Emerging Economies

The financial system is the backbone of the economy, where the highly developed financial system facilitates economic development, leading to increased national income and standard of living.
This study aims at reading the Indian experience of reforming the financial system as one of the emerging economies that underwent a major transformation during the 1990s.  The paper concluded that India's
__________________________________________
المؤلف المرسل: بوزربخيرالدين، الإيميل: [email protected]
relative success in developing the structure of the financial system, with some deficiencies to be addressed.
Key Words: Financial System, Economic Development, Banks, Narasimham Commission, Indian Economy.
Jel Classification Codes: F36، G21،  E42

Este livro é um projeto que vem sendo pensado, desenhado e estruturado há algum tempo pelos coordenadores do trabalho. A sua realização requereu o esforço e o apoio de várias frentes no Banco Mundial e no Tesouro Nacional. Os autores, cuidadosamente selecionados, dispuseram de seu tempo e dedicação para escrever capítulos ricos em informações, compartilhando suas experiências como gestores e conhecedores de dívida pública. Além deles, agradecemos: À Secretaria do Tesouro Nacional, especialmente ao secretário-adjunto Paulo Valle por seu empenho para que a elaboração do livro fosse possível. Adicionalmente, à Coordenação-Geral de Desenvolvimento Institucional, à Karla de Lima Rocha e ao Bruno Santos Ribeiro que auxiliaram na organização. Ao Banco Mundial, principalmente José Guilherme Reis e Deborah Wetzel, que apoiaram e viabilizaram este projeto, e à Zélia Brandt de Oliveira pelo essencial auxílio no processo de publicação. Além disso, agradecemos o fundamental apoio de

This chapter describes how corporations and social enterprises in Asia can co-create social value. The traditional role of corporate philanthropy is transactional in nature, where the donation of resources from a corporation allows a non-profit organisation to create social value through its mission. The rise of social entrepreneurship as an alternative for creating social value through hybrid business models has given rise to novel opportunities for corporate philanthropy. Corporations can use their discretionary finances to support social enterprises across the spectrum of their organisational development from ideation and early stage ventures to later stages of maturity. The chapter offers case studies from Singapore, India, and Hong Kong that exemplify the co-creation of social value through small enterprise acceleration, angel investing, corporate venture capital, and business process outsourcing.

This paper studies how financial globalization affects debt structure in emerging markets. We find that by accessing international markets firms increase their long-term debt and extend their debt maturity. In contrast, long-term debt decreases and the maturity structure shifts to the short term for the average firm after financial liberalization. These effects are stronger in economies with less developed domestic financial systems. The evidence is consistent with segmented markets and with globalization having opposite effects on the firms that are able to integrate with world markets relative to the ones that rely on domestic financing.

Why do small-business groups in developed countries exist? Research has shown the strong economic impact of business groups throughout the world but remains heavily focused on large-business groups and on emerging economies. Theoretical approaches to explain the existence of highly diversified business groups range from market power to the resource-based view and include market failure, transaction costs, agency theory, and cultural embeddedness. These approaches, however, are not very appropriate to explain the existence of small to medium-size firms in developed countries. What we know is that these smaller groups exist and that they are largely the outcome of related diversification.

problems. One of such problems is corruption. Corruption has been the bane of African socio-economic and political development. Against this background most Africa countries have set up anti–corruption agencies to tackle this cankerworm. This paper examines the experiences of some African countries such as Nigeria, South

Centre for Management and Economic Research (CMER) Lahore University of Management Sciences (LUMS) Opposite Sector 'U', DHA, Cantt, Lahore, 54792 Pakistan URL:http//ravi.lums .edu.pk/cmer ... Abid. A. Burki Director CMER Associate Professor, Economics School of ...

This study contributes to the stock returns-inflation relation literature in developing countries by revisiting the issue with reference to the emerging economy, India. More specifically, it tests whether the Indian stock market provides an effective hedge against inflation using monthly data on real stock return, inflation and real activity from April 1980 to March 2004 and a two-step estimation procedure. Results of the study indicate that (i) the Indian stock market reflects future real activity; (ii) the negative stock returns-inflation relation emerges from the unexpected component of the inflation and (iii) this negative relation vanishes when we control for the inflation-real activity relation, thereby providing a strong support for Fama’s proxy effect hypothesis. The split sample analyses indicate that the Fama hypothesis is valid only in pre reform period. In the post reform period, real stock returns have been independent of inflation, i.e., the Fisher Hypothesis is valid.

This working paper presents findings from analyses of Russian nanotechnology outputs in publications and patents focusing on developments over the period 1990 through to 2012. The investigation draws on bibliometric datasets of scientific journal publications and patents and on available secondary English-language and Russian sources.

If citing, it is advised that you check and use the publisher's definitive version for pagination, volume/issue, and date of publication details. And where the final published version is provided on the Research Portal, if citing you are again advised to check the publisher's website for any subsequent corrections.

The purpose of this paper provides a better understanding of
Robotic Process Automation- RPA phenomena on the accounting /
management activities of Shared Service Centers-SSCs in emerging
economies specifically in Latin America - LATAM. Due to the rawness of
RPA concept in this attractive region for SSCs, this study aims to explore how automation will affect the future of accounting work in SSCs. This research uses a qualitative approach; it has chosen a single case study method based on purposive sampling as well as semi-structured interviews. A literature review was conducted to analyze the relevant research papers related to RPA within the Scopus Web of Science databases ranging from year 2006 until present. An analysis has been outlined following the Preferred Reporting Items for Systematic Review and Meta-Analyses (PRISMA) statement. This study provides an understanding of organizational changes on accounting /management processes. 33% of all positions from the SSC were eliminated,  which its 40% were part of the accounting staff. The existing accounting positions after RPA were associated to decision makings and information analysis. The case demonstrates that RPA generates cost savings, is not perfectand requires initial human interaction and monitoring. To the best of author´s knowledge, there is no article on RPA in SSC´s based in LATAM.

The authors help to close this gap, particularly in equipping SCSs in LATAM with knowledge in accounting and management areas that may be automated

This paper builds on the assumption that OECD countries are (or will soon be) taking actions to reduce their greenhouse gas emissions. These actions, however, will not be sufficient to control global warming, unless developing countries also get involved in the cooperative effort to reduce GHG emissions. This paper investigates the best short-term strategies that emerging economies can adopt in reacting to OECD countries' mitigation effort, given the common long-term goal to prevent excessive warming without hampering economic growth. Results indicate that developing countries would incur substantial economic losses by following a myopic strategy that disregards climate in the short-run, and that their optimal investment behaviour is to anticipate the implementation of a climate policy by roughly 10 years. Investing in innovation ahead of time is also found to be advantageous. The degree of policy anticipation is shown to be important in determining the financial transfers of an international carbon market meant to provide incentives for the participation of developing countries. This is especially relevant for China, whose recent and foreseeable trends of investments in innovation are consistent with the adoption of domestic emission reduction obligations in 2030.

This Handbook aims to support policy-makers, national governments, national and regional public administrations, PPP officers, practitioners, international institutions, development agencies, financial institutions, academia and the evaluation community, in the design, implementation and assessment of appropriate responses to foster PPPs uptake in the context of developing and emerging economies. It aims to be a valuable information resource and a practical guide, not only by docu- menting the key role of PPPs in developing and emerging coun- tries, but also by exposing cross-country diversity in respect to their institutional and governance framework, strategic resources and business environment. These dimensions are particularly relevant as PPPs are also affected by barriers and inefficiencies in he business environment and market failures in the knowledge- based economy. This Handbook resulted from highly valuable contributions of a diverse range of authors originating from three in...

In emerging economies pension programs of public sector workers tend to be more generous than pension programs of private sector workers. In this paper we study the adverse effects of these generous pension schemes on income and welfare, using a two-sector overlapping generations model. We argue that opportunity costs of running generous public pension schemes for civil servants are potentially large in emerging economies, where there is often severe lack of public investments in education and infrastructure. Calculating transitions to the post reform steady state, we find that welfare gains for the generation born before the reform can only be realized when freed up resources are reinvested into public education public, but not when these freed up resources are used for tax cuts or for infrastructure investments.

"Faptul că Republica Moldova este de departe cel mai sărac stat din Europa este rezultatul modului în care a fost şi continuă să fie gestionată transformarea economică.

Astfel, în Moldova este stringentă necesitatea aplicării unei politici de industrializare şi dezvoltare agricolă care să schimbe calitativ structura creşterii economice şi să oprească tendinţă de reducere rapidă a volumului forţei de muncă."

Cet article présente un examen des tenants et aboutissants de la doctrine financière libérale en vue de considérer les principales leçons que l'on pourrait tirer de la crise de 2007-08 dans la perspective de reconsidérer le développement des systèmes de financement des économies. A partir d'une synthèse des fondements théoriques des réformes de libéralisation, les liens entre le processus de développement des marchés financiers et les crises dans les économies émergentes et la crise actuelle sont étudiés. La crise de 2007-08 montre que les difficultés monétaires et financières trouvent leur origine non pas dans des fragilités économiques liées au retard de développement, mais plutôt dans les modalités de fonctionnement des économies libéralisées. De ce point de vue, toute proportion gardée, il semble que les instabilités financières sont le résultat des problèmes endogènes aux systèmes économiques financiarisés et globalisés plus que des difficultés de transition vers une soi-disant économie de marché efficace.

There exists substantial research on social media marketing (SMM) in the United States and other developed countries. Studies of SMM in emerging economies, such as the eleven Global Growth Generator (3G) economies, are rare. This study seeks to discover and characterize the use of social media marketing channels in the Republic of Mongolia, an emerging economy, transitioning from socialism and at the earliest stages of marketing development. The study is limited to twenty companies listed on the Mongolia stock exchange. These companies are categorized by whether they are involved in social media marketing based on direct or indirect presence on Facebook, YouTube, or Twitter with supporting quantitative data on activity levels. Also, specific content is examined descriptively in order to characterize the primarily functions of social media marketing in this special environment.

This study contributes to the limited established empirical research on the impact and relevance of corporate social responsibility (CSR) in the capital markets of emerging economies. We conducted an event study to demonstrate how the timing of CSR announcements by firms that have aligned their strategies to newly instituted social regulations in South Africa influenced stock prices. Using a unique dataset of publicly listed South African enterprises that undertook CSR initiatives during the ten year period from 1996 to 2005, we found that investor reactions to CSR announcements concluded during the late phase of institutional reforms are viewed positively by investors. Furthermore, CSR announcements of substantive monetary value result in significantly higher shareholder returns.

Apstrakt: Prethodnu deceniju bankarska industrija suočava se sa problemima u naplati potraživanja kao posledice uticaja svetske ekonomske krize na ukupne ekonomske procese svih učesnika u privredi. Bankarski sektor Bosne i Hercegovine u poslednjih deset godina karakterišu dva najznačajnija problema: usporena kreditna aktivnost i rast nenaplativih kredita. Iako se trend nenaplativih kredita u poslednjim godinama smanjuje, i beleži nešto niže iznose, ne umanjuje se značaj razmevanja ovog problema niti učestalost njegovog ponovnog nastanka. Trendovi u razvoju privrede, gde se poseban akcenat stavlja na mala i srednja preduzeća kao nosioce privrednog razvoja, u mnogome utiču na kretanja u bankarskom sektoru. Privreda se često suočava sa problemima likvidnosti i neodgovarajuće kreditne sposobnosti i na taj način izlaže bankarsku industriju problemu naplate. Osnovni cilj ovog rada je analiza kretanja i determinante NPL racia u periodu od 2006-2016 godine. NPL racio se definiše kao udeo nenaplativih kredita u ukupnim kreditima i u literaturi je često korišćen kao mera za ocenu kvaliteta kreditnog portfolia banaka. Regresionim modelom prikazaće se međuzavisnost indikatora profitabilnosti banaka, kapitalne adekvatnosti, nekvalitetne aktive, bruto domaćeg proizvoda i NPL racia u posmatranom periodu te na taj način dati ocena stanja bankarskog sektora Bosne i Hercegovine u deceniji iza nas. Abstract: Over the past decade, the banking industry has faced problems in collection of receivables as a result of the impact of the global economic crisis on the overall economic processes of all participants in the economy. The banking sector of Bosnia and Herzegovina in the last ten years has been characterized by two most significant problems: slower lending activity and growth of non-performing loans. Although the trend of non-performing loans has been decreasing in recent years, and recorded somewhat lower amounts, the significance of this problem is not diminished as well as the frequency of its re-emergence. Trends in the development of the economy, where a special emphasis is placed on small and medium enterprises as the bearers of economic development, greatly influence the trends in the banking sector. Economy often faces problems of liquidity and inadequate creditworthiness, and in this way exposes the banking industry to the problem of collection. The main goal of this paper is the analysis of the trends and determinants of NPL racia in the period 2006-2016. NPL ratios are defined as the share of non-performing loans in total loans and are often used in the literature as a measure for assessing the quality of the loan portfolio of banks. The regression model will show the interdependence of the indicators of profitability of banks, capital adequacy, non-performing assets, gross domestic product and NPL racia in the observed period, and in this way it will give an assessment of the state of the banking sector of Bosnia and Herzegovina in the decade behind us. Uvod Bankarski sektor, deceniju za nama, karakteriše značajan rast nenaplativih potraživanja u periodu nakon izbijanja finansijske krize. Naplata potraživanja je, čini se, najveći problem. Privreda takođe oseća posledice krize i ne uspeva da izvši naplatu dospelih potraživanja, što se reflektuje na njihovu sposobnost servisiranja obaveza prema finansijskim institucijama. Banke naposletku beleže visoke udele NPL (non performing loan, eng.-nenaplativi krediti) u odnosu na nivo ukupnih kreditnih sredstava odobrenih privredi. Pored privrede i sektor stanovništva je u značajnoj meri doprineo porastu nenaplativih potraživanja, kao posledice slabljenja ukupne ekonomske aktivnosti na nivou cele zemlje. Porast NPL kredita generisao je druge probleme u poslovanju banaka, prevashodno problem profitabilnosti gde je u periodu od 2006 na ovamo veliki broj banaka prošao kroz reforme u poslovanju usled pada profitabilnosti, dok su pojedine banke pretrpele značajne gubitke i samim tim prestale sa obavljanjem poslovnih aktivnosti. U ovom radu će se prikazati kretanja kreditne aktivnosti u posmatranom periodu, a zatim regresionom metodom utvrditi međuzavisnost kretanja NPL racio pokazatelja sa pokazateljima profitabilnosti (RoA i RoE), sa pokazateljima kapitalne adekvatnosti, kamatnih prihoda i na posletku pokazateljem ekonomskog rasta upotrebom bruto domaćeg proizvoda. Kako bismo to postigli rad je podeljen u nekoliko celina: u prvom delu je pregled literature i veza sa dosadašnjim istraživanjima, u drugom delu data je ocena stanja u bankarskom sektoru u posmatranom periodu, treći deo se odnosi na trend kreditne aktivnosti u posmatranom periodu, četvrti deo opisuje metodologiju i podatke korišćene u analizi, peti deo prezentuje rezultate istraživanja i u šestom delu su data zaključna razmatranja. 97 Viša strukovna škola za ekonomiju i upravu Beograd *

This paper describes the development of a simple solution to the problem of performing interim checks in coordinate measuring machines (CMM). The design constrains have been chosen in such a way that the resulting product can be used in small and medium sized industries of Brazil and other emergent economies.

W ith globalization and the growth in emerging economies, multinational enterprises (MNEs) now frequently confront challenges associated with corrupt governments. Already, a growing body of research has demonstrated that corruption significantly reduces a country's aggregate inflows of foreign direct investment through its effects on firm performance. We move the analysis of corruption from aggregate financial flows toward managerial theory and practice by examining how firms adjust their strategy for entering foreign markets in corrupt environments and how different types of corruption affect firms' choices. Building on institutional theory, we predict that MNEs will respond to pervasive and arbitrary corruption in a host country by selecting particular types of equity and nonequity modes of entry. Using data on 220 telecommunications development projects in 64 emerging economies, we find that firms adapt to the pressures of corruption via short-term contracting and entry into joint ventures. We also find that the arbitrariness surrounding corrupt transactions has a significant impact on firms' decisions, in addition to the overall level of corruption. In contrast to extant research, we show that MNEs use nonequity-entry modes or partnering as an adaptive strategy to participate in markets despite the presence of corruption.

Cambodia has an emerging economy with relatively high economic growth and political stability. Since the 1990s, the country has undergone economic reforms and transformed to become a market economy with strong support from the international donor community and various organizations. Tourism is the third largest sector of the economy after agriculture and the garment industry, and the second largest income contributor after the garment industry. This report argues that tourism in Cambodia is playing an increasingly important role in shaping the country's political and economic development. Income generated from this sector helps to promote economic growth, poverty reduction, cultural identity, and political legitimacy in a country that used to be better known for land mines, killing fields and turmoil. The Cambodian government and the private sector are the main stakeholders in promoting tourism in the country. After three decades of civil war and armed conflict, Cambodia is reemerging to be a new destination for international tourists from around the world, especially from East Asia. Tourist arrivals have increased remarkably to more than two million in 2007 and the number is expected to go up yearly by about 20 to 30 percent. International tourists from Korea, Japan, Vietnam, China, Thailand, United States, and Europe are the major sources of tourist arrivals to Cambodia. The lack of infrastructure and high standard services for the high class, or top end tourists (aging tourists, medical tourists, and cultural tourists), and sports tourists (i.e. golf) present opportunities for Japanese investors. Investments in the construction of Japanese style hotels, resort centers, and restaurants are strongly recommended. In addition, the Japanese private sector could also introduce tourism products and services for special interest groups from Japan such as voluntourists (volunteer plus travel), eco-tourists (diving in coastal area, Tonle Sap biodiversity and floating villages, Fresh Water Dolphin in Kratie, forest exploration in Northeast Cambodia, wildlife watching along the Cardamom mountain range, Botanic garden near Angkor complex…) and adventure tourists (wildlife watching along the Thai-Cambodia border and Cambodia-Laos-Vietnam triangle). These tourism products have great potential to attract more international tourists, but depend on marketing and promotion strategies by both the government and private sector.

Financial statecraft', or the intentional use of credit, investment and currency levers by the incumbent governments of creditor-and sometimes debtorstates for both international economic and political advantage, has a long history, ranging from money doctors to currency wars. A neorealist, zero-sum framing of international monetary relations is not inevitable, yet casts a persistent shadow especially during periods of prospective interstate power transitions when previously peripheral countries find themselves with unexpected new capabilities. This article seeks to understand and theorise the financial statecraft of emerging economies, moving beyond the traditional understanding that closely identifies the concept with financial sanctions imposed by a strong state on a weaker state. We propose that the aims of financial statecraft may be either 'defensive' or 'offensive'. Financial statecraft may be targeted either 'bilaterally' or 'systemically'. Finally such statecraft may employ instruments that are either 'financial' or 'monetary'. As emerging market economies have moved up in the ranks in the interstate distribution of capabilities, they have also expanded their financial statecraft strategies from narrowly defensive and bilateral to those involving offensive tactics and targeted at the global and systemic level. Historical and contemporary examples illustrate the analysis.

The research themes of geography of industry are continually evolving. The dynamic development of this sector of the economy after 1945 in the conditions of the socialist economy, in which the processes of industrialisation of the country were treated as priorities, as well as the processes of economic transformation in Poland after 1989, influencing the changes in the previously developed socioeconomic structures, including industry structures, influenced the shaping of the research problem of this sub-discipline of geography in Poland. These changes, leading to the adaptation of these structures to the changing management principles, take place under the influence of impulses from the international environment associated with building a knowledge-based economy and moving from the industrial and post-industrial phase to the infor-mational phase of civilisation development. These essential issues of transformation of industrial structures in the period of economic transformation and the development of a knowledge-based economy have become the subject of interest of many researchers, including economic geographers. The article presents the evolution of the themes and the main directions of research on structural changes in Polish industry in the conditions of transition from the centrally planned economy to market economy. In conclusion, it is shown that Polish geography of industry has undertaken significant scientific and economic problems of structural changes in industry during the period of economic transformation, continually updating its research priorities. Researchers quickly reacted to changes in the legal and political conditions of the functioning of the national economy, despite numerous barriers, related to, among other things, limited access to data on industrial activities, resulting in the lower interest of geographers in industrial research. The paper ends with recommendations regarding future possible research directions and a comprehensive bibliography of the studies.

Purpose
The purpose of this paper is to comprehensively explore marketing issues for foreign industrial companies of large, small and medium size entering emerging markets (EMs), particularly transition economies in Eastern Europe. The vast majority of current studies about emerging markets focus only on defining suitable strategies related to large consumer goods corporations.

Design/methodology/approach
The research adopted a multiple case study approach. Five Italian companies belonging to different business-to-business industries that have entered emerging countries in Eastern Europe were selected for investigation.

Findings
Empirical analysis uncovered recurring issues related to: institutional factors causing market uncertainty and instability; difficulties in building a sales network; a need for product adaptation to guarantee satisfactory performance; choices related to communication, branding and trade fairs; and considerations about competition and first mover advantage. Results can be interpreted as an extension of the analysis of institutional voids by Khanna and Palepu (1997).

Research limitations/implications
The study is based on the analysis of five case studies of companies operating in specific emerging markets, namely in Eastern Europe Countries (EEc) Further research based on different samples and different emerging countries is needed before generalizing results.

Practical implications
The study shows that the main institutional void affecting business-to-business companies entering emerging markets (EEc) is the lack of locally developed sales and after-sales networks. This institutional void slows the entry process of business-to-business companies in EMs. Given these constraints, from the perspective of business-to-business SMEs, it may be fruitful to pursue niche positioning in EMs.

Originality/value
The study analyzes emerging markets opportunities and entry strategies from the business-to-business marketing perspective, uncovering the most critical issues.

An energetic debate on the danger of a global currency war has flared up in recent months, stoked by a renewed move to “quantitative easing” in the United States, resurgent capital flows to developing countries and strong upward pressure on emerging market currencies ...

This paper provides a broad overview of the relationship between infrastructure and growth, focusing on the South African case. The paper develops an intuitive theoretical framework in which to analyse this relationship, identifying …ve speci…c channels through which infrastructure may e¤ect growth: as a factor of production, a complement to other factors of production, a stimulus to factor accumulation, a stimulus to aggregate demand and a tool of industrial policy. A framework is developed for evaluating empirical analyses of this relationship, which explores the implications of di¤erent de…nitions and measures of infrastructure and of potential data and estimation challenges. The empirical literature on South Africa is then assessed against this framework.

We investigate the rapid internationalization of many multinationals from emerging economies through acquisition in advanced economies. We conceptualize these acquisitions as an act and form of entrepreneurship, aimed to overcome the 'liability of emergingness' incurred by these firms and to serve as a mechanism for competitive catch-up through opportunity seeking and capability transformation. Our explanation emphasizes (1) the unique asymmetries (and not necessarily advantages) distinguishing emerging ...

Abstract
Purpose – This study, a systematic review, focuses on the internationalisation of small and medium-sized
enterprises (SMEs) originating in developing countries. It critically analyses, evaluates and synthesises studies
featuring formal and informal institutions, embedded in social and business networks, as a marketing solution
for institutional voids. The review shows that current international marketing studies downplay the role of
informal institutions in the internationalisation of SMEs. Thus, the authors set a new research agenda for
advancing the institutional theory to account for the impact of informal institutions and networks on firm
internationalisation.
Design/methodology/approach – This review followed five structured stages, including framing the
research questions, identifying relevant studies, assessing their quality, summarising the evidence and
interpreting the findings. Based on the systematic approach, 434 papers (374 from Web of Science, 60 from
Scopus) were generated. Following that, the authors applied the qualitative inclusion/exclusion criteria, which
yielded 63 papers. Their analysis involved three authors, with the fourth author focusing on ensuring quality in
the analysis.
Findings – The study findings invite a different line of theorising market structures and processes focusing on
the role of networks as an alternative to formal institutional systems. The outcome of our review suggests that
there is scope for developing the institutional theory that account for the role of informal institutions and
networks.
Originality/value – Based on the analysis, we call for new theorisation, in the international marketing
literature, which accounts for informal networking amongst internationalising SMEs in the light of
institutional voids. Thus, the authors promote novel participatory, bottom to top understanding of relationship
between institutions and enterprises.
Keywords SMEs, Networks, Internationalisation, Barriers, Institutional voids, Systematic review
Paper type Literature review

The interaction of Westem and non-Westem management practices is a growing issue in transitional and emerging economies through the world, not least within the multicultural context of South Africa. This is characterized in this article as an antithesis between instrumental and humanistic views of people in organizations, which is fundamental to the way change is being managed. In order to better understand how the management of people and change may be related to this antithesis, the results of an exploratory study, involving focus-group methods with thirty managers, and of a survey of some 200 employees in participating organizations are presented. Indicative results suggest that, despite best efforts from organizations which may represent best management and development practice, issues conceming the value attached to people in these organizations are still not being properly addressed. It may be only through understanding and reconciling this antithesis that change conceming the development of people, in South Africa as well as in other emerging economies, may be successfully achieved.

1 Economists may argue that as long as the contract is entered voluntary, both partners would be better off. Notably, local wages reflect outside earning opportunities, which are typically low in those countries where so-called sweatshops are located. However, this assumes ex ante full information and the absence of switching costs. Both conditions are unlikely to be fulfilled in labor markets, especially for migrant workers in developing countries. Moreover, bargaining power and even the ability to price discriminate may ...

Purpose -The purpose of this paper is to integrate the global value chain (GVC) perspective with firms' innovation in emerging economies (EE) and explain why EE firms can improve their innovation capabilities more from their domestic markets by focusing on R&D and marketing than from original equipment manufacturer/original design manufacturer (OEM/ODM) modes in the GVC and how they contribute to the national innovation system (NIS).

South Africa participated in all three of the Second International Technology in Education Study (SITES). In the first international study, South Africa was the only developing country, and therefore, stark contrasts were found in the international study between South Africa and the other participating countries. Chile participated in the SITES 2006 as one of a few developing countries making the comparison with South Africa possible. Despite similarities in their contexts and economies, their approach to information and communication technologies (ICTs) in education appears to differ. This difference raised questions about differences in policies and their implementation at school level. This research conducted in South Africa found that the Chilean strategy for developing and implementing their ICT in education appear to be very different with regard to its design, the organization, the strategies adopted, the resources used and, most importantly, their approach to teacher development for implementing ICT. A number of lessons are revealed for the South African policymakers and others from similar developing contexts.

... foundations and lack of focus on networks in venture capital stands in contrast to their application to the entrepreneurship domain (Hoang ... theoretical foundations that can be used to examine the domain which add to the insight about venture capital activity in emerging markets. ...

“Since most design professions involve shaping goods and services within large industrial economies, this political economic context is one key to the realities of design education today and tomorrow” (Ken Friedman)

Prof. Ken Friedman wrote the above statement in his paper “Models of Design: Envisioning a Future Design Education” and in this statement he seems to tie the political and social contexts of design education to large industrial economies. While on the surface, this may seem reasonable; it then makes one question the validity and the relevance of design practice and design education outside of large industrial economies. Isn’t design practiced outside of this type of context? Don’t design schools exist in these places?

While the reality is that most design professions and design schools operate within large economies, this paper considers the education and practices designers and design schools, which operate in small emerging economies. This paper uses Prof. Friedman’s article as a starting point for a discussion on design education, but shifts the focus away from places where design is traditionally taught, and practised, to places where makers are still operating primarily in pre-industrial modes. While the need for design education is obvious in large emerging economies such as in Brazil or India, the need may seem less obvious in very more vulnerable economies, where there is no critical mass of designers or even public appreciation for design. Is there a need for design education in Least Developed Countries, Landlocked developing countries and ‘Small Island developing states’ like those found in the Caribbean and the Pacific, or in many of the economies of Africa? Are there any unrecognized opportunities for designers and design educators to play a role in the development of these countries? Are there any benefits to promoting design
education in a pre-industrial context? Is there any benefit to stimulating design in places with little or no design or
manufacturing culture? How can design education and design research support the development these types of societies?

Developing and emerging countries are progressively embracing globalization and implementing International Financial Reporting Standards. This study seeks to analyze how Algeria initiated the transformational processes of its local accounting practice to meet the International Financial Reporting Standards. The study is primarily qualitative in nature and based on data gathered primarily from archival sources. The main focus of the present study is threefold in nature. Firstly, is to highlight the unique context in which Algeria is converging to IFRS, characterized mainly by the colonial and centrally planned economy background. Secondly, after the analysis of the flaws of the old accounting system, the main features and benefits of the new IFRS compliant financial accounting system (hereinafter, NFAS) are outlined. Thirdly, the issues and challenges related to the implementation of IFRS in an emerging country such as Algeria are investigated and explained in-depth. This study suggests first that a more careful approach should be adopted when carrying out a transformation of the accounting system of a country that used to live under a centrally planned economy for more than five decades. Secondly, it stresses on the urgent need to develop an appropriate regulatory environment to enforce the application of the new financial accounting system and to bring all the concerned stakeholders to embrace the requirements of the new accounting era. Thirdly, all the challenges facing the adequate implementation of NFAS must be seriously recognized and resolved in order to benefit fully from this historical shift in the Algerian accounting practice.

In the past two decades, many emerging economies have been witnessed the strong growth of their life insurance industry. While research in the demand for life insurance has attracted much attention since the 1960s, most studies have focused on cross-country studies or well-established markets in developed countries. As a result of cross-national variations in life insurance consumption, it has been argued in the literature that factors shaping the demand for life insurance are complex and varied from one country to another.