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  • Author: Zsolt Darvas, Dirk Schoenmaker
  • Publication Date: 03-2017
  • Content Type: Working Paper
  • Institution: Bruegel
  • Abstract: Integrated capital markets facilitate risk sharing across countries. Lower home bias in financial investments is an indicator of risk sharing. We highlight that existing indicators of equity home bias in the literature suffer from incomplete coverage because they consider only listed equities. We also consider unlisted equites and show that equity home bias is much higher than previous studies perceived. We also analyse home bias in debt securities holdings, and euro-area bias. We conclude that European Union membership may foster financial integration and reduce information barriers, which sometimes limit cross-country diversification. We calculate home bias indicators for the aggregate of the euro area as if the euro area was a single country and report remarkable similarity between the euro area and the United States in terms of equity home bias, while there is a higher level of debt home bias in the United States than in the euro area as a whole. We develop a new pension fund foreign investment restrictions index to control for the impact of prudential regulations on the ability of institutional investors to diversify geographically across borders. Our panel regression estimates for 25 advanced and emerging countries in 2001-14 provide strong support for the hypothesis that the larger the assets managed by institutional investors (defined as pension funds, insurance companies and investment funds), the smaller the home bias and thereby the greater the scope for risk sharing.
  • Topic: International Political Economy, International Trade and Finance, Economic structure, Europe Union
  • Political Geography: Europe
  • Author: Yakov Ben-Haim, Maria Demertzis, Jan Willem Van Den End
  • Publication Date: 02-2017
  • Content Type: Working Paper
  • Institution: Bruegel
  • Abstract: This paper applies the info-gap approach to the unconventional monetary policy of the Eurosystem and so takes into account the fundamental uncertainty on inflation shocks and the transmission mechanism. The outcomes show that a more demanding monetary strategy, in terms of lower tolerance for output and inflation gaps, entails less robustness against uncertainty, particularly if financial variables are taken into account. Augmenting the Taylor rule with a financial variable leads to a smaller loss of robustness than taking into account the effect of financial imbalances on the economy. However, in some situations, the augmented model is more robust than the baseline model. A conclusion from our framework is that including financial imbalances in the monetary policy objective does not necessarily increase policy robustness, and may even decrease it
  • Topic: Economics, International Political Economy, International Trade and Finance
  • Political Geography: Europe
  • Author: Armen Oganesyan
  • Publication Date: 02-2016
  • Content Type: Working Paper
  • Institution: East-West Center
  • Abstract: A Part of The Western World, Europe, however, has been very selective about alien cultures and civilizations; not a “melting pot” american style, it is paying dearly for this function imposed on it. The disagreements on the migration issues in the european corridors of power threaten the cohesion of the european Unity. Frau Merkel who demonstrated a no mean determination to meet a new wave of migrants within maximal openness and tolerance had already accepted the failure of multiculturalism. This means that Berlin has no answer to the question about how to cope with the migrants who have arrived in thousands and millions to Europe to stay.
  • Topic: Migration, Treaties and Agreements, Refugee Issues, Multiculturalism
  • Political Geography: Europe
  • Author: Aleksandra Maatsch
  • Publication Date: 01-2016
  • Content Type: Working Paper
  • Institution: Max Planck Institute for the Study of Societies
  • Abstract: This paper investigates how the intergovernmental reform process of European economic governance affected national parliaments’ oversight of this policy area. Which parliaments became disempowered and which managed to secure their formal powers – and why? The dependent variable of the study is operationalized as the presence or absence of “emergency legislation” allowing governments to accelerate the legislative process and minimize the risk of a default by constraining national parliaments’ powers. The paper examines how national parliaments in all eurozone states were involved in approving the following measures: the EFSF (establishment and increase of budgetary capacity), the ESM, and the Fiscal Compact. The findings demonstrate that whereas northern European parliaments’ powers were secured (or in some cases even fostered), southern European parliaments were disempowered due to the following factors: (i) domestic constitutional set-up permitting emergency legislation, (ii) national supreme or constitutional courts’ consent to extensive application of emergency legislation, and (iii) international economic and political pressure on governments to prevent default of the legislative process. Due to significant power asymmetries, national parliaments remained de jure but not de facto equal in the exercise of their control powers at the EU level. As a consequence, both the disempowerment of particular parliaments and the asymmetry of powers among them has had a negative effect on the legitimacy of European economic governance.
  • Topic: Politics, Governance, Law, Reform
  • Political Geography: Europe
  • Author: Hamdullah Mohib
  • Publication Date: 04-2016
  • Content Type: Working Paper
  • Institution: The Ambassadors Review
  • Abstract: The Afghanistan of today would surprise most outsiders, even those who closely follow developments in the country. We are often wrongly branded as a failing state with a struggling government whose young people are fleeing en masse for Europe and whose military has lost control of the security situation. While anecdotal evidence can always be found to lend isolated support to such claims, this sweeping characterization offers a distorted picture of reality.
  • Topic: Security, Fragile/Failed State, Governance, Military Affairs
  • Political Geography: Afghanistan, Europe
  • Author: Anthony Luzzatto Gardner
  • Publication Date: 04-2016
  • Content Type: Working Paper
  • Institution: The Ambassadors Review
  • Abstract: Four years ago the European Union won the Nobel Peace Prize for the “over six decades [in which it has] contributed to the advancement of peace and reconciliation, democracy, and human rights in Europe.” How quickly the mood has changed. While it has become fashionable to charge that the European Union is on the verge of collapse in the face of dire current challenges, rumors of the European Union’s demise would appear premature. The successes achieved in 2015, as well as the potential future areas of good news, are frequently underappreciated. The United States is firmly committed to investing in its relationship with the European Union. This is a partnership that delivers, as it will bring dividends to both the United States and the European Union for the long term.
  • Topic: Peacekeeping, Democracy, Europe , Europe Union
  • Political Geography: Europe, United States of America, European Union
  • Author: Giorgio Gomel
  • Publication Date: 05-2016
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: There is some degree of ambivalence, mistrust, and even hostility between Europe and Israel. Europeans see Israel on a path of permanent occupation of Palestinian territories. Israel sees the European posture as unbalanced and biased against Israel. Economic and institutional linkages are strong. A further strengthening of relations is however difficult unless a peaceful settlement of the Israeli-Palestinian conflict is reached. For the EU resolving the conflict is a matter of both interests and values. The engagement of the EU can take different forms, in the realm of sticks one may point to legislation concerning the labelling of products from Israeli settlements in the occupied territories and carrots such as the EU offer of a special privileged partnership with Israel. For the Israeli public a clearer perception of the costs of non-peace and the benefits from a resolution of the conflict could help unblock the stalemate and remove the deceptive illusion that the status quo is sustainable.
  • Topic: Politics, Geopolitics, Israel, Europe Union
  • Political Geography: Europe, Israel
  • Author: Andreas Bagenholm, Stephan Dahlberg, Maria Solevid
  • Publication Date: 11-2016
  • Content Type: Working Paper
  • Institution: The Quality of Government Institute. University of Gothenburg.
  • Abstract: In this paper, we argue that the effects of corruption on voter turnout not necessarily have to be negative. We argue that voters’ willingness to participate in elections will increase when parties politicize the issue of corruption in electoral campaigns, as it indicates party responsiveness to voter concerns. We test this claim by using individual-level data from CSES coupled with unique context data on party politicization of corruption in campaigns. Our findings show that higher perceived levels of corruption are associated with lower voter turnout but that the negative effect of perceiving high corruption on turnout is reduced in an electoral context where corruption is politicized. The results thus show that if corruption is not politicized, individuals’ corruption perceptions exert a significant negative impact on turnout. By politicizing anti-corruption measures, political parties are acting policy responsive and by that they are also affecting voters’ decision whether to vote or not.
  • Topic: Politics, Political Theory, Political stability
  • Political Geography: Europe, Canada, Australia, New Zealand
  • Author: Vibeke Schou Tjalve
  • Publication Date: 11-2016
  • Content Type: Working Paper
  • Institution: Danish Institute for International Studies
  • Abstract: Despite the general impression that the US president-elect Donald Trump has given us very little clue to predict his foreign policy doctrine, a guiding framework behind his scattered statements does exist. In this DIIS Policy Brief, Senior Researcher Vibeke Schou Tjalve takes a closer look at the surprisingly consistent philosophy of power and interest that Trump has aired during the past two decades. Trump is labelled a ‘nationalist’ and an ‘isolationist’. These are understandable labels, and yet: Trump is not your classical cultural-conservative nostalgic with deep veneration for old alliances or shared norms. His American nationalism does not linger on the memories of the New World European roots. Rather, it is founded on a deeply Darwinist conception of the world as a cutthroat competition, in which raw strength - not cultural characteristics – matters. As such, Trump will have no sentimentality for NATO or Europe, and he will view the world through largely value-neutral eyes. This leaves Europe with a defining set of questions, and to influence a Trump presidency, we should understand and appreciate this not-so-simple nationalism, Tjalve writes.
  • Topic: International Relations, Political Power Sharing
  • Political Geography: America, Europe
  • Author: Richard Youngs
  • Publication Date: 01-2015
  • Content Type: Working Paper
  • Institution: Carnegie Endowment for International Peace
  • Abstract: The relationship between the European Union (EU) and Asia is in flux. The EU intensified its economic ties to Asia and boosted its security cooperation in the region in 2011 and 2012. But new challenges, including the crises in Ukraine and the Middle East, have made it difficult to sustain this incipient momentum. There are a number of steps that EU and Asian governments can and should take to continue to strengthen their relations.
  • Topic: Security, Diplomacy, Economics
  • Political Geography: Europe, Ukraine, Middle East, Asia