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44701. U.S. International Equity Investment and Past Prospective Returns

Author:
John Armmer, Sara B. Holland, David C Smith, and Francis E. Warnock
Publication Date:
03-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
U.S. investors are the largest group of international equity investors in the world, but to date conclusive evidence on which types of foreign firms are able to attract U.S. investment is not available. Using a comprehensive dataset of all U.S. investment in foreign equities, we find that the single most important determinant of the amount of U.S. investment a foreign firm receives is whether the firm cross-lists on a U.S. exchange. Correcting for selection biases, cross-listing leads to a doubling (or more) in U.S. investment, an impact greater than all other factors combined. We also show that our firm-level analysis has implications for country-level studies, suggesting that research investigating equity investment patterns at the country-level should include cross-listing as an endogenous control variable. We describe easy-to-implement methods for including the importance of cross-listing at the country level.
Topic:
International Cooperation, Exchange Rate Policy, Investment, and Equity
Political Geography:
North America and United States of America

44702. When Good Investments Go Bad: The Contraction in Community Bank Lending After the 2008 GSE Takeover

Author:
Tara Rice and Jonathan Rose
Publication Date:
03-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
n September 2008, the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac were placed into conservatorship and dividend payments on common and preferred shares were suspended. As a result, share prices fell to nearly zero and many banks across the country lost the value of their investments in the preferred shares. We estimate more than 600 depository institutions in the United States were exposed to at least $8 billion in investment losses from these securities. In addition, fifteen failures and two distressed mergers either directly or indirectly resulted from the takeover. Since these GSE investments were considered to be safe investments by banks, regulators, and rating agencies, we consider these losses to be exogenous shocks to bank capital, and use this event to examine the relationship between community bank condition and lending during this crisis. We find that in the quarter following the takeover of Fannie Mae and Freddie Mac, the measured Tier 1 capital ratio at exposed banks fell about three percent on average, and loan growth at exposed banks with median capitalization was about 2 percentage points lower compared to other banks in the following quarter. Consequently, considering the set of community banks that incurred about $2 billion in GSE-related losses, and assuming that each bank reduced loan growth by 2 percentage points, the estimated aggregate lending drop among these banks would be roughly $4 billion.
Topic:
Investment, Lending, Banking, and Banking Crisis
Political Geography:
North America and United States of America

44703. Fiscal Consolidation in an Open Economy

Author:
Christopher J. Erceg and Jesper Linde
Publication Date:
04-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper uses a New Keynesian DSGE model of a small open economy to compare how the e¤ects of fiscal consolidation di¤er depending on whether monetary policy is constrained by currency union membership or by the zero lower bound on policy rates. We show that there are important di¤erences in the impact of fiscal shocks across these monetary regimes that depend both on the duration of the zero lower bound and on features that determine the responsiveness of inflation.
Topic:
Economics, Economic Theory, Fiscal Policy, and Consolidation
Political Geography:
Global Focus

44704. The Timing of Sovereign Defaults Over Electoral Terms

Author:
Nathan Foley-Fisher
Publication Date:
05-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
I construct a database that maps the timing of sovereign default decisions into elected politicians' terms of office, that provides an empirical means of investigating political economy theories of sovereign default. I find no robust patterns in the timing of default decisions over terms of office. I also find no evidence in support of the political reputation theory of sovereign debt repayment. Finally, there is some tentative evidence that elected leaders who default are also those more likely to be re-elected. Motivated by anecdotal evidence, I use a stylised model of political leaders with career concerns to demonstrate how this can occur when politicians care about re-election.
Topic:
Sovereignty, Elections, Leadership, Economic Theory, and Fiscal Policy
Political Geography:
Global Focus

44705. How Do Laffer Curves Differ Across Countries?

Author:
Mathias Trabandt and Harald Uhlig
Publication Date:
05-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We seek to understand how Laffer curves differ across countries in the US and the EU-14, thereby providing insights into fiscal limits for government spending and the service of sovereign debt. As an application, we analyze the consequences for the permanent sustainability of current debt levels, when interest rates are permanently increased e.g. due to default fears. We build on the analysis in Trabandt and Uhlig (2011) and extend it in several ways. To obtain a better fit to the data, we allow for monopolistic competition as well as partial taxation of pure profit income. We update the sample to 2010, thereby including recent increases in government spending and their fiscal consequences. We provide new tax rate data. We conduct an analysis for the pessimistic case that the recent fiscal shifts are permanent. We include a cross-country analysis on consumption taxes as well as a more detailed investigation of the inclusion of human capital considerations for labor taxation.
Topic:
Economics, Economic Theory, Human Capital, and Fiscal Policy
Political Geography:
Global Focus

44706. Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries

Author:
Samir Jahjah, Bin Wei, and Vivian Zhanwei Yue
Publication Date:
06-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper empirically analyzes how exchange rate policy affects the issuance and pricing of international bonds for developing countries. We find that countries with less flexible exchange rate regimes pay higher sovereign bond spreads and are less likely to issue bonds. Quantitatively, changing a free-floating regime to a fixed regime decreases the likelihood of bond issuance by 4.6% and increases the bond spread by 1.3% on average. Furthermore, countries with real exchange rate overvaluation have higher bond spreads and higher bond issuance probabilities. Moreover, such positive effects of real exchange rate overvaluation tend to be magnified for countries with fixed exchange rate regimes. Our results suggest that choosing a less flexible exchange rate regime in general leads to higher borrowing costs for developing countries, especially when their currencies are overvalued.
Topic:
Development, Exchange Rate Policy, Fiscal Policy, and Bonds
Political Geography:
Global Focus

44707. Do Oil Prices Help Forecast U.S. Real GDP? The Role of Nonlinearities and Asymmetries

Author:
Lutz Kilian and Robert J. Vigfusson
Publication Date:
06-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
There is a long tradition of using oil prices to forecast U.S. real GDP. It has been suggested that the predictive relationship between the price of oil and one-quarter ahead U.S. real GDP is nonlinear in that (1) oil price increases matter only to the extent that they exceed the maximum oil price in recent years and that (2) oil price decreases do not matter at all. We examine, first, whether the evidence of in-sample predictability in support of this view extends to out-of-sample forecasts. Second, we discuss how to extend this forecasting approach to higher horizons. Third, we compare the resulting class of nonlinear models to alternative economically plausible nonlinear specifications and examine which aspect of the model is most useful for forecasting. We show that the asymmetry embodied in commonly used nonlinear transformations of the price of oil is not helpful for out-of-sample forecasting; more robust and more accurate real GDP forecasts are obtained from symmetric nonlinear models based on the three-year net oil price change. Finally, we quantify the extent to which the 2008 recession could have been forecast using the latter class of time-varying threshold models.
Topic:
Energy Policy, Oil, Natural Resources, GDP, and Price
Political Geography:
North America and United States of America

44708. U.S. Real Interest Rates and Default Risk in Emerging Economies

Author:
Nathan Foley-Fisher and Bernardo Guimaraes
Publication Date:
08-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper empirically investigates the impact of changes in U.S. real interest rates on sovereign default risk in emerging economies using the method of identification through heteroskedasticity. Policy-induced increases in U.S. interest rates starkly raise default risk in emerging market economies. However, the overall correlation between U.S. real interest rates and the risk of default is negative, demonstrating that the effects of other variables dominate the anterior relationship.
Topic:
Economics, Interest Rates, Risk, and Fiscal Policy
Political Geography:
North America and United States of America

44709. Individual Price Adjustment Along the Extensive Margin

Author:
Etienne Gagnon, David López-Salido, and Nicholas Vincent
Publication Date:
08-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Firms employ a rich variety of pricing strategies whose implications for aggregate price dynamics often diverge. This situation poses a challenge for macroeconomists interested in bridging micro and macro price stickiness. In responding to this challenge, we note that differences in macro price stickiness across pricing mechanisms can often be traced back to price changes that are either triggered or cancelled by shocks. We exploit observed micro price behavior to quantify the importance of this margin of adjustment for the response of inflation to shocks. Across a range of empirical exercises, we find strong evidence that changes in the timing of price adjustments contribute significantly to the flexibility of the aggregate price level.
Topic:
Economics, Monetary Policy, Inflation, and Price
Political Geography:
Global Focus

44710. Individual Price Adjustment Along the Extensive Margin

Author:
Etienne Gagnon, David López-Salido, and Nicholas Vincent
Publication Date:
08-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Firms employ a rich variety of pricing strategies whose implications for aggregate price dynamics often diverge. This situation poses a challenge for macroeconomists interested in bridging micro and macro price stickiness. In responding to this challenge, we note that differences in macro price stickiness across pricing mechanisms can often be traced back to price changes that are either triggered or cancelled by shocks. We exploit observed micro price behavior to quantify the importance of this margin of adjustment for the response of inflation to shocks. Across a range of empirical exercises, we find strong evidence that changes in the timing of price adjustments contribute significantly to the flexibility of the aggregate price level.
Topic:
Economics, Business, Inflation, Macroeconomics, and Price
Political Geography:
Global Focus

44711. Heterogeneous Workers, Optimal Job Seeking, and Aggregate Labor Market Dynamics

Author:
Brandan Epstein
Publication Date:
08-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
In the United States, the aggregate vacancy-unemployment (V/U) ratio is strongly procyclical, and a large fraction of its adjustment associated with changes in productivity is sluggish. The latter is entirely unexplained by the benchmark homogeneous-agent model of equilibrium unemployment theory. I show that endogenous search and worker-side horizontal heterogeneity in production capacity can be important in accounting for this propagation puzzle. Driven by differences in unemployed and on-the-job seekers' search incentives, the probability that any given firm with a job opening matches with a worker endowed with a comparative advantage in that job exhibits a stage of procyclical slow-moving adjustment. Consequently, so do the expected gains from posting vacancies and, hence, the V/U ratio. The model has channels through which the majority of both the V/U ratio's sluggish-adjustment properties and its elasticity with respect to output per worker can be accounted for.
Topic:
Labor Issues, Employment, Business, Unemployment, and Labor Market
Political Geography:
North America and United States of America

44712. Commodity Price Movements in a General Equilibrium Model of Storage

Author:
David M. Arseneau and Sylvain Leduc
Publication Date:
08-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We embed the canonical rational expectations competitive storage model into a general equilibrium framework thereby allowing the non-linear commodity price dynamics implied by the competitive storage model to interact with the broader macroeconomy. Our main result is that the endogenous movement in interest rates implied under general equilibrium enhances the effects of competitive storage on commodity prices. Compared to a model in which the real interest rate is fixed, we find that storage in general equilibrium leads to more persistence in commodity prices and somewhat lower volatility. Moreover, the frequency of stockouts is lower in general equilibrium. A key mechanism driving this result is a link between the ability of the household to smooth consumption over time and the level of storage in the stochasic equilibrium. Finally, the model is used to examine the macroeconomic effects of both biofuel subsidies for ethanol producers and, separately, subsidies designed to insulate households from high food prices.
Topic:
Economics, Food, Commodities, Economic Theory, and Price
Political Geography:
Global Focus

44713. International Relative Price Levels: A Look Under the Hood

Author:
Jaime Marquez, Charles Thomas, and Corinne Land
Publication Date:
08-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper examines the structure of international relative price levels using purchasing power parities (PPP) at the product-level from the 2005 World Bank’s International Comparison Program (ICP). Our examination is motivated by questions arising from two applications using economy-wide PPPs: the measurement of real effective exchange rates (REERs) and the correlation between prices and development. Specifically, how would our view on competitiveness be affected if one were to use PPP measures that exclude non-tradable categories? Is it the case that an increase in per-capita income raises the prices of non-tradable categories? These questions are not new. What is new here is the use of relative price levels (as opposed to indexes) at the product level for 144 countries that differ greatly in their level of development.
Topic:
Development, International Trade and Finance, Exchange Rate Policy, Strategic Competition, and Price
Political Geography:
Global Focus

44714. Evaluating a Global Vector Autoregression for Forecasting

Author:
Neil R. Ericsson and Erica L. Reisman
Publication Date:
10-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Global vector autoregressions (GVARs) have several attractive features: multiple potential channels for the international transmission of macroeconomic and financial shocks, a standardized economically appealing choice of variables for each country or region examined, systematic treatment of long-run properties through cointegration analysis, and flexible dynamic specification through vector error correction modeling. Pesaran, Schuermann, and Smith (2009) generate and evaluate forecasts from a paradigm GVAR with 26 countries, based on Dées, di Mauro, Pesaran, and Smith (2007). The current paper empirically assesses the GVAR in Dées, di Mauro, Pesaran, and Smith (2007) with impulse indicator saturation (IIS)—a new generic procedure for evaluating parameter constancy, which is a central element in model-based forecasting. The empirical results indicate substantial room for an improved, more robust specification of that GVAR. Some tests are suggestive of how to achieve such improvements.
Topic:
Economics, Economic Theory, Macroeconomics, and Fiscal Policy
Political Geography:
Global Focus

44715. The Return on U.S. Direct Investment at Home and Abroad

Author:
Stephanie E. Curcuru and Charles Thomas
Publication Date:
10-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
A longstanding puzzle is that the United States is a net borrower from the rest of the world, yet continues to receive income on its external position. A large difference between the yields on direct investment at home and abroad is responsible and this paper examines potential explanations for this differential. We find that most of the differential disappears after one adjusts for the U.S. taxes owed by the parent on foreign earnings, the sovereign risk and sunk costs associated with investing abroad, and the age of foreign direct investment in the U.S.. Taken together, our results suggest most of the difference in yields should remain as long as there is a difference in tax rates between the United States and the countries in which U.S. firms invest, and U.S. investments are perceived as relatively safe. This has implications for the long-run sustainability of the U.S. current account deficit which will depend, in part, on the long-run behavior of this income.
Topic:
Economics, International Cooperation, Foreign Direct Investment, Tax Systems, and Investment
Political Geography:
North America and United States of America

44716. Liquidity Shocks, Dollar Funding Costs, and the Bank Lending Channel During the European Sovereign Crisis

Author:
Ricardo Correa, Horacio Sapriza, and Andrei Zlate
Publication Date:
11-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper documents a new type of cross-border bank lending channel. The deepening of the European sovereign debt crisis in 2011 restrained the financial intermediation of European banks in the United States. In this period, some of the U.S. branches of European banks faced a dollar liquidity shock—due to their perceived risk reflecting the sovereign risk of their countries of origin—which in turn affected the branches’ lending to U.S. entities. We use a novel dataset to analyze the operations of branches of foreign banks in the United States. Our results show that: (1) The U.S. branches of European banks experienced a run on their deposits, mainly from U.S. money market funds. (2) The branches with curtailed access to large time deposits relied more on funding from their own parent institutions, thus shifting from being net suppliers to being net receivers of dollar funding from their related offices. (3) Since the additional funding received from parent institutions was not enough to offset the decreased access to U.S. funding, such branches reduced their lending to U.S. entities.
Topic:
Regional Cooperation, European Union, Finance, Banking, and Liquidity
Political Geography:
Europe

44717. Gauging The Effects of Fiscal Stimulus Packages In The Euro Area

Author:
Gunter Coenen, Ronald Straub, and Mathias Trabandt
Publication Date:
11-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We seek to quantify the impact on euro area GDP of the European Economic Recovery Plan (EERP) enacted in response to the financial crisis of 2008-09. To do so, we estimate an extended version of the ECB’s New Area-Wide Model with a richly specified fiscal sector. The estimation results point to the existence of important complementarities between private and government consumption and, to a lesser extent, between private and public capital. We first examine the implied present-value multipliers for seven distinct fiscal instruments and show that the estimated complementarities result in fiscal multipliers larger than one for government consumption and investment. We highlight the importance of monetary accommodation for these findings. We then show that the EERP, if implemented as initially enacted, had a sizeable, although short-lived impact on euro area GDP. Since the EERP comprised both revenue and expenditure-based fiscal stimulus measures, the total multiplier is below unity.
Topic:
Regional Cooperation, Governance, European Union, Stimulus, and Economic Recovery
Political Geography:
Europe

44718. A State-Dependent Model for Inflation Forecasting

Author:
Andrea Stella and James H. Stock
Publication Date:
11-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We develop a parsimonious bivariate model of inflation and unemployment that allows for persistent variation in trend inflation and in the non-accelerating inflation rate of unemployment. The model, which consists of five unobserved components including the trends) with stochastic volatility, implies a time-varying vector autoregression model for changes in the rates of inflation and unemployment. The implied backwards-looking Phillips curve has a time-varying slope that is steeper in the 1970s than in the 1990s. Pseudo out-of-sample forecasting experiments indicate improvements upon univariate benchmarks. Since 2008, the implied Phillips curve has become steeper and the the non-accelerating inflation rate of unemployment has increased.
Topic:
Development, Labor Issues, Inflation, State Building, and Unemployment
Political Geography:
Global Focus

44719. Fiscal Consolidation in a Currency Union: Spending Cuts vs. Tax Hikes

Author:
Christopher J. Erceg and Jesper Linde
Publication Date:
11-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper uses a two country DSGE model to examine the effects of tax-based versus expenditure-based fiscal consolidation in a currency union. We find three key results. First, given limited scope for monetary accommodation, tax-based consolidation tends to have smaller adverse effects on output than expenditure-based consolidation in the near-term, though is more costly in the longer-run. Second, a large expenditure-based consolidation may be counterproductive in the near-term if the zero lower bound is binding, reflecting that output losses rise at the margin. Third, a "mixed strategy" that combines a sharp but temporary rise in taxes with gradual spending cuts may be desirable in minimizing the output costs of fiscal consolidation.
Topic:
Economics, Monetary Policy, Tax Systems, Macroeconomics, Fiscal Policy, Public Spending, and Liquidity
Political Geography:
Global Focus

44720. Foreign Banks in the U.S.: A Primer

Author:
William Goulding and Daniel E. Nolle
Publication Date:
11-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper describes the foreign banking landscape in the United States. It begins by establishing a vocabulary for discussion of the subject, and then identifies a number of important data-related issues. With that information in hand, the remainder of the paper focuses on identifying the most important underlying trends on both sides of the balance sheets of foreign-owned banks' U.S. operations. At each step, the investigation considers how foreign-owned banks compare to U.S.-owned domestic banks, and how two types of foreign banks operations in the U.S. -- branches and agencies of foreign banks (FBAs), and foreign-owned subsidiary banks (FSUBs) -- compare to each other. The banking sector in the U.S. experienced substantial swings in performance and stability over the decade surrounding the 2008-2009 financial crisis and changes in every major dimension of foreign-owned banks' assets and liabilities were even larger than for domestic banks. Changes were especially large at FBAs. For example, cash balances came to dominate the assets side of FBAs’ aggregate balance sheet, with the absolute level of cash balances larger than those of domestic U.S. banks beginning in 2011, despite the fact that total assets of domestic U.S. banks are five times the assets of FBAs. Further, the recent unprecedented build-up of cash balances by FBAs was almost entirely composed of excess reserves. Changes in FBAs' liabilities-side activities have also been large, with much funding coming from large wholesale deposits and net borrowing from their foreign parents and related offices abroad.
Topic:
Foreign Direct Investment, Fiscal Policy, Capital, Banking, and Funding
Political Geography:
North America and United States of America

44721. Interest Rates and the Volatility and Correlation of Commodity Prices

Author:
Joseph W. Gruber and Robert J. Vigfusson
Publication Date:
11-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We propose a novel explanation for the observed increase in the correlation of commodity prices over the past decade. In contrast to theories that rely on the increased influence of financial speculators, we show that price correlation can increase as a result of a decline in interest rates. More generally, we examine the effect of interest rates on the volatility and correlation of commodity prices, theoretically through the framework of Deaton and Laroque (1992) and empirically via a panel GARCH model. In theory, we show that lower interest rates decrease the volatility of prices, as lower inventory costs promote the smoothing of transient shocks, and can increase price correlation if common shocks are more persistent than idiosyncratic shocks. Empirically, as predicted by theory, we find that price volatility attributable to transitory shocks declines with interest rates, while, particularly for metals prices, price correlation increases as interest rates decline.
Topic:
Economics, Commodities, Interest Rates, and Price
Political Geography:
Global Focus

44722. Do Recessions Affect Potential Output?

Author:
Jane T. Haltmaier
Publication Date:
12-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
A number of previous studies have looked at the effect of financial crises on actual output several years beyond the crisis. The purpose of this paper is to examine whether the growth of potential output also is affected by recessions, whether or not they include financial crises. Trend per capita output growth is calculated using HP filters, and average growth is compared for the two years preceding a recession, the two years immediately following a recession peak, and the two years after that. Panel regressions are run to determine whether characteristics of recessions, including depth, length, extent to which they are synchronized across countries, and whether or not they include a financial crisis, can explain the cumulative four-year loss in the level of potential output following an output peak preceding a recession. The main result is that the depth of a recession has a significant effect on the loss of potential for advanced countries, while the length is important for emerging markets. These results imply that the Great Recession might have resulted in declines in trend output growth averaging about 3 percent for the advanced economies, but appear to have had little effect on emerging market trend growth.
Topic:
Economics, Global Recession, Global Markets, and Economic Growth
Political Geography:
Global Focus

44723. Banks, Sovereign Debt and the International Transmission of Business Cycles

Author:
Luca Guerrieri, Matteo Iacoviello, and Raoul Minetti
Publication Date:
12-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper studies the international propagation of sovereign debt default. We posit a two-country economy where capital constrained banks grant loans to firms and invest in bonds issued by the domestic and the foreign government. The model economy is calibrated to data from Europe, with the two countries representing the Periphery (Greece, Italy, Portugal and Spain) and the Core, respectively. Large contractionary shocks in the Periphery trigger sovereign default. We find sizable spillover effects of default from Periphery to the Core through a drop in the volume of credit extended by the banking sector.
Topic:
Debt, Sovereignty, Business, Banks, and Capital
Political Geography:
Global Focus

44724. Variance Risk Premiums and the Forward Premium Puzzle

Author:
Juan M. Londono and Hao Zhou
Publication Date:
12-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper presents evidence that the foreign exchange appreciation is predictable by the currency variance risk premium at a medium 6-month horizon and by the stock variance risk premium at a short 1-month horizon. Although currency variance risk premiums are highly correlated with each other over longer horizons, their correlations with stock variance risk premiums are quite low. Interestingly the currency variance risk premium has no predictive power for stock returns. We rationalize these findings in a consumption-based asset pricing model with orthogonal local and global economic uncertainties. In our model the market is incomplete in the sense that the global uncertainty is not priced by local stock markets and is therefore a forex-specific phenomenon—the currency uncertainty’s effects on the expected stock return are off-setting between the cash flow channel and the volatility channel.
Topic:
Economics, Risk, Currency, and Stock Markets
Political Geography:
Global Focus

44725. Sovereign Credit Risk, Banks' Government Support, and Bank Stock Returns Around the World

Author:
Ricardo Correa, Kuan-Hui Lee, Horacio Sapriza, and Gustavo Suarez
Publication Date:
12-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We explore the joint effect of expected government support to banks and changes in sovereign credit ratings on bank stock returns using data for banks in 37 countries between 1995 and 2011. We find that sovereign credit rating downgrades have a large negative effect on bank stock returns for those banks that are expected to receive stronger support from their governments. This result is stronger for banks in advanced economies where governments are better-positioned to provide that support. Our results suggest that stock market investors perceive sovereigns and domestic banks as markedly interconnected, partly through government guarantees.
Topic:
Sovereignty, Governance, Risk, Credit, Bonds, and Stock Markets
Political Geography:
Global Focus

44726. Firm Characteristics and Em

Author:
Leonid Kogan and Mary Tian
Publication Date:
12-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
"A three-factor model using the standardized-unexpected-earnings and cashflow-to-price factors explains 15 well-known asset pricing anomalies." Our data-mining experiment provides a backdrop against which such claims can be evaluated. We construct three-factor linear pricing models that match return spreads associated with as many as 15 out of 27 commonly used firm characteristics over the 1971-2011 sample. We form target assets by sorting firms into ten portfolios on each of the chosen characteristics and form candidate pricing factors as long-short positions in the extreme decile portfolios. Our analysis exhausts all possible 351 three-factor models, consisting of two characteristic-based factors in addition to the market portfolio. 65% of the examined factor models match a larger fraction of the target return cross-sections than the CAPM or the Fama-French three-factor model. We find that the relative performance of the complete set of three-factor models is highly sensitive to the sample choice and the factor construction methodology. Our results highlight the challenges of evaluating empirical factor models.
Topic:
Economics, Markets, Economic Theory, Data, and Models
Political Geography:
Global Focus

44727. Institutional Herding in the Corporate Bond Market

Author:
Fang Cai, Song Han, and Dan Li
Publication Date:
12-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We find substantial herding in U.S. corporate bonds among bond fund managers, much higher than that previously documented for the equity market. Herding is generally stronger among illiquid bonds, and buy herding and sell herding are driven by different factors. In particular, sell herding increases on negative news about bond ratings and corporate earnings. Interestingly, increases in ex-post transparency in corporate bond trading through Trade Reporting and Compliance Engine (TRACE) led to higher buy herding but not to higher sell herding. Finally, we find significant return reversals in the post-herding quarters, especially for sell herding and for junk bonds. Price reversal is most prominent when funds herd to sell illiquid bonds, which suggests that temporary price pressure is the reason behind price reversal.
Topic:
Markets, Business, Investment, Corporations, and Liquidity
Political Geography:
Global Focus

44728. An action plan for US policy in the Americas

Author:
Robert F. Noriega and José R. Cárdenas
Publication Date:
12-2012
Content Type:
Special Report
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
As US policymakers struggle to overcome sluggish economic growth while confronting abiding security threats, there is a stronger argument than ever for fortifying US partnerships with countries in the Americas whose economies and security are intertwined with America’s own economy and security. While the United States has been preoccupied with other regions, most Latin American nations have continued to modernize their market economies; two nations in particular—Brazil and Mexico—are emerging as global players. Therefore, the time is right to restore a strong bipartisan consensus in the United States that promotes a constructive, free-market growth agenda in the Americas. Practical initiatives—not rhetoric—will encourage America and its neighbors to find common ground for their collective benefit.
Topic:
Security, Foreign Policy, Partnerships, Economy, and Economic Crisis
Political Geography:
Latin America and United States of America

44729. The Re-Politicization of European Minority Protection : Six Cases from the FCNM Monitoring Process

Author:
Tove H. Malloy
Publication Date:
04-2012
Content Type:
Case Study
Institution:
European Centre for Minority Issues
Abstract:
The FCNM was received fairly well among the member states. Within the first two years after adoption 33 countries had signed the instrument. In the next two years another three countries signed, and since 1999 seven countries have signed. Some countries have decided not to sign. Among experts the reception of the FCNM was slightly different. Critics pointed out that an international instrument without a petition process and a strong power to sanction states would not have effect on the protection of beneficiaries. The ultimate power of the FCNM rests in the CM which issues country-specific resolutions on the basis of a monitoring process trusted to a group of experts, the Advisory Committee and a preliminary drafting trusted to one of the subsidiary groups of the CM, the Rapporteur Group on Human Rights (GR-H). The FCNM has developed a near consensus approach to the protection of persons belonging to national minorities. This consensus became pronounced also through the monitoring process and the CM was able to adopt resolutions within a reasonable length of time from the start of the monitoring. However, the second decade of the FCNM appears to show a different reality. There seems to be an increasing activity at the political level during the process of drafting the CM resolutions. This has slowed the monitoring process and given rise to concern that the FCNM is not enjoying the initial support that it did. The political process is the focus of this paper. This paper seeks to investigate the process in the GR-H, as well as examining which countries are experiencing a slower process and the issues raised.
Topic:
Human Rights, Nationalism, Minorities, Ethnicity, and Protected People
Political Geography:
Europe

44730. Self-Determination and National Minorities: the Difficulties of 'Making' a Referendum in Schleswig-Holstein and why to think Twice in Kosovo

Author:
Tove H. Malloy
Publication Date:
09-2012
Content Type:
Policy Brief
Institution:
European Centre for Minority Issues
Abstract:
The unofficial, non-binding referendum in Northern Kosovo and the ongoing debate in the international community about solutions for the Serbian minority bring the problem of self-determination for national minorities back to the fore. The right to vote on national allegiance and sovereign borders has never been a simple matter in European inter-state relations, let alone in international law. such a referendum is not respected unless it holds international backing, even if it is considered a domestic matter. And a referendum on sovereign international borders is usually the result of long and often drawn out geo-political processes, including tediously negotiated settlements after major bellicose conflicts. It is not something national minorities can unilaterally decide to undertake independently. This is at least one of the lessons that European history has taught us. Thus, the case of Northern Kosovo is not likely to be any different than past referenda on national allegiance and sovereign borders. Drawing on the experience of the 1920 referendum in the Danish-German border region, this Issue Brief will put the problem of self-determination for the Serbs in Northern Kosovo in an historical perspective as a basis for a contemporary analysis.
Topic:
Nationalism, Self Determination, Minorities, and Identity
Political Geography:
Global Focus

44731. EU Relations with Azerbaijan: More for Less?

Author:
Jacqueline Hale
Publication Date:
05-2012
Content Type:
Policy Brief
Institution:
Open Society Foundations
Abstract:
The EU’s rhetoric on comprehensive engagement and a multidimensional Neighbourhood Policy has failed to result in pressure to improve human rights in Azerbaijan. Instead, energy security has regularly trumped human rights concerns as the EU has privileged a narrower set of priorities than those agreed in the joint Action Plan. The expansion of energy cooperation, far from improving governance and transmitting European norms, has resulted in even less willingness to raise these concerns in Baku. EU policymakers, believing that they lack leverage in the face of hydrocarbon-rich Azerbaijan and insecure about the attractiveness of what the EU has to offer, have not attached conditions to the relationship. Against the background of the Arab Spring and the recent Neighbourhood Policy review, this paper discusses the EU's potential leverage, concluding that a robust EU policy that incorporated human rights would deliver better results. It is time for the EU to link its expectations for political reform to policy consequences.
Topic:
Human Rights, Regional Cooperation, Democracy, and Trade Policy
Political Geography:
Europe and Azerbaijan

44732. U.S. Military Aid to Central Asia: Who Benefits?

Author:
Joshua Kucera
Publication Date:
09-2012
Content Type:
Special Report
Institution:
Open Society Foundations
Abstract:
U.S. military aid to Central Asia has substantially increased over the past 10 years with an increasingly large percentage going toward the training and equipping of Central Asian special forces units. In several cases, funding has been misappropriated by host governments, while the United States has tended to look the other way at such abuses. Military aid can have varying goals, but increases in funding and ambivalence by U.S, officials toward possible abuse of funds by Central Asian governments suggest that the primary motive of U.S. aid is to “buy” access to regional governments and militaries for cooperation in Afghanistan, rather than to improve defense institutions and militaries.
Topic:
Diplomacy, Foreign Aid, and Military Affairs
Political Geography:
Central Asia

44733. The New Silk Road and the Northern Distribution Network: A Golden Road to Central Asian Trade Reform?

Author:
Graham Lee
Publication Date:
10-2012
Content Type:
Special Report
Institution:
Open Society Foundations
Abstract:
The United States is promoting a “New Silk Road” that would link Afghanistan to Southern and Central Asia via an interconnected web of transit corridors, which could transform the regional trade environment, tear down commercial barriers, and offer economic benefits for all. The New Silk Road and the Northern Distribution Network is a constructive assessment of the conditions and challenges facing this effort that asks and answers the following questions: Is the Northern Distribution network incentivizing regional cooperation and border reforms? Is the Northern Distribution Network helping to fight corruption in Central Asia? Has the Northern Distribution Network made transhipment through Central Asia more efficient? Are ordinary Central Asian citizens benefitting from Northern Distribution Network trade?
Topic:
International Cooperation, International Political Economy, International Trade and Finance, Networks, and Silk Road
Political Geography:
Afghanistan and Central Asia

44734. Remaking Bagram: The Creation of an Afghan Internment Regime and the Divide over U.S. Detention Power

Publication Date:
09-2012
Content Type:
Special Report
Institution:
Open Society Foundations
Abstract:
This report by the Open Society Foundations highlights concerns about the transition of the U.S. detention facility in Bagram, Afghanistan, from U.S. to Afghan control. Remaking Bagram exposes a deep divide between U.S. and Afghan officials on the eve of the planned handover that puts U.S. intentions to maintain detention authority in Afghanistan against the Afghan government’s insistence that Afghans can no longer be detained by the United States on “Afghan soil.” Remaking Bagram, which was released on September 6, also highlights the Afghan government’s efforts to take custody of detainees held by the United States by creating an Afghan internment regime that would detain individuals without trial. Many Afghan legal experts call this new system unconstitutional and have expressed fears that it is susceptible to abuse.
Topic:
Foreign Policy, Military Affairs, Military Intervention, State Building, and Detention
Political Geography:
Afghanistan and United States

44735. Twenty Mechanisms for Addressing Torture in Health Care

Author:
Jonathan Cohen and Tamar Ezer
Publication Date:
06-2012
Content Type:
Special Report
Institution:
Open Society Foundations
Abstract:
Health care settings should be places where human rights are realized. Yet, across the world, health systems often serve as venues of punishment, coercion, and violations of basic human rights, sometimes amounting to torture or cruel, inhuman, and degrading treatment. This abuse is especially prevalent in the care of socially marginalized groups—people living with HIV, ethnic minorities, sexual and gender minorities, people who use drugs, and people with intellectual disabilities or mental health problems. There are many national, regional, and international mechanisms designed to promote government accountability and prevent torture and cruel, inhuman, and degrading treatment, yet these mechanisms are rarely applied to health facilities. This manual describes 20 anti-torture mechanisms from the United Nations and African, European, and Inter-American human rights systems and provides illustrative examples on how to use these mechanisms to fight torture in health settings. For each mechanism, the manual explores mandate, procedure, possibilities for engagement, and prior work on torture in health care. The manual also includes a glossary of basic human rights terms. This manual is designed as a resource for organizations that advocate against abuse in health care—including international, regional, and national human rights organizations; groups focused on particular health care abuses; anti-torture groups; and the treaty bodies themselves.
Topic:
HIV/AIDS, Health, Torture, United Nations, Minorities, and Health Care Policy
Political Geography:
Africa, Europe, and Global Focus

44736. The European Union and the Right to Community Living

Author:
Luke Clements
Publication Date:
05-2012
Content Type:
Special Report
Institution:
Open Society Foundations
Abstract:
The European Union and its Member States have an obligation to ensure that European taxpayer money in the form of Structural Funds is invested in a manner that respects human rights and fundamental freedoms. These are among the basic values upon which the EU was founded. However, some Member States are acting contrary to EU law by using European money to invest in institutions for people with disabilities rather than developing alternative community-based services that promote community living. Such actions contravene the Convention on the Rights of Persons with Disabilities and violates the fundamental human rights of people with disabilities. This report by the Open Society Foundations features legal analysis from Queen’s Counsel Richard Gordon and examines how the use of Structural Funds to renovate or build institutions is contrary to EU law. The European Commission and its Member States should take actions to ensure that Structural Funds are not used to perpetuate the social exclusion of any European citizen. Topics discussed in the report include: The role of Structural Funds in moving from institutionalization to community living; Key principles of the right to community living and the Convention on the Rights of Persons with Disabilities; The legal framework for Structural Funds investments; EU obligations to combat discrimination and social exclusion; Conclusions and recommendations.
Topic:
Discrimination, Social Cohesion, and Community
Political Geography:
Europe

44737. Tools for Change: Applying United Nations standards to secure women’s housing, land, and property rights in the context of HIV

Publication Date:
10-2012
Content Type:
Special Report
Institution:
Open Society Foundations
Abstract:
Developed by the United Nations Development Programme and Open Society Foundations, Tools for Change is an easy-to-use resource for advocates working on women’s housing, land, and property rights in the context of HIV. It brings together relevant international human rights documents and highlights core concepts, rights, and means of enforcement, providing examples of successful advocacy from around the world. Moreover, it draws on the voices of women worldwide to explain these rights and their uses in practical terms. This manual was originally conceived during a strategic meeting on property and inheritance rights as they relate to HIV, held during the 2009 United Nations Commission on the Status of Women, where organizations gathered from around the world. It emerged from the realization that through hard work, advocates have managed to get a number of UN instruments to include protection for women’s housing, land, and property rights, and member states have pledged to abide by them. However, many advocates at the national level do not even know of these international instruments, even though they might be helpful in their work, particularly as governments may not be meeting their international human rights obligations. Advocates need a better understanding of international human rights and government obligations in order to ensure government accountability and advance women’s housing, land, and property rights. This manual seeks to empower advocates working in the context of HIV by making the relevant United Nations standards and interpretations clear and accessible—to make them "tools for change."
Topic:
HIV/AIDS, United Nations, Women, Land, Housing, and Equality
Political Geography:
Global Focus

44738. Financial Inclusion for the Roma: Banking As a Key to Social Progress

Publication Date:
03-2012
Content Type:
Policy Brief
Institution:
Open Society Foundations
Abstract:
For many people across the world, using financial services is a simple part of their daily routine. From depositing salary checks to applying for consumer loans, banking activities are basic and essential features of life in contemporary society. Yet there are still large numbers of people in the world who have no access to banking services. In Central and Eastern Europe, Roma make up a significant number of this “unbanked” population. The lack of access to financial services further exacerbates the already dire economic conditions found in many Roma communities. Financial inclusion—making basic financial services such as savings, payments, and credit accessible—can help improve poor people’s lives and contribute to the growth of micro-, small-, and medium-sized enterprises that can provide self-employment for many. Using financial inclusion to give Roma access to the basic and vital services offered by banks is as important a component of Roma inclusion as employment, housing, health or education. In order to truly make a difference in the lives of Roma communities across Central and Eastern Europe, advocates and policymakers must make financial inclusion a well-integrated element of Roma inclusion efforts.
Topic:
Finance, Roma, Economic Policy, Advocacy, and Banking
Political Geography:
Eastern Europe and Central Europe

44739. Media – International Relations Interaction Model

Author:
Tsvetelina Yordanova
Publication Date:
12-2012
Content Type:
Special Report
Institution:
Institute for Security and International Studies (ISIS)
Abstract:
What role do media play in international relations is the major question that this article attempts to answer. It argues that media have quite limited impact on international affairs and foreign policy process and that the political discourse still prevails over the one of the media and the public in the contest of power in democratic societies. The contribution of the article is to conceptualize the highly scattered knowledge about media-international relations interaction and to present a model which places media on the complex terrain of world politics.
Topic:
International Relations, Communications, Media, and News Analysis
Political Geography:
Europe, Eastern Europe, and Global Focus

44740. Turkey’s Mediation and Friends of Mediation Initiative

Author:
Bülent Aras
Publication Date:
12-2012
Content Type:
Special Report
Abstract:
This brief critically examines a new area of activism in Turkey’s foreign policy agenda: Turkey’s rise as a mediator in regional and international crises zones. It contextualizes Turkey’s reliance on a multitude of actors to support its mediation initiatives, most notably its vibrant civil society and NGOs, as a successful case of total performance, a principle forming Turkey’s new foreign policy doctrine. The brief then outlines the broad frameworks and characteristics of Turkey’s approach to mediation, as laid out by the Minister of Foreign Affairs, Ahmet Davutoğlu. The brief takes a closer look at the case of Turkey’s involvement in the attempt to seek resolution in the Afghanistan conflict and it illustrates a good example of Turkey’s new style in mediation. The brief concludes with a discussion of the Friends of Mediation Initiative, launched under the UN framework through joint Turkish-Finnish initiative.
Topic:
International Relations and International Affairs
Political Geography:
Turkey

44741. Turkey’s New Horizon: Turks Abroad and Related Communities

Author:
Kemal Yurtnaç
Publication Date:
10-2012
Content Type:
Policy Brief
Abstract:
Across the world, there are many countries that have established institutions to serve and engage with their citizens and kin living abroad. Such institutions are called Diaspora Ministry/ Department in some cases, while in others they operate as independent units under the Ministry of Foreign Affairs. The dissolution of the Soviet Union in the late 1990s paved the way for the birth of a set of new countries that have their nationals or ethnic kin beyond their borders, and consequently increased the need to establish such institutions. The ensuing process of globalization facilitated countries in their efforts to establish closer ties with their citizens and kin communities. Today many countries work to strengthen their public diplomacy efforts, or “soft power,” and expand their sphere of influence through their diasporas.
Topic:
International Relations and International Affairs
Political Geography:
Turkey

44742. The Tensions between Serbia and Kosovo - A Major Generator of Instability in the Region

Author:
Petyo Valkov
Publication Date:
09-2012
Content Type:
Working Paper
Institution:
Institute for Security and International Studies (ISIS)
Abstract:
In March 2007, after seven years of Kosovo being a United Nations protectorate, the UN Special Envoy Martti Ahtisaari proposed independence. The United States supported this proposal but Russia categorically did not, nor, of course, did Serbia. The United States proposed a three-part plan to stabilize an independent Kosovo. First, all high government posts would be distributed based on religion and ethnicity, second, a new Constitution must specifically safeguard the rights of the Serbian minority and, third, a substantial peacekeeping force must be in place to protect the Serbs and the minorities. Notwithstanding the seven years of the UN protectorate, hundreds of Orthodox Christian churches have been destroyed and thousands of Serbs have left Kosovo. For example, before the UN took over there were 40,000 Serbs living in Priština compared with about a hundred today. In 1971 Kosovo was 75% Muslim compared to at least 92% today
Topic:
International Affairs and Political and institutional effectiveness
Political Geography:
Kosovo and Serbia

44743. Maritime Security East of Suez Sustaining the U.S. Role as the Key Policeman in Times of Change

Author:
Geoffrey Kemp
Publication Date:
01-2012
Content Type:
Special Report
Abstract:
At the height of America’s postwar power, in the 1960s and 1970s, the U.S. Seventh Fleet was able to sustain an unchallenged presence “East of Suez” to embrace the Persian Gulf, the Indian Ocean, the Indonesian Straits, and the South and East China Seas as well as the Western Pacific. Today the U.S. remains the dominant maritime power in this vast area, especially in the region to the west of the Straits of Malacca. However, in the region closer to China, the growing power projection and sea denial capabilities of China’s military raises questions about the future ability of the United States to operate with immunity in an area China increasingly believes is part of its own patrimony. Although the United States has many allies in the region, especially Singapore, Australia, Japan, South Korea, the Philippines, and increasingly Vietnam, the trends in military spending and force deployments suggest the U.S. will have to increasingly rely on cooperation with allies if there is to be a balance against China’s maritime aspirations. The downside of this is that the U.S. must avoid being drawn into the many bilateral disputes between China and its neighbors and must try to play a conciliatory role rather than taking sides. This will inevitably mean that the U.S. will have to play a different role from the one it became accustomed to during its days as the undisputed hegemon. The U.S. will still remain the key policeman in the Indian Ocean and Gulf regions, but will have to adapt to a different role in parts of the Western Pacific and southeast Asian waters.
Topic:
International Security and International Affairs
Political Geography:
Global Focus

44744. Extended Deterrence and Security in East Asia.

Author:
Paul Saunders
Publication Date:
01-2012
Content Type:
Special Report
Abstract:
Following the North Korean sinking of the South Korean frigate Cheonan, and North Korea’s subsequent shelling of Yeonpyeong Island, the Center for the National Interest proposed a U.S.-Japan-South Korea dialogue on extended deterrence in East Asia to assess whether and how the three countries could work together to strengthen stability in a region of vital importance to America’s security and prosperity—and, of course, to the security and prosperity of its close allies. Shortly before the project began, the collision of a Chinese fishing vessel with a Japanese coast guard ship near the Senkaku Islands led to a significant political confrontation between Tokyo and Beijing
Topic:
International Security and International Affairs
Political Geography:
Global Focus

44745. Bonded Labor: Tackling the System of Slavery in South Asia

Author:
Siddharth Kara
Publication Date:
09-2012
Content Type:
Book
Institution:
Columbia University Press
Abstract:
Siddharth Kara's Sex Trafficking has become a critical resource for its revelations into an unconscionable business, and its detailed analysis of the trade's immense economic benefits and human cost. This volume is Kara's second, explosive study of slavery, this time focusing on the deeply entrenched and wholly unjust system of bonded labor. Drawing on eleven years of research in India, Nepal, Bangladesh, and Pakistan, Kara delves into an ancient and ever-evolving mode of slavery that ensnares roughly six out of every ten slaves in the world and generates profits that exceeded $17.6 billion in 2011. In addition to providing a thorough economic, historical, and legal overview of bonded labor, Kara travels to the far reaches of South Asia, from cyclone-wracked southwestern Bangladesh to the Thar desert on the India-Pakistan border, to uncover the brutish realities of such industries as hand-woven-carpet making, tea and rice farming, construction, brick manufacture, and frozen-shrimp production. He describes the violent enslavement of millions of impoverished men, women, and children who toil in the production of numerous products at minimal cost to the global market. He also follows supply chains directly to Western consumers, vividly connecting regional bonded labor practices to the appetites of the world. Kara's pioneering analysis encompasses human trafficking, child labor, and global security, and he concludes with specific initiatives to eliminate the system of bonded labor from South Asia once and for all.
Topic:
Labor Issues, Sex Trafficking, and Slavery
Political Geography:
Pakistan, Bangladesh, South Asia, India, Nepal, and Global Focus
Publication Identifier:
9780231528016
Publication Identifier Type:
ISBN

44746. Transitional Justice and Peace building on the ground: Victims and ex-combatants,

Author:
Chandra Lekha Sriram
Publication Date:
01-2012
Content Type:
Policy Brief
Institution:
Centre on Human Rights in Conflict
Abstract:
In the wake of violent conflict and mass atrocity, there are many contending demands, including those for peace and stability, and those for accountability and punishment. Much ink has been spilled in debating “justice versus peace”. Two key trends in peacebuilding and transitional justice may clash with one another in particular: the prevalence of disarmament, demobilization, and reintegration (DDR) programs and the increased emphasis on victim-centred approaches to peacebuilding
Topic:
Peace Studies and International Affairs
Political Geography:
Global Focus

44747. 2011-2012 Guide to Women Leaders in International Affairs

Author:
Women's Foreign Policy Group (WFPG)
Publication Date:
08-2012
Content Type:
Special Report
Institution:
Women's Foreign Policy Group (WFPG)
Abstract:
WFPG's Guide to Women Leaders in International Affairs highlights women shaping foreign policy around the world and the role that they play as leaders, diplomats, and policymakers. The Guide provides an index of prominent women from across the international community, including heads of state and government, government ministers and diplomats, and leaders of international organizations and corporations.
Topic:
Foreign Policy, Government, United Nations, Women, Leadership, and NGOs
Political Geography:
Global Focus

44748. Global Development - Democracy, Market and Transparency 2011

Author:
Gabriel C. Salvia and Hernán Alberro
Publication Date:
06-2012
Content Type:
Special Report
Institution:
Center for the Opening and Development of Latin America (CADAL)
Abstract:
Chile heads the regional ranking, rising one position to 15th overall since 2010, overtaking Austria. Uruguay is the second country in the regional ranking and finds itself in 23rd place worldwide. Costa Rica continues its descent, losing five places since 2010 but maintaining its third place in the regional ranking, followed by Panama.
Topic:
Development, Human Rights, Markets, Democracy, and Transparency
Political Geography:
Brazil, Latin America, Syria, Chile, and New Zealand

44749. A crisis in the human rights concept in the begining of the 21st century

Author:
Yevgeniy Zhovtis
Publication Date:
10-2012
Content Type:
Special Report
Institution:
Center for the Opening and Development of Latin America (CADAL)
Abstract:
Essential human rights principles say that for citizens ‘everything which is not forbidden is allowed’ while for the government ‘everything which is not allowed is forbidden’. But authoritarian states manage to turn these principles upside down both in law and it practice.
Topic:
Human Rights, Law, Authoritarianism, and Citizenship
Political Geography:
Global Focus

44750. The struggle for a democratic Zimbabwe

Author:
Glanis Changachirere
Publication Date:
11-2012
Content Type:
Special Report
Institution:
Center for the Opening and Development of Latin America (CADAL)
Abstract:
The follow up ‘Zimbabwe Youth Civil Society conference’ which we held in June in Zimbabwe under the World Youth Movement for Democracy, led to youth activists, and including activists and representatives from various organizations agreeing to start focusing on building a vibrant movement to fight the country’s common enemy of autocracy before other pertinent issues such as national development. This platform for movement building which was agreed to is the Organizing for Zimbabwe initiative which I totally subscribe to and presents me with another opportunity to fight with all other sectors in the country; to fight for a democratic Zimbabwe, where there is social justice and everyone is deemed equal regardless of their age, gender, geographical orientation, spiritual beliefs among other natural differences.
Topic:
Civil Society, Human Rights, Democracy, Autocracy, and Activism
Political Geography:
Africa and Zimbabwe