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  • Author: Rym Ayadi, Emrah Arbak, Willem Pieter De Groen
  • Publication Date: 06-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Adopted by the European Commission in July 2011, the proposed Capital Requirements Directive and Regulation (CRD IV-CRR) translate into EU law the Basel III standards adopted by the Basel Committee for Banking Supervision (BCBS). Among other things, the proposal increases the quality and quantity of the minimum capital; introduces new rules on liquidity, leverage ratios, counter-cyclical buffers and systemically important financial institutions; and amends the definitions of counterparty credit risk and rules for the banking book. The rules complement the earlier amendments that strengthened the capital and disclosure requirements for the trading book and resecuritization instruments as well as requirements to ensure that remuneration policies do not lead to excessive risk-taking.
  • Topic: Debt, Economics, Markets, Financial Crisis
  • Political Geography: Europe
  • Author: Stefano Micossi
  • Publication Date: 06-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Once again the European Council will meet in an emergency session at the end of June, with the eurozone economy in recession and actually plummeting in its Southern periphery. Further doubts are also growing on the sustainability of sovereign debts due to the vicious spiral of deteriorating bank balance sheets, ballooning potential liabilities from banking rescues and widening spreads on government borrowings. The sovereign debt crisis in the periphery has now turned into a fully fledged banking crisis that threatens to spread from Greece to Spain and tomorrow, who knows, to Italy, France and even Germany itself.
  • Topic: Debt, Economics, Regional Cooperation, Financial Crisis, Governance
  • Political Geography: Europe, Greece, France, Germany, Spain, Italy
  • Author: Daniel Gros
  • Publication Date: 05-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: As the euro crisis continues and unemployment climbs to new heights, the clamour calling for Europe to 'do something' is getting louder. But the real question is: can Europe, or rather the EU, do 'something' that would actually have a real impact on unemployment? In other words, does a European plan or employment strategy make sense?
  • Topic: Economics, Markets, Labor Issues, Financial Crisis
  • Political Geography: Europe
  • Author: H. Onno Ruding
  • Publication Date: 05-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The so-called 'euro crisis' is of the utmost economic, financial and political importance for all member countries of the euro area and for the future of the Economic and Monetary Union (EMU). In my view, however, it is not primarily a euro crisis in the strict sense. The euro itself is of course involved, but, as a currency with a rather stable exchange rate vis-à-vis other currencies and with a major role in global financial markets, it is not at the heart of the crisis. Rather the crisis is a matter of the serious imbalances in the economies of several euro-area countries, particularly their budget deficits and sovereign debts and as well as their lack of competitiveness and balance-of-payments deficits.
  • Topic: Economics, Markets, Monetary Policy
  • Political Geography: Europe
  • Author: Katrine Borg Albertsen
  • Publication Date: 07-2012
  • Content Type: Policy Brief
  • Institution: Danish Institute for International Studies
  • Abstract: The EU Blue Card scheme offers skilled labour migrants access to, and onward mobility within, the EU labour market. Due to its justice and home affairs opt-out Denmark is cut off from participation, and instead pursues national schemes for high-skilled labour migration. It is in the best interests of both Denmark and the EU to pursue fully integrated strategic goals aimed at producing a competitive joint policy on economic migration.
  • Topic: Economics, Industrial Policy, Migration, Labor Issues
  • Political Geography: Europe
  • Publication Date: 06-2012
  • Content Type: Policy Brief
  • Institution: Center for Strategic and International Studies
  • Abstract: Formed in 2008, the Rural Development Initiative is a five-year, $10 million partnership between CARE, a prominent humanitarian organization, and Cargill, an international producer and marketer of food, agricultural, financial, and industrial products and services. CARE partners with Cargill employees in local communities and along the company's supply chains to improve crop yields, access to markets, and incomes for farmers; enhance the attendance and quality of education programs; and increase access to health care, nutritional programs, and safe drinking water in rural communities. With projects in Ghana, Côte d'Ivoire, Egypt, India, Honduras, Guatemala, and Brazil, the CARE-Cargill partnership seeks to help 100,000 people lift themselves out of poverty by 2013. Through the Rural Development Initiative, CARE and Cargill leverage their respective strengths to improve livelihoods, while at the same time improving Cargill's competitive advantage and fulfilling CARE's mandate.
  • Topic: Agriculture, Economics, Humanitarian Aid, Markets
  • Political Geography: India, Brazil, Egypt, Honduras, Guatemala, Ghana
  • Author: Karl F. Inderfurth, Persis Khambatta
  • Publication Date: 05-2012
  • Content Type: Policy Brief
  • Institution: Center for Strategic and International Studies
  • Abstract: Standard Poor's recently cut its outlook on India's investment rating from stable to negative. The decision was met with shock from India's Ministry of Finance, but it echoed a sentiment currently running through policy discussions about India—that investors and policymakers in and outside of India are looking at the central government with disbelief and disappointment over the stalling of further economic reforms.
  • Topic: Security, Development, Economics, Poverty, Food
  • Political Geography: South Asia, India
  • Author: Duncan Wood
  • Publication Date: 05-2012
  • Content Type: Policy Brief
  • Institution: Center for Strategic and International Studies
  • Abstract: Although security is commonly seen as the defining issue in Mexico's upcoming presidential election, the country's economic development ranks a close second in voters' minds. On July 1, despite the pervasiveness of the drug war in the political and social discourse, voters will make their decision based largely on the perceived successes and failures of 12 years of rule by the National Action Party (PAN). This is partly because the three main parties have currently presented minor differences in tackling the security problem and partly because the Mexican economy continues to show such a dramatically uneven development pattern. Of particular importance are continuing high levels of inequality manifested in Mexico's society, a direct result of an economic system that, despite its current vitality, still offers little opportunity for upward mobility for most citizens.
  • Topic: Security, Democratization, Development, Economics, Narcotics Trafficking
  • Political Geography: Mexico
  • Author: Muhittin Ataman
  • Publication Date: 07-2012
  • Content Type: Policy Brief
  • Institution: SETA Foundation for Political, Economic and Social Research
  • Abstract: When we consider Saudi Arabian large population, territories and natural resources, it is obvious that it will continue to preserve its geopolitical, geo-economic and geo-cultural importance in future. The assumption of King Abdullah as the ruler of the country provided an opportunity to restructure the country's foreign policy. The new king began to follow a more pragmatic, rational, interdependent, multilateral and multidimensional foreign policy. He pursues an active foreign policy required to be less dependent on a single state (the United States) and on a single product (oil).
  • Topic: Foreign Policy, Economics, International Trade and Finance, Oil, Political Economy, Bilateral Relations
  • Political Geography: United States, Turkey, Middle East, Arabia, Saudi Arabia
  • Author: William Byrd
  • Publication Date: 08-2012
  • Content Type: Policy Brief
  • Institution: United States Institute of Peace
  • Abstract: At the Tokyo conference on July 8, donors committed to provide massive civilian aid to Afghanistan and improve aid effectiveness, while the Afghan government committed to a number of governance and political benchmarks. The outcome at Tokyo exceeded expectations, but a review of Afghan and international experience suggests that implementing the Tokyo mutual accountability framework will be a major challenge. The multiplicity of donors could weaken coherence around targets and enforcing benchmarks, and undermine the accountability of the international community for overall funding levels. Uncertain political and security prospects raise doubts about the government's ability to meet its commitments, and political will for needed reforms understandably may decline as security transition proceeds and the next election cycle approaches. It is doubtful whether major political issues can be handled through an articulated mutual accountability framework with benchmarks and associated financial incentives. The civilian aid figure agreed upon at Tokyo ($16 billion over four years) is ambitious and exceeded expectations; if the international community falls short, this could be used to justify the Afghan government failing to achieve its benchmarks. Finally, given past experience there are doubts about how well the Joint Coordination and Monitoring Board (JCMB) process (mandated to oversee implementation), and the series of further high-level meetings agreed at Tokyo, will work.
  • Topic: Conflict Resolution, Security, Development, Economics, Governance, Law Enforcement
  • Political Geography: Afghanistan, Asia
  • Author: Jill Shankleman, Hannah Clayton
  • Publication Date: 07-2012
  • Content Type: Policy Brief
  • Institution: United States Institute of Peace
  • Abstract: Business activities in fragile and conflict-affected regions could adversely impact the human rights of host populations in diverse ways, and could trigger or sustain violent conflict. The international “Protect, Respect and Remedy Framework on Business and Human Rights” could help businesses avoid infringing on the human rights of others and should address adverse human rights impacts when they occur. This framework would complement (and not replace) exiting initiatives like the U.N. Global Compact, IFC Performance Standards and OECD Guidelines. It provides a human rights lens that does not treat communities as 'vulnerable' or 'needy,' but as viable partners with rights. Implementation of the framework (and other voluntary standards) will always be fraught with difficulty. However, companies could become more amenable if they discover that compli­ance could enhance risk management and improve productivity. Coordination, communication and accountability are vital for credible and effective imple­mentation of the framework. Key steps have been identified to help corporations comply.
  • Topic: Conflict Prevention, Development, Economics, Human Rights, Human Welfare, Markets, Foreign Direct Investment
  • Political Geography: United Nations
  • Author: Onur Bayramoğlu
  • Publication Date: 03-2012
  • Content Type: Policy Brief
  • Institution: Global Political Trends Center
  • Abstract: The current concern among many is that what we are faced today is not a usual crisis that is part of the economic cycle, but an era of great stagnation with low growth and high unemployment, not witnessed since the Great Depression of the 1930's. One wonders which country will drive global growth while major actors such as the European Union are now financial casinos, the United States is continuously losing its dynamism, Japan is struggling under demographical problems, and the emerging markets are still too small and volatile. Once again, policy makers acknowledge that the problems of growth are global and systematic; such that if one faces an issue, all of them get contaminated. However, they still seek for solutions in mercantilist national policies.
  • Topic: Economics, Globalization, International Trade and Finance, Markets, Financial Crisis
  • Political Geography: United States, Europe
  • Author: Birame Diop, David M. Peyton, Gene McConville
  • Publication Date: 08-2012
  • Content Type: Policy Brief
  • Institution: Africa Center for Strategic Studies
  • Abstract: In April 2012, the Economic Community of West African States (ECOWAS) declared its readiness to deploy 3,000 troops to northern Mali in response to seizures of territory by Tuareg separatists and Islamist militias. Left unanswered was the question of how ECOWAS would transport these troops and their equipment to Mali. Only airlift resources would be able to deliver personnel and heavy equipment into the area of operations (AO) in a timely manner, provide operational mobility within the AO against dispersed and heavily armed irregular forces, monitor a geographic area larger than France, and sustain operations for months or years. The inability to respond to these challenges to territorial control, in turn, further emboldens such separatists and other spoilers.
  • Topic: Security, Economics, Islam, Insurgency, Narcotics Trafficking
  • Political Geography: Africa, France
  • Author: Linda Jakobson
  • Publication Date: 06-2012
  • Content Type: Policy Brief
  • Institution: Lowy Institute for International Policy
  • Abstract: How Canberra should manage its relations with Beijing, given the importance of China economically, politically and militarily, is a question which divides Australians. There is general agreement that the rise of China will have a profound effect on the well - being and security of Australia. The consensus ends there.
  • Topic: Foreign Policy, Diplomacy, Economics, Bilateral Relations
  • Political Geography: China, Asia, Australia
  • Author: Daniel Gros, Thomas Mayer
  • Publication Date: 08-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: For most of the time since the early 1950s, national savings in Germany have tended to exceed national investment, resulting in a current account surplus. Most of these excess savings have been intermediated by the domestic banking system, which has had difficulties investing these German surpluses abroad given that it is prohibited by law from taking any exchange rate risk. This tended to keep the surplus within limits most of the time (less than 1- 2% of GDP). With the advent of the euro, however, German surpluses could become much larger and seem now to have become structurally engrained at 6% of GDP, or over one-quarter of savings. Since the start of the euro crisis, German private savers have repatriated their investments – effectively unloading their exposure onto the public sector as German banks have deposited hundreds of billions of euro at the Bundesbank. These funds are being lent by the ECB to banks in the euro area periphery (at 75 bps) – ensuring effectively a negative real return.
  • Topic: Economics, International Trade and Finance, Markets, Sovereign Wealth Funds
  • Political Geography: Europe, Germany
  • Author: Daniel Gros
  • Publication Date: 07-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The sentiment that the euro is now in real danger is based in large part on the widespread conviction that interest rates of 6-7% are simply unsustainable for both Italy and Spain., After taking a closer look at the fundamentals, however, Daniel Gros concludes in this new Policy Brief that both countries should be able to live with this level of interest rates for quite some time, but only if they mobilize domestic savings, which remain strong in both countries. For Spain, some debt/equity swaps are also needed.
  • Topic: Debt, Economics, Markets, Financial Crisis
  • Political Geography: Europe, Spain, Italy
  • Author: Stefano Micossi
  • Publication Date: 07-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Two years after the first Greek rescue in May 2010, crisis management in the eurozone has still failed to restore confidence. A vivid picture of the situation can be found in Figure 1: the constellation of spreads on ten-year sovereign debts over the Bund in the eurozone is wider than it was before monetary union, as though financial markets had already discounted its breakdown. Temporary respites, notably in the early part of 2012, have not interrupted the trend of increasing divergence that risks undermining the credibility of adjustment efforts under way.
  • Topic: Debt, Economics, Markets, Monetary Policy, Financial Crisis
  • Political Geography: Europe
  • Author: Jacques Pelkmans, Anabela Correia de Brito
  • Publication Date: 07-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Effective enforcement and compliance with EU law is not just a legal necessity, it is also of economic interest since the potential of the Single Market will be fully exploited. Enforcement barriers generate unjustified costs and hindrances or uncertainty for cross-border business and might deprive consumers from receiving the full benefit of greater choice and/or cheaper offers.
  • Topic: Economics, Markets, Monetary Policy, Law
  • Political Geography: Europe
  • Author: Daniel Gros, Cinzia Alcidi, Alessandro Giovannini
  • Publication Date: 07-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Different economic and financial structures require different crisis responses. Different crises also require different tools and resources. The first 'stage' of the financial crisis (2007-09) was similar on both sides of the Atlantic, and the response was also quite similar. The second stage of the crisis is unique to the euro area. Increasing financial disintegration within the region has forced the ECB to become the central counterparty for the entire cross-border banking market and to intervene in the sovereign bond market of some stressed countries. The actions undertaken by the European Central Bank (ECB), however, have not always represented the best response, in terms of effectiveness, consistency and transparency. This is especially true for the Securities Markets Programme (SMP): by de facto imposing its absolute seniority during the Greek PSI (private sector involvement), the ECB has probably killed its future effectiveness.
  • Topic: Debt, Economics, International Trade and Finance, Markets, Monetary Policy, Financial Crisis
  • Political Geography: Europe
  • Author: Leonardo Maugeri
  • Publication Date: 06-2012
  • Content Type: Policy Brief
  • Institution: Belfer Center for Science and International Affairs, Harvard University
  • Abstract: Oil Production Growth is Global. Global oil output capacity is likely to grow from 93 million barrels per day today to 110 million barrels per day by 2020—the largest increase in a single decade since the 1980s. The surge in oil production capacity will occur almost everywhere, with the largest increases in Iraq, the United States, Canada, Brazil, and Venezuela. United States Will Experience Unprecedented Output. Technological advances will increase the production of “unconventional” oil in the United States, which is in the midst of a shale boom. The Bakken/Three Forks formation in North Dakota alone has as much untapped shale/tight oil as a Persian Gulf country. Oil Prices May Collapse. If oil prices remain at or above $70 per barrel, investments will sustain the 20 percent increase in oil production capacity by 2020. However, world demand is sluggish due to the lagging economy and focus on energy efficiency. If these trends continue, we could see a significant dip—or even a temporary collapse—of oil prices. Shifting Market Has Geopolitical Consequences. While the Western Hemisphere could become oil self-sufficient by 2020, Iraq's oil output will also substantially increase as it stabilizes. China may escalate its competitive and political influence in the Persian Gulf and other oil-producing hotspots, including Canada, Venezuela, and possibly the United States. Oil Boom Must Trigger Environmental Action. Enforcement of environmental regulation and major investment in emission-reducing technologies must accompany the development of unconventional oil. Without this balance between industry and environmental interests, new oil production projects will be stymied or delayed.
  • Topic: Economics, Industrial Policy, Oil, Political Economy, Natural Resources
  • Political Geography: United States
  • Author: Vijaya Ramachandran, Benjamin Leo, Ross Thuotte
  • Publication Date: 04-2012
  • Content Type: Policy Brief
  • Institution: Center for Global Development
  • Abstract: In recent years, the World Bank Group has made increasingly strong and explicit commitments to fragile and conflict-affected states, putting them at the top of the development policy agenda. These commitments are promising, but give rise to significant operational challenges for the various arms of the World Bank Group, including the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). The bank also faces steady pressure from shareholders to scale up involvement in fragile states while also improving absorptive capacity and project effectiveness.
  • Topic: Development, Economics, Markets, Foreign Aid, World Bank
  • Political Geography: Africa
  • Author: Pinar Tank
  • Publication Date: 06-2012
  • Content Type: Policy Brief
  • Institution: Norwegian Peacebuilding Resource Centre
  • Abstract: The end of the cold war and the bipolar world order heralded an era of transition for global governance. Twenty years on there is still no consensus on the status of the distribution and exercise of power in today's multipolar world. What is clear, however, is the rise of new powers seeking a global political role comparable with their increased economic clout. Often referred to as the BRICS – Brazil, Russia, India, China, and South Africa – to which second-tier powers such as Indonesia, Turkey and Mexico can be added, these states are called “rising powers” or “new powers” because of their rapid economic development, and expanding political and cultural influence.
  • Topic: Cold War, Development, Economics, Emerging Markets, Globalization, International Trade and Finance, Governance
  • Political Geography: Africa, Russia, China, India, Brazil
  • Author: Mark B. Taylor
  • Publication Date: 05-2012
  • Content Type: Policy Brief
  • Institution: Norwegian Peacebuilding Resource Centre
  • Abstract: International responses to conflict have highlighted the role of natural resources and other forms of wealth in helping to sustain “self-financing wars”. For over a decade there have been sporadic attempts to come to grips with the international dimensions of the economies of conflict, but concrete efforts to grapple with the problem have been sporadic and incoherent. However, in 2011 developments at the UN and OECD have laid the foundations for a more coherent approach, one that seeks to control the irregular war economies in part by excluding the results of unacceptable activities from global value chains. This is a step in the right direction. However, as this policy brief argues, the effectiveness and legitimacy of this approach relies on the conscious development of a strategy that defines clear norms as the basis for exclusion, builds the capacity in the public and private sector for managing the process of exclusion, and mitigates any unintended harms resulting from exclusion to vulnerable people in conflict-affected areas.
  • Topic: Development, Economics, United Nations, War, Natural Resources
  • Author: Sara Hagemann
  • Publication Date: 05-2012
  • Content Type: Policy Brief
  • Institution: Danish Institute for International Studies
  • Abstract: The ongoing negotiation of the EU's multi-annual budget is heavily constrained by how the decision process takes place. Governments focus on narrowly defined national interests, rather than on securing a better budget for Europe. While the budget is small in size, it could be used as a powerful political tool for much needed economic growth policies on a larger scale.
  • Topic: Debt, Economics, Government, Financial Crisis
  • Political Geography: Europe
  • Author: Ilaria Maselli
  • Publication Date: 09-2012
  • Content Type: Policy Brief
  • Institution: Danish Institute for International Studies
  • Abstract: The recently approved labour market reform in italy is clearly inspired by the danish flexicurity model. However, despite the noble intention and some improvements, the reform is failing to bring the long- hoped-for change, especially regarding the dualisation of the labour market and the universalisation of welfare provision.
  • Topic: Economics, International Trade and Finance, Markets, Regional Cooperation, Financial Crisis
  • Political Geography: Europe, Italy
  • Publication Date: 09-2012
  • Content Type: Policy Brief
  • Institution: International Crisis Group
  • Abstract: En l'absence de décisions rapides, fortes et cohérentes aux niveaux régional (Communauté économique des Etats d'Afrique de l'Ouest, Cedeao), continental (Union Africaine, UA) et international (Nations unies) avant la fin de ce mois de septembre, la situation politique, sécuritaire, économique et sociale au Mali se détériorera. Tous les scénarios sont encore ouverts, y compris celui d'un nouveau coup d'Etat militaire et de troubles sociaux dans la capitale, aboutissant à une remise en cause des institutions de transition et à un chaos propice à la propagation de l'extrémisme religieux et de la violence terroriste au Mali et au- delà. Aucun des trois acteurs qui se partagent le pouvoir, le président intérimaire Di oncounda Traoré, le Premier ministre Cheick Modibo Diarra et le chef de l'exjunte, le capitaine Amadou Sanogo, ne dispose d'une légitimité populaire et d'une compétence suffisantes pour éviter une crise plus aiguë. Le pays a urgemment besoin de la mobilisation des meilleures compétences maliennes au-delà des clivages politiques et non d'une bataille de positionnement à la tête d'un Etat qui risque de s'écrouler.
  • Topic: Conflict Resolution, Security, Economics, Politics, Insurgency
  • Political Geography: Africa
  • Author: Alberto Cutillo
  • Publication Date: 09-2012
  • Content Type: Policy Brief
  • Institution: International Peace Institute
  • Abstract: Since 2004, the rule of law has gained solid attention in the UN community. This year, on September 24th , there is an opportunity to mark a milestone in enhancing its role in the global effort to rebuild societies after conflict, support transition sand economic growth, and strengthen state institutions. For the first time, the United Nations General Assembly will devote its opening high – level event to the topic.
  • Topic: Conflict Resolution, Security, Development, Economics, Fragile/Failed State, Governance
  • Political Geography: United Nations
  • Author: Togzhan Kassenova
  • Publication Date: 08-2012
  • Content Type: Policy Brief
  • Institution: Carnegie Endowment for International Peace
  • Abstract: The Asia-Pacific region epitomizes the type of proliferation challenges the international community faces. Globalization turned the region into one of the most important international trade hubs, the home to leading dual-use companies, and the anticipated site of the world's most significant growth in nuclear energy. While those trends are beneficial, they also create new sources of weapons of mass destruction (WMD) proliferation.
  • Topic: Arms Control and Proliferation, Development, Economics, International Trade and Finance, Markets, Weapons of Mass Destruction, Nuclear Power
  • Political Geography: Asia, Australia
  • Author: Kevin English, Xenia Menzies, Jacob Muirhead, Jennifer Prenger
  • Publication Date: 09-2012
  • Content Type: Policy Brief
  • Institution: Centre for International Governance Innovation
  • Abstract: The 2007–2009 global financial crisis demonstrated that the world required a much stronger framework for cooperation on financial and economic issues. In September 2009, G20 heads of state responded to this need at the Pittsburgh G20 Summit with the “Framework for Strong, Sustainable and Balanced Growth” (the Framework). The MAP was created to both monitor and support G20 countries in their follow- through on commitments made under the Framework.
  • Topic: Economics, Globalization, International Organization, International Trade and Finance, Markets, Global Recession, Financial Crisis
  • Author: Raymond Gilpin, Steven Koltai
  • Publication Date: 09-2012
  • Content Type: Policy Brief
  • Institution: United States Institute of Peace
  • Abstract: Described as the productive combination of innovation, initiative, risk and capital, entrepreneurship could provide a crucial underpinning for stability in conflict-affected regions via job creation and improved human security. State building initiatives regularly tout entrepreneurship as an integral part of broader economic development, political or security strategies but seldom explain the thinking behind purported causal linkages. The Six + Six model offers a targeted and comprehensive strategy to promote entrepreneurship in conflict-affected states. It provides a dynamic alternative to aid-based strategies. Given the growing success of impact investing, it is imperative for bilateral and multilateral development agencies to help facilitate such investment by co-investing and seeding further impact investing. Entrepreneurs in fragile regions urgently need support in the form of enabling environments and innovative approaches that reward their creativity and risk-taking. To bolster entrepreneurs' chances for success, policymakers should consider: redirecting foreign assistance; re-focusing private sector development interventions; re-conceptualizing state building; and re-valuing individuals.
  • Topic: Conflict Prevention, Political Violence, Economics, Markets, Poverty, Fragile/Failed State, Foreign Direct Investment
  • Author: Henk L.M. Kox
  • Publication Date: 09-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: In most EU member states, the business services industry has booked no productivity growth during the last two decades. The industry's performance in the other member states was weaker than that of its US counterparts. Exploring what may be causing this productivity stagnation, this policy brief reports that weak competition has contributed to the continuing malaise in European business services. The study analyzed the persistence (over time) of firm-level inefficiencies. The evidence further suggests that competition between small firms and large firms in business services is weak. Markets for business services work best in countries with flexible regulation on employment change and with low regulatory costs for firms that start up or close down a business. Countries that are more open to foreign competition perform better in terms of competitive selection and productivity.
  • Topic: Economics, International Trade and Finance, Markets, Regional Cooperation
  • Political Geography: United States, Europe
  • Author: Stefano Micossi, Jacopo Carmassi, Carmine Di Noia
  • Publication Date: 09-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: The European Commission has published its proposals for the transfer of supervisory responsibilities to the European Central Bank (ECB), under Article 127(6) of the TFEU, providing a comprehensive and courageous 'first step' towards a European banking Union, the other steps being European deposit insurance and resolution procedures. However, on a number of issues the Commission's chosen path raises questions that should be brought out in the open and fully recognized before final deliberation by the Council.
  • Topic: Economics, International Trade and Finance, Markets
  • Political Geography: Europe
  • Author: Anne Wetzel, Jan Orbie
  • Publication Date: 08-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: While the EU has recently upgraded its external democracy promotion policies through a set of initiatives such as the “Partnership for Democracy and Shared Prosperity with the Southern Mediterranean”, the proposal for a “European Endowment of Democracy”, and the “Strategic Framework and Action Plan on Human Rights and Democracy”, there is one challenge that it has not yet addressed: what exactly does it aim to support?
  • Topic: Foreign Policy, Civil Society, Democratization, Economics, Sociology
  • Political Geography: Europe
  • Author: Daniel Gros, Dirk Schoenmaker
  • Publication Date: 09-2012
  • Content Type: Policy Brief
  • Institution: Centre for European Policy Studies
  • Abstract: Cross-border banking is currently not stable in Europe. Cross-border banks need a European safety net. Moreover, a truly integrated European level banking system may help to break the diabolical loop between the solvency of the domestic banking system and the fiscal standing of the national sovereign.
  • Topic: Economics, International Trade and Finance, Markets
  • Political Geography: Europe
  • Author: Ilan Alon, Aleh Cherp
  • Publication Date: 10-2012
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: The motivations prompting China's dramatic increase in outward foreign direct investment (OFDI) are not always clear, especially regarding OFDI by state-owned enterprises (SOEs) in energy and natural resources. First, both commercial and governmental interests are intertwined, although not necessarily in lock-step. Chinese SOEs listed in the West may worry about the reputational risks to their global corporate citizenship, while government stakeholders may instead focus on diplomatic international relations. Second, subsidies for oil investments may be viewed as serving Chinese national interests and threatening the national security of the host countries. Whether China's OFDI will benefit or harm global energy security, economic development and diplomatic relations is still hotly contested.
  • Topic: Economics, Emerging Markets, Energy Policy, International Trade and Finance, Oil, Foreign Direct Investment
  • Political Geography: China
  • Author: Jo En Low
  • Publication Date: 10-2012
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: A review of the definition of “investor” and investor-state dispute resolution clauses in 851 international investment agreements (IIAs) reveals that, except in two, state controlled entities (SCEs) (sovereign wealth funds and state-owned enterprises (SOEs)) have equivalent standing to their purely private counterparts as investors under such IIAs.
  • Topic: Economics, Emerging Markets, International Trade and Finance, Markets, Foreign Direct Investment
  • Author: Lise Johnson
  • Publication Date: 09-2012
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: As UNCTAD highlighted over a decade ago and again recently in its Investment Policy Framework for Sustainable Development, home-country measures (HCMs), like host-country commitments regarding the protection of foreign investors, are tools of promoting foreign investment. Nevertheless, the vast bulk of investment treaties, which state the promotion of foreign investment as their objective, overlook the potential role of HCMs and focus rather singularly on setting out the obligations of host countries regarding the treatment of foreign investors. Even recent agreements and model investment treaties that should represent “next generation” practices incorporating accumulated learning about the impacts and effectiveness of these treaties remain relatively devoid of any obligation for governments to facilitate or promote the quantity and quality of outward investment that many countries want and need for sustainable development.
  • Topic: Development, Economics, Emerging Markets, International Trade and Finance, Markets, Foreign Aid, Foreign Direct Investment
  • Author: Elizabeth L. Broomfield
  • Publication Date: 09-2012
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: There is currently no universal framework governing capital controls. As a result, a conflict has arisen due to the different approaches taken by various international organizations and many international investment agreements (IIAs). In particular, the International Monetary Fund (IMF) -- established to manage the international financial system -- preserves national autonomy over capital controls when such measures are deemed necessary; in contrast, IIAs, and especially bilateral investment treaties (BITs) -- crafted primarily to protect investors -- typically do not allow for the imposition of restrictions on capital outflows associated with foreign investments for balance-of-payments reasons.
  • Topic: Development, Economics, International Monetary Fund, Foreign Aid, Foreign Direct Investment, Financial Crisis
  • Author: Sandy Walker
  • Publication Date: 08-2012
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: In its World Investment Report 2011, UNCTAD reported that liberalizing investment policy measures taken globally in 2010 outnumbered restrictive measures. Without the benefit of statistics, investors might have drawn the opposite conclusion, witnessing what appears to be a rising tide of national resistance to foreign takeovers: the Australian Foreign Investment Review Board's rejection of a takeover of the Australian Securities Exchange by the Singapore Exchange, Italian concern over a French company's takeover of dairy giant Parmalat and the US Government's requirement that Chinese company Huawei divest certain assets it had acquired from 3Leaf.
  • Topic: Economics, International Trade and Finance, Markets, Foreign Direct Investment
  • Political Geography: United States, China, Canada, Australia, Singapore
  • Author: Julien Topal, Perrine Toledano
  • Publication Date: 08-2012
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Transparency demands in extractive industries are tied to the complex paradoxical correlation between significant resource endowment and poverty in many resource dependent countries. Citizens of these countries and international investors alike only have limited means to scrutinize money-flows between governments and companies, disrupting accountability mechanisms.
  • Topic: Economics, International Trade and Finance, Markets, Foreign Direct Investment
  • Author: Peter Nunnenkamp, Martin Roy, Axel Berger, Matthias Busse
  • Publication Date: 07-2012
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: It may appear all too obvious that the extent to which foreign direct investment (FDI) is attracted by bilateral investment treaties (BITs) and regional trade agreements (RTAs) depends on the strength of key investment provisions. Still, BITs and RTAs have typically been treated as black boxes in prior empirical literature, ignoring two important legal innovations: investor-state dispute settlement (ISDS) and pre-establishment national treatment (NT) provisions.
  • Topic: Economics, International Trade and Finance, Foreign Direct Investment
  • Author: M Sornarajah
  • Publication Date: 07-2012
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: The legitimacy of investment arbitration becomes increasingly questioned, with liberal states like Australia moving away from the regime. Defenders seek to ensure the survival of this regime of asymmetric investment protection, using a variety of techniques. The conservation of the gains of property protection has resulted in novel arguments relating to the existence of a global administrative law and standards of global governance. These arguments seek to preserve an approach associated with the failure of market fundamentalism and global economic crises. As long as the inequity contained in regulatory restraints of the system affected only the powerless states, it operated with vigor; but with powerful states feeling the effects of regulatory restraints of investment treaties, there has been movement away from the earlier premises of the established regime.
  • Topic: Development, Economics, Emerging Markets, International Trade and Finance
  • Political Geography: China, India, Australia
  • Author: Lorenzo Cotula
  • Publication Date: 06-2012
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Foreign investment in developing countries' natural resources brings into contact competing interests characterized by an unequal balance of negotiating power -- from multinational enterprises and host governments to people affected by the implementation of investment projects. Economic globalization has been accompanied by extensive developments in national and international norms regulating investment and its impact -- including investment law, natural resource law and human rights law. These norms affect the way the costs, risks and benefits of investments are shared among the multiple parties involved.
  • Topic: Development, Economics, Emerging Markets, International Law, Foreign Direct Investment, Law
  • Author: Torfinn Harding, Beata Javorcik
  • Publication Date: 06-2012
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Foreign direct investment flows to developing countries are hindered by many factors. Two of these factors -- the mere lack of information and red tape -- could be easily remedied through investment promotion efforts.
  • Topic: Development, Economics, Emerging Markets, International Trade and Finance, Markets, Foreign Direct Investment
  • Author: Thomas Jost
  • Publication Date: 06-2012
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: The rise of sovereign wealth funds (SWFs) and state-owned enterprises (SOEs) -- together state-controlled entities (SCEs) -- has led to concerns that SCEs could threaten national security by following political rather than mere commercial goals with respect to their foreign direct investment (FDI). While developed countries acknowledged that the rise of SCEs should not lead to new barriers to FDI, several have changed their legislation to expand government oversight of FDI flows. In 2009, Germany also tightened its foreign investment regime. What are the first experiences with this change in German investment law?
  • Topic: Economics, Markets, Foreign Direct Investment, Law
  • Political Geography: Europe, Germany
  • Publication Date: 08-2012
  • Content Type: Policy Brief
  • Institution: Oxford Economics
  • Abstract: GDP is expected to rise by 2.6% in 2012 and expand by 2.7% in 2013. Over the next 10 years to 2021, GDP is predicted to grow on average by 3.2% a year. Manufacturing output growth is forecast to be higher than GDP growth over the next decade. Manufacturing output is expected to increase by 2.1% in 2012 and expand by 5.3% in 2013. Over the next 10 years to 2021, manufacturing output is expected to grow on average by 4.3% a year. As a result, the share of manufacturing output in GDP is projected to rise from 25.4% in 2011 to 27.2% by 2016 and increase to 28.7% by 2021. Over the same period, the share of service sector output in GDP is expected to decline from 58.5% in 2011 to 57.2% in 2016 and fall to 56.2% in 2021.
  • Topic: Economics, Industrial Policy, International Trade and Finance, Markets, Foreign Direct Investment
  • Political Geography: Europe, Poland
  • Publication Date: 08-2012
  • Content Type: Policy Brief
  • Institution: Oxford Economics
  • Abstract: GDP is expected to rise by 7.9% in 2012 and expand by 8.7% in 2013. Over the next 10 years to 2021, GDP is predicted to grow on average by 7.8% a year. Manufacturing output growth is forecast to be higher than GDP growth over the next decade. Manufacturing output is expected to increase by 8.8% in 2012 and expand by 9.4% in 2013. Over the next 10 years to 2021, manufacturing output is expected to grow on average by 7.9% a year. As a result, the share of manufacturing output in GDP is projected to rise from 34.0% in 2011 to 35.1% by 2016 and increase to 35.6% by 2021. Over the same period, the share of service sector output in GDP is expected to expand from 41.7% in 2011 to 43.8% in 2016 and rise to 45.5% in 2021.
  • Topic: Economics, Industrial Policy, International Trade and Finance, Markets, Foreign Direct Investment
  • Political Geography: China, Israel
  • Publication Date: 05-2012
  • Content Type: Policy Brief
  • Institution: Oxford Economics
  • Abstract: GDP expanded by 11% on the quarter in Q1 in seasonally adjusted terms, recovering strongly after contracting by more than 10% on the same basis in Q4 when flooding decimated the manufacturing sector. But compared with a year earlier, the economy expanded by just 0.3% in Q1, illustrating the scale of the catastrophe.
  • Topic: Economics, International Trade and Finance, Markets, Foreign Direct Investment, Financial Crisis
  • Political Geography: Thailand, Southeast Asia
  • Publication Date: 06-2012
  • Content Type: Policy Brief
  • Institution: Oxfam Publishing
  • Abstract: The German economy is clearly slowing in the face of the latest phase of the Eurozone crisis. We expect the impact of the crisis on business investment and exports to cause the economy to contract in Q2 before recovering slowly in H2. As a result, GDP growth is now forecast to slow to 0.7% in 2012 overall from 3.1% last year, before accelerating to 1.4% in 2013.
  • Topic: Economics, Industrial Policy, Markets, Financial Crisis
  • Political Geography: Europe, Germany
  • Publication Date: 05-2012
  • Content Type: Policy Brief
  • Institution: Oxford Economics
  • Abstract: GDP fell by a larger than expected 1% on the quarter in 2012Q1 according to initial data released in mid-May. As a result, we now expect GDP will fall 1.1% in 2012. On the political side, the government has avoided a snap election by surviving a confidence vote on 27 April. However, it will find it harder to stick to its austerity plans as its majority was weakened by the vote. Under current policies, we now expect the fiscal deficit to rise to 3.6% of GDP in 2012 from 3.1% in 2011 due to the weakness of the economy.
  • Topic: Democratization, Economics, Government, International Trade and Finance, Politics, Financial Crisis
  • Political Geography: Czech Republic