It is argued that increased freedom to run economic activities combined with the growing impotence of national governments (i.e., globalization) have contributed to the secular growth slowdown at the global level. Fast globalisation-driven growth of international trade has unleashed the global race for economic surpluses. The process involves the suppression of wages and widening income inequalities – restricting aggregate demand globally. A “beggar-thy-neighbor” tactics of keeping large trade surpluses by countries successfully suppressing wages and domestic demand is likely to be unproductive. Overcoming the secular stagnation may not be possible without safeguarding equilibrium (or balance) in international transactions between major industrial countries – even if this may necessitate that in most (or all) of them the public sectors run large fiscal deficits permanently.
1 Introduction The global financial crisis (GFC) underlined the importance of financial stability. Monetary policy proved to be insufficient in safeguarding the stability of the financial system on its own, as well as might have additionally fuelled
Kornai (2015) , with an accompanying commentary, Hare (2015) , documents Hungary's U-Turn, and also draws on detailed research by Scheppele (2012) showing both a weakening of democratic norms and safeguards as well as significant re-centralisation of
panel estimation technique that safeguards estimation against cross-sectional dependency, serial correlation and cross-sectional heteroskedasticity in the dataset. Secondly, multidimensional measurement of welfare that employs both monetary and non
outlook and income inequality. Better fiscal rules and good fiscal institutions are needed to safeguard growth- and distribution friendly expenditures in a crisis. References Aghion , P. – Akcigit , U. – Bergeaud , A. – Blundell , R. – Hemous
The author discusses globalisation form multiple perspectives. He emphasises that globalisation certainly reduces poverty in absolute sense while increases poverty in a relative sense. There are important risks inherent in the process of globalisation, which include hyper-competition, treat to the social rights of citizens, and rendering a lot of people economically irrelevant. To cure the deficiencies of globalisation Professor Zamagni favours cosmopolitical democracy and transnationalcivil society, which might be able to safeguard cultural diversity, social justice and peace.
Corporate governance has become increasingly important in developed and developing countries just after a series of corporate scandals and failures in a number of countries. Corporate governance structure is often viewed as a means of corporate success despite prior studies reveal mixed, somewhere conflicting and ambiguous, and somewhere no relationship between governance structure and performance. This study empirically investigates the relationship between corporate governance mechanisms and financial performance of listed banking companies in Bangladesh by using two multiple regression models. The study reveals that a good number of companies do not comply with the regulatory requirements indicating remarkable shortfall in corporate governance practice. The companies are run by the professional managers having no duality and no ownership interest for which they are compensated by high remuneration to curb agency conflict. Apart from some inconsistent relationship between some corporate variables, the corporate governance mechanisms do not appear to have significant relationship with financial performances. The findings reveal an insignificant negative impact or somewhere no impact of independent directors and non-independent non-executive directors on the level of performance that strongly support the concept that the managers are essentially worthy of trust and earn returns for the owners as claimed by stewardship theory. The study provides support for the view that while much emphasis on corporate governance mechanisms is necessary to safeguard the interest of stakeholders; corporate governance on its own, as a set of codes or standards for corporate conformance, cannot make a company successful. Companies need to balance corporate governance mechanisms with performance by adopting strategic decision and risk management with the efficient utilization of the organization ’s resources.
Guichard, S. — Kennedy, M. — Wurzel, E. — André, C. (2009): What Promotes Fiscal Consolidation: OECD Country Experiences, in Larch, M. (ed.), Achieving and Safeguarding Sound Fiscal Positions . Economic Papers No. 377. Brussels: EC Directorate