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  • Author: Brendan Taylor
  • Publication Date: 02-2020
  • Content Type: Policy Brief
  • Institution: Lowy Institute for International Policy
  • Abstract: Australian diplomacy could ease rising tensions across the Taiwan Strait, if Australian policymakers rediscovered an appetite for involvement in the flashpoint. Tensions between Taiwan and China are rising, driven in part by an increasingly assertive government in Beijing, growing Taiwanese estrangement from the Chinese mainland, and deteriorating US–China relations. If key regional governments fail to help de-escalate tensions, the consequences are likely to be serious. Rather than continue the debate about Australia’s position on its ANZUS obligations should the United States invoke the treaty in a Taiwan conflict, Australia should work with other regional powers to advocate for more robust risk avoidance and crisis management mechanisms.
  • Topic: Conflict Prevention, Diplomacy, Territorial Disputes, Multilateralism, Crisis Management
  • Political Geography: China, Taiwan, Asia, Australia, United States of America
  • Author: Camilla Tenna Nørup Sørensen
  • Publication Date: 04-2020
  • Content Type: Policy Brief
  • Institution: Danish Institute for International Studies
  • Abstract: U.S.-China strategic rivalry is intensifying – and nowhere more so than in the Indo-Pacific. This is likely to result in new US requests to close allies like Denmark to increase their security and defense policy contributions to the region. French and British efforts to establish an independent European presence in the Indo-Pacific present Denmark with a way to accommodate US requests without being drawn directly into the US confrontation with China. RECOMMENDATIONS ■ The importance of the Indo-Pacific region for Danish security and defense policy is likely to grow in the coming years. The focus and resources should therefore be directed towards strengthening Danish knowledge of and competences in the region. ■ Several European states, led by France and the UK, are increasing their national and joint European security and defense profiles in the Indo-Pacific by launching new initiatives. Denmark should remain closely informed about these initiatives and be ready to engage with them. ■ Regarding potential requests to the Danish Navy for contributions to the Indo-Pacific, Denmark should prioritize the French-led European naval diplomacy.
  • Topic: Security, Foreign Policy, Defense Policy, Politics, Power Politics
  • Political Geography: China, Europe, Asia, Denmark, North America, United States of America
  • Author: Cullen S. Hendrix
  • Publication Date: 03-2020
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: The Trump administration’s Africa strategy is rooted in three misconceptions about China’s African footprint—and a fourth about US-Africa economic relations—that are either factually incorrect or overstated in terms of the broader strategic challenges they pose to US interests: (1) Chinese engagement in Africa crowds out opportunities for trade and investment with and from the United States; (2) Chinese engagement in Africa is resource-seeking—to the detriment of US interests; (3) Chinese engagement in Africa is designed to foster debt-based coercive diplomacy; and (4) US-Africa economic linkages are all one-way and concessionary (i.e., aid-based). Hendrix finds little evidence to suggest Chinese trade and investment ties crowd out US trade and investment opportunities. China’s resource-seeking bent is evident in investment patterns, but it is more a function of Africa’s having comparatively large, undercapitalized resource endowments than China’s attempt to corner commodity markets. Chinese infrastructural development—particularly large projects associated with the Belt and Road Initiative—may result in increased African indebtedness to the Chinese, but there is little reason to think debt per se will vastly expand Chinese military capacity in the region. And finally, US-Africa economic relations are much less one-sided and concessionary (i.e., aid-based) than conventional wisdom suggests.
  • Topic: Bilateral Relations, Infrastructure, Economy, Trade, Donald Trump
  • Political Geography: Africa, China, North America, United States of America
  • Author: Julia Coronado, Simon Potter
  • Publication Date: 03-2020
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: The US monetary system faces significant challenges from advances in technology and changes in the macroeconomy that, left unaddressed, will threaten the stability of the US economy and financial system. At the same time, low interest rates mean that central banks will not have the policy ammunition they had in the past during the next recession. The Federal Reserve needs new tools to meet its mandates of price stability and maximum employment. It also needs to preserve the safety and soundness of the financial system in a rapidly digitizing world. The authors propose a Fed-backed digital currency to solve both problems. Their proposal creates a regulated system of digital currency accounts for consumers managed by digital payment providers and fully backed by reserves at the Fed. The system would be limited in size, to preserve the functions and stability of the existing banking system. Fed backing would mean low capital requirements, which would in turn facilitate competition. Low fees and no minimum balance requirements in the new system would also help financial institutions reach the roughly 25 percent of the US population that is currently either unbanked or underbanked. Digital accounts for consumers could also provide a powerful new stabilization tool for both monetary and fiscal policies. For fiscal policy, it could facilitate new automatic stabilizers while also allowing the Fed to provide quantitative easing directly to consumers. This tool could be used in a timely manner with broad reach to all Americans.
  • Topic: Economics, Government, Monetary Policy, Banks, Macroeconomics
  • Political Geography: North America, United States of America
  • Author: Julia Coronado, Simon Potter
  • Publication Date: 04-2020
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: In the second part of their Policy Brief, Coronado and Potter discuss how the system of digital payment providers (DPPs) proposed in their first Policy Brief on this topic adds a new weapon to the monetary toolkit that could be implemented in a timely, effective, and inclusive manner. They describe how a digital currency backed by the Federal Reserve could augment automatic fiscal stabilizers and—more importantly—harness the power of “helicopter” money or quantitative easing directly to consumers in a disciplined manner. To implement QE directly to consumers, Coronado and Potter propose the creation of recession insurance bonds (RIBs)—zero-coupon bonds authorized by Congress and calibrated as a percentage of GDP sufficient to provide meaningful support in a downturn. Congress would create these contingent securities; Treasury would credit households’ digital accounts with them. The Fed could purchase them from households in a downturn after its policy rate hits zero. The Fed’s balance sheet would grow by the value of RIBs purchased; the initial matching liability would be deposits into the DPP system. The mechanism is easy for consumers to understand and could boost inflation expectations more than a debt-financed fiscal stimulus could.
  • Topic: Economics, Government, Monetary Policy, Insurance
  • Political Geography: North America, United States of America
  • Author: Olivier Blanchard, Thomas Philippon, Jean Pisani-Ferry
  • Publication Date: 06-2020
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: The measures that most governments took in response to the sudden collapse in economic activity during the COVID-19 lockdowns nearly exclusively focused on protecting vulnerable workers and firms. These measures included unemployment benefits, grants, transfers, loans at low rates, and tax deferrals. As lockdowns are lifted, governments must shift policies toward supporting the recovery and design measures that will limit the pain of adjustment while preserving productive jobs and firms. This Policy Brief explores how such measures can be designed, with particular emphasis on Europe and the United States. The authors propose a combination of unemployment benefits to help workers, wage subsidies and partially guaranteed loans to help firms, and debt restructuring procedures for small and medium-sized companies handicapped by excessive legacy debt from the crisis.
  • Topic: Debt, Economics, Government, Labor Issues, Unemployment, Coronavirus
  • Political Geography: Europe, North America, United States of America
  • Author: Ana González, Euijin Jung
  • Publication Date: 01-2020
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: By refusing to fill vacancies in the World Trade Organization’s (WTO) Appellate Body—the top body that hears appeals and rules on trade disputes—the Trump administration has paralyzed the key component of the dispute settlement system. No nation or group of nations has more at stake in salvaging this system than the world’s big emerging-market economies: Brazil, China, India, Indonesia, Korea, Mexico, and Thailand, among others. These countries have actively and successfully used the dispute settlement system to defend their commercial interests abroad and resolve inevitable trade conflicts. The authors suggest that even though the developing countries did not create the Appellate Body crisis, they may hold a key to unlock it. The Trump administration has also focused its ire on a longstanding WTO practice of giving these economies latitude to seek “special and differential treatment” in trade negotiations because of their developing-country status. The largest developing economies, which have a significant stake in preserving a two-step, rules-based mechanism for resolving trade disputes, could play a role in driving a potential bargain to save the appeals mechanism. They could unite to give up that special status in return for a US commitment to end its boycott of the nomination of Appellate Body members.
  • Topic: Development, Government, World Trade Organization, Developing World, Donald Trump
  • Political Geography: China, Indonesia, India, South Korea, Brazil, North America, Mexico, Thailand, United States of America
  • Author: Olivier Blanchard, Lawrence H. Summers
  • Publication Date: 02-2020
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: With interest rates persistently low or even negative in advanced countries, policymakers have barely any room to ease monetary policy when the next recession hits. Fiscal policy will have to play a major and likely dominant role in stimulating the economy, requiring policymakers to fundamentally reconsider fiscal policy. Blanchard and Summers argue for the introduction of what they call “semiautomatic” stabilizers. Unlike purely automatic stabilizers (mechanisms built into government budgets that automatically—without discretionary government action or explicit triggers—increase spending or decrease taxes when the economy slows or enters a recession), semiautomatic stabilizers are targeted tax or spending measures that are triggered if, say, the output growth rate declines or the unemployment rate increases beyond a specified threshold. The authors argue that the trigger should be changes in unemployment rather than changes in output, and the design of semiautomatic stabilizers, whether they focus on mechanisms that rely primarily on income or on intertemporal substitution effects (changing the timing of consumption), depends crucially on the design of discretionary policy.
  • Topic: Economics, Government, Monetary Policy, Finance
  • Political Geography: Global Focus, United States of America
  • Author: David Makovksy
  • Publication Date: 03-2020
  • Content Type: Policy Brief
  • Institution: The Washington Institute for Near East Policy
  • Abstract: Although Benny Gantz’s party lost the head-to-head battle, Avigdor Liberman’s favorable influence on the coalition math has left the general in a stronger position—and taken some diplomatic weight off the Trump administration’s shoulders. Israel’s third round of elections last week seemed inconclusive at first, but the deadlock may now be broken. Prime Minister Binyamin Netanyahu did better this time than in September’s round two, but his gains were insufficient to form a new government. Potential kingmaker Avigdor Liberman jettisoned his previous idea of getting the two top parties to join forces; instead, personal antipathy and policy differences have led him to definitely state that he will not join any government Netanyahu leads. Thus, while centrist Blue and White Party leader Benny Gantz may have options to shape a new government, Netanyahu has no pathway on his own. In theory, the center-left bloc has the requisite number of seats for a bare majority in the 120-member Knesset, since anti-Netanyahu forces won 62 seats. In reality, the situation is more complex.
  • Topic: Foreign Policy, Government, Politics, Elections
  • Political Geography: Middle East, Israel, North America, United States of America
  • Author: Ben Fishman
  • Publication Date: 01-2020
  • Content Type: Policy Brief
  • Institution: The Washington Institute for Near East Policy
  • Abstract: After the fall of Sirte, Erdogan and Putin’s desired ceasefire can only be achieved with Washington’s support. Over the past week, regional and European actors have increased their diplomatic activity around Libya in response to intensifying violence in the nine-month-old civil war. On January 8, less than a week after the Turkish parliament approved sending forces to support the Tripoli-based Government of National Accord (GNA), President Recep Tayyip Erdogan and Russian leader Vladimir Putin met in Istanbul and called for a Libya ceasefire to begin on January 12. Whether or not Moscow and Ankara manage to pause the violence temporarily, their growing influence in Libya represents an epic failure of Western attempts to resolve the conflict diplomatically. The longer-term effort to jumpstart Libya’s political transition requires a wider international effort at peace and reconciliation—something Russia and Turkey can support but not lead. Putin and Erdogan seemed to acknowledge that fact at their summit, endorsing a long-planned multilateral conference in Berlin aimed at recommitting all relevant actors to support an end to hostilities and respect the UN Security Council’s mandatory but widely ignored arms embargo. Even assuming Putin is serious and withdraws Russian mercenaries from the frontlines, a full, lasting ceasefire cannot transpire until the other actors who support Gen. Khalifa Haftar’s so-called Libyan National Army (LNA) agree to withdraw their equipment and personnel for a fixed period while negotiations are launched—especially the United Arab Emirates, which provides the LNA with critical air superiority. At the same time, Turkey would have to take commensurate de-escalatory steps of its own. The United States is the only actor that holds enough weight with all the foreign parties to bring about an authentic ceasefire. Despite being consumed with crises in Iran and Iraq, Washington should expend the diplomatic effort required to pursue durable stability in Libya before the country slips further toward endemic chaos.
  • Topic: Diplomacy, United Nations, Conflict, Negotiation
  • Political Geography: Russia, Turkey, Middle East, Libya, North Africa, United States of America