This study draws on life history theory to rationalize how tourism enterprises make decisions and evolve during the COVID-19 pandemic. Using a case study approach, the current work improvises the ...house of trade-off paradox as a visual metaphoric framework that integrates three major dyadic trade-off pairs along with four organizational resource configuration aspects. This inquiry further synthesizes the wheel of selection strategy to pinpoint a mechanism in which tourism agencies mutate to adapt to a new normal based on acute environmental shocks. We further provide practical implications for operators with valuable insights germane to post-pandemic recovery.
Recently, the world economy has witnessed some turbulence and instability, both of which have raised concerns and added threats to the global economy. For example, climate change, trade war, regional ...political tension, Brexit, and the very recent Coronavirus epidemic have hit several countries across all continents at an astonishing rate and are among some of the factors that have increased uncertainty. We have also noticed a surge in technological innovations and their implications in the banking and financial sectors. Today, we talk about blockchain, fintech, insurtech, regtech, and big tech, which have changed the business model of banks, financial institutions, and also the management model for firms and public administration. To get better insight into all these trends, economists have used the finance and macroeconomic theory to analyze the micro- and macroeconomic consequences of all these events and to study their impacts on economic and financial sector stability, as well as economic development and growth. In this Special Issue, Economies is inviting researchers and academicians to submit their work to a Special Issue dedicated to “The Theory Applications of Finance and Macroeconomics”. Some of the topics that contribute to the Issue might address issues of trade tension, climate change, blockchain and cryptocurrencies, financial liberalization, macroeconomic issues, principles of international finance, and open economy macroeconomics.
Motivation
In the last decade, economic and political ties between China and African countries grew fast, fuelling a heated debate about the implications for the latter and for the global system of ...China's engagement in Africa.
Purpose
The article reviews the existing evidence on the nature, causes and impact of China's economic engagement in Africa.
Approach and methods
The review focuses mainly on the economic literature with a quantitative focus.
Findings
China's reasons to engage with Africa are not so different from those of western countries: securing natural resources and seeking new export markets. However, there is evidence that China is less interested in the quality of governance and institutions of its African partners. The literature tends to agree on the positive growth effects for African countries of Chinese interest, but also suggests that their already thin manufacturing sector could be adversely affected by Chinese competition and that the increasing natural resource specialization of African countries might hamper diversification, structural transformation and future growth prospects. At the same time Chinese investments are building valuable infrastructure and linkages with local firms, which are growing although still very limited. The emergent trend of increasing presence of small and medium Chinese firms in Africa is promising in this respect.
Policy implications
Increased Chinese interactions with African countries present opportunities as well as threats for African countries. A key aspect will be the capacity of Chinese presence in Africa to spread to the local economy through spillover effects and linkages to the domestic economy. Both sides should introduce policies aimed at strengthening these linkages and spillovers.
PurposeThe purpose of this paper is to study the operation mechanism of the ecosystem of crowd innovation space. Though the crowd innovation space is a new product of China's innovation-driven ...strategy, there are some barriers in operation. So, this problem is worthy of study.Design/methodology/approachIn this study, data were obtained through four-month field investigation and semistructured interview, then classified and analyzed through grounded theory, because grounded theory is conducive to the exploration and discovery of new theories.FindingsThis study finds that the relationship between makerspace and entrepreneurs is strong social relational embeddedness. The relationship between crowd innovation space and governments and investment institutions is economic relational embeddedness. Under these social network ties, entrepreneurs, crowd innovation space, social investment institutions and so on can interact directly with each other to different degrees, carry out value cocreation activities and improve the benefits of all elements in the ecosystem and the ecosystem itself.Originality/valueThis study researches the operation mechanism of crowd innovation space ecosystem and identifies the ties between various elements in the ecosystem on the perspective of social network, which is conducive to improve the self-generating capacity of crowd innovation space and enhance the success rate of entrepreneurship.
The “New Silk Road” or “One Belt–One Road” (also “Belt and Road”) is a global project initiated by China, the implementation of which affects various areas of development of many states and regions ...of the world, including security issues, socio-cultural, political, diplomatic and civilisational aspects.
A total of 173 agreements with 125 states and 29 international organisations have been signed under this initiative. The project is gaining momentum every year and attracts ever more researchers who analyse the economic, political, and cultural sides of the project and the interaction of the different countries and regions with China within the framework of this global enterprise. This article assesses the participation of five Central Asian countries (Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, and Turkmenistan) in the Chinese project and aims to define the mutual interests of the parties on the basis of economic indicators (i.e., ESI, RCA, TDC, and G-L indexes).
The article analyzes the priorities of the US’ foreign policy. It is envisaged that the formation of the new system of international relationships of the USA did not only tend to keep hegemony, but ...it also tended to strengthen its position in the regions of the world which are economically developed and strategically important. The priorities of the US’ foreign policy are to get a foothold in the former Silk Way roots connecting the Atlantic and the Pacific oceans and take control over the central communication system of the Eurasia, expansion of the NATO towards the East. The USA supports the idea of Germany and Japan being the permanent members of the Security Council for securing the US` security in EU and in the Far East. Currently, the US interests in Asia find themselves in a conflict with those of any country tending to get domination in the region, especially of Russia. Given the USA and Russia using veto power against the decisions of the UN for the benefit of the own geopolitical interests, making inputs to the other government’s internal affairs, violating the international law norms, the weakness of the UN on resolving the member nations conflicts may lead to the collapse of this organization as well. Recently the USA supports the defense of the sovereignty right of the UN states and having reforms in the organization with this purpose.
This study attempts to empirically examine the impacts of the China-Africa economic relationship on factor productivity. The two-step system Generalized method of moments (GMM) estimator is applied ...to analyze the impacts of the Africa-China economic relationship on factor productivity of 44 African countries controlling Africa-China trade, Chinese foreign direct investment (FDI), and aid allocation to African countries for the periods 2003-2017. The estimation strategy controls endogeneity concerns. Another novelty of this study is calculating total factor productivity (TFP) using the regression approach and driving capital stock data. Additionally, the institutional quality index of countries is derived using principal component analysis. The findings of this study refer that the impact of the China-Africa economic relationship on the TFP of African countries is conditional to the domestic institutional quality of African countries. The results imply that the productivity embodied by the Africa-China economic relationship should be backed by the domestic adaptive capacity to use the benefit of China-Africa economic relations to excel factor productivity. Hence, the capability of African countries to benefit from the China-Africa economic relationship to enhance factor productivity should improve the institutional quality.
Purpose
The purpose of this paper is to identify location factors that Chinese managers look for when making internationalization decisions and how the factors stack up in perceived importance. Over ...the past ten years, Chinese enterprises have become more multi-national in nature. China’s outward foreign direct investment (FDI) has been growing at a phenomenal rate. In 2012, China became the third largest investor, after the USA and Japan; and the largest investor among developing countries. How can host governments attract more of this Chinese capital? What are some short- to medium-term policies that host governments can initiate to make their respective nations attractive to Chinese companies?
Design/methodology/approach
The authors consider these questions by using a best-worst choice exercise among 114 senior corporate decision makers of Chinese companies who have or are planning to globalize. We rank 16 most common determinants that influence FDI location choice and evaluate their degree of importance.
Findings
The authors propose five “low hanging fruits” that policy makers should consider that could ensure their countries come within the radar of Chinese multi-nationals. These include promoting a clean and efficient business environment and strengthening/establishing political and economic relationships with China.
Originality/value
The originality of this study lies in the methodology of the study that forces respondents to make a trade-off in their decisions, which in a way is closer to reality. The respondents are also actual decision makers in their companies with regards to international investment decisions.
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