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6552. Short Sales Bans: Shooting the Messenger?
- Author:
- Laurence Copeland
- Publication Date:
- 09-2010
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- In response to the recent financial crisis, many governments chose to ban or restrict short sales, hoping to mitigate the impact of the stock market downturn. Stock markets function as a continuous election, held to determine the allocation of resources with buyers voting for and sellers voting against investment in particular stocks. Banning short selling is akin to disenfranchising the "no" voter, thereby creating a distortion in the resource allocation process. Ban-induced price distortions damage the integrity of stock prices among investors and potentially cause stocks to expand beyond what is optimal for the firms and the economy.
- Topic:
- Economics, Markets, Global Recession, and Financial Crisis
- Political Geography:
- Washington
6553. Pakistan\'s Roller-Coaster Economy: Tax Evasion Stifles Growth
- Author:
- S. Akbar Zaidi
- Publication Date:
- 09-2010
- Content Type:
- Policy Brief
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- Over the last sixty years, Pakistan\'s economy has seen severe ups and downs. Once considered a model for other developing nations, Pakistan has been unable to sustain solid growth. Furthermore, a third of its population now lives below the poverty line, and its literacy rate is abysmally low. Pakistan\'s economic instability stems in large part from low government revenue resulting from the elite\'s use of tax evasions, loopholes, and exemptions. Fewer than three million of Pakistan\'s 175 million citizens pay any income taxes, and the country\'s tax-to-GDP ratio is only 9 percent. Tax evasion means fewer resources are available for essential social services. Pakistan spends too much on defense and too little on development: It has spent twice as much on defense during peacetime as it has on education and health combined. The government knows how to increase its revenue through tax reform, but the rich and powerful have resisted such measures for fear of lowering their own incomes. Without sufficient revenue the government will continue to be burdened with an unsustainable debt. It needs to end tax exemptions for the wealthy and develop broader, long-term economic plans for sustain able growth. In the past, the United States and other Western nations have come to Pakistan\'s rescue by paying off debts and funding development initiatives. Pakistan\'s elite has no reason to support reform as long as these bailouts come with no conditions attached.
- Topic:
- Development, Economics, and Monetary Policy
- Political Geography:
- Pakistan and United States
6554. Improving the Governance of the Food Aid Convention: Which Way Forward?
- Author:
- Jennifer Clapp and C. Stuart Clark
- Publication Date:
- 09-2010
- Content Type:
- Policy Brief
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Informal talks began in mid-2010 on renegotiating the FAC with a view to adopting a new agreement by June 2011. The FAC is an international agreement that sets out the rules and minimum commitments for member countries which donate international food aid to feed hungry people in developing countries. The existing Convention is dated and requires revision on a number of fronts (Clay 2010; Hoddinott, Cohen and Barrett 2008; Barrett and Maxwell 2006), particularly in the current context of high food insecurity and volatile world food markets (FAO 2009a; FAO 2010). The effectiveness of the FAC as a mechanism to provide appropriate and predictable minimum levels of food aid to those in need has been diminishing to the point of virtual invisibility in the midst of the recent food price crisis — a clear illustration of its fading legitimacy.
- Topic:
- Security, Humanitarian Aid, Poverty, and Food
6555. The Environment and Corporate Governance in Zimbabwe
- Author:
- Hany Besada and arolina Werner
- Publication Date:
- 07-2010
- Content Type:
- Policy Brief
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Formerly one of Africa's most promising economies, Zimbabwe has begun a process of economic reconstruction after decades of political turmoil and economic mismanagement. The advent of a national unity government in February 2009 launched a new but still tentative era of political stability. The government has a daunting political and economic agenda. Top priorities include restoring the rule of law, demonstrating fiscal responsibility, and putting in place macroeconomic and structural reforms to win the confidence of domestic and international investors.
- Topic:
- Economics and Monetary Policy
- Political Geography:
- Africa and Zimbabwe
6556. Reaching for Justice: The participation of victims at the Extraordinary Chambers in the Courts of Cambodia
- Author:
- Johanna Herman
- Publication Date:
- 09-2010
- Content Type:
- Policy Brief
- Institution:
- Centre on Human Rights in Conflict
- Abstract:
- The Extraordinary Chambers in the Courts of Cambodia (ECCC) is the first international or internationalised tribunal to include the participation of victims as Civil Parties during the trial. There was a steep learning curve regarding management of victims' involvement in the first trial. There was initially insufficient funding allocated to support victims' participation, with late establishment and understaffing of victim support at the ECCC. Cambodian non-governmental organisations (NGOs) have proved instrumental in ensuring the submission of Civil Party applications, legal representation and other forms of support for Civil Parties throughout the process and played a pivotal role in outreach activities. Donors should consider financing NGO and civil society activities that support victim participation, in order to maximise the impact of the significant expenditures they are often allocating to the ECCC. The challenges and successes of the first trial provide lessons not only for future ECCC cases but also for other courts concerning the participation of victims such as the International Criminal Court.
- Topic:
- Conflict Resolution, Human Rights, and International Law
- Political Geography:
- Cambodia and Southeast Asia
6557. The Civil Society-Military Relationship in Afghanistan
- Author:
- Lisa Schirch
- Publication Date:
- 09-2010
- Content Type:
- Policy Brief
- Institution:
- United States Institute of Peace
- Abstract:
- The intense challenge of coordinating government civilians with military actors in the International Security Assistance Forces' Provincial Reconstruction Teams in Afghanistan has inhibited development of military relationships with civil society. The counterinsurgency strategy of “shape, clear, hold, build” invites civil society organizations (CSOs) to play key roles in the final “build” stage at the operational level. Yet many CSOs resist “coordination” in a mission and strategy different from their own. CSOs seek greater policy dialogue and “communication” with high-level ISAF decision makers, particularly during planning stages. An ongoing, high-level forum for civil society-military policy dialogue could help address tensions, provide a mechanism for CSOs to share their conflict assessments, and explore areas for possible collaboration such as in security sector reform.
- Topic:
- Conflict Resolution, Civil Society, and War
- Political Geography:
- Afghanistan and Indonesia
6558. The ICJ's Advisory Opinion on Kosovo
- Author:
- Richard Caplan
- Publication Date:
- 09-2010
- Content Type:
- Policy Brief
- Institution:
- United States Institute of Peace
- Abstract:
- On July 22, 2010, the International Court of Justice (ICJ) issued its advisory opinion on Kosovo's declaration of independence of February 17, 2008, observing that the declaration was not in violation of international law. The Court's opinion may facilitate further recognitions of Kosovo but thus far there has been no significant increase in the number of countries extending recognition. Although the Court's opinion was drafted with the specific and unique circumstances of the Kosovo case in mind, it has been followed with interest by separatist parties engaged in contested territorial struggles elsewhere around the world. Separatists are likely also to be watching with interest the next steps that may be taken with regard to Kosovo in the wake of the ICJ's advisory opinion, especially any boundary adjustments that may be proposed and agreed upon between the Serbian and Kosovar governments.
- Topic:
- International Law and Sovereignty
- Political Geography:
- Kosovo and Balkans
6559. Cautious Optimism for Peace in Colombia
- Author:
- Virginia M. Bouvier
- Publication Date:
- 09-2010
- Content Type:
- Policy Brief
- Institution:
- United States Institute of Peace
- Abstract:
- The new Colombian administration that took office in early August faces a unique set of peacemaking challenges and opportunities related to the country's internal armed conflict. Following a spate of tensions with neighboring countries regarding the presence of illegal armed groups along Colombia's border areas, newly-inaugurated President Juan Manuel Santos moved quickly to create new mechanisms with his neighbors to ensure that contentious regional issues are addressed before they reach the boiling point. In a surprising video released just before the president-elect was inaugurated, the top leader of the Colombian Revolutionary Armed Forces-People's Army (FARC-EP), called on Santos to enter a dialogue without preconditions, thereby opening a new window of opportunities to pursue peace. President Santos responded that “the door to dialogue is not locked,” insisting however that the guerrillas must lay down their weapons and meet a series of other pre-conditions before talks could occur. Former mediators differ over whether such preconditions will pose an obstacle to talks. In the final days of August, Brazil and Ecuador rejected a FARC-EP request for meeting with the Union of South American Nations (UNASUR) to discuss a political solution to Colombia's conflict. UNASUR leaders said they would not engage in mediating the conflict in the absence of an express invitation from the Colombian government. The Colombian government has rejected UNASUR mediation and underscored its preference to negotiate directly with the FARC-EP once the latter meets the government's preconditions. Concrete good faith efforts—both public and private—will be required from the government and the guerrillas to build confidence, address the legacy of distrust created by decades of violence and set the stage for future talks.
- Topic:
- Democratization, Government, Peace Studies, and Politics
- Political Geography:
- Brazil, Colombia, and Latin America
6560. Afghanistan: Conditions-Based Redeployment
- Author:
- William B. Taylor
- Publication Date:
- 09-2010
- Content Type:
- Policy Brief
- Institution:
- United States Institute of Peace
- Abstract:
- President Barack Obama's policy of a conditions-based redeployment in Afghanistan starting in July 2011 leaves him a lot of flexibility. The administration will likely decide to maintain the troop numbers in Afghanistan near the surge level next year, pending another review.
- Topic:
- Conflict Resolution, Terrorism, and War
- Political Geography:
- Afghanistan and United States