The catching-up of countries in the Global South to productivity levels and living standards of the Global North is the exception. There are two main economic explanations for this. First, developing countries are pushed to low-tech-labor-intensive productions and tasks in global value chains....

In traditional trade theory, it is generally assumed that the development of export-oriented industries in the Global South can create the conditions for technological spillover effects, productivity increases and social welfare gains. However, based on the results of comparative case studies in...

In the last decades in particular, national governments as well as development agencies and international organizations have increasingly turned to participation in global value chains (GVCs) as a development strategy. However, whether the positive development effects of integration are large...

Adequate policy space is essential for resource-rich countries to move up the value chain and seize the opportunities presented by global decarbonization and the demand for low-carbon technologies. However, WTO rules, investment and free trade agreements (FTAs) deprive nonhegemonic powers of the...

This paper investigates the spread of what started as a crisis at the core of the global financial system to emerging economies. While emerging economies had exhibited some resilience through the early stages of the financial turmoil that began in the summer of 2007, they have been hit hard...

As India seeks to strengthen trade, investment and other forms of economic cooperation with ASEAN, Myanmar is an essential strategic partner, since it is the only ASEAN nation with which India shares both land and maritime borders. As a "gateway" to South East Asia, Myanmar is also vital in...

This paper examines the relationship between currency internationalisation and economic structure. It argues that the hierarchical and asymmetric architecture of the international monetary system imposes a "survival constraint" upon non-centre countries that obliges them to generate net inflows...

This paper investigates the business cycle implications of limited pass-through to retail interest rates based on a calibrated sticky price model. Although limited interest rate pass-through can in principle reduce output and inflation volatility at the same time, large reductions in output...

This paper traces the rise of export-led growth as a development paradigm and argues that it is exhausted owing to changed conditions in emerging market (EM) and developed economies. The global economy needs a recalibration that facilitates a new paradigm of domestic demand-led growth....

Global Value Chains (GVCs) started to play an increasing and key role in the global economy from the 1990s on. The market mechanism in GVCs supports industrialisation in the Global South and under certain conditions product and process upgrading. But GVCs do not lead to the catching-up of...