European Journal of Sustainable Development Research

Global Finance, Competitiveness, and Sustainable Development Goals in Emerging and Least Developing Economies (ELDCs): A Review of Literature
Okechuku Onuchuku 1 * , Chukwuemeka Amaefule 1
More Detail
1 University of Port Harcourt, NIGERIA
* Corresponding Author
Research Article

European Journal of Sustainable Development Research, 2020 - Volume 4 Issue 3, Article No: em0125
https://doi.org/10.29333/ejosdr/7899

Published Online: 07 Apr 2020

Views: 631 | Downloads: 484

How to cite this article
APA 6th edition
In-text citation: (Onuchuku & Amaefule, 2020)
Reference: Onuchuku, O., & Amaefule, C. (2020). Global Finance, Competitiveness, and Sustainable Development Goals in Emerging and Least Developing Economies (ELDCs): A Review of Literature. European Journal of Sustainable Development Research, 4(3), em0125. https://doi.org/10.29333/ejosdr/7899
Vancouver
In-text citation: (1), (2), (3), etc.
Reference: Onuchuku O, Amaefule C. Global Finance, Competitiveness, and Sustainable Development Goals in Emerging and Least Developing Economies (ELDCs): A Review of Literature. EUR J SUSTAIN DEV RES. 2020;4(3):em0125. https://doi.org/10.29333/ejosdr/7899
AMA 10th edition
In-text citation: (1), (2), (3), etc.
Reference: Onuchuku O, Amaefule C. Global Finance, Competitiveness, and Sustainable Development Goals in Emerging and Least Developing Economies (ELDCs): A Review of Literature. EUR J SUSTAIN DEV RES. 2020;4(3), em0125. https://doi.org/10.29333/ejosdr/7899
Chicago
In-text citation: (Onuchuku and Amaefule, 2020)
Reference: Onuchuku, Okechuku, and Chukwuemeka Amaefule. "Global Finance, Competitiveness, and Sustainable Development Goals in Emerging and Least Developing Economies (ELDCs): A Review of Literature". European Journal of Sustainable Development Research 2020 4 no. 3 (2020): em0125. https://doi.org/10.29333/ejosdr/7899
Harvard
In-text citation: (Onuchuku and Amaefule, 2020)
Reference: Onuchuku, O., and Amaefule, C. (2020). Global Finance, Competitiveness, and Sustainable Development Goals in Emerging and Least Developing Economies (ELDCs): A Review of Literature. European Journal of Sustainable Development Research, 4(3), em0125. https://doi.org/10.29333/ejosdr/7899
MLA
In-text citation: (Onuchuku and Amaefule, 2020)
Reference: Onuchuku, Okechuku et al. "Global Finance, Competitiveness, and Sustainable Development Goals in Emerging and Least Developing Economies (ELDCs): A Review of Literature". European Journal of Sustainable Development Research, vol. 4, no. 3, 2020, em0125. https://doi.org/10.29333/ejosdr/7899
ABSTRACT
This paper aims to provide a healthy review of literature on the global imperativeness of the term global finance and competitiveness to achieve Sustainable Development Goals (SDGs). We employed a content analysis method to significantly explore the impact of global finance on financing for sustainable development (FSD) through competitiveness. What are the lessons for ELDCs? From the reviewed literature, we observe that global financing causes a dual impact on competitiveness through the Real Effective Exchange Rate (REER) effects. The study found that global FSD on the informal sector, social and environmental factors, as well as human development, is unarguably silent. Also, there is the multiplicity of function in the global financing mix. From the literature reviewed, we observed a positive link between SDGs, global finance, and competitiveness. SDGs differ across countries because the financing approach on competitiveness differs across countries. Thus, to achieve SDGs in ELDCs, global responses should be developed around improving internal and external competitiveness. These two types of competitiveness would be encompassing. Global financing should be directed to exploring economic, social, and environmental quality in internal and external competitiveness in ELDCs. This classification would deepen the World Economic Forum (WEF) GCI 4.0 based on innovative, efficiency and factors element. Thus inclusive growth and sustainable development could be strengthened through the application of internal and external competitiveness policies that would holistically upgrade the industrial and manufacturing competitiveness frontiers and gains from the global market share frontiers to accelerate SDGs in ELDCs.
KEYWORDS
REFERENCES
  • Abbott, P., & Bredahll, M. (1992). Competitiveness; Definitions, Useful Concepts, and Issues. Paper presented at the International Agricultural Trade Research Consortium’s Symposium on Competitiveness in international food markets: August 7-8, 1992 ACF4377.pdf 31/05/2017.
  • Abosedra, S., & Fakih, A. (2017). Assessing the role of remittances and financial deepening in growth: The experience of Lebanon. Global Economy Journal, De Gruyter, 17(1), 1-19. https://doi.org/10.1515/gej-2015-0059
  • Adams, R., & Age, J. (2005). Do international migration and remittances reduce poverty in developing countries? World Development, 33(10), 1645-1669. https://doi.org/10.1016/j.worlddev.2005.05.004
  • Adanuer, I., & Vagassky, L. (1998). Aid and the real exchange: Dutch Disease effects in Africa countries. Intereconomics: Review of European Economics policy, 33(4), 175-185. https://doi.org/10.1007/BF02929511
  • ADB (2019). UN, African Development Bank High Level Meeting Calls For Speed. Retrieved from www.afdb.org
  • Agenor, P.-R. (2003). Benefits and costs of international financial integration: Theory and facts. The World Economy, 26(8). https://doi.org/10.1111/1467-9701.00564
  • Agosin, M., & Mayer, R. (2000). Foreign investment in developing countries: Does it crowd in domestic investment? Discussion paper No 146, UNCTAD.
  • Aiginger, K., Barenthaler-Sieber, S., & Vogel, J. (2013). Competitiveness under new perspectives. ECONSTOR WWWforEurope Working paper.
  • Akben-Selcuk, E. (2016). Factors affecting firm competitiveness: evidence from an emerging market International Journal of Financial Studies, 4(2), 9. https://doi.org/10.3390/ijfs4020009
  • Altomate, C., & Bekes G. (2016). Measuring competitiveness in a granular and global world In Altomonte, C & Bekes, G. (eds.) Measuring competitiveness in Europe: resource allocation, granularity, and trade. MAPcompetemapping European competitiveness, Bruegel Blueprint 24. Blueprint-XXIV.pdf 9/05/2017.
  • Amaefule, C., & Shoaga, A. (2019). Foreign Direct Investment Spillover and the Size of Trade Growth in the West African Monetary Zone. International Journal of Innovative Research and Development. Vol. 8, Issue 10, October https://doi.org/10.24940/ijird/2019/v8/i10/OCT19015
  • Amaefule, C. (2019). Competitiveness, Capital Movement Inward, and Eco Economic Monetary Union. International Journal of Research and Scientific Innovation, 6 (12), 254-262.
  • Amaefule, C. (2019). Is WAMZ an Optimum Currency Area? International Journal of Research and Scientific Innovation, 6(12), 263-268.
  • Amaefule, C., Kalu, I. E., & Shoaga, A. (2019). Asymmetric Modelling, Capital Account Liberalization, and Size of Productivity in selected WAMZ countries. IOSR Journal of Economics and Finance, e-ISSN: 2321-5933, p-ISSN:2321-5925, 10(5), 91-98.
  • Amaefule, C., Onuchuku, O., Kalu, I. E., & Shoaga, A. (2019). Foreign Aid for Trade, African Continental Free Trade, and Trade Volume: Does Foreign Aid Inflow Matter in West African Monetary Zone? American Journal of Economics, 9(6), 282-288.
  • Ambastha, A., & Momaya, K. (2004). Competitiveness of firms: Review of theory frameworks and models. Singapore Management Review, 26(1), 45-61.
  • Anastassopoulos, G. (2007). Countries international competitiveness and FDI: An empirical analysis of selected EU member countries and regions. Journal of Economics and Business, X(1), 35-52.
  • Andreoni, V., & Miola, A (2016). Compeititiveness and Sustaianble Development. EUR28316. EN: Luxemboirug: Publication Office of the European Union. https://doi.org/10.2788/64453
  • Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51. https://doi.org/10.1016/0304-4076(94)01642-D
  • Arhenful, P. (2013). The effect of foreign aid on real exchange rate in Ghana. Advances in Management and Applied Economics, 3(15). Vol3_5_11.pdf.
  • Arslan, N., & Tatlidil H. (2012). Defining and measuring competitiveness: A comparative analysis of Turkey with 11 Potential Rivals. International Journal of Basic & Applied Science. IJBAS-IJENS, 12(2).
  • Asongu, S. A. (2013). How do financial reforms affect inequality through financial sector competition? Evidence from Africa. African Governance and Development Institute. WP/13/011. https://doi.org/10.2139/ssrn.2493335
  • Athukorala, P.-C., & Rajapatirana, S. (2003). Capital inflows and the real exchange rate: A comparative study of Asia and Latin America. The World Economy (Max corden Festschrift Issues). wp-econ-2003-02(2).pdf. retrieved 18th May, 2017. https://doi.org/10.1111/1467-9701.00539
  • Atkinson, R. D. (2013). Competitiveness, innovations & productivity: Clearing-up the confusion. Washington: The Information Technology and Innovation Foundation.
  • Ayara, N., & Udah, E. (2017). The competitive enablers in a coalesced South-South region. A paper presented at South-South Economic conference with theme “Growing the Nigerian Economy out of Recession” University of Port Harcourt, 6th -8th November, 2017.
  • Bakardzhieva, D., Naceur, S. B., & Kamar, B. (2010). The impact of capital and foreign exchange flows on the competitiveness of developing countries. IMF working paper, IMF Institute WP/10/154 wp10154.pdf 22 Aug 2016. https://doi.org/10.5089/9781455201372.001
  • Baldwin, R., & Forslid, R. (2000). Trade Liberalization and endogenous growth: A q-theory approach, Journal of International Economics, Elsevier, 50(2), 497-517. https://doi.org/10.1016/S0022-1996(99)00008-2
  • Belke, A., & Kaas, L. (2004). Exchange rate movements and employment growth: An OCA assessment of the CEE Economies. Empirica, 31 (2-3), 247-280. https://doi.org/10.1007/s10663-004-0886-5
  • Bellak, C., Leibrecht, M., & Liebensteiner, M. (2008). Labour costs and FDI flows into Central and Eastern European Countries: A survey of the literature and empirical evidence. Elsevier Structural Change and Economic Dynamics, 19(1), 17-37. https://doi.org/10.1016/j.strueco.2007.03.001
  • Bello, K. A., & Eregha, P. B. (2014). Economic freedom and foreign direct investment in ECOWAS countries: A panel data analysis. Applied Econometric & international development, 14(2).
  • Bengoa, M., & Sanches-Robles, B. (2003). Foreign direct investment, economic freedom and growth: New evidence from Latin America. European Journal of Political Economy, 19 (3), 529-545. https://doi.org/10.1016/S0176-2680(03)00011-9
  • Benjamin, N. C., Devarajan, S., & Weiner, R. J. (1989). The Dutch disease in a developing country: Oil reserves in Cameroon. Journal of Development Economics, 30(1), 71-92. https://doi.org/10.1016/0304-3878(89)90051-5
  • Beranke, B. S. (2005). The global saving glut and the U.S. current account deficit. Federal Reserve Government, March 10.
  • Blanchard, O. J., & Kremer, M. (1997). Disorganization. The Quarterly Journal of Economics, 112(4), 1091-1126. https://doi.org/10.1162/003355300555439
  • Blanchard, O. J., & Milesi-Ferretti, G. M. (2009). Global Imbalances: in Midstream? IMF staff position note. SPN/09/29, December 22. https://doi.org/10.5089/9781462333387.004
  • Blomstrom, M., Lipsey, R. E., & Zejan, M. (1994). What explains developing country growth? NBER working paper No. 4132 August.
  • Blundell, R., & Bond, S. (1998). Initial conditions and moments restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-143. https://doi.org/10.1016/S0304-4076(98)00009-8
  • Bonizzi, B. (2013). Capital flows to emerging markets: an Alternative theoretical framework. SOAS Department of Economics Working paper series, No.186, The School of Oriental and African studies file89101.pdf 31/05/2017.
  • Bonizzi, B. (2013). Financialization in developing and emerging countries: A survey. International Journal of Political Economy, 42(4). https://doi.org/10.2753/IJP0891-1916420405
  • Borensztein, E., De Gregorio, J., & Lee, J-W (1998). How does foreign direct investment affect economic growth? Elsevier Journal of International Economics, 45, 115-135. https://doi.org/10.1016/S0022-1996(97)00033-0
  • Bosworth, B., & Collins, S. M. (1999). Capital flows to developing economies: Implications for savings and investment. Brookings Paper on Economic Activity, 30(1), 143-180. https://doi.org/10.2307/2534664
  • Caprio, G., & Honohan, P. (1999). Restoring banking stability: beyond supervised capital requirement. Journal of Economic Perspective, 13(4), 43-64. https://doi.org/10.1257/jep.13.4.43
  • Carkovic, M., & Levine, R. (2002). Does foreign direct investment accelerate economic growth? U of Minnesota Department of Finance Working paper SSRN June 23. https://doi.org/10.2139/ssrn.314924
  • Chang, R., & Velasco, A. (2000). Liquidity crises in emerging markets: theory and policy. NBER Macroeconomic Annual, MIT, 14, 11-78. https://doi.org/10.1086/654376
  • Chen, Z., & Khan, M. S. (1997). Patterns of capital flows to emerging markets: A theoretical perspective. IMF working paper WP/97/13. https://doi.org/10.5089/9781451924947.001
  • Chenery, H. B., & Strout, A. M. (1966). Foreign assistances and economic development. American Economic Review, 56, 679-733
  • Chimhowu, A., Piesse, J., & Pinder, C. (2005). The socio-economic impact of remittances on poverty reduction. In S. M. Maimbo & D. Ratha (eds), Remittances development impact and future prospects. Washington, D.C.: World Bank Projected date 0506.
  • Clarke, G., Cull, R., & Martinez-Peria, M. S. (2002). Does foreign bank penetration reduce access to credit in developing countries? Evidence from asking from borrower. Manuscript (Online). https://doi.org/10.2139/ssrn.285767
  • Clarke, G., Cull, R., D’Amato, L., & Molinari, A. (1999). The effect of foreign entry on Argentina’s banking system. In S. Claessens & M. Jansen (eds.), The Internationalization of Financial Services: Issues and Lessons for Developing Countries.. Doredrecht, the Netherland: Kluwer Academic.
  • Clerides, S. (2012). Competition, productivity and competitiveness: theory, evidence and an agenda for Cyprus Economic Policy Review, 6(2), 81-88.
  • Collier, P., & Gunning, J. W. (1992). Aid and Exchange rate adjustment in African trade liberalization. Economic Journal Royal Economic Society, 102(413), 925-939. https://doi.org/10.2307/2234588
  • Corden, W. M. (1960). The geometric representation of policies to attain internal and external balance. Review of Economic Studies, 28, 1-22. https://doi.org/10.2307/2296244
  • Delgado, M., C. Ketels, C., Porter, M. E., & Stern, S. (2012). The determinants of national competitiveness. Cambridge: NBER working paper series WP 18249. https://doi.org/10.3386/w18249
  • Demekas, D., Horvath, B., Ribakova, E., & Wu, Y. (2007). Foreign direct investment in European transition economies-The role of policies. Journal of Comparative Economics, 35(2), 369-386. https://doi.org/10.1016/j.jce.2007.03.005
  • De-vita, G., & Kyaw, K. S. (2009). Growth effects of FDI and Portfolio investment flows to developing countries. A disaggregated Analysis by income levels. Applied Economic Letters, 16(3) 277-283. https://doi.org/10.1080/13504850601018437
  • Dijkstra, L., Amoni, P., & Kozovska, K. (2011). My region, My Europe, Our future: The seventh report on economic, social and territorial cohesion. European Commission Brussels.
  • Dijkstra, L., Annoni, P., & Kozovska, K. (2011). A new regional competitiveness index: theory, method and findings. European Union regional Policy n*02/2011.
  • Djogo, M., & N. Stanisic, N. (2016). Is the global competitiveness report the right measure of macroeconomic competitiveness? Rijeka Faculty of Economics, Journal of Economics and Business, 34(1), 91-117. https://doi.org/10.18045/zbefri.2016.1.91
  • Durham, J. B. (2003). Foreign portfolio investment, foreign bank lending and economic growth. International finance discussion paper 757. Washington DC: Board of Governors of the Federal Reserve System. https://doi.org/10.17016/IFDP.2003.757
  • Edwards, S. (1987). Economics of Liberalization and the equilibrium real exchange rate in Developing countries, UCLA Economics Working paper 433, UCLA Department of Economics https://doi.org/10.3386/w2179
  • Edwards, S. (1989). Openness, Outward Orientation, Trade Liberalization and Economic Performance in Developing Countries. NBER Working Papers 2908, National Bureau of Economic Research, Inc. https://doi.org/10.3386/w2908
  • Elbadawai, I. A., Kaltani, L., & Schmidt-Hebbel, K. (2008). Foreign Aid, the real exchange rate, and economic growth in the Aftermath of Civil Wars. The World Bank Economic Review, 22(1), 113-140. https://doi.org/10.1093/wber/lhm024
  • Elbadawi, I. (1999). External Aid: Help or hindrance to Export Orientation in Africa. Journal of Africa Economies, 8(4), 578-616. https://doi.org/10.1093/jae/8.4.578
  • Elbadawi, I. A., & Soto, R. (1994). Capital flows and long-term equilibrium real exchange rates in Chile. The World Bank Policy Research Working paper series 1306.
  • Ernst, U. F. N. (2002). Investment and competitiveness: A Strategic Management Perspectives for Ukraine. Presentation at the OECD-Ukraine forum on investment and enterprise development, Ukraine.
  • EU (2015). EU regional competitiveness index 2010. Retrieved from www.europa.eu
  • EU (2016). Convergence Report 2016. Retrieved from www.ec.europa.eu
  • EU (2016). Restoring EU competitiveness. European Investment Bank.
  • EU competitiveness Report (2002). Competitiveness and benchmarking. Enterprise Publications Ref Ares (2014)77546-15/10/2014
  • European Commission (2001). Competitiveness of European Manufacturing, Brussels: DG Enterprises. www.europa.eu
  • European Commission (2003). EU productivity and competitiveness: An industry perspective Can Europe resume the catch-up process? Retrieved from www.ec.europa.eu
  • European Commission (2016). Factors of growth- priorities for competitiveness, convergence and cohesion in the European Union. EU bank: European Investment Bank.
  • Fageberg, J. (1988). Industrial Competitiveness. The European Journal, 98(391), 355-374. https://doi.org/10.2307/2233372
  • Falck, H. (1997). Aid and Economic Performance: The case of Tanzania, Lunds Offset AB, Lunds.
  • Feldstein-Horioka puzzle (1980) cited in Blanchard, O. & Giavazzi, F. (2002). Current account deficits in the euro area: the end of the Feldstein-Horioka puzzle (1980). Brookings Papers on Economic Activity. https://doi.org/10.1353/eca.2003.0001
  • Frankel, J. A., & Romer, D. H. (1999). Does trade cause Growth? American Economic Review, 89(3). https://doi.org/10.1257/aer.89.3.379
  • Gausch, J. L., Rojaz-Suarez, L., & Gonzales, V. (2015). Competitiveness in Central America: The Road to sustained growth and poverty reduction. Centre for Global Development Working paper SSRN. https://doi.org/10.3386/w13602
  • Gourinchas P.-O., & Jeanne, O. (2006). Capital flows to developing countries: The allocation puzzles. NBER working paper No 13602.
  • Haraksingh, K. (2014). Together not apart: competition, competitiveness and clusters. UWI ccfcpresentation2014.pdf.
  • Herciu, M., & Ogrean, C. (2014). An overview on European Union sustainable competitiveness. Procedia Economics and Finance, 16, 651-656. https://doi.org/10.1016/S2212-5671(14)00853-3
  • Huggins, R., Izushi, H., & Thompson, P. (2013). Regional competitiveness: Theories and methodologies for empirical analysis. Journal of CENTRUM Cathedra: The Business and Economics Research Journal, 6(2), 155-172. https://doi.org/10.7835/jcc-berj-2013-0086
  • Ketels, C. (2016). Review of Competitiveness Frameworks. Competitiveness Framework Review. Dublin: An Chomhairle Naisiunta lomaiochas. Review of Competitiveness Frameworks. https://doi.org/10.1108/CR-04-2016-0024
  • Ketels, C., Lindqvist, G., & Solvell, O. (2012). Strengthening Clusters and Competitiveness in Europe: The role of Cluster Organizations. Stockholm: Centre for Strategy and Competitiveness.
  • Krugman, P. (1994). The fight over competitiveness: A zero sum debate: Response: proving my point. Foreign Affairs, 73(4), 198-203. https://doi.org/10.2307/20046820
  • Lalinsky, T. (2013). Firm competitiveness determinants: Results of a panel data analysis. National Bank of Slovakia Working Paper 4. https://doi.org/10.2139/ssrn.2548947
  • Laretey, E. K.., Mandelman, F. S., & Acosta, P. A. (2008). Remittances, exchange rate regimes, and the Dutch disease: A panel data analysis. Federal Reserve Bank of Atlanta Working Paper 2008-12. https://doi.org/10.2139/ssrn.1109206
  • Lartey, E. K. K. (2007). Capital inflows and the real exchange rate: An empirical study of sub-Saharan Africa. An International and Comparative Review, 16(3), https://doi.org/10.1080/0963819070152667
  • Levine, R. (1997). Financial development and economic growth: views and agenda. Journal of Economic Literature, 35, 688-697.
  • Liargovas, P., & Skandalis, K. (2004). Factors affecting Firms Competitiveness: The Case of Greek Industry. Department of Economics, University of Peloponnese, f62de1d 81b75f57…. d49530aeaa.pdf. 4 Feb., 2018.
  • Lucas, R. E. (1990). Why doesn’t capital flow from rich to poor countries? American Economic Review, 80(2), 92-96.
  • MacGillivary, A., Sabapathy J., & Zadek, S. (2003). Responsible Competitiveness Index 2003- aligning Corporate Responsibility and the Competitiveness of Nation’s Accountability. The Copenhagen Centre, Denmark.
  • Makhlouf, F., & Mughal, M. (2013). Remittances, Dutch Disease & Competitiveness. Journal of Economic Development, 38(2). https://doi.org/10.35866/caujed.2013.38.2.003
  • Mansaray, M., & Swaray, S. (2010). Financial Liberalization, Monetary Policy, and Money Demand in Sierra Leone. Journal of Monetary and Economic Integration, 12(2).
  • Martin, R. L. (2004). A study of the factors of regional competitiveness. Final draft report of the European commission, directorate-general regional policy. Cambridge Econometrics/ ECORYS-NEIcompetitiveness.pdf 9/05/2017.
  • McGillivary, M., Feeny, S., Hermes, N., & Lensink, R. (2005). It works, it doesn’t, But that depends…50 years of controversy over the macroeconomic impact of development aid Research paper 2005/54, United Nations University WIDER, Helsinki.
  • McKinnon, R. I. (1973). Money and Capital in Economic Development, Brookings Institution, Washington D.C.
  • McKinnon, R. I., & Huw, P. (1996). Credible Liberalization and International Capital flows: The Overborrowing Syndrome. National Bureau of Economic Research, 7-50. http://www.nber.org/chapter/c8557
  • Meyer-Stamer, J. (2008). Systemic competitiveness and local economic development. Meso Partner, Duisberg.
  • MGI (2010). Growth and Competitiveness in the United States: the role of its multinational companies. McKinsey & Company MGI_growth_and…_full_report.pdf.
  • Mongardini, J., & Rayner, B. (2009). Grants, remittances, and the equilibrium real exchange rate in Sub-Saharan African Countries. International Monetary Fund, IMF Working paper. https://doi.org/10.5089/9781451872224.001
  • Nkusu, M. (2004). Aid and the Dutch Disease in Low-Income Countries: Informed Diagnosis for Prudent Prognosis. International Monetary Fund, working Paper 04/49. https://doi.org/10.5089/9781451846874.001
  • Nkusu, M., & Sayek, S. (2004). Local Financial development and the Aid Growth Relationship. IMF working paper WP/04/238. https://doi.org/10.5089/9781451875775.001
  • Nkusu, M. (2013). Boosting competitiveness to grow out of debt can Ireland find a way back to its future? IMF working paper No 13/35. https://doi.org/10.5089/9781475563658.001
  • Obstfeld, M. (1994). Risk-taking, global diversification, and growth. America Economic Review, 84(5), 1310-1329.
  • OECD (2002). Foreign direct investment for development, Maximizing benefits and minimizing costs: Overview. France.
  • OECD (2002). Foreign Direct investment: Maximizing benefit, minimizing costs.
  • OECD (2019). Global outlook on Financing for Sustainable Development: Time to face the Challenge. Retrieved from www.oecd.org
  • OeNB’s (2007). Currency and competitiveness. The OeNB’s conference on European Economic integration.
  • Ogun, O. (1998). Real exchange Rate movement and Export Growth: Nigeria, 1960-1990. AERC Research paper, 82.
  • Orji, A., Uche, A. S., & Ilori, E. A. (2014). Foreign Capital inflows and Growth: An empirical Analysis of WAMZ experience. International Journal of Economics and Financial Issues, 4(4), 971-983. 916-2961-2-PB.pdf 22 Aug. 2016.
  • Ouattara, B., & Strobl, E. (2008). Foreign aid inflows and the real exchange rate in the CFA Franc Zone. Economie international, 116, 37-52.
  • Owusu, L. E., & Odhiambo, M. N. (2014). Financial Liberalization and Economic growth in Nigeria: An ARDL-Bounds testing approach. Journal of Economic Policy Reforms, 17(2), 164-177. https://doi.org/10.1080/17487870.2013.787803
  • Popovics, O. C., & Calin, A. C. (2015). The effects of enhancing Competitiveness on FDI inflows in CEE countries. European Journal of Interdisciplinary Studies, 7(1), 393.pdf
  • Porter, M. E. (1990). The Competitive Advantage of Nations, Macmillan, Basingstoke. https://doi.org/10.1007/978-1-349-11336-1
  • Porter, M. E. (1998). Cluster and the New Economics of competition. Harvard Business Reviews 76(6), 77-90.
  • Porter, M. E., M., Delgado, M., Ketels, C., & Stern, S. (2008). Moving to a new global competitiveness index. WEF: The global competitiveness report 2008-2009.
  • Porter, M. E., M., Delgado, M., Ketels, C., & Stern, S. (2008). Moving to a new global competitiveness index. WEF: The global competitiveness report 2008-2009.
  • Prasad, E. S., Rajan, R. G., & Subramanian, A. (2007). Foreign capital and Economic growth. Brookings Papers on Economic Activity, I: 2007a_bpea_prasad.pdf. https://doi.org/10.3386/w13619
  • Premier Ministre (2012). National pact for growth, competitiveness and employment. Republique Francaise, Nov 16.
  • President’s commission, (1984): Ronald Reagan Executive Order on Industrial Commission. Archives.gov.
  • Rajan, R. G., & Zingale, L. (1998). Financial dependence and growth. The American Economic Review, 88(3), 559-586.
  • Rajan, R., & Subramanian, A. (2005). Aid and Growth: What does the cross-country evidence really show? IMF working paper WP/05/127. https://doi.org/10.5089/9781451861464.001
  • Rajan, R., & Subramanian, A. (2005). What undermines aid’s impact on Growth? NBER working paper series, Cambridge W11657. https://doi.org/10.3386/w11657
  • Rajan, R., & Subramanian, A. (2007). Does Aid affect Governance? The American Economic Review, 97(2), 322-327. https://doi.org/10.1257/aer.97.2.322
  • Rao, S., & Sharma, P. (2006). International competitiveness and regulatory framework: A Canadian perspectives In J. M. Curtis & M. Sydor (eds.), NAFTA at 10 Canada. Minister of Public Works and Government Source.
  • Reinert, E. S. (1994). Competitiveness and its predecessors – a 500 year-cross-national perspective STEP Oslo. Prepared Business History Conference, Williamsburg March 11-13, 2010.
  • Reis, J. G., & Farole, T. (2012). Trade competitiveness: Diagnostic toolkit. Washington: The World Bank. https://doi.org/10.1596/978-0-8213-8937-9
  • Reisen, H. (1989). Public debt, external competitiveness, and fiscal discipline in developing countries. Princeton studies in International Finance. No 66. Princeton: Princeton University Press.
  • Reisen, H., & Soto, M. (2001). Which types of capital inflows foster developing countries Growth? International Finance, 4(1), 1-14. https://doi.org/10.1111/1468-2362.00063
  • Sackey, H. A. (2001). External aid flows and the real exchange in Ghana. AERC Research paper No 110. Nairobi: AERC.
  • Sackey, H. A. (2001), External Aid Inflows and the Real Exchange Rate in Ghana. Nairobi, The Regal Press.
  • Salter, W. E. G. (1959). Internal and external balance: The role of price and expenditure effects, Economic Records, 35 (71), Wiley Online Library. https://doi.org/10.1111/j.1475-4932.1959.tb00462.x
  • Saurina, J. (2006). Financial integration and competitiveness. BancodeEspana Financial Stability Department Jan 13 Japan.
  • Schwab, K (ed.). The global competitiveness report 2014-2015. Geneva: WEF. Retrieved on 1 January 2020 from www.weforum.org
  • Schwab, K (ed.). The global competitiveness report 2015-2016. Geneva: WEF. Retrieved on 1 January 2020 from www.weforum.org
  • Schwab, K (ed.). The global competitiveness report 2016-2017. Geneva: WEF. Retrieved on 1 January 2020 from www.weforum.org
  • Schwab, K (ed.). The global competitiveness report 2018-2019. Geneva: WEF. Retrieved on 1 January 2020 from www.weforum.org
  • Schwab, K (ed.). The global competitiveness report 2019. Geneva: WEF. Retrieved on 1 January 2020 from www.weforum.org
  • Scott, B., & Lodge, G. (eds.). US Competitiveness and the World Economy. Boston: Harvard Business School Press
  • Senbet, L. W., & Otchere, J. (2005). Financial sector reforms in Africa: Perspectives on Issues and Policies. Annual World Bank Conference on Development Economics (ABCDE), Dakar, Senegal.
  • Siriphattrasophon, S. (2017). Multi-level factors affecting firm competitiveness in ASEAN region of small and medium enterprise of Thailand. Kasetsart Journal of Social Sciences, 1-7. https://doi.org/10.1016/j.kjss.2017.09.002
  • Siudek, T., & Zawojska, A. (2014). Competitiveness in the economic concepts, theories & empirical research. Oeconomia, 13(1), 91-108.
  • Solovjova, I., Rupeika-Apoga, R. & Romanova, I. (2018). Competitiveness Enhancement of International Finance Centres. European Research Studies Journal, XXI(1), 5-17. https://doi.org/10.35808/ersj/925
  • Solow, R. M. (1956). A contribution to the theory of economic growth. Quarterly Journal of Economics, 70(1), 65-94. https://doi.org/10.2307/1884513
  • Solow, R. M. (1956). A contribution to the theory of economic growth. The Quarterly Journal of Economics, 70(1), 65-94 https://doi.org/10.2307/1884513
  • Solow, R. M. (1957). Technical and the aggregate production function. Review of Econometrics and Statistics, 39(3), 312-320. https://doi.org/10.2307/1926047
  • Stiglitz, J. E. (1999). “Whither Reforms? Ten years of Transmission. Annual World Bank conference and Development Economics, P.17.
  • Stiglitz, J. E. (n.d.). Competition and Competitiveness in a New. Columbia Business School, 11-22 https://www.gsb.columbia.edu/.../stiglitz 9/May/2017
  • UNEP. (n.d.). Green Financing. Retrieved from www.unepenvironment.org
  • Utkulu, U., & Seymen, D. (2004). Revealed comparative advantage and competitiveness: Evidence for Turkey viz-a-viz the EU/15. Nottingham: Presented at the European trade study Group 6th annual Conference, ETSGA, September.
  • Van Wijnbergen, S. (1986). On fiscal deficits, the real exchange rate and the world rate of interest. European Economic Review, 30(5), 1013. https://doi.org/10.1016/S0014-2921(86)80003-4
  • Van Wijnbergen, S., Robert, R., & Anand, R. (1989). Inflation, external debt, and financial sector reform: A quantitative approach to consistent fiscal policy. The World Bank Policy Research Working Paper Series 261.
  • WEF (2016). An Action Agenda for Africa’s competitiveness. Geneva: WEF. Retrieved from www.weforum.org/acr
  • WEF (2017). The African Competitiveness Report 2017: Addressing Africa’s Demographic Dividend. Geneva: World Economic Forum.
  • Wigger, A. (2008). Competition for competitiveness: the politics of the transformation of the EU competition Regime. Amsterdam: Rozenberg Publishers.
  • Yano, M., & Nugent, J. (1999). Aid, Nontraded goods, and the transfer paradox in small countries. American Economic Review, 89(3), 431-449. https://doi.org/10.1257/aer.89.3.431
  • Yazovskikh, E., & Mokronosov, A. (2015). Competition and competitiveness as economic categories and their role in entrepreneurship. LIMEN Konferencija.
LICENSE
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.