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The Political Economy of Special Economic Zones
This book examines SEZs from a political economy perspective, both to dissect the incentives of governments, zone developers, and exporters, and to uncover both the hidden costs and untapped potential of zone policies. Costs include misallocated resources, the encouragement of rent-seeking, and distraction of policy-makers from more effective reforms. However, the zones also have several unappreciated benefits. They can change the politics of a country, by generating a transition from a system of rent-seeking to one of liberalized open markets. In revealing the hidden promise of SEZs, this book shows how the SEZ model of development can succeed in the future.
The Political Economy of Special Economic Zones
This paper is a first attempt to apply a robust political economy framework to explain when Special Economic Zones (SEZs) can contribute to economic development. A robust political economy is one that channels the actions of self-interested individuals with limited information to promote economic progress. In the right institutional context, SEZs tend to promote economic growth. In the wrong institutional context, they can cause resource misallocation and rent-seeking. Policy makers introducing SEZs must overcome the knowledge problem to avoid misdirected economic planning. Yet, the scheme can only fulfill its purpose if it also prevents destructive rent-seeking behavior, both from businesses and from government authorities. The political economy framework of SEZs can be applied to judge their potential efficacy, something that orthodox studies of country features such as natural resources, infrastructure and zone location fail to do. The Indian and Chinese experiences with SEZs illustrate these points.
Why No Chinese Miracle in Africa? Special Economic Zones and Liberalization Avalanches
Special economic zones (SEZs) have been touted as “tools for development”, and yet their results have often been disappointing. We explain how SEZs can be used to reform a country from a system dominated by rent-seeking to a liberalized economy, where officials derive their revenues from taxation rather than rent-seeking. We provide a model of elite dynamics to explain the conditions under which governments can create SEZs that promote country-wide development. Our model predicts that SEZs may only lead to country-wide development in fiscally decentralized countries with heterogeneous elites. SEZs allow areas of a country to liberalize further than the standard theory of federalism suggests. An elite minority in favor of liberalization can therefore introduce SEZs that have external liberalizing effects on other regions in the country. This in turn incentivizes more elite members to promote liberalization. Comparing the SEZ programs in China and Ghana illustrate how seemingly similar SEZ programs can have very different results.
Freeports and Free Zones
This book explains the definition, concepts, practices and procedures of Free Zone operations; how they are created, how they operate, and their benefits to the global and national economy. Readers will be able to understand why Free Zones exist, their role in the development and maintenance of international trade, and how they contribute to national and global economic development and wellbeing, especially in developing nations. The author explains the processes in the establishment of Free Zones, and how government legislation and initiatives assist in this process. The book comprehensively but accessibly covers the topics of Freeports, Free Zones, Export Processing Zones (EPZs) and Specia...
Research Foundation Review 2019
Research Foundation Review 2019 presents the offerings from CFA Institute Research Foundation during 2019. We start with an overview, summarize the year's output, and end with other relevant material, such as awards and recognition.
Defined Contribution Plans: Challenges and Opportunities for Plan Sponsors
American workers rely on their employers to provide a way to generate retirement income beyond their Social Security earnings. Many employers still offer traditional defined benefit (DB) pension plans. A growing majority, however, have replaced DB plans with account-based defined contribution (DC) plans. Virtually everyone acknowledges that the basic DC plan design is flawed. Yet as a society with low private savings and a fraying Social Security system, we count on this imperfect structure to serve as a retirement security bulwark. Workers and society both need the employer-sponsored retirement system to function well. Enhancing DC plan design therefore becomes critical. Defined Contributio...
Learning about Risk Management: Insights from Unconventional Risk-Takers
Think financial professionals have a corner on risk management? Think again. Learn how a Hollywood movie mogul, a poker champion, and a big wave surfer can offer key lessons in risk management, risk mitigation, and client communication.
The Oxford Handbook of Industrial Hubs and Economic Development
Industrialization supported by industrial hubs has been widely associated with structural transformation and catch-up. But while the direct economic benefits of industrial hubs are significant, their value lies first and foremost in their contribution as incubators of industrialization, production and technological capability, and innovation. The Oxford Handbook of Industrial Hubs and Economic Development adopts an interdisciplinary approach to examine the conceptual underpinnings, review empirical evidence of regions and economies, and extract pertinent lessons for policy reasearchers and practitioners on the key drivers of success and failure for industrial hubs. This Handbook illustrates the diverse and complex nature of industrial hubs and shows how they promote industrialization, economic structural transformation, and technological catch-up. It explores the implications of emerging issues and trends such as environmental protection and sustainability, technological advancement, shifts in the global economy, and urbanization.
Financial Reform in China
This book focuses on the importance for China to correct the present imbalance in the relationship between the financial sector and the real economy. The book looks at China’s current financial system in terms of "extractive" and "inclusive". It asserts that the financial sector is producing huge "siphonic effects" that distort the overall development of the Chinese economy. Like a giant magnet, the financial sector attracts too many innovation factors, such as talents, capital and entrepreneurship away from the real economy and inhibits the development of the latter. Hence, the book argues that China’s financial system must now be thoroughly reformed to become an inclusive financial system, where finance and the rest of the economy can co-exist and develop in support of each other.
Capitalist Alternatives
The book's objective is to explore the challenge of thinking methodically - in a theoretically and empirically informed way - about alternative forms of capitalism. What are the most effective ways to conceptualize the existing models of capitalism that have captured the public imagination and are currently floating around in the public debate? How can one mobilize empirical analysis and theory in thinking about the realm of possibilities and about the future of economic order, but avoid the twin perils of scientism and historicism? This book is an attempt to respond to these and related challenges. First, it delves into the substantive aspect of the debate, taking a closer look at a set of ...
