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2. The Global Impact of Brexit Uncertainty
- Author:
- Tarek A. Hassan, Laurence van Lent, Stephan Hollander, and Ahmed Tahoun
- Publication Date:
- 01-2019
- Content Type:
- Working Paper
- Institution:
- Institute for New Economic Thinking (INET)
- Abstract:
- Using tools from computational linguistics, we construct new measures of the impact of Brexit on listed firms in the United States and around the world: the share of discussions in quarterly earnings conference calls on costs, benefits, and risks associated with the UK’s intention to leave the EU. Using this approach, we identify which firms expect to gain or lose from Brexit and which are most affected by Brexit uncertainty. We then estimate the effects of these different kinds of Brexit exposure on firm-level outcomes. We find that concerns about Brexit-related uncertainty extend far beyond British or even European firms. US and international firms most exposed to Brexit uncertainty have lost a substantial fraction of their market value and have reduced hiring and investment. In addition to Brexit uncertainty (the second moment), we find that international firms overwhelmingly expect negative direct effects of Brexit (the first moment), should it come to pass. Most prominently, firms expect difficulties resulting from regulatory divergence, reduced labor mobility, trade access, and the costs of adjusting their operations post-Brexit. Consistent with the predictions of canonical theory, this negative sentiment is recognized and priced in stock markets but has not yet had significant effects on firm actions.
- Topic:
- Economics, Political Economy, Regional Cooperation, Brexit, Global Political Economy, and Economic Policy
- Political Geography:
- Britain, United States, United Kingdom, Europe, and European Union
3. Brexit: Everyone Loses, but Britain Loses the Most
- Author:
- Maria C. Latorre, Zoryana Olekseyuk, Hidemichi Yonezawa, and Sherman Robinson
- Publication Date:
- 03-2019
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- This paper examines 12 economic simulation models that estimate the impact of Brexit (Britain’s exit from the European Union). Most of the studies find adverse effects for the United Kingdom (UK) and the EU-27. The UK’s GDP losses from a hard Brexit (reversion to World Trade Organization rules due to a lack of UK-EU agreement) range from –1.2 to –4.5 percent in most of the models analyzed. A soft Brexit (e.g., Norway arrangement, which seems in line with the nonbinding text of the political declaration of November 14, 2018, on the future EU-UK relationship) has about half the negative impact of a hard Brexit. Only two of the models derive gains for the UK after Brexit because they are based on unrealistic assumptions. The authors analyze more deeply a computable general equilibrium model that includes productivity and firm selection effects within manufacturing sectors and operations of foreign multinationals in services. Based on this latest model, they explain the likely economic impact of Brexit on a wide range of macroeconomic variables, namely GDP, wages, private consumption, capital remuneration, aggregate exports, aggregate imports, and the consumer price index.
- Topic:
- Economics, World Trade Organization, Brexit, and Multinational Corporations
- Political Geography:
- Britain, Europe, and European Union
4. The Role of International Trade in the Rise of the New Zealand Dairy Industry from Its Beginnings to the Fonterra Era
- Author:
- Bruce Muirhead
- Publication Date:
- 08-2014
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Since its widespread settlement by Europeans in the 1840s, New Zealand (NZ) has been an agricultural economy. As has been pointed out “there [has been] no serious challenge to the fundamental precept that the country's economy rested on an agricultural foundation” (Macdonald and Thomson 1987, 231), and dairy has been a significant focus of that base. Dairy production was introduced to New Zealand with the clear intent to establish New Zealand as an adjunct to the economic needs of Britain (Hawke 1985). Indeed, the closeness of the relationship between “the Britain of the south” and the metropolitan centre is one of the fundamental characteristics of any environmental history of NZ agriculture (Pawson 2008). This would persist in a material sense for more than a century, until the United Kingdom joined the European Community (EC) in 1973.
- Topic:
- Economics and Food
- Political Geography:
- Britain, United Kingdom, Europe, and New Zealand
5. The Non-Americanization of European Regulatory Styles: Data Privacy Regulation in France, Germany, Italy, and Britain
- Author:
- Francesca Bignami
- Publication Date:
- 01-2010
- Content Type:
- Working Paper
- Institution:
- Minda de Gunzburg Center for European Studies, Harvard University
- Abstract:
- European countries have experienced massive structural transformation over the past twenty-five years with the privatization of state-owned industries, the liberalization of markets, and the rise of the European Union. According to one prominent line of analysis, these changes have led to the Americanization of European regulatory styles: previously informal and cooperative modes of regulation are becoming adversarial and litigation-driven, similar to the American system. This article explores the Americanization hypothesis with a structured comparison of data privacy regulation in four countries (France, Britain, Germany, and Italy) and a review of three other policy areas. It finds that European regulatory systems are converging, but not on American-style litigation, rather on an administrative model of deterrence-oriented regulatory enforcement and industry self-regulation. The explanation for this emerging regulatory strategy is to be found in government responses to market liberalization, as well as the pressure created by the governance process of the European Union.
- Topic:
- Economics, International Trade and Finance, Markets, and Monetary Policy
- Political Geography:
- Britain, Europe, France, Germany, and Italy
6. Ottoman De-Industrialization 1800-1913: Assessing the Shock, Its Impact and the Response
- Author:
- Jeffrey G. Williamson and Şevket Pamuk
- Publication Date:
- 02-2009
- Content Type:
- Working Paper
- Institution:
- Weatherhead Center for International Affairs, Harvard University
- Abstract:
- India and Britain were much bigger players in the 18th century world market for textiles than was Egypt, the Levant and the core of the Ottoman Empire, but these eastern Mediterranean regions did export carpets, silks and other textiles to Europe and the East. By the middle of the 19th century, they had lost most of their export market and much of their domestic market to globalization forces and rapid productivity growth in European manufacturing. Other local industries also suffered decline, and these regions underwent de-industrialization as a consequence. How different was Ottoman experience from the rest of the poor periphery? Was de-industrialization more or less pronounced? Was the terms of trade shock bigger or smaller? How much of Ottoman de-industrialization was due to falling world trade barriers—ocean transport revolutions and European liberal trade policy, how much due to factory-based productivity advance in Europe, how much to declining Ottoman competitiveness in manufacturing, how much to Ottoman railroads penetrating the interior, and how much to Ottoman policy? The paper uses a price-dual approach to seek the answers. It documents trends in export and import prices, relative to each other and to non-tradables, as well as to the unskilled wage. The impact of globalization, European productivity advance, Ottoman wage costs and policy are assessed by using a simple neo-Ricardian three sector model, and by comparison with what was taking place in the rest of the poor periphery.
- Topic:
- Economics, Globalization, International Trade and Finance, and Markets
- Political Geography:
- Britain, Europe, Turkey, India, and Egypt
7. Beyond Convergence versus Path Dependence: The Internationalization of Industrial Relations at Ford Germany and Britain (1967–1985)
- Author:
- Thomas Fetzer
- Publication Date:
- 03-2009
- Content Type:
- Working Paper
- Institution:
- Max Planck Institute for the Study of Societies
- Abstract:
- For a long time scholars of industrial relations tended to associate notions of internationalization with the debate about the cross-border convergence of industrial relations systems. Convergence versus path dependence was thus a key controversy in industrial relations studies for decades. This debate was mirrored in multinational companies when their attempts to “export” industrial relations practices to foreign subsidiaries encountered host country influences that constrained such attempts. In recent years many scholars shown the need for a wider and more complex analysis of internationalization processes that goes beyond the convergence/path dependence dichotomy. Building on this development, the paper presents a historical case study of the impact of cross-border subsidiary integration on industrial relations at Ford Germany and Ford UK between 1967 and 1985. I argue that convergence and path dependence need to be combined with a third “differential internationalization” approach that reflects the country-specific gradual change that emerges from subsidiary integration. The paper concludes by reflecting on the implications of the case study for contemporary internationalization debates.
- Topic:
- International Relations, Economics, Industrial Policy, and International Trade and Finance
- Political Geography:
- Britain, United Kingdom, and Germany
8. 'Cast the Net Wider': How a Vision of Global Halal Markets is Overcoming Network Envy
- Author:
- Johan Fischer
- Publication Date:
- 11-2008
- Content Type:
- Working Paper
- Institution:
- Danish Institute for International Studies (DIIS)
- Abstract:
- This paper explores Malaysia's bid to become the world leader in rapidly expanding halal (lawful or permitted) markets on a global scale. Over the last three decades, a powerful state nationalism has emerged, represented by the United Malays National Organisation (UMNO), the dominant political party in Malaysia. The state has effectively certified standardised and bureaucratised Malaysian halal production, trade and consumption. Now, the vision is to export this model, and for that purpose the network as a strategic metaphor is being evoked to signify connectedness and prescriptions of organisation vis-à-vis more deep-rooted networks. Building on empirical material from research in Malaysia and Britain, I shall show how networks are understood and practised in a metaphorical sense.
- Topic:
- Development, Economics, and Nationalism
- Political Geography:
- Britain, Malaysia, and Asia
9. Sovereign Wealth and Sovereign Power: The Strategic Consequences of American Indebtedness
- Author:
- Brad W. Setser
- Publication Date:
- 09-2008
- Content Type:
- Working Paper
- Institution:
- Council on Foreign Relations
- Abstract:
- In the 1870s, the scope of Great Britain's financial empire exceeded the scope of its political empire. Dependence on British investors sometimes was a precursor, though, to informal—or even formal— political control. When Egypt's khedive needed to raise cash to cover his personal debt to private British banks, he sold his large personal stake in the Suez Canal to the British state. Egypt's ruler did little better managing Egypt's public debt: difficulties making payments led Britain and France to assume control over Egypt's treasury and, by 1882, to full British political control.
- Topic:
- Economics, Government, International Political Economy, and International Trade and Finance
- Political Geography:
- Britain, United States, America, and Egypt
10. Finance and the Macro-economy: The Politics of Regulatory Reform in Europe
- Author:
- Sofía Perez and Jonathan Westrup
- Publication Date:
- 01-2008
- Content Type:
- Working Paper
- Institution:
- Minda de Gunzburg Center for European Studies, Harvard University
- Abstract:
- This paper analyzes major changes in the regulation of the financial sector in Europe over the last three decades. Focusing on the pattern of change across five countries (Britain, France, Germany, Italy and Spain), the paper identifies two major periods of regulatory change: first, the shift away from postwar patterns of credit regulation in the 1970s and 1980s, and second, the intensification of state supervisory powers and the introduction of new regulatory structures from the 1990s to the present. In both cases, the authors point to the way in which different models of financial sector regulation affect the political consequences of macro-economic policy for political elites as an explanation for choices that governments have made in the regulatory arena. More specifically, while regulatory change in the first period may be largely explained by the way in which different postwar models of credit regulation impinged upon a government's political ability to impose disinflation, choices in favor of different regulatory structures in the second period (single regulator in Britain and Germany versus multiple regulators in the other countries) can be related to differences in the area of pension reform. By focusing on the political implications that different modes of financial regualtion can have for elected officials in the context of different macroeconomic scenarios, the authors offer an explanation of regualtory change that differs from accounts which emphasize the primacy of financial market forces in driving such change.
- Topic:
- Economics and Government
- Political Geography:
- Britain, Europe, France, Germany, Spain, and Italy
11. The Formation of a Mercantilist State and the Economic Growth of the United Kingdom 1453-1815
- Author:
- Patrick Karl O'Brien
- Publication Date:
- 07-2006
- Content Type:
- Working Paper
- Institution:
- United Nations University
- Abstract:
- New institutional economics lacks a theory of state formation which could help us to deal with the mega question of why some states became more efficient than others at establishing and and sustaining institutions. Some kind of middle range theory could be formulated based upon historical case studies. This paper considers the case of Britain and as its title suggests degrades the myth of the United Kingdom as the paradigmn example of liberalism and laisser faire. In making its precocious transition to and industrial market economy the kingom's history is best represented as a case of successful mercantilism.
- Topic:
- Development, Economics, and Sovereignty
- Political Geography:
- Britain, United Kingdom, and Europe
12. Precocious British Industrialization: A General Equilibrium Perspective
- Author:
- N.F.R. Crafts and C. Knick Harley
- Publication Date:
- 01-2002
- Content Type:
- Working Paper
- Abstract:
- The British industrial revolution created an industrial economy. While casual discourse conflates industrialization and economic growth, Britain was remarkable primarily for the pronounced structural change that occurred rather than for rapid economic growth. Uniquely the British labour force became highly industrialized even prior to the move to free trade in the 1840s. On the eve of the abolition of the Corn Laws the share of agriculture in employment had already declined to levels that were not reached in France and Germany until the 1950s.
- Topic:
- Economics and Industrial Policy
- Political Geography:
- Britain, Europe, France, and Germany
13. Crime, Terror and the Central Asia Drug Trade
- Author:
- Tamara Makarenko
- Publication Date:
- 06-2002
- Content Type:
- Working Paper
- Institution:
- Centre for the Study of Terrorism and Political Violence, St. Andrews University, Scotland
- Abstract:
- Over the last decade, opium poppy cultivation in Afghanistan has been rising incrementally, culminating in a bumper crop in 1999 that produced approximately 80 percent of the global supply of illicit opium. Despite this predicament, the dynamics of the illicit drugs trade in Afghanistan has received little attention. Most media reports and government statements over-simplify the situation, making it appear as though the Taliban controlled the planting, cultivation, production and trafficking of all opiates. For example, The Times, in an article published in January 2000, reported “The Taliban rulers of Afghanistan have become the world's biggest producers and smugglers of hard drugs, overtaking rings in Colombia and Burma. They are now responsible for 95 per cent of all the heroin entering Britain.” Following the September 11 attacks, this responsibility was shared with Usama bin Laden and the Al-Qaeda network. British Prime Minister Tony Blair thus stated that the “arms the Taliban are buying today are paid for with the lives of young British people buying their drugs on British streets”, and subsequently added that the Taliban and Usama bin Laden “jointly exploited the drugs trade.” This view has also been propagated in the United States by leading news agencies. CNN, for example, explicitly reported that the Taliban both taxed and trafficked in narcotics, which were directly used to finance their military operations.
- Topic:
- Crime, Economics, and Terrorism
- Political Geography:
- Britain, Afghanistan, Central Asia, Taliban, Colombia, and Burma
14. Competition and Innovation in 1950's Britain
- Author:
- Stephen Broadberry and Nicholas Crafts
- Publication Date:
- 10-2000
- Content Type:
- Working Paper
- Abstract:
- We find little support for the Schumpeterian hypothesis of a positive relationship between market power and innovation in 1950's Britain even though many economists and policymakers accepted it at the time. Price-fixing agreements were very widespread prior to the 1956 Restrictive Practices Act and they seem to have had adverse effects on costs and productivity. Competition policy appears to have been much too lenient but the productivity problems of British industry at this time are best viewed as arising largely from the difficulties of reaping the benefits of innovation rather than from a failure to innovate per se.
- Topic:
- Economics, Industrial Policy, and International Trade and Finance
- Political Geography:
- Britain and United Kingdom
15. From Economic Convergence to Convergence in Affluence? Income Growth, Household Expenditure and the Rise of Mass Consumption in Britain and West Germany, 1950-1974
- Author:
- Peter Kramper
- Publication Date:
- 10-2000
- Content Type:
- Working Paper
- Abstract:
- The “Golden Age” of post-war European economic growth has witnessed extraordinary changes not only in the economic, but also in the social and cultural outlook of Western European societies. Eric Hobsbawm's statement that “[h]istorians of the twentieth century in the third millennium will probably see the century's major impact on history as the one made by and in this astonishing period” is perhaps a little bit too enthusiastic; but it shows that the “Great Boom” has come to be regarded as a key period on the road to the present-day Western world. It has transformed the countries of the West and has at the same time made them more similar to each other. No matter what European societies were in 1950 by 1973, they were all, in Galbraith's famous.
- Topic:
- Economics, International Trade and Finance, and Regional Cooperation
- Political Geography:
- Britain and Europe
16. Creating Stability: National Preferences and the Origins of European Monetary System
- Author:
- Mark Aspinwall
- Publication Date:
- 12-2000
- Content Type:
- Working Paper
- Institution:
- Minda de Gunzburg Center for European Studies, Harvard University
- Abstract:
- This essay compares the preferences of France, Italy, and Britain on the creation of the European Monetary System in 1978-1979, especially the Exchange Rate Mechanism, which stabilised nominal exchange rates. My claim is that the different conclusions reached by the governments (France and Italy in, Britain out) cannot be explained by economic circumstances or by interests, and I elaborate an intervening institutional variable which helps explain preferences. Deducing from spatial theory that where decisionmakers 'sit' on the left-right spectrum matters to their position on the EMS, I argue that domestic constitutional power-sharing mechanisms privilege certain actors over others in a predictable and consistent way. Where centrists were in power, the government's decision was to join. Where left or right extremists were privileged, the government's decision was negative. The article measures the centrism of the governments in place at the time, and also reviews the positions taken by the national political parties in and out of government. It is intended to contribute to the growing comparativist literature on the European Union, and to the burgeoning literature on EU-member-state relations.
- Topic:
- Economics, Government, and International Cooperation
- Political Geography:
- Britain, Iraq, Europe, and France
17. The Myth of Meritocracy? An Inquiry into the Social Origins of Britain's Business Leaders Since 1850
- Author:
- Tom Nicholas
- Publication Date:
- 01-1999
- Content Type:
- Working Paper
- Abstract:
- Recent sociological analysis of the extent to which modern British society has become more meritocratic raises important conceptual issues for the recurrent economic history debate concerning the social mobility of Britain's business leaders. The majority view in this debate is that high social status backgrounds have predominated in the profiles of businessmen throughout the nineteenth and twentieth centuries. François Crouzet's The First Industrialists reveals that Britain's industrial pioneers were drawn largely from the middle-and upper-classes, and that the image of the self-made man as the mainstay of the Industrial Revolution is a myth. Stanworth and Giddens identify a prevalence of 'elite self-recruitment' among deceased company chairmen active in large corporations and banks between 1900 and 1970. Scott's work on the upper classes distinguishes a 'core' business stratum characterised by kinship and privilege. Bringing together a range of research on the social origins of businessmen in the twentieth century, Jeremy asserts that 'it was rare for sons of the semi-skilled and unskilled to rise to national leadership in Britain'. The typical twentieth century business leader is upper-or upper middle-class by social origin, rising through the public schools and Oxbridge into the higher echelons of the business community.
- Topic:
- Economics, Industrial Policy, and Regional Cooperation
- Political Geography:
- Britain and United Kingdom
18. Numbering British Contention, 1758-1834
- Author:
- Thomas Chronopoulos
- Publication Date:
- 12-1995
- Content Type:
- Working Paper
- Institution:
- Center for Studies of Social Change
- Abstract:
- In the period between 1758 and 1834 repertoires of contention in Britain changed from parochial, particular, and bifurcated to cosmopolitan, modular, and autonomous. In other words, eighteenth century actions "that included a good deal of ceremonial, street theater, deployment of strong visual symbols, and destruction of symbolically charged objects" through the course of time lost their relative predominance and instead "demonstrations, strikes, rallies, public meetings, and similar forms of public interaction came to prevail during the nineteenth century." These new routines for the eighteenth century contentious events are the ones that ordinary people in the United States and Western Europe still to this date principally employ to make claims. This conclusion merges from a systematic study of more than 8,000 contentious gatherings, in Southern England (1758-1820) and Great Britain as a whole (1828-1834).
- Topic:
- Conflict Resolution, Security, Economics, and Politics
- Political Geography:
- Britain, United States, United Kingdom, Europe, and England