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  • Author: Yang Jiang
  • Publication Date: 04-2021
  • Content Type: Policy Brief
  • Institution: Lowy Institute for International Policy
  • Abstract: Almost every governmental policy decision made today has a China angle, and building understanding of China has become more pressing for Australian policymaking than ever. Despite the urgent demand within the Australian public service for China expertise and language skills, the existing skills of many Chinese-Australians are being overlooked. Australia has a significant, diverse, and growing population of Chinese-Australians, but they are underrepresented and underutilised in the public service. A better harnessing of the skills and knowledge of this community — including via improved recruitment processes, better use of data, skills-matching, and reviewing and clarifying security clearance processes and requirements — would have substantial benefits for Australian policymaking in one of its most important bilateral relationships.
  • Topic: Foreign Policy, Government, Bilateral Relations, Public Service
  • Political Geography: China, Asia, Australia
  • Author: Julien Maire, Adnan Mazarei, Edwin M. Truman
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Among the best-known sovereign wealth funds (SWFs)—government-owned or controlled investment vehicles—are those funded by hydrocarbon revenues in the member economies of the Gulf Cooperation Council (GCC), which comprises all the Arab countries in the Persian Gulf except Iraq, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. This Policy Brief compares the GCC SWFs with each other and with other funds in terms of their transparency and accountability on the fifth SWF scoreboard, available here. Several factors, including the decline in oil prices in recent years, have slowed the growth of the GCC’s SWFs. This slower growth could further diminish their governance and transparency standards, which are already weaker than those of other SWFs. Efforts to improve their governance and accountability will be important to garner public support for these SWFs.
  • Topic: Energy Policy, Government, Markets, Governance, Regulation, Capital Flows
  • Political Geography: Middle East, Gulf Nations
  • Author: Julien Maire, Adnan Mazarei, Edwin M. Truman
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: In the last two decades, sovereign wealth funds (SWFs)—funds accumulated by a government that are invested in whole or in part abroad to benefit the country in the future—have faced increased public scrutiny over their investment patterns, financial results, and governance. This Policy Brief updates and expands a prototype scoreboard rating the transparency and accountability of SWFs, which Truman established in 2007. This fifth edition of the scoreboard shows that the average scores continued to improve for the 64 SWFs examined, but governance issues remain. New funds have emerged—many of them government holding companies or strategic investment funds—but the growth of assets under management by SWFs has slowed, in some cases partly because of withdrawals to help finance expenses related to the COVID-19 pandemic, raising questions about their future role.
  • Topic: Government, Markets, Sovereign Wealth Funds, Governance, Regulation, Capital
  • Political Geography: Global Focus
  • Author: Gary Clyde Hufbauer
  • Publication Date: 03-2021
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Open Sub-navigation BackOpen Sub-navigation Publications Back Policy Briefs Working Papers Books PIIE Briefings Open Sub-navigation Commentary Back Op-Eds Testimonies Speeches and Papers Topics & Regions PIIE Charts What Is Globalization? Educational Resources Open Sub-navigation Back Senior Research Staff Research Analysts Trade Talks Open Sub-navigation Back RealTime Economic Issues Watch Trade & Investment Policy Watch China Economic Watch North Korea: Witness to Transformation 中文 Open Sub-navigation Back All Events Financial Statements Global Connections Global Economic Prospects Stavros Niarchos Foundation Lectures Trade Winds Open Sub-navigation Back News Releases Multimedia Media Center Open Sub-navigation Back Board of Directors Staff Employment Contact Annual Report Transparency Policy POLICY BRIEF VIEW SHARING OPTIONS Will industrial and agricultural subsidies ever be reformed? Gary Clyde Hufbauer (PIIE) Policy Brief21-5 March 2021 Photo Credit: REUTERS/Denis Balibouse One economic argument for government subsidies is that they are necessary to compensate firms and industries for benefits they provide to society at large but cannot capture in the prices they charge for goods or services. For example, subsidies to renewable energy are defended because renewable energy limits carbon emissions. When a major economy subsidizes extensively, however, its trading partners are drawn into the game, with losses all around. As the prisoner’s dilemma suggests, a better outcome would entail mutual restraint. But the goal of mutual restraint is no less difficult in international trade than it is in international arms control. Both the European Union and the US federal system try, in different ways, to regulate industrial subsidies. Hufbauer examines efforts to contain unjustifiable subsidies and proposes modest improvements, bearing in mind that as countries struggle to overcome the global economic downturn resulting from the COVID-19 pandemic, there is little appetite for restoring a free market economy—one in which firms compete with minimum government assistance or regulation. Selective upgrading of the rulebook may nevertheless be possible.
  • Topic: Agriculture, Government, Reform, European Union, Regulation, Manufacturing, Industry, COVID-19, Subsidies
  • Political Geography: Europe, North America, United States of America
  • Author: Albert B. Wolf
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: The Washington Institute for Near East Policy
  • Abstract: Whoever wins, the result will intimate deeper trends in Iranian society, such as public support for the regime and the Supreme Leader’s intentions for the country’s future. The Washington Institute has been sponsoring a series of discussions about sudden succession in the Middle East. Each session focuses on scenarios that might unfold if a specific ruler or leader departed the scene tomorrow. Questions include these: Would the sudden change lead to different policies? Would it affect the stability of the respective countries involved, or the region as a whole? What would be the impact on U.S. interests? Would the manner of a leader’s departure make a difference? The discussions also probe how the U.S. government might adjust to the new situation or influence outcomes. This essay, thirteenth in the series, assesses the situation in Iran, where a June election will determine the successor to President Hassan Rouhani. An IRGC-backed candidate such as Majlis speaker Muhammad Baqer Qalibaf or former defense minister Hossein Dehghan could ultimately prevail—but a history of election surprises in the Islamic Republic suggests no outcome is certain. Whoever wins, the result will offer clues about deeper trends in Iranian society, such as public support for the regime and the Supreme Leader’s intentions for the country’s future.
  • Topic: International Relations, Government, Elections, Domestic politics
  • Political Geography: Iran, Middle East, United States of America
  • Author: Paul Osei-Kuffour, Kofi Asare
  • Publication Date: 03-2021
  • Content Type: Policy Brief
  • Institution: Ghana Center for Democratic Development
  • Abstract: The lack of adequate qualified teachers in rural schools, inadequate financing of basic education at the school/district level and delayed release of the Capitation Grant, lack of teacher accountability, lack of transparency, accountability, and value for money in education spending and low parental support for basic education continue to plague equitable progress in basic education.
  • Topic: Education, Government, Public Sector, Rural, Public Service
  • Political Geography: Africa, Ghana
  • Author: Owen Mangiza, Joshua Chakawa
  • Publication Date: 04-2021
  • Content Type: Policy Brief
  • Institution: The African Centre for the Constructive Resolution of Disputes (ACCORD)
  • Abstract: This Policy and Practice Brief (PPB) discusses the implications of the coronavirus (COVID-19) pandemic on border communities, principally in relation to border controls by governments and trans-border activities by community members living close to the border in Zimbabwe.
  • Topic: Conflict Resolution, Government, Border Control, Pandemic, Community, COVID-19
  • Political Geography: Africa, Zimbabwe
  • Author: Eric Maurice
  • Publication Date: 04-2021
  • Content Type: Policy Brief
  • Institution: Robert Schuman Foundation (RSF)
  • Abstract: For half a decade, the Polish government has been reshaping the country's judicial system in a process described by the European Union as a "threat to the rule of law". Despite numerous Council of Europe reports and resolutions, several infringement proceedings and decisions of the Court of Justice of the European Union (ECJ), and the unprecedented activation of the so-called Article 7 procedure of the Treaty on European Union (TEU), the transformation of the judiciary into relays of political power has continued and accelerated since the Law and Justice Party (PiS) won a new term in 2019 and the reelection of President Andrzej Duda in 2020, pushing Poland to the limits of the European legal order.
  • Topic: Government, European Union, Courts, Rule of Law
  • Political Geography: Europe, Poland
  • Author: Julia Coronado, Simon Potter
  • Publication Date: 03-2020
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: The US monetary system faces significant challenges from advances in technology and changes in the macroeconomy that, left unaddressed, will threaten the stability of the US economy and financial system. At the same time, low interest rates mean that central banks will not have the policy ammunition they had in the past during the next recession. The Federal Reserve needs new tools to meet its mandates of price stability and maximum employment. It also needs to preserve the safety and soundness of the financial system in a rapidly digitizing world. The authors propose a Fed-backed digital currency to solve both problems. Their proposal creates a regulated system of digital currency accounts for consumers managed by digital payment providers and fully backed by reserves at the Fed. The system would be limited in size, to preserve the functions and stability of the existing banking system. Fed backing would mean low capital requirements, which would in turn facilitate competition. Low fees and no minimum balance requirements in the new system would also help financial institutions reach the roughly 25 percent of the US population that is currently either unbanked or underbanked. Digital accounts for consumers could also provide a powerful new stabilization tool for both monetary and fiscal policies. For fiscal policy, it could facilitate new automatic stabilizers while also allowing the Fed to provide quantitative easing directly to consumers. This tool could be used in a timely manner with broad reach to all Americans.
  • Topic: Economics, Government, Monetary Policy, Banks, Macroeconomics
  • Political Geography: North America, United States of America
  • Author: Julia Coronado, Simon Potter
  • Publication Date: 04-2020
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: In the second part of their Policy Brief, Coronado and Potter discuss how the system of digital payment providers (DPPs) proposed in their first Policy Brief on this topic adds a new weapon to the monetary toolkit that could be implemented in a timely, effective, and inclusive manner. They describe how a digital currency backed by the Federal Reserve could augment automatic fiscal stabilizers and—more importantly—harness the power of “helicopter” money or quantitative easing directly to consumers in a disciplined manner. To implement QE directly to consumers, Coronado and Potter propose the creation of recession insurance bonds (RIBs)—zero-coupon bonds authorized by Congress and calibrated as a percentage of GDP sufficient to provide meaningful support in a downturn. Congress would create these contingent securities; Treasury would credit households’ digital accounts with them. The Fed could purchase them from households in a downturn after its policy rate hits zero. The Fed’s balance sheet would grow by the value of RIBs purchased; the initial matching liability would be deposits into the DPP system. The mechanism is easy for consumers to understand and could boost inflation expectations more than a debt-financed fiscal stimulus could.
  • Topic: Economics, Government, Monetary Policy, Insurance
  • Political Geography: North America, United States of America