Period Of Economic Stagnation Research Articles

The Historical Transformation of China's National Perception

Drawing upon the theoretical frameworks of positioning theory and macrohistory, it can be posited that China's economic evolution can be comprehensively elucidated through the lens of innovation, which can be categorized into three distinct stages: stability, depression, and development. Three primary categories of innovations—silk, ceramics, and tea—rather than the Four Great Inventions—paper making, gunpowder, the compass, and printing—were the main drivers of the ancient Chinese economy's growth. The West originally came to identify the East and China with "mystery" and "wealth" through the commerce in silk and porcelain. China finished building the "Celestial Empire" on its own through new categories, new brands, and new positioning. The West originally came to identify the East and China with "mystery" and "wealth" through the trade of silk and porcelain. China finished building the "Celestial Empire" on its own through new categories, new brands, and new positioning. Due to the loss of innovation, China went through a period of economic stagnation, and the voice of the "Celestial Empire" was gradually supplanted by orientalism until being replaced entirely by Made in China. The national perception is being rebuilt in China after 2000 as a result of the nation-branding strategy's introduction and an increase in the number of Chinese companies expanding abroad. This article provides a research foundation for Chinese enterprises to contemplate when formulating their global positioning and international business tactics.

“GROWING TRENDS TOWARDS URBANIZATION AND ITS IMPACT ON ECONOMIC DEVELOPMENT”

Economic development is generally associated with the growth of urbanization. During the first half of the 20th century, India passed through period of economic stagnation. Consequently, the extent of urbanization was very limited. Urban population, which accounted for 11 per cent of total population in 1901 lazily, crept to the figure of 14 per cent in 1941. With a very liberal definition of the urban area adopted in 1951, urban population became 17.6 per cent of total. Much of the increase, therefore, was statistical. This explains why the adoption of a little more strict definition of the urban area in 1961 census resulted in recording a very small increase in the urban population and it was estimated at 18.3 per cent of total population. The 1981 census has also continued with the definition adopted in 1971, both from the point of view of administrative convenience and maintenance of comparability. An urban area has been defined as follows ---1) All places with a municipality, corporation, cantonment board or notified town area committee. 2) All other places, which satisfy the criteria such as Minimum 5000 population, atleast 75 per cent male working population, engaged in non-agriculture pursuits and density of population 400 persons per sq.km.

«Правый дрейф» в Латинской Америке: причины, итоги и перспективы

After the "golden decade" (2003 - 2013) in Latin America came the pe-riod of economic stagnation and the deterioration of the social situa-tion, aggravated by the pandemic. The author analyzes the reasons for the defeat of the left political forces in the elections and the onset of the so-called "right drift". Special attention is paid to the ideology and practical activities of the governments of the right spectrum, to the par-ticularities of various case studies and to the negative consequences of the “right turn” for the region. The return to the corrected neo-liberal model did not lead to the expected economic efficiency and did not contribute to the solution of accumulated social problems. That is why at the beginning of the new electoral cycle, protest voting again plays a key role. The traditional and new left, having strengthened their positions, received another chance to restrain centrifugal tendencies in the sphere of economic and political integration, to restore “unity in diversity” of Latin America and to contribute to the creation of a polycentric world. If the leftist governments do not realize these opportunities, in the future the political pendulum may again swing to the right.

Innovative remuneration systems in the period of economic stagnation

It has analyzed some tariff-free remuneration systems that are widely used in world practice, and some of them are gradually “entering” the legal realities of Ukraine.
 The author has emphasized that the competitiveness of the remuneration system should ensure the involvement of a workforce with a high level of professionalism and skills, consistent with the strategy and tactics of the organization, especially in times of economic stagnation.
 In a period of economic stagnation, positive foreign experience can be used to implement different remuneration systems. Innovative forms of remuneration, which include tariff-free and flexible systems, have recently become increasingly used to reconcile the interests of employees and employers. Innovative remuneration systems are aimed at providing employees with material incentives that can be most effectively used in the implementation of innovative forms of remuneration.
 Tariff-free remuneration systems can be classified depending on the contribution of employees to the final results of the organization into the following types: 1) a system of floating salaries; 2) an expert system of performance evaluation; 3) a system of remuneration using the coefficient of labour costs; 4) a share system of remuneration; 5) a rate of remuneration; 6) a system of remuneration on a commission basis (PFP – “Pay-for-Performance”); 7) cash payments for the implementation of objectives (Management by Objectives); 8) universal market system of wage assessment.
 Remuneration systems that take into account the work skills of employees, in particular, SBP systems (skill-based pay systems), are common in foreign practice. In world practice, there are also different models of remuneration for work performed, taking into account work skills, focused on both individual and group jobs and types of work.

International comparative study on open innovation from the viewpoint of organisational ability, including research on corporation ambidexterity

When the asset bubble burst in the early 1990s in Japan, a long period of economic stagnation followed. Professor Toshiro Kita, Graduate School of Management, Doshisha University, Japan, believes a lack of understanding of the importance of business ambidexterity contributed to this difficult period for Japanese firms and that understanding and utilising ambidexterity could have significant benefits for businesses. Kita is interested in innovation management and the ways in which the application of ambidexterity can help businesses. He believes that businesses can thrive by adopting the Observe, Orient, Decide, Act (OODA) loop alongside the Plan-Do-Check-Act (PDCA) Cycle and his work also looks at other aspects of innovation management, such as entrepreneurship, disruptive innovation and corporate culture and cognitive bias, as well as innovation management in the context of COVID-19. This later strand of research involves looking at how ambidexterity can help businesses to thrive in the current challenging climate. A recent important finding for Kita, which emerged from his project 'Study on Ambidextrous Capabilities of Japanese Electronics Firms' was that firms that were performing well conducted exploration during phases of growth and exploitation during phases of decline and this was the opposite way round for firms performing poorly. This served to highlight how exploration and exploitation can be successfully implemented. Through hosting workshops and seminars Kita shares his findings and knowledge and he also collaborates with industry groups.

Service Work in the Pandemic Economy

The rapid spread of COVID-19 interacted with long-unfolding economic trends to set a global tinder box aflame. Over the past thirty years, the world's workforce has increasingly found employment in low-wage, low-productivity jobs in the global services sector. The pandemic lockdowns hit these sorts of activities the hardest. Opportunities to work evaporated, spreading both poverty and hunger around the world. The same rise in global service sector employment shares, which amplified the pandemic lockdown's destructive effects, will now slow the pace of the recovery. The transition to a services-based economy has accelerated, due to what José Antonio Ocampo and Tomasso Faccio call “too much excess capacity and too little certainty about future demand,” which have depressed levels of investment and ushered in a period of economic stagnation. COVID-19 will make these tendencies worse. Weak economic recoveries will further entrench an economic order in which employers pay little attention to workers’ demands, deepening employment insecurity and economic inequality. The future for labor looks bleak. What that means for the future of working people remains an open question. Their fight for dignity, in the midst of the pandemic and post-pandemic eras, will prove decisive.

Hedge Fund Performance in Japan

The decades of 1990s and 2000s in Japan are periods of economic stagnation and price deflation or the ‘lost 20’. Stock market has been anemic while the bond market has underperformed most developed markets. Hedge Funds (HFs) have played an extremely important role over the last two decades in Japan by forcing firms to increase distributions and making changes required to increase firm value. This paper looks at the performance of HFs in Japan using survivor bias free Eurkeahedge HF Index from January 2000 to September 2018 and compares them to Japanese stocks, bonds, and real estate. We find that HFs have significantly outperformed stocks and bonds but underperformed real estate. However, risk-adjusted performance (Sharpe, Sortino, and Omega Ratios) of HFs was much better compared to all other asset classes. HFs also had the smallest maximum drawdown, the shortest recovery period and have created the most wealth. HFs also had significantly positive alpha. Overall, results indicate that HFs in Japan have created lot of value compared to Japanese stocks and bonds.

Systemic Criteria for the Evaluation of the Role of Monofunctional Towns in the Formation of Local Urban Agglomerations

There exist various federal and regional programs aimed at solving the problem of monofunctional towns in the periods of economic stagnation and structural unemployment occurrence. Nevertheless, people living in such towns can find solutions to the existing problems with the help of self-organization including diurnal labor commuting migration to the nearest towns with a more stable economic situation. This accounts for the initial reason for agglomeration processes in regions with a large number of monotowns. Experimental models of the rank distribution of towns in a system (region) and evolution criteria of such systems from basic ones to agglomerations are explored in order to assess the intensity of agglomeration processes in the systems of towns in the Middle and Southern Urals (the Sverdlovsk and Chelyabinsk regions). The involvement of monotowns in the processes of diurnal commuting migration which is considered as the initial stage of urban agglomerations formation at the modern stage of their development is evaluated on the basis of the developed criteria. The quality of parameters assessing the intensity of town attractiveness in migration processes is evaluated. It is demonstrated that monotowns do not possess any distinguishing self-organization peculiarities in comparison to other small towns.

The Bahamas

The Bahamas appears to be resilient to current threats to its financial stability, but action is needed to safeguard against potential weaknesses. There is a large stock of problem assets that needs to be dealt with from a variety of perspectives: systemic risk monitoring, banking supervision, and crisis management. Vulnerabilities to natural disasters and external economic contagion heighten this need. The banking sector dominates the financial system and has focused on residential mortgages and consumer loans during a long period of economic stagnation. Despite poor growth the sector has remained profitable. However, the small domestic residential property market backing most secured lending is prone to shocks and illiquidity. This has historically led to high and persistent levels of nonperforming loans (NPLs), which significantly increase uncertainty and fragility in the banking system.

O enigma da esfinge: o pensamento político de Samuel Benchimol e Djalma Batista

In the fifties and sixties decades of the twentieth century, several intellectuals began to reflect on what would be the most effective ways to integrate the Amazon to Brazil. At that time, the region was emerging of a long period of economic stagnation and became a space of capitalist reproduction during the military dictatorship with the establishment of the development project, Amazon Operation. The present article intends to analyze and understand the main politicals ideas of Djalma Batista e Samuel Benchimol, who had an active voice in the debates about the paths to be traced by the region. We seek to systematize the reflexions of these authors about the function of State, national/regional integration and development as they are key ideas in their thought. The thought of these authors was generated by the necessity of the regional elites to put an end to the economic stagnation after the First World War; it was also a way to try to solve the regional issue, facing it as a social and political problem that would only be solved with the social and economic integration to Brazil.

Determinants of Commercial Banks' Lending Behavior in Nepal

The main objective of this study was to establish the determinants of lending operations among commercial banks in Nepal. Specifically, the study sought to explore the effect of bank specific characteristics and to identify external factors that determine commercial banks’ lending behavior in Nepal. Secondary panel data was used that covered a period of six years (2012/13-2017/18) of the major ten commercial banks to examine factors associated with lending behavior of in Nepal. From the estimation results, it was found that liquidity ratio, interest rate spread and exchange rate were significant in determining lending behavior in Nepal’s commercial banks. The positive effect of exchange rate infers that commercial banks in Nepal have sufficient insights into the international market and trade and that they are prepared to meet short-term and long-term commitments. Inflation maintained by the central economic policy has a positive and significant influence on lending volumes among commercial banks in Nepal. Likewise, the findings showed interest rate spread negatively and significantly on total loans advanced to individual and institutions. This implies that as the cost of borrowing increases, banks significantly increase credit supply in the market. However, there seems a greater deal of reluctance from among the borrowers to get more credit in such situations. During periods of economic stagnation, majority of loans become non-performing and thus constraining credit available to private sector.

Controlling for Structural Changes in the Workforce Influenced Occupational Class Differences in Disability Retirement Trends.

We explored occupational class differences in disability retirement trends accounting for structural changes in the workforce induced by the recent economic crisis and the following economic stagnation. Using nationwide register data on the general Finnish population aged 30–59 years, we examined trends in disability retirement due to all causes, musculoskeletal diseases, and mental disorders in 2007, 2010, and 2013. Applying propensity score (PS) matching to control for bias induced by structural changes in the workforce over time, we obtained 885,807 matched triplets. In the original study population, all-cause and cause-specific disability retirement declined between 2007 and 2013 for most occupational classes. In the matched study population, the disability retirement among skilled and unskilled manual workers sharply increased in 2010 and then declined in 2013. PS matching considerably attenuated the decline in disability retirement, particularly between the years 2007 and 2010. In general, the differences in disability retirement between both skilled and unskilled manual workers and upper-level non-manual employees widened during the period of economic stagnation. In occupational epidemiology, structural changes in the workforce should be accounted for when analysing trends in ill-health. Controlling for these changes revealed widening occupational class differences in disability retirement during the period of economic stagnation.

Under Pressure: Listing Status and Disinvestment in Japan

We provide the first large sample comparisons of disinvestment by listed and unlisted firms. This study focuses on Japanese firms from 2001-2017, as this was a period of economic stagnation and financial reforms encouraging companies to restructure. We show that stock market listing is positively related to disinvestment. Listed firms disinvest 1.9% more than similar unlisted firms. Disinvestment activities of listed companies are also more sensitive to investment opportunities. Additionally, firms that disinvest show improvements in ROA and increases in future investment. Finally, we find that foreign (financial institution) ownership is positively (negatively) related to disinvestment.

Educating peace amid accusations of indoctrination: a Dutch peace education curriculum in the polarised political climate of the 1970s

ABSTRACT Within the polarised political culture of the 1970s, in which political differences were emphasised instead of being played down, Dutch right-wing politicians frequently accused left-wing politicians and educators of indoctrination in educational settings. In this period of economic stagnation and an ongoing Cold War, peace education – which was vulnerable to accusations of indoctrination – became an optional part of the secondary school curriculum. This article addresses the aims and strategies of the Working Group for Peace Education in implementing the peace education curriculum and relates it to politics, place and pedagogy. The study centres on the content, intentions, and methods of the Working Group’s curriculum, especially with regard to topics relating to the Vietnam War and nuclear weapons. The results suggest that the members of the Working Group for Peace Education aspired to educate young people to become citizens who would be actively engaged in global problems. Sensitivity to possible accusations of indoctrination led the Working Group to present these ideals with caution.

Industry level analysis of tourism-economic growth in the United States

We investigate the relationship between economic growth and six tourism-related sub-industries (accommodation, air transportation, shopping, food and beverage, other transportation, and recreation and entertainment) in the United States in 1998–2017. Except for the lodging and the food and beverage sectors, no long-run relationship exists between other tourism sub-industries and economic growth. We uncover a unidirectional Granger causality from economic growth to each of the sub-industries. Causality is also found between the tourism industries but predominantly from industries providing local offerings (food, entertainment, shopping) to those delivering cross-destination goods and services. Our results suggest that tourism investment could be successful in the long-run even during periods of economic stagnation. In the short-run, however, tourism sectors could benefit from economic growth and tourism-related investment should take a cue from the general economy. Additionally, tourism-related investment and marketing efforts in the U.S. may wish to focus on the food, shopping, and leisure sectors.

Istota protekcjonizmu w dziewiętnastym wieku oraz współcześnie

Pomimo działalności WTO idea protekcjonizmu jest wciąż aktualna. Większość państw oficjalnie opowiada się za liberalizmem, a przy tym ogranicza wymianę handlową. Działalność ta ulega nasileniu w okresach stagnacji gospodarczej oraz w związku z różnicami rozwojowymi między uczestnikami rynku światowego. To właśnie zacofanie gospodarcze XIX-wiecznych Niemiec wpłynęło na stworzenie wielu oryginalnych myśli, a wśród nich tych, które odnosiły się do sposobu prowadzenia handlu zagranicznego. Warto zatem zbadać i porównać neoprotekcjonizm z protekcjonizmem prezentowanym przez XIX-wiecznych ekonomistów. Analiza współczesnego i XIX-wiecznego protekcjonizmu wskazuje, że istota tych pojęć nie różni się bowiem neoprotekcjonizm i jego XIX wieczny odpowiednik realizują te same cele, aczkolwiek przy wykorzystaniu innych środków.

Architectural Symbols of a City – Case Study

The identity of a city is understood as a collection of individual features, which give the city its individual character and distinguish it from other places; it undoubtedly constitutes a cultural value, which should be cherished. A city is made special thanks to its geographical location, landscape values, urban layout and – architecture. In the case of Sopot – a spa located on the Bay of Gdansk, the mosaic of the above-mentioned features has created a unique image of a seaside resort. Sopot architecture is distinguished by a complex of buildings dating back to the turn of the 20th century, which is the largest one in the country. The architecture of the city is dominated by eclectic influences, mainly Neo-gothic and Art-Nouveau, as well as early modernism; it is also possible to find examples of holiday architecture, with characteristic wooden verandas. The identity of a city and its image is not always permanent and unchanging in time. In the case of Sopot, only 5% of the existing buildings were damaged during the Second World War. However, the most important ones, characteristic for the city and located in its representative part, were destroyed. The war was followed by a period of economic stagnation and isolation from the free world, which lasted for almost 45 years. At that time there were no comprehensive revitalisation projects for this prestigious area of the city. The buildings constructed in the 1960s did not create an architecturally and spatially coherent urban tissue. The situation changed in 1989, when Poland regained its sovereignty. Since that time numerous investment projects have been carried out in Sopot, including the prestigious ones, located in the representative part of the city. This paper has been devoted to Sopot architecture – both historic and modern, the dominating architectural trends and the issues connected with the coexistence of “the old and the new”. The buildings characteristic for the city, historic and modern ones, which constituted (or constitute at present) important landmarks in the urban area, and which were (or still are) the city symbols, have been analysed. Unfortunately, some of the buildings constructed over the last 25 years in the representative part of the city are not consistent with its unique character. The decisions made by investors, architects, city authorities and the monument preservation office may have serious negative effects; they may cause degradation of urban space and, as a result, harm its image. In the summary of this paper possible dangers connected with realising investments in the most important city locations, the ones with historic context, have been indicated, and recommendations aimed at elimination of such dangers have been presented. The priority – particularly in cities with an established, unique image – should be to ensure that architectural and cultural heritage is preserved, while new architecture should speak with modern language and introduce new values to its historic surroundings.

Changes in Japanese industrial structure and urbanization: evidence from prefectural data

We empirically analyzed the relationship between the change in industrial structure and urbanization using post-WWII data from Japanese prefectures. This study used three concepts of industrial structure, standard industrialization (enhancing of the non-agricultural sector), service industrialization, and the industrial upgrading (enhancing specialized service industries). We also focused on the different patterns of migration in the process of urbanization: intra-prefectural and inter-prefectural migration. The main results of the regression analysis are (1) during the period of rapid economic growth in Japan, industrialization induced population inflow from other prefectures, and this effect promoted urbanization in those prefectures. (2) During the same period, prefectures with relatively high shares of manufacturing attracted many migrants from other prefectures, and this effect promoted the urbanization. (3) Entering the period of economic stagnation, in the prefectures where industrial upgrading is advanced, intra-prefectural migration was active, and urbanization was also advanced by this effect.

The Regulation of Financial Derivatives: An Agent-Based Model Approach.

In 2007-08, the world experienced the greatest financial crisis since 1929, which turned – in the following years – in one of the deepest and most prolonged periods of economic stagnation of modern history. While there were multiple conditions that originated the so-called Great Financial Crisis, a general consensus emerged that financial derivatives played an important role in the outbreak of the crisis and in posing a credible threat that the entire global financial system could melt down. As a reaction, several countries in the world and international organizations agreed on a policy response to reformulate the global architecture for the regulation of the financial system, including the financial derivatives industry. Yet, the fundamental question of whether the contemporary system of derivatives regulation can effectively shield the financial system from sources of systemic risk is still undecided, for reasons that especially relate to the complexity of the networked structure of the financial derivatives industry. As a way to contribute to tackle this issue, this work aims to investigate whether an important component part of the present system of financial derivatives regulation – namely, Central Counterparts (CCPs) Clearing Houses – provide a more resilient financial system. The research question is addressed through a simulation approach based on an agent-based modeling of the financial derivatives industry. The results of the simulation show that the introduction of a CCP improves the resilience of the simulated financial derivatives industry, although it does not completely shield the financial system from disruptions that may especially depend from the degree of interconnectedness of financial operators and the magnitude of defaults. In sum, this work offers some methodological guidance for enriching the repertoire of tools at disposal of financial regulatory authorities in anticipating the consequences of interventions in the financial industry.

The Dynamics of Stagnation

This paper analyzes periods of economic stagnation in a panel of countries. We test whether stagnation can be predicted by institutional characteristics and political shocks, and compare the impacts of such variables with those of traditional macroeconomic variables. We examine the determinants of stagnation episodes using dynamic linear and non-linear models. In addition, we analyze whether the effects of the included variables on the onset of stagnation differ from the effects on the continuation of stagnation. We find that inflation, negative regime changes, real exchange rate undervaluation, financial openness, and trade openness have significant effects on both the onset and the continuation of stagnation. Only for trade openness there is robust evidence of a differential impact. Open economies have a significantly lower probability of falling into stagnation, but once in stagnation they do not recover faster.