Science Essay 社会学 管理类作业经济学作业 法律作业 市场学作业 语言学文学 金融作业 会计作业 国际商务管理 MBA Essay fashion&culture 物流管理作业
返回首页

经济学留学作业:Mauritius And Seychelles Different Paths Same Resul

时间:2015-09-01 10:38来源:www.ukthesis.org 作者:英国论文网 点击联系客服: 客服:Damien
经济学留学作业:Mauritius And Seychelles Different Paths Same Resul毛里求斯与塞舌尔道路不同成就相同

毛里求斯和塞舌尔是位于印度洋上的两个岛国(以塞舌尔为例的群岛)。两国共享由法国和英国殖民时期的历史,相同的民族及不同比例的宗教群体(中央情报机构)。两国在独立之后,走上了不同的道路,颁布了不同的经济政策:毛里求斯走上了资本主义,塞舌尔则走上了社会主义。在经济自由空间上两国的政策完全不同,据经济自由指数的世界排名(2011 经济自由指数)毛里求斯位居12,而塞舌尔名列142。然而,两国在其经济领域内成功的创造了一系列显著的改变。毛里求斯在其资本主义道路上,在短时间内已由低收入经济国家发展成中等收入经济国家。在过去10年里,平均年增长率为5.5%,当今人均年收入为5500美元,而在上个世纪六十年代末仅为200美元。

Mauritius And Seychelles Different Paths Same Results
 
Mauritius and Seychelles are two islands (groups of islands in the case of Seychelles) in the Indian Ocean (see map 1). They both share a common history of colonialism both by the French and the British, and have the same ethnic and religious groups with different percentages (Central Intelligence Agency). These two countries, after independence, followed different paths and chose different economic policies: capitalism for Mauritius and socialism for Seychelles. These two policies are completely diverse in terms of economic freedom as Mauritius ranks 12 whereas Seychelles ranks 142 according to the Index of Economic Freedom World Ranking (2011 Index of Economic Freedom). However, both countries succeeded and knew significant changes in their economies. Mauritius, following capitalism, has developed from a low-income to middle-income economy within a relatively a short period of time, with an average annual growth rate of 5,5% over the past 10 years, a per capita income of $5500 today compared to $200 in the late sixties (Sobhe, 30). Besides, between 1973 and 1999, real GDP in Mauritius grew on average by 5.9 percent per year compared with 2.4 percent in Africa (Subramanian and Roy, 8). Seychelles, on the other hand, adapted socialism which René, the former president of the country, called “the Seychelles way”, which put the interests of the people first (CIA World Fact Book 2004, 3). Although it has few natural resources, Seychelles reached a “GDP per capita of $8000 today, a 95% literacy rate …” (Ankomah, 4). So, this country is an example of successful socialism as Ankomah said: “They say socialism doesn’t work, but just four degrees south of the equator, west of the Indian Ocean, an African socialist success” (1).
 
Before dealing with the economic and political features of the two countries, let’s compare them geographically. In terms of size, Mauritius occupies a territory of 2,040 sq km (CIA 2008) whereas Seychelles occupies an area of 455 sq km (CIA 2008). In terms of population, Mauritius has a population of 1,250,882 while Seychelles has only 81,895. Politically speaking, Mauritius is a parliamentary democracy and Seychelles is a Republic (World Factbook).
 
Comparing the two countries economically shows that they are completely different in terms of fiscal, monetary and trade policies. Thus, the political system and the institutions of the two countries are the main factors that led to the success of the Mauritius and the Seychelles. Zafar, while talking about Mauritius’s success said that “this is mainly due to its combination of political stability, strong institutional framework, low level of corruption, and favorable regulatory environment which has helped lay the foundation for economic growth, and its open trade policies which have been key in sustaining growth” (Zafar, 3). Likewise, Ankimah said that Seychelles reached this level “thanks to the SPPF’s free education policy, a free health-care system that works, a housing policy that has seen 11000 of the 25000 housing stock in the country built by the government for the poor, a young enterprise scheme that provides $10000 seed money for people to start their own business, a funeral benefit scheme for all the people, a program to reclaim land from the sea for human habitation, road building and other infrastructural renewal, a splendid public transport system, etc” (Ankomah, 4).
 
1/ Fiscal Policy  财政政策
 
Since they adopted two different systems, Mauritius and Seychelles have two different Fiscal policies. Concerning tax regimes, Mauritius, on the one hand, have created a tax regime which encourages foreign investment. The average tariff for manufacturing was 86,2% in 1980, but it did fall to 30,1% in 1994 (Zafar, 5). Moreover, taxes for both individuals and businesses don’t exceed 15% (Alex, et. Al). There is no tax on capital, or the right of succession which are yet applied in European countries. Moreover, Zafar said that Mauritius has “a competitive tax regime and flexible labor laws to help foster growth of innovative private sector” (16). Besides, Resident individuals are taxed on their gross personal income on a sliding scale from 5% to 35% (Mauritius Revenue Authority), but people who earn less than 18 500 rupees are exempted from taxes. On the other hand, Seychelles has a more rigid tax system which limits foreign investment in the country. It imposes different fees for registration, application and annual fees. International Business Companies pay a registration fee of $100, offshore (Non-Domestic) Banks pay a license application processing fee of $2,000 and an annual license fee of between SR250,000 and SR1m depending on the value of total assets, limited partnerships pay a registration fee of US$200, … (Seychelles Investment Bureau). Hence, the tax regime in Seychelles doesn’t encourage foreign investment as the one in Mauritius.
 
Concerning government spending, Fiscal policy in Mauritius has focused on ensuring that spending remains linked to the resource availability. While there have been fiscal imbalances, there is no history of the government borrowing from the central bank or from aid agencies (Zafar, 14). The world bank report claims that Mauritius’ government expeditures have never much exceeded 20% of GDP and have been used mostly for wage policy, with a small amount devoted to food subsidies (15). This policy was effective in dealing with crises. In 2000s, the government built up reserves that allowed it the freedom to expand fiscal policy in the aftermath of the 2008-2009 global financial crisis (15). Seychelles, on the other hand, spends extensively which creates a huge balance deficit. This was stated by Campling who said that “ ‘the government is determin[ed] not to cut state spending on welfare despite the country’s difficulties’ ” (41). This is mainly due to the public investment in education and social development. Besides, “the infrastructure sector has benefited from significant public investment in the past, resulting in a reliable electricity network and relatively modern communication and transport facilities” (European Committee).
 
2/ Monetary policy 货币政策
 
Like the fiscal policy, the monetary policy in Mauritius was designed to encourage investment and competitiveness. Since its creation in 1967, the Bank of Mauritius has been concerned with ensuring the competitiveness of the country’s export and, secondarily, with price stability (Zafar, 15). Under its supervision, commercial banks have been instructed to provide a wide array of financial packages to small and medium enterprises in order to boost private investment and encourage these enterprises to invest in different sectors (sobhe, 34). Additionally, Interest rates have been kept within controllable bounds and internationally regulated through open market operations (34). Moreover, the recently created Monetary Policy Board ensures that there is little interference by the government in the composite membership of the Bank of Mauritius (33).
 
The Central Bank of Seychelles, unlike the Bank of Mauritius, is concerned with promoting price stability, advising the Government on banking, monetary and financial matters, including monetary implications of proposed fiscal policies or operations of the Government; and maintaining a sound financial system (Central Bank of Seychelles). Even if the bank is declared officially autonomous, the Governor of the Bank also held the position of Principal Secretary in the Ministry of Finance (Ministary of Finance) which raises questions about the degree of autonomy it enjoys.
 
3/ Trade policy 贸易政策
 
Trade policy in Mauritius was made to increase the country’s exports and imports and facilitate its enterance to foreign markets. According to a report by the WTO Secretariat on the trade policies and practices of Mauritius, the importance given by this country to export promotion and tourism development and the initiatives it has undertaken recently to make the island a center for regional trade, have transformed the economy (Sobhe, 35). The external trade sector was marked by trade preferences under the Lomé Convention for sugar and the Multi-Fibre Agreement for Garments. Such preferences provided unrestricted access to the European market for Sugar exports and the US market for the export of Garments (34). Since the mid-1980s, the volume of imports and exports of goods grew quite rapidly, at a rate of 8.7 percent and 5.4 percent, respectively per year; the openness ratio (the ratio of trade in goods-to-GDP) increased from about 70 percent to 100 percent over this period, compared with an openness ratio for Africa that stagnated around 45 percent (Subramanian and Roy, 15 -16). Recently, trade increased significantly between 2000 and 2008 as exports moved from $1,7 billion (The World Factbook 2000) to $2,47 billion (The World Factbook 2008), and imports rose from $2,1 billion (The World Factbook 2000) to (The World Factbook 2008). Perhaps the most interesting aspect of the Mauritian development experience has been its openness strategy (defined broadly as its openness to trade and foreign investment (FDI)). (Subramanian and Roy, 15). Economic policy focuses on modernization and diversification, greater market integration and export market and the improvement of total factor productivity, by insisting on technology, development human resources and restructuring of the capital market. According to the report of the WTO, the 1993 Law on industrial expansion is intended to guide the economy through tax incentives to production to higher value added. These measures follow the liberalization efforts in 1985, when Mauritius has ended its quantitative restrictions, removed price controls on all items except those items and reduced the export tax on sugar (Sobhe, 34). The country has also eliminated in 1991 the licensing system for virtually all products, except for a small number of them who remain subject to health checks, veterinary or strategic, and engaged in a concerted effort to align its standards on international standards.
 
Unlike Mauritius, Seychelles opted for a socialist policy restricting trade and exchange. “Seychelles had years of socialist-oriented economic policy during single-party rule, characterized by price, trade and foreign exchange controls, a prominent role for parastatal companies, and robust debt-funded development spending.” (US Department of State). Compared with Mauritius, exports and imports in Seychelles are less important but they knew some increase. In 2002, imports were $403 million and exports $91 million (World FactBook), but it increased in 2008 to $721 million for imports and $424 million exports (World FactBook). since most of the goods are imported, the trade balance has traditionally been in deficit, and it was only partly offset by increased exports of services in the tourism sector(). One of the main industry is the tauna fishery. The European Commission, in its report, claims that “The successful expansion of the industrial tuna fishery in the Indian Ocean since the early 1980s by fleets from the EU and East Asia provided important direct and indirect benefits to the Seychelles economy. Since 1983 agreements were signed with the EC, France and Spain to access the tuna fisheries. An EC agreement enabled fishing in Seychelles’ EEZ for up to 22 French and 18 Spanish purse seiners and provided government with USD 6.7 million in revenue in addition to licence fees”. The location of the Seychelles and its richness in terms of tauna fishery made it benefit from trade preferences with different countries. The EU is the main trade partner of Seychelles; in 2004, it accounted for 77% of Seychelles' total exports (EU remains the main market for Seychelles' canned tuna) and 43% of its total imports.Seychelles’ other key trade partners for imports were Saudi Arabia (16%), South Africa and Singapore (7% each).19 Regional trade amounts to less than 1% for exports and less than 5% of imports (European Commission).
 
4/ Structural transformation 结构转型
 
From an agricultural economy based solely on the cane, Mauritius has successfully diversified its economic base by developing the textile industry, tourism and financial services. With the development of these sectors Mauritius has experienced a steady economic progress and attracted significant investment. Its economy saw different changes from an agro-based mono-crop culture to a much more diversified export-oriented one (Sobhe, 30). It embarked on a multi-sector reform agenda in 2006 with the objective of improving the competitiveness of the economy (The world Bank’s Website). Economic growth in Mauritius has been principally driven by the three main sectors: sugar, tourism, and the export Processing Zone (EPZ) in addition to financial intermediation which played a more prominent role in the last decade. Two sectors were added recently: financial services, particularly offshore banking, and more. The Export Processing Zone (EPZ) was established in 1970 with the purpose of diversifying exports into manufactures. Although the setting up of the EPZs was conceived as a way of developing a range of manufacturing enterprises, in practice, the EPZ became synonymous with the textiles and clothing industry. Some 80% of investment and exports and 90% of employment in the EPZ sector are from the textiles and clothing industry. (Subramanian and Roy, 8)(责任编辑:yangcheng)


------分隔符-------------------------------------
UK Thesis Base Contacts
推荐内容