International Economic Coordination Research Articles

ҐЕНЕЗА ГЛОБАЛЬНОЇ МЕРЕЖЕВОЇ ЕКОНОМІКИ

The article examines the global networked economy formation and further development. During the last twenty years a natural monopoly network paradigm (which has been dominated since the XIX century and symbolized by a strong hierarchy) has been changed into a decentralized network, directly related to the market economy. It was noted, that organization`s network principles compare with traditional hierarchies are more mobile, self-organizational, self-reproductional. It is emphasized that the economy networkization is an extramely topical issue which attracts the researchers` attention. In particular, digital technologies have been rapidly transformed both business and society, and they will become an integral part of the future economy that driven by innovation. It is determined that the global networked economy potential has been developed at different management levels and its participants are individuals, enterprises, states and international organizations. Conceptual content of the networked economy is identified by next components. First, it is a theoretical explanation and design of social development and economic relations, which have been reformatted due to the global processes, primarily: mechanization, automation, intellectualization, socialization, humanization, etc. Second, it is the economic relations informatization through the computerization, digitalization, virtualization, disintermediation of economic processes. Third, it is the formation of new communications in economic relations through the building new digital communication networks, digital platforms and information mechanisms. Fourth, it is the strengthening of economic cooperation between the economic entities through the intensification of traditional and new forms of international economic coordination, cooperation, integration, regulation, etc. It was found that the market economy would have loose ground compare the networked economy in future. The countries development specifics in the networked economy according to the Networked Readiness Index have been determined. The proposals for companies have been offered: e-commerce, big data analysis, electronic communication and information, back office consolidation, supply chains, digital cooperation, cloud technologies.

Twenty years of the G20: Has it changed global economic governance?

The G20 has become the preeminent forum for international economic coordination. Twenty years after its creation, the paper reviews its performance with respect to the coordination of macroeconomic policies. The retrospective assessment focuses on two main questions: (i) Have the G20 summits succeeded in promoting macroeconomic policies with positive cross-border consequences, while preventing the opposite? (ii) To what extent has expanding the G7 to a diverse group of emerging and developing economies significantly changed the discourse and affected substantive outcomes? We argue that the G20 played a key role during the crisis of 2008, but policy coordination has been problematic since. Our review suggests that the G20 Presidencies of the emerging economies have made considerable efforts to shape the agenda toward issues of their interest, but have not always prevailed, notably on issues of global financial governance.

МЕЖДУНАРОДНАЯ ВАЛЮТНАЯ СИСТЕМА: ВЫВОДЫ И ПЕРСПЕКТИВЫ ДЛЯ МИРОВОЙ ЭКОНОМИКИ XXI ВЕКА

In the present article it is noted that now in the sphere of the international economic coordination new trends arise. First of all it concerns an internationalization of yuan (RMB) as newest phenomenon for global economy. The observed high rates of economic growth of China and also of the PRC foreign trade are a good basis for strengthening of a currency system of China and its monetary unit – yuan. China actively and persistently promotes its currency at the international level, what leads to the formation of the yuan block.

The Impact of International Businesses in a Global Economy: An Interdisciplinary Analysis

This study is an analysis of the impact of international businesses in the world economy. It examined the effect of globalization in the economic growth of international businesses and the world economy; and the organizations that act as alliances in international business, such as the World Trade Organization and the International Monetary Fund. The study observed that while some countries may be favoured by particular changes in international business, others may be adversely affected. This does not mean that international business does not have unfavorable effects. Major changes in international business will also produce major adjustments. The process of adjustments may be a gainful one. The study concludes that in spite of the national economic policies of each country, politics and law play important role in international business, which does not tend to restrict its views to the interest of one country, but it tries to analyze the different national interests which are relevant to the national level of decision-making. I. Introduction With the passage of time there will be many changes globally that would affect the economy of many countries. Globalization was one of the major changes that the world witnessed recently, and similar to this kind of major make over, there are expected to be more isolated yet more effective changes made. Sussman (1997) observed that in the last 10-15 years, trade has been major changes. These changes are ones that directly affect the lives of the working class, and have raised a great deal of concern for millions of people. This is because of the fact that democratic principles might well be overwhelmed by capitalist endeavors. However, from a governmental perspective it appears that these strategies are ones that would not interfere with democracy. It seems that the government believes that the alliances would aid the effect of globalization, thereby creating better trade in North Western hemisphere. According to Gbosi (1999), there is whole set of national policies in every country. These policies are always designed to serve some part of national constituency. As international business or trade involves flows across boundaries of sovereign states, the conduct of international transactions is different from that of domestic trade. This study will examine the international business imperative; alliances in international business; the politics and law in international business; international economic integration, market transition and development. THE INTERNATIONAL BUSINESS IMPERATIVE Revolutionary changes in technologies have provided the mechanisms that propel the growth of international business. The intensification of competition at both domestic and international levels has driven firms to look beyond their domestic markets for new opportunities. The progressive removal of barriers to trade and capital movements has stimulated greater flows of exports, imports and foreign direct investment (FDI). Multinational enterprises have emerged as the key agents of international economic coordination. They provide the capability to generate innovations and deliver new goods and services to the market; they also provide the capability to exploit these technological advances at a global level, and they are a depiction of the capacity of international managerial coordination to operate efficiently across international boundaries. Crafts (2000) observed that the growing economic strength of the newly-industrializing countries (e.g. Taiwan, Hong Kong, Singapore, Korea) and the opening up of China and Eastern Europe have provided an additional stimulus to international business services.

Disputing over international economic policy coordination: The ‘first generation' of models

Although international economic coordination was one of the major questions arising in international economics after World War I, when the British hegemonic stability broke down, it mainly attracted the interest of economists from the 1960s onwards, as economic interdependence revealed itself to be a significant phenomenon, with an expansion of research during a period that began in the mid-1970s and ended in the late 1980s. During those fifteen years, a major theoretical effort yielded a significant body of literature which may be analyzed as an outcome, independently of its practical application. In fact, international economic policy coordination remained a speculative matter which, it seems, did not adequately support or persuade policy-makers to implement concrete economic coordination among countries. Far from explaining why this happened, a detailed investigation of the assumptions and logical aspects on which theories were grounded may provide insights into their practical workability.

Global Credit Market Disruption: Challenges and Risks

The present international financial market is characterized by remarkably high financial volatility, which reflects a substantial loss of confidence, drying up inter-bank credit and spiking short-term interest rates. Inflationary pressures combined with financial risks, both originating in the energy sector, further complicate the transmission mechanism of impulses in the global economy. This financial disruption must be tackled at its root. Securitization and deregulation created unbalanced and unfunded risks and harmed the shaky fundamentals of the financial system. But a lack of international economic coordination produced disorder, which weakens the responsibility of market players.

Business Systems and Global Commodity Chains: Competing or Complementary Forms of Economic Organisation?

Capitalist economies are organised in a variety of different ways and, increasingly, have become more interdependent in the late twentieth century. Two recently developed frameworks for comparing systems of economic organisations and their interconnections are the business systems and global commodity chains approaches. The former focuses on particular configurations of firms and markets that have become established in distinctive institutional contexts, while the latter deals with the co-ordination of economic activities across national boundaries. These approaches differ in the specific phenomena being explained, the dimensions on which they vary, explanatory factors, major lacunae and key intellectual affinities. They are both, though, concerned with systems of economic organisation and so could be integrated into a common framework capable of explaining variations in both national and international economic co-ordination systems.

Japan's Role in Asia-Pacific Cooperation

The Asia-Pacific countries achieved rapid economic growth with the flying-goose model in the 1980s, growth buttressed by export-oriented development strategies and the policy culture in these countries. While Japan and the other Asia-Pacific countries still have strong growth potential, many problems remain, including trade imbalances with the United States and the rise of protectionism there, the Asia-Pacific economies' vulnerability, and the need to consolidate the infrastructure for growth. It is imperative that Japan contribute to the development of the region by responding effectively to these issues and that it strengthen the international trading arrangements by promoting Asia-Pacific cooperation premised on openness. Given the region's great internal diversity, Asia-Pacific economic cooperation can well serve as a model for international economic coordination.

International Economic Coordination in the G7 as a Dynamic Nash Game

The pursuit of national economic strategies, with a degree of international consultation and coordination as practiced in the Group of Seven, is characterised as a time consistent Nash game, between policy optimising countries and foreign exchange markets, with consistent expectations. The IMF MULTIMOD model, as developed in INTERMOD by the Canadian Department of Finance, is used to produce a numerical solution, by methods which are explained. The use of such methods makes available parameters for defining and negotiating policies which offer politically realistic forms and degrees of national autonomy and international coordination.

Distinguished Lecture on Economics in Government: Thinking About International Economic Coordination

I am not opposed to international cooperation in all economic matters, but in this lecture, I stress the counterproductive consequences of the international coordination of macroeconomic policy. I believe that many of the claimed advantages of cooperation and coordination are wrong, that there are substantial risks and disadvantages to the types of coordination that are envisioned, and that an emphasis on international coordination can distract attention from the necessary changes in domestic policy. Moreover, the attempt to pursue coordination in a wide range of macroeconomic policies is likely to result in disagreements and disappointments that reduce the prospects for cooperation in those more limited areas of trade, defense, and foreign assistance where international cooperation is actually necessary. In stressing the limited scope for the international coordination of macroeconomic policy and exchange rates, I do not wish to imply that such action is never appropriate. There are some small and very interdependent countries where such coordination should undoubtedly be the general rule. There are also some conditions when the potential gains from coordination are such that all countries could expect to benefit from participation. But the active coordination of the macroeconomic policies and of exchange rates among the United States, Japan, and Germany will generally be inappropriate. Moreover, as I shall explain in these remarks, the United States is particularly unsuited to participate in an ongoing process of economic coordination.