An explanation of the underdevelopment of China’s service sector from the perspective of demand

The share of the service sector in China is significantly lower than that in most countries at the same level of income. Figures reveal that an insufficiency in both consumer and producer demand may be one of the reasons. We find that the demand insufficiency mainly stems from high consumer preferences for saving and China’s export-oriented trade structure. These excessive saving tendencies limit consumer demand for service products and thus hamper the development of consumer services in China. The rapid development of the processing trade also impedes the interrelation between the domestic manufacturing and service industries, reduces the effective demand for local producer services from the manufacturing industry, and ultimately restricts the growth of the producer service industry in China

Quality of medical training and emigration of physicians from India

<p>Abstract</p> <p>Background</p> <p>Physician 'brain drain' negatively impacts health care delivery. Interventions to address physician emigration have been constrained by lack of research on systematic factors that influence physician migration. We examined the relationship between the quality of medical training and rate of migration to the United States and the United Kingdom among Indian medical graduates (1955–2002).</p> <p>Methods</p> <p>We calculated the fraction of medical graduates who emigrated to the United States and the United Kingdom, based on rankings of medical colleges and universities according to three indicators of the quality of medical education (a) student choice, (b) academic publications, and (c) the availability of specialty medical training.</p> <p>Results</p> <p>Physicians from the top quintile medical colleges and of universities were 2 to 4 times more likely to emigrate to the United States and the United Kingdom than graduates from the bottom quintile colleges and universities.</p> <p>Conclusion</p> <p>Graduates of institutions with better quality medical training have a greater likelihood of emigrating. Interventions designed to counter loss of physicians should focus on graduates from top quality institutions.</p

South-South Trade in Manufactures: Current Performance and Obstacles for Growth

The last two decades have witnessed resurgence in South-South trade, investment, and regional integration. This article examines trade performance in total and technology-and-skill-intensive manufactures for a sample of twenty-eight developing countries with both developed (South-North) and other developing (South-South) countries. Previous studies and our sample data show that South-South trade in manufactures is characterized by higher capital and skill-intensive factor content relative to South-North trade, with major implications for development in the South, including the possibility of dynamic gains through learning by exporting, technological externalities, allocative efficiencies, and scale economies. The article concludes by discussing obstacles to increasing South-South trade and possibilities for future research on the topic.Yeshttps://us.sagepub.com/en-us/nam/manuscript-submission-guideline

United Kingdom Fund Managers and Institutional Investors’ Attitudes Toward Japanese Equities

This article explores UK fund managers and institutional investors' attitudes toward Japanese equities. We find a declining home bias of UK pension funds vis-à-vis Japanese equities since the early 1990s. However, for the most part, this decrease is a reflection of Japan's decreasing equity market and gross domestic product weights. Only in the 2000s did UK pension funds increase their Japanese equity holdings slightly. While our informants showed a comparatively high degree of variance in opinions about market factors, certain macro and institutional factors—namely, economic growth, deflation, demographics, and corporate governance—were rated high as explanatory factors for an overall low enthusiasm in Japanese equities. Our discussion confirms that these factors appear to make investments in Japan comparatively less attractive

Are Proposed African Monetary Unions Optimal Currency Areas? Real and Monetary Policy Convergence Analysis

A spectre is hunting embryonic African monetary zones: the EMU crisis. The introduction of common currencies in West and East Africa is facing stiff challenges in the timing of monetary convergence, the imperative of bankers to apply common modeling and forecasting methods of monetary policy transmission, as well as the requirements of common structural and institutional characteristics among candidate states. Inspired by the premise of the EMU crisis, this paper assesses real and monetary policy convergence within the proposed WAM and EAM zones. In the analysis, monetary policy targets inflation and financial dynamics of depth, efficiency, activity and size while real sector policy targets economic performance in terms of GDP growth at macro and micro levels. Findings suggest overwhelming lack of convergence; an indication that candidate countries still have to work towards harmonizing cross-country differences in fundamental, structural and institutional characteristics that hamper the convergence process