Policy Interest Research Articles

Global Value Chain Disruptions and Firm Survival During COVID-19: An Empirical Investigation

ABSTRACT Despite the rapid acceleration of countries participating in global value chains (GVCs) over the last three decades, global GVC participation rates have plateaued since the global financial crisis (GFC) and worsened with the onset of the coronavirus (COVID-19) pandemic. As countries around the world emerge from the shadows of the pandemic, there is growing academic and policy interest in deciphering how they should build effective strategies that facilitate firm survival, especially viewed from the lens of resilience and robustness. In this paper, we propose to make a two-fold contribution to this growing literature: First, we undertake a comprehensive firm-level investigation—in a cross-country setting—to ascertain whether firms engaged in GVCs relative to those that are not exhibited better survival instincts during the COVID-19 pandemic. Second, we uncover the heterogeneity of the shock across sectors and industries, considering the varied sectoral/industrial exposure to the pandemic. We document that GVC firms showcased greater robustness and resilience during the pandemic relative to other firms, while also highlighting the significant variations in the degrees of resilience and robustness by industry.

Motivating book reading during adolescence: qualitative insights from adolescents

ABSTRACT Background Research demonstrates a wide range of benefits associated with reading books, from academic and cognitive to social and emotional. Reading motivation has been shown to drive the volitional reading of books; however, international research consistently demonstrates a global decline in reading motivation from childhood to adolescence. As a result, there is considerable research, policy and practice interest in understanding how to increase adolescents’ volitional reading. To date, very little research has centred on adolescents’ views within this exploration. Purpose Through collaboration with a Young People’s Advisory Panel (YPAP) of young people aged 13–15, and a national literacy organisation, this study sought to identify adolescents’ views on factors which would increase their volitional book reading. Research questions were: (1) What factors do adolescents perceive as their reasons for reading or not reading? and (2) How can we inspire and sustain book reading motivation and engagement in adolescence? Methods Working with six members of the YPAP, adult- and peer-led semi-structured interviews were carried out with 46 adolescents aged 13–15, 30 of whom were female and 16 male, from six geographically dispersed high schools in Scotland, United Kingdom (UK). Data were analysed using an inductive data-driven thematic process, with findings interpreted in collaboration with the YPAP. Findings Factors which adolescents reported would motivate volitional book reading included (1) Access to quality books aligned with their interests; (2) Knowledge and skills to choose books aligned with their interests; (3) Autonomy over reading choices; (4) Reading promotion messaging which resonated with them and their ways of communicating; (5) Social reading practices which were personally enjoyable, meaningful, and enriching; and (6) Quality space and time to foster and sustain book reading practices. Conclusions This study extends current understanding of the factors that could motivate adolescents’ volitional reading. It offers researchers, policymakers, and educators novel insights into adolescents’ perspectives, which may support continued efforts to increase adolescents’ reading motivation and engagement.

Stock Market Interest Rate Fluctuation and Its Influencing Factors

The stock market is an indispensable part of the financial market, and the fluctuation of interest rate in the stock market is also a common and important phenomenon in the financial market, which is unpredictable, complex and elusive. This paper examines the impact of interest rate fluctuations on the stock market and its influencing factors. The research results are as follows: The impact of such interest rate fluctuations on the stock market can be reflected in indirect influencing factors such as corporate financing costs and investors' investment preferences. Changes in intermediate factors caused by interest rate fluctuations largely determine the rise and fall of stock prices, thus forming a closed loop and once again having the same or different impacts on stock market investors and all walks of life. As an important factor in the financial market, the change of interest rate is also affected by various indicators, such as interest rate policy and inflation.

Empirical similarity for revealing the US interest rate policy: modeling case-based decisions of the FOMC

Abstract We model the Fed’s decisions about interest rate adjustments via the flexible nonlinear empirical similarity (ES) concept which relies on ideas of case-based reasoning particularly suitable for decision making under uncertainty. We postulate that the Fed’s adjustment decision in a given situation should be close to those in similar economic situations. We evaluate the empirical fit of the ES concept in comparison with the linear reaction function related to the Taylor rule for the period from 1987 till 2008. We identify and analyze critical time points particularly for those Fed decisions which were conducted in rather uncertain economic environments.

Peer reviewers’ conflicts of interest in biomedical research: scoping review

BackgroundPeer review may improve the quality of research manuscripts and aid in editorial decisions, but reviewers can have conflicts of interest that impact on their recommendations.ObjectivesThe objective was to systematically...

Dr. Joan Venes: A Pioneer of Pediatric Neurosurgery.

Dr. Joan Venes (1935-2010) is a well-respected pioneer of pediatric neurosurgery. She was the third board-certified female neurosurgeon in the United States and was the first female neurosurgery resident to be accepted by her residency program at Yale University. She was the recipient of numerous awards, including the prestigious Van Wagenen Fellowship, which sparked her interest in furthering research around pediatric intracranial pressure monitoring. Throughout her career, Dr. Venes was a prolific researcher, publishing extensively on pediatric shunts, procedural techniques, and the use of technology in pediatric neurosurgery. She was one of the founding members of the American Society of Pediatric Neurosurgeons and the first female chairman of the Pediatric Section of the American Association of Neurological Surgeons and Congress of Neurological Surgeons. In the latter half of her career, Dr. Venes developed a strong interest in health policy, becoming a Pew Fellow in Health Policy at the University of Michigan and, subsequently, a Robert Wood Johnson Foundation Health Policy Fellow. Her leadership and mentorship laid the groundwork for an exponential increase of female neurosurgeons and her research continues to be impactful today.

The Role of Monetary and Fiscal Policies in Ensuring Financial Stability

This study examines the effects of monetary and fiscal policies on financial stability in the Turkish economy for the period 2005Q1-2024Q1. For this purpose, a comprehensive Macro-Financial Stability Index reflecting the changes in the financial stability of the Turkish economy is calculated. Monetary policy interest rate and tax revenue data were used as monetary and fiscal policy variables, respectively. According to the results of the Autoregressive Distributed-Lag (ARDL) model, it is seen that increases in policy interest rates negatively affect financial stability in the short and long term. It is determined that the increase in tax revenues has negative effects on financial stability in the short term and a positive impact in the long term. Sudden and sharp increases in interest rates can disrupt financial stability in the short term. Increasing tax revenues will help sustain public debt and finance public expenditures. Policymakers can maintain financial stability by carefully managing interest rates and tax policies.

Perceptions of stakeholders on the use of a simplified, combined protocol for treatment of acute malnutrition in Central African Republic.

Treatment of acute malnutrition requires novel approaches to improve coverage, reduce costs and improve the efficiency of standard protocols that separate the management of moderate acute malnutrition (MAM) and severe acute malnutrition (SAM). The use of simplified, combined protocols to treat both MAM and SAM has drawn research and policy interest among global, regional and national stakeholders. However, the perspectives of local communities and health care workers regarding the use of protocols to treat acute malnutrition in a routine health care system are generally lacking. This was a cross-sectional mixed-methods study aimed at assessing the perceptions of different stakeholders on the use of a simplified, combined protocol in two districts in the Central African Republic. Most of the respondents preferred the simplified, combined protocol over the standard protocol. They generally agreed that the protocol was easy to understand, allowed more children to receive treatment and was effective in treating acute malnutrition. The protocol modifications were well received, including the expanded admission criteria, use of mid-upper arm circumference (MUAC) only for admission and discharge criteria and reduced and simplified ready-to-use therapeutic food quantity to treat MAM and SAM. Some caregivers expressed concern with the use of MUAC only to declare recovery, flagging that underlying illnesses could still be present. The caregivers recommended the provision of other food basket interventions to improve the treatment. The support by caregivers and health care workers on the idea of training community health volunteers to treat acute malnutrition points to the potential of scaling up decentralized treatment to increase coverage in remote areas.

Making the IMF Fit for Purpose: An Analysis and a Proposal for Reform the Fund's Current Interest Rate Policy

Making the IMF Fit for Purpose: An Analysis and a Proposal for Reform the Fund's Current Interest Rate Policy

A note on monetary policy and long-term interest rates in India: an efficient markets approach

ABSTRACT The present study aims to empirically analyze the relationship between the growth in money supply and the long-term interest rates in India through the application of efficient market theory. The study uses quarterly data over a period from 2010 to 2023. The advantage of the efficient market approach is that it provides a theoretical structure for explaining the relationship between the money stock and long-term rates. From the evidence, it can be suggested that there is no strong evidence for the view that growth in money supply is negatively correlated with changes in long-term interest rates. The implications of the study depend on the treatment of money supply processes in terms of exogeneity. If the growth in money supply is assumed to be exogenous, then the result of the present study opposes the commonly held view that an increase in the money supply would decrease the long-term interest rate.

Expansionary Federal Monetary Policy and U.S. Banks’ Risk Profiles During the COVID-19 Pandemic-Induced Economic Recession

This study focuses on the pandemic phase when the U.S. economy dealt with significant economic recessionary pressures due to widespread, prolonged social mobility restraints. The Federal Open Market Committee (FOMC) promptly pursued expansionary policies, such as lowering the federal funds rate to almost zero until February 2022. This study employs a Dynamic Panel Data Generalised Moment Method Model (DPD-GMM) to analyse the impact of the COVID-19 pandemic’s economic shocks and FOMC’s expansionary policy on U.S. banks’ loan portfolio and asset complement risk profiles. Our analysis extends from two pre-pandemic years through the pandemic recession and recovery periods (until early 2022) prior to the FOMC’s eventual aggressive rate hiking policies intended to attenuate consequent inflationary conditions. Our findings clarify that banks’ risk exposure can be driven by both uncontrolled and discretionary portfolio decisions. Economic shocks beyond the banks’ control (such as the pandemic) could suddenly discredit historical lending decisions as economic slowdowns indiscriminately affect even clients previously assessed as creditworthy. Thus, banks experience more pronounced loan portfolio risk due to rising non-performing loan (NPL) balances. Meanwhile, the FOMC’s expansionist low interest-rate policy provides relief for banks who use their discretion in resolving their compounding liquidity concerns. These decisions, however, increase their risk asset holdings characterised by greater vulnerability to economic fluctuations. Our study’s implications call for more cautious management of banks’ risk profiles under difficult economic periods through prudent asset purchase decisions, greater loan diversification strategies, and more equitable financial market access for smaller and specialised (such as agricultural) banks.

The Impact of the Fed's Monetary Policy Adjustment on China's Macro-economy

In the context of highly integrated global economies, the Federal Reserve (Fed), as the central bank of the United States, exerts widespread and profound influence through its monetary policy adjustments. This paper systematically analyzes the mechanisms and extent of the Fed's monetary policy adjustments on China's macroeconomy. First, this paper explored the main tools and recent adjustment paths of the Fed's monetary policy, including interest rate policies, quantitative easing (QE), and balance sheet reduction. Second, this paper analyzed how these policy adjustments are transmitted to the Chinese economy via international capital flows, exchange rate fluctuations, and changes in trade conditions. The study finds that Fed rate hikes can lead to a stronger U.S. dollar, prompting capital to flow back to the United States and exerting depreciation pressure on the Chinese yuan. This, in turn, affects China's export competitiveness and inflation levels. Additionally, increased volatility in global financial markets may pose challenges to China's financial stability. Finally, this paper propose policy recommendations for China to effectively respond to the Fed's monetary policy adjustments, including strengthening macro-prudential management, improving the exchange rate mechanism, and deepening financial market reforms.

AN INSIGHT INTO NIGERIA’S FOREIGN POLICY OBJECTIVES 2009-2021

The research examined Nigeria’s Foreign Policy from 2009 to 2021. Qualitative data were sourced from both primary and secondary, content analysis and elite theory was adopted. The paper was motivated to find out domestic challenges, foreign policy thrust and how the latter addressed the former. In order to aid understanding, the concepts of foreign policy and national interest were conceptualised and Nigeria’s foreign policy objectives under the past administrations were condensed. The data indicated three personalities championed the course of Nigeria’s foreign policy. Nigeria's internal environment was characterised by unemployment, insecurity, poverty and corruption. With the instrumentality of diplomacy, Nigeria’s foreign policy thrust were economy, insecurity threat and anti-corruption. These have not yielded expected outcomes in addressing the municipal problems. Hence, the paper recommended: inclusion of the private enterprise, trade union and general populace in outlining Nigeria’s foreign policy. Continuation of policy in order to ensure it realisation

A “return of the state” in energy transitions? The making of a hydrogen economy in the European Union

Abstract A shifting paradigm in economic policy is re-asserting the centrality of the state for the transformative overhaul of global energy systems. Amid a burgeoning interest in state policy, however, contemporary scholarly discussions often lack a comprehensive examination of the state itself. We address this gap in economic geography and international political economy by investigating the nuanced role of the state in structuring global industries, with a focus on the emerging hydrogen economy in the European Union (EU). Further elaborating Horner’s typology of state roles in global production networks (GPN) with Jessop’s strategic-relational approach, this article replaces the states-markets dualism with concrete accounts of the co-constitutive relationships binding together the evolution of the “actually existing” State-GPN Nexus. Accordingly, we identify three underdeveloped analytical entry points, concerning (1) the conjoint interrogation of state roles, (2) finance, and (3) the historical regulatory form of the state. This conceptualization is then applied to three case studies on the developing hydrogen economy in Europe. Despite the prominent role of state capital, initiatives such as EU state aid schemes, the European Hydrogen Bank, and the spatialized industrial policy of Hydrogen Valleys reveal the prioritization of de-risking strategies through public-private partnerships more or less directly designed by democratically unaccountable industry groups.

Producing the Inevitability of Solar Radiation Modification in Climate Politics

Abstract This essay investigates the fit between solar radiation modification (SRM) and climate politics. Researchers, activists, and politicians often present SRM technologies as “radical.” According to this frame, SRM comes into view as a last-ditch effort to avoid climate emergencies. Such a rationale may be applicable to the scientists researching the potential of SRM, yet it only partially accounts for political and policy interest in SRM. In this contribution, I argue that there is an increasingly tight fit between the promise of SRM technologies and the global regime of climate politics. Within this regime, SRM may not be a radical option but is more of a logical extension of current rationales. I argue that SRM corresponds to tightly controlled discursive rules within which climate politics operates, leading to a shifting narrative on the feasibility, desirability, and necessity of SRM. The ethical implications of this tight fit are threefold. First, it implies that SRM might be an instrument of mitigation deterrence, implicitly as much as explicitly. Second, ethical responsibility and political value debates are at risk of becoming invisible once SRM becomes embedded in the prevailing regime. Third, SRM use might become inevitable, despite the good intentions of most people involved.

Memorial Law: the problem of conceptualization and the limits of regulatory regulation

This article conducts an interdisciplinary study in the field of the intersection of interests of memory policy and Memorial Law, which includes a legal analysis of concepts similar in meaning, an assessment of the relevance and necessity of legalizing terms related to memory policy and Memorial Law, and a study of the regulatory limits of national memorial legislation. The purpose of the study is the conceptualization of Memorial Law and the limits of its legal regulation. The analysis of approaches to the concepts of “Memorial Law” and “Memorial Law” and their relationship is carried out; the positions of opponents and supporters of memorial legislation are considered; the definition of memorial law as an interdisciplinary institute of national legislation and international law is given.

EU as a Trade Power: Adjusting Instruments of Foreign Economic Policy

The focus of this study is aimed at the foreign economic policy of the European Union and the areas of its implementation. The article is based on a comprehensive approach to the concept of EU foreign economic policy as a set of instruments combining trade and investment policies of the EU. The study evaluates the communitarization of the main directions of the EU’s foreign economic policy. As a result, it is concluded that the exclusive competence of the supranational bodies of the Union is partially extended to investment policy. Considering that the paradigm of realism is taken as the basis for the study, the subject of the article is to assess the role of the EU’s foreign economic policy in the realization of the Union’s foreign policy interests. The authors believe that the European Union as a “trade power”, seeks not only to achieve economic benefits, but also to ensure that its trading partners meet a number of regulatory and value requirements. Taking into account the transformation of the world order, the need for the European Union to strengthen its own political subjectivity and economic competitiveness is increasing. This leads to the expansion of “defensive” measures in trade policy (sanctions mechanism for non-compliance with the provisions on sustainable development in trade agreements) and investment policy (mechanism for controlling foreign direct investments). As a result, it strengthens the normative and value content of EU foreign economic policy on one hand and make it more protectionist on the other hand. The authors of the article conclude that by means of foreign economic policy, the European Union, as a “trading force”, seeks to create and maintain an international trade order based on rules that are beneficial to the EU.

Transformation of Pacific Regions in the Second Half of the 20th Century – Beginning of the 21st Century

The paper is devoted to transformation of international political regions in the Pacific. In the late 1960s to early 1970s the formation of the Indo-Pacific started as a consequences of US military and political activities and the intensification of bipolar confrontation. But an emphasis on military aspects at the expense of the economic ones as well as US foreign policy planning based on classical, smaller regions, weakened the unity of the Indo-Pacific space. The end of the Cold War and economic growth in East Asia turned Indian Ocen region into a periphery. Then, for 25 years, economic architecture of the Asian-Pacific, rather than its military-political framework, was at the core of US foreign policy interests. India, Japan, and China used the appeared vacuum to shape a common Indo-Pacific space in accordance with their perspectives. All three had economic foundations and military-political superstructures. In the 2010s, the USA reacted to China’s growth and suggested their own politically motivated version of the Indo-Pacific region, based on political-military presence and interaction later solidifying this in official strategies. So, the formation of the Indo-Pacific is related to space-based objective mutual interests and military and politically motivated regions.

Achieving environmentally responsible production through green managerial awareness, human resource management and employee behavior.

In the current context of increasing global environmental challenges, sustainable production and development have become strategically important for companies. This study explores the impact of green managerial awareness on environmentally responsible production, both direct and indirect, through the mediating role of green human resource management and environmentally friendly employee behavior. Utilizing a quantitative research approach, data were collected from 207 wine companies, and PLS-SEM technique was employed to analyze the relationships between the variables. The findings reveal that green managerial awareness significantly influences environmentally responsible production, both directly and indirectly, being found that green human resource management is a vital mechanism for translating managerial awareness into effective sustainable practices, while environmentally friendly employee behavior played a crucial role in embedding sustainability into daily operations. It is concluded that organizations can reduce the environmental impact of business operations and integrate sustainability into their culture by promoting environmental awareness among managers, and designing and implementing strategies that link human resource management with environmentally responsible employee behavior and sustainable production. This research has interesting theoretical, managerial, and policy implications, emphasizing the need for a coordinated approach that aligns organizational practices, leadership, and public policy to reduce the environmental impact of the business activities on the natural environment and advance sustainable development goals.

Transatlantic lessons from Bidenomics place-based policies: opportunities and limits for addressing regional inequality

ABSTRACT Both the UK and the US demonstrate social-economic spatial inequalities which are increasingly difficult for politicians to ignore. In the US, ‘Bidenomics’ policies pursued a geographically and socially-inclusive green-and-secure growth agenda, reflecting a resurgence of place-based policies worth learning from even beyond the Biden administration. Motivated by a transitioning government in the UK and a resurgent interest in place-based policy globally, this commentary facilitates international policy learning by profiling three generative lessons and two critiques of Bidenomics place-based policies as regional inequality interventions. We profile specific policy examples to enable international policymakers to adapt place-based policies in the Bidenomics model, and hopefully, build policy which more effectively responds to economic and political distress in deprived regions. By incorporating place-based policy into industrial strategy, we argue that Bidenomics shows promise for redistributing the geography of innovation toward heartland cities. However, to truly reconcile regional inequality future, place-based policy developments in the US and abroad must go farther to address deep deprivation across the full heterogeneity of ‘left behind’ places. We conclude with a discussion of how future place-based policy developments in the US and UK might address economic and political maladies associated with regional inequality.