Search

You searched for: Political Geography Global Focus Remove constraint Political Geography: Global Focus Publication Year within 5 Years Remove constraint Publication Year: within 5 Years Topic International Trade and Finance Remove constraint Topic: International Trade and Finance
Number of results to display per page

Search Results

  • Author: Mayra Buvinic, Megan O'Donnell
  • Publication Date: 05-2017
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: A review of the recent evaluation evidence on financial services and training interventions questions their gender neutrality and suggests that some design features in these interventions can yield more positive economic outcomes for women than for men. These include features in savings and ‘Graduation’ programs that increase women’s economic self-reliance and self-control, and the practice of repeated micro borrowing that increases financial risk-taking and choice. ‘Smart’ design also includes high quality business management and jobs skills training, and stipends and other incentives in these training programs that address women’s additional time burdens and childcare demands. Peer support may also help to increase financial risk taking and confidence in business decisions, and may augment an otherwise negligible impact of financial literacy training. These features help women overcome gender-related constraints. However, when social norms are too restrictive, and women are prevented from doing any paid work, no design will be smart enough. Subjective economic empowerment appears to be an important intermediate outcome for women that should be promoted and more reliably and accurately measured. More research is also needed on de-biasing service provision, which can be gender biased; lastly, whenever possible, results should be sex-disaggregated and reported for individuals as well as households.
  • Topic: Gender Issues, International Trade and Finance, Global Political Economy
  • Political Geography: Global Focus
  • Author: Nancy Birdsall, Liliana Rojas-Suarez, Anna Diofasi
  • Publication Date: 02-2017
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: Despite increasing volatility in the global economy, the uptake of the IMF’s two precautionary credit lines, the Flexible Credit Line (FCL) and the Precautionary and Liquidity Line (PLL), has remained limited—currently to just four countries. The two new lending instruments were created in the wake of the global financial crisis of 2008 to enable IMF member states to respond quickly and effectively to temporary balance of payment needs resulting from external shocks. Both credit lines offer immediate access to considerable sums—over 10 times a country’s IMF quota in some cases with no (FCL) or very limited (PLL) conditionality. This paper addresses four misconceptions (or ‘myths’) that have likely played a role in the limited utilization of the two precautionary credit lines: 1) too stringent qualification criteria that limit country eligibility; 2) insufficient IMF resources; 3) high costs of precautionary borrowing; and 4) the economic stigma associated with IMF assistance. We show, in fact, that the pool of eligible member states is likely to be seven to eight times larger than the number of current users; that with the 2016 quota reform IMF resources are more than adequate to support a larger precautionary portfolio; that the two IMF credit lines are among the least costly and most advantageous instruments for liquidity support countries have; and that there is no evidence of negative market developments for countries now participating in the precautionary lines.
  • Topic: International Trade and Finance, Global Political Economy
  • Political Geography: Global Focus
  • Author: Nora Lustig
  • Publication Date: 01-2017
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: Current policy discussion focuses primarily on the power of fiscal policy to reduce inequality. Yet, comparable fiscal incidence analysis for 28 low and middle income countries reveals that, although fiscal systems are always equalizing, that is not always true for poverty. In Ethiopia, Tanzania, Ghana, Nicaragua, and Guatemala the extreme poverty headcount ratio is higher after taxes and transfers (excluding in-kind transfers) than before. In addition, to varying degrees, in all countries a portion of the poor are net payers into the fiscal system and are thus impoverished by the fiscal system. Consumption taxes are the main culprits of fiscally-induced impoverishment. Net direct taxes are always equalizing and indirect taxes net of subsidies are equalizing in nineteen countries of the 28. While spending on pre-school and primary school is pro-poor (i.e., the per capita transfer declines with income) in almost all countries, pro-poor secondary school spending is less prevalent, and tertiary education spending tends to be progressive only in relative terms (i.e., equalizing but not pro-poor). Health spending is always equalizing but not always pro-poor. More unequal countries devote more resources to redistributive spending and appear to redistribute more. The latter, however, is not a robust result across specifications.
  • Topic: International Trade and Finance, Global Political Economy
  • Political Geography: Global Focus
  • Author: Ali Enami, Nora Lustig, Rodrigo Aranda
  • Publication Date: 01-2017
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: This paper provides a theoretical foundation for analyzing the redistributive effect of taxes and transfers for the case in which the ranking of individuals by pre-fiscal income remains unchanged. We show that in a world with more than a single fiscal instrument, the simple rule that progressive taxes or transfers are always equalizing not necessarily holds, and offer alternative rules that survive a theoretical scrutiny. In particular, we show that the sign of the marginal contribution unambiguously predicts whether a tax or a transfer is equalizing or not.
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: Global Focus
  • Author: Alexandr Lagazzi, Michal Vít
  • Publication Date: 10-2017
  • Content Type: Working Paper
  • Institution: Europeum Institute for European Policy
  • Abstract: With the past export-led economic growth that has gradually become a tool of Chinese soft power, China showcased globally a powerful and inviting policy of economic power in action, and investment-seeking countries (especially from the Western Balkans) are willing to show their eagerness towards Chinese loans and capital. On the reverse side, China presents itself as an equally eager investor, and can be counted on in all situations, including when Chinese investors picked up projects declined by the EU.
  • Topic: International Trade and Finance
  • Political Geography: Global Focus
  • Publication Date: 11-2017
  • Content Type: Working Paper
  • Institution: Centre for East European Studies, University of Warsaw
  • Abstract: Every year the World Association of Investment Promotion Agencies (WAIPA) surveys its members. This survey, conducted in 2017, polled over 90 agencies on numerous aspect
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: Global Focus
  • Author: Antoni Estevadeordal
  • Publication Date: 04-2017
  • Content Type: Policy Brief
  • Institution: The Brookings Institution
  • Abstract: On February 22, 2017, the World Trade Organization’s (WTO) Trade Facilitation Agreement (TFA) entered into force. The TFA was concluded at the WTO Bali Ministerial Conference in 2013. Since then, countries have been working on implementing the agreement in their domestic markets to reach the two-thirds requirement for implementation.[1] As of March 2017, 113 members (or 69 percent of WTO members) have ratified the agreement—including 19 Latin American and Caribbean (LAC) countries—and another 93 countries have notified the WTO of their timeline for each TFA provision, giving a comprehensive picture of the state of the agreement.
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: Global Focus
  • Author: Colin I. Bradford, Roger Burkhardt
  • Publication Date: 03-2017
  • Content Type: Policy Brief
  • Institution: The Brookings Institution
  • Abstract: In this policy brief, we discuss the importance of accelerated private investment in skill development of labor as a means to increase the competitiveness of firms, to create value added by workers, and to boost wages and social mobility. This brief was used at the VISION 20 Workshop held at the Brookings Institution on February 27, 2017, to help generate new “big picture” policy approaches for the German G-20 Summit in Hamburg in July. The workshop was sponsored by the University of British Columbia Institute for Asia Research, the Munk School at the University of Toronto, the Boell Foundation, and the Friedrich Ebert Stiftung with the participation of the Kiel Institute for the World Economy and the German Development Institute.
  • Topic: International Trade and Finance, Social Movement, International Development
  • Political Geography: Global Focus
  • Author: Susan Schadler
  • Publication Date: 10-2017
  • Content Type: Policy Brief
  • Institution: Centre for International Governance Innovation
  • Abstract: So far, the International Monetary Fund (IMF) has defied the odds in its relations with the administration of US President Donald Trump. In contrast to the administration’s at times stormy ride with some other international organizations and agreements, relations have been rather calm — even friendly — between the United States and the IMF. There has been no talk of cutting US funding to the IMF, no threat of pulling out of the organization, no statements casting aspersions on the IMF and no “tweet storms” on specific events involving the IMF. In fact, although not directly from President Trump, statements in support of actions or positions of the IMF have surfaced. Why has the IMF escaped the antagonism of the new administration, and can it continue to do so?
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: Global Focus
  • Author: David L. Goldwyn
  • Publication Date: 01-2017
  • Content Type: Special Report
  • Institution: Atlantic Council
  • Abstract: Oil, gas, and renewable energy markets will face high levels of uncertainty and potentially extreme volatility under a Trump administration in 2017. Some of these uncertainties flow from questions about the new administration’s yet-undefined policies on energy production, trade, and climate policy. Others flow from the basket of national security risks that a new US President was destined to inherit. Yet it is Mr. Trump’s signaling of major shifts in US foreign policy priorities that may have the greatest near-term impact on energy supply and demand. The impact of these uncertainties, following two years of reduced oil and gas investment and low energy prices, may inhibit investment and sow the seeds of a potential oil and gas price shock by 2020, if not sooner.
  • Topic: Foreign Policy, Energy Policy, International Trade and Finance, Post Truth Politics
  • Political Geography: America, Global Focus
  • Author: David L. Goldwyn
  • Publication Date: 01-2017
  • Content Type: Special Report
  • Institution: Atlantic Council
  • Abstract: Oil, gas, and renewable energy markets will face high levels of uncertainty and potentially extreme volatility under a Trump administration in 2017. Some of these uncertainties flow from questions about the new administration’s yet-undefined policies on energy production, trade, and climate policy. Others flow from the basket of national security risks that a new US President was destined to inherit. Yet it is Mr. Trump’s signaling of major shifts in US foreign policy priorities that may have the greatest near-term impact on energy supply and demand. The impact of these uncertainties, following two years of reduced oil and gas investment and low energy prices, may inhibit investment and sow the seeds of a potential oil and gas price shock by 2020, if not sooner.
  • Topic: Foreign Policy, Energy Policy, International Trade and Finance, Post Truth Politics
  • Political Geography: America, Global Focus
  • Author: Bud Coote, Karl V. Hopkins
  • Publication Date: 01-2017
  • Content Type: Special Report
  • Institution: Atlantic Council
  • Abstract: This report is a collaboration between Dentons and the Atlantic Council that provides analysis on the array of risks and uncertainties faced by international energy firms investing in and operating energy projects worldwide. It focuses on lessons learned from a variety of experiences and offers risk mitigation options.
  • Topic: Energy Policy, International Political Economy, International Trade and Finance
  • Political Geography: Global Focus
  • Publication Date: 03-2017
  • Content Type: Special Report
  • Institution: Asia Society
  • Abstract: OVER THE PAST YEAR, THE GLOBAL AND REGIONAL TRADE LANDSCAPE HAS BEEN CHALLENGED AS NEVER BEFORE. A growing number of people around the world are questioning the value of trade agreements, holding them accountable for slow wage growth, rising inequalities, and job losses. Exemplified by Brexit and the U.S. presidential election, a wave of anti-globalization has washed over the world. Further, global trade is slowing, and existing trade agreements have not kept pace with the changing nature of trade itself, owing to the increasingly important role of digital and services trades. But trade has been one of the strongest drivers behind global growth and stability, particularly in Asia. In the past quarter century, the number of trade agreements in the region has increased dramati- cally. At the same time, Asian countries experienced average annual growth rates nearly 3 percent higher after liberalizing their markets.1 The region’s openness has been a critical ingredient in spurring growth, creating jobs, and lifting millions out of poverty. Trade has also helped nations develop stronger ties, giving them a greater stake in one another’s economic success and reducing the likelihood of conflict. What the French philosopher Montesquieu wrote during the eighteenth century remains as relevant in the twenty-first: “Peace is a natural effect of trade.” 2
  • Topic: International Relations, International Political Economy, International Trade and Finance, Geopolitics
  • Political Geography: Global Focus
  • Author: Homi Kharas
  • Publication Date: 07-2017
  • Content Type: Special Report
  • Institution: The Brookings Institution
  • Abstract: The multilateral development system, led by the United States, has guided development cooperation by Organization for Economic Cooperation and Development (OECD) countries, evolving gradually through new institutions and new norms since World War II. Organized by a small group of like-minded countries, multilateralism has been a way of managing burden-sharing among donors and of delivering public goods. These functions are now under stress. According to a poll conducted in December 2016 by the Program for Public Consultation at the University of Maryland, most Americans (59.3 percent) support the statement that “when giving foreign aid, it is best for the U.S. to participate in international efforts, such as through the United Nations. This way it is more likely that other countries will do their fair share and that these ef- forts will be better coordinated.” However, a majority of Republican voters disagree, believing that it is better for the U.S. to provide aid on its own, to ensure control over how money is spent and to gain recognition for its generosity.
  • Topic: International Trade and Finance, Global Political Economy
  • Political Geography: Global Focus
  • Author: Vakhtang Maisaia
  • Publication Date: 11-2017
  • Content Type: Special Report
  • Institution: Centre for East European Studies, University of Warsaw
  • Abstract: he NATO Wales and Warsaw Summits held in 2014 and in 2016, were historic events due to the complex processes associated with them. The Summits have generated much discussion and are comprised of decisive issues and decisions. In the last Warsaw Summit, up to ten documents were adopted, including the final communique, which was for the first time quite “thick” for and more detailed, compared to previously adopted documents (about 139 items). For the first time in the last few decades, the European Union and NATO came to a consensus and adopted a common declaration, where they expressed their united position on common problems within the frameworks of Transatlantic security, and agreed on plans for further strategic cooperation (EU-NATO Joint Declaration 2016). Most importantly, the representatives of both organisations declared a common approach toward threats emanating from the East and South (i.e. Russia and ISIS). At this stage, the Alliance identi ed three geostrategic special regions for more active operations in the context of strategic defence and deterrence. ose regions became the main issue of the summit: the Baltic Sea, the Black Sea and the Aegean Sea. NATO must boost its support for the Southern ank via crisis management capabilities and strengthened partnerships (Lorenz “NATO at a Critical Crossroads”, 11). In general, NATO has returned to a collective defence strategy. is is a new game where the South Caucasus is becoming a “red frontier” line between the main actors: NATO and Russia. It seems that the priorities of NATO and Russia in the region are evolving within the framework of the so-called “security dilemma”, where both parties are trying to build up their military capabilities and tools of political pressure on the countries of the region, competing with each other in various geostrategic dimensions. is includes intensive NATO military exercises in Georgia and implementation of the Comprehensive Assistance Package, as well as strengthening military potential in the territories of occupied Abkhazia and South Ossetia, not to mention the establishment of a joint air defence system with Armenia, and strengthening the Caspian Flotilla by Russia.
  • Topic: NATO, International Trade and Finance, International Affairs
  • Political Geography: Global Focus
  • Author: Bertrand de la Chapelle, Paul Fehlinger
  • Publication Date: 04-2016
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The past 20 years have witnessed a profound change in the types of non-resident investors who provide funding to emerging market economies (EMEs) and the financial instruments through which emerging market (EM) corporations borrow from abroad. Until the beginning of the new millennium, private capital flows to EMEs were mainly intermediated by large global banks, and EMEs were subjected to massive volatility in their external payments balances, exchange rates and domestic financial systems. But since the early 2000s the role of bank-intermediated credit has declined, as the base of investors willing to take on exposure to EM corporate debt has become much larger and more diverse. These structural changes have encouraged a vast growth in flows of funds, not only from the mature economies to EMEs as a group, but also among EMEs themselves.
  • Topic: Debt, Economics, Emerging Markets, International Trade and Finance, Financial Crisis
  • Political Geography: Global Focus
  • Author: John Whalley, Daqing Yao
  • Publication Date: 03-2016
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The effects of the termination of the Multifibre Arrangement (MFA) on the trade of clothing and textiles are assessed in this paper, based on world trade date and US trade data. The findings from the data analyzed indicate that the effects of the termination of the MFA on the clothing trade was more significant for clothing than for the textiles trade. With the end of the MFA, the freer trade in these sectors shed light on other sectors that are still protected under trade agreements.
  • Topic: International Trade and Finance, Markets, Treaties and Agreements, Regulation
  • Political Geography: Global Focus
  • Publication Date: 02-2016
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: This paper analyzes the impact of four major financial sector sustainability codes of conduct, the UN Environmental Programme Finance Initiative, the UN Principles for Responsible Investment, the Equator Principles and the Global Alliance for Banking on Values with regard to their impact on the sustainability of their members. The codes of conduct focus on the integration of environmental, social and governance criteria into financial decision making in lending, investment, asset management and project finance. corporate sustainability voluntary codes of conduct have a positive impact on their members. The effectiveness, however, depends on the quality and content of a code, as well as on implementation and compliance mechanisms.
  • Topic: Economics, International Trade and Finance, Markets, United Nations, Ethics
  • Political Geography: Global Focus
  • Author: Luke Patey, Michal Meidan
  • Publication Date: 11-2016
  • Content Type: Working Paper
  • Institution: Danish Institute for International Studies
  • Abstract: The size and sophistication of Chinese foreign investment is on the rise. In 2014, inbound investment to China was outpaced by outbound investment for the first time. Chinese foreign investment has surpassed the $100 billion mark for the past three years, making China the third largest overseas investor. At the same time, beyond oil and gas, which dominated headlines over the past decade, Chinese state-owned enterprises and private corporations are making multi-billion dollar investments in construction, telecommunications, nuclear, and high-tech across the globe. What political and security implications do these new investment have for host government in North America and Europe? What is the view point of Beijing towards the growing reach of its corporations overseas? A new policy brief by Michal Meidan, research associate at Chatham House and Asia Analyst at Energy Aspects, and DIIS senior researcher Luke Patey explores these questions.
  • Topic: Globalization, International Political Economy, International Trade and Finance
  • Political Geography: China, Global Focus
  • Author: Malcolm D. Knight
  • Publication Date: 03-2016
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The past 20 years have witnessed a profound change in the types of non-resident investors who provide funding to emerging market economies (EMEs) and the nancial instruments through which emerging market (EM) corporations borrow from abroad. Until the beginning of the new millennium, private capital ows to EMEs were mainly intermediated by large global banks, and EMEs were subjected to massive volatility in their external payments balances, exchange rates and domestic nancial systems. But since the early 2000s the role of bank- intermediated credit has declined, as the base of investors willing to take on exposure to EM corporate debt has become much larger and more diverse. These structural changes have encouraged a vast growth in ows of funds, not only from the mature economies to EMEs as a group, but also among EMEs themselves.
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: Global Focus
  • Author: Hugo Perezcano
  • Publication Date: 04-2016
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Investor-state arbitration (ISA) has been a controversial topic and a source of criticism and debate for quite some time. Yet, it continues to be a standard feature of modern international investment agreements (IIAs). While opposition to ISA has traditionally come from certain sectors of civil society, there appears to be a growing discomfort now among states as well. Some critics suggest that ISA is unnecessary and should be left out of IIAs altogether. Others argue that it may be needed in IIAs between developed nations that are mostly capital exporters, on the one hand, and developing countries that require foreign capital to promote development, on the other, but that it is unwarranted in IIAs that developed countries enter into among themselves. They reason that developed countries have robust legal frameworks and institutions, including responsive judiciaries, that adequately protect private investment and, therefore, ISA can safely be omitted from such IIAs without any detriment to foreign investors or their investments. This paper addresses some of the aws in the arguments that have been advanced in support of this position, as well as some of its implications, especially the reaction that might be expected from developing countries if developed countries were to back away from ISA in their dealings with other developed nations but continue to demand its inclusion in their agreements with developing countries.
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: Global Focus
  • Author: Marc Lalonde
  • Publication Date: 05-2016
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: I have rarely seen, in my long life, a change as unjustified as the one represented by the new investment tribunal structure now found in the agreed text of the Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union. First of all, it is a poor solution based on a faulty premise. It is the result of an ill-informed but obviously effective campaign by mainly European lobbies[1] and some groups in the European Parliament, which have argued, without proper quantitative or qualitative support, that the present system is biased in favour of foreign investors. If this were the case, how can they explain that, according to the latest statistics from the International Centre for Settlement of Investment Disputes (ICSID), only 46 percent of all ICSID awards upheld (in part or in full) investors’ claims, while 53 percent of the claims were dismissed for lack of jurisdiction or on the merits, and another one percent were rejected as manifestly without legal merit.[2] Similarly, in its 2014 World Investment Report, the United Nations Conference on Trade and Development (UNCTAD) came to the conclusion that, out of 274 concluded investment treaty cases in 2013, 43 percent were decided in favour of the state, 31 percent in favour of the investor and 26 percent were settled.[3]
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: Global Focus
  • Author: Paola Subacchi
  • Publication Date: 11-2016
  • Content Type: Book
  • Institution: Columbia University Press
  • Abstract: Many of the world's major economies boast dominant international currencies. Not so for China. Its renminbi has lagged far behind the pound, the euro, and the dollar in global circulation—and for good reason. China has long privileged economic policies that have fueled development at the expense of the renminbi's growth, and it has become clear that the underpowered currency is threatening China's future. The nation's leaders now face the daunting task of strengthening the currency without losing control of the nation's economy or risking total collapse. How are they approaching this challenge? In The People's Money, Paola Subacchi introduces readers to China's monetary system, mapping its evolution over the past century and, particularly, its transformation since Deng Xiaoping took power in 1978. Subacchi revisits the policies that fostered the country's economic rise while at the same time purposefully creating a currency of little use beyond China's borders. She shows the key to understanding China's economic predicament lies in past and future strategies for the renminbi. The financial turbulence following the global crisis of 2008, coupled with China's ambitions as a global creditor and chief economic power, has forced the nation to reckon with the limited international circulation of the renminbi. Increasing the currency's reach will play a major role in securing China's future.
  • Topic: International Trade and Finance, Monetary Policy
  • Political Geography: China, Global Focus, Global Markets
  • Publication Identifier: 9780231543262
  • Publication Identifier Type: ISBN
  • Author: Fukunari Kimura, Lurong Chen
  • Publication Date: 03-2016
  • Content Type: Policy Brief
  • Institution: Economic Research Institute for ASEAN and East Asia (ERIA)
  • Abstract: As mega free trade agreements (FTAs) are reshaping the rules of global governance, there is urgency for member states of the Association of Southeast Asian Nations (ASEAN) to take proper actions in response to the changing world economic order. On one hand, they should closely observe the progress of negotiations and follow up the issues that are under discussion in mega FTAs. On the other hand, they have to accelerate the pace in concluding the negotiations of the Regional Comprehensive Economic Partnership (RCEP).
  • Topic: Economics, International Trade and Finance, Global Political Economy
  • Political Geography: Southeast Asia, Global Focus
  • Author: Fukunari Kimura, Lurong Chen, Maura Ada Iliuteanu, Shimpei Yamamoto, Masahito Ambashi
  • Publication Date: 04-2016
  • Content Type: Policy Brief
  • Institution: Economic Research Institute for ASEAN and East Asia (ERIA)
  • Abstract: Intellectual property rights (IPR) protection is essential for economic growth, innovation, and competitiveness. As the global economy is increasingly organised within global value chains, disciplining and enforcing IPR in a coherent manner internationally has become a critical issue in the 21st century trade system. The Trans-Pacific Partnership (TPP) agreement flags America's achievement in setting new standards on international IPR enforcement under a plurilateral framework that involves countries from Asia-Pacific. Yet such standards run the risk of becoming the new norm at the international level. Reaching agreement on the text of the TPP signals emerging Asian economies' heightened commitment to IPR enforcement. Some factors that policymakers may want to consider include the following: Efficient IPR protection at the domestic level is integral to efforts that facilitate technology adoption and stimulate incremental innovations. It is crucial to increase public awareness of intellectual property (IP) in general and its associated rights in particular. IP laws and regulations must at least meet the requirements of the Agreement on Trade-related Aspects of Intellectual Property Rights (TRIPS) and always aim for higher-level standards. IPR disciplines must be binding and practically enforceable. Asian countries should actively participate in global IPR rule-making. The abundance and quality of human capital will affect not only the level of invention and other innovative activities but also the efficiency of IPR enforcemen
  • Topic: Emerging Markets, International Trade and Finance, Global Political Economy
  • Political Geography: Southeast Asia, Global Focus
  • Publication Date: 10-2016
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: This paper explores both the role that local content measures can play in advancing sustainable development, and the impact that trade and investment treaties concluded over the past 20 years have had and will continue to have on the ability of governments to employ those tools. Certain local content measures had been restricted under the WTO due to wide agreement by negotiating parties that their costs outweigh their benefits. But the WTO also left a number of local content measures in governments’ policy toolboxes. As is discussed in this paper, however, that is changing, with the range of permissible actions for many countries being significantly smaller than it was even a decade ago. This narrowed policy space, in turn, can limit the steps governments can take to make progress on the universally adopted Sustainable Development Goals.
  • Topic: International Trade and Finance, International Affairs
  • Political Geography: Global Focus
  • Publication Date: 01-2016
  • Content Type: Course Pack
  • Institution: Columbia International Affairs Online
  • Abstract: Globalization is a framework for describing many affiliated worldwide developments. Globalization isn't simply more of the ongoing process of internationalization; rather it describes the increasing ease with which technologies, people, goods, services and capital move transnationally. But the term is also widely used to convey such elements as universalization and changes to sovereignty. While many embrace it, others fear it. Former Federal Reserve chairman Alan Greenspan has suggested that opposition to globalization could have the effect of reversing progress on free trade. The International Forum on Globalization is one organization that seeks to reverse globalization. The readings in this course pack focus on the many facets of globalization.
  • Topic: Economics, Globalization, International Trade and Finance, Political Economy, International Affairs
  • Political Geography: Global Focus
  • Author: Rupert Hammond Chambers, Pek Koon Heng, Tami Overby
  • Publication Date: 10-2016
  • Content Type: Special Report
  • Institution: The Woodrow Wilson International Center for Scholars
  • Abstract: Since its rather humble beginnings as a free trade agreement between Chile, Brunei, Singapore, and New Zealand in 2005, the Trans-Pacific Partnership (TPP) agreement has ballooned into a pact that includes two of the three biggest economies in the world. Signed by the 12 founding members in February 2016, namely the United States, Canada, Mexico, Japan, Australia, Peru, Vietnam, and Malaysia as well as the four original signatories, the TPP represents nearly 40 percent of the world’s GDP. It has been described as the most ambitious multinational trade deal in history, with high standards that address issues that have not been address by trade agreements until now including environmental protection, labor rights, and addressing competition issues related to state-owned enterprises.
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: Global Focus
  • Author: J. Jackson Ewing
  • Publication Date: 09-2016
  • Content Type: Special Report
  • Institution: Asia Society
  • Abstract: FACING UP TO CLIMATE CHANGE IS A KEY CHALLENGE OF OUR TIME. We are on pace in 2016 to again record the warmest global temperatures ever measured; a distinction that now appears to be an annual occurrence. Weather is becoming less predictable, storms more intense, and drought and flooding more pervasive. This destroys livelihoods, impedes economic progress, and undermines the sustainable development gains we are working hard to achieve. Slowing down and ultimately reversing climate change requires us to lower our greenhouse gas emissions. And effectively pricing carbon emissions is a vital place to start. Pricing carbon through markets creates incentives, sets clear rules, and encourages regulated organizations to lower emissions in flexible ways that work for them. Like much in the current climate change arena, the main action on carbon markets is happening beneath the global scale. After years of chasing global mechanisms to price and trade carbon emissions credits, the landmark Paris Agreement of December 2015 both recognizes and provides political and policy space for efforts at local, state, and regional levels. The relevance of carbon markets is growing apace; almost doubling in scale since 2012 with forty states and twenty-three cities, regions, and provinces pricing emissions worth some $50 billion.
  • Topic: Climate Change, Environment, International Trade and Finance, Climate Finance
  • Political Geography: Asia, Global Focus
  • Author: Rachel Silverman, Amanda Glassman
  • Publication Date: 11-2016
  • Content Type: Special Report
  • Institution: Center for Global Development
  • Abstract: In July 2012, world leaders gathered in London to support the right of women and girls to make informed and autonomous choices about whether, when, and how many children they want to have. There, low income-country governments and donors committed to a new partnership—Family Planning 2020 (FP2020). FP2020 set an aspirational goal—120 million additional users of voluntary, high-quality family planning services by 2020—and received commitments totaling $4.6 billion in additional funding. Since then, the focus countries involved in the FP2020 partnership have made significant progress. Yet as FP2020 reaches its halfway point, and new, even more ambitious goals are set as part of the Sustainable Development Goals, gains fall short of aspirations. The midpoint of the FP2020 initiative is thus an important inflection point, offering an opportunity for family planning funders and the FP2020 partnership more broadly to take stock of progress, to reflect on the lessons of the past four years, to refine funding and accountability mechanisms, and to reallocate existing resources for greater impact. Of course, the primary responsibility for expanding contraceptive access falls squarely on country governments. Nonetheless, donor contributions play an important role. With the goal of reaching as many women and girls as possible by 2020 and an eye toward the 2030 Sustainable Development Goals, the Center for Global Development (CGD) convened a working group on donor alignment in family planning in fall 2015 to see how scarce donor resources could go farther to accelerate family planning gains. As the final product of the working group, the report analyzes the successes and limitations of family planning alignment to date, with a focus on procurement, cross-country and in-country resource allocation, incentives, and accountability mechanisms, and makes recommendations for next steps.
  • Topic: International Trade and Finance, Population, International Development
  • Political Geography: Global Focus
  • Author: Nancy Birdsall, Scott Morris
  • Publication Date: 10-2016
  • Content Type: Special Report
  • Institution: Center for Global Development
  • Abstract: The multilateral development banks (MDBs) emerged as one of the international community’s great success stories of the post–World War II era. Set up to address a market failure in long-term capital flows to post-conflict Europe and developing countries, they combined financial heft and technical knowledge for more than five decades to support their borrowing members’ investments in post-conflict reconstruction, growth stimulation, and poverty reduction. However, the geo-economic landscape has changed dramatically in this century, and with it the demands and needs of the developing world. Developing countries now make up half of the global economy. The capital market failure that originally motivated the MDBs is less acute. Almost all developing countries now rely primarily on domestic resources to manage public investment, and some of the poorest countries can borrow abroad on their own. Similarly, growth and the globalization of professional expertise on development practice have eroded whatever near-monopoly of advisory services the MDBs once had. At the same time, new challenges call for global collective action and financing of the sort the MDBs are well suited to provide but have been handicapped in doing so effectively. The list goes beyond major financial shocks, where the IMF’s role is clear—ranging from climate change, pandemic risk, increasing resistance to antibiotics, and poor management of international migration flows and of displaced and refugee populations. Other areas include the cross-border security and spillovers associated with growing competition for water and other renewable natural resources, and, with climate change, an increase in the frequency and human costs of weather and other shocks in low-income countries that are poorly equipped to respond.
  • Topic: International Trade and Finance, International Development
  • Political Geography: Global Focus
  • Author: Stijn Claessens, Liliana Rojas-Suarez
  • Publication Date: 03-2016
  • Content Type: Special Report
  • Institution: Center for Global Development
  • Abstract: As recently as 2011, only 42 percent of adult Kenyans had a financial account of any kind; by 2014, according to the Global Findex, database that number had risen to 75 percent. [1] In sub­Saharan Africa, the share of adults with financial accounts rose by nearly half over the same period. Many other developing countries have also recorded gains in access to basic financial services. Much of this progress is being facilitated by the digital revolution of recent decades, which has led to the emergence of new financial services and new delivery channels. Whereas payment services often are the entry point into using formal financial services, they are not the only low­cost and widely accessible financial services being delivered in recent years. Driven by advances in new digital payment services, small­scale credit and new modes for delivering insurance services are being offered in several developing countries. Digital (payment) records are being used to make decisions about provision of credit to small businesses or individuals who do not have traditional collateral or credit history to secure loans. Additionally, affordable mobile systems have led to the provision of new and innovative financial services that would not be economically sustainable under the traditional brick­and­mortar model such as mobile­based crop microinsurance in sub­Saharan Africa and pay­as­you­go energy delivery models for off­grid customers in India, Peru, and Tanzania. [2] Increased access to basic financial services, especially payments services, by larger segments of the population reflects the growing use of digital technologies in developing countries. Simultaneously, the adoption of proper regulation based on country­specific opportunities, needs and conditions has been critical.
  • Topic: International Political Economy, International Trade and Finance, Financial Markets
  • Political Geography: Global Focus
  • Author: Isabelle Duchane, Kateryna Dzaha, James Supeene
  • Publication Date: 07-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The absence of an effective international regime for cross-border resolution of financial firms led to the disorderly failure of a number of global banks during the global financial crisis, at a high cost to taxpayers and global financial stability. Many jurisdictions still lack sufficient resolution powers and arrangements for cross-border cooperation. This brief proposes that the Financial Stability Board’s Key Attributes of Effective Resolution Regimes for Financial Institutions should be fully implemented within the Group of Twenty (G20) and expanded to include non-G20 states. The FSB should develop a series of model laws on cross-border resolution and endorse a multilateral memorandum of understanding containing reciprocal commitments among the signatories.
  • Topic: International Trade and Finance, Financial Crisis, Reform, G20
  • Political Geography: Global Focus
  • Author: Homi Kharas
  • Publication Date: 09-2015
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: The Addis Ababa Action Agenda reaffirms the central role of development banks in providing concessional and non-concessional long-term financing, countercyclical financing, guarantees and leverage, policy advice, capacity building, and other support to the post-2015 agenda. "We recognize the significant potential of multilateral development banks and other international development banks in financing sustainable development and providing know-how. We stress that development banks should make optimal use of their resources and balance sheets, consistent with maintaining their financial integrity, and should update and develop their policies in support of the post-2015 development agenda, including the sustainable development goals (SDGs)."
  • Topic: Development, International Trade and Finance, Treaties and Agreements, United Nations, World Bank
  • Political Geography: Global Focus
  • Author: Therese M. Vaughan, Mark A. Calabria
  • Publication Date: 05-2015
  • Content Type: Working Paper
  • Institution: The Cato Institute
  • Abstract: International activity related to the regulation and supervision of financial services has exploded since the global financial crisis. The crisis exposed weaknesses in the structure for regulating internationally active banks, and motivated a number of work streams aimed at strengthening standards (most notably, significant revisions to the Basel capital standard for internationally active banks, now known as Basel III). The insurance sector was also stressed by the meltdown in financial markets that occurred in 2007-2008, albeit far less than the banking sector, and, with the exception of AIG, it is generally recognized that insurers played little role in the financial crisis, and that traditional insurance activities do not pose a systemic risk to the financial system.1,2 Nonetheless, the insurance sector has also been targeted for a new stream of regulatory initiatives at the international level. The most important organizations with respect to these activities are the International Association of Insurance Supervisors (IAIS) and the Financial Stability Board (FSB), both based in Basel, Switzerland. The purpose of this paper is to review these developments and to highlight potential concerns for U.S. insurance markets.
  • Topic: Economics, International Trade and Finance, Markets, Financial Crisis
  • Political Geography: Global Focus
  • Author: Olivier Blanchard, Jonathan D. Ostry, Atish R. Ghosh, Marcos Chamon
  • Publication Date: 11-2015
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: The workhorse open-economy macro model suggests that capital inflows are contractionary because they appreciate the currency and reduce net exports. Emerging-market policymakers, however, believe that inflows lead to credit booms and rising output, and the evidence appears to go their way. To reconcile theory and reality, the authors extend the set of assets included in the Mundell-Fleming model to include both bonds and nonbonds. At a given policy rate, inflows may decrease the rate on nonbonds, reducing the cost of financial intermediation, potentially offsetting the contractionary impact of appreciation. The authors explore the implications theoretically and empirically and find support for the key predictions in the data.
  • Topic: Economics, Emerging Markets, International Trade and Finance, Monetary Policy
  • Political Geography: Global Focus
  • Author: William R. Cline
  • Publication Date: 10-2015
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: Cline critiques OECD findings on "too much finance," which seem to imply that the optimal amount of credit in an economy is zero, given the linear specification of the main tests. If these results were taken literally, there would be a radical policy implication: Growth would be maximized by completely eliminating credit finance. He then finds that the negative impact of additional finance on growth is reversed when the appropriate (purchasing-power-parity) per capita income is applied and country fixed effects are removed. Separate tests for countries with intermediated finance below and above 60 percent of GDP show a significant positive effect of finance on growth in the lower group but an insignificant effect in the higher group. He also responds to critics of his earlier study.
  • Topic: Economics, International Political Economy, International Trade and Finance, GDP
  • Political Geography: Global Focus
  • Author: Gary Clyde Hufbauer, Eujiin Jung, Tyler Moran, Martin Vieiro
  • Publication Date: 09-2015
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: Hufbauer and colleagues critically evaluate the Organization for Economic Cooperation and Development’s ambitious multipart project titled Base Erosion and Profit Shifting (BEPS), which contains 15 "Actions" to prevent multinational corporations (MNCs) from escaping their "fair share" of the tax burden. Spurred by G-20 finance ministers, the OECD recommends changes in national legislation, revision of existing bilateral tax treaties, and a new multilateral agreement for participating countries. The proposition that MNCs need to pay more tax enjoys considerable political resonance as government budgets are strained, the world economy is struggling, income inequality is rising, and the news media have publicized instances of corporations legally lowering their global tax burdens by reporting income in low-tax jurisdictions and expenses in high-tax jurisdictions. Given that the US system taxes MNCs more heavily than other advanced countries and provides fewer tax incentives for research and development (R&D), implementation of the BEPS Actions would drive many MNCs to relocate their headquarters to tax-friendly countries and others to offshore significant amounts of R&D activity.
  • Topic: Development, Economics, International Political Economy, International Trade and Finance
  • Political Geography: Global Focus
  • Author: Antoine Gervais
  • Publication Date: 08-2015
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: To date, empirical studies have focused almost exclusively on the trade exposure of the manufacturing sector, implicitly assuming that services are not tradable. However, because service trade has grown over time and now accounts for about 20 percent of global international transactions (and 30 percent of US exports), the traditional assumption that goods are tradable and services are not is increasingly inadequate. Gervais and Jensen use a unique dataset on the distribution of producers and consumers across regions of the United States to estimate the share of economic activity exposed to international competition. Their estimation method is a natural extension of the gravity model of trade and identifies trade costs in the absence of trade data. The estimated trade costs are higher on average for service industries, but there is considerable variation across industries within sectors. Using the trade cost estimates, they classify industries into tradable and nontradable categories. They find that accounting for tradable service industries nearly doubles the international exposure of the US economy, tradable services value added is unevenly distributed across geographical regions, labor productivity and wages are higher on average for tradable industries, and potential welfare gains from trade liberalization in the service sector are sizable.
  • Topic: Economics, International Trade and Finance, Labor Issues, Global Markets
  • Political Geography: Global Focus
  • Author: William R. Cline
  • Publication Date: 04-2015
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: Some advocates of far higher capital requirements for banks invoke the Modigliani-Miller theorem as grounds for judging that associated costs would be minimal. The M&M theorem holds that the average cost of capital to the firm does not depend on its capital structure (ratio of equity finance to debt finance), because any reduction in capital cost from switching to higher leverage using lower-cost debt is exactly offset by an induced increase in the unit cost of higher-cost equity capital as a consequence of the associated rise in risk. Statistical tests for large US banks in 2002–13 find that less than half of this M&M offset attains in practice. Higher capital requirements would thus impose increases in lending costs, with associated output costs from lower capital formation. These costs to the economy would need to be compared with benefits from lower risk of banking crises to arrive at optimal levels of capital requirements.
  • Topic: Economics, International Trade and Finance, Markets, Politics, Budget
  • Political Geography: Global Focus
  • Author: Maria Paniezi
  • Publication Date: 11-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Carbon taxes become relevant for international trade when they are coupled with border tax adjustment (BTA) legislation for imported products. BTAs are intended to level the playing field between domestic and foreign products, but such tax schemes, if not designed properly, can be found to violate a country’s international commitments before the World Trade Organization (WTO). This paper argues that environmentally conscious governments can impose a WTO-compatible BTA to offset domestic CO2 legislation, and that federal governments need to engage in coordinated efforts to harmonize treatment of high CO2 emitters domestically, since domestic industries will not bear the burden of environmental regulation alone.
  • Topic: Climate Change, Environment, International Trade and Finance, World Trade Organization
  • Political Geography: Global Focus
  • Author: James Hinton, Kent Howe
  • Publication Date: 04-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: This report outlines the impetus behind the Centre for International Governance Innovation (CIGI) International Intellectual Property Law Clinic, which operated for three months in 2014. It consisted of a partnership among the CIGI International Law Research Program (ILRP), Communitech (the Region of Waterloo’s hub for commercialization of innovative technologies) and leading intellectual property (IP) law firms. The report describes the new innovator’s commercialization dilemma — a multifaceted dilemma arising from lack of IP legal knowledge, lack of financial resources and the high costs associated with IP protection, all of which combine to place the new innovator in a vulnerable position at the early stages of their commercialization timeline. After briefly surveying the current environment for entrepreneurship-based clinics, the report describes the elements and structure of the CIGI clinic. The advantages for participating students as well as first-hand accounts of the benefits of the CIGI clinic are also detailed. Taking lessons learned from the CIGI clinic, the report illustrates how an IP-focused law clinic can help to address the commercialization dilemma. The report describes the manner in which IP clinics might be structured, while reviewing the associated benefits and challenges for each structure. The report also makes brief recommendations for governments, law societies, law schools and IP offices to support the provision of IP legal services through the law clinic model.
  • Topic: Environment, International Trade and Finance, Intellectual Property/Copyright, Governance, Entrepreneurship
  • Political Geography: Global Focus
  • Author: Barry Eichengreen, Domenico Lombardi , Malcolm D. Knight, Yu Yongding, Stephen G. Cecchetti, Diane De Gramont, Şebnem Kalemli-Özcan, Phillip R. Lane, Ugo Panizza, Viral V. Acharya
  • Publication Date: 09-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: During 1999-2007, the international balance sheets of emerging economies grew stronger through a combination of current account surpluses, a shift from debt funding to equity funding, and the stockpiling of liquid foreign reserves. This risk-mitigating strategy improved the international financial standing of many emerging economies and helped these economies withstand the 2008-2009 global financial crisis. However, a combination of domestic and external factors has led to a partial reversal of this strategy, with some emerging economies accumulating significant external debt since 2010. Previewed by the May 2013 “taper tantrum,” there has been considerable speculation that a tightening of dollar-funding conditions and a macroeconomic slowdown in emerging economies may result in financial instability in some emerging economies.
  • Topic: Debt, Economics, Emerging Markets, International Trade and Finance, Financial Crisis, Global Markets
  • Political Geography: Global Focus
  • Author: Elizabeth Carter
  • Publication Date: 12-2015
  • Content Type: Working Paper
  • Institution: Max Planck Institute for the Study of Societies
  • Abstract: Economists assume increased producer flexibility creates production advantages. So why do inefficient French quality wine producers dominate their flexible, efficient Italian counterparts? French AOC wine producers created “corporatist” producer organizations which served three purposes: encouraged increased product quality information across the supply chain; allowed for the emergence of a unique production style; and enabled producers to define their production methods as “quality” via state regulation. Italian DOC wine producers have fragmented political structures at both the regional and national levels, causing producers to rely more on the price mechanism and less on political structures to coordinate supply chain transactions. Market asymmetries persist across the supply chain, making it difficult for producers to guarantee quality and adversely shaping their potential production and brand strategies. Solving supply chain problems through representative political institutions yields superior economic outcomes than uncoordinated market transactions because the former corrects market power asymmetries.
  • Topic: Economics, International Trade and Finance, Markets, Politics, Regulation
  • Political Geography: France, Italy, Global Focus
  • Author: Jennifer L. Erickson
  • Publication Date: 05-2015
  • Content Type: Book
  • Institution: Columbia University Press
  • Abstract: The United Nations's groundbreaking Arms Trade Treaty (ATT), which went into effect in 2014, sets legally binding standards to regulate global arms exports and reflects the growing concerns toward the significant role that small and major conventional arms play in perpetuating human rights violations, conflict, and societal instability worldwide. Many countries that once staunchly opposed shared export controls and their perceived threat to political and economic autonomy are now beginning to embrace numerous agreements, such as the ATT and the EU Code of Conduct. Jennifer L. Erickson explores the reasons top arms-exporting democracies have put aside past sovereignty, security, and economic worries in favor of humanitarian arms transfer controls, and she follows the early effects of this about-face on export practice. She begins with a brief history of failed arms export control initiatives and then tracks arms transfer trends over time. Pinpointing the normative shifts in the 1990s that put humanitarian arms control on the table, she reveals that these states committed to these policies out of concern for their international reputations. She also highlights how arms trade scandals threaten domestic reputations and thus help improve compliance. Using statistical data and interviews conducted in France, Germany, Belgium, the United Kingdom, and the United States, Erickson challenges existing IR theories of state behavior while providing insight into the role of reputation as a social mechanism and the importance of government transparency and accountability in generating compliance with new norms and rules.
  • Topic: Arms Control and Proliferation, Human Rights, International Trade and Finance, Treaties and Agreements, Weapons of Mass Destruction
  • Political Geography: Global Focus
  • Publication Identifier: 9780231170963
  • Publication Identifier Type: ISBN
  • Author: Caroline Freund, Sarah Oliver
  • Publication Date: 06-2015
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Regulatory standards protect consumers from defective products, but they impede trade when they differ across countries. The Transatlantic Trade and Investment Partnership (TTIP) seeks to reduce distortions in the automobile and other industries. Freund and Oliver evaluate the equivalence of automobile regulations in the United States and the European Union in terms of catastrophe avoidance and estimate the trade gains from harmonization. The UN 1958 Agreement on automobiles, which harmonizes regulations among signatories, is used to quantify the trade effect of regulatory convergence. The removal of regulatory differences in autos is estimated to increase trade by 20 percent or more. The effect on trade from harmonizing standards is only slightly smaller than the effect of EU accession on auto trade. The large economic gains from regulatory harmonization imply that TTIP has the potential to improve productivity while lowering prices and enhancing variety for consumers.
  • Topic: Economics, International Trade and Finance, Treaties and Agreements, European Union
  • Political Geography: Global Focus
  • Author: David Manley
  • Publication Date: 10-2015
  • Content Type: Policy Brief
  • Institution: Natural Resource Governance Institute
  • Abstract: There has rarely been as large a commodity boom, with such resounding effects, as the one that has recently ended. Policy makers and commentators saw the boom as an opportunity to pull hundreds of millions of people out of poverty. But, after the crash of commodity prices, one might ask whether this opportunity been largely missed. Policymakers and citizens of resource-rich countries should draw lessons from the experience and ascertain what risks and opportunities they now face in a period of depressed prices. To contribute to this thinking, NRGI gathered more than 180 experts for two days of discussion at St. Catherine’s College, Oxford, in June 2015. Key questions addressed in this conference summary paper include: Were countries prepared for the bust? Was a lack of accountability and transparency really to blame for countries’ poor resource governance efforts? How can transparency be more useful? Has the price slump closed the door on new investment? Is there a “race to the bottom” to stem capital flight? Can we turn the crisis into an opportunity?
  • Topic: Development, International Trade and Finance, Oil, Poverty, Natural Resources, Financial Crisis
  • Political Geography: Global Focus
  • Publication Date: 10-2015
  • Content Type: Policy Brief
  • Institution: Natural Resource Governance Institute
  • Abstract: Commodity trading and the activities of trading companies influence economic and governance outcomes in developing countries. Typically privately owned with flexible business models, many trading companies work extensively in “high-risk” environments – including countries with weak institutions, conflicts or other challenges that scare away more risk-averse companies. Given the size of this footprint, and its prevalence in countries with high levels of corruption or poverty (or both), the quality of trading companies’ business practices is of serious concern. Trading companies play several roles through which they influence public institutions and public revenues, and they frequently build close relationships with top officials and political elites. They are major buyers of raw materials sold by governments and state-owned companies worldwide, and these transactions generate significant public revenues. Traders also provide large loans to governments, sell refined products, and enter into joint ventures with state-owned entities. They are expanding their upstream and downstream operations in developing countries as well.
  • Topic: Economics, International Trade and Finance, Natural Resources, Governance
  • Political Geography: Global Focus
  • Author: Aaron Sayne, Erica Westenberg, Amir Shafaie
  • Publication Date: 08-2015
  • Content Type: Policy Brief
  • Institution: Natural Resource Governance Institute
  • Abstract: Global interest in ownership transparency is growing, with the G8 adopting principles on beneficial ownership; a dozen EITI countries participating in a beneficial ownership pilot; and the US, UK and EU taking steps toward making more beneficial ownership information available. The aim of such initiatives is to shed light on secret ownership structures that enable some extractive companies to evade tax payments or hide improper relationships with government officials. While a complex and opaque ownership structure is no sure sign that an extractives company is engaging in financial misconduct, the publication of beneficial ownership information can help to deter improper practices and enable detection. This briefing explores options open to countries for collecting, publishing and using information on the beneficial owners of oil, gas and mining companies. It provides background on how beneficial ownership works in the extractive industries and why it matters. The briefing also offers governments, companies and civil society members a framework for deciding what information to publish, and considers the critical question of what more disclosure could realistically achieve.
  • Topic: Industrial Policy, International Cooperation, International Trade and Finance, Oil, Natural Resources
  • Political Geography: Global Focus
  • Author: Domenico Lombardi , Kelsey Shantz
  • Publication Date: 11-2015
  • Content Type: Policy Brief
  • Institution: Centre for International Governance Innovation
  • Abstract: The annual CIGI Survey of Progress in International Economic Governance assesses progress in five areas of international economic governance: macroeconomic and financial cooperation; cooperation on financial regulation; cooperation on development; cooperation on trade; and cooperation on climate change. In this year’s survey, 31 CIGI experts conclude that international economic arrangements continue to show a level of “status quo,” averaging a score of 50% across all five areas. The 2015 survey indicates a slight improvement to the result of last year’s survey, which suggested a minimal regression overall. The experts’ assessment of progress was most promising in the area of climate change cooperation, with an average score of 57%, whereas the least promising area was macroeconomic and financial cooperation, with a score of 44%, indicating minimal regression. The remaining three areas polled all fell within the “status quo” range, with trade at 46%, development at 48% and international cooperation on financial regulation at 53%. Interestingly, in the area of cooperation on development, CIGI’s experts provided a relatively mixed assessment. Responses varied based on experts’ perception of the effectiveness of current rhetoric, from 70% (indicating some progress) to 10% (suggesting major regression). Compared to last year, climate change governance has made the greatest improvement, but the remaining three areas (with the exception of development, which was not included in the 2014 survey) have all, on average, regressed further or remained stagnant. This trend is cause for concern.
  • Topic: Climate Change, Development, Economics, International Cooperation, International Trade and Finance
  • Political Geography: Global Focus
  • Author: Tomas Hellebrandt, Paolo Mauro
  • Publication Date: 12-2015
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: In the next two decades, hundreds of millions of people in emerging economies are projected to reach income levels at which they will be able to afford cars and air travel. As purchasing power increases worldwide, people will spend proportionately less on food and beverages and more on transportation. Higher spending on transportation, especially in China, India, and Sub-Saharan Africa, will increase pressures on the infrastructure in these economies and aggravate global climate change. Governments will need to respond to these challenges in a fiscally sustainable and environmentally responsible way.
  • Topic: Emerging Markets, International Trade and Finance, Politics, Economies
  • Political Geography: Global Focus
  • Author: Céline Bak
  • Publication Date: 10-2015
  • Content Type: Policy Brief
  • Institution: Centre for International Governance Innovation
  • Abstract: Reporting on global trade in environmental goods would provide a comprehensive lens into diversification that will be needed for the transition to low-carbon economies, help countries benchmark the shorter- and longer-term impact of policies such as regulation and fiscal stimulus targeted at green growth, as well as innovation, and strengthen the G20 leaders’ commitment to inclusive and sustainable growth by providing visibility into the pace of investments to address climate change.
  • Topic: Climate Change, Economics, International Trade and Finance, G20
  • Political Geography: Global Focus
  • Author: Penelope Hawkins, Olaf Weber
  • Publication Date: 09-2015
  • Content Type: Policy Brief
  • Institution: Centre for International Governance Innovation
  • Abstract: One of the most important and topical discussions within the global multilateral arena is the challenge of meeting the world’s climate finance needs in order to reduce carbon emissions to sustainable levels and support adaptation strategies. The mobilization of finance is key in supporting the transition away from traditional high-carbon or business-as-usual economic pathways toward low-carbon, climate-resilient economic systems. A conference, Global Sustainability, Climate Change and Finance Policy, organized by the Centre for International Governance Innovation and the South African Institute for International Affairs and held in Johannesburg from July 1 to July 3, considered aspects of the debate.
  • Topic: Climate Change, Economics, Environment, International Trade and Finance
  • Political Geography: Global Focus
  • Publication Date: 01-2015
  • Content Type: Policy Brief
  • Institution: Aspen Institute
  • Abstract: In New York City on October 16-17, 2014, the Aspen Institute Business & Society Program hosted a Symposium focused on exemplary teaching at the business and society interface with a particular emphasis on sourcing and employment practices-leveraging increased consumer demand for "responsible" labor practices and supply chains, and employer demand for graduates with strong operational skills. This meeting brought together an impressive roster of corporate, academic and non-profit leaders, and identified ways for business schools to effectively prepare future leaders for the challenges of our complex economy, and to lead companies in ways that help build a vibrant economy for all.
  • Topic: Economics, Education, International Trade and Finance, Politics, Labor Issues
  • Political Geography: Global Focus
  • Author: Domenico Lombardi , Kelsey Shanty
  • Publication Date: 11-2015
  • Content Type: Policy Brief
  • Institution: Centre for International Governance Innovation
  • Abstract: The annual CIGI Survey of Progress in International Economic Governance assesses progress in five areas of international economic governance: macroeconomic and financial cooperation; cooperation on financial regulation; cooperation on development; cooperation on trade; and cooperation on climate change. In this year’s survey, 31 CIGI experts conclude that international economic arrangements continue to show a level of “status quo,” averaging a score of 50% across all five areas. The 2015 survey indicates a slight improvement to the result of last year’s survey, which suggested a minimal regression overall. The experts’ assessment of progress was most promising in the area of climate change cooperation, with an average score of 57%, whereas the least promising area was macroeconomic and financial cooperation, with a score of 44%, indicating minimal regression. The remaining three areas polled all fell within the “status quo” range, with trade at 46%, development at 48% and international cooperation on financial regulation at 53%. Interestingly, in the area of cooperation on development, CIGI’s experts provided a relatively mixed assessment. Responses varied based on experts’ perception of the effectiveness of current rhetoric, from 70% (indicating some progress) to 10% (suggesting major regression). Compared to last year, climate change governance has made the greatest improvement, but the remaining three areas (with the exception of development, which was not included in the 2014 survey) have all, on average, regressed further or remained stagnant. This trend is cause for concern.
  • Topic: Climate Change, Development, International Political Economy, International Trade and Finance, Financial Crisis
  • Political Geography: Global Focus
  • Author: Rachel Silverman, Mead Over, Sebastian Bauhoff
  • Publication Date: 12-2015
  • Content Type: Special Report
  • Institution: Center for Global Development
  • Abstract: Founded in 2002, the Global Fund to Fight AIDS, Tuberculosis and Malaria (the Global Fund) is one of the world’s largest multilateral health funders, disbursing $3–$4 billion a year across 100-plus countries. Many of these countries rely on Global Fund monies to finance their respective disease responses—and for their citizens, the efficient and effective use of Global Fund monies can be the difference between life and death. Many researchers and policymakers have hypothesized that models tying grant payments to achieved and verified results—referred to in this report as next generation financing models—offer an opportunity for the Global Fund to push forward its strategic interests and accelerate the impact of its investments. Free from year-to-year disbursement pressure (like government agencies) and rigid allocation policies (like the World Bank’s International Development Association), the Global Fund is also uniquely equipped to push forward innovative financing models. But despite interest, the how of new grant designs remains a challenge. Realizing their potential requires technical know-how and careful, strategic decisionmaking that responds to specific country and epidemiological contexts—all with little evidence or experience to guide the way. This report thus addresses the how of next generation financing models—that is, the concrete steps needed to change the basis of payment from expenses to something else: outputs, outcomes, or impact. For example, when and why is changing the basis of payment a good idea? What are the right indicators and results to purchase from grantees? How much and how should grantees be remunerated for their achievements? How can the Global Fund verify that the basis of payment is sound—that the reported results are accurate and reliable and represent real progress against disease control goals? And what is needed to protect communities against coercion or other human rights abuses, ensuring that these new incentives do not drive unintended consequences?
  • Topic: International Trade and Finance, Global Political Economy
  • Political Geography: Global Focus
  • Publication Date: 12-2015
  • Content Type: Special Report
  • Institution: Center for Global Development
  • Abstract: Most money and responsibility for health in large federal countries like India rests with subnational governments — states, provinces, districts, and municipalities. The policies and spending at the subnational level affect the pace, scale, and equity of health improvements in countries that account for much of the world’s disease burden: India, Indonesia, Nigeria, and Pakistan. Fiscal transfers between levels of government can — but do not always — play an important role in turning money into outcomes at the subnational level. Well designed, transfers can help put states on a level financial playing field by equalizing spending across states and adjusting allocations for the health risks of each state’s population. Transfers can increase accountability and create incentives for greater spending or effectiveness in service delivery. But transfers are rarely designed with attention to their desired outcomes. To get to better outcomes, international experience suggests that transfers need to be reexamined and reformed along three dimensions. First, central government’s allocation of national revenues to subnational governments should respond to needs and population size. Second, transfers should generate incentives to improve subnational governments’ spending quality and performance on outcomes. Third, independent systems to monitor, evaluate, and provide feedback data on subnational performance can generate greater accountability to the central government, parliaments, and legislatures as well as to citizens. These insights are seemingly simple and suggestive, but each country starts from its own unique history that requires careful technical analysis and political savvy to define reforms with genuine potential to improve health.
  • Topic: International Political Economy, International Trade and Finance, Financial Markets
  • Political Geography: Global Focus
  • Author: Jan Schablitzki
  • Publication Date: 12-2014
  • Content Type: Working Paper
  • Institution: Institute for Development and Peace
  • Abstract: The Sixth BRICS Summit, held in July 2014 in Fortaleza, Brazil, resulted in agreements to establish a New Development Bank (NDB) as well as a Contingent Reserve Arrangement (CRA). This Policy Brief discusses the impact of the NDB on the existing architecture of development finance, focusing on the bank’s potential contribution to the BRICS’ South-South cooperation. The first section outlines the BRICS countries’ rational for establishing the NDB. In the following section potential development paradigms that are likely to be adopted by the NDB are addressed. Since no decision has been taken on the bank’s future governance, this section will be based on the experiences from the BRICS’ national development banks. Once the NDB’s governance is agreed upon, it will impact whether and to what extent the new bank will cooperate with the existing international system of development finance. A third section discusses the NDB’s potential appeal for the Global South. The Global South shares with the BRICS a disappointment with the existing system, and connects specific hopes and expectations with the foundation of the NDB. Examining the Banks effect on South-South cooperation, the section includes prospects on the Bank’s capital potential and by that its potential contribution to the prevalent demand for infrastructure financing in developing countries. A final section summarises the points made and aims to put the present perceptions of the NDB in rather cautious perspectives.
  • Topic: Economics, International Trade and Finance, Infrastructure, Developing World
  • Political Geography: Global Focus
  • Author: Jens Beckert, Jörg Rössel, Patrick Schenck
  • Publication Date: 03-2014
  • Content Type: Working Paper
  • Institution: Max Planck Institute for the Study of Societies
  • Abstract: Understanding the valuation of goods in markets has become one of the key topics in economic sociology in recent years. Especially in markets for goods that are valued for their aesthetic qualities, the ascription of value appears to be a complex social process because product quality is highly uncertain. The wine market is an extraordinary example because most consumers and even experts are not able to differentiate between wines based on objective sensory characteristics and cannot rank wines in blind tastings according to their price. Our premise is that assessed quality differences cannot be explained by the sensual qualities of the wine. Instead, we explain variations in valuation by social processes in which quality is constructed and contested. To do so we make use of Bourdieu’s field theoretical perspective, which is strongly supported in our empirical analysis of the German wine field. It shows that his model of the structure of fields has considerable power in explaining price differentiation between wineries and that the orientation of consumers towards different segments of the field is based on class hierarchy.
  • Topic: Economics, International Trade and Finance, Markets, Food, Sociology
  • Political Geography: Global Focus
  • Author: Rajrishi Singhal
  • Publication Date: 10-2014
  • Content Type: Special Report
  • Institution: Gateway House: Indian Council on Global Relation
  • Abstract: India’s decision to block the Trade Facilitation Agreement at the World Trade Organisation in July was perplexing; the confusion was compounded because India was almost alone in its position. This policy perspective explains the reasons for India’s curious stand
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: India, Global Focus
  • Author: Claudio Contador
  • Publication Date: 07-2014
  • Content Type: Special Report
  • Institution: Brazilian Center for International Relations (CEBRI)
  • Abstract: The opening of the reinsurance market in Brazil finally took place in 2007, amidst euphoria and great expectations. The process lasted nearly two decades, with little movement, to the great frustration of the companies, international investors and, especially, the domestic insurance market, which was in need of modernization and less government involvement. The exhaustion of the nationalized reinsurance model created in 1939 was evident by the 1990s and became even more visible in that decade, in the face of opportunities for insurance offered by the large investments in infrastructure, and rural, environmental and disaster insurance, among others.
  • Topic: International Trade and Finance, Global Markets, Financial Markets, Global Political Economy
  • Political Geography: Brazil, Global Focus
  • Author: Haroldo Machado Filho, Thiago de Araújo Mendes
  • Publication Date: 02-2014
  • Content Type: Special Report
  • Institution: Brazilian Center for International Relations (CEBRI)
  • Abstract: Haroldo Machado Filho and Thiago Mendes introduce the reader to the complex architecture of international funding available for mitigation and adaptation to climate change. In a very consistent manner, the authors propose an analysis on the institutional and political context in which the creation and maintenance of these financial mechanisms occur. Emphasizing the truly global spatial scale of climate change, Machado Filho and Mendes highlight the importance of international cooperation to promote the transformation to a low-carbon world and with more resilient societies to climate change. However, the authors show that the negotiations in multilateral forums aimed at the question of financing have been marked by slow decision-making and the absence of clear rules that guide the implementation of the agreements.
  • Topic: Climate Change, International Trade and Finance, Climate Finance
  • Political Geography: Global Focus