Brexit and its economic consequences

As the formal process of Brexit has already started, there is much uncertainty about Brexit's impacts on Britain's social, political and economic future. This paper examines the economic impact. After briefly discussing some significant EU treaties that serve as the background materials, it presents the key arguments advocated by the leave and remain camps. The economic impact depends critically on the negotiation outcomes. Aside from the debate on the divorce costs, there are numerous issues that must be negotiated, such as immigration, trade in goods, services, agriculture, fisheries and financial regulations. We discuss various scenarios of possible new trade regimes, resulting in different impacts on the UK economy. With each side having its bargaining chips to play, the trade‐offs between “give and take” in the negotiation game are analysed. Considering various strategic options, this paper urges rationality and cooperation, especially weighing both sides’ entwined economic interests, in addition to their mutual security, defence, environmental and world concerns. The potential gains and losses in the event where the UK contemplates new trade arrangements with the non‐EU countries are analysed in the Appendix .     

The United Kingdom and the stability of the Euro area: From Maastricht to Brexit

The two key events expected to mark the year 2019 were the 20th anniversary of the euro and Brexit. This paper examines the role of the United Kingdom on the stability of the euro area. We study stability from the perspective of synchronisation of economic activity in a core and periphery framework. We show the UK, since 1990, has become significantly more integrated with the EU economy. The UK moved from the periphery before 1990 to the core afterwards. We also find that the level of synchronisation of the UK economy has had the highest variability over time among all countries.     

浅谈政府经济管理的角色转换

随着社会主义市场经济的不断发展,我国原有的政府经济管理职能已相对落后,为了适应发展的需要,我国政府必须改变经济管理角色,重新进行职能定位,同时改进经济管理方式,促进我国经济的健康发展.     

Brexit and the Trump Era: The future of IFRS

Following the uncertainty of regulatory reform under Brexit and the new Trump Administration Era, this installment of Accounting Matters explores the future of international financial reporting standards (IFRS). I interviewed Mr. Hans Hoogervorst, Chairman of the International Accounting Standards Board (IASB), and Mr. Michael Izza, Chief Executive of the Institute of Chartered Accountants in England and Wales (ICAEW). The two give their opinions on what they see as the lasting impact of Brexit and the Trump Era on their organizations and accounting standards internationally.     

Understanding the ASEAN economic community: pragmatism versus conceptualism

ABSTRACT

The ASEAN Economic Community, born in 2003 and developed over the next 12 years, aims to build a ‘single market’ whilst ‘enhancing the production base’ in ASEAN for global and regional value-chains. The paper attempts to understand the AEC via a conceptual as well as a pragmatic approach. It summarizes achievements up to 2015 and assesses the 2025 Blueprint in some detail. At times the latter reads like a Roadmap full of details but measures often remain open-ended or somewhat vague, a typical ASEAN characteristic. What ultimately matters to ASEAN is economic growth and the AEC may well serve as a handmaiden to sustained high growth.     

技术创新和人力资本对区域经济的动态影响

经济增长一直是世界各国永恒的话题。国内现阶段不同区域经济发展程度差异显著,因此探究区域长期经济增长的影响因素以及这些因素之间的动态关系是亟待解决的重要研究问题。研究通过构建人力资本—技术创新内生增长模型,探究人力资本和技术创新对于区域经济增长的影响,以及人力资本和技术创新的动态平衡关系。     

The effects of economic development and the evolution of social institutions on the level of corruption: comparing the Asia-Pacific with other regional blocs

ABSTRACT

The variation in the level of economic development across countries has been proposed as an explanation for the disparity in the level of corruption that is observed. As a country evolves from one stage of economic development to another and its social institutions as a result become more refined and sophisticated, their capacity to tackle corruption and poor governance practices becomes increasingly better. Improvements in the overall quality of institutions, including better policing and justice systems, increase their capacity to detect and deter corruption. This evolution of institutional quality improves social and economic well-being of society, which in turn pressures regulators, legislators and politicians to continue in the fight against corruption. The objective of this paper is to examine how economic development mediated by improvements in the quality of social institutions impacts on the level of corruption. Lessons from worldwide trends, including the Asia-Pacific region, provide opportunities for countries to enact strategic measures that can accelerate the fight against corruption.     

Dynamic capabilities in the context of Brexit and international wine business: An exploratory two‐country study

This exploratory study proposes a conceptual framework based on the dynamic capabilities approach (DCA) to advance the understanding of firms' responses to turbulence, illustrated by the Brexit phenomenon. The case of wine producers is examined, with a particular focus on perceived impacts of and responses to Brexit among wineries predominantly involved in exports. Data from 281 mainly micro and small exporting Italian and Spanish winery firms were gathered. Various differences emerged in how both groups of businesses perceived Brexit's impacts, and how they planned to respond. Some of these ways revealed principles associated with the DCA, such as possessing critical organizational resources, notably, tangible, intangible, and human to create capabilities. Furthermore, while various comments denoted indecisiveness and uncertainty, others underscored the vital need to exploit opportunities through engaging with new international consumer markets. Overall, the proposed framework facilitates an in‐depth understanding of winery entrepreneurs' strategic behavior in response to turbulent situations.     

The economic and social role of small stores: a review of UK evidence

There is considerable concern in the United Kingdom regarding the growing power of supermarkets, a concern that culminated recently in a UK Competition Commission enquiry into the grocery sector. Against this backdrop, some suppliers, independent retailers and societal groups have been critical of the investigation, implying that it did not do justice to the role of small stores in society, and that this issue is insufficiently understood by policy-makers. To address this need, this article reviews and assesses the available UK evidence on the social and economic role of small independent stores and the values that are attached to them by the communities they serve. This is achieved using the Systematic Literature Review methodology. The purpose of the article is to gauge the evidence as a platform for wider debate on how the role of small stores can be maintained and enhanced. The article identifies key themes and gaps in the literature as a basis for identifying research priorities and highlights implications for public policy and planning.     

大功率LED在隧道照明中的经济性分析

进入节约型社会,"节能减排"成为当今社会的热门话题,但是在现实照明中常出现节电不节钱现象.所以本文引入节电效益的概念公式,通过对某一新建隧道进行LED隧道灯的改造进行分析,计算出改造后的节电效益,以及改造前后运营成本的比较,揭示了用LED进行改造的必要性,以及用LED灯具对"节能减排"的重要意义.     

从开放性次区域自由贸易区到全面性两岸经济一体化--海峡两岸经济一体化实现路径研究

两岸经济一体化是两岸经济体自身发展的必然与要求,但受到当前两岸政治关系的严重约束,需要寻求突破约束的实现路径.借鉴近年来国际上次区域经济合作的成功经验,在"小三通"与"试点直航"等现实基础条件上,两岸先行在次区域层面共建开放性的厦-金、厦-高自由贸易区应是两岸经济一体化的一个现实路径.     

TPP国家经济的比较性分析及影响研究

TPP作为一个APEC框架下的多边自由贸易协定,随着2009年美国的高调加入,引发了全球尤其是亚太经济体的广泛关注。但现有文献的研究多集中于政治战略层面,缺乏从某一具体层面对TPP进行深入剖析。本文结合TPP谈判的最新进展,从经济总量、贸易总量及贸易结构多角度对TPP国家经济进行比较性分析,进而研究TPP对亚太区域经济一体化产生的各种影响。     

Testing the effectiveness of the proposed UK ‘competition test’

An ongoing inquiry by the UK Competition Commission (CC) – the Groceries Inquiry – has covered supplier relationships, landholdings and, controversially, the topic of planning regulations. The latter lies within the remit of the Department for Communities and Local Government. Accordingly, Competition issues now intrude directly into planning since the identity – fascia – of a proposed retailer taking a new development had previously been disregarded. The CC has produced a set of guidelines to show how a proposed fascia test might be operationalised. Applying them to hypothesised store locations we find that most pass the test: an outcome that carries interesting political ramifications.     

Putting Canada in the penalty box: Trade and welfare effects of eliminating North American Free Trade Agreement

Three years ago, very few economists would have imagined that one of the newest and fastest growing research areas in international trade is the use of quantitative trade models to estimate the economic welfare losses from dissolutions of major countries' economic integration agreements (EIAs). In 2016, "Brexit" was passed in a UK referendum. Moreover, in 2019, the existence of the entire North American Free Trade Agreement (NAFTA) is at risk if the US withdraws—a threat President Trump has made if the proposed US–Mexico–Canada Agreement is not passed by the US Congress. We use state‐of‐the‐art econometric methodology to estimate the partial (average treatment) effects on international trade flows of the six major types of EIAs. Armed with precise estimates of the average treatment effect for a free trade agreement, we examine the general equilibrium trade and welfare effects of the elimination of NAFTA (and for robustness US withdrawal only). Although all the member countries' standards of living fall, surprisingly the smallest economy, Mexico, is not the biggest loser; Canada is the biggest loser. Canada's welfare (per capita income) loss of 2.11% is nearly two times that of Mexico's loss of 1.15% and is nearly eight times the US' loss of 0.27%. The simulations will illustrate the important influence of trade costs—international and intranational—in contributing to the gains (or losses) from an EIA's formation (or elimination).     

区域经济一体化的理论溯源及最新进展

20世纪80年代末以来,对区域经济一体化的理论分析已从传统的完全竞争模型扩展到不完全竞争模型。近期的发展可以归结为三个方向:规模经济和不完全竞争理论下的区域经济一体化、内生化的区域经济一体化理论及区域主义与多边主义。本文评述这一领域的最新文献,并总结相关的启示。     

Interfirm strategic integration in retailer buying groups: antecedents and consequences on the retailer's economic satisfaction

Abstract

Independent small retailers have shown a growing trend toward joining buying groups as a means to compete against large distribution chains. The retailer's strategic integration of the relationship with the buying group (RSI), i.e., the retailer's recognition of this relationship as a strategic asset, is the focal theoretical construct of this study. With a sample of retailers of home appliances that are integrated in a buying group, the empirical test of two alternative models about the antecedents and consequences of RSI has confirmed that the concept plays an important and significant mediational role in explaining the effects of environment and relational characteristics on the retailer's satisfaction with the buying group. The author discusses the theoretical implications of the results obtained and explores consequences for decision makers.     

When the American dream fails: The effect of perceived economic inequality on present-oriented behavior

Economic inequality is worsening worldwide and is associated with various social problems. Although research on inequality has been conducted in various academic fields, research on how perceived inequality affects individual decision making is relatively limited in the marketing field. Recognizing this gap, this study examines how perceived economic inequality can affect individual behavior and decision making from the perspective of time frame. The results of four studies reveal that perceived economic inequality can induce present-oriented behavior and suggest that perceived economic mobility accounts for this relationship. This study demonstrates that present-oriented and shortsighted behaviors, which are usually considered characteristics of the poor, can occur due to the perceptions of the environment beyond class. It implies that the macro level of economic inequality can influence an individual's decision making at the micro level.