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Begin New Search Topic International Trade and Finance Content Type Journal Article

71. Toward a Rules‐​Based International Monetary System

Author:
John B. Taylor
Publication Date:
06-2018
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Over the past few years I have been making the case for moving toward a more rules-based international monetary system (e.g., Taylor 2013, 2014, 2015, 2016a, 2016b, 2017). In fact, I made the case over 30 years ago in Taylor (1985), and the ideas go back over 30 years before that to Milton Friedman (1953). However, the case for such a system is now much stronger because the monetary system drifted away from a rules-based approach in the past dozen years and, as Paul Volcker (2014) reminds us, the absence of a rulesbased monetary system “has not been a great success.” To bring recent experience to bear on the case, we must recognize that central banks have been using two separate monetary policy instruments in recent years: the policy interest rate and the size of the balance sheet, in which reserve balances play a key role. Any international monetary modeling framework used to assess or to make recommendations about international monetary policy must include both instruments in each country, the policy for changing the instruments, and the effect of these changes on exchange rates. Using such a framework, I show that both policy instruments have deviated from rules-based policy in recent years. I then draw the policy implications for the international monetary system and suggest a way forward to implement the policy.
Topic:
International Cooperation, International Trade and Finance, Monetary Policy, and Central Bank
Political Geography:
Global Focus

72. BALANCING AGAINST CHINA WITH THE ASIA-AFRICA GROWTH CORRIDOR: AN INDIAN-JAPANESE INITIATIVE TOWARDS THE INDO-PACIFIC

Author:
Carlos Eduardo Carvalho and João Paulo Nicolini Gabriel
Publication Date:
10-2018
Content Type:
Journal Article
Journal:
Conjuntura Austral: Journal of the Global South
Institution:
Conjuntura Austral: Journal of the Global South
Abstract:
The launch of a vision document for Asia-Africa Growth Corridor (AAGC) at the African Development Bank meeting in Gujarat in 2017 reveals an important aspect to grasp the awkening of a strategy to face China’s rise. This conference of the African Development Bank (AfDB) is a landmark for this initiative. This bank is a mechanism for economic and social development with the participation of non-African members (e.g. China, India, Brazil, the United States, and Japan). The main contributors to the African Development Fund -linked to this bank -are the United Kingdom, the USA and Japan. Beijing does not figure among the most influent members of this organization. Thus, it was an opportunity for think tanks, supported by India and Japan, to introduce the idea of a corridor aimed to link Asia to Africa in order to increase co-operation in agriculture, social development and technology sharing.
Topic:
Development, International Political Economy, International Trade and Finance, Economic Growth, Banks, Trade, Economic Development, Trade Policy, and Economic Cooperation
Political Geography:
Africa, Japan, China, and Asia

73. Global Issues and Business in International Relations: Intellectual Property Rights and Access to Medicines

Author:
Yoshiko Kojo
Publication Date:
01-2018
Content Type:
Journal Article
Journal:
International Relations of the Asia-Pacific
Institution:
Japan Association of International Relations
Abstract:
In international relations, globalization transfers the location of governance from nation-states laterally to such private actors as nongovernmental organizations (NGOs) and multinational firms, as well as vertically to local governments and supranational organizations. The purpose of this article is to clarify how the competitions among firms affect the problem of global issues by examining the case of the Trade-Related Aspects of Intellectual Property Rights (TRIPS) and public health. This study shows why most of least developed countries implemented the TRIPS despite the warning of NGOs not to implement earlier for the sake of access to medicines. In order to understand the positive attitude of least developed countries toward the TRIPS, we have to examine how the distribution of pharmaceutical firms capacities in developing countries affect the implementation of the TRIPS Agreement. The existence and different capacities of generic pharmaceutical companies in developing companies are important elements of state policy toward the TRIPS.
Topic:
International Relations, Globalization, International Trade and Finance, Intellectual Property/Copyright, Business, and Medicine
Political Geography:
Global Focus

74. The Legal Dimensions of Rule of Law Promotion in EU Foreign Policy: EU Treaty Imperatives and Rule of Law Conditionality in the Foreign Trade and Development Nexus

Author:
Till Patrik Holterhus
Publication Date:
12-2018
Content Type:
Journal Article
Journal:
The Goettingen Journal of International Law
Institution:
The Goettingen Journal of International Law
Abstract:
This article demonstrates that Arts. 21 and 3 (5) of the Treaty on European Union (TEU) as well as Arts. 205, 207 (1), 208 (1), 209 (2) of the Treaty on the Functioning of the European Union (TFEU), legally oblige the European Union (EU) to promote the rule of law in its foreign trade and development policy. Furthermore, it is shown that, in the context of such promotion, the EU applies not a rudimentary but a sophisticated concept of the rule of law – quite similar to the concept of the rule of law that has developed within the Union. To fulfill the legal obligation to promote the rule of law abroad, the EU employs, as a key instrument, the legal mechanism of conditionality, not only through autonomous instruments but also in its contractual international relationships (carrot-and-stick policy). The EU’s foreign policy in the trade and development nexus, in particular when it comes to the promotion of the rule of law, can, therefore, be considered a process, to a large extent, determined and organized the of law.
Topic:
International Law, International Trade and Finance, Sovereignty, and European Union
Political Geography:
Europe

75. International Investment Law and the Rule of Law

Author:
Peter-Tobias Stoll
Publication Date:
12-2018
Content Type:
Journal Article
Journal:
The Goettingen Journal of International Law
Institution:
The Goettingen Journal of International Law
Abstract:
International investment law appeals to a lawyer’s appetite for the rule of law by disciplining the exercise of power between States and foreign investors through legalization and judicialization. Originally supposed to serve as a fix to promote foreign investments in developing countries in times of legal uncertainties, now, thousands of bilateral investment agreements exist, and the number of cases in investment arbitration has exploded in the last decade. Further, there is a tendency of generalization, as investment protection now features as a standard element of international trade agreements, far beyond the original focus on developing countries. A number of flaws and shortcomings of the rules and procedures became apparent in the course of the more frequent use of the system and resulted in much discussion within the expert community, which resulted in some changes. Furthermore, the long neglected possibility became apparent, that investment claims could be directed against industrialized countries and that the conduct of their authorities could be subjected to review by international arbitration tribunals. This sparked heated public debates, particularly so in the EU. These two developments have in common, that they implicitly as well as explicitly raised the issue of the rule of law. This paper will assess the system of international investment law as it stands, its critique and its reform, through the lens of the rule of law. It will also make a highly idealistic proposal on the further development of international investment protection. In concluding, it will reflect on the proper use of the rule of law in legal analysis, by setting out the different perspectives in which the term may be employed, and the methodological consequences.
Topic:
International Law, International Trade and Finance, Rule of Law, and Investment
Political Geography:
Global Focus

76. China’s Relationship with Chile: The Struggle for the Future Regime of the Pacific

Author:
Evan Ellis
Publication Date:
11-2017
Content Type:
Journal Article
Journal:
China Brief
Institution:
The Jamestown Foundation
Abstract:
Though superpower diplomacy dominated coverage of the Asia Pacific Economic Cooperation forum (APEC) leaders summit in November, China’s upgrading of a free-trade agreement with Chile served to highlight the strength of an economic and political relationship that it has built with the country, and the influential position Chile currently occupies in shaping Chinese engagement with Latin America.
Topic:
International Trade and Finance, Treaties and Agreements, Bilateral Relations, Infrastructure, and Foreign Direct Investment
Political Geography:
China, Asia, South America, and Chile

77. China Pakistan Economic Corridor – A geo-economic masterstroke of China

Author:
Inayat Kalim
Publication Date:
07-2017
Content Type:
Journal Article
Journal:
South Asian Studies
Institution:
Department of Political Science, University of the Punjab
Abstract:
Development of China Pakistan Economic Corridor (CPEC), with all its associated projects, favorably influences the geo-strategic and geo-economic prospects of China. Geo-strategic location of Gwadar further facilitates China to capture transit trade with Central Asia, Afghanistan and the Middle East and influence this regional accessibility with a viable and secured corridor for further expansion of regional economic cooperation. Since the emergence of China as an energy importer in late 90s, it has adopted a „go out‟ strategy to secure energy assets through procurement and long term energy investment in the energy rich countries, mostly in the Persian Gulf states and convert historical routes into a modern grid of energy pipelines, roads and railways for its energy supplies. The strategy aims at using financial means such as building new seaports, infrastructure development and military and hydrocarbon cooperation between regional countries to establish an artery for ensuring uninterrupted crude oil supply to its territory. This Chinese approach has been referred by many intellects around the globe as the revitalization of the Silk Road Strategy to link China with surrounding regions to generate immense economic dividends.
Topic:
Economics, International Trade and Finance, Treaties and Agreements, Geopolitics, and Soft Power
Political Geography:
Pakistan, China, South Asia, Asia, and Punjab

78. UK Policy Options and the South Atlantic

Author:
Martin Robson
Publication Date:
12-2017
Content Type:
Journal Article
Journal:
AUSTRAL: Brazilian Journal of Strategy International Relations
Institution:
Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
Abstract:
This article utilises International Relations role theory to analyse a number of potential roles for the United Kingdom as an actor with vested interests in the South Atlantic. It assesses the contemporary context of the UK’s trading relationship with the South Atlantic in light of the ongoing dialogue between the EU and the UK with regard to BREXIT. It also recognises the strategic realities of the South Atlantic and the UK’s Overseas Territories in the region. It posits that the UK, as a strategic actor in the South Atlantic, is limited in its role choices and that the role of ‘Opportunistic Partner’ in terms of its relationship with Argentina, offers the most scope as the basis for future mutually beneficial trading relations to normalise further political relations between the two countries.
Topic:
Diplomacy, International Trade and Finance, European Union, and Brexit
Political Geography:
Africa, United Kingdom, Europe, South America, and South Atlantic

79. Courting Partners

Author:
Sheldon Simon
Publication Date:
09-2017
Content Type:
Journal Article
Journal:
Comparative Connections
Institution:
Pacific Forum
Abstract:
Senior State and Defense Department officials made several visits to Southeast Asia over the summer months, assuring their hosts that the US remained committed to a robust air and naval presence in the region, and assisting the littoral countries of the South China Sea in developing maritime security capacity. Washington is particularly focused on providing a rotational military force presence in Southeast Asia. On the South China Sea territorial disputes, US officials emphasized the need for peaceful approaches to conflict settlement among the claimants, pointing to arbitration and negotiation based on the 1982 UN Convention on the Law of the Sea. Washington has also accentuated the importance of security partners for burden-sharing, noting the potential for an enhanced role for Japan’s Maritime Self-Defense Force in South China Sea patrols. Efforts to involve Southeast Asian states in negotiating the Trans-Pacific Partnership (TPP) have elicited candidates from only four of the 10 ASEAN states – Malaysia, Vietnam, Singapore, and Brunei. Others have problems meeting several requirements associated with the partnership.
Topic:
Security, Diplomacy, International Trade and Finance, and Military Strategy
Political Geography:
Asia, North America, and United States of America

80. Between the Eagle and the Dragon: America, China, and Middle State Strategies in East Asia

Author:
G. John Ikenberry
Publication Date:
03-2016
Content Type:
Journal Article
Journal:
Political Science Quarterly
Institution:
Academy of Political Science
Abstract:
For more than half a century, the United States has played a leading role in shaping order in East Asia. This East Asian order has been organized around American military and economic dominance, anchored in the U.S. system of alliances with Japan, South Korea, and other partners across Asia. Over the decades, the United States found itself playing a hegemonic role in the region—providing security, underwriting stability, promoting open markets, and fostering alliance and political partnerships. It was an order organized around “hard” bilateral security ties and “soft” multilateral groupings. It was built around security, economic, and political bargains. The United States exported security and imported goods. Across the region, countries expanded trade, pursued democratic transitions, and maintained a more or less stable peace.
Topic:
Security, Diplomacy, International Trade and Finance, Treaties and Agreements, Bilateral Relations, and Hegemony
Political Geography:
Japan, East Asia, and South Korea