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The World Economy
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Ed Jones, World Economics, March 2018
The World Economy has grown for 57 out of the past 58 years, only the great recession of 2009 saw an interruption in over half a century of continuous growth. Over the whole of the last 5 decades, annual real GDP growth has averaged 3.2%, and 1.6% in per capita terms. Global Real GDP split by continent illustrates that the share of the world’s GDP in the Asian region grew considerably faster than all other continents, from 16.8% in 1960 to 47.0% in 2017. The wealth of Europe and the Americas remains considerably higher compared with Asian and African continents.
The Data Quality Index
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World Economics
World Economics, June 2017
GDP data is important used to apportion funds from international organisations, to influence rating agency decisions and much more, but official data is totally inadequate for the demands made of it. The notion of GDP data is flawed conceptually, but there are also severe methodological issues that need to be addressed prior to making international comparisons and assessing data reliability. World Economics has created an interactive Data Quality Index for users of economic data which considers five readily measurable factors that influence data reliability across countries. The Data Quality Index ranks 154 countries based on an equal weighting of the five factors, but users can adjust the importance of each to their data needs.
Measuring GDP in Europe
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World Economics, June 2015
In Europe the quality of national income statistics is less constrained by the capacity and resources devoted by national statistics offices to follow international best practice than is the case in many other parts of the world. In addition the members of the European Union have to meet the harmonised standards of national accounting set by Eurostat which are based on the United Nations System on National Accounts. However, despite recent modifications both these standards fail to adequately record the size of the informal economy.
Measuring The Americas GDP
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World Economics, March 2015
The Americas, comprising the USA and Canada, the Spanish speaking countries of South and Central America plus Brazil and the Caribbean, is a region displaying large differences in living standards. The availability of resources has an impact on the quality and reliability of economic statistics. Chile and Mexico, both OECD members, produce economic data that can be compared favourably with the USA, Canada and many European countries. In other countries out of date base years, outdated national income accounting standards and problems in recording the size of the informal economy mean that GDP figures are likely to be underestimated. The most insidious problem in the region arises from the political manipulation of economic data in Argentina which has led to a censure of the government by the IMF.
Global Value Chains, International Trade Statistics and Policymaking in a Flattening World
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Alejandro Jara & Hubert Escaith, World Economics, December 2012
The raise of global production networks since the 1980s changed the way we understand international trade and has profound repercussions on development policies and the conduct of global governance. New comparative advantages allow large developing countries to leap-frog through their industrialization process while smaller economies without large internal market or mining resources are now able to build an industrial base. Offshoring also gave the possibility to firms from industrialised countries to remain competitive in front of fast-expanding firms from emerging countries. But in the process, the relative demand for low and medium skilled workers in industrialised countries contracted, and this employment and income effect became a political issue and fuelled demand for protectionism. Unfortunately, the debate lacks accurate data as traditional statistics give only a blurred picture of what is known as ‘trade in tasks’. Before revising the trade and governance implications, the article calls for a new measurement of international trade based on its value-added content in order to have a better understanding of the actual issues.
Wealth and Population Data in Africa
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Brian Sturgess, World Economics, June 2012
There are very good grounds for challenging much of the conventionally accepted UN and World Bank economic data relating to both the absolute and relative per capita income of many African countries and to their growth rates over time. A recent paper by Morton Jerven published in World Economics demonstrated the unreliability of much if not most African GDP data and a new paper published in this issue by Deborah Potts challenges the accuracy of African population estimates"
The West and the Rest in the World Economy: 1000–2030
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Angus Maddison, World Economics, December 2008
This paper analyses the forces determining per capita income levels of nations over the past millennium and the prospects to 2030. In the year 1000 AD, Asian countries were in the lead. By 1820, per capita GDP in Western Europe and the US was twice the Asian average. The divergence had grown much bigger by 1950, but by the 1970s, several Asian countries – Japan, South Korea, Taiwan, Hong Kong and Singapore – had achieved considerable catch up. Since then, there has been a major surge in China and the beginning of a similar phenomenon in India. As a result, the Asian share of world income has risen steadily and, by 2030, will be fairly close to what it was in 1820. Maddison concludes by comparing his analysis with the Malthusian interpretation of Oded Galor.
International Comparisons of GDP
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Ian Castles & David Henderson, World Economics, March 2005
When it comes to making international comparisons of real GDP, different views, conventions and practices are still in evidence. The authors set out the case for using purchasing power parity (PPP) converters for this purpose, rather than conversions based on exchange rates, and give reasons for rejecting various arguments that are still widely made to the contrary. In doing so, they provide instances of the differing current practices of international agencies, and argue the case for greater uniformity and consistency on their part. They make a number of suggestions, general and specific, for improving the quality and presentation of cross-country comparative data.
False Perspective: The UNDP View of the World
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David Henderson, World Economics, March 2000
Despite some searching and unanswered criticisms of its treatment of statistical evidence, the UNDP Human Development Report has become established as a widely-quoted and influential survey of the world scene. The 1999 Report, reviewed here, focuses on ‘globalization’. This is described as a dominant influence on the recent economic fortunes of developing countries in particular, and as a primary cause of continuing poverty and growing inequality in the world. The author argues that the Report provides neither argument nor evidence in support of this thesis; that it takes no account of other factors that have strongly influenced economic performance; that its main prescription for the world, of reforms in ‘global governance’, is largely beside the point; and that its whole approach is crudely anti-liberal. The author concludes by placing the Report, as also the economists who have aligned themselves with it, in the wider context of anti-liberalism today.



Displaying: 1-9 of 9