INTERNATIONAL ECONOMICS AND FINANCE

Juraj Sipko is the Director of the Institute of Economic Research of the Slovak Academy of Science and an Associate Professor at the Pan-European
University, Faculty of Economics and Business. He served as a Vice-dean at
the Faculty of Economics and Business at Pan-European University from
2010 to 2014. He served as a Director for International Relations at the
Ministry of Finance from 1994 to 2000 and was a negotiator for the OECD
and EU. He was an Advisor to the Executive Directors of Belgium Constituency at the International Monetary Fund and the World Bank (2000-2006) and an Advisor
to the Governor of the National Bank of Slovakia (2008-2013). Furthermore, he was selected for and participated in a research program at the Massachusetts Institute of Technology
(1991-1992), the Executive Program (1992) at Harvard Business School (Harvard University)
and an Executive Program (1993) at Wharton Business School (Pennsylvania University).
JURAJ SIPKO, TOMÁŠ DUDÁŠ, MAREK CSABAY
Marek Csabay is Head of the Office and Principal Advisor to the State Secretary of the Ministry of Economy of the Slovak Republic. He previously
served as economic diplomat of the Ministry of Foreign and European
Affairs of the Slovak Republic, advisor to the Director-General of the Slovak Investment and Trade Development Agency – SARIO, as well as the ViceDean for Education at the Faculty of Economics and Business, Pan-European
University in Bratislava. He holds a PhD. in International Relations from the
University of Economics in Bratislava. His main academic interests include economic diplomacy, foreign trade policy and export promotion.
ISBN 978-80-7478-571-9
9 788074 785719
INTERNATIONAL ECONOMICS AND FINANCE
Tomáš Dudáš is the Vice-Dean for Science and International Relations
of Faculty of Economics and Business at the Pan-European University
in Bratislava. In the past years he worked for the University of Economics in Bratislava, the Selye János University in Komárno and the Corvinus
University in Budapest. He holds a PhD. in international economic relations
and his research activities mostly focus on the on the role of foreign direct
investments in the economic development of central and eastern Europe.
His latest book titled Foreign Direct Investments in Slovakia analyzes the impact of FDI
inflows on the Slovak economy.
INTERNATIONAL ECONOMICS
AND FINANCE
Názov projektu:
MEDZINÁRODNOU SPOLUPRÁCOU KU KVALITE VZDELÁVANIA
PEVŠ
Kód ITMS: NFP26140230012
dopytovo - orientovaný projekt
Moderné vzdelávanie pre vedomostnú spoločnosť
Projekt je spolufinancovaný zo zdrojov EÚ
JURAJ SIPKO, TOMÁŠ DUDÁŠ, MAREK CSABAY
International
economics and finance
2014
Example of citation:
SIPKO, Juraj, Tomáš DUDÁŠ and Marek CSABAY. International economics and finance.
1st ed. Prague: Wolters Kluwer, 2014. ISBN 978-80-7478-571-9.
This publication has been published with the financial support of European Union
within Operational Programme Education as a result of the project under the name
“Quality Education at the Pan-European University with International Cooperation”.
This publication reflects the views only of the authors, and the European Union cannot
be held responsible for any use which may be made of the information contained therein.
Authors
Translation and language corrections
Assoc. Prof. Juraj Sipko, Ph.D., MBA
Assoc. Prof. Tomáš Dudáš, Ph.D.
Marek Csabay, Ph.D.
SKRIVANEK SLOVENSKO, s.r.o.
Reviewers: Prof. Ján Pokrivčák, Ph.D.
Prof. Dr. Menbere Workie Tiruneh, Ph.D.
First edition
© Copyright Pan-European University Slovakia, 2014
© Copyright Juraj Sipko, Tomáš Dudáš, Marek Csabay, 2014
ISBN 978-80-7478-571-9
CONTENTS
INTRODUCTION .............................................................................................................7
1 FINANCIAL IMBALANCES AND THE DEBT CRISIS IN THE EUROZONE ......9
1.1 Growing Imbalances within Eurozone Countries .................................................10
1.1.1 Excessive Imbalances ................................................................................11
1.1.2 Latest Economic Development .................................................................13
1.1.3 Public Sector Debt ....................................................................................17
1.1.4 TARGET2 Imbalances .............................................................................18
1.2 European Debt Crisis ...........................................................................................23
1.2.1 Theoretical Approach ................................................................................25
1.2.2 The Past Development of the EMU ..........................................................26
1.2.3 Current Account .......................................................................................27
1.2.4 Latest Economic Development .................................................................29
1.2.5 The Outlook for the General Government. Overall Balance .....................30
1.2.6 Outlook for Public Sector Debt ................................................................33
1.2.7 Gross Financing Needs .............................................................................35
1.3 Greece is a Victim of the Debt Crisis ...................................................................37
1.3.1 Historical Overview of the Greek Fiscal Deficit ........................................39
1.3.2 Greece’s First Stabilisation Programme with Troika ...................................39
1.3.3 Current Account Position .........................................................................41
1.3.4 Greece’s Second Stabilisation Programme with Troika ...............................43
2 INTERNATIONAL FINANCE ....................................................................................46
2.1 Financial Derivatives and the Global Financial Crisis ...........................................47
2.1.1 History of Derivatives .................................................................................48
2.1.2 Growth of Financial Derivatives ...............................................................50
2.1.3 Financial and Commodities Derivatives ....................................................52
2.1.4 The Volume of Financial Derivatives and Real GDP Growth ....................52
2.1.5 The Dynamics of Financial Derivatives .....................................................55
2.1.6 G-20 and Regulatory Framework for Derivatives Market .........................57
2.2 Debt Sustainability ..............................................................................................59
2.2.1 Theoretical Approach ................................................................................60
2.2.2 What Empirical Evidence .........................................................................61
2.2.3 Debt Sustainability Analysis ......................................................................62
2.2.4 Gross and Net Debts ................................................................................63
2.3 Central Banks and The Global Financial Crisis ....................................................66
2.3.1 The Golden Age of Central Banks ............................................................66
2.3.2 Central Banks During the Financial Crisis ................................................68
2.3.3 Central Banks as Lender of Last Resort .....................................................69
2.3.4 Macroprudential Policy ............................................................................71
2.3.5 The Future Role of Central Banks .............................................................72
2.4 International Financial Sector Reform ..................................................................73
2.4.1 Macroprudential Regulation .....................................................................74
2.4.2 The Larosière Report ................................................................................76
2.4.3 International Cooperation ........................................................................77
2.4.4 Main Regulatory Reform Proposals ..........................................................78
3 EXPORT-PROMOTING POLICY AND ECONOMIC DIPLOMACY:
CONTEMPORARY CONCEPTS AND INSTRUMENTS .........................................82
3.1 Starting Points for Examining Export Promotion .................................................85
3.1.1 Outline of Export Promotion Development .............................................86
3.1.2 Motives for Export Promotion ..................................................................89
3.1.3 National Export-promoting Systems .........................................................91
3.1.4 International Regulation of Export Promotion .........................................92
3.1.5 Theoretical Definition of Export Promotion .............................................96
3.1.6 Concept of Export-promoting Policy ........................................................100
3.1.7 Instruments of Export-promoting Policy ..................................................103
3.2 Economic Diplomacy as Instrument of Export-promoting Policy ........................108
3.2.1 Economic Diplomacy ...............................................................................109
3.2.2 Economic Diplomacy Institutions ............................................................115
3.2.3 Functions, Tasks and Instruments of Economic Diplomacy ......................119
3.3 Economic Diplomacy and Exercise of Export-Promoting Policy ..........................124
3.3.1 Economic Diplomacy in the Application of Export-promoting
Instruments ..............................................................................................126
3.3.2 Current Trends in Economic Diplomacy in relation
to the Implementation of Export-promoting Policy ..................................131
3.3.3 Selected Aspects of Current Reform of Slovak Economic Diplomacy ........135
4 THEORIES OF FOREIGN DIRECT INVESTMENTS:
A COMPREHENSIVE REVIEW .................................................................................150
4.1 FDI Theories Examining FDI as International Capital Flows ...............................151
4.1.1 Capital Markets Model .............................................................................152
4.1.2 Dynamic Macroeconomic Theory of Foreign Direct Investments .............153
4.1.3 FDI Theories Based on Exchange Rates ....................................................154
4.1.4 Econometric Analysis of FDI ....................................................................155
4.1.5 FDI Theory Based on the Neoclassical Theory of International Trade .......155
4.1.6 FDI and Economic Geography .................................................................157
4.1.7 FDI Gravity Model ..................................................................................159
4.1.8 Institutional Analysis of FDI ....................................................................160
4.2 FDI and Economic Development ........................................................................163
4.2.1 Life-cycle Theory and FDI ........................................................................163
4.2.2 Japanese FDI Development Theories ........................................................166
4.2.3 Dunning’s Theory of Economic Development and FDI ............................168
4.3 Firm Level FDI Theories ......................................................................................173
4.3.1 Competitive Advantage as a Factor of FDI ...............................................173
4.3.2 Oligopolistic Theories of FDI ...................................................................177
4.3.3 Model of Gradual Involvement in International Business .........................180
4.4 Eclectic Theory of Foreign Direct Investments .....................................................181
4.4.1 Main Types of FDI Based on the Eclectic Theory .....................................189
4.4.2 OLI Theory and Institutions .....................................................................192
4.4.3 Criticism of the OLI Theory .....................................................................194
BIBLIOGRAPHY ...............................................................................................................198
INTRODUCTION
The global economy is an increasingly complex economic and social system.
Decades of globalization created complicated financial and corporate networks
on the global level that influence every nation in the world. In order to understand the complexities of the global economy, a deeper knowledge of international economics and international finance is needed.
This scientific monograph deals with four important areas of international economics and international finance. The authors of the monograph have decades
of experience in international economics not only as researchers but also as policy makers. Each of the chapters of the monograph represents hundreds of hours
of research and many published research papers and articles both in Slovakia and
abroad.
The first chapter of the monograph analyzes the topic of financial imbalances
in the Eurozone and the debt crisis resulting from these imbalances. The Eurozone is the “sick man” of the global economy nowadays and the financial imbalances play an important role in the current problems of the southern countries.
In order to understand the problems of Greece one has to understand the deeper
underlying problems in the Eurozone.
The second chapter concentrates on some of the most burning questions of international finance. The chapter examines the role of the financial derivatives in the
global financial crisis of 2008 and tries to describe the tool central banks can
utilise in the case of a severe financial crisis.
The third chapter of the monograph tackles a different (albeit very important)
area of international economics – export promotion. The ability to succeed
in foreign markets is a key for the economic development of countries nowadays
and export promotion policies play an important role in this process. This chap-
8
INTRODUCTION
ter tries to show the importance of export promotion and economic diplomacy
and the possible synergic effects of correctly implemented foreign trade policies.
The last chapter of the monograph focuses on the area of foreign direct investments. The goal of this chapter is to systematically present and critically review
the most important theories of foreign direct investments that have been developed since the 1960s up until today. As foreign direct investments could play
a key role in economic development, it is necessary to know the key concepts
and frameworks in this area. Policymakers could specifically benefit from the
knowledge of these models in order to create policies improving investment
attractiveness.
Although our monograph is scientific in nature, but that does not mean that it
is aimed only at scholars. The ideas, concepts and frameworks presented on the
pages of this monograph can be a thought-provoking reading also for policy
makers and the members of the general public interested in the processes of the
global economy.
We hope you will enjoy reading this book as much as we enjoyed writing it.
The Authors
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