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18101. One Size Must Fit All: National Divergences in a Monetary Union

Author:
Daniel Gros and Carsten Hefeker
Publication Date:
07-2000
Content Type:
Working Paper
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
What policy objective should a common central bank in a heterogeneous monetary union pursue? Should it base its decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national welfare losses based on national rates of inflation and growth? We find that a central bank that minimises the sum of national welfare losses reacts less to common shocks and that this can lead to higher average union-wide expected welfare, if the variability of common shocks is large relative to the inflation bias. But for countries with a transmission mechanism close to the average, welfare can actually be lower in this case. The inflationary bias depends on the interaction between the transmission mechanism and distortions in labour markets.
Topic:
Economics, Government, Human Rights, International Trade and Finance, Migration, and Political Economy
Political Geography:
Europe

18102. The International Trade of Multinational Firms: The Empirical Behaviour of Intrafirm Trade in a Gravity Equation Model

Author:
Kimberly A. Clausing
Publication Date:
06-2000
Content Type:
Working Paper
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
Multinational firms are an increasingly important part of international economic integration. In recent years, foreign direct investment has been increasing at a rate that exceeds both the rate of growth of international trade and that of income. For many countries, the sales of affiliates of multinational firms have long dwarfed the value of trade. For example, in 1997, European Union country firms exported $283 billion in products to the United States. In the same year, affiliates of E.U.-based multinational firms sold $816 billion worth of products in the United States, almost three times the value of exports.
Topic:
Economics, Government, Human Rights, International Trade and Finance, Migration, and Political Economy
Political Geography:
United States and Europe

18103. Technical Barriers to Trade in the European Union: Importance for Accession Countries

Author:
Paul Brenton, John Sheehy, and Marc Vancauteren
Publication Date:
04-2000
Content Type:
Working Paper
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
With trade in industrial products between the EU and the CEECs now essentially free of tariff and non-tariff restrictions, the principal impact of accession to the EU on trade flows will be through access to the Single Market of the EU. A key element of this will be the removal of technical barriers to trade. In this paper we try and highlight the importance of technical barriers to trade between the EU and the various CEECs, distinguishing sectors according to the different approaches to the removal of these barriers in the EU: mutual recognition, detailed harmonisation (old approach) and minimum requirements (new approach). We utilise two sources of information on technical regulations: a sectoral classification from a previous study of the impact of the Single Market and our own detailed translation of EU product related directives into the relevant tariff codes. The analysis suggests that the importance of technical barriers varies considerably across the CEECs. The adjustment implications of access to the Single Market are likely to be greatest for those most advanced in their accession negotiations.
Topic:
Economics, Government, Human Rights, International Trade and Finance, Migration, and Political Economy
Political Geography:
Europe

18104. Goodbye, Agenda 2000, Hello Agenda 2003: Effects of the Berlin Summit on Own Resources, Expenditures, and EU Net Balances

Author:
Michael Emerson and Jorge Núñez Ferrer
Publication Date:
02-2000
Content Type:
Working Paper
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
This paper describes the development of the negotiations from the birth of the Agenda 2000 proposals to the end of the Berlin European Council Summit and discusses the consequences of the outcome. The study shows to what extent net contributions to the EU budget and narrow national interests dominated the negotiations, at the expense of the original aims of the reforms (to prepare the Union for enlargement and for the next round of WTO negotiations), which were practically forgotten. This type of behaviour is by no means unique. On the contrary, it has been recurrent in the history of the EU. Estimates of future expenditures and own resources show that the Berlin European Council conclusions will prove to be far from satisfactory.
Topic:
Economics, Government, Human Rights, International Trade and Finance, Migration, and Political Economy
Political Geography:
Europe and Berlin

18105. Consumer Credit in the European Union

Author:
Nuria Diez Guardia
Publication Date:
02-2000
Content Type:
Working Paper
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
This report analyses the European consumer credit markets and their regulation at European level. Its findings are as follows: European consumer credit markets are characterised by deep national differences and strong market segmentation. The report finds no generalised model of consumer credit from the analysis of statistical data. An Anglo-Saxon consumer credit model cannot be identified. The weight of consumer credit is far higher in the US economy than in the EU countries, including the UK. In the US, the share of consumer loans made by banks is much lower, securitisation of consumer credit assets is very developed and the share of revolving credit is much greater than in the EU countries. Nor is it possible, on account of the large differences in the use of consumer credit observed across EU countries, to identify a European model of consumer credit. Consumer credit is very widely used in Sweden, whereas it is underdeveloped in Greece and Italy. The use of consumer credit reaches comparatively high levels in Germany and the UK and an intermediate level in France and Spain. Lending to consumers is carried out through bank intermediation, crossborder provision is non-existent.
Topic:
Economics and Political Economy
Political Geography:
United States, United Kingdom, Europe, Greece, France, Germany, Spain, and Italy

18106. When Needs are Rights: An Overview of UN Efforts to Integrate Human Rights in Humanitarian Action

Author:
Karen Kenny
Publication Date:
01-2000
Content Type:
Working Paper
Institution:
Watson Institute for International and Public Affairs at Brown University
Abstract:
Integration of human rights throughout the United Nations system is, and always has been, a legal imperative flowing from the UN Charter. More recently, how- ever, it has also become stated policy of the organization and its component parts. The commitment to integration expressed by the Secretary-General in his reform program of July 1997 builds on the directions in the Vienna Declaration and Programme of Action, to which 171 states agreed in 1993.
Topic:
Human Rights, International Organization, and United Nations

18107. The Problems of Preparedness: Challenges Facing the U.S. Domestic Preparedness Program

Author:
Richard A. Falkenrath
Publication Date:
12-2000
Content Type:
Working Paper
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
The U.S. government is now actively engaged in preparing the nation for highly destructive acts of terrorism, especially those involving chemical and biological weapons. This effort involves multiple federal agencies and a wide variety of programs. Collectively known as the “U.S. domestic preparedness program,” these programs are a very recent innovation in American governance. The budget of federal weapons of mass destruction (WMD) preparedness programs has grown from effectively zero in 1995 to approximately $1.5 billion in fiscal year 2000. 1 This made the U.S. domestic preparedness program one of the fastest growing federal programs of the late 1990s.
Topic:
Environment and Terrorism
Political Geography:
United States

18108. Analytic Models and Policy Prescription: Understanding Recent Innovation in U.S. Counterterrorism

Author:
Richard A. Falkenrath
Publication Date:
10-2000
Content Type:
Working Paper
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
The threat of terrorism has received enormous attention in the last decade. Anxieties ran particularly high at the turn of the millennium, which fortunately passed without a major terrorist incident. Virtually all states expend some resources to combat terrorism. The policies, programs, and operations that governments undertake to meet this challenge are known collectively as counterterrorism. Although this term is only a few decades old, the practice of counterterrorism is as old as terrorism itself. Like terrorism, counterterrorism is easily recognized, even if its boundaries are somewhat imprecise.
Topic:
Environment and Terrorism
Political Geography:
United States

18109. Responding to the Threat of Agroterrorism: Specific Recommendations for the United States Department of Agriculture

Author:
Anne Kohnen
Publication Date:
10-2000
Content Type:
Working Paper
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
The threat of biological weapons (BW) is usually associated with terrible outbreaks of human illness. Receiving substantially less attention from the media, however, is the fact that BW can also be used against agricultural targets as strategic economic weapons. Agriculture accounts for about 13 percent of the United States' annual gross domestic product. 1996 U.S. cash receipts for livestock, poultry, and crops totaled more than $200 billion. An attack on agriculture could have enormous economic consequences.
Topic:
Environment and Terrorism
Political Geography:
United States

18110. Human Capital and the Quality of Growth

Author:
Nancy Birdsall
Publication Date:
12-2000
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
T. W. SCHULTZ was ahead of his time, at least among economists. The earliest postwar models of development emphasized accumulation of physical capital, and saw spending on health and education as a drain on the accumulation of "productive" assets. But eventually, the newer classical growth models incorporated formally Schultz's insight, and related work on accounting for growth by Hollis Chenery and colleagues at the World Bank pointed to the contribution of more skilled workers with more human capital to increased productivity and growth. The more recent endogenous growth models are even more emphatic. Sustainable growth in these models is the result in part of positive externalities generated by education, an important form of human capital. In these models, the new ideas and new technologies that are critical to high sustained growth rely fundamentally on high levels of human capital.
Topic:
Economics, Education, and Science and Technology
Political Geography:
India