this article examines how effective the government policies have been in the past 10 years to help Indian MSMEs integrate in the GVCs. It first presents an overview of the MSMEs in India, focusing on their exports and global market integration. It then examines the schemes and policies of the Ministry of Micro, Small and Medium Enterprises, and provides an empirical estimation (2000–2001 to 2020–2021) of the impact of government schemes/programmes on MSMEs integration in the GVCs. Based on key informant interviews, it identified the core issues faced by the MSMEs and makes recommendation on how to address them, so that, the targets set by the government for enhancing the contribution of the sector to GDP and exports can be achieved. JEL Codes: F10, G28, O10, O20, O57