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  • Author: Saori N. Katada
  • Publication Date: 05-2016
  • Content Type: Working Paper
  • Institution: East-West Center
  • Abstract: In 2015, two mega-initiatives took shape that will affect economic relations in the Asia-Pacific region: the US-promoted Trans-Pacific Partnership (TPP) trade agreement and the China-led Asian Infrastructure Investment Bank (AIIB). Although they address different needs, both are expected to have profound effects on Asia's economic governance in the near future, and will shape economic norms in the Asia Pacific and beyond. Japan has joined the TPP but stayed out of the AIIB, decisions that might seem counterintuitive considering its history of resisting trade liberalization and of promoting infrastructure investment. Is Japan simply favoring its US ally over rival China? Or is it that Japan's position on the TPP and AIIB aligns with its own economic priorities, and enhances its geo-economic advantage? With a US-China competition over economic ideas and regional strategies, Japan occupies a unique position that may allow it to influence the direction of Asia-Pacific economic governance, which is now being battled out by the two "titans."
  • Topic: Economics, International Trade and Finance, Political Economy, Treaties and Agreements
  • Political Geography: China, Asia
  • Author: Justyna Szczudlik
  • Publication Date: 02-2016
  • Content Type: Policy Brief
  • Institution: The Polish Institute of International Affairs
  • Abstract: Asia could be described as the world’s great construction site, and is already the focus of a scramble for infrastructure projects. Among countries competing for investments are not only China with its Silk Road initiative, but also Korea, Japan, India and ASEAN, which have prepared their own infrastructural strategies. The plethora of initiatives may have a positive impact on Asia, offering diverse solutions to the infrastructural bottleneck and reforms of existing institutions and modes of assistance. But there is also the risk that fierce competition may result in unprofitable projects, while economic slowdown could cause a decline in funding. For Europe these initiatives create opportunities to take part in new projects, but the EU should be aware that the projects will be implemented mainly in Asia and by Asian countries.
  • Topic: Economics, International Trade and Finance, Infrastructure, Reform
  • Political Geography: Asia
  • 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
  • Author: Victor D. Cha, Michael J. Green, Nicholas Szechenyi
  • Publication Date: 01-2015
  • Content Type: Working Paper
  • Institution: Center for Strategic and International Studies
  • Abstract: Opinion surveys demonstrate that a majority of Americans consider Asia the most important region to U.S. interests and a majority of Asian experts support the Obama administration's goal of a “pivot” or “rebalance” to the Asia-Pacific region.1 Yet doubts have also grown about whether the pivot can be sustained by a president politically weakened by the 2014 midterm results, constrained by budget sequestration, and pulled into crises from Ukraine to Iraq and Iran. On issues from immigration to Cuba policy, the Obama administration and the incoming Republican Congress appear set for confrontation. Yet Asia policy remains largely bipartisan—perhaps the most bipartisan foreign policy issue in Washington. It is therefore critical—and practical— to ask that the White House and the Republican leadership in the Congress chart a common course on policy toward Asia for the next two years. This report outlines concrete areas for action on trade, China, defense, Korea, India, and Southeast Asia.
  • Topic: Diplomacy, Economics, International Trade and Finance, Politics
  • Political Geography: Asia
  • Author: Rajeswari Sengupta, Abhuit Sen Gupta
  • Publication Date: 04-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Gross capital inflows and outflows to and from emerging market economies have witnessed a significant increase since the early 2000s. This rapid increase in the volume of flows, accompanied by sharp swings in volatility, has amplified the complexity of macroeconomic management in emerging economies. This paper focuses on capital flows in selected emerging Asian economies, analyzing surge and stop episodes as well as changes in the composition of flows across these episodes, then evaluating the policy measures undertaken by these economies in response to the surge and stop of capital flows. This kind of analysis is highly relevant, especially at a time when emerging economies around the world are facing the repercussions of a potential monetary policy normalization in the United States and continuing quantitative easing measures by the European Central Bank, either of which could once again heighten the volatility of cross-border capital flows, thereby posing renewed macroeconomic challenges for major EMEs.
  • Topic: Economics, Emerging Markets, International Trade and Finance, Monetary Policy
  • Political Geography: Asia
  • Author: Adam S. Posen, Nicolas Veron
  • Publication Date: 09-2015
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: Given no generally accepted framework for financial stability, policymakers in developing Asia need to manage, not avoid, financial deepening. This paper supports Asian policymakers' judgment through analysis of the recent events in the United States and Europe and of earlier crisis episodes, including Asia during the 1990s. There is no simple linear relationship between financial repression and stability—financial repression not only has costs but, so doing can itself undermine stability. Bank-centric financial systems are not inherently safer than systems that include meaningful roles for securities and capital markets. Domestic financial systems should be steadily diversified in terms of both number of domestic competitors and types of savings and lending instruments available (and thus probably types of institutions). Financial repression should be focused on regulating the activities of financial intermediaries, not on compressing interest rates for domestic savers. Cross-border lending should primarily involve creation of multinational banks' subsidiaries in the local economy—and local currency lending and bond issuance should be encouraged. Macroprudential tools can be useful, and, if anything, are more effective in less open or less financially deep economies than in more advanced financial centers.
  • Topic: Economics, International Trade and Finance, Markets, Politics
  • Political Geography: Asia
  • Author: Daniele Fattibene
  • Publication Date: 11-2015
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: Russia’s “pivot to Asia” has come to the fore in the wake of the crisis over Ukraine. Growing tensions with the West over the common neighbourhood, coupled with economic sanctions, have accelerated this trend, with China gaining in strength as both an economic and military partner to Moscow. The Kremlin’s propaganda has sought to convince the broader public that Russia’s strategies in Eastern Europe, Central Asia and the Arctic region are a complement to China’s new Silk Road Economic Belt. Nonetheless, behind the headlines huge potential problems jeopardise the emergence of a durable Sino-Russian consensus in Eurasia. Against this backdrop, the EU should opt for “strategic patience.” This would be a far more effective policy choice than finger pointing, which only deepens the mutual ideological clash between the EU and Russia.
  • Topic: Diplomacy, Economics, International Trade and Finance, Bilateral Relations, Sanctions
  • Political Geography: Russia, China, Asia
  • Publication Identifier: 978-88-98650-69-9
  • Publication Identifier Type: DOI
  • Author: Tomas Hellebrandt, Paolo Mauro
  • Publication Date: 04-2015
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: Over the next two decades the structure of world population and income will undergo profound changes. Global income inequality is projected to decline further in 2035, largely owing to rapid economic growth in the emerging-market economies. The potential pool of consumers worldwide will expand significantly, with the largest net gains in the developing and emerging-market economies. The number of people earning between US$1,144 and US$3,252 per year in 2013 prices in purchasing power parity terms will increase by around 500 million, with the largest gains in Sub-Saharan Africa and India; those earning between US$3,252 and US$8,874 per year in 2013 prices will increase by almost 1 billion, with the largest gains in India and Sub-Saharan Africa; and those earning more than US$8,874 per year will increase by 1.2 billion, with the largest gains in China and the advanced economies.
  • Topic: Economics, Emerging Markets, Globalization, Labor Issues
  • Political Geography: Africa, Asia
  • Author: Ajai Chopra
  • Publication Date: 03-2015
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: Growth in developing Asia will need to rely more on improvements in productivity growth and less on capital deepening. Although there is no single reform path to spur productivity growth, financial system deepening is central to a more efficient allocation of capital across sectors and can facilitate innovation and technology transfer. But malfunctioning financial systems can also result in the misallocation of resources, making it important that policymakers focus less on increasing the size of the financial sector and more on improving its intermediation function. Chopra discusses the steps to mobilize Asia's ample private savings for long-term financing, especially to tackle the region's infrastructure deficit and improve access to financing for small and medium enterprises, which can help raise productivity. As many countries in Asia shift from a development model based on technology absorption to one that promotes innovation, specialized finance and investors can play a critical role in allowing innovative firms to conduct research, adopt technologies necessary for inventions, and ultimately commercialize innovations.
  • Topic: Economics, International Trade and Finance, Markets, Science and Technology
  • Political Geography: Asia
  • Author: William R. Cline
  • Publication Date: 03-2015
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: The financial sectors in Asian emerging-market economies are now relatively unlikely to provoke new financial crises, either because of reforms after the East Asian financial crisis in the later 1990s or because of the dominance of state-owned banks not subject to bank runs. Financial intermediation is surprisingly high and is consistent with higher rates of saving and investment and hence growth in the main economies of the region (as compared to, say, counterparts in Latin America). Nonetheless, there are sharply diverging patterns (e.g., high foreign ownership of banks in Korea versus minimal presence in China) and differing national structures (bank dominated, portfolio oriented, and diversified) within Asia. Cline recommends establishing long-term plans to improve efficiency in state-owned banks or reduce their dominance and pursuing bank capitalization targets at least as ambitious as those of Basel III. Cline also calls for ensuring adequate regulation of growing nonbank intermediaries, reversing a recent trend toward national barriers to foreign banks in some economies, and improving the legal security of bank regulators.
  • Topic: Economics, Emerging Markets, Financial Crisis, Reform
  • Political Geography: Asia
  • Author: Zhao Minghao
  • Publication Date: 10-2015
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: The European Council has mandated the High Representative of the Union for Foreign Affairs and Security Policy, Federica Mogherini, to draft a Global Strategy by June 2016. Given Europe’s status as a global power, such a strategy must respond to Europe’s own challenges as well as to the new grand strategies of other major players in world politics, like China. To better understand the central tenets of the Chinese leadership’s strategic thinking, two keywords are most important – the “Four Comprehensives” and the “One Belt and One Road” (OBOR). As an initiative mainly focusing on promoting Eurasian integration and reshaping Chinese geo-economic advantages, the OBOR is highly consequential to China’s interactions with Europe and the rest of the world at large in the decades to come. How to take advantage of the OBOR, create new EU-China synergies, and tackle relevant challenges are questions the EU leaders should be attentive to.
  • Topic: Economics, International Cooperation, International Trade and Finance, Markets, Bilateral Relations
  • Political Geography: Europe, Asia
  • Publication Identifier: 978-88-98650-61-3
  • Publication Identifier Type: DOI
  • Author: Roman Muzalevsky
  • Publication Date: 07-2015
  • Content Type: Working Paper
  • Institution: The Strategic Studies Institute of the U.S. Army War College
  • Abstract: China’s emergence as a global actor has questioned the position of the United States as the strongest power and the future of the Washington-led global order. To achieve the status of a truly global player wielding influence in all dimensions of power would require China to leverage its regional influence in Central Asia. This region is increasingly representing China’s western leg of economic expansion and development, and is of a growing strategic importance for Beijing. It is also a region that should be of greater strategic importance to Washington, which seeks to preserve its leading position in the international system and ensure China’s peaceful integration in the global political, security, and economic architecture.
  • Topic: Economics, International Cooperation, International Trade and Finance, Hegemony, Global Markets, Global Security
  • Political Geography: China, Eurasia, Asia
  • Author: Dylan Kissane
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: Central European University Political Science Journal
  • Institution: Central European University
  • Abstract: If there is one issue in contemporary international relations that continues to provoke interest in academic and policy making circles alike it is how states, regions and the world should react to a rising China. While the influence of the People's Republic is being felt from Africa and the Global South through to the developed economies of North America and Europe, it is in East Asia where a re-emerging China has most focused the minds of diplomats and strategists, leaders and scholars and, indeed, the military men and women who must navigate this increasingly precarious great power polity. Within this East Asian context this new volume by David Martin Jones, Nicholas Khoo and MLR Smith delivers thoughtful and attentive analysis to the problem of responding to China's rise. The book is neither a historical account of the rise of China, though it does offer sufficient historical contextualisation for the reader, or another collection of prescriptive policy suggestions, though there are clear conclusions made about which regional and state strategies have best dealt with the rise of the Sinic superpower. Instead, this book is a theoretically informed, consistently argued and well written account of how states in a broadly defined East Asia have and continue to react to the changing security environment that confronts them in the first decades of the twenty-first century.
  • Topic: International Relations, Security, Economics, Environment
  • Political Geography: Africa, China, America, Asia
  • Author: Ralph A. Cossa, Brad Glosserman
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: Comparative Connections
  • Institution: Center for Strategic and International Studies
  • Abstract: A trifecta of international gatherings – the Asia Pacific Economic Cooperation (APEC) Leaders Meeting in Beijing, the East Asia Summit (EAS) in Nay Pyi Taw, and the G-20 gathering in Brisbane – had heads of state from around the globe, including US President Barack Obama, flocking to the Asia-Pacific as 2014 was winding to a close. North Korea was not included in these confabs but its leaders (although not the paramount one) were taking their charm offensive almost everywhere else in an (unsuccessful) attempt to block a UN General Assembly resolution condemning Pyongyang's human rights record. More successful was Pyongyang's (alleged) attempt to undermine and embarrass Sony Studios to block the release of a Hollywood film featuring the assassination of Kim Jong Un.
  • Topic: Economics
  • Political Geography: Asia, North Korea
  • Author: Jeffrey Schott, Eujiin Jung, Cathleen Cimino-Isaacs
  • Publication Date: 12-2015
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Of all the free trade agreements (FTAs) concluded by Korea with its major trading partners since the turn of the century, the Korea-China FTA may be the largest in trade terms. It is, however, far from the best in terms of the depth of liberalization and the scope of obligations on trade and investment policies. Korea and China agreed to liberalize a large share of bilateral trade within 20 years, but both sides incorporated extensive exceptions to basic tariff reforms and deferred important market access negotiations on services and investment for several years. Political interests trumped economic objectives, and the negotiated outcome cut too many corners to achieve such a comprehensive result. The limited outcome in the Korea-China talks has two clear implications for economic integration among the northeast Asian countries. First, prospects for the ongoing China-Japan-Korea talks will be limited and unlikely to exceed the Korea-China outcome. Second, Korea and Japan need to strengthen their bilateral leg of the northeast Asian trilateral and the best way is by negotiating a deal in the context of the Trans-Pacific Partnership.
  • Topic: Economics, International Trade and Finance, Politics, Bilateral Relations
  • Political Geography: United States, China, Asia, Korea
  • Author: Marcus Noland
  • Publication Date: 11-2015
  • Content Type: Policy Brief
  • Institution: East-West Center
  • Abstract: Unconventional monetary policy (UMP) has had predictable effects. How exit plays out is scenario-dependent. Quantitative easing has had the predictable effect of encouraging currency depreciation and some partner countries may have attempted to offset these exchange rate effects. Korea presents a particularly interesting case: it is relatively small and relatively open and integrated, in both trade and financial terms, with the United States and Japan, two practitioners of UMP. Authorities have acted to limit the won's appreciation primarily against the currency of China, not the US or Japan. Nevertheless, Korea's policy is a source of tension with the US. Under legislation currently being considered, the currency manipulation issue could potentially interfere with Korean efforts to attract direct investment from the US and create an obstacle to Korea joining the Trans-Pacific Partnership.
  • Topic: Economics, International Trade and Finance, Political Economy, Monetary Policy, Foreign Direct Investment
  • Political Geography: Asia
  • Author: Jon Dorsch
  • Publication Date: 09-2015
  • Content Type: Policy Brief
  • Institution: East-West Center
  • Abstract: At the end of 2015 the Association of Southeast Asian Nations (ASEAN) will announce the establishment of the ASEAN Economic Community (AEC). In theory, this agreement should produce an association-wide economic integration. However, following the announcement, and for the foreseeable future, ASEAN member states will continue in significantly less than full regional economic integration. Why? Some observers believe that the AEC plans involve an "overly ambitious timeline and too many ill-thought-out initiatives." Others point to ASEAN's traditional aversion to legally binding agreements. While progress has been made in reducing or eliminating intra-ASEAN trade tariffs, substantial non-tariff barriers to trade persist. However, for most member states, the ASEAN market is relatively small while external markets, especially China, are growing rapidly. Given this outward-orientation for ASEAN trade, is the lack of an unhindered regional market really a problem?
  • Topic: Economics, International Trade and Finance, Markets
  • Political Geography: China, Asia
  • Author: Erkan Erdogdu
  • Publication Date: 02-2014
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: The Southern Gas Corridor (SGC) is a European Commission initiative aimed at facilitating the diversification of the routes and sources of gas imported into Europe. This paper is devoted to the analysis of Turkey's role in this initiative. Following a summary of the current economic and energy situation in Turkey, the paper presents recent developments in the SGC and an analysis of Turkey's role in the EU's SGC vision. It concludes that although the newly-built infrastructure within the SGC framework will probably serve Azerbaijani and Turkish interests first in their future relations with the EU, rather than the other way round, as had been initially hoped by the EU, it still addresses the EU's basic strategic interests, namely, the diversification of gas supply routes and suppliers.
  • Topic: Economics, International Trade and Finance, Natural Resources
  • Political Geography: Russia, United Kingdom, Europe, Turkey, Asia, Netherlands
  • Author: Anthony H. Cordesman, Abdullah Toukan
  • Publication Date: 04-2014
  • Content Type: Working Paper
  • Institution: Center for Strategic and International Studies
  • Abstract: This study examines the key strategic risks that shape the stability and security of the Indian Ocean Region or IOR. This means examining risks that cut across a vast span of territory that directly affects both the global economy and some 32 nations–some within the limits of the Indian Ocean, but others that play a critical role in shaping the security of the nations in the IOR region and the security of its sea lanes and petroleum exports.
  • Topic: Development, Economics, Governance
  • Political Geography: India, Asia
  • Author: Bruce Jones, David Steven, Emily O'Brien
  • Publication Date: 04-2014
  • Content Type: Working Paper
  • Institution: Center on International Cooperation
  • Abstract: On December 16, 2013, Prince Turki bin Faisal Al Saud, Saudi Arabia's powerful former intelligence chief, gave an interview to the Wall Street Journal. He was speaking out after a turbulent four months in Middle East and Persian Gulf diplomacy, diplomacy that culminated in an interim nuclear deal between Iran and the major powers. Prince Turki, long a close friend to the United States, used the interview to blast American policy. He was critical of U.S. strategy in the region as a whole, but particularly vehement about leaving Saudi Arabia out of the loop as the United States engaged in secret bilateral diplomacy with Iran. "How can you build trust when you keep secrets from what are supposed to be your closest allies?" he fumed.
  • Topic: International Relations, Security, Economics, Energy Policy, International Trade and Finance, Oil
  • Political Geography: United States, Middle East, Asia
  • Author: Malcolm Cook
  • Publication Date: 01-2014
  • Content Type: Working Paper
  • Institution: Lowy Institute for International Policy
  • Abstract: Northeast Asia is one of the most important crucibles of global economic and strategic change, and it is far from a stable one. The modern histories of China, Japan and South Korea were forged by Japan's colonisation of China and Korea and the Korean War that divided the peninsula and saw China on the side of North Korea and Japan on the side of South Korea. This recent history has left the bilateral relations on each side of this turbulent triangle strained by a lack of trust, popular antipathy and unresolved territorial disputes. As noted in the project's Beijing workshop, the stalled trilateral free trade agreement negotiations between the three Northeast Asian neighbours, launched with great hope in 1997, have been the victim of this turbulence and strain.
  • Topic: International Relations, Economics, Human Rights, Bilateral Relations, Territorial Disputes
  • Political Geography: Japan, China, Asia, North America
  • Author: Nick Holdstock
  • Publication Date: 04-2014
  • Content Type: Working Paper
  • Institution: Norwegian Centre for Conflict Resolution
  • Abstract: On March 1st 2014 a knife-wielding group of ten people attacked passengers and passers-by in the railway station in Kunming, capital of China's south-western Yunnan province. Twenty-eight were killed and 113 injured. By the following day the government was describing the incident as a "separatist" attack perpetrated by "terrorists from Xinjiang". The attack in Kunming is the latest in a series of violent incidents in China that the government attributes to radical Islamist organisations that aim to promote what it calls the "Three Evils" of "terrorism, separatism and religious extremism". These acts have predominantly occurred in China's far western Xinjiang region, most recently in January and February 2014. Incidents in other parts of China have been attributed to the same forces.
  • Topic: Political Violence, Communism, Economics, Human Rights, Islam
  • Political Geography: China, Asia
  • Author: Chris Alden
  • Publication Date: 03-2014
  • Content Type: Working Paper
  • Institution: Norwegian Centre for Conflict Resolution
  • Abstract: China is on course to becoming more deeply involved in Africa's security landscape. While the motivation behind Chinese involvement remains primarily economic, the growing exposure of its interests to the vagaries of African politics, as well as pressures to demonstrate greater global activism, are bringing about a reconsideration of Beijing's approach to the continent. China faces threats on three fronts to its standing in Africa: reputational risks derived from its assocation with certain governments; risks to its business interests posed by mecurial leaders and weak regulatory regimes; and risks faced by its citizens operating in unstable African environments. Addressing these concerns poses challenges for Beijing, whose desire to play a larger role in security often clashes with the complexities of doing so while preserving Chinese foreign policy principles and economic interests on the continent.
  • Topic: Economics, Human Rights, International Trade and Finance, Bilateral Relations
  • Political Geography: Africa, China, Asia
  • Author: Elling N. Tjønneland
  • Publication Date: 03-2014
  • Content Type: Working Paper
  • Institution: Norwegian Centre for Conflict Resolution
  • Abstract: Much has been written about the role of the rising or emerging powers and their accelerating economic engagement in Africa. Much less is known about how they contribute to or impact on the African peace and security agenda. This report takes a comparative look at the roles of China, India, Brazil and South African in relation to the African Union and its African Peace and Security Architecture. Each of these four countries has a distinct commercial and corporate approach to Africa, despite a shared political commitment to South-South cooperation. However, as they extend their economic engagement they are becoming more sensitive to insecurity and volatility. The Asian and Latin American countries, which traditionally have strongly emphasised non-intervention, are gradually becoming more involved in the African security agenda. They are increasingly concerned about their image and reputation and the security of their citizens and business interests, and are becoming more prepared to act multilaterally and to work with others in facilitating security and stability. As an African power, South Africa plays a more direct role and has emerged as a major architect of the continent's evolving peace and security architecture. This report summarises elements from a broader research project on rising powers and the African peace and security agenda undertaken by CMI in cooperation with NOREF.
  • Topic: Economics, Human Rights, International Cooperation, Regional Cooperation, International Security
  • Political Geography: Africa, India, Asia, South Africa, Brazil, Latin America
  • Author: Wai-Mun Chia, Pradumna B. Rana
  • Publication Date: 05-2014
  • Content Type: Working Paper
  • Institution: S. Rajaratnam School of International Studies
  • Abstract: This paper argues that contrary to popular belief, in the bygone era, there was not one but two Silk Roads in Asia - the Northern and the less well-known South-western Silk Road (SSR). The SSR connected South/Central Asia with southern China and present day Association of Southeast Asian Nations (ASEAN). After enjoying a rich history of around 1,600 years, the Silk Roads went into disrepair. Now, for various economic, security, and political reasons, land connectivity is once again making a comeback in Asia. These include the (i) "Go West" and the recent "New Silk Roads" policies of China; (ii) "Look East" policies of South Asia; (iii) opening of Myanmar, a node between South Asia and East Asia; and (iv) growing importance of supply-chain trade. The focus has, however, been mainly on reviving the Northern Silk Road with relatively few actions being initiated to revive the SSR. Mirroring the on-going efforts in the Greater Mekong Sub-region and the Central Asian region, this paper proposes four economic corridors for Pan-Asian connectivity that is to connect South/Central Asia with southern China and ASEAN. The paper argues that the revival of land connectivity in Asia is making Maritime Asia of the past, more continental-based. One implication is that regional institutions focusing solely on Maritime Asia, such as the Asia Pacific Economic Cooperation (APEC), may be losing some of their relevance vis-à-vis say the more continental-based China-led Shanghai Cooperation Organization. The other is that the influence of the West in Asia's security may be declining relative to that of China, India, and Russia.
  • Topic: Economics, International Trade and Finance, Regional Cooperation
  • Political Geography: South Asia, Central Asia, Asia
  • Author: Rohinton Medhora, David Malone
  • Publication Date: 05-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The familiar world of international organizations principally devoted to development has been upended by two phenomena. First is the emergence of sustained economic success in the developing world (mostly in Asia, but increasingly also in Africa and, in a less spectacular way, Latin America) amid compelling, continuing need among the world's poor. Second, the slow-moving, serious financial and economic crisis of the industrialized world since 2008 has reordered priorities in many of their capitals toward domestic spending and away from costly international projects.
  • Topic: Development, Economics, International Cooperation, International Organization, Financial Crisis
  • Political Geography: Africa, Asia, United Nations, Latin America
  • Author: Daniel H. Rosen, Thilo Hanemann
  • Publication Date: 04-2014
  • Content Type: Working Paper
  • Institution: Asia Society
  • Abstract: WHILE CHINA STARTED INVESTING AROUND THE WORLD in the early 2000s, the first waves of Chinese overseas investment targeted mostly extractive mining activities in developing countries and resource-rich advanced economies such as Australia and Canada. Over the past five years, however, Chinese capital has begun to flow into non-extractive sectors in advanced economies, increasingly targeting technology- and innovation-intensive industries. Initially, the surge of Chinese outward foreign direct investment (OFDI) in the United States largely responded to opportunities in energy and real estate, but access to technology and innovation is now becoming an important driver. In the first quarter of 2014 alone, Chinese investors announced high-tech deals worth more than $6 billion, including the takeovers of Motorola Mobility, IBM's x86 server unit, and electric carmaker Fisker.
  • Topic: Economics, International Trade and Finance, Foreign Direct Investment
  • Political Geography: China, America, Canada, Asia, Australia
  • Author: James A. Haley
  • Publication Date: 05-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Ten years ago, in the wake of the Asian financial crisis and subsequent Argentine default, the international community debated how to best promote the timely, effective restructuring of sovereign debt. The debate then focused largely on the relative merits of a so-called statutory approach for sovereign restructurings, with features of domestic bankruptcy regimes, versus the voluntary use of contractual terms designed to facilitate restructurings. At the time, the statutory approach did not have the support necessary to move from proposal to policy and efforts to improve the framework of sovereign debt restructuring rested on the contractual approach.
  • Topic: Economics, International Trade and Finance, Financial Crisis
  • Political Geography: Asia
  • Author: Ashley J. Tellis
  • Publication Date: 01-2014
  • Content Type: Working Paper
  • Institution: Carnegie Endowment for International Peace
  • Abstract: China is poised to become a major strategic rival to the United States. Whether or not Beijing intends to challenge Washington's primacy, its economic boom and growing national ambitions make competition inevitable. And as China rises, American power will diminish in relative terms, threatening the foundations of the U.S.-backed global order that has engendered unprecedented prosperity worldwide. To avoid this costly outcome, Washington needs a novel strategy to balance China without containing it.
  • Topic: Foreign Policy, Economics, Military Strategy
  • Political Geography: United States, China, America, Washington, Asia
  • Author: Shuja Nawaz, Mohan Guruswamy
  • Publication Date: 04-2014
  • Content Type: Working Paper
  • Institution: Atlantic Council
  • Abstract: India and Pakistan, born out of a single British-ruled entity in 1947, have continued an implacable rivalry marked by periodic wars and hostilities as well as through proxies. This unending conflict has led them to invest heavily in their militaries and even to choose nuclear weaponry as a deterrence on the part of Pakistan toward India and on India's part toward both Pakistan and China. Although there have been occasional moves toward confidence building measures and most recently toward more open borders for trade, deep mistrust and suspicion mark this sibling rivalry. Their mutual fears have fuelled an arms race, even though increasingly civil society actors now appear to favor rapprochement and some sort of an entente. The question is whether these new trends will help diminish the military spending on both sides.
  • Topic: Security, Foreign Policy, Economics, International Trade and Finance, Reform
  • Political Geography: Pakistan, China, India, Asia, Southeast Asia
  • Author: Michael Emerson
  • Publication Date: 07-2014
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: This paper looks at the trade policy landscape of the EU and the wider Europe, with a focus on issues arising from the signature on 27 June 2014 of Deep and Comprehensive Free Trade Agreements (DCFTAs) between the EU and three East European countries (Georgia, Moldova and Ukraine), and actual or prospective issues relating to the customs union of Belarus, Russia and Kazakhstan (BRK), and the Eurasian Economic Union whose founding treaty was signed on 29 May 2014.The huge expansion of intercontinental free trade area negotiations currently underway, in which the EU is an active participant alongside much of the Americas and Asia, stands in contrast with Russia's choice to restrict itself to the Eurasian Economic Union, which is only a marginal extension of its own economy. Alone among the major economies in the world, Russia does not seek to integrate economically with any major economic bloc, which should be a matter of serious concern for Moscow. Within the wider Europe, the EU's DCFTAs with Ukraine, Moldova and Georgia are a major new development, but Russia now threatens trade sanctions against Ukraine in particular, the economic case for which seems unfounded and whose unilateral application would also impair the customs union.The Belarus-Russia-Kazakhstan customs union itself poses several issues of compatibility with the rules of the WTO, which in turn are viewed by the EU as an impediment to discussing possible free trade scenarios with the customs union, although currently there are far more fundamental political impediments to any consideration of such ideas. Nonetheless, this paper looks at various long-term scenarios, if only as a reminder that there could be much better alternatives to the present context of conflict around Ukraine.
  • Topic: Economics, International Trade and Finance, Treaties and Agreements
  • Political Geography: Russia, Europe, Ukraine, Kazakhstan, Asia
  • Author: Michael Emerson
  • Publication Date: 07-2014
  • Content Type: Working Paper
  • Institution: Centre for European Policy Studies
  • Abstract: This paper looks at the trade policy landscape of the EU and the wider Europe, with a focus on issues arising from the signature on 27 June 2014 of Deep and Comprehensive Free Trade Agreements (DCFTAs) between the EU and three East European countries (Georgia, Moldova and Ukraine), and actual or prospective issues relating to the customs union of Belarus, Russia and Kazakhstan (BRK), and the Eurasian Economic Union whose founding treaty was signed on 29 May 2014. While the contrived collision between these projects has tragically induced Russia to break all the established international security norms by waging war against Ukraine, the present paper deals essentially with trade policy issues. The huge expansion of intercontinental free trade area negotiations currently underway, in which the EU is an active participant alongside much of the Americas and Asia, stands in contrast with Russia's choice to restrict itself to the Eurasian Economic Union, which is only a marginal extension of its own economy. Alone among the major economies in the world, Russia does not seek to integrate economically with any major economic bloc, which should be a matter of serious concern for Moscow. Within the wider Europe, the EU's DCFTAs with Ukraine, Moldova and Georgia are a major new development, but Russia now threatens trade sanctions against Ukraine in particular, the economic case for which seems unfounded and whose unilateral application would also impair the customs union. The Belarus-Russia-Kazakhstan customs union itself poses several issues of compatibility with the rules of the WTO, which in turn are viewed by the EU as an impediment to discussing possible free trade scenarios with the customs union, although currently there are far more fundamental political impediments to any consideration of such ideas. Nonetheless this paper looks at various long-term scenarios, if only as a reminder that there could be much better alternatives to the present context of conflict around Ukraine.
  • Topic: Economics, International Trade and Finance
  • Political Geography: Russia, America, Europe, Ukraine, Kazakhstan, Asia, Georgia
  • Author: Wenhua Shan, Lu Wang
  • Publication Date: 08-2014
  • Content Type: Working Paper
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Since China and the European Union (EU) announced their decision to negotiate a bilateral investment treaty (BIT) at the 14th China-EU Summit in February 2012, the two sides have engaged in two rounds of negotiations. If successful, it will be the first standalone EU BIT, a BIT between the world's largest developed economy and the world's largest developing economy, and will occupy a unique place in the history of BIT negotiations.
  • Topic: Economics, International Trade and Finance, Bilateral Relations, Foreign Direct Investment
  • Political Geography: China, Europe, Asia
  • Author: Derek M. Scissors
  • Publication Date: 07-2014
  • Content Type: Working Paper
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Chinese foreign investment declined through mid-2014 for the first time since the financial crisis. By sector, energy draws the most investment, but a slump in energy spending means that metals and real estate have been more prominent so far in 2014. The United States has received the most Chinese investment since 2005, followed by Australia, Canada, and Brazil. China invests first in large, resource-rich nations but has also diversified by spending more than $200 billion elsewhere. Chinese investment benefits both China and the recipient nation, but host countries must consider thorny issues like Chinese cyberespionage and subsidies.
  • Topic: Economics, Human Rights, International Trade and Finance, Terrorism, Foreign Direct Investment
  • Political Geography: United States, China, Canada, Asia, Brazil, Australia
  • Author: Joshua Kurlantzick
  • Publication Date: 05-2014
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: Between the late 1980s and the late 2000s, many countries in Southeast Asia were viewed, by global democracy analysts and Southeast Asians themselves, as leading examples of democratization in the developing world. By the late 2000s, Thailand, Malaysia, Indonesia, the Philippines, and Singapore all were ranked as "free" or "partly free" by the monitoring organization Freedom House, while Cambodia and, perhaps most surprisingly, Myanmar had both taken sizable steps toward democracy as well. Yet since the late 2000s, Southeast Asia's democratization has stalled and, in some of the region's most economically and strategically important nations, gone into reverse. Over the past ten years, Thailand has undergone a rapid and severe regression from democracy and is now ruled by a junta. Malaysia's democratic institutions and culture have regressed as well, with the long-ruling Barisan Nasional (BN) coalition cracking down on dissent and trying to destroy what had been an emerging, and increasingly stable, two-party system. Singapore's transition toward contested politics has stalled. In Cambodia and Myanmar, hopes for dramatic democratic change have fizzled. Only the Philippines and Indonesia have stayed on track, but even in these two countries democratic consolidation is threatened by the persistence of graft, public distrust of democratic institutions, and continued meddling in politics by militaries.
  • Topic: Democratization, Economics, Human Rights
  • Political Geography: Asia, Southeast Asia
  • Author: Tang Xiaoyang
  • Publication Date: 08-2014
  • Content Type: Working Paper
  • Institution: Carnegie Endowment for International Peace
  • Abstract: Asian investors' impact on Africa's cotton, textile, and apparel sectors may have profound consequences for the continent's industrialization and development. As southeast African countries seek to industrialize and build indigenous cotton-textile-apparel value chains, the interactions between Asian—particularly Chinese—investors and African companies become more and more complex. Indeed, Asian investors present both a challenge to and an opportunity for local industries, and southeast African countries need a clear vision and tailored policies to make the most of the opportunities. Asian investors' impact on Africa's cotton, textile, and apparel sectors may have profound consequences for the continent's industrialization and development. As southeast African countries seek to industrialize and build indigenous cotton-textile-apparel value chains, the interactions between Asian-particularly Chinese-investors and African companies become more and more complex. Indeed, Asian investors present both a challenge to and an opportunity for local industries, and southeast African countries need a clear vision and tailored policies to make the most of the opportunities.
  • Topic: Economics, International Trade and Finance
  • Political Geography: Africa, Asia
  • Author: Innwon Park
  • Publication Date: 03-2014
  • Content Type: Working Paper
  • Institution: Norwegian Institute of International Affairs
  • Abstract: Both intra - and inter-regional trade agreements are proliferating in East Asia. Deepening regional interdependence through trade and investment, and the necessity for stability and revitalization of the regional economy since the East Asian financial crisis in the late 1990s led the East Asian countries to adopt discriminatory RTAs. Accordingly, East Asian commercial policy stance has shifted from unilateral to bilateral to mega-lateral liberalization. This report attempts to assess the East Asian countries' efforts to liberalize the regional market by cooperating with each other. We investigate (i) why RTAs have been proliferating in East Asia, (ii) what the main characteristics of East Asian RTAs are, (iii) whether the East Asian countries are natural trading partners for each other to enhance welfare gains from RTAs, and (iv) whither East Asian RTAs. From our analysis, we recommend following policy options. First, East Asian RTAs should follow an expansionary RTA path (for example, AFTA and five ASEAN+1 FTAs → RCEP and/or TPP → FTAAP). Second, as we consider the high dependence on external economies through global trade and investment, East Asia needs to cooperate with major external trading partners by forming cross-regional RTAs with the EU and US. Third, in order to enable East Asian economies to take the more desirable expansionary RTA path, harmonizing or simplifying ROO, the cumulation of value contents among the RTA members in East Asia, and enhancing trade facilitation should be a prerequisite considering the complicated web of RTAs, regional production networks, and the consolidation of the FTAAP.
  • Topic: Economics, International Trade and Finance, Regional Cooperation
  • Political Geography: East Asia, Asia
  • Author: Bowman Kimberly
  • Publication Date: 09-2014
  • Content Type: Working Paper
  • Institution: Oxfam Publishing
  • Abstract: This report summarizes an internal review of Women‟s Economic Leadership (WEL) programming in Asia. Conducted by an internal MEL advisor in 2013–2014, the review draws upon project documentation, evaluation reports, site visits and staff and partner interviews to try and reflect how WEL programming is being implemented by Oxfam and partners in Asia. Part of a formative evaluation activity, the report aims to help gather and consolidate good practice, based on what Oxfam project teams and partners have learned through recent experience and evaluation. There are at least four distinct topics covered in this report that may be of specific interest to readers.
  • Topic: Economics, Gender Issues, Sociology
  • Political Geography: Asia
  • Author: Robert Nalbandov
  • Publication Date: 06-2014
  • Content Type: Working Paper
  • Institution: The Strategic Studies Institute of the U.S. Army War College
  • Abstract: This monograph analyzes the interconnections between the democratic institutionalization of the newly independent states of Ukraine, Georgia, and Belarus, their political (in)stability, and economic development and prosperity. By introducing the concept of regime mimicry into the field of public administration, this monograph extends the epistemological frameworks of the democratization school to the phenomenon of political culture. Successes and failures of the democratic institutionalization processes in these countries largely depend on the ways their institutional actors reacted to internal and external disturbances of their domestic political, econmic, and cultural environments. While Georgia's political culture revealed the highest degree of flexibility in accepting the externally-proposed institutional frameworks and practices, the bifurcate political culture in Ukraine impeded its democratic institutionalization, while the rigid political culture in Belarus completely stalled the process of institutional transformations.
  • Topic: Democratization, Development, Economics
  • Political Geography: Ukraine, Asia, Georgia, Belarus
  • Author: Dieter Ernst
  • Publication Date: 10-2014
  • Content Type: Working Paper
  • Institution: East-West Center
  • Abstract: China's new strategy to upgrade its semiconductor industry (outlined in the "Guidelines to Promote National Integrated Circuit Industry Development," June 24, 2014), seeks to move from catching-up to forging ahead in semiconductors, by strengthening simultaneously China's integrated circuit (IC) design industry and domestic IC foundry services.
  • Topic: Economics, Globalization, Industrial Policy, Markets, Science and Technology
  • Political Geography: China, Asia
  • Author: Roberto Alvarez, José De Gregorio
  • Publication Date: 11-2014
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: Latin American performance during the global fi nancial crisis was unprecedented. Many developing and emerging countries successfully weathered the worst crisis since the Great Depression. Was it good luck? Was it good policies? In this paper we compare growth during the Asian and global fi nancial crises and fi nd that a looser monetary policy played an important role in mitigating crisis. We also fi nd that higher private credit, more fi nancial openness, less trade openness, and greater exchange rate intervention worsened economic performance. Our analysis of Latin American countries confi rms that eff ective macroeconomic management was key to good economic performance. Finally, we present evidence from a sample of 31 emerging markets that high terms of trade had a positive impact on resilience.
  • Topic: Economics, Global Recession, Monetary Policy, Financial Crisis
  • Political Geography: Asia, Latin America
  • Author: Anthony H. Cordesman
  • Publication Date: 12-2014
  • Content Type: Working Paper
  • Institution: Center for Strategic and International Studies
  • Abstract: Creating an effective transition for the ANSF is only one of the major challenges that Afghanistan, the US, and Afghanistan's other allies face during 2014-2015 and beyond. The five other key challenges include: Going from an uncertain election to effective leadership and political cohesion and unity. Creating an effective and popular structure governance, with suitable reforms, from the local to central government, reducing corruption to acceptable levels, and making suitable progress in planning, budgeting, and budget execution. Coping with the coming major cuts in outside aid and military spending in Afghanistan, adapting to a largely self-financed economy, developing renewal world economic development plans, carrying out the reforms pledged at the Tokyo Conference, and reducing the many barriers to doing business. Establishing relations with Pakistan and other neighbors that will limit outside pressures and threats, and insurgent sanctuaries on Afghanistan's border. Persuading the US, other donors, NGCO, and nations will to provide advisors to furnish the needed aid effort through at least 2018, and probably well beyond.
  • Topic: Corruption, Economics, Governance, Reform
  • Political Geography: Afghanistan, Asia
  • Author: Eleonora Poli
  • Publication Date: 11-2014
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: Before the 1997 economic crisis in Asia, the institutional evolution of the Association of Southeast Asian Nations (ASEAN) was very different from the European model. The economic downturn in the late 1990s and the global shift toward a neo-liberal economic era urged ASEAN countries to rethink their regional integration strategy and to mimic some of the institutional models in Europe. In light of this, this paper analyses the rationale behind the evolution of ASEAN since the late 1990, evaluating how and why the organization on a surface replicated aspects of the EU model without engaging in meaningful supranational institutionalization.
  • Topic: Economics, Regional Cooperation, Governance
  • Political Geography: Europe, Asia
  • Author: Lant Pritchett, Yamini Aiyar
  • Publication Date: 12-2014
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: We combine newly created data on per student government expenditure on children in government elementary schools across India, data on per student expenditure by households on students attending private elementary schools, and the ASER measure of learning achievement of students in rural areas. The combination of these three sources allows us to compare both the “accounting cost” difference of public and private schools and also the “economic cost”—what it would take public schools, at their existing efficacy in producing learning, to achieve the learning results of the private sector. We estimate that the “accounting cost” per student in a government school in the median state in 2011/12 was Rs. 14,615 while the median child in private school cost Rs. 5,961. Hence in the typical Indian state, educating a student in government school costs more than twice as much than in private school, a gap of Rs. 7,906. Just these accounting cost gaps aggregated state by state suggests an annual excess of public over private cost of children enrolled in government schools of Rs. 50,000 crores (one crore=10 million) or .6 percent of GDP. But even that staggering estimate does not account for the observed learning differentials between public and private. We produce a measure of inefficiency that combines both the excess accounting cost and a money metric estimate of the cost of the inefficacy of lower learning achievement. This measure is the cost at which government schools would be predicted to reach the learning levels of the private sector. Combining the calculations of accounting cost differentials plus the cost of reaching the higher levels of learning observed in the private sector state by state (as both accounting cost differences and learning differences vary widely across states) implies that the excess cost of achieving the existing private learning levels at public sector costs is Rs. 232,000 crores (2.78% of GDP, or nearly US$50 billion). It might seem counterintuitive that the total loss to inefficiency is larger than the actual budget, but that is because the actual budget produces such low levels of learning at such high cost that when the loss from both higher expenditures and lower outputs are measured it exceeds expenditures.
  • Topic: Economics, Education, Privatization, Reform
  • Political Geography: India, Asia
  • Author: Sabrina Zajak
  • Publication Date: 02-2014
  • Content Type: Working Paper
  • Institution: Max Planck Institute for the Study of Societies
  • Abstract: This paper contributes to the debate on the role of democratic participation in complex systems of governance. It takes a process-oriented constructivist approach asking how transnational activism over time contributes to the construction of access and voice from below and uses the Asia-Europe Meetings (ASEM) to analyze how interactions between civil society and global governance institutions shape concrete forms of participation. The paper shows that transnational activism triggers both discursive and institutional changes within the official ASEM process leading to an informal, fragmented, and fragile institutionalization of civil society participation. However, the paper reveals a division between civil society organizations with some, such as business representatives, having preferential access and voice in comparison to more contentious organizations. The paper explains this fragmented form of democratization as the result of three interrelated processes: the particular history and economic origins of the ASEM; international developments particularly in the ongoing economic crisis; and domestic developments within individual countries (in particular China) which have begun to favor controlled access for civil society participation.
  • Topic: Civil Society, Democratization, Economics, History, Governance, Developments
  • Political Geography: Europe, Asia
  • Author: Arthur A. Stein
  • Publication Date: 01-2014
  • Content Type: Journal Article
  • Journal: International Relations of the Asia-Pacific
  • Institution: Japan Association of International Relations
  • Abstract: This paper challenges the conventional wisdom that US power and preferences following World War II led to bilateralism in Asia and multilateralism in Western Europe. It argues that the challenges facing the United States in both regions were similar, as were US policies meant to address them. With some lag, the United States supported the economic recovery of the regional powers it had defeated (Germany and Japan), saw the restoration of regional trade as a prerequisite, sought military bases to assure postwar security, and envisioned rearming its former foes as part of its security strategy. The outcomes in the two regions reflected the preferences and reservations of regional actors. The critical differences between the regions were structural. The existence of middle powers was critical in Europe, the return of colonial powers to Asia precluded regional arrangements in the short term, and geostrategic differences shaped the requisites for regional security.
  • Topic: Economics, War
  • Political Geography: United States, Europe, Asia
  • Author: Daniel S. Hamilton
  • Publication Date: 03-2014
  • Content Type: Journal Article
  • Journal: The International Spectator
  • Institution: Istituto Affari Internazionali
  • Abstract: The United States is currently negotiating two massive regional economic agreements, one with 11 Asian and Pacific Rim countries and the other with the 28-member European Union. The Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP) herald a substantial shift in US foreign economic policy as Washington turns its focus from the stalemated Doha Round of multilateral trade negotiations and scattered bilateral trade agreements to 'mega-regional' trade diplomacy. As the only party to both negotiations, Washington seeks to leverage issues in one to advance its interests in the other, while reinvigorating US global leadership.
  • Topic: Diplomacy, Economics
  • Political Geography: United States, Europe, Washington, Asia
  • Author: Scott Morrison
  • Publication Date: 04-2014
  • Content Type: Journal Article
  • Journal: Insight Turkey
  • Institution: SETA Foundation for Political, Economic and Social Research
  • Abstract: As the third largest economy in the world, Japan cannot be overlooked in any analysis of Asia's importance in international geopolitics and the global political economy. The ties between Japan and Turkey – whether diplomatic, political, economic or societal – span the breadth of Asia. Those ties have become more numerous and consequential in monetary terms over the last half-decade. Although the relationship has not been a top priority for either country, awareness of the potential for mutual gain as a result of more trade and investment has a history of at least three decades. This article surveys the current economic and trade relationship between Turkey and Japan, paying particular attention to recent notable Japanese investments in Turkey and the preliminary positioning of trade representatives in advance of a proposed Free Trade/Economic Partnership Agreement.
  • Topic: Economics, Political Economy
  • Political Geography: Japan, Turkey, Asia
  • Author: Sir Richard Jolly
  • Publication Date: 09-2014
  • Content Type: Journal Article
  • Journal: Ethics & International Affairs
  • Institution: Carnegie Council
  • Abstract: As of 2007 the world economy has been caught in the worst crisis since the 1930s. Yet after two years of only partly successful efforts to mobilize and coordinate global action of financial control and stimulus, ending with the G-20 meeting of March 2009, responsibility for corrective economic initiatives has essentially been left to individual countries, supported by the International Monetary Fund (IMF) and the European Union (EU). Moreover, such support has been usually conditional on countries following financial policies of tough austerity. The United States took some actions to stimulate its economy, but by many accounts these were insufficient. Most of Europe has not even attempted stimulus measures and has been in a period of economic stagnation, with falling real incomes among the poorest parts of the population. Although some signs of “recovery” have been heralded in 2013 and 2014, growth has mostly been measured from a lower base. There is little evidence of broad-based economic recovery, let alone improvements in the situation of the poor or even of the middle-income groups.
  • Topic: Economics, Governance
  • Political Geography: United States, Europe, Asia
  • Author: Peter A. Petri, Ambassador Tang Guoqiang
  • Publication Date: 01-2014
  • Content Type: Book
  • Institution: East-West Center
  • Abstract: The year 2014 marks the twenty-fifth anniversary of the first APEC Ministerial Meeting and the twentieth anniversary of APEC’s Bogor Goals. It’s time to shape the future by building on past achievements. If we look at the past 25 years of economic cooperation and integration in the Asia-Pacific region, I think it can be roughly divided into three stages.
  • Topic: Economics, International Cooperation, International Trade and Finance, Treaties and Agreements
  • Political Geography: Asia