
 What determines the consequences of economic sanctions? Is there a common explanation for these consequences? This article provides a comprehensive review of the fragmented literature focusing on the consequences of sanctions. We critically discuss the complex relationships between types of sanctions and sanction senders and their targets, as well as the structural factors that account for the specific consequences of different sanction cases. A discussion on the thematic, methodological, and theoretical shortcomings of the existing literature on sanction consequences follows. We argue that a “common approach” to sanction consequences research should be framed within the framework of international interdependence. We also present several nascent trends and propose new directions for sanction researchers and other disciplines.

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Consequences of Economic Sanctions: The State of the Art and Paths Forward

This paper examines the impact of globalization on two transitional economies in Asia. Both countries have undergone a radical economic reform process over the past decade, assisted by increases in external trade flows, foreign investment activity, and external assistance. However, the pace of economic reform has decelerated since the perceived perils of globalization—as evidenced by the Asian Crisis—have become more apparent to the leaderships of these two avowedly socialist states. Although neighbouring and fraternal countries, adopting broadly parallel economic liberalisation programmes, the forces of globalization have manifested themselves in different ways in Laos and Vietnam. The paper discerns these differences, and assesses whether the two countries are likely to overcome the current hiatus in their economic reform programmes.

https://www.econstor.eu/bitstream/10419/53002/1/333440633.pdf

The challenges posed by globalization for economic liberalization in two Asian transitional countries : Laos and Vietnam

December 1993 saw the sixth anniversary of Vietnam’s current foreign investment law (FIL), promulgated in December 1987 as a key element in the country’s economic reform program, doi moi. The FIL itself has been praised for its liberal stance on permitted forms of foreign direct investment (FDI), and the executive body established to oversee its enactment — the supraministerial State Committee for Cooperation & Investment (SCCI) — has gained recognition for its refreshingly flexible and pragmatic approach toward investors. In turn, this has been rewarded with intense Asia Pacific and European business interest, and the beginnings of a significant inflow of foreign capital. As of December 1993, approved FDI inflows totalled over US$7.5bn, and 1994 alone should witness a further US$3.5bn in pledged flows. (In August 1994, the total figure for pledged FDI inflows exceeded the US$10bn mark, recording the one thousandth FDI licence one month later.) For an avowedly socialist, less developed country, which until mid–1993 endured international economic censure under a multilateral lending veto, as well as an increasingly redundant US-led investment and trade embargo (Freeman, 1993), this has been no mean feat. The last remnants of the US embargo were lifted in February 1994. So why have overseas investors expended time, capital, and energy on this emerging host country market, which, as we shall see, provides some challenging hurdles for foreign firms?

Joint Ventures in the Socialist Republic of Vietnam: The First Six Years

The objective of the research project is to contribute to the understanding of the auditing profession in Vietnam. In particular, it provides information on the challenges facing auditors in an emerging economy where economic transformation is in progress and where auditing, as a profession, is under development. Auditors operate in an environment of conflicting priorities where they must maintain independence and objectivity in discharging their responsibilities to stakeholders and society. In Vietnam, the audit profession only came into existence in 1986 when the country embarked on its new economic model. Whilst studies have been conducted on the status of current accounting practice in Vietnam, studies regarding the audit profession have been limited. In this research project an examination of the issues affecting audit quality in Vietnam are investigated and suggestions for changes to address the deficiencies are made. In particular, the project focuses on the relevance and appropriateness of the education of auditors. A national survey of accountants, auditors and accounting academics in Vietnam was undertaken. The survey results indicate that in Vietnam there are deficiencies in audit practices over and above those commonly observed in other countries. These deficiencies are the result of the unique history of Vietnam, the current stage of economic development and the education system for auditors. From an auditing perspective, the slow adaptation of the education system to the new economic environment is having negative effects on accounting graduates and their employment prospects. Although inadequate training was identified as the single most important factor affecting audit quality, the ineffective enforcement regime was also a contributing factor. This research project indicates that there is a need for an overhaul of the current education system in Vietnam and for universities to develop an accounting and auditing curriculum that meets the needs of employers while complying with government’s education objectives and international standards of auditing and accounting.%%%%Doctor of Philosophy

Audit education in a socialist oriented market economy – the case of Vietnam

SUMMARY Following the promulgation of a relatively progressive foreign investment law in late 1987-aimed at attracting western capital, technology, know-how and gaining access to global (and convertible currency) markets–Vietnam has gained a significant degree of interest amongst foreign companies. This paper profiles Vietnam's host country business environment, depicts the character of foreign direct investment so far undertaken (and its legislative background) before assessing the perceived attractions of the Vietnam host market, and the problems encountered by those intrepid firms that have entered this relatively uncharted new market. The empirical evidence emanates from a survey conducted into the experiences of British companies operative in Vietnam between 1988 and 1993.

Nick J. Freeman

Papers

United States's economic sanctions against Vietnam