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  • 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: Nicholas Borst, Nicolas R. Lardy
  • Publication Date: 08-2015
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: China's banking system is now the largest in the world, and its capital markets are rapidly approaching the size of those in the advanced economies. Borst and Lardy trace the evolution of China's financial system away from a traditional bank-dominated and state-directed financial system toward a more complex, market-based system. They analyze and outline the optimal sequence of financial reforms needed to manage the new risks accompanying this evolution.
  • Topic: Economics, Markets, Financial Crisis, Reform
  • Political Geography: China
  • Publication Date: 10-2015
  • Content Type: Working Paper
  • Institution: Istituto Affari Internazionali
  • Abstract: Algeria today faces a triple crisis. The collapse in global oil prices during 2014 and 2015 has meant that its economic future is potentially extremely sombre. In political terms, the regime faces a complex and uncertain transition as the Bouteflika era comes to an end. Moreover, Algeria’s security environment is threatening, given the chaos in Libya, the emergence of extremism in Tunisia and the ongoing violence in northern Mali because of the extremist groups located there. This situation is further complicated by the persistence of “residual terrorism,” as the government terms it, inside Algeria itself and the chronic crisis with Morocco over the latter’s annexation of the Western Sahara in 1975. This paper analyses each of these factors in turn before seeking to outline short- to medium-term scenarios for the future.
  • Topic: Security, Economics, Islam, Oil, Terrorism
  • Political Geography: North Africa
  • Publication Identifier: 978-88-98650-62-0
  • Publication Identifier Type: DOI
  • 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: Jenny Hayward-Jones
  • Publication Date: 06-2015
  • Content Type: Working Paper
  • Institution: Lowy Institute for International Policy
  • Abstract: Melanesian countries need to better cater for their growing young populations, including through establishing youth centres and targeted programs. Prosperity and peace is achieved through embracing the dignity of Melanesian identity, which includes respecting the New Caledonian decolonisation process and acknowledging West Papuan aspirations for human rights and self-determination. Melanesian countries are making good use of technological innovation, but infrastructure gaps and limited access to finance constrain the development of innovative small businesses.
  • Topic: Development, Economics, Human Rights, Infrastructure
  • Political Geography: Australia/Pacific
  • Publication Date: 04-2015
  • Content Type: Working Paper
  • Institution: Aspen Institute
  • Abstract: This report summarizes key findings from recent research on links between higher education and the workforce. Featuring eight brief papers from leading education and workforce experts from around the country, the report offers practical advice for institutional leaders, policymakers, students and their advisers about how to use the increasingly available information on the economic value of higher education. Specifically, the authors’ papers and the opening summary explore what various audiences can learn from emerging evidence about: variations in labor market outcomes by program and institution; the value of degrees to jobs both in and out of fields studied; returns to the completion of certain course clusters that don’t add up to a degree; and distortions that may result from examining returns to individual degrees rather than “stacked” degrees.
  • Topic: Economics, Education, Labor Issues, Global Markets, Employment
  • Political Geography: Global Focus
  • Author: Elizabeth Rosenberg, Sara Vakhshouri
  • Publication Date: 06-2015
  • Content Type: Working Paper
  • Institution: Center for a New American Security
  • Abstract: The international community is poised to sign a deal with Iran on its nuclear program, under which Iran would make concessions on its enrichment activities and the United States and others would offer substantial relief from punishing economic sanctions. The removal of the most complex, extensive, and multilateral regime of coercive economic measures promises a windfall to Iran. However, this will be neither immediate nor easy, given the difficulty of reestablishing severed commercial and legal ties between Iran and the global financial system. Removing sanctions will require careful international cooperation and substantial outreach to the private sector.
  • Topic: Arms Control and Proliferation, Economics, International Trade and Finance, Oil, Treaties and Agreements, Sanctions
  • Political Geography: Iran, Middle East
  • Author: Phillip Carter, Katherine Kidder
  • Publication Date: 01-2015
  • Content Type: Working Paper
  • Institution: Center for a New American Security
  • Abstract: Military, Veterans, and Society Program Director Phillip Carter and Research Associate Katherine Kidder examine the growth of military compensation in the post-Cold War era, from 1990 to 2015, as well as the social contract America has with its All-Volunteer Force, and the ways in which monetary compensation should be considered as part of a broader talent management strategy for the armed forces. The policy brief presents an opportunity for the nation to assess its social contract with the All-Volunteer Force and adjust (if necessary) to meet the national interest and sustain its most critical national security asset.
  • Topic: Security, Economics, Labor Issues, Military Affairs
  • Political Geography: United States
  • Author: Richard Gitlin, Brett House
  • Publication Date: 07-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Recent international financial turmoil — most notably in Greece — has refocused attention on the risks posed by severe sovereign debt crises and weaknesses in our approaches to restructuring sovereign debt. Since early 2010, these risks have driven a range of debt-related policy proposals and actions in individual economies, across regions and at the international financial institutions. While some incremental first reform steps have been taken, these have not yet produced a more efficient, effective or resilient international framework for handling severe sovereign debt crises and effecting sovereign debt workouts. In contrast, some institutional and policy changes made in the heat of the euro-zone crisis have raised as many questions as they have resolved. Old policy ideas are also being resurrected and configured in new ways for current challenges. After years of substantial fiscal stimulus and exceptional monetary policies, high debt burdens across the advanced economies, fears of secular stagnation, signs of an imminent increase in US borrowing costs and deteriorating demographics together make a compelling case for concerted action to improve international arrangements for dealing with distressed sovereign debt.
  • Topic: Debt, Economics, Monetary Policy, Financial Crisis, Global Markets
  • 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: Paul Martin, Thomas A. Bernes, Olaf Weber, Hongying Wang, Kevin Carmichael
  • Publication Date: 11-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: On November 15-16, 2015, leaders of the world's major advanced and emerging economies will meet in Antalya, Turkey for the G20 summit. In this special report, CIGI experts present their perspectives and policy analysis on the key priorities facing the G20 at Antalya. The Right Honourable Paul Martin states that the multilateral institutions created to make globalization work should be a G20 priority. Thomas A. Bernes asks whether G20 leaders and the institutions that support them can articulate a “policy upgrade” that brings more credibility than last year’s Brisbane Action Plan. Olaf Weber argues that the next step for the G20 should be the development of policies and guidelines that help to manage climate change and financial risk in a prudential way. Hongying Wang examines China's rare opportunity as it assumes the presidency of the G20 to push for collective new thinking on how to establish a less fragmented and more coherent global framework for investment governance that balances the interests of different stakeholders. Finally, Kevin Carmichael suggests that the G20 should elevate gender balance to the top of its agenda.
  • Topic: Economics, Emerging Markets, Globalization, Governance, G20, Financial Markets, Turkey
  • Political Geography: Global Focus
  • Author: Marcio Garcia
  • Publication Date: 04-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: From 2009 until 2011, Brazil utilized capital controls to deter real exchange rate appreciation. These measures may have obstructed necessary changes in the fiscal policy stance from occurring. In Chile, which employed capital controls heavily in the 1990s and then decided not to use them again during the commodity super-boom in the 2000s, suggests that an adequate fiscal policy stance provides better results than the use of capital controls. In addition, the recent experiences of Colombia and Peru demonstrate capital controls are not always necessary. This paper makes recommendations for capital control surveillance and coordination, using the Brazilian experience as an example, and draws on experiences in other Latin American countries. When analyzing the implications for surveillance and coordination, international institutions, such as the International Monetary Fund, should take into consideration that, no matter how many caveats are listed before its guidelines, capital controls mainly serve to bypass needed changes in macroeconomic policy, thereby jeopardizing economic performance.
  • Topic: Economics, Foreign Exchange, International Monetary Fund
  • Political Geography: Brazil, Latin America
  • Author: Oonagh Fitzgerald, Karima Bawa, David Estrin, Kent Howe, Dean MacDougall, Myra J. Tawfik, Basil Ugochukwu, Bassem Awad
  • Publication Date: 04-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The International Law Research Program (ILRP) of the Centre for International Governance Innovation (CIGI) congratulates the Province of Ontario’s Ministry of the Environment and Climate Change for launching a province-wide public consultation process — Ontario’s Climate Change Discussion Paper 2015 — in relation to an issue of global importance and urgency for Ontarians and Canadians alike, at a time when nations need to galvanize their subnationals, climate experts, civil society, business and industry to commit to intended nationally determined contributions (INDCs) to reduce carbon emissions and mitigate the effects of climate change. The CIGI ILRP is optimistic that through this provincial consultation process and implementation of the best ideas it generates, as well as through Ontario’s initiatives undertaken in collaboration with other provinces and foreign subnationals, Canadians will be able to prove to the world our commitment to make a meaningful contribution to achieving an ambitious, verifiable and enforceable international agreement on climate change in December 2015 in Paris. By proactively addressing climate change now, the Government of Ontario positions this province, its citizens, universities and businesses to be innovators for sustainable prosperity rather than victims of global environmental and economic crisis.
  • Topic: Civil Society, Climate Change, Economics, Energy Policy, Environment, Markets, Natural Resources
  • Political Geography: Canada
  • Author: Susan Ariel Aaronson
  • Publication Date: 02-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Today, information is currency; it facilitates productivity, exchange, technology and trade. Information is also the building block of the digital economy (an economy based on digital technologies — products and services that facilitate the creation, storage, analysis and sharing of data and information). Although many countries are gaining expertise and market share, one country, the United States, dominates both the global digital economy and digital trade (commerce in products and services delivered via the Internet). The United States is also the key force behind efforts to develop a system of trade rules to govern cross-border information flows.
  • Topic: Economics, Science and Technology, Mass Media, Digital Economy
  • Political Geography: Global Focus
  • Publication Date: 01-2015
  • Content Type: Working Paper
  • Institution: East-West Center
  • Abstract: China, the world's leading exporter of electronic products, faces a fundamental dilemma. It is the largest and fastest-growing market for semiconductors, the core component of those electronics products. Yet, at least 80 percent of the semiconductors used in China's electronics products must be imported. As a result, China's trade deficit in semiconductors has more than doubled since 2005 and now exceeds the huge amount it spends on crude oil imports. To correct this unsustainable imbalance, China's new strategy to upgrade its semiconductor industry seeks to move from catching up to forging ahead in semiconductors. The strategy calls for simultaneously strengthening advanced manufacturing and innovation capabilities in China's integrated circuit (IC) design industry and its domestic IC fabrication, primarily through foundry services. Drawing on policy documents and interviews with China-based industry experts, this study takes a close look at the objectives, strategy, and implementation policies of China's new push in semiconductors and examines what this implies for China's prospects in this industry. The study shows that China's new policy resorts to private equity investment rather than subsidy as the tool of industrial policy. The government participates in equity investment and claims it will do so without intervening in management decisions. This policy is expected to reduce the cost of investment funds for a selected group of firms, which is to form a "national team" in the semiconductor industry. China's new policy to upgrade its semiconductor industry through innovation does not represent a radical break with its deeply embedded statist tradition. Within these boundaries, however, the study detects important changes in the direction of a bottom-up, market-led approach to industrial policy. In response to the rising complexity and uncertainty of today's semiconductor industry, the government seems more open to experimentation with new approaches to investment finance and flexible, bottom-up policy implementation, based on multilayered industrial dialogues with private firms. China's policies to forge ahead in semiconductors, thus, provide an interesting example of its current efforts to move from investment-driven catching up to an innovation-driven development model.
  • Topic: Economics, International Trade and Finance, Oil, Science and Technology, Financial Markets
  • Political Geography: China
  • Author: Marcus Noland
  • Publication Date: 11-2015
  • Content Type: Working Paper
  • 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, Markets, Monetary Policy, Financial Markets
  • Political Geography: Korea, Asia-Pacific
  • Author: Christopher McNally, Boy Lüthje
  • Publication Date: 09-2015
  • Content Type: Working Paper
  • Institution: East-West Center
  • Abstract: The global financial crisis of 2008-09 led to a policy consensus in China that its socioeconomic development model needed rebalancing. China's rapid development has been based on extensive growth reliant on exports, low wages, environmental exploitation, and the manufacturing of cheap products. China's current plans identify paths to economic rebalancing through intensive growth driven by rising investment in new technologies and manufacturing processes, improved wages and skills, and improved worker and environmental protections. Two industries, automotive and information technology, demonstrate the experience of and opportunities for rebalancing. Both offer improved employment conditions with better wages, but continue to incorporate large swaths of low-wage employment with little protection for workers' health and the environment. Economic rebalancing in China, therefore, has so far only appeared in pockets. Institutional safeguards for wages and labor standards remain constrained by powerful alliances among multinational corporations, Chinese state-owned/private enterprises, and the Chinese state.
  • Topic: Economics, Markets, Science and Technology, Labor Issues, Financial Crisis
  • Political Geography: China
  • Author: Jordan Howell
  • Publication Date: 11-2015
  • Content Type: Working Paper
  • Institution: East-West Center
  • Abstract: With limited space and ever-growing trash, the islands of the Pacific share unique challenges managing their solid wastes. The traditional approach has been to collect waste in open dumps and landfills. But overwhelmed sites and unsanitary conditions are driving governments to seek alternative solutions. Hawai'i has implemented "resource recovery" systems in past decades to deal with waste, including an innovative energy-from-waste project on O'ahu, and a recycling/composting program on Maui that focuses on diverting material from landfills. While both have been successful in reducing waste and generating products, the programs have also endured unexpected delays and problems. Despite differences in scale and capacity, the Hawai'i experience offers insights for other Pacific islands into how to tackle their own solid waste management issues, and create systems and policies that deliver the greatest ecological and economic benefits.
  • Topic: Climate Change, Economics, Energy Policy, Environment, Governance
  • Political Geography: United States of America
  • Author: Sergey Ryabkov, Armen Oganesyan
  • Publication Date: 04-2015
  • Content Type: Working Paper
  • Institution: East-West Center
  • Abstract: To get down to the facts, in April, Russia’s BrICs presidency got off to a flying start. Within two and a half months, a number of major BrICs related events took place in Russia. Furthermore, a major nonproliferation forum took place, a review conference in new York from late April until late May. this event is held once every five years. and I should also mention perhaps a series of very important, intense and constructive contacts at the top and other levels with the leaders of Latin american countries. This sets the current year apart from the previous year and the year 2013.
  • Topic: Economics, Human Welfare, International Security, Financial Markets
  • Political Geography: Russia
  • Author: Dr. Ariel Cohen, Ivan Benovic
  • Publication Date: 11-2015
  • Content Type: Working Paper
  • Institution: The Strategic Studies Institute of the U.S. Army War College
  • Abstract: Since the breakup of the Soviet Union, a number of gas disputes between Russia and Central and Eastern European countries have unveiled the strategic dependence of Europe on Russian piped gas. The recent Ukrainian crisis demonstrated that Europe has a desperate need to improve the security of its gas supply. The United States is interested in the economic stability and growth of Europe, because the European Union (EU) is its principal and largest economic partner. The United States and the EU enjoy the largest trade and investment relationship in the world, which should not be jeopardized by disruptive, anti-status-quo powers. Europe’s energy independence is not only an economic interest of America, but also a political and security one. Europe’s dependence on Russian natural gas undermines European unity and weakens the primary U.S. allies in their relations with Russia. U.S. Armed Forces in Europe and the U.S. Army in particular can and should play an important role in promoting energy security. This involvement includes: increased situational awareness; deployment to the sensitive areas; and enhanced training activities, including with the allies of the U.S. military in Central and Eastern Europe.
  • Topic: Security, Economics, Energy Policy, Natural Resources, Military Affairs, Gas
  • Political Geography: Russia, Europe, Eastern Europe, Soviet Union
  • Author: Professor John F. Troxell
  • Publication Date: 09-2015
  • Content Type: Working Paper
  • Institution: The Strategic Studies Institute of the U.S. Army War College
  • Abstract: A recent editorial in The New York Times asked the question, “Who threatens America most?” It proceeded to compare recent pronouncements by incoming senior military leaders, the President, the FBI director, and finally the Director of National Intelligence. The major candidates included the usual nation states (Russia, North Korea, and China), a few nonstate terrorist organizations (ISIS and al-Qaeda), and a couple of unattributed capabilities (weapons of mass destruction and cyberattacks). The editorial concluded with the lament: “If officials cannot agree on what the most pressing threats are, how can they develop the right strategies and properly allocate resources?”1 Given the confusion and uncertainty generated by the current strategic environment, compounded by America’s resource-driven retrenchment, it is a fair question. However, I contend that we could pursue a more focused national strategy and do a better job of allocating resources if we focus on the opportunities as opposed to this wide array of threats. The opportunity that beckons is the increasingly interconnected global economy and the integral role played by the United States in both its institutional design and future evolution. A functioning, interconnected global economy will mitigate most, if not all, of the previously mentioned threats, whereas a fractured and disconnected global economy will exacerbate them.
  • Topic: Conflict Prevention, Security, Economics, Governance, Global Markets
  • Political Geography: Global Focus, United States of America
  • Author: Dr. Hal Brands
  • Publication Date: 09-2015
  • Content Type: Working Paper
  • Institution: The Strategic Studies Institute of the U.S. Army War College
  • Abstract: Is offshore balancing the right grand strategy for America? Is it time for Washington to roll back the vast system of overseas security commitments and forward military deployments that have anchored its international posture since World War II? This monograph argues that the answer to these questions is no. Offshore balancing represents the preferred grand strategy among many leading international-relations “realists,” who argue that significant geopolitical retrenchment can actually improve America’s strategic position while slashing the costs of its foreign policy. The reality, however, is rather different. The probable benefits of offshore balancing—both financial and geopolitical—are frequently exaggerated, while the likely disadvantages and dangers are more severe than its proponents acknowledge. In all likelihood, adopting this strategy would not allow America to achieve more security and influence at a lower price. The more plausible results would be to dissipate U.S. influence, to court heightened insecurity and instability, and to expose the nation to greater long-range risks and costs.
  • Topic: Economics, International Security, Geopolitics
  • Political Geography: United States of America
  • 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: 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: Adel Daoud, Bjorn Hallerod, Debarati Guha Sapir
  • Publication Date: 09-2015
  • Content Type: Working Paper
  • Institution: Max Planck Institute for the Study of Societies
  • Abstract: This paper explores the degree to which exposure to reoccurring natural disasters of various kinds explains seven dimensions of severe child poverty in 67 middle- and low-income countries. It also analyzes how certain institutional conditions, namely the quality of government (QoG), have moderating effects on the relationship between disasters and child poverty. Two main hypotheses are tested. The first is that disasters do have an adverse average effect on severe poverty. The second is that disasters reveal a positive coefficient (i.e., more disasters, more deprivation) but that higher levels of QoG negatively moderate this effect, i.e., the adverse effect of disasters is diminished by increasingly high QoG levels. From 70 possible combinations of relationships (7 types of deprivation combined with 10 types of natural disaster measures), 11 have the expected correlation between disasters and child deprivation and only one has the expected interactive correlation between quality of government, disasters, and child poverty. Several unexpected results could also be observed which are discussed in the paper along with recommendations for future research.
  • Topic: Economics, Natural Disasters, Governance, Research, Child Poverty
  • Political Geography: Global Focus
  • Author: Philip Korom, Mark Lutter, Jens Beckert
  • Publication Date: 12-2015
  • Content Type: Working Paper
  • Institution: Max Planck Institute for the Study of Societies
  • Abstract: The social science literature proposes two competing explanatory frameworks for the existence and longevity of super-fortunes: superstar or winner-take-all mechanisms, suggesting an increased dominance of new self-made billionaires; and mechanisms focusing on inherited advantages, suggesting an enduring importance of old family fortunes. Using panel data from the USA’s annual Forbes 400 ranking (1982–2013), this study analyzes factors that increase or decrease the likelihood of remaining listed among the American super-rich. We find initially that the percentages of self-made entrepreneurs among the highest wealth echelons of US society have increased significantly since 1982. Sectors that improved the most are finance (including hedge funds and private equity), new technology and mass retail. The decline of inheritance as a source of wealth and the rise of new tech and finance fortunes suggest low reproduction rates among superrich property owners. Family wealth, however, plays an important role if the longevity of fortunes is considered. While the literature predicts family fortunes to be taxed away, divided among a large number of heirs, or lost through incompetence, we find that scions of inherited great wealth (mostly up to the third generation) are more likely to remain listed in the Forbes 400 roster than self-made entrepreneurs. We conclude that even though entrepreneurship increasingly matters for becoming super-rich, it is first and foremost the ability of rich family dynasties to retain control over corporations and to access sophisticated financial advice that makes fortunes last.
  • Topic: Economics, Science and Technology, Social Stratification, Landpower
  • Political Geography: United States of America
  • Author: Stefan Svallfors
  • Publication Date: 02-2015
  • Content Type: Working Paper
  • Institution: Max Planck Institute for the Study of Societies
  • Abstract: As Hacker and Pierson (2010) have observed, politics is primarily organization: “organized combat.” To understand the outcomes of politics, we have to look at how it is organized over time: by whom and with what resources? I take Sweden as an example of how politics as organized combat has changed quite dramatically in recent decades. Sweden is often cited as an opposite to the United States among the rich capitalist countries, but it has experienced many encompassing policy changes which have not received the attention they deserve. The paper specifies how Swedish organized politics has changed fundamentally, including the dismantling of corporatist arrangements, changes in the economic policy decision-making framework, increased income inequality, weakened political parties and changes in their social bases, the decline of blue-collar union strength, the growth of the policy professionals category, the increased impact of multilevel politics, and the mediatization of politics. Today’s amorphous, invisible mode of elite-driven policy-making diverges greatly from the old corporatist structures and is accompanied by dramatically increasing inequality. Even in Sweden, the impact of money on politics has become stronger. The paper discusses what this implies for current politics and policy-making in Sweden.
  • Topic: Economics, Politics, Labor Issues
  • Political Geography: Sweden, United States of America
  • Author: Jason Oh
  • Publication Date: 01-2015
  • Content Type: Journal Article
  • Journal: Political Science Quarterly
  • Institution: Academy of Political Science
  • Abstract: In this ambitious book, Daniel S. Goldberg begins with the claim that the income tax is “broken beyond repair” (p. 3). Some of these problems, like the proliferation of tax provisions that benefit special interests, are a matter of design. Others, like the inconsistent taxation of economic gains, are endemic to any tax on income. In the first half of The Death of the Income Tax, the author painstakingly details these and many other problems with our current tax system. - See more at: http://www.psqonline.org/article.cfm?IDArticle=19335#sthash.7vGZLJKC.dpuf
  • Topic: Economics, Reform
  • Author: Robert A. Jackson
  • Publication Date: 01-2015
  • Content Type: Journal Article
  • Journal: Political Science Quarterly
  • Institution: Academy of Political Science
  • Abstract: Byron Shafer and Richard Spady rely on cutting-edge data analyses and graph¬ical presentations to provide a detailed accounting of how social characteristics have shaped core political values, which, in turn, has structured the presidential vote across the 1984–2008 elections. The study stands apart for the sheer richness and depth of its analyses of a specific data source—namely, the 1987 through 2009 Pew Values Surveys—to gain insight into the shifting contours of the American electorate. An application of item response theory to consistent sets of questions enables Shafer and Spady to produce indicators of two unobservable attitudinal dimensions: economics and culture. - See more at: http://www.psqonline.org/article.cfm?IDArticle=19340#sthash.C8UA9e6m.dpuf
  • Topic: Economics, Politics, Culture
  • Political Geography: America
  • Author: Emel Elif Tugdar
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: Central European University Political Science Journal
  • Institution: Central European University
  • Abstract: The term “indigenous” refers to the ethnic minorities within a state but without a state. Generally, the indigenous groups are located across neighboring states. The Roma people in Europe are one of the significant examples of indigenous people that are located across Central and Eastern European states without a state of their own. As the indigenous groups have unique social, cultural, economic and political characteristics, they are distinct from those of the society in which they live. Their language, knowledge systems and beliefs differ from the society as well. Due to their cultural differences, the diverse indigenous peoples share common problems also related to the protection of their rights. They strive for recognition of their identities, their ways of life and their right to political representation and participation. As a result, a special set of political rights have been set to protect them by international organizations such as the United Nations. The United Nations have issued a Declaration on the Rights of Indigenous Peoples to guide state policies in order to protect the collective rights of indigenous peoples, such as their culture, identity, language, and access to employment, health, education and natural resources.
  • Topic: Economics, Politics, United Nations
  • Political Geography: Russia, Europe
  • 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: Gaelike Conring
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: Central European University Political Science Journal
  • Institution: Central European University
  • Abstract: The ideal of equality of opportunity looms large in American history. It is the core tenet of the American dream, promising advancement for everybody willing to work hard and abide by the rules. More generally, it is the benchmark against which the success or failure of the economy's role in promoting the public good is evaluated. As long as a priori equality of opportunity for those participating or looking to participate in economic life is a given, unequal outcomes are justified and even necessary in keeping this virtuous cycle alive. Thus explains Americans' skepticism towards overtly redistributive policies to rectify unequal economic outcomes. A fitting example is the Joe Wurzelbacher aka 'Joe the Plumber', incident involving then presidential hopeful Barack Obama. When prompted about his tax policy proposals, Barack Obama's stated intention of 'spreading the wealth around' did not sit well with most Americans; not even with members of his own party. If public opinion indicates a rejection of government redistributive policies, does that amount to a public unfazed by rising levels of income inequality?
  • Topic: Economics
  • Political Geography: America
  • Author: Christopher Huszar
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: Central European University Political Science Journal
  • Institution: Central European University
  • Abstract: The recent financial crisis devastated financial markets the world over. The events of the crisis caused many to question the policies of the pre-crisis era, which tended towards minimizing regulation as well as many others amorphously placed under the term Washington Consensus. The text Globalisation, the Global Financial Crisis and the State , edited by John H. Farrar and David G. Mayes, professors of law and finance, respectively, focuses on the interactions between states, economic policies and laws against the backdrop of the global financial crisis. Utilizing perspectives in the fields of law, political science and economics, the twelve chapters delve into interdisciplinary arguments over the changing regulatory structure of the world and the global forces that shape the state. The authors' overarching argument is that the financial crisis marked a discursive departure from the models supported by pre financial crisis policies typified by the Washington Consensus towards a more multilateral approach symbolized by the emergence of the G-20 and more state oriented control over commercial activities.
  • Topic: Economics, Markets, Financial Crisis, Law
  • Political Geography: Washington
  • Author: Ivana Tomovska Efremov
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: Central European University Political Science Journal
  • Institution: Central European University
  • Abstract: As an editor Bekemans presents to academic readers a rich collection of essays initially presented at the international workshop 'Cultural and Value Roots for Intercultural Dialogue in a European Context' held in October 2011 at the University of Padua under the auspices of the Jean Monet Centre. The essays presented at the conference and published a year latter provide to the reader an excellent overview of the topic and capture the engaging academic discourse that took place at the conference. The book aims to define the set of values that in turn define European identity. It also poses very important questions, such as what is the common set of 'core values', how to maintain and enrich those values in the face of globalization, multiculturalism and economic crises and how to work across institutions to promote and preserve those values.
  • Topic: Economics, Globalization
  • Political Geography: Europe
  • Author: Raphael D. Jackson
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: Central European University Political Science Journal
  • Institution: Central European University
  • Abstract: Theo van de Klundert is a Dutch economist and Professor Emeritus at Tilburg University in The Netherlands. Capitalism and Democracy: A Fragile Alliance, was originally written in Dutch and translated into English in order to reach the larger Anglophone audience. This book is the result of Klundert's sixty years of study in the field of economics. The focus of the book revolves around the central question of whether it is possible to combine capitalism and democracy. The book is divided into two parts. The first part emphasizes the importance of technological progress as a main engine for economic growth. The second part highlights what has been described as “the diffusion of capitalism across countries”. In this work, the author also sets out to ascertain whether or not such diffusion gives rise to regional varieties of capitalism.
  • Topic: Economics
  • Political Geography: Netherlands
  • Author: Francesca Romana Bastianello
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: Central European University Political Science Journal
  • Institution: Central European University
  • Abstract: At a moment when the European Union is having an identity crisis, it is pertinent to remember the motivations, and the efforts of the men who dedicated their lives to its creation and who established the means and the organizations necessary to involve the citizens in the bottom-up part of this process. This book focuses on the role played by local authorities, the first to use the establishment of twinning – the development of cultural, political and economical bonds between two cities or villages belonging to different nations – as a parameter of real international policy and to view it as an essential phase of the establishment of a united Europe.
  • Topic: International Relations, Development, Economics, Politics
  • Political Geography: Europe
  • 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: Nancy Birdsall
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: Ethics International Affairs Journal
  • Institution: Carnegie Council
  • Abstract: Thomas Piketty's Capital in the Twenty-First Century is a tour de force—a compelling and accessible read that presents an eloquent and convincing warning about the future of capitalism.* Capitalism, Piketty argues, suffers from an inherent tendency to generate an explosive spiral of increasing inequality of wealth and income. This inegalitarian dynamic of capitalism is not due to textbook failures of capitalist markets (for example, natural monopolies) or failures of economic institutions (such as the failure to regulate these monopolies), but to the way capitalism fundamentally works. Unless the spiral is controlled by far more progressive taxation than is now the norm, the political fallout could undermine the viability of the successful “social state” (p. 471) in the advanced economies, putting the democratic state itself at risk.
  • Topic: Economics, Government, Politics
  • Political Geography: United States, United Kingdom, France
  • Author: Ondrej Ditrych
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: The International Spectator
  • Institution: Istituto Affari Internazionali
  • Abstract: The crisis in Ukraine has turned the tables of the post-Cold War relationship between the United States and Russia. The ongoing transformation can result in a number of outcomes, which can be conceived in terms of scenarios of normalisation, escalation and 'cold peace' - the latter two scenarios being much more probable than the first. NATO ought to shore up its defences in Central and Eastern Europe while Washington and its allies engage in a comprehensive political strategy of 'new containment'. This means combining political and economic stabilisation of the transatlantic area with credible offers of benefits to partners in the East and pragmatic relations with Russia which are neither instrumentalised (as was the case with the 'reset') nor naïvely conceived as a 'partnership'.
  • Topic: International Relations, NATO, Cold War, Economics
  • Political Geography: Russia, United States, Europe, Washington, Ukraine
  • Author: Xinyuan Dai
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: International Relations of the Asia-Pacific
  • Institution: Japan Association of International Relations
  • Abstract: A growing sense among academics and policymakers alike is that the dominant issues of the twenty-first century will be decided in Asia-Pacific. But, the open question is how will these issues be decided: Who defines the rules of the game in the region and how? To address these questions, this paper studies the regulatory competition that is unfolding in the region. In particular, it examines the Trans-Pacific Partnership (TPP), with its potential to redraw the political-economic geography in Asia. Why is such a significantly path-breaking institution possible? This paper builds on the scholarship of international political economy and especially the literature on international institutions. It argues that this potential of the TPP crucially depends on the institutional environment in East Asia. A state of institutional anarchy enables the TPP to take hold in Asia. Important policy implications follow regarding the strategic use of international institutions.
  • Topic: Economics, Politics
  • Political Geography: East Asia
  • Author: Ruti Teitel
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: European Journal of International Law
  • Institution: European Journal of International Law
  • Abstract: Does international law have an answer to the question: 'what is a fair international society'? In her insightful book, Emmanuelle Tourne-Jouannet interrogates in a systematic fashion diverse areas of international law that touch upon or address, directly or indirectly, fairness, equity, or redistribution: from the law of development to minority rights to international economic law. By taking positive law as the point of departure for an inquiry about global justice, Tourme- Jouannet departs, in a refreshing way, from attempts to extrapolate from mainstream legal theory an abstract conception of global justice. '[W]hat is to be addressed here are not contemporary theories of justice and the philosophical questions that the topic raises .... [I]t is the aim to address them here from a different angle: from within legal practice, as it were .... I have opted for an approach based on existing legal practice, with a view to conceptualizing and questioning it' (at 3). For Tourme-Jouannet, the question about the fairness of international legal practice leads to a number of other legal-historical questions regarding the contemporary evolution of international law. The project is 'simply to begin by identifying the principles and legal practices relating to development and recognition' ( ibid. ). In her view, adopting a historical perspective, these practices – notwithstanding their differences – reflect a joint concern with achieving global justice over the years.
  • Topic: Economics, International Law
  • Author: Stéphanie Dagron
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: European Journal of International Law
  • Institution: European Journal of International Law
  • Abstract: Lawrence O. Gostin's new book begins with the sentence '[t]his is a unique moment to offer a systematic account of global health law' and he is right. The book under review is published at a time when the most influential international institutions are emphasizing the necessity for multilateral cooperation in the field of public health. For example, the United Nations General Assembly (UNGA) addresses this point in its current deliberations on the post-2015 Millennium Development Goals Agenda. Contemporary globalization has irrevocably made borders porous to capital, services, goods, and persons. Global social, economic, and political changes, such as increasing industrialization, urbanization, environmental degradation, migration, drug trafficking, and the marketing strategies of transnational corporations (e.g., in the food, pharmaceutical, and tobacco industries) have a significant impact on health. This impact is transnational and intersectoral: global health hazards go beyond the control of individual nation states and extend beyond the restricted field of health care.
  • Topic: Economics, Health, Migration, United Nations, Food, Law
  • Author: Weiying Zhang
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: History and casual observations suggest that ideas and leadership are the two most important forces in all institutional changes. However, they have been absent or downplayed in conventional economic analysis of institutional changes. Conventional economics has exclusively focused on the notion of “interest” in explaining almost everything, from consumers' choices to public choices to institutional changes. IN particular, institutional changes have been modeled as a game of interests between different groups (such as the ruling and the ruled), with the assumption that there is a well-defined mapping from interests into outcomes.
  • Topic: Economics
  • Political Geography: China
  • Author: Randall G. Holcombe
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Political capitalism is an economic and political system in which the economic and political elite cooperate for their mutual benefit. The economic elite influence the government's economic policies to use regulation, government spending, and the design of the tax system to maintain their elite status in the economy. The political elite are then supported by the economic elite which helps the political elite maintain their status; an exchange relationship that benefits both the political and economic elite.
  • Topic: Economics, War
  • Political Geography: America
  • Author: Ryan H. Murphy
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Contemporary economic policy debates are dominated by concerns regarding the rise in inequality (Stiglitz 2012, Piketty 2014). Primarily, this has led to a focus in re-invigorating redistribution. For instance, Robert Shiller (2014) has recently argued for indexing top marginal tax rates to inequality and using the revenues to fund transfer payments. Secondarily, there are the longstanding objections to “neoliberalism” in general, which has encouraged globalization and the liberalization of markets. To the extent that liberal reforms have improved economic institutions, might today's inequality subsequently derail them?
  • Topic: Economics, Markets
  • Author: Edmund S. Phelps
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: In his most recent tome, Edmund Phelps, the 2006 Nobel Laureate in Economic Science, addresses a topic crucial to successful national capitalist systems: the dynamics of the innovation process. Phelps develops his thesis around three main themes: In part one, he explains the development of the modern economies as they form the core of early—19th century societies in the West; in part two, he explores the lure of socialism and corporatism as competing systems to modern capitalism; and, in part three, he reviews post-1960s evidence of decline in dynamism in Western capitalist countries.
  • Topic: Economics
  • Political Geography: United States, Europe
  • Author: Rebecca U. Thorpe
  • Publication Date: 02-2015
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: In The American Warfare State, Reecca Thrope attempts to answer what she calls “the fundamental puzzle” of American politics: “Why a nation founded on a severe distrust of standing armies and centralized power developed and maintained the most powerful military in history.”
  • Topic: Economics
  • Political Geography: America
  • Author: Richard M. Salsman
  • Publication Date: 04-2015
  • Content Type: Journal Article
  • Journal: The Objective Standard
  • Institution: The Objective Standard
  • Abstract: Thomas Piketty's Capital in the Twenty-First Century makes an important contribution to the economic history of industrialization since the early 18th century. His collection of data on the distribution of income and wealth around the globe, drawn mainly from tax records, surveys, and national reports, is rigorous and comprehensive; no one before has collected such credible material in this important sub-field of economics. Piketty is also to be credited for presenting the data in scores of easy-to-interpret graphs and for making it available online for those wishing to verify the presentation and/or investigate alternative empirical patterns.
  • Topic: Economics
  • Author: Jochen von Bernstorff
  • Publication Date: 05-2015
  • Content Type: Journal Article
  • Journal: European Journal of International Law
  • Institution: European Journal of International Law
  • Abstract: Global economic justice as a topic of moral philosophy and international law is back on the intellectual agenda and figures prominently in feuilletons, blogs and academic publications. A wave of recent studies by both international lawyers and moral philosophers on the dark side of economic globalization and the role of international law in this context is as such a remarkable phenomenon. The essay engages with diverging scholarly perspectives on global justice and international law as represented in the four volumes under review. Three substantive questions structure the non-comprehensive sketch of the global justice debate: (i) Is the current international economic order unjust? (ii) Can existing international legal rules and institutions be transformed or developed into a more just economic order? (iii) What is the potential role of international lawyers in this context?
  • Topic: Economics, Globalization, International Law