https://transitionacademiapress.org/jgpg/issue/feed Journal Global Policy and Governance 2021-03-25T16:37:51+00:00 Prof. Giorgio Dominese g.dominese@transitionstudiesnetwork.org Open Journal Systems <p align="justify">Interdependence of International Relations with finance, economy, technology, research, and advanced knowledge until a few years ago unimaginable, new military might introduced by innovation must be some of the crucial challenges, where also our Journal Global Policy and Governance intends to contribute opening its pages, issue after issue, to faculty, experts, testimonies, articles and relevant review of books, junior researches working papers. But we know also that traditional conflicts would not have any perspective in the medium term and will bring to the defeat of the ones who are imagining a return to the past. We intend to embrace and reach all the possible interested colleagues and fellows around the world, as choices and strategies in all the sectors involving public and private governance, nobody excluded, are under questioning and innovative evaluation.</p> https://transitionacademiapress.org/jgpg/article/view/396 Proof positive? Testing the universal basic income as a post- COVID new normal: the cases of the Baltic and Canada 2021-03-25T14:44:54+00:00 Tatjana Muravska tatjana.muravska@lu.lv Denis Dyomkin denis.demkin@carleton.ca <p align="justify">The global response to the coronavirus has highlighted gaping holes in the social security net. Resultantly, the unconditional basic income (UBI) idea has gained traction worldwide throughout 2020, both among the public and politicians looking for solutions to address poverty and stimulate economic recovery. The shift from viewing the UBI as a utopia towards recognizing it as an internationally acceptable policy requires further exploration. By comparing the pandemic-sparked interventionist policies on both sides of the Atlantic, the paper analyses the de facto introduction of the UBI in socially progressive countries, taking Canada and the Baltics as test cases. The authors conclude that the global crisis, exposing the alarming state of affairs of social security, has reopened an intense debate over the role of government interventions and the scope of the welfare state and paved the way for reforms that would embrace better state funding, with an emphasis on social solidarity.</p> 2021-03-25T00:00:00+00:00 Copyright (c) 2021 Journal Global Policy and Governance https://transitionacademiapress.org/jgpg/article/view/387 Determinants of the Government Bond Yields of Italy, Spain, Portugal and Greece 2021-02-27T05:15:38+00:00 Sergey Yakubovskiy sergey_yakubovskiy@yahoo.com Giorgio Dominese g.dominese@transitionstudiesnetwork.org Tetiana Rodionova t.rodionova@onu.edu.ua Valeriia Derenko valeriaderenko@gmail.com <p>This article analyzes the trends in the yields of 10-year government securities of the countries of Southern Europe, in particular Greece, Italy Portugal and Spain, over the period 2005-2020. To study the factors affecting the rate of government securities yields of these countries, regression models using the least squares method and vector autoregression framework, namely the Granger test, were constructed. The models investigate the impact of various independent variables, namely government debt, government budget balance, real effective exchange rate and GDP on profitability of the national bonds. It was proved that in the conditions of the ECB's unconventional monetary policy, which continually stimulates demand for government securities, internal factors are no longer the main ones in determining the yields on national bonds and, accordingly, the cost of servicing the public debt of the euro area countries. The consequences of the ECB's monetary policy were most evident in 2020, when unprecedented financial stimulus measures were implemented in the fight against the impact of the COVID-19 pandemic, which led to a drop in government bond yields in Southern Europe to historically low levels. Such a strong dependence of the demand for government bonds and the cost of servicing public debt of Southern European countries on an external factor - the policy of the European Central Bank can lead to serious shocks for national economies in the future, especially when the ECB is forced to abandon the over-expansionary monetary policy.</p> 2021-03-25T00:00:00+00:00 Copyright (c) 2021 Journal Global Policy and Governance https://transitionacademiapress.org/jgpg/article/view/362 How does flexibility reforms reshape market behaviour? A comparative study from the MENA region 2020-11-19T20:23:51+00:00 Hamza Bouhali hamzaelbouhali@gmail.com Mohammed Salah Chiadmi schiadmi@emi.ac.ma Fouzia Ghaiti ghaiti@emi.ac.ma <p>This study investigates the impact of flexibility reforms on the foreign exchange market in various countries with intermediary regimes. Using the case of three MENA countries with different flexibilization processes, we conducted a comparative study using GARCH and FIGARCH models to exhibit various market behaviour changes. Our main results are that flexibilization reforms increase market volatility and sensitivity to endogenous shocks, especially in countries with challenging economic context during the transition. On the other hand, the flexibility reforms contribute to market development, allowing it to have more leeway in adjusting prices accordingly with the offer and demand. Finally, we presented the policy implications of this study and some propositions for future research. This study’s conclusions will help monetary authorities and market participants prepare a detailed road map to efficiently conduct the flexibilization process and avoid various risks linked to this type of transition.</p> 2021-03-25T00:00:00+00:00 Copyright (c) 2021 Journal Global Policy and Governance https://transitionacademiapress.org/jgpg/article/view/388 The Macroeconomic and Demographic Determinants of Saving Behavior in Selected Countries of Asia 2021-03-01T08:59:33+00:00 Mubasher Iqbal mubasheriqbal88@gmail.com Hafeez ur Rehman hafeez.rehman@umt.edu.pk Noman Arshed noman.arshed@umt.edu.pk Muhammad Shahzad Sardar shahzad752@yahoo.com <p>This research study examines macroeconomic and demographic factors that affect the gross domestic savings of highly youth population countries of Asia by taking data from 1990 to 2019. The countries considered in our study are Pakistan, India, China, Indonesia and Bangladesh. For this purpose, long-run coefficients are estimated using the Fully Modified Ordinary Least Square (FMOLS) estimation method to calculate the coefficients of the variables with heterogeneous standard errors. According to the estimated results, all the variables significantly impact gross domestic savings. The study results revealed that macroeconomic and demographic determinants significantly affect the gross domestic savings of sampled countries. Macroeconomic variables like GDP per capita and interest rate positively affected savings. While inflation is negatively affecting them. Especially, demographic factors like the dependency ratio negatively affect the gross domestic savings in sample countries. While infant mortality rate and urbanization are reported as the positive determinants of savings.</p> 2021-03-25T00:00:00+00:00 Copyright (c) 2021 Journal Global Policy and Governance https://transitionacademiapress.org/jgpg/article/view/349 Trade balance shock and its importance on Gross National Saving Rate and Exchange Rate: A VAR analysis using time series national data for Japan 2020-10-27T07:55:03+00:00 Amar Singh connectamar@gmail.com Tanuja Gour tanuja.gour@gmail.com <p>This research focuses on investigating the dynamic network among trade balance (TB), the Gross national saving rate (GNSR), and the exchange rate (ER) in Japan. The study used time series data from 1981 to 2019. The research conducts a vector auto-regression (VAR) to investigate the dynamic relationship in the series. The first step started with a unit root test to check the stationarity. The data series is stationary at first difference. <br />Further, we employed Johansen co-integrated analysis, Granger causality, an impulse variance analysis followed by variance decomposition. The result shows the unidirectional Granger causal relationship between TB and ER. Its own shock explains that TB’s contribution is 73% and GNSR &amp; ER contributes 25.67 and 0.67 to TB, respectively. The GNSR variance decomposition describes 95.12 variations by its own innovative shock, and ER shows a 52% change in the variable from its own shock. This study establishes that trade balance is significant to exchange rate growth in Japan. This research is original work, and it will contribute the knowledge about the trade balance, gross national saving rate, and exchange rate behaviour &amp; effect to each other. This research focuses on investigating the dynamic network among trade balance (TB), the Gross national saving rate (GNSR), and the exchange rate (ER) in Japan. The study used time series data from 1981 to 2019. The research conducts a vector auto-regression (VAR) to investigate the dynamic relationship in the series. The first step started with a unit root test to check the stationarity. The data series is stationary at first difference. <br />Further, we employed Johansen co-integrated analysis, Granger causality, an impulse variance analysis followed by variance decomposition. The result shows the unidirectional Granger causal relationship between TB and ER. Its own shock explains that TB’s contribution is 73% and GNSR &amp; ER contributes 25.67 and 0.67 to TB, respectively. The GNSR variance decomposition describes 95.12 variations by its own innovative shock, and ER shows a 52% change in the variable from its own shock. This study establishes that trade balance is significant to exchange rate growth in Japan. This research is original work, and it will contribute the knowledge about the trade balance, gross national saving rate, and exchange rate behaviour &amp; effect to each other. </p> 2021-03-25T00:00:00+00:00 Copyright (c) 2021 Journal Global Policy and Governance https://transitionacademiapress.org/jgpg/article/view/341 What do former government officials really bring to the board 2020-09-23T18:52:28+00:00 Santiago Kopoboru skopagu@upo.es Leticia Pérez-Calero lcalero@upo.es Gloria Cuevas-Rodríguez gcuerod@upo.es <p>The board of directors is the steering wheel organizations use to achieve their goals and its composition has widely been analysed. This paper will show how the number of former government officials has increased in the board of large Spanish firms over the last two decades depending on the number of former government officials in the board and how regulated the industry is. The results will also show that even though there was a period in which more former government officials joined boards, the numbers have stabilised in recent years due to, among other factors, the increasing concerns in society related to the “revolving doors” behaviours.</p> 2021-03-25T00:00:00+00:00 Copyright (c) 2021 Journal Global Policy and Governance https://transitionacademiapress.org/jgpg/article/view/364 Current Fishing Dispute in the South China Sea: A Vietnamese Perspective 2020-12-12T17:37:16+00:00 Xuan Cuong Nguyen cuong112120@gmail.com <p>The South China Sea is one of the world’s security hotspots regarding territorial sovereignty disputes between China, Taiwan and some South-east Asian countries such as Vietnam, the Philippines, Malaysia and Brunei. Currently, the dispute situation in the South China Sea is increasingly complicated and tends to be more stressful because the region’s situation is not only heated up by territorial sovereignty disputes, geostrategic competition among great powers, but also heated up by various non-traditional security issues, including fisheries security issues such as overfishing, illegal fishing activities, conflicts over fisheries activities between countries. However, at present, there are no effective cooperative and rational mechanisms for fisheries in the South China Sea. Meanwhile, ASEAN is an important mechanism for managing regional security issues, including non-traditional security in the South China Sea. However, ASEAN’s role in this region is still relatively weak. Given that situation, the article analyses the current situation of fisheries security issue in the South China Sea and clarifies how ASEAN’s role in this sector plays out in the current period. What actions should ASEAN take to contribute to ensuring non-traditional security in the South China Sea in general and fisheries security in particular?</p> 2021-03-25T00:00:00+00:00 Copyright (c) 2021 Journal Global Policy and Governance https://transitionacademiapress.org/jgpg/article/view/342 Integrating Cryptocurrencies to Legal and Financial Framework of India 2020-09-24T11:14:25+00:00 Amit Kumar Kashyap amit1law@gmail.com Kadambari Tripathi tripathikadambari77@gmail.com Pranav Singh Rathore rathorepranav09@gmail.com <p>With the ever-growing popularity of cryptocurrency in India as well as globally, it is potential as an agent of various illegal activities such as money laundering and cybersecurity breaches is also gaining traction in the global, national and regional debates. Considering its emergence in India, it is pertinent to examine the issues associated with the usage of cryptocurrency and the scope it entails for the Indian economy if allowed. The government of India has so far not identified it as valid tender due to its potential usage in hiding black money and in terror financing. However, the government has not necessarily closed the door to any future regulations of cryptocurrencies. Therefore, despite operating in a grey area, the sector continues to proliferate in India and the world. This paper briefly describes the nuances and current affairs related to cryptocurrencies across the globe. It further provides a legal and regulatory perspective of cryptocurrencies in India while also discusses various cybersecurity issues related to its usage and concludes with a list of challenges associated with its incorporation in the national legal regime and tries to provide a certain recommendation that can help guide the future regulation of this disruptive innovation. </p> 2021-03-25T00:00:00+00:00 Copyright (c) 2021 Journal Global Policy and Governance