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872. Russian Financial Crisis Assessment 5: September 9, 1998
- Author:
- Rado Petkov and Rick Petree
- Publication Date:
- 09-1998
- Content Type:
- Working Paper
- Institution:
- EastWest Institute
- Abstract:
- The Communist dominated Duma sent a stern message to President Yelstin on September 7th by rejecting his nominee, Viktor Chernomyrdin, for the second time. The vote was 273 against and 138 for (with one abstention). While Chernomyrdin's showing improved substantially from the Duma's first ballot, he still fell far short of the 226 votes needed for Duma approval. Furthermore, his gains came largely from Zhirinovsky's nationalist faction, which has a crass history of trading votes to “the highest bidder.” Yelstin's opposition, on the other hand, benefited from the support of independent deputies comprising a group called “Regions of Russia”: their approval of Chernomyrdin dropped from 86% to 50% in the second round.
- Topic:
- Conflict Prevention, Economics, and Government
- Political Geography:
- Russia, Europe, and Asia
873. Russian Financial Crisis Assessment 4: August 31, 1998
- Author:
- Allen Collinsworth, Robert Orttung, Rado Petkov, and Rick Petree
- Publication Date:
- 08-1998
- Content Type:
- Working Paper
- Institution:
- EastWest Institute
- Abstract:
- At approximately 12.30 p.m. EST today, the Duma rejected Chernomyrdin's nomination as Prime Minister by an open ballot vote of 251-94 (with 105 abstaining). 226 votes are needed to confirm him. Chernomyrdin's own Our Home Is Russia party provided most of his support (64 votes). Zhirinovsky's party, the Liberal Democrats, abstained (49 votes). Analysts underscored the weakness of support for Chernomyrdin by noting that, in the first round of voting on the nomination of Prime Minister Kiriyenko five months ago, Kiriyenko polled 143 votes in favor. This was in secret balloting, however, which to some extent invalidates the comparison.
- Topic:
- Conflict Prevention, Economics, and Government
- Political Geography:
- Russia, Europe, and Asia
874. Russian Financial Crisis Assessment 3: August 27, 1998
- Author:
- Rado Petkov and Rick Petree
- Publication Date:
- 08-1998
- Content Type:
- Working Paper
- Institution:
- EastWest Institute
- Abstract:
- The latest private reports from Moscow indicate that the Duma is very likely to reject Viktor Chernomyrdin's candidacy for Prime minister next week. Tomorrow, Aug. 28 th , at 3:00 pm, the Duma and the Federation Council will meet to decide whether to recommend a vote on Chernomyrdin's candidacy. Whereas Chernomyrdin's chances are bleak, the fluid nature of current Russian political situation makes it impossible to firmly rule out his confirmation as prime minister, a post which he very much wants.
- Topic:
- Conflict Prevention, Economics, and Government
- Political Geography:
- Russia, Europe, and Asia
875. Russian Financial Crisis Assessment 2: August 25, 1998
- Author:
- Rado Petkov and Rick Petree
- Publication Date:
- 08-1998
- Content Type:
- Working Paper
- Institution:
- EastWest Institute
- Abstract:
- Since our Aug. 20th report, the situation in Russia has developed dramatically. On Friday (Aug. 21st), the lower house of the Russian parliament (the Duma) overwhelmingly called for Yeltsin's resignation and changes in the government and the leadership of the central bank. The Duma also passed a non-binding resolution demanding nationalization of some banks and restriction of foreign participation in domestic capital markets. In response, the RTS index of leading Russian shares fell 5.56% to 81.76 on negligible trading volume of $4.2 million. Central bank head Dubinin announced plans to activate Russia's precious metals reserves (approximately $5 billion of $15.1 billion total foreign exchange reserves) to support the ruble. On Sunday, Aug. 23rd, in an action anticipated in our Aug. 17th report, Yeltsin dismissed Prime Minister Sergei Kiriyenko and installed in his place Viktor Chernomyrdin.
- Topic:
- Conflict Prevention, Economics, and Government
- Political Geography:
- Russia, Europe, and Asia
876. Russian Financial Crisis Assessment 1: August 20, 1998
- Author:
- Rado Petkov and Rick Petree
- Publication Date:
- 08-1998
- Content Type:
- Working Paper
- Institution:
- EastWest Institute
- Abstract:
- Russian capital markets were already in what George Soros described as a “financial meltdown in . . . its terminal phase” on August 12th. Since then, capital markets have deteriorated significantly in reaction to measures announced by the Russian Government on Monday, Aug. 17th (summarized in Section II below). IEWS is actively evaluating the nature and extent of the crisis and trying to project its likely course.
- Topic:
- Conflict Prevention, Economics, and Government
- Political Geography:
- Russia, Europe, and Asia
877. Globalisation: Challenges and Opportunities
- Author:
- G.B. Madison
- Publication Date:
- 01-1998
- Content Type:
- Working Paper
- Institution:
- Institute on Globalization and the Human Condition, McMaster University
- Abstract:
- Globalization is a multifaceted phenomenon. In this paper I seek to discern some of the challenges it poses, as well as some of the opportunities it offers. To this end, attention is focused on three major aspects of globalization: the economic, the cultural, and the political. Particular consideration is given to the political-economic lessons to be learned from the recent East Asian financial (and economic) crisis; the homogenizing and civilizing ramifications of globalization in the realm of culture; and the relation between economic globalization, the threat it poses to the traditional notion of national sovereignty, and the prospects for the development of civil society, the rule of law, and democratic governance. The paper concludes by arguing that, as a result of the emerging global economy, we are witnessing the emergence of a new form of capitalism, qualitatively different from both 19th-century laissez-faire capitalism and 20th-century “managed” capitalism.
- Topic:
- Economics, Globalization, and Markets
- Political Geography:
- East Asia and Asia
878. Curbed Markets?
- Author:
- Kellee S. Tsai
- Publication Date:
- 05-1998
- Content Type:
- Working Paper
- Institution:
- Weatherhead Center for International Affairs, Harvard University
- Abstract:
- Our country does not permit the establishment of private banks. We must continue to investigate and impose discipline on non-banking financial institutions and other creditors that charge high interest rates. This is clearly one of the most important measures for ensuring order in the entire financial system.
- Topic:
- Economics
- Political Geography:
- China and Asia
879. Time to Reinvent APEC
- Author:
- Edward Lincoln and Kenneth Flamm
- Publication Date:
- 11-1997
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- APEC, the Asia-Pacific Economic Cooperation forum, provides an opportunity for 18 countries with strong trade and investment ties to discuss a wide range of economic issues. APEC has scored two tangible achievements to date: a sweeping but vaguely worded 1994 pledge by its member states to open up to free trade and investment by 2010 and 2020, and a central role in the negotiation of the 1996 Information Technology Agreement (ITA). However, APEC is in danger of fading. When this year's summit begins on November 19, the United States must push for major reform of the APEC bargaining process if the organization is to have any chance of realizing its ambitious trade reform targets.
- Topic:
- Foreign Policy, Economics, Emerging Markets, International Organization, and International Trade and Finance
- Political Geography:
- United States and Asia
880. A United States Policy for the Changing Realities of East Asia
- Author:
- Donald Emmerson, Henry Rowen, Michel Oksenberg, Daniel Okimoto, James Raphael, Thomas Rohlen, and Michael H. Armacost
- Publication Date:
- 01-1996
- Content Type:
- Working Paper
- Institution:
- Walter H. Shorenstein Asia-Pacific Research Center
- Abstract:
- Since the end of the Cold War, the power and prestige of the United States in East Asia have suffered a worrisome degree of erosion. The erosion is, in part, the by-product of long-run secular trends, such as structural shifts in the balance of power caused by the pacesetting growth of East Asian economies. But the decline has been aggravated by shortcomings in U.S. policy toward East Asia, particularly the lack of a coherent strategy and a clear-cut set of policy priorities for the post-Cold War environment. If these shortcomings are not corrected, the United States runs the risk of being marginalized in East Asia--precisely at a time when our stakes in the region are as essential as those in any area of the world. What is needed, above all, is a sound, consistent, and publicly articulated strategy, one which holds forth the prospect of serving as the basis for a sustainable, nonpartisan domestic consensus. The elements of an emerging national consensus can be identified as follows:
- Topic:
- International Relations, Security, Foreign Policy, and Economics
- Political Geography:
- United States, China, Israel, East Asia, and Asia