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  • Author: Gary Clyde Hufbauer, Erika Wada
  • Publication Date: 09-1999
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: In the wake of financial crises in Mexico (1994-95), Asia (1997-98), Russia (1998) and Brazil (1998-99), respected observers have questioned the benefits of wide-open international capital markets (Bhagwati, 1998; Krugman, 1998; Rodrik, 1998; Eichengreen, 1999). Our purpose is to identify true hazards and suggest appropriate precautions.
  • Topic: Economics, International Trade and Finance, Political Economy
  • Political Geography: Russia, Asia, Brazil, Mexico
  • Author: Adam S. Posen, Kenneth N. Kuttner
  • Publication Date: 09-1999
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: Since 1990, a number of countries have adopted inflation targeting as their declared monetary strategy. Interpretations of the significance of this movement, however, have differed widely. To some, inflation targeting mandates the single-minded, rule-like pursuit of price stability without regard for other policy objectives; to others, inflation targeting represents nothing more than the latest version of cheap talk by central banks unable to sustain monetary commitments. Advocates of inflation targeting, including the adopting central banks themselves, have expressed the view that the transparency and communication of the inflation targeting framework grant the central bank greater short-run flexibility in pursuit of its long-run inflation goal.
  • Topic: Economics, International Organization, International Trade and Finance, Political Economy
  • Author: Marcus Noland, Sherman Robinson, Tao Wang
  • Publication Date: 07-1999
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: For North Korea, product market integration would generate large welfare gains, sufficient to end the famine. Additional gains could be had through military demobilization. For the South, the impact of product market integration would be trivial, but the impact of factor market integration would be considerable, affecting the composition of output, distribution of income, and rate of growth.
  • Topic: Economics, International Trade and Finance, Political Economy
  • Political Geography: Israel, East Asia, Korea
  • Author: Marcus Miller, Lei Zhang
  • Publication Date: 05-1999
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: Is sovereign borrowing so different from corporate debt that there is no need for bankruptcy-style procedures to protect debtors? With the waiver of immunity, sovereign debtors who already face severe disruption from short-term creditors grabbing their currency reserves are also exposed to litigious creditors trying to seize what assets they can in a 'race of the vultures'.
  • Topic: Economics, International Trade and Finance, Political Economy
  • Author: Philip Manow
  • Publication Date: 05-1999
  • Content Type: Working Paper
  • Institution: Minda de Gunzburg Center for European Studies, Harvard University
  • Abstract: Usually, Germany's social market economy is understood to embody a compromise between a liberal market order and a corporatist welfare state. While this reading of the German case is certainly not entirely wrong, this paper argues that only if we account for the close intellectual correspondence between lutheran Protestantism and economic liberalism on the one hand and between Catholicism and welfare corporatism on the other, can we fully comprehend the nature of the German post-war compromise. In particular, this perspective allows to better explain the anti-liberal undercurrents of Germany's soziale Marktwirtschaft. It was especially the role which Protestant Ordoliberals ascribed to the state in upholding economic order and market discipline which accounts for the major difference between 'classic' and 'German-style' economic liberalism. Yet, the postwar economic order did not represent a deliberately struck compromise between the two major Christian denominations. Rather, Germany's social market economy was the result of the failure of German Protestant Ordoliberals to prevent the reconstruction of the catholic Bismarckian welfare state after the authoritarian solution, which Ordoliberals had endorsed so strongly up until 1936 and from which they had hoped there-inauguration of Protestant hegemony, had so utterly failed. Since the ordoliberal doctrine up to the present day lacks a clear understanding of the role of the corporatist welfare state within the German political economy, its insights into the functioning logic of German capitalism have remained limit. The paper also claims that accounting for the denominational roots of the postwar compromise allows us to better understand the relationship between consociationalism and corporatism in 'Modell Deutschland'.
  • Topic: Economics, Emerging Markets, Government
  • Political Geography: Europe, Germany
  • Author: Philip Manow
  • Publication Date: 05-1999
  • Content Type: Working Paper
  • Institution: Minda de Gunzburg Center for European Studies, Harvard University
  • Abstract: Usually, Germany's social market economy is understood to embody a compromise between a liberal market order and a corporatist welfare state. While this reading of the German case is certainly not entirely wrong, this paper argues that only if we account for the close intellectual correspondence between lutheran Protestantism and economic liberalism on the one hand and between Catholicism and welfare corporatism on the other, can we fully comprehend the nature of the German post-war compromise. In particular, this perspective allows to better explain the anti-liberal undercurrents of Germany's soziale Marktwirtschaft. It was especially the role which Protestant Ordoliberals ascribed to the state in upholding economic order and market discipline which accounts for the major difference between 'classic' and 'German-style' economic liberalism. Yet, the postwar economic order did not represent a deliberately struck compromise between the two major Christian denominations. Rather, Germany's social market economy was the result of the failure of German Protestant Ordoliberals to prevent the reconstruction of the catholic Bismarckian welfare state after the authoritarian solution, which Ordoliberals had endorsed so strongly up until 1936 and from which they had hoped the re-inauguration of Protestant hegemony, had so utterly failed. Since the ordoliberal doctrine up to the present day lacks a clear understanding of the role of the corporatist welfare state within the German political economy, its insights into the functioning logic of German capitalism have remained limit. The paper also claims that accounting for the denominational roots of the postwar compromise allows us to better understand the relationship between consociationalism and corporatism in 'Modell Deutschland'.
  • Topic: Economics, Government, Political Economy, Religion
  • Political Geography: Europe, Germany
  • Author: Jessica Tuchman Mathews, Allen Hammond, David A. Hamburg, Donald Kennedy, John D. Steinbruner, Timothy E. Wirth
  • Publication Date: 04-1999
  • Content Type: Working Paper
  • Institution: Carnegie Commission on Preventing Deadly Conflict
  • Abstract: This Web cast highlights issues raised by Donald Kennedy, president emeritus and Bing Professor of Environmental Science of Stanford University, in his newly released monograph Environmental Quality and Regional Conflict. David Hamburg, president emeritus of the Carnegie Corporation and Tim Wirth, president of the United Nations Foundation, will give introductory remarks. In addition to Kennedy, presenters include John Steinbruner, senior fellow at The Brookings Institution; Jessica Mathews, president of the Carnegie Endowment for International Peace; and Allen Hammond, director of strategic analysis at the World Resources Institute
  • Topic: Conflict Resolution, Environment, Peace Studies, Science and Technology
  • Publication Date: 12-1999
  • Content Type: Working Paper
  • Institution: The Carter Center
  • Abstract: Freed American slaves began to settle what is currently known as Liberia in the 1820s, often in the face of hostility from the local inhabitants. By 1847, the ex-slaves and their descendants had declared a republic and began a 150 year period of Americo-Liberian elite rule based on domination and exploitation of the indigenous population. In 1980, Americo-Liberian rule ended with a military coup staged by Samuel Doe. The ensuing regime, violently suppressed any form of opposition for the next ten years, creating deadly ethnic cleavages.
  • Topic: Conflict Resolution, Civil Society, Government
  • Political Geography: Central America, Liberia, Guatemala
  • Author: Joyce Neu, Vamik Volkan
  • Publication Date: 12-1999
  • Content Type: Working Paper
  • Institution: The Carter Center
  • Abstract: In April 1994, with Russian troops still stationed in Estonia, The Carter Center's Conflict Resolution Program (CRP) joined with International Negotiation Network (INN) members Vamik Volkan of the University of Virginia's Center for the Study of Mind and Human Interaction (CSMHI) and Harold Saunders of the Kettering Foundation to implement a set of workshops. The three-year series aimed to reduce tensions on two fronts: between Russia and Estonia and between Russians in Estonia and Estonians.
  • Topic: Conflict Prevention, Ethnic Conflict
  • Political Geography: Russia, Europe, Eastern Europe, Estonia
  • Author: Jennifer McCoy, Shelley McConnell
  • Publication Date: 05-1999
  • Content Type: Working Paper
  • Institution: The Carter Center
  • Abstract: The Carter Center's Americas Program and its Council of Presidents and Prime Ministers of the Americas have initiated a multiyear project to work with governments and civil society to develop monitoring mechanisms to help combat corruption in government transactions and serve as a model for the rest of the world. Greater "transparency" in government-business interactions can improve investor confidence, spur economic growth, provide better public services to the population, and increase public confidence in democratic institutions. At a high-level conference May 4-5, 1999, leaders from across the hemisphere came to The Carter Center to evaluate specific anti-corruption efforts and seek commitments from other governments to implement similar strategies in their own countries. In preparation for that conference, The Carter Center partnered with three countries—Ecuador, Jamaica, and Costa Rica—to develop and assess specific anti-corruption tools.
  • Topic: Democratization, Development, Human Rights, Migration
  • Political Geography: South America, Latin America, Central America, Caribbean