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There is much discussion about the rapid expansion of capital market issuances by emerging market firms in international markets. This expansion has been driven by deepening financial globalization, which started in the 1990s, and, more recently, by low interest rates in advanced economies after the 2008–2009 global financial crisis.
“Over-the-top” (OTT) service providers are referred to as so because they allegedly ride exclusively on top of the infrastructure laid by telecommunications service providers. Hidden behind the term OTT is the notion that such providers do not invest in the network infrastructure yet provide the same services as telecommunications service providers. While this may seem intuitive to some through a cursory examination of the marketplace, what such assertions fail to consider are the numerous “edge-of-the-network” investments by OTT service providers as well as the massive efficiency, flexibility, and propensity-to-scale inherent in OTT business models.
By Bihong Huang. Posted June 11, 2019
Income inequality is one of the most profound social, economic, and political challenges of our time. A survey conducted by Pew Research Center (2014) found that more than 60% of worldwide respondents regard the gap between the rich and the poor as a major concern. Piketty (2014) draws the unequivocal conclusion that growing inequality between the rich and the poor—between the owners of capital and the rest of society—is the normal state of affairs under capitalism, and that periods of decreasing inequality, such as during a post-war boom, are the exception, not the rule.
Small and medium-sized enterprises (SMEs) play a vital role as a driving force in economies around the world, especially in Asia. SMEs in the Association of Southeast Asian Nations (ASEAN) region are estimated to comprise more than 98% of the total number of enterprises, and they contribute to around 40% of gross domestic product.
The pace and size of labor migration have been on the rise in past decades, largely due to the different stages of economic development across Asia. Labor migration flows from Asia peaked in 2015 and dropped in the following 2 years, falling to 5.2 million in 2017, the lowest level since 2011.
Such infrastructure projects would not be effective without proper operation and maintenance, and economic activities would be unsustainable without efficient infrastructure. The transport sector is an important component of any economy, and it is a crucial input for development. This is especially so in a globalized economy, where economic opportunities are increasingly related to the efficient mobility of people, goods, and information.
By Devashish Mitra. Posted February 26, 2019
Even though in aggregate, trade leads to economic gains, it almost always creates winners and losers. To design appropriate social protection policies, it is important to know the identities of these winners and losers. These policies need to be in place for equity reasons as well as to build and sustain support for free trade.
The 2030 Agenda for Sustainable Development has many services dimensions; improved access to and provision of services are necessary for attaining many of the Sustainable Development Goals. Because of their effects on competition in services markets and the ability of foreign providers to supply services to consumers and firms in developing countries, services trade policies should be considered in the arsenal of policy instruments that can be used in efforts to realize sustainable development objectives.
The study of the labor income share plays an important role in understanding the relationship between national income and personal income. However, most of the empirical studies on the labor income share are conducted at the country level, while the limited number of industry-level analyses focus primarily on advanced countries due to limited data availability.
By Erik van der Marel. Posted December 12, 2018
One long-standing concern in the economic field has been that services contribute little to economic development. Services would suffer from a so-called Baumol’s cost disease (Baumol 1967), meaning factors such as labor cannot be easily substituted for more productive factors using existing technologies, as it happens in manufacturing. Over time, this would lead services to become a drag on the economy relative to other more productive industries.
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