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developing economies, the basic chemical industry, which supports manufacturing companies, is underdeveloped and in some cases scarce. The lack of support from chemical industries in house makes manufacturing companies in these countries dangerously bound

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Abstract

In the current scenario of the global economy and race for the next Asian super power, overall economic strength of the two countries, India and China, is a most debated topic. The future role of intellectual property protection especially in the form of patent system and the growth of industrialization for these two developing economies in ASIA may prove to be crucial over all other assets. In the current development scene of the changing global market supported by intangible asset of inventions protected mainly through the patents is emerging to play an important role. This paper elaborates the statistical research on patents granted/filed in the US Patent and Trade Mark office (US-PTO), PCT of WIPO and in the home countries over last 35 years of aforesaid two Asian countries. It is found that the economic and technological growth of both of the countries may make main difference primarily based on the level of patenting activity by them.

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For a long period, Southeast Asian economies have been export-oriented, mostly to Europe and North America. To earn foreign exchanges and speed their economic growth, ASEAN countries have moved to combine foreign and national capital to promote indigenous industrial development and native economic growth. For this purpose, ASEAN countries have set up enormous foreign investment incentives to attract foreign capital and enacted related foreign investment regulations many times to catch more foreign investors’ eyes. However, the dissimilar economic developmental levels and the different political backgrounds, ASEAN countries have varied investment environment and regulations. Since both the formation of ASEAN and ASEAN members themselves are more focused on attracting foreign investment, one may ask what differences of foreign investment environment and regulations ASEAN member states have? The article hopes to analyze ASEAN member’s investment environment and selected members’ investment regulations in order to examine the interactions between national developmental demands and foreign investment regulations through a comparative study of ASEAN member states’ laws on foreign investment.

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developed economies that show a strong effect of so-called Baumol's cost disease . Baumol's cost disease affects the sectors that are characterised by slow productivity growth and high labour intensity (stagnant sectors). If, in addition, the demand for

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This paper focuses on the measurement of scientific and technological performance of Korea and Taiwan in what has been the most successful technology catch-up within developing economies context. The performance measures are based on the publication data for scientific knowledge production and patent data for technological capabilities. In addition, this analysis also reveals on the features of innovation system of these two countries, focusing on the linkages between public and private sector in the scientific and technological knowledge creation. By examining the scientific and technological performance and the changing structure of innovation system, it provides empirical evidence on the positive interaction between scientific and technological activities.

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In the late eighties, many developing countries followed the example of the most advanced countries and opened their capital account (K.A.) in an attempt to reap new gains from increased integration with the world economy. Currently, after the wave of financial and currency crises that hurt the global economy over the last decade, enthusiasm about K.A. liberalization has greatly faded. First, the relationship between development and capital account liberalization did not come out to be as solid as initially expected; second, the greater capital mobility has brought about new forms of financial instability. This paper points to some risks that might be associated with undifferentiated deregulation of international movements of capital in connection with developing economies. It argues in favor of proper sequencing: liberalization should proceed in parallel with progress when it comes to macroeconomic stability, building market competition and the creation of a sound, internal financial system. A separate section analyzes this issue in the special context of transition economies.

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Performance and efficiency of governments in OECD countries

Experiences of the great moderation period

Acta Oeconomica
Author: László Muraközy

In the last decades, one of the most characteristic features in the developed economies has been the growing role of government. In this study, we focus on the Great Moderation period of the OECD countries. Targeting a more subtle approach to the role of the modern state, we shall here analyse not only the size of governmental expenditures, but also the performance and efficiency achieved. Taking the findings of the professional literature into account, we divided the developed countries into five groups, four from Europe, plus the overseas OECD countries. We shall examine what is the optimal size of the public sector for these groups from the point of view of economic growth and compare these results with the real figures.

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The implementation of efficient cross-border digital public services for a connected Europe, a developed e-government represents a priority for the European Union. There are big differences in the way e-government is adopted. Transition economies lag behind developed economies. This paper explores the e-government adoption in its multidimensionality within the EU member states. It uses 22 variables, which highlight: technological preparedness, the ability to access and absorb information and information technology, the ability to generate, adopt and spread knowledge, the social and legal environment, the government policy and vision, and consumer and business adoption and innovation. Barriers to efficient e-government adoption in transition economies are identified. Multicriteria decision analysis is used for the prioritisation of the factors with the highest overall impact on efficient implementation. The authors use the Analytical Hierarchy Process (AHP method) for prioritisation and the numerical results are obtained with Expert Choice software.

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Abstract

Access to public knowledge is a prerequisite for the good functioning of developed economies. Universities strive and are also requested to contribute to this knowledge both locally and internationally. Traditional studies on the geography of knowledge flows have identified a localisation effect; however, these studies do not use the country as the unit of observation and hence do not explore national patterns. In this paper, we hypothesise that the localisation of university knowledge flows is directly related to share of firm expenditure on research and development. To test this hypothesis, we use references to universities in patent documents as indicators based on a data set of around 20,000 university references, for 37 countries in the period 1990–2007, resulting in panels of around 300–500 observations. We build indicators for the university knowledge flows both inside and outside the applicant country, which we explain as a function of some proxies for national size and research structure based on econometric estimations. We draw some conclusions as to the importance of national business scientific strength for fostering increased domestic university knowledge flows.

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Acta Oeconomica
Authors: Balázs H. Váradi, Tímea Várnai, and Barnabás Virág

Globalisation and the loosening of credit conditions have led to an increase in income and wealth inequalities in the developed economies. The 2008–2009 crisis has forced a deleveraging process, leading to a prolonged recovery due to further demand cuts. The protracted economic problems and the inadequate management of economic policy in the EU increased social discontent that may have eventually contributed to Brexit. The short- and long-run impacts of the decision are difficult to judge, given that the details of the exit process cannot yet be known. Currently, there is a consensus among analysts that the negative economic effects could be greater in the UK in the short term. However, in the longer term, the UK may benefit from a potentially more flexible economic policy framework, while socio-political and economic risks are imposed on the European economy by the secondary effects due to its structural problems and the uncertain future of its institutional system.

As a small open economy, Hungary highly depends on the economic performance of its foreign trade partners. We have found that the economic impact of Brexit on Hungary remains moderate. Among the direct channels, the foreign trade channel may be the dominant. Meanwhile, the reduction of EU funds and remittances will affect the Hungarian growth only modestly. Hungary’s vulnerability has improved substantially since the 2008–2009 crisis. Accordingly, potential secondround effects of Brexit may remain subdued and be mitigated through substantial room for manoeuvre for economic policies.

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