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45671. Keeping the Promise of Global Accounting Standards

Author:
Nicolas Véron
Publication Date:
07-2011
Content Type:
Policy Brief
Institution:
The Polish Institute of International Affairs
Abstract:
Accounting is a fundamental underpinning of capital markets, and the worldwide spread of International Financial Reporting Standards (IFRS) marks one of the most advanced attempts to develop globally consistent financial rules. The financial crisis has generated heated debates on the economic role of fair value accounting and other IFRS principles. Underlying these controversies are differing views about the mission and governance of accounting standard-setters, and how standards interact with other public policy instruments. The absence of relevant precedents for the unique institutional features of the IFRS Foundation, the global standard-setting organization, makes choices more difficult.The IFRS' defining promise is crossborder comparability of financial statements, but the aim of global harmonization will not be fully achieved in the next few years. Given the varying pace and modalities of local IFRS adoption, the IFRS Foundation must focus on the quality of its standards and the integrity of its brand. Standardsetting should serve investors' information needs, leaving other public-policy goals to be met through local assessment by individual jurisdictions. The foundation's governance and funding framework should strengthen its accountability to the global investor community. Active monitoring of local endorsement and implementation practices should encourage the gradual convergence of “IFRS dialects” towards a true single global reporting language.
Topic:
Economics, Globalization, International Trade and Finance, and Markets

45672. America's Energy Security Options

Author:
Trevor Houser
Publication Date:
06-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Like clock-work, as US gasoline prices approached $4 a gallon in spring 2011, energy security moved to the forefront of the American political debate. Global oil prices have recovered from their collapse during the financial crisis more quickly than expected due to resilient developing-country demand and political instability throughout the Middle East and North Africa. As with past oil price spikes, politicians have been quick to offer silver bullet solutions to lower gas prices and make America more energy secure. But given the complexity of the US energy system and global energy markets, it is difficult for even informed observers to evaluate how far current proposals go in solving the country's energy security challenge.
Topic:
Energy Policy, Oil, Natural Resources, and Biofuels
Political Geography:
United States, America, Middle East, and North Africa

45673. What Should the United States Do about Doha?

Author:
Jeffrey J. Schott
Publication Date:
06-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
The Doha Round of multilateral trade negotiations in the World Trade Organization (WTO) remains stalled despite the political impetus provided by the Seoul G-20 Summit in November 2010. The major trading nations have not revised their positions enough to propel new negotiations on agriculture, manufactures, and services. There is now little chance to complete an agreement this year and little indication that current efforts could succeed next year.
Topic:
Economics, International Cooperation, and International Trade and Finance
Political Geography:
United States

45674. The Triple Compact: Improving Accountability in State Building

Author:
Ben Rowswell
Publication Date:
08-2011
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
As a result of international state-building efforts, progress has been made in Afghanistan, however, political dysfunction and a lack of accountability remain problems. It has been suggested that failures of accountability may, in fact, be a product of the state- building effort itself. In the hybrid form of governance where authority is divided between the government and the international community, it can be difficult for the population to determine where accountability lies, leading to feelings of frustration and disempowerment.
Topic:
Foreign Policy, Development, War, Foreign Aid, and Infrastructure
Political Geography:
Afghanistan

45675. Protectors of Putin's vertical: Russian power ministries before the 2011-2012 elections

Author:
Alexander Golts
Publication Date:
09-2011
Content Type:
Policy Brief
Institution:
Finnish Institute of International Affairs
Abstract:
Contrary to the traditional behaviour during the election period, the Russian government is risking irritating the security ministries and agencies by conducting extremely painful reforms in the Armed Forces and the Ministry of the Interior. However, the authorities cannot avoid such reforms because of the total inefficiency of these two “power ministries”. In the aftermath of the Russian-Georgian conflict in August 2008, the Defence Ministry decided to carry out the most radical military reform undertaken in Russia over the past 100 years. However, it is still unclear whether the reformers will be able to resolve the main problem concerning the military construction – the repeal of conscription. In contrast to the Armed Forces, the reform of the Ministry of the Interior does not even touch the major deficiencies in the law enforcement agencies, namely their centralization, lack of public control, and the prevalence of repressive functions over protection of citizens. The ongoing reform is merely a great purge. The country's leadership believes that by firing corrupt police officers, it can solve the problem of corruption in general. The reform of the Security Council and the rejection of any reform of the Ministry of the Interior troops is a prescription for possible public unrest rather than an attempt to improve inter-agency coordination. The genuine reason for these reforms is the complete exhaustion of Prime Minister Putin's model of organizing the security forces. Yet, the next president will need their complete loyalty because of the real possibility of public unrest in the next few years.
Topic:
Corruption, Democratization, and Governance
Political Geography:
Russia

45676. Humanitarian soldiers, colonialised Others and invisible enemies: Visual strategic communication narratives of the Afghan war

Author:
Noora Kotilainen
Publication Date:
08-2011
Content Type:
Working Paper
Institution:
Finnish Institute of International Affairs
Abstract:
This paper examines the current visual strategic communications endeavour of the Afghanistan International Security Assistance Force (ISAF) operation, which is designed to influence public opinion within the participant coalition nations. The aim is to track down what kind of means, messages and narratives the Western strategic communications machinery topically uses, in order to more effectively convince and address the domestic publics of the desirability of the operation. I concentrate on analysing the communication and image building endeavour taking place in Internet and new media surroundings, and namely bite into visual images constructed for the communication. For material, I use the ISAF media Flickr photostream, which is a large and frequently updated set of online photographs presented by ISAF.
Topic:
Security, Science and Technology, Communications, and Mass Media
Political Geography:
Afghanistan

45677. The Political Feasibility of the Istanbul Canal Project

Author:
Mensur Akgün and Sylvia Tiryaki
Publication Date:
08-2011
Content Type:
Policy Brief
Institution:
Global Political Trends Center (GPoT)
Abstract:
Popularly referred to as the “crazy” project, Turkish Prime Minister Recep Tayyip Erdoğan's Istanbul Canal Project has been debated vigorously since its proposal prior to the 2011 elections in the country. While some questioned its economic and ecological feasibility, others carried the discussion towards the Project's political implications. In addition to evaluating these debates, in this policy brief we discuss the Project through a historical perspective that includes the dynamics of the 1936 Montreux Convention. We argue that the feasibility of the Canal Project is valid only after certain changes are made in the application of the Montreux Convention. However, we conclude that this may lead to an outcome in which the signatories would question the legitimacy of the Convention under present conditions.
Topic:
Economics and Infrastructure
Political Geography:
Central Asia and Turkey

45678. Turkey's 2000/1 Banking Crisis: A Case Study for the Transformation of the Greek Finance?

Author:
Onur Bayramoğlu
Publication Date:
08-2011
Content Type:
Policy Brief
Institution:
Global Political Trends Center (GPoT)
Abstract:
On April 2010, recently after the eruption of the Greek crisis, an unexpected hand from Turkey reached to Greece. Proud with his country's last decade growth figures, Turkey's then Vice Prime Minister, Ali Babacan, paid a visit to Greece in order to share his country's reform period after its 2000/1 crisis, arguing that it could also be a case study for Greece. In this brief, I analyzed Greek and Turkish financial crises. Although it is a mere fact that the structural problems in Greek economy complicate the reform period in Greece, there are certain lessons that Greeks can learn from the Turkish experience. As Turks did after 2001, they should see the crisis as an opportunity to overcome the long time problems . In this regard, Greeks first and foremost should establish consensus among themselves, signaling to the markets that they are ready to face the burdens of the reform period.
Topic:
Debt, Economics, International Political Economy, and Financial Crisis
Political Geography:
Europe, Central Asia, Turkey, and Greece

45679. Where Do We Stand in the Field of Nuclear Disarmament: What Is Next After the New START

Author:
Nurşin Ateşoğlu Güney
Publication Date:
06-2011
Content Type:
Policy Brief
Institution:
Global Political Trends Center (GPoT)
Abstract:
The New Strategic Arms Reduction Treaty (START) agreement, without any doubt, has started a new debate on whether the international community has finally entered a renaissance in the field of disarmament after a long period of stalemate. In this regard, the New START agreement, together with the New York Nuclear Safety Summit of 2010 and the NPT Review Conference of 2010, seems to be creating a rather positive atmosphere. Yet, if one examines the discussions that took place at the US and the Russian parliament's before and after the ratification of the New START, he/she will come to the conclusion that the progress on nuclear disarmament, at the levels of both strategic and nonstrategic weapons, will not be an easy one. The situation will remain unchanged unless certain contentious military issues between Washington and Moscow are somehow resolved. In this regard, the next round of the New START agreement will be crucial. This situation will not only affect the future of the US and the Russian militaries' relationships to one another, but it will also change the balance of relations among the nuclear “haves” and “have nots” of the NPT Treaty. It is, therefore, expected that the NPT's two tracks, namely disarmament and nuclear nonproliferation, will be affected either in a positive or negative way in the future, depending on the evolution of the post New START era. Within this perspective, the possibility that US and Russia will implement new disarmament agreements has gained utmost importance in the aftermath of the New START for the future implications of the US President Barack Obama's “Global Zero Policy.
Topic:
Arms Control and Proliferation, Nuclear Weapons, and Treaties and Agreements
Political Geography:
Russia, United States, and New York

45680. Ethics and the Economist: What Climate Change Demands of Us

Author:
J. A. Nelson
Publication Date:
05-2011
Content Type:
Working Paper
Institution:
Global Development and Environment Institute at Tufts University
Abstract:
Climate change is changing not only our physical world, but also our intellectual, social, and moral worlds. We are realizing that our situation is profoundly unsafe, interdependent, and uncertain. What, then, does climate change demand of us, as human beings and as economists? A discipline of economics based on Enlightenment notions of mechanism and disembodied rationality is not suited to present problems. This essay suggests three major requirements: first, that we take action; second, that we work together; and third, that we focus on avoiding the worst, rather than obtaining the optimal. The essay concludes with suggestions of specific steps that economists can take as researchers, teachers, and in our other roles.
Topic:
Climate Change, Economics, Energy Policy, and Political Theory