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Begin New Search Political Geography United States Publishing Institution Chatham House

71. Stress-Testing the Regulators: Market Risks and the EU Economy

Author:
Max Watson
Publication Date:
04-2008
Content Type:
Policy Brief
Institution:
Chatham House
Abstract:
Today's market turbulence and global imbalances prompt the question whether economic and regulatory policies are poorly designed or just badly implemented. The question is urgent for Europe, which has its own asset booms and imbalances to worry about as well as the backwash of US problems. The imbalances in Europe's economies in large part reflect favourable shocks, such as falling interest rates and growing financial integration. But the 'growth crisis' in Portugal underscores the fact that there can be hard landings, even without a financial crisis, if fiscal policy is unwise and if productivity fails to take off. The current global imbalances and turbulence also have a common backdrop in the long period of unusually easy liquidity and low risk premia during which today's problems built up. This suggests that central banks should be prepared more often to 'lean against the wind' in times of asset price exuberance, and that politicians should not cut taxes or boost spending permanently on the back of revenue gains that result from transient financial booms. Banks and supervisors have many lessons to draw. Some involve going 'back to basics' on issues such as liquidity, off-balance-sheet operations, and the ability to close and reopen banks. Others require a careful look at incentives – in executive pay, rating agency roles and loan production systems. Supervisors also need to take better account of boom-bust cycles when they assess risks, and address cross-border issues in EU banking. Moral hazard has been partly addressed by pain inflicted on bank managements and shareholders. But at the macro level it may be building up as policy-makers act to limit losses in a setting where they cannot trace the ultimate fallout from risks. In future, their discretionary interventions need to be truly exceptional and much more symmetrical, or the money supply and the public debt will ratchet up amid serious resource misallocation.
Topic:
Economics, Government, and Financial Crisis
Political Geography:
United States and Europe

72. European Multinationals: A Globalization Scorecard

Author:
Stephen Thomsen
Publication Date:
03-2008
Content Type:
Policy Brief
Institution:
Chatham House
Abstract:
Global competition requires a global response, and European firms are now at the forefront of attempts to become internationally diversified multinational enterprises. European firms have been accused at various times of being too focused on their integrating regional market or too tied by historical links with certain countries or regions to develop a genuinely global strategy. Yet figures for foreign direct investment suggest not only that European firms have invested far more abroad than their American and Japanese rivals, but that they have also done so in far more countries. Of particular relevance for long-term profitability, European enterprises have a much stronger presence in emerging markets than either US or Japanese firms. Europe has in turn received more inward investment from those countries than either the United States or Japan. These growing links between Europe and emerging economies could provide European firms with a competitive edge in what are the most promising markets of the future.
Topic:
Globalization and Markets
Political Geography:
United States and Europe

73. Iran: Breaking the Nuclear Deadlock

Author:
Richard Dalton(ed.)
Publication Date:
12-2008
Content Type:
Working Paper
Institution:
Chatham House
Abstract:
The dispute over Iran's nuclear programme is deadlocked. Five years of negotiations, proposals, UN resolutions and sanctions have failed to achieve a breakthrough. As diplomacy struggles and Iran continues to advance its nuclear capabilities, the issue becomes ever more grave and pressing.
Topic:
International Relations, Foreign Policy, Oil, Weapons of Mass Destruction, and International Security
Political Geography:
United States, Europe, Iran, and Middle East

74. Chinese Competition - Learning From Japan: China Challenge

Author:
Simon Collinson and Bridgette Sullivan-Taylor
Publication Date:
12-2007
Content Type:
Journal Article
Institution:
Chatham House
Abstract:
IN THE 1970S AND 1980S THERE WAS a widespread fear in the west of Japanese economic superiority. Unprecedented growth in its gross domestic product (GDP), exports and outward foreign direct investment suggested an alternative model of market capitalism that was out-performing the United States and European economies. High-profile articles and books fed this fear and research efforts tried to identify what was different about Japan and how such differences might convey sustained competitive advantages.
Political Geography:
United States, Japan, and China

75. Contemporary Chinese Views of Europe

Author:
Karine Lisbonne-de Vergeron
Publication Date:
11-2007
Content Type:
Working Paper
Institution:
Chatham House
Abstract:
Undoubtedly, the Chinese currently think of Europe, and of the European Union, primarily in economic terms. Since 2004, the EU has been China's first trading partner, accounting for 15% of its overall external trade in 2006, with a bilateral increase of 25% from 2005. Overall, bilateral trade between China and the EU has increased more than sixty-fold since 1978 to reach nearly €255 billion in 2006. In return, China is the EU's second largest trading partner, after the United States, and in 2006 became the largest source of EU imports, amounting to approximately €192 billion, or 14.4% of the total, a 21% increase from 2005. Over the same period, EU exports to China increased by 23% to approximately €63 billion.
Topic:
Civil Society, International Political Economy, and International Trade and Finance
Political Geography:
United States, China, Europe, and Asia

76. Growth and Responsibility: A Review of Business Action for Africa between the UK and German G8 Presidencies 2005-7

Author:
Richard Reeve
Publication Date:
06-2007
Content Type:
Working Paper
Institution:
Chatham House
Abstract:
In March 2005 the report of the Commission for Africa called for a sea change in the way the business community engaged in the development process in Africa. The G8 Gleneagles summit that July made a series of commitments on boosting African development, while in London a new international network was launched to bring G8 and African business leaders together to build on the momentum of the Commission and the UK's dual G8 and EU presidencies. Business Action for Africa (BAA) declared its aims as: to present a clear African and international business voice to promote growth and poverty reduction; to promote more positive, balanced perceptions of Africa; and to develop and showcase good business practice.
Topic:
International Trade and Finance
Political Geography:
Africa, Russia, United States, Japan, United Kingdom, Europe, Asia, and Germany

77. The UK Contribution to the G8 Global Partnership Against the Spread of Weapons of Mass Destruction, 2002-06

Author:
Paul Cornish
Publication Date:
01-2007
Content Type:
Working Paper
Institution:
Chatham House
Abstract:
The G8 Global Partnership Against the Spread of Weapons and Materials of Mass Destruction was established at the G8 summit meeting in Kananaskis, Canada in June 2002. The Kananaskis summit produced a new prescription for international cooperation in non-proliferation. The 'ten plus ten over ten' formula was intended to provide the means for tighter control over chemical, biological, radiological and nuclear (CBRN) weapons and materials, initially in Russia and then elsewhere, and particularly to prevent terrorist acquisition of such devices and technologies. In the founding document of the Global Partnership, the 'Statement by G8 Leaders', the following were listed as 'among our priority concerns': the destruction of chemical weapons; the dismantlement of decommissioned nuclear submarines; the disposal of fissile materials; and finding alternative employment for former weapons scientists. The UK government had been contributing to work in this field for several years before Kananaskis, and has been a leading participant in the G8 Global Partnership since its inception.
Topic:
Nuclear Weapons, Weapons of Mass Destruction, and International Security
Political Geography:
Russia, United States, Japan, United Kingdom, Europe, Canada, and Asia

78. EU and NATO: Co-operation or Competition?

Author:
Dr Paul Cornish
Publication Date:
10-2006
Content Type:
Working Paper
Institution:
Chatham House
Abstract:
There is a compelling case for closer collaboration in matters of security and defence between the European Union and the North Atlantic Treaty Organisation. The merits and necessity of such collaboration have become an enduring theme in speeches and statements concerning transatlantic security. This paper tests the rhetoric of security co- operation against the reality of NATO-EU relations, in five area.
Topic:
NATO and International Cooperation
Political Geography:
United States and Europe

79. Iran, its Neighbours and the Regional Crises

Publication Date:
08-2006
Content Type:
Working Paper
Institution:
Chatham House
Abstract:
The Middle East is bedevilled by crises. The war between Hizbullah and Israel, the conflict between Israelis and Palestinians, the instability in Iraq and the dispute over Iran's nuclear programme create a climate of deep unease. Iran is involved in all these crises, to a greater or lesser degree, and its regional role is significant and growing.
Topic:
Nuclear Weapons
Political Geography:
United States, Iraq, Europe, Iran, Middle East, Israel, and Asia

80. Living with the Megapower - Implications of the War on Terrorism: A report on the series of consultations held at Chatham House July 2002-July 2003

Publication Date:
09-2003
Content Type:
Working Paper
Institution:
Chatham House
Abstract:
Shortly after the attacks on the United States on 11 September 2001, research staff at Chatham House held a meeting to consider how the Institute should respond. The immediate reaction had involved a special issue of The World To day, published in October 2001, and researchers had given numerous media interviews and commentaries, but there was a strong feeling that '9/11', as it soon came to be called, demanded a more measured and analytical response .
Topic:
Security, Foreign Policy, Agriculture, Diplomacy, International Cooperation, International Law, and Terrorism
Political Geography:
United States