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This ar cle introduces the hypothesis that resource-rich countries display a low degree of central bank independence (CBI). This hypothesis is proven based on mul variable regression, but the infl uence of resource factors is not considered strong enough compared with previous infl a onary experience and the characteris cs of the poli cal regime. It stresses that the impact of the commodity wealth factor on CBI choice is direct (through the share of commodity exports in total export) and indirect through the lower level of democracy in commodi es countries that feature more dependent central banks. Also, this hypothesis is proven based on the grouping of countries. Such grouping shows that despite a general tendency of CBI increase in the world, a group of commodity expor ng countries experiencing a substan ally lower level of mean GMT-index, ECWN-index, and transparency-index resulted in lower CBI compared with groups of emerging markets and developing countries. Explaining these phenomena is rooted in features of ins tu onal distor ons in commodity economies, the specifi c structure of interven onist policy to overcome a " resource curse, " and the specifi c role of the exchange rate and FX reserves in intertemporal macroeconomic policy. JEL E58, E59, O23, Q33. Key words: central bank independence, indexes of central bank independence, " resource curse " , commodi es export , exchange reserves, exchange rates, quality of institutions.
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8th International Maritime Science Conference, April 2019, Budva, Montenegro
A quantitative study into perceptions and attitudes of corporate social responsibility and sustainabilty developments in international shipping
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This paper studies the effectiveness of the implementation of trade facilitation measures in member countries of the Association of Southeast Asian Nations (ASEAN). We evaluate trade facilitation performance and indicate trade facilitation needs and priorities that vary between ASEAN members. In particular, we examine logistics-related costs in ASEAN and whether the current level of logistics-related costs could be a burden or an advantage for ASEAN countries. We also identify critical barriers that have impacts on logistics services related to foreign investment and customs across ASEAN. Finally, we propose recommendations for the harmonisation of logistics policies in ASEAN countries aimed at the development of the ASEAN Economic Community.
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Regional cooperation is emerging as a distinct development strategy for Micronesia. The new pattern of regionalism is based on innovative forms of collaboration that differ markedly from early cooperation efforts in the Pacific region. First, the new regionalism seeks to exploit both similarities and complementarities in a wide range of activities such as infrastructural linkages and natural and human resource development. Second, it focuses on intra-regional cooperation among the Pacific island states, unlike the early arrangements between the islands and metropolitan states. Third, it addresses economic issues surrounding the operation of market forces, in contrast to the political orientation of the early arrangements. Fourth, it exploits the increasing diversification of trade by the Pacific island states, particularly with Asia and developing regions, as trade patterns become less defined by historical and political ties with the leading metropolitan powers than in the past. Finally, the new regionalism has shifted from a broad approach to a narrow one focusing on sub-regional cooperation within the three main areas of Micronesia, Melanesia and Polynesia. Cooperative arrangements for Micronesia already exist and others are likely to be implemented within the coming months. In January 1996 the region’s states formed the Council of Micronesian Chief Executives in recognition of the opportunities for economic and social development that a regional approach offers. In a parallel development, a sub-regional group was formed in March 1995 at the first summit of the Heads of Government of the Republic of Kiribati, Republic of Marshall Islands, Republic of Nauru and Tuvalu. That group affirmed the need for cooperation in the areas of air transportation, shipping, trade and immigration. Still another push towards sub-regional cooperative arrangements is likely to emerge from the September 1996 meeting of the South Pacific Forum, which plans to examine whether a sub-regional approach to cooperation such as that taking place in Micronesia is preferable to the Forum’s broad regional approach to cooperation. These regional strategies are in line with the ADB’s overall strategic agenda for the developing island countries of the Pacific since the promotion of regional cooperation is an important aspect of its mandate. The Bank’s recently developed strategy for the Pacific island countries specifically identifies regional cooperation as an important area with potentially large economic benefits which would otherwise be outside of the scope of their individual small country capacities. The Bank’s success in accelerating growth in the lesser developed regions of Southeast Asia through the implementation of so-called growth areas also lends support to a regional development strategy for Micronesia. The design of those growth areas has adapted to the particular situations characterizing specific regions, and the approach therefore lends itself to the type of regional cooperation that is suitable for the developing island countries of the Pacific. The present study aims to formulate an action agenda for the development of regional cooperation in Micronesia in order to foster economic growth and stimulate collaboration in economic and social sectors and activities in the region. The study examines areas for possible collaboration and prioritizes those areas within the context of both the development programs of member states and the proposed form of regional cooperation in Micronesia. The member states of the area are composed of the Federated States of Micronesia (FSM), Guam, Kiribati, the Republic of the Marshall Islands (RMI), Nauru, the Norther Marianas Islands and Palau. In addition, the present initiative includes Tuvalu, a Polynesian country that has economic ties and strong similarities with the Micronesian states. The study begins with an assessment of the prevailing constraints in key sectors of the Micronesian states. It then examines alternative forms of regionalization in the context of both the past regional cooperation experiences of the Pacific island states and the current development programs and objectives of each of the Micronesian states. Based on these findings, it proposes a strategy for regional cooperation that is suitable to the needs of Micronesia. The subsequent chapters focus on those sectors and activities that support both the regional strategy and the plans and priorities of each state’s development strategy. The final chapter proposes an action agenda that identifies clearly defined steps, including further studies, regional meetings, and regional and national decisions to be taken. Volume II of this study profiles a set of 85 regional projects, programs, policies and institutional initiatives identified by the study as being able to be implemented immediately and made operational before the completion of the proposed action agenda.
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