The Political Economy of the Egyptian and Arab Revolt

This article advances a framework for understanding the political economy of the Egyptian and Arab revolts. After almost three decades of implementing neoliberal economic policies, the Egyptian economy was nevertheless stagnating in the early 2000s and political unrest was increasing. In response two key policy decisions were undertaken by the ruling elite, one to embark on a programme of further liberalisation and privatisation in the hope of attracting foreign direct investment and the other to use the global war on terror framework as a means of repressing internal dissent. While these decisions ‘succeeded’ in the short term, they also created the conditions which led to the uprisings

Preferential Trade Agreements and Manufactured Goods Exports: Does It Matter Whom You PTA With?

This paper explores two questions. First, can Preferential Trade Agreements (PTAs) affect industrial development in developing countries? Second, does it matter for developing countries whom they sign the PTAs with? We find that the answer to both questions is yes. Using bilateral manufactured goods exports data from 28 developing countries during 1978-2005, we find that South-South PTAs have a significantly positive effect on manufactured goods exports. In contrast, no such effect is detected in the case of South-North PTAs. We confirmed the robustness of these findings to estimation methodology, sample selection, time period, zero trade flows, and multilateral trade resistance

Asymmetric Effects of Financial Development on South-South and South-North Trade: Panel Data Evidence from Emerging Markets

Using bilateral trade data in total and technology-and-skill-intensive manufactured goods for 28 developing countries that account for 82% of all developing country manufactures exports between 1978 and 2005, this paper explores the effects of financial development on the pattern of specialization in South-South and South-North trade. The empirical results using dynamic panel regressions and comprehensive sensitivity tests suggest that financial development in the South has an economically and statistically significant positive effect on the share of total and technology-and-skill-intensive manufactures exports in GDP, and total exports in South-South trade. In contrast, no such significant or robust effect of financial development is found in South-North trade. Overall, the positive effect of financial development is found to be asymmetric favoring South-South significantly more than South-North trade. In addition, financial development is found to be increasing technology-and-skill-intensive manufactured goods exports significantly more than total manufactured or merchandise goods exports

Preferential Trade Agreements and Manufactured Goods Exports: Does It Matter Whom You PTA With?

This paper explores two questions. First, can Preferential Trade Agreements (PTAs) affect industrial development in developing countries? Second, does it matter for developing countries whom they sign the PTAs with? We find that the answer to both questions is yes. Using bilateral manufactured goods exports data from 28 developing countries during 1978-2005, we find that South-South PTAs have a significantly positive effect on manufactured goods exports. In contrast, no such effect is detected in the case of South-North PTAs. We confirmed the robustness of these findings to estimation methodology, sample selection, time period, zero trade flows, and multilateral trade resistance

Trade flows, exchange rate uncertainty and financial depth: evidence from 28 emerging countries

This paper investigates the effects of real exchange rate uncertainty on manufactures exports from 28 emerging economies, representing 82\% of all developing country manufactures exports, and explores the sources of heterogeneity in the uncertainty effects by controlling for the direction of trade (South-North or South-South), and the level of financial development of the exporting country. The empirical results show that for more than half of the countries the uncertainty effect is unidirectional, either South-South or South-North, and the median impact is negative. In addition, while we find that financial development augments trade, exchange rate shocks can negate this effect. Last but not the least, trade among developing economies improves export growth under exchange rate shocks

Trade flows, exchange rate uncertainty and financial depth: evidence from 28 emerging countries

This paper investigates the effects of real exchange rate uncertainty on manufactures exports from 28 emerging economies, representing 82\% of all developing country manufactures exports, and explores the sources of heterogeneity in the uncertainty effects by controlling for the direction of trade (South-North or South-South), and the level of financial development of the exporting country. The empirical results show that for more than half of the countries the uncertainty effect is unidirectional, either South-South or South-North, and the median impact is negative. In addition, while we find that financial development augments trade, exchange rate shocks can negate this effect. Last but not the least, trade among developing economies improves export growth under exchange rate shocks

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

Asymmetric effects of financial development on South-South and South-North trade: Panel data evidence from emerging markets

Using bilateral trade data in total and technology-and-skill-intensive manufactured goods for 28 developing countries that account for 82% of all developing country manufactures exports between 1978 and 2005, this paper explores the effects of financial development on the pattern of specialization in South-South and South-North trade. The empirical results using dynamic panel regressions and comprehensive sensitivity tests suggest that financial development in the South has an economically and statistically significant positive effect on the share of total and technology-and-skill-intensive manufactures exports in GDP, and total exports in South-South trade. In contrast, no such significant or robust effect of financial development is found in South-North trade. Overall, the positive effect of financial development is found to be asymmetric favoring South-South significantly more than South-North trade. In addition, financial development is found to be increasing technology-and-skill-intensive manufactured goods exports significantly more than total manufactured or merchandise goods exports.South-South and South-North trade Financial development Industrial development

The Political Economy of the Egyptian and Arab Revolt

This article advances a framework for understanding the political economy of the Egyptian and Arab revolts. After almost three decades of implementing neoliberal economic policies, the Egyptian economy was nevertheless stagnating in the early 2000s and political unrest was increasing. In response two key policy decisions were undertaken by the ruling elite, one to embark on a programme of further liberalisation and privatisation in the hope of attracting foreign direct investment and the other to use the global war on terror framework as a means of repressing internal dissent. While these decisions ‘succeeded’ in the short term, they also created the conditions which led to the uprisings