Political Geography: Russia / Topic: International Trade and Finance

1. The NewSpace market: Capital, control, and commercialization

Author:: Robert Murray
Publication Date:: 04-2023
Content Type:: Working Paper
Institution:: Atlantic Council
Abstract:: Commercial opportunities in space-based technologies are expanding rapidly. From satellite communications and Earth observation to space tourism and asteroid mining, the potential for businesses to capitalize on these emerging technologies is vast and known as “NewSpace.”1 The NewSpace model is important for governments to understand because the dual-use nature of space, specifically its growing commercialization, will influence the types of space-based technologies that nations may leverage, and consequently, impact their national security paradigms. By capitalizing on the private sector’s agility and combining it with the essential research efforts and customer role played by the public sector, the NewSpace industry can play a critical function in addressing current and future national security challenges through public-private codevelopment. As the NewSpace industry expands, the role of government is evolving from being the primary developer and operator of space assets to facilitating their commercialization, while still prioritizing key advancements. US and allied governments can capitalize on this competitive landscape by strategically investing in areas that align with their national security objectives. However, it is crucial for them to first understand and adapt to their changing roles within this dynamic environment. Indeed, the benefits of the burgeoning NewSpace industry extend beyond the United States. International collaboration and competition in this area can lead to faster technological advancements and economic gains. The global NewSpace landscape is driving down costs, increasing access to space, and fostering innovation that can improve not only economic well-being, but also impact national security models. To that end, this memo will examine the broad state of the space market, discuss the industry drivers, and propose recommendations for US and allied policymakers as they consider future government investments in those enabling space-based activities that support wider national security ambitions.
Topic:: Defense Policy, International Trade and Finance, National Security, Science and Technology, European Union, Space, and Defense Industry
Political Geography:: Russia, China, Eurasia, Canada, Asia, and United States of America

2. Impact of economic sanctions on net commodity-producing and net commodity-consuming countries

Author:: Sergio R. Vale and Eduardo Viola
Publication Date:: 01-2023
Content Type:: Journal Article
Journal:: Revista Brasileira de Política Internacional (RBPI)
Institution:: Instituto Brasileiro de Relações Internacionais (IBRI)
Abstract:: The war in Ukraine has had a marked economic impact. However, since Russia is a net producer of important commodities, the impact of sanctions on its economy was less than expected. But what would happen if there was a war involving a country that was a net importer of commodities? In the case of a possible China-US conflict over Taiwan, the impact on the world economy would be different, with a deeper recession around the world, but the impact on the Brazilian economy would still be positive on account of the possibility that would remain of agricultural exports to China.
Topic:: Agriculture, Economics, International Trade and Finance, Sanctions, Commodities, and Exports
Political Geography:: Russia, China, Europe, Ukraine, Taiwan, Asia, North America, and United States of America

3. To Russia with Love? The Impact of Sanctions on Regime Support

Author:: Robert Gold, Julian Hinz, and Michele Valsecchi
Publication Date:: 03-2023
Content Type:: Working Paper
Institution:: Kiel Institute for the World Economy (IfW)
Abstract:: Do economic sanctions affect internal support of sanctioned countries’ governments? To answer this question, we focus on the sanctions imposed on Russia in 2014 and identify their effect on voting behavior in both presidential and parliamentary elections. On the economic side, the sanctions significantly hurt Russia’s foreign trade — with regional-level variation. We use trade losses caused by the sanctions as measure for regional sanction exposure. For identification, we rely on a structural gravity model that allows us to compare observed trade flows to counterfactual flows in the absence of sanctions. Difference-in-differences estimations reveal that regime support significantly increases in response to the sanctions, at the expense of voting support of Communist parties. For the average Russian district, sanction exposure increases the vote share gained by president Putin and his party by 13 percent. Event studies and placebo estimations confirm the validity of our results.
Topic:: Globalization, International Trade and Finance, Sanctions, Economy, and Russia-Ukraine War
Political Geography:: Russia and Eurasia

4. Blowback: The Effect of Sanctions on Democratic Elections

Author:: Matthieu Crozet and Julian Hinz
Publication Date:: 04-2023
Content Type:: Working Paper
Institution:: Kiel Institute for the World Economy (IfW)
Abstract:: Sanctions are meant to coerce political adversaries through economic measures. However, evidence for their effectiveness is scarce. In this paper we assess the impact of sanctions on a democracy — France — by studying the electoral consequences of the sanctions and countersanctions imposed between Russia and Western countries. Contrary to most of the existing literature we find clear evidence for exposure to the sanctions to cause an increase in the vote share for pro-Russian (and far-right) candidates during the French 2017 presidential election. Locally, the impact on voting is substantial. Back-of-the-envelope calculations indicate that about 16,300 votes for the main far-right candidate can be directly attributed to the sanctions’ impact. This is the total number of votes cast in a medium-sized French city. It is however not nearly enough to have affected the outcome of the election at the national level.
Topic:: Globalization, International Trade and Finance, Sanctions, and Elections
Political Geography:: Russia, Europe, and France

5. Who is to suffer? Quantifying the impact of sanctions on German firms

Author:: Holger Görg, Anna Jacobs, and Saskia Meuchelbock
Publication Date:: 05-2023
Content Type:: Working Paper
Institution:: Kiel Institute for the World Economy (IfW)
Abstract:: In this paper, we use a novel firm level dataset for Germany to investigate the effect of sanctions on export behaviour and performance of German firms. More specifically, we study the sanctions imposed by the EU against Russia in 2014 in response to the annexation of Crimea and Russia's countermeasures. We find a substantial negative effect on both the extensive and intensive margin of German exports. While the negative effects are strongest for firms exporting products subject to trade restrictions, we provide further evidence on the indirect effects of sanctions. Analysing the impact on broader measures of firm performance, we document that the cost of sanctions is heterogeneous across firms but overall modest. Our results reveal that the negative impact of the shock was concentrated primarily among a small number of firms that were highly dependent on Russia as an export market and those directly affected by the sanctions.
Topic:: Foreign Policy, Globalization, International Trade and Finance, Sanctions, Russia-Ukraine War, and Firm Dynamics
Political Geography:: Russia, Europe, and Germany

6. The Russian-Ukrainian War: An Opportunity to Strengthen the AfCFTA

Author:: Steve Tametong and Venessa Aboudi
Publication Date:: 02-2023
Content Type:: Working Paper
Institution:: The Nkafu Policy Institute
Abstract:: The world had hardly covered from the horrors of the COVID-19 pandemic when it was once again tested on February 24, 2022, by the outbreak of war between Russia and Ukraine. The consequences of this war are quite significant for humanity. On the economic level, the Russian-Ukrainian conflict has highlighted the disadvantages of globalization, understood as a process marked by the interconnection and interdependence of world economies. The inflationary shock and the food crisis resulting from the inoperative nature of import channels for certain basic necessities from Russia and Ukraine have demonstrated the fragility of the economies. With regard to African countries, in particular, the prices of several basic food products (wheat, flour, rice, maize, bread, vegetable oil, etc.) have risen sharply. Indeed, most African countries are almost dependent on the import of agricultural products and seeds from the two belligerent countries. These imports correspond to 35 billion US dollars of imports each year (1). This appears to be an incongruity given the extent of arable land on the African continent. The low production and especially processing capacity increases the dependence of African economies on the import of these basic products. The outbreak of the Russian-Ukrainian conflict makes it possible to question the economic resilience of African States, that is to say, their “capacity [ to] keep output close to [their] potential despite a shock ” (2). Above all, it offers the opportunity to analyze the economic and commercial potential of the AfCFTA in the process of building the resilience of African economies to external shocks. Indeed, the AfCFTA was officially launched in January 2021 with the main objective of “creating a single market for goods and services facilitated by the movement of people in order to deepen the economic integration of the African continent…” (3). This policy note is structured around the idea that the Russian-Ukrainian conflict, in view of its socio-economic consequences on the African continent, offers an opportunity for African countries to work toward the strengthening of the AfCFTA. So that it appears as a real pole of competitiveness and inter-African trade likely to counter the shocks and uncertainties of the dynamics of world trade. Before analyzing the AfCFTA as a pole of production and export of African products (II), it is necessary to take stock of the socio-economic consequences of the Russian-Ukrainian war on African economies (I).
Topic:: Security, International Trade and Finance, Military Strategy, Free Trade, Peace, and Russia-Ukraine War
Political Geography:: Africa, Russia, Europe, and Ukraine

7. U.S. Strategy: Rebalancing Global Energy between Europe, Russia, and Asia and U.S. Security Policy in the Middle East and the Gulf

Author:: Anthony H. Cordesman
Publication Date:: 05-2022
Content Type:: Special Report
Institution:: Center for Strategic and International Studies
Abstract:: The war in Ukraine has already shown how dangerous it is for the U.S. to assume that it can rebalance its forces to one region and count on a lasting peace or detente in others. It now is all too clear that U.S. strategy must continue to focus on Europe as well as China. What is less clear is the extent to which the Ukraine War is an equal warning that the U.S. must have a truly global strategy – and one that continues to focus on other critical regions like the Middle East. The sudden escalation of the Ukraine crisis into a major regional conflict and the need for political and diplomatic support in the UN as well as for sanctions are warnings that much of the U.S. success in deterrence and defense lies in creating long-term global diplomatic and political support as well as true and lasting strategic partnerships.
Topic:: Security, Energy Policy, International Trade and Finance, Hegemony, and Strategic Interests
Political Geography:: Russia, Europe, Middle East, Asia, North America, and United States of America

8. CONTAINMENT 2.0: SANCTIONS FOR THE LONG HAUL

Author:: David A. Lake
Publication Date:: 03-2022
Content Type:: Commentary and Analysis
Institution:: Political Violence @ A Glance
Abstract:: The West is not imposing coercive sanctions on Russia to stop its current aggression. No one seriously expects that the sanctions will cause President Putin to withdraw from Ukraine. NATO made clear before the war that its members will not defend Ukraine with military force. The European members have also, as expected, carved out exceptions to the sanctions regime for oil and gas so as not to impose too much pain on their own economies. Putin anticipated the general scope of the sanctions likely to be imposed on Russia and decided it was worth invading Ukraine anyways. While he may have been surprised by the extent of the sanctions and unity of NATO so far, this is not enough to alter his calculus. Indeed, he is doubling down on the original plan. He also knows that he has other weapons and forms of coercion against the West up his sleeve. Rather, we are seeing the birth of a possible Containment 2.0, a forced decoupling of Russia from the Western international economy. This is a long-term, not a short-term, strategy. The point is to undermine the Russian economy, stifle its technological progress, deny Russians a standard of living comparable to that of the West, and break support for the regime over time. In doing so, the West undermines Russia’s ability to compete militarily, aiming to forestall further Ukraines, and weakens Putin’s hand at home and abroad.
Topic:: NATO, International Trade and Finance, Sanctions, Economy, and Containment
Political Geography:: Russia, Europe, Ukraine, Global Focus, and United States of America

9. Energy Markets and the Design of Sanctions on Russia

Author:: Christof Ruhl
Publication Date:: 03-2022
Content Type:: Commentary and Analysis
Institution:: Center on Global Energy Policy (CGEP), Columbia University
Abstract:: Sanctions against the citizens, institutions, and products of the Russian Federation are evolving rapidly. Energy sanctions started late, but the number of countries embargoing oil, gas, or coal imports from Russia is expanding. These sanctions are likely to increase global fuel prices while depressing the price of the sanctioned fuel. The experience to date suggests that the current, gradual approach of reducing oil and gas imports from Russia one country at a time may have room to go further. Before the invasion of Ukraine, the sweeping and unprecedented sanctions promised in the event of a Russian invasion were often conceived as a two-pronged pincer movement. The idea was to isolate Russia from the global financial system while limiting its commodity and energy exports. Both moves were aimed at the source of the financial strength of “fortress Russia,” namely, its persistent balance of payment surplus.
Topic:: Energy Policy, International Trade and Finance, Sanctions, Financial Markets, and Conflict
Political Geography:: Russia and Europe

10. The impact of the Ukraine crisis on international trade

Author:: Zsolt Darvas and Catarina Martins
Publication Date:: 12-2022
Content Type:: Working Paper
Institution:: Bruegel
Abstract:: We study the economic implications of Russia’s invasion of Ukraine, by scrutinising global trade volumes and commodity prices, trade balances and bilateral trade flows between major economic powers and Russia. We find that energy prices increased more in 2021 than in 2022, suggesting that the war and the sanctions were not the most important drivers. Nevertheless, International Monetary Fund forecast revisions from October 2021 to October 2022 suggest that the volume of global trade in goods and services declined by 3.4 percent, energy prices increased by about 100 percent, and the prices of non-energy commodities by 8 percent. The war could be an important driver of these forecast revisions, though other factors were also at play. While forecasts for important industrial production input costs were not revised, soaring energy prices deteriorated the trade balance of countries importing energy. Only half of the increase in Russia’s trade surplus was related to soaring energy prices. The other half resulted from the collapse of Russian imports, which will likely undermine the Russian economy’s productive capacity over time. Falling Russian exports of goods other than mineral fuels suggest Russia’s productive capacity has already weakened. Russia’s trade has been reoriented from advanced economies to China, India and Turkey, but this has only partially compensated for the decline in trade with advanced countries. We find that sanctions had an impact on trade. There is no evidence of European and US companies circumventing sanctions by re-routing sanctioned goods to Russia via China and Turkey. The UK and the US have already stopped importing fossil fuels from Russia, and such imports by the EU have declined. With the EU’s Russian seaborne crude petroleum import ban taking effect in December 2022 and the refined petroleum ban coming to effect in February 2023, Russia’s revenues from fossil fuel exports to the EU are set to shrink significantly, with limited options for redirecting exports to other countries. The three main policy-relevant implications from our research are: The war and the sanctions are not the most important drivers of energy price; The direct aim of sanctions seems to have been achieved; The capacity of the Russian state to finance the war from fossil fuel revenues is bound to shrink. The dataset used for most charts of this working paper is regularly updated and is available in the Russian foreign trade tracker
Topic:: International Trade and Finance, Sanctions, Fossil Fuels, and Russia-Ukraine War
Political Geography:: Russia, Europe, and Ukraine

11. Brothers in arms: The value of coalitions in sanctions regimes

Author:: Sonali Chowdhry, Julian Hinz, Katrin Kamin, and Joschka Wanner
Publication Date:: 10-2022
Content Type:: Working Paper
Institution:: Kiel Institute for the World Economy (IfW)
Abstract:: This paper examines the impact of coalitions on the economic costs of the 2012 Iran and 2014 Russia sanctions. By estimating and simulating a quantitative general equilibrium trade model under different coalition set-ups, we (i) dissect welfare losses for sanction-senders and target; (ii) compare prospective coalition partners and; (iii) provide bounds for the sanctions potential — the maximum welfare change attainable — when sanctions are scaled vertically, i.e. across sectors up to an embargo, or horizontally, i.e. across countries up to a global regime. To gauge the significance of simulation outcomes, we implement a Bayesian bootstrap procedure that generates confidence bands. We find that the implemented measures against Iran and Russia inflicted considerable economic harm, yielding 32 – 37% of the vertical sanctions potential. Our key finding is that coalitions lower the average welfare loss incurred from sanctions relative to unilateral implementation. They also increase the welfare loss imposed on Iran and Russia. Adding China to the coalition further amplifies the welfare loss by 79% for Iran and 22% for Russia. Finally, we quantify transfers that would equalize losses across coalition members. These hypothetical transfers can be seen as a sanctions-equivalent of NATO spending goals and provide a measure of the relative burden borne by coalition countries.
Topic:: Globalization, International Trade and Finance, Markets, Sanctions, Alliance, and Embargo
Political Geography:: Russia, China, Europe, Asia, North America, and United States of America

12. Turkey’s Changing Posture on Russia and America

Author:: Hasan Unal
Publication Date:: 01-2022
Content Type:: Journal Article
Journal:: Baku Dialogues
Institution:: ADA University
Abstract:: As of this writing, tensions between Russia and Ukraine appeared to continue unabated, despite the Putin‑Biden online meeting and the exchange of several messages between Washington and Moscow aimed at reducing them. The crisis has kept almost everyone guessing as to where all this is heading: will they subside or spiral out control? Will Russia invade Ukraine? If it does, how will America and its allies respond? As things stand at present, it sure seems as though Russia and the U.S. and its allies have gridlocked themselves into a crisis without any sensible way out. The former was emboldened by the feckless handling of the crisis by the Biden Administration such that Moscow now wants to dictate terms to America and NATO that amount to something like this: “give us proper, preferably written assurances that Ukraine and Georgia will not be admitted to NATO.” Team Biden, which has inadvisably goaded Ukraine against Russia for a second time in less than a year with its much‑hyped ‘America is back’ slogan cannot simply comply with the request. At the same time, America cannot stand up to Russia militarily in that part of the world. Moreover, neither the United States nor its NATO allies that have considerable military clout are prepared to make a promise to Ukraine regarding admission to NATO. Indeed, just as this edition of Baku Dialogues was going to press, the hectic diplomacy between NATO and Russia on the one hand and the U.S. and Russia on the other, climaxing in the latest meetings of 11‑12 January 2022, broke up with no agreement. This has given rise to further concern that the ongoing conflict is going to perpetuate. From Turkey’s perspective, the conflict between Russia and Ukraine has turned insoluble— akin in not unimportant ways to the Turkish‑Greek dispute, with its clusters of psychologically combustible elements freely circulating across the board. Should Russia invade Ukraine, it would presumably trigger a harsh package of sanctions by both the EU and the U.S.; this would likely hurt Moscow considerably, albeit hardly enough to budge it from staying the course. Should the U.S. and NATO simply give in to Russia’s ultimatum, then this would amount to a complete surrender of the Western powers— particularly after the disastrous U.S. debacle in Afghanistan. At the same time, the likelihood that Russia will step back entirely from its position—that, in other words, it will calmly accept the prospect of the admission of Ukraine and Georgia to NATO—is close to zero. Thus, it is possible to conclude that the conflict between Russia and Ukraine on the one hand, and the U.S.‑led West and Russia on the other, will perpetuate.
Topic:: International Cooperation, International Trade and Finance, Infrastructure, Hegemony, and Silk Road
Political Geography:: Russia, Europe, Turkey, North America, and United States of America

13. International Practice of Sanction Evasion and Circumvention Possibilities for Russia

Author:: Davit Shatakishvili
Publication Date:: 04-2022
Content Type:: Special Report
Institution:: Georgian Foundation for Strategic International Studies -GFSIS
Abstract:: Sanctions play a special role in the economic and political life of the world. Historically, despite their various forms of use, sanctions have acquired an essentially functional substance in the 20th century. The goal of the sanctions is primarily to ensure global peace. In case of violation of market principles, military aggression, or disregard for the rules established between nations, the violator is sanctioned by specific countries and/or groups of states, who, in doing so, aim to bring it back to the norms of international law. Sanctions increase political and economic pressure on the target country, which are reflected in various dimensions and quantitative figures. Consequently, the country loses some of its political leverage and experiences tangible economic regress. For the sake of universal peace and global security, the policy of sanctions has not lost its relevance in the 21st century. As a result of Russia’s aggressive military intervention in Ukraine, the world community has applied an unprecedented package of sanctions against the aggressor, which has spread to almost every industry of the country and is still being added to. In this regard, Russia broke the anti-record and surpassed countries such as North Korea, Iran, Syria, and Venezuela. Over the decades, sanctioned countries have accumulated extensive experience on how to circumvent the imposed sanctions, so as to at least partially help the country overcome the economic difficulties. It is interesting which ways and schemes such countries use to circumvent the restrictions, and based on that experience, what opportunities there are for the Russian Federation to do the same and evade the sanctions imposed on it, a move which will not only limit but also further pave the way for its aggressive foreign policy and threaten world peace.
Topic:: Security, Foreign Policy, International Trade and Finance, Oil, Sanctions, Global Markets, Cryptocurrencies, and Russia-Ukraine War
Political Geography:: Russia and Eurasia

14. Cutting through the Value Chain: The Long-Run Effects of Decoupling the East from the West

Author:: Gabriel Felbermayr, Alexander Sandkamp, and Hendrik Mahlkow
Publication Date:: 03-2022
Content Type:: Working Paper
Institution:: Kiel Institute for the World Economy (IfW)
Abstract:: With ever-increasing political tensions between China and Russia on one side and the EU and the US on the other, it only seems a matter of time until protectionist policies cause a decoupling of global value chains. This paper uses a computable general equilibrium trade model calibrated with the latest version of the GTAP database to simulate the effect of doubling non-tariff barriers - both unilateral and reciprocal - between the two blocks on trade and welfare. Imposing trade barriers almost completely eliminates bilateral imports. In addition, changes in price levels lead to higher imports and lower exports of the imposing country group from and to the rest of the world. The targeted country group increases exports to the rest of the world and reduces imports. Welfare falls in all countries involved, suggesting that governments should strive to cooperate rather than turning away from each other. By imposing a trade war on Russia, the political West could inflict severe damage on the Russian economy because of the latter’s smaller relative size.
Topic:: International Cooperation, International Trade and Finance, European Union, Conflict, Trade Wars, Protectionism, and Rivalry
Political Geography:: Russia, China, Europe, Asia, North America, and United States of America

15. Potential Impacts of Sanctions against Russia on the Non-oil Exports of Azerbaijan

Author:: Eldayag Mustafayev
Publication Date:: 04-2022
Content Type:: Working Paper
Institution:: Center for Economic and Social Development (CESD)
Abstract:: By using statistical descriptive analysis, this article analyzes how the isolation of Russia from the international trade and finance system, as a result of the Western sanctions, will affect the Russian trade turnover and what type of future challenges and opportunities it may provide for the non-oil export base of Azerbaijan. In terms of the opportunities, Azerbaijan can further focus on its main non-oil export goods such as agricultural and chemical industrial products to capture an additional share in the semi-abandoned Russian market, along with considering possible competition pressure coming from the other non-western Russian trade partners. Re-exporting opportunities currently are limited in scale and have a risk of facing international sanctions and criticism.
Topic:: International Trade and Finance, Sanctions, Exports, and Russia-Ukraine War
Political Geography:: Russia and Azerbaijan

16. This Time is Different. The "COVID-Shock" and Future of the Global Oil Market

Author:: Giuliano Garavini
Publication Date:: 04-2020
Content Type:: Commentary and Analysis
Institution:: Istituto Affari Internazionali
Abstract:: Oil markets are facing a perfect storm. The scissors of supply and demand are moving against one another, generating increasing pain on the oil industry and the political and financial stability of oil-producing countries. Global oil demand is dropping due to the recession induced by the COVID-19 shut down of economic activity and transport in the most industrialized countries. Goldman Sachs predicts that global demand could drop from 100 million barrels per day (mdb) in 2019 to nearly 80 mdb in 2020.1 If confirmed, this would be single biggest demand shock since petroleum started its race to become the most important energy source in the world.
Topic:: International Trade and Finance, Oil, Global Markets, and Economy
Political Geography:: Russia, Saudi Arabia, and Global Focus

17. U.S. Policy in the Arctic

Author:: Paweł Markiewicz
Publication Date:: 06-2020
Content Type:: Special Report
Institution:: The Polish Institute of International Affairs
Abstract:: The Arctic has become another contested area between the U.S., Russia, and China. The region’s growing importance for global trade and American security means the U.S. goal is largely to maintain freedom of navigation in the Arctic. For this reason, the Trump administration strives to increase American capacities to operate in the Arctic. The effects of the COVID-19 pandemic will delay implementing these plans; nevertheless, they will be achieved in the long term and the U.S. will also expect support in the Arctic from NATO allies.
Topic:: Security, Foreign Policy, NATO, and International Trade and Finance
Political Geography:: Russia, China, Arctic, and United States of America

18. GEOGRAPHY, INTERNATIONAL TRADE AND INSTITUTIONS: AN ECONOMETRIC ANALYSIS OF THE BRICS

Author:: Marcelo Corrêa, Luiz Michelo, and Carlos Schonerwald
Publication Date:: 01-2020
Content Type:: Journal Article
Journal:: Conjuntura Austral: Journal of the Global South
Institution:: Conjuntura Austral: Journal of the Global South
Abstract:: After two decades of intense debate about the determinants of economic development, with authors examining the variables that characterize geography, institutions and international trade, BRICS countries were left behind. Thus, in order to fill this gap, this paper uses econometrics of panel data to analyze the economic performance of these developing nations. Mainstream economists have run into serious problems to deal with these particular determinants within the traditional endogenous growth model, and they have not come up with an agreement, so they keep trying to figure out who is the “winner of this competition”. Empirical evidence shows that there is not a unique explanatorydeterminant, and recognizing which of them can provide the best understandingdepends on the particularities of each case (ROS, 2013).Examining BRICS as a group of countries demonstrates that these specific developing nations share some remarkable features. They are rapidly-growing nations with a vast amount of land and growing participation in international trade. So, empirical tests are feasible and desirable in order to understand their recent development. However, they are also different in many aspects, mostly in terms of institutional characteristics. Thus, our goal is to find out if the econometrics of panel data can shed some light on this ongoing debate.
Topic:: International Political Economy, International Trade and Finance, Trade, Trade Policy, Economic Cooperation, and Geography
Political Geography:: Russia, China, India, South Africa, and Brazil

19. The US and Russian Resource Rivalry in the Context of the Contemporary Venezuelan Crisis Perils of the Rentier Petro-State

Author:: Anurag Tripathi and Girisanker S.B.
Publication Date:: 01-2020
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:: Venezuela continues to face rampant inflation, poverty and diseases pilling up in light of the US sanctions against PDVSA (Petroleos de Venezuela,S.A), the Venezuelan state-owned Oil Company. Despite the crisis, Russia continues to play a key role in supporting the regime of Nicolas Maduro and sustaining oil production in the country. The research focuses on the role played by Russia is helping the current regime to survive against the US sanctions and the vested interest it brings along with it. The outcome of the research is to find out the role played by Russian oil industries in shaping Russia’s Foreign Policy in Venezuela and to know whether Moscow has any leverage over the energy sector in Venezuela. The paper gives prime importance to the Venezuelan economy and the Geopolitics of oil. The research aims to give a whole new outlook in the field of International Relations by exploring the nuances of oil giants in shaping relations between countries.
Topic:: International Trade and Finance, Oil, Natural Resources, Hegemony, Gas, and Rivalry
Political Geography:: Russia, Europe, North America, and United States of America

20. The (Re)emergence of the BRICS and the Reorganization of Power in Contemporary Geopolitics

Author:: Charles Pennaforte and Ricardo Luigi
Publication Date:: 07-2020
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:: The two first decades of the 21 st Century were marked by the recrudescence of two powerhouses, Russia and China. Given their important role on global geopolitics, these two countries took advantage of the gaps resulted from yet another crisis on the structure of global capitalism, which influenced the relative decline of the United States capacity to impose its will on the international system as they had been able to do so since the end of World War II. This article’s objective is to analyze the global geopolitical rearrangement due to a weakened United States which opened the possibility for the BRICS nations to emerge as possible sources of power. To reinforce this analysis, the world-systems perspective, (here on referred to as WSP) elaborated mainly by Immanuel Wallerstein and Giovanni Arrighi is used, as well as a geopolitical approach to provide a link to international relations theories. Therefore, this paper is divided on to four sections. The first one interrelates the geopolitical theories and those of the WSP. The second section is guided towards understanding the origins and fundamentals of the WSP. On the third section, an approach is made towards the motivations and the effects of the rearrangement of power on the world’s geopolitics. Finally, on the last section, the roles and opportunities that have arisen from the emergence of the BRICS nations on the international system are presented.
Topic:: Development, International Trade and Finance, Geopolitics, and Capitalism
Political Geography:: Africa, Russia, China, Europe, India, Asia, South Africa, Brazil, and South America

21. Russia’s Struggle to Gain Influence in Southeast Asia

Author:: Bennett Murray
Publication Date:: 08-2020
Content Type:: Commentary and Analysis
Institution:: Foreign Policy Research Institute
Abstract:: As the United States and People’s Republic of China jostle for influence among member-states of the Association of Southeast Asian Nations (ASEAN), the Russian Federation has also declared the bloc a priority. Southeast Asian nations, in turn, would like third powers to counterbalance Beijing and Washington in the region. However, Russia has not made a huge impression in the bloc since its first summit with ASEAN in 2005. Economic success has been mostly limited to bilateral trade centered around arms sales, while security partnerships have not been forthcoming. Part of the problem is that Russia lacks historic ties in its former Cold War rivals, which are also ASEAN’s largest economic powerhouses, to lean on. More crucially, Southeast Asian nations perceive Moscow as deferential to Beijing’s geopolitical ambitions in the region.
Topic:: International Trade and Finance, Geopolitics, Soft Power, and Economic Diplomacy
Political Geography:: Russia, Eurasia, Asia, and Southeast Asia

22. A Saudi-U.S.-Russia Oil Deal Is Not a Good Idea

Author:: Christof Ruhl
Publication Date:: 04-2020
Content Type:: Working Paper
Institution:: Center on Global Energy Policy (CGEP), Columbia University
Abstract:: Oil markets are sending confusing signals at a time when more confusion is the last thing anyone needs. When Russia walked out on OPEC+ rather than contribute to more output cuts, Saudi Arabia turned on the crude taps. Whatever Riyadh’s intention, this “price war” was quickly made meaningless by the impact of the new coronavirus on global oil demand. The price collapse has been beyond anything anyone could have imagined. Now, storage room for crude is becoming scarce. Analysts warn darkly that plunging prices may threaten global economic stability. Equities follow the oil price news. Everyone seems to agree that prices should stop falling; and yet no one seems to argue that a very low oil price is exactly what the world’s economy needs to recover. The combination of price war and pandemic is also creating strange bedfellows. Some American shale producers are advocating that their country blocks Saudi oil imports, others want to talk to OPEC. President Donald Trump’s government has expressed an interest in cooperating on global oil supplies with Saudi Arabia and Russia; it’s nudging OPEC+ to reconvene, or an even wider group of producers to meet. Could we be witnessing the emergence of an unholy alliance of Saudi Arabia, Russia and the U.S., to “manage volatility,” and incidentally shore up the price of oil?
Topic:: Energy Policy, International Trade and Finance, Oil, and Natural Resources
Political Geography:: Russia, Europe, Middle East, Saudi Arabia, North America, and United States of America

23. The Eastern Mediterranean in the New Era of Major-Power Competition: Prospects for U.S.-Israeli Cooperation

Author:: Douglas J. Feith and Seth Cropsey
Publication Date:: 09-2019
Content Type:: Case Study
Institution:: Hudson Institute
Abstract:: This is a study of Eastern Mediterranean security and how the United States and Israel can improve cooperation to protect their common interests. The study’s particular focus is the maritime domain. Few things in world affairs survive for millennia. It’s also true that few are ever really new. In the Eastern Mediterranean, what has endured for thousands of years is the strategic attention of great powers. The region retains it today, commanding interest not only from local and regional actors, but also from global players. As Iran works to extend its reach to the Mediterranean, Russia, as it has for centuries, strives to exert its influence across the Middle East. The United States, on the other hand, has been signaling a desire to reduce its involvement in the region. Remarkably, China too has become a player. Its increasing presence in the Middle East reflects commercial and strategic motives and signifies its rise as a force competing for global economic and military predominance. China is at once a security challenge and a close economic partner. It is the world’s major rising and disruptive power and plays a huge role in global trade and investment.
Topic:: International Relations, Foreign Policy, Defense Policy, International Trade and Finance, National Security, Science and Technology, Military Spending, Maritime, and Alliance
Political Geography:: Russia, China, Eurasia, Israel, United States of America, and Mediterranean

24. INSTC vs. BRI: The India-China Competition Over the Port of Chabahar and Infrastructure in Asia

Author:: Syed Fazl-e Haider
Publication Date:: 12-2019
Content Type:: Journal Article
Journal:: China Brief
Institution:: The Jamestown Foundation
Abstract:: The China-Pakistan Economic Corridor (CPEC), the central component of China’s Belt and Road Initiative (BRI) in South Asia, has been a source of significant attention and controversy (China Brief, January 12, 2018; China Brief, February 15). Parts of South Asia, the Middle East, Central Asia, and Europe, however, are also host to another ambitious infrastructure program: the “International North-South Transport Corridor” (INSTC), a transportation development plan first established in 2000 by Iran, Russia and India. The INSTC envisions a network to connect Indian Ocean and Persian Gulf ports and rail centers to the Caspian Sea, and then onwards through the Russian Federation to St. Petersburg and northern Europe.
Topic:: Development, International Trade and Finance, Infrastructure, and Economy
Political Geography:: Russia, China, Iran, Middle East, India, and Asia

25. A State Visit by Kazakhstan’s President Demonstrates China’s Increasing Influence in Central Asia

Author:: Leo Lin
Publication Date:: 11-2019
Content Type:: Journal Article
Journal:: China Brief
Institution:: The Jamestown Foundation
Abstract:: Kazakhstan President Kassym-Jomart Tokayev’s recent visit to the People’s Republic of China (PRC) on September 10-12 was not merely a state visit, but also signaled a new era in bilateral relations between Kazakhstan and China. During his visit, Tokayev met top officials of the Chinese Communist Party (CCP), including CCP General Secretary Xi Jinping, Premier Li Keqiang, and Li Zhanshu, the Chairman of the Standing Committee of the National People’s Congress. Tokayev also stopped in Hangzhou, where he visited the headquarters of the Alibaba Group and spoke with founder Jack Ma, as well as the new chairman and CEO Daniel Zhang (Sina Tech, September 12). The September visit has symbolic meaning for both Xi and Tokayev as they prepare for a new stage of their partnership—in the same year as the 70th anniversary of the founding of the PRC, and the 30th anniversary of Kazakhstan’s independence.
Topic:: Security, International Trade and Finance, Science and Technology, Treaties and Agreements, and Bilateral Relations
Political Geography:: Russia, China, Central Asia, and Kazakhstan

26. A Free Trade Agreement Could Benefit the U.S.-Brazil Trade Relationship

Author:: Peter Sufrin
Publication Date:: 11-2019
Content Type:: Journal Article
Institution:: American Diplomacy
Abstract:: According to a recent State Department report, the United States is Brazil's second largest trading partner, and Brazil is the U.S.'s ninth largest trading partner. Not until the 1990s did the Brazilian government address trade liberalization, privatization, competition, and productivity as a way to increase commodities exports, and promote growth in imports of manufactured products. The possibility for further cooperation exists, particularly in the realm of Foreign Direct Investment, patent law, and a double taxation treaty, and with initiatives such as a U.S.-Brazil Commission on Economic and Trade Relations, a Defense Cooperation Dialogue, an Infrastructure Development Working Group, and an Economic and Financial Dialogue.
Topic:: International Relations, International Cooperation, International Trade and Finance, Treaties and Agreements, Alliance, Trade Liberalization, Free Trade, and Exports
Political Geography:: Russia, China, India, South Africa, Brazil, Latin America, and United States of America

27. Russia's Central American Engagement

Author:: Ivan Ulises Klyszcz
Publication Date:: 10-2019
Content Type:: Working Paper
Institution:: Foreign Policy Research Institute
Abstract:: Central America has received little attention in the Russia Federation’s ‘return’ to Latin America. The region’s small population and underdeveloped markets make it relatively uninteresting for a far-off country like Russia. Yet, in recent years, Russia has intensified and diversified its engagement with Central America, expanding beyond Moscow’s traditional partner, the Republic of Nicaragua. Central American leaders want more trade and investment with Russia as Moscow seeks to bolster its presence in the Caribbean. However, tense relations between Managua and its neighbors could make Moscow’s defense cooperation with Nicaragua counterproductive. Seeking to become a significant player in the region, Moscow is set to expand its presence in Central America through bilateral and multilateral channels, a move that will likely affect the region’s conflicts.
Topic:: Foreign Policy, International Trade and Finance, Investment, and Engagement
Political Geography:: Russia, Latin America, and Central America

28. Political Signals: Why Are Some Countries Abandoning the Dollar in Their Foreign Trade?

Author:: FARAS
Publication Date:: 10-2018
Content Type:: Commentary and Analysis
Institution:: Future for Advanced Research and Studies (FARAS)
Abstract:: Several Middle Eastern countries, such as Turkey and Iran, have been recently shifting into international currencies or local currencies, instead of the US dollar, in their foreign trade. This shift comes amid the US economic sanctions on Iran in tandem with its souring relations with Turkey. What is striking in this regard is that there is an international acceptance of other currencies, especially the Chinese yuan, with the pricing of some oil contracts in the same currency. This move seems to have a particular political significance, namely rejecting the impact of the US dollar on the trade of these countries rather than its economic feasibility, amid the sharp fluctuations in the local currencies of Iran, Turkey, and India in the past period.
Topic:: Economics, International Trade and Finance, Currency, and Trade Policy
Political Geography:: Russia, China, Iran, Eurasia, Middle East, North America, and United States of America

29. The Sino-Russian and US-Russian relationships: Current developments and future trends

Author:: Marcin Kaczmarski, Mark Katz, and Teija Tiilikainen
Publication Date:: 12-2018
Content Type:: Working Paper
Institution:: Finnish Institute of International Affairs
Abstract:: The great-power system has been in constant change since the end of the Cold War. The US became the hegemonic power, and under its shelter, the European Union was able to transform into a European-wide political body. Soon, a group of leading regional powers started to question the universalist aspirations of the Western-led international order. Two members of this club in particular were not satisfied with the role of a regional hegemon and had more global ambitions. China has already become the largest trading nation globally, and Chinese foreign policy has assumed an assertive tone. China has both the potential to challenge US hegemony, as well as the political will to use it. Russia’s project to achieve a global great-power status, on the other hand, is inspired by its historical identity and its alleged humiliation by the West after the collapse of the Soviet Union. Russia longs for recognition of its great-power status in particular from the US. This report focuses on relations between China and Russia on the one hand and the US and Russia on the other. It analyses the current developments and future trends in these relationships, as well as their implications for the EU.
Topic:: Foreign Policy, International Cooperation, International Trade and Finance, and Hegemony
Political Geography:: Russia, United States, China, Europe, Asia, and North America

30. Russia and the West: Energy Warfare

Author:: Mikhail Krutikhin
Publication Date:: 03-2017
Content Type:: Working Paper
Institution:: Center for Transatlantic Relations
Abstract:: This paper is part of CTR's Working Paper Series: "Russia and the West: Reality Check." The nature and shape of the Russian oil and gas industry is not just Moscow’s concern. The ups and downs of Russia’s energy production and exports are factors that affect the global political environment. The influx of revenues from hydrocarbon sales determines the way the Kremlin behaves in the world arena, and the notorious unpredictability of the Russian political leadership becomes even more pronounced when oil prices show an appetite for instability.
Topic:: International Relations, Energy Policy, International Trade and Finance, Oil, Natural Resources, and Gas
Political Geography:: Russia, United States of America, and European Union

31. Belarus-West Relations: The New Normal

Author:: Dzianis Melyantsou
Publication Date:: 03-2017
Content Type:: Working Paper
Institution:: Center for Transatlantic Relations
Abstract:: This paper is part of CTR's Working Paper Series: "Eastern Voices: Europe's East Faces an Unsettled West." The new geopolitical environment formed after the annexation of Crimea and the war in the Donbas, together with emerging threats and challenges, are pressing both Belarus and the West to revise their policies in the region as well as their relations with each other. In this new context, Belarus is seeking a more balanced foreign policy and, at least towards the Ukrainian crisis, a more neutral stance.
Topic:: International Relations, Diplomacy, International Trade and Finance, War, Territorial Disputes, Foreign Aid, Sanctions, and Geopolitics
Political Geography:: Russia, Europe, Ukraine, Belarus, Crimea, United States of America, and European Union

32. What Ukraine Should Demand of Itself and from the West

Author:: Natalie A. Jaresko
Publication Date:: 03-2017
Content Type:: Working Paper
Institution:: Center for Transatlantic Relations
Abstract:: This paper is part of CTR's Working Paper Series: "Eastern Voices: Europe's East Faces an Unsettled West." Once again, the world is grappling with historic challenges, as it did when the Soviet Union fell in 1991, and once more, Ukraine is at the forefront of these challenges. The Kremlin’s attempts to destroy Ukraine’s European aspirations is simply one of Russia's many challenges to the post-World War II international liberal order. The actions of the Kremlin -- be they in Ukraine, Georgia, Moldova, and Syria; in the U.S. electoral process; or in the funding of far-right and far-left political parties throughout Europe -- have but one purpose: to destroy the transatlantic partnership and the principles of the post-World War II order and peace. Ukraine is simply one of the battlegrounds, but it is a key because it is in Europe. Unity of the transatlantic partnership and of the democratic nations is critical. Unity of support for the Ukrainian transition process is a serious part of this battle, because Ukraine’s successful democratic, rule-of-law based transformation is key to ensuring a Europe whole, free and at peace.
Topic:: International Trade and Finance, Territorial Disputes, Economy, and Protests
Political Geography:: Russia, Europe, Ukraine, and Crimea

33. Regards sur l’Eurasie - L’année politique 2016

Author:: Anne De Tinguy, Bayram Balci, François Dauceé, Laure Delcour, Tatiana Kastouéva-Jean, Aude Merlin, Xavier Richet, Kathy Rousselet, and Julien Vercueil
Publication Date:: 02-2017
Content Type:: Special Report
Institution:: Centre d'Etudes et de Recherches Internationales
Abstract:: Looking into Eurasia : the year in politics provides some keys to understand the events and phenomena that have left their imprint on a region that has undergone major mutation since the fall of the Soviet Union in 1991: the post-soviet space. With a cross-cutting approach that is no way claims to be exhaustive, this study seeks to identify the key drivers, the regional dynamics and the underlying issues at stake
Topic:: Conflict Resolution, Corruption, Crime, Democratization, Economics, International Trade and Finance, Politics, Sovereignty, War, International Security, Regional Integration, and State
Political Geography:: Russia, Ukraine, Caucasus, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Armenia, Azerbaijan, Turkmenistan, Belarus, and European Union

34. Arctic Imperatives: Reinforcing U.S. Strategy on America’s Fourth Coast

Author:: Thad W. Allen, Christine Todd Whitman, and Esther Brimmer
Publication Date:: 03-2017
Content Type:: Special Report
Institution:: Council on Foreign Relations
Abstract:: "The United States, through Alaska, is a significant Arctic nation with strategic, economic, and scientific interests," asserts a new Council on Foreign Relations-sponsored (CFR) Independent Task Force report, Arctic Imperatives: Reinforcing U.S. Strategy on America's Fourth Coast. With the Arctic "warming at twice the rate as the rest of the planet" and melting sea ice opening up this resource-rich region to new trade routes and commercial activities, the report stresses that "the United States needs to increase its strategic commitment to the region or risk leaving its interests unprotected." The report notes that while Russia has numerous ice-breaking vessels and China is building a third icebreaker, the United States owns only two operational icebreaking ships—one heavy icebreaker and one medium-weight icebreaker—to serve both the Arctic and the Antarctic. Asserting that "icebreakers are a national capacity" required for a range of maritime missions to support U.S. security, economic, and commercial needs, the Task Force recommends that the United States fund and build additional icebreakers. The report also finds that the United States needs greater investment in Alaskan infrastructure, including deepwater ports, roads, and reliable telecommunications, to support economic development and a sustained security presence in the region. Currently, "almost no marine infrastructure is in place within the U.S. maritime Arctic."
Topic:: Climate Change, International Trade and Finance, Infrastructure, Hegemony, and Conflict
Political Geography:: Russia, China, Europe, Asia, North America, Arctic, and United States of America

35. New Russia Sanctions from Congress

Author:: Elizabeth Rosenberg, Neil Bhatiya, and Edorado Saravalle
Publication Date:: 08-2017
Content Type:: Special Report
Institution:: Center for a New American Security (CNAS)
Abstract:: Congress adopted new sanctions in late July to codify and significantly expand U.S. financial restrictions on Russia and tightly constrain the president’s exercise of policy in this domain. The sanctions bill was driven by concerns over Russia’s interference in U.S. elections and destabilizing aggression abroad, as well as a broadly held belief by legislators that the president is mishandling critical national security issues. With these new sanctions authorities, Congress is taking an unprecedented step to assume greater control over a domain of foreign policy
Topic:: International Relations, International Trade and Finance, International Security, and International Affairs
Political Geography:: Russia and America

36. Politics of “Reluctant Allies”

Author:: Yu Bin
Publication Date:: 09-2016
Content Type:: Journal Article
Journal:: Comparative Connections
Institution:: Pacific Forum
Abstract:: The China-Russia relationship was both extraordinary and ordinary. On one hand, both sides were visibly, albeit reluctantly, moving toward more security-strategic coordination to offset growing pressure from the US and its allies. On the other hand, they continued to interact with a mix of cooperation, competition, and compromise for interests and influence in a range of areas including trade, investment, and regional development. Neither trend was definitive, given the complex dynamics between the two, as well as their respective relations with others, which are beyond the control of Moscow or Beijing. The asymmetry between “high” and “low” politics in their bilateral ties may be normal, if not necessarily desirable. Nevertheless, the scope, speed, and sustainability of the emerging Sino-Russian strategic alignment deserve careful scrutiny.
Topic:: Security, International Trade and Finance, Bilateral Relations, Alliance, and Strategic Interests
Political Geography:: Russia, China, Europe, and Asia

37. Lessons from Russia and the Future of Sanctions

Author:: Peter Harrell
Publication Date:: 09-2015
Content Type:: Policy Brief
Institution:: Center for a New American Security (CNAS)
Abstract:: U.S. and European sanctions on Russia mark a significant evolution in the sanctions toolkit. Officials deployed novel types of financial and energy sanctions to create a regime that imposed significant costs on Russia while minimizing collateral impacts on the U.S. and European economies. The U.S. and European decision to create these new tools was driven by the need to take an innovative approach to sanctions against an economy twice the size of the combined gross domestic products (GDPs) of all other countries subject to significant U.S. economic sanctions and on Russian companies that play an important role in global markets. These developments, while tailored to Russia’s unique circumstances, hold important lessons for the future of sanctions policy.
Topic:: Foreign Policy, Cold War, Economics, International Trade and Finance, and Sanctions
Political Geography:: Russia

38. All Still Quiet in the East

Author:: Yu Bin
Publication Date:: 05-2015
Content Type:: Journal Article
Journal:: Comparative Connections
Institution:: Pacific Forum
Abstract:: China-Russia relations were quite uneventful in the first four months of 2015. Instead, Moscow and Beijing seemed on divergent paths as the former continued to be plagued by geopolitics (Ukraine, Iran, etc.), while the latter was busy with geoeconomics (Asian Infrastructure Investment Bank (AIIB), Belt and Road Initiative, etc.). Beneath the surface calm, however, preparations were in high gear for the coming months in both symbolic (70th V-Day anniversary) and substantive areas such as strategic consultation, aerospace cooperation, and military sales.
Topic:: Diplomacy, International Cooperation, International Trade and Finance, Bilateral Relations, and Infrastructure
Political Geography:: Russia, China, Europe, and Asia

39. Trade and conflict: Ukraine’s trade with Russia in and after 2014

Author:: Veronika Movchan
Publication Date:: 05-2015
Content Type:: Working Paper
Institution:: Arnold A. Saltzman Institute of War and Peace Studies
Abstract:: This paper aims to review existing Ukrainian-Russian trade relations and explore the feasibility of Ukraine’s trade reorientation away from the Russian market, given growing trade tensions.
Topic:: Conflict Prevention, International Political Economy, and International Trade and Finance
Political Geography:: Russia and Ukraine

40. Ukraine in Contemporary Geopolitical and Socioeconomic Relations

Author:: Grigoriy Shamborovskyi
Publication Date:: 05-2015
Content Type:: Working Paper
Institution:: Arnold A. Saltzman Institute of War and Peace Studies
Abstract:: This paper explores topics related to Ukraine’s Relations with Russia, the EU, and the US. These relationships are explored in terms of international trade, security issues and institution building. Finally, the existence of internal political and socioeconomic divisions is discussed.
Topic:: International Political Economy, International Trade and Finance, International Security, and Political and institutional effectiveness
Political Geography:: Russia, America, Ukraine, and European Union

41. Russia's Pivot to Asia: Myths and Realities

Author:: Daniele Fattibene
Publication Date:: 11-2015
Content Type:: Working Paper
Institution:: Istituto Affari Internazionali
Abstract:: Russia’s “pivot to Asia” has come to the fore in the wake of the crisis over Ukraine. Growing tensions with the West over the common neighbourhood, coupled with economic sanctions, have accelerated this trend, with China gaining in strength as both an economic and military partner to Moscow. The Kremlin’s propaganda has sought to convince the broader public that Russia’s strategies in Eastern Europe, Central Asia and the Arctic region are a complement to China’s new Silk Road Economic Belt. Nonetheless, behind the headlines huge potential problems jeopardise the emergence of a durable Sino-Russian consensus in Eurasia. Against this backdrop, the EU should opt for “strategic patience.” This would be a far more effective policy choice than finger pointing, which only deepens the mutual ideological clash between the EU and Russia.
Topic:: Diplomacy, Economics, International Trade and Finance, Bilateral Relations, and Sanctions
Political Geography:: Russia, China, and Asia
Publication Identifier:: 978-88-98650-69-9
Publication Identifier Type:: ISBN

42. Nordstream 2: Too Many Obstacles, Legal, Economic, and Political to be Delivered?

Author:: Alan Riley
Publication Date:: 11-2015
Content Type:: Policy Brief
Institution:: Atlantic Council
Abstract:: Germany may be seeking to expedite the construction of Russia's Nordstream 2 pipeline by shielding the controversial project from tough the laws of the European Union (EU), according to a transcript of talks between Russian President Vladimir Putin and German Energy Minster Sigmar Gabriel, Atlantic Council Senior Fellow Alan Riley writes in "Nordstream 2: Too Many Obstacles, Legal, Economic, and Political to Be Delivered?".
Topic:: Energy Policy, International Law, International Trade and Finance, Natural Resources, and European Union
Political Geography:: Russia and Europe

43. The 2014 Sochi Olympics

Author:: Sergey Markedonov
Publication Date:: 01-2014
Content Type:: Working Paper
Institution:: Center for Strategic and International Studies
Abstract:: On February 7, 2014, the 22nd Winter Olympic Games will open in the Russian Black Sea resort of Sochi. Because these games will be the first Olympics hosted by Russia since the dissolution of the Soviet Union, they will be more than a mere athletic competition—they possess a singular symbolic character, important to Russia and particularly to Russian president Vladimir Putin. On the eve of the 119th session of the International Olympic Committee in Guatemala on July 4, 2007, at which the decision on the host city for the 2014 games would be made, Putin was the main Russian lobbyist for the Sochi project.
Topic:: Economics, Globalization, International Political Economy, and International Trade and Finance
Political Geography:: Russia

44. EU-Russia: overcoming stagnation

Author:: Nicu Popescu
Publication Date:: 01-2014
Content Type:: Policy Brief
Institution:: European Union Institute for Security Studies
Abstract:: For the best part of the last two decades, EU-Russia summits have alternated between being upbeat events where new grand integration initiatives were launched – the creation of four common spaces in 2005, the partnership for modernisation in 2010 – and rather unfriendly encounters where success was seemingly measured on how impolite the partners could be to one another.
Topic:: Economics, Energy Policy, International Trade and Finance, and Bilateral Relations
Political Geography:: Russia, Europe, and Asia

45. Turkey's Energy Strategy and its Role in the EU's Southern Gas Corridor

Author:: Erkan Erdogdu
Publication Date:: 02-2014
Content Type:: Working Paper
Institution:: Istituto Affari Internazionali
Abstract:: The Southern Gas Corridor (SGC) is a European Commission initiative aimed at facilitating the diversification of the routes and sources of gas imported into Europe. This paper is devoted to the analysis of Turkey's role in this initiative. Following a summary of the current economic and energy situation in Turkey, the paper presents recent developments in the SGC and an analysis of Turkey's role in the EU's SGC vision. It concludes that although the newly-built infrastructure within the SGC framework will probably serve Azerbaijani and Turkish interests first in their future relations with the EU, rather than the other way round, as had been initially hoped by the EU, it still addresses the EU's basic strategic interests, namely, the diversification of gas supply routes and suppliers.
Topic:: Economics, International Trade and Finance, and Natural Resources
Political Geography:: Russia, United Kingdom, Europe, Turkey, Asia, and Netherlands

46. Energy moves and power shifts: EU foreign policy and global energy security

Author:: Iana Dreyer and Gerald Stang
Publication Date:: 02-2014
Content Type:: Working Paper
Institution:: European Union Institute for Security Studies
Abstract:: Energy security has climbed the list of EU energy and foreign policy priorities in the last decade. This process was accelerated by the shock of the 2006 and 2009 disruptions in Russian gas supply through Ukraine, and by the new possibilities offered by the Lisbon Treaty. Efforts have been directed at interconnecting national gas and electricity markets, diversifying energy suppliers and promoting rules-based energy trade in the wider European neighbourhood. The EU's primary energy security goals are to reduce the strategic dependence of individual member states on single external suppliers and to ensure that energy markets are liquid, open and functioning according to stable market rules rather than power logics. Yet energy security also needs to be balanced against environmental and economic competitiveness concerns.
Topic:: Economics, Energy Policy, International Trade and Finance, and Border Control
Political Geography:: Russia, Europe, and Ukraine

47. Exploring the Prospects for Russian-Turkish Cooperation in a Turbulent Neighborhood

Author:: Dmitri V. Trenin and Memduh Karakullukçu
Publication Date:: 09-2014
Content Type:: Working Paper
Institution:: Carnegie Endowment for International Peace
Abstract:: Even though tensions over Ukraine will inevitably cast a shadow over the bilateral relationship, Russia and Turkey—a NATO member—continue to share a range of important interests. Indeed, there are a number of areas in which the two can work together in their common neighborhood, which stretches from the South Caucasus and the Levant to Central Asia and Afghanistan. A high-level working group on Russian-Turkish regional cooperation has sketched a forward-looking approach for Russia and Turkey in tackling regional challenges.
Topic:: Diplomacy, International Trade and Finance, and Bilateral Relations
Political Geography:: Russia, Europe, Turkey, Middle East, and Asia

48. Russia's Punitive Trade Policy Measures towards Ukraine, Moldova and Georgia

Author:: Michael Emerson, Denis Cenusa, Tamara Kovziridse, and Veronika Movchan
Publication Date:: 09-2014
Content Type:: Policy Brief
Institution:: Centre for European Policy Studies (CEPS)
Abstract:: While EU and US sanctions against Russia over its aggression in Ukraine, and Russia's counter-sanctions, are much discussed due to their evident political significance, less attention has been given to Russia's punitive sanctions against the three Eastern European states – Ukraine, Moldova and Georgia – that have signed with the EU Association Agreements (AA), which include Deep and Comprehensive Free Trade Area (DCFTA) provisions. This paper therefore documents these trade policy restrictions and embargoes imposed by Russia, and provides some first indications of their impact. The immediate impact on trade flows, especially for agri-food products, has been substantial, albeit with some leakage through Belarus. The main instrument for the Russian measures has been allegations of non-conformity with Russian technical standards, although the correlation of these allegations with movements in Russia's geopolitical postures makes it obvious that the Russian technical agencies are following political guidelines dressed up as scientific evidence. These measures also push the three states into diversifying their trade marketing efforts in favour of the EU and other world markets, with Georgia already having taken significant steps in this direction, since in its case the Russian sanctions date back to 2006. In the case of Ukraine, Russia's threat to cancel CIS free trade preferences infiltrated trilateral talks between the EU, Ukraine and Russia, leading on 12 September to their proposed postponement until the end of 2015 of the 'provisional' implementation of a large part of the AA/DCFTA. This was immediately followed on 16 September by ratification of the AA/DCFTA by both the Rada in Kyiv and the European Parliament, which will lead to its full and definitive entry into force when the 28 EU member states have also ratified it. However Putin followed the day after with a letter to Poroshenko making an abusive interpretation of the 12 September understanding.
Topic:: Economics, International Trade and Finance, Power Politics, and Sanctions
Political Geography:: Russia, Europe, Ukraine, Moldova, and Georgia

49. Trade policy issues in the Wider Europe – that led to war and not yet to peace

Author:: Michael Emerson
Publication Date:: 07-2014
Content Type:: Working Paper
Institution:: Centre for European Policy Studies (CEPS)
Abstract:: This paper looks at the trade policy landscape of the EU and the wider Europe, with a focus on issues arising from the signature on 27 June 2014 of Deep and Comprehensive Free Trade Agreements (DCFTAs) between the EU and three East European countries (Georgia, Moldova and Ukraine), and actual or prospective issues relating to the customs union of Belarus, Russia and Kazakhstan (BRK), and the Eurasian Economic Union whose founding treaty was signed on 29 May 2014.The huge expansion of intercontinental free trade area negotiations currently underway, in which the EU is an active participant alongside much of the Americas and Asia, stands in contrast with Russia's choice to restrict itself to the Eurasian Economic Union, which is only a marginal extension of its own economy. Alone among the major economies in the world, Russia does not seek to integrate economically with any major economic bloc, which should be a matter of serious concern for Moscow. Within the wider Europe, the EU's DCFTAs with Ukraine, Moldova and Georgia are a major new development, but Russia now threatens trade sanctions against Ukraine in particular, the economic case for which seems unfounded and whose unilateral application would also impair the customs union.The Belarus-Russia-Kazakhstan customs union itself poses several issues of compatibility with the rules of the WTO, which in turn are viewed by the EU as an impediment to discussing possible free trade scenarios with the customs union, although currently there are far more fundamental political impediments to any consideration of such ideas. Nonetheless, this paper looks at various long-term scenarios, if only as a reminder that there could be much better alternatives to the present context of conflict around Ukraine.
Topic:: Economics, International Trade and Finance, and Treaties and Agreements
Political Geography:: Russia, Europe, Ukraine, Kazakhstan, and Asia

50. Trade policy issues in the Wider Europe – that led to war and not yet to peace

Author:: Michael Emerson
Publication Date:: 07-2014
Content Type:: Working Paper
Institution:: Centre for European Policy Studies (CEPS)
Abstract:: This paper looks at the trade policy landscape of the EU and the wider Europe, with a focus on issues arising from the signature on 27 June 2014 of Deep and Comprehensive Free Trade Agreements (DCFTAs) between the EU and three East European countries (Georgia, Moldova and Ukraine), and actual or prospective issues relating to the customs union of Belarus, Russia and Kazakhstan (BRK), and the Eurasian Economic Union whose founding treaty was signed on 29 May 2014. While the contrived collision between these projects has tragically induced Russia to break all the established international security norms by waging war against Ukraine, the present paper deals essentially with trade policy issues. The huge expansion of intercontinental free trade area negotiations currently underway, in which the EU is an active participant alongside much of the Americas and Asia, stands in contrast with Russia's choice to restrict itself to the Eurasian Economic Union, which is only a marginal extension of its own economy. Alone among the major economies in the world, Russia does not seek to integrate economically with any major economic bloc, which should be a matter of serious concern for Moscow. Within the wider Europe, the EU's DCFTAs with Ukraine, Moldova and Georgia are a major new development, but Russia now threatens trade sanctions against Ukraine in particular, the economic case for which seems unfounded and whose unilateral application would also impair the customs union. The Belarus-Russia-Kazakhstan customs union itself poses several issues of compatibility with the rules of the WTO, which in turn are viewed by the EU as an impediment to discussing possible free trade scenarios with the customs union, although currently there are far more fundamental political impediments to any consideration of such ideas. Nonetheless this paper looks at various long-term scenarios, if only as a reminder that there could be much better alternatives to the present context of conflict around Ukraine.
Topic:: Economics and International Trade and Finance
Political Geography:: Russia, America, Europe, Ukraine, Kazakhstan, Asia, and Georgia

51. Trade policy issues in the Wider Europe - that led to war and not yet to peace

Author:: Michael Emerson
Publication Date:: 07-2014
Content Type:: Working Paper
Institution:: Centre for European Policy Studies (CEPS)
Abstract:: This paper looks at the trade policy landscape of the EU and the wider Europe, with a focus on issues arising from the signature on 27 June 2014 of Deep and Comprehensive Free Trade Agreements (DCFTAs) between the EU and three East European countries (Georgia, Moldova and Ukraine), and actual or prospective issues relating to the customs union of Belarus, Russia and Kazakhstan (BRK), and the Eurasian Economic Union whose founding treaty was signed on 29 May 2014. While the contrived collision between these projects has tragically induced Russia to break all the established international security norms by waging war against Ukraine , the present paper deals essentially with trade policy issues . The huge expansion of intercontinental free trade area negotiation s currently underway, in which the EU is an active participant alongside much of the Americas and Asia, stands in contrast with Russia's choice to restrict itself to the Eurasian Economic Union, which is only a marginal extension of its own economy. Alone among the major economies in the world, Russia does not seek to integrate economically with any major economic bloc, which should be a matter of serious concern for Moscow. Within the wider Europe, the EU's DCFTAs with Ukraine, Moldova and Georgia are a major new development, but Russia now threatens trade sanctions against Ukraine in particular, the economic case for which seems unfounded and whose unilateral application would also impair the customs union. The Belarus-Russia-Kazakhstan customs union itself poses several issues of compatibility with the rules of the WTO, which in turn are viewed by the EU as an impediment to discussing possible free trade scenarios with the customs union, although currently there are far more fundamental political impediments to any consideration of such ideas. Nonetheless this paper looks at various long-term scenarios, if only as a reminder that there could be much better alternatives to the present context of conflict around Ukraine.
Topic:: International Relations, Diplomacy, Economics, and International Trade and Finance
Political Geography:: Russia, Europe, Ukraine, and Kazakhstan

52. The Global Arctic: The Growing Arctic Interests of Russia, China, the United States and the European Union

Author:: Juha Käpylä and Harri Mikkola
Publication Date:: 08-2013
Content Type:: Policy Brief
Institution:: Finnish Institute of International Affairs
Abstract:: With exciting economic opportunities and serious environmental challenges, the Arctic is transforming and re-emerging as a geopolitically important region. Major global players within and without the Arctic are paying greater attention to the region. While Russia is a traditional Arctic state with significant economic and security interests in the region, China, the US and the EU have also expressed their Arctic interests more explicitly. They are keen to tap into the economic potential and have a say in the way the region becomes accessed, exploited and governed. As a result, the Arctic is no longer a spatially or administratively confined region, but is instead taking its new form in the midst of contemporary global politics. The globalization and economization of the Arctic will most likely downplay environmentalism and reduce the relative influence of the indigenous people and small Arctic states in Arctic affairs. Arctic governance is also likely to turn more complex and complicated as the economic and political stakes are raised.
Topic:: Security, Foreign Policy, Climate Change, Development, International Trade and Finance, Oil, and Natural Resources
Political Geography:: Russia, United States, China, and Europe

53. Is Moldova Tired of Being the Success Story of the Eastern Partnership?

Author:: Anita Sobják
Publication Date:: 07-2013
Content Type:: Policy Brief
Institution:: The Polish Institute of International Affairs
Abstract:: Despite months of internal political wrangling, Moldova seems to be making steady progress in its Association Agreement with the EU. But the domestic political crisis has revealed many truths about both Moldova's European policy and the EU's transformative power. As such, the road to the EU remains murky as long as several variables remain in place: the ongoing tensions in the governing alliance, lower public support for European integration in Moldova, and Russia's re-emerging leverage via Transnistria. That is why Poland, together with its partners, should look for new ways to keep Moldova as the pacesetter of the Eastern Partnership.
Topic:: Economics, International Trade and Finance, Regional Cooperation, and Treaties and Agreements
Political Geography:: Russia and Europe

54. Turkish-Russian Relations in The Post-Cold War Period: Current Dynamics, Future Prospects

Author:: Habibe Özdal, M. Turgut Demirtepe, Kerim Has, and Hasan Selim Özertem
Publication Date:: 07-2013
Content Type:: Working Paper
Institution:: International Strategic Research Organization (USAK)
Abstract:: Turkey and Russia have succeeded in developing a constructive dialogue since the Cold War era. The roots of this dialogue go back to the 1920s. Following the Bolshevik Revolution, throughout the Turkish War for Independence and the establishment of the Turkish Republic, and up until 1936 the two countries had cooperated in several areas. During the Cold War, Turkey and Russia (in the form of the USSR) were in opposite blocs, but being located in the same geography, both countries found various ways to keep dialogue channels open.
Topic:: Foreign Policy, Cold War, International Trade and Finance, and Bilateral Relations
Political Geography:: Afghanistan, Russia, Europe, Turkey, and Asia

55. Why Growth in Emerging Economies Is Likely to Fall

Author:: Anders Åslund
Publication Date:: 11-2013
Content Type:: Working Paper
Institution:: Peterson Institute for International Economics
Abstract:: Emerging-market growth from 2000 to 2012 was untypically high. This paper highlights the many reasons why emerging-economy growth is likely to be lower going forward. Much of the catch-up potential has already been used up. The extraordinary credit and commodity booms are over, and many large emerging economies are financially fragile. They have major governance problems, so they need to carry out major structural reforms to be able to proceed with a decent growth rate, but many policymakers are still in a state of hubris and not very inclined to opt for reforms. They are caught up in state and crony capitalism. Rather than providing free markets for all, the West might limit its endeavors to its own benefit. Economic convergence has hardly come to an end, but it has probably reached a hiatus that is likely to last many years. The emerging economies need to improve their quality of governance and other economic policies substantially to truly catch up. For a decade or so, the West could take the global economic lead once again as in the 1980s.
Topic:: Economics, Emerging Markets, International Trade and Finance, Monetary Policy, and Governance
Political Geography:: Russia, China, India, South Africa, and Brazil

56. Lowering the Price of Russian Gas: A Challenge for European Energy Security

Author:: Adnan Vatansever and David Koranyi
Publication Date:: 03-2013
Content Type:: Policy Brief
Institution:: Atlantic Council
Abstract:: Europe's energy discourse has been unjustifiably preoccupied with concerns about potential physical disruptions of Russian gas. Yet, the real challenge for European-Russian energy relations, and in fact, for European energy security, lies in settling on a price that leaves both sides content. While Europe will come under increasing pressure to acquire affordable energy resources to enhance its competitiveness, Gazprom may find it increasingly difficult to deliver gas at lower prices in the coming years.
Topic:: Economics, Energy Policy, International Trade and Finance, Oil, and Bilateral Relations
Political Geography:: Russia and Europe

57. Freeing the Global Market: How to Boost the Economy by Curbing Regulatory Distortions

Author:: Shanker A. Singham
Publication Date:: 10-2012
Content Type:: Working Paper
Institution:: Council on Foreign Relations
Abstract:: The U.S. economy faces major challenges competing internationally. One of the most worrisome is the growing use in China and other advanced developing countries of anticompetitive market distortions (ACMDs)—including regulatory protection that privileges specific companies—which put foreign competitors at a disadvantage. ACMDs are government actions that give certain business interests artificial competitive advantages over their rivals, be they foreign or domestic, to the detriment of consumer welfare. These market distortions are especially damaging to the industries in which the United States enjoys the greatest comparative advantages, but they are also harmful to the long-term prosperity of developing economies and cost the global economy trillions of dollars. To combat ACMDs, the conventional trade policy approach of focusing on the The U.S. economy faces major challenges competing internationally. One of the most worrisome is the growing use in China and other advanced developing countries of anticompetitive market distortions (ACMDs)—including regulatory protection that privileges specific companies—which put foreign competitors at a disadvantage.1 ACMDs are government actions that give certain business interests artificial competitive advantages over their rivals, be they foreign or domestic, to the detriment of consumer welfare. These market distortions are especially damaging to the industries in which the United States enjoys the greatest comparative advantages, but they are also harmful to the long-term prosperity of developing economies and cost the global economy trillions of dollars.
Topic:: Economics, Emerging Markets, Globalization, International Trade and Finance, and Markets
Political Geography:: Russia, United States, China, India, and Brazil

58. The Eurasian Customs Union: Friend or Foe of the EU?

Author:: Olga Shumylo-Tapiola
Publication Date:: 10-2012
Content Type:: Working Paper
Institution:: Carnegie Endowment for International Peace
Abstract:: The customs union formed by Russia, Belarus, and Kazakhstan in 2010— the largest in the world by territory—is becoming very real. Though hurdles remain, member states are eliminating non-tariff barriers to trade within the union, moving toward a common external tariff, and fine-tuning a joint customs code. As the customs union's influence on the world stage and in Europe's neighborhood is likely to increase, the European Union (EU) should attempt to understand the project and find ways to protect its own interests.
Topic:: Economics, International Trade and Finance, and Regional Cooperation
Political Geography:: Russia, Europe, Central Asia, Eurasia, Kazakhstan, and Belarus

59. Retail 2022: How the Economist Intelligence Unit sees the retail landscape changing over the next decade

Publication Date:: 11-2012
Content Type:: Working Paper
Institution:: Economist Intelligence Unit
Abstract:: Markets of the future—China, India, Brazil and Russia—will become the dominant retail markets l Africa, the final frontier—as BRIC opportunities diminish retailers will look to Africa as a driver of growth l Virtual marketplace— e-commerce, m-commerce and s-commerce—will transform the global retail landscape l Bricks and mortar will fight back as traditional retailers respond to change by integrating online with physical store offerings l Convenience will be king as shopping habits evolve into a multichannel approach rather than “one-stop shopping” l UK focus: polarised shopping habits could continue even when incomes recover, leading to an even greater squeeze on mid-market retail by 2022.
Topic:: Economics, Emerging Markets, International Trade and Finance, Markets, Science and Technology, and Communications
Political Geography:: Russia, China, United Kingdom, India, and Brazil

60. Eschewing Choice: Ukraine's Strategy on Russia and the EU

Author:: Elena Gnedina and Evghenia Sleptsova
Publication Date:: 01-2012
Content Type:: Working Paper
Institution:: Centre for European Policy Studies (CEPS)
Abstract:: Ukraine has long been castigated for its noncommittal attitude to cooperation with the EU, this being part of its 'multi-vector' foreign policy. Such a policy was widely attributed to the failings of domestic elites, which delay reform for fear of losing rents and power. This CEPS Working Document suggests, however, that the recent setback in EU-Ukraine relations highlights more complex reasons behind this. First, it asserts that a pro-European vector is not a self-evident choice for Ukraine, which is economically interdependent with both Russia and the EU. Second, it finds that the economic crisis has made the EU less attractive in the short term. In good times business was looking to Europe for opportunities to develop. But in times of crisis, it is looking to Russia for cheap resources to survive. Despite these unfavourable short-term trends, the authors conclude that an association agreement with the EU stands out as the only alternative that promises to put the shaky Ukrainian economy back on track towards long-term sustainable economic growth.
Topic:: Economics, International Trade and Finance, and Markets
Political Geography:: Russia, Europe, and Ukraine

61. Rising Democracies and the Arab Awakening: Implications for Global Democracy and Human Rights

Author:: Ted Piccone and Emily Alinikoff
Publication Date:: 01-2012
Content Type:: Working Paper
Institution:: Center on International Cooperation
Abstract:: As the emerging global order takes shape, debate is growing more intense around the trajectory of the rising powers and what their ascendency to positions of regional and international influence means for the United States, its traditional allies, and global governance more broadly. Commentary about these rising powers— often referred to in a generic way as the BRICS (Brazil, Russia, India, China, South Africa) but actually encompassing a dozen or so countries largely represented in the G-20—ranges from alarmist to sanguine. Pessimists argue that China, with its impressive economic growth and increasingly global reach, is well-positioned to challenge the United States' role of global superpower and to weaken the commitment of other rising powers, and various international organizations, to liberal values. More optimistic analysts insist that the rise of middle powers, most of which are democracies of varying stripes, bodes well for the world: millions are being lifted out of poverty, rule of law is taking hold and the international system is bound to be a more inclusive, representative one.
Topic:: Democratization, Development, Economics, Globalization, Human Rights, International Trade and Finance, Markets, Poverty, and Governance
Political Geography:: Russia, United States, China, India, South Africa, Brazil, and Arabia

62. Inward FDI in Russia and its policy context, 2012

Author:: Alexey Kuznetsov
Publication Date:: 07-2012
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: Russia is potentially an attractive host economy for foreign direct investment (FDI), mainly due to its large market and rich natural resources. The Government has, however, been unable to make the radical changes needed in the country's investment climate for attracting FDI on a scale and to a range of industries in line with Russia's potential. Nevertheless, oil and gas, power generation and motor vehicles industries, as well as wholesale and retail trade and several other industries have recently received new and significant FDI. After a steep decline in 2008, inward FDI (IFDI) stock recovered, to reach US$ 491 billion in 2010, although there was a moderate fall again in 2011. IFDI flows fell considerably in 2009 but rose to US$43 billion in 2010 and US$ 53 billion in 2011. In 2008–2010, the largest number of significant greenfield projects were in power generation. Large mergers and acquisitions (M) took place in various industries, but the size of the largest deals was usually smaller in 2010 than in 2008 and 2009. High levels of corruption, lack of competition and a distorted dialogue between the state, business and society are main barriers to the rapid growth of inward FDI. The recent global financial and economic crisis has revealed weaknesses of the Russian model of development in the 2000s. It is doubtful whether the efforts currently under way by the Russian Government to “repair” the existing model without political and economic reforms will lead toward a major improvement of the investment climate as only slight changes are being made (e. g., the improvement of the Russian migration regime and the development of special economic zones). However, the federal elections in 2012 could lead to more efficient steps, although it is difficult to predict the scale of probable positive shifts in the investment climate.
Topic:: Development, Economics, and International Trade and Finance
Political Geography:: Russia

63. The concept of "rising powers"

Author:: Pinar Tank
Publication Date:: 06-2012
Content Type:: Policy Brief
Institution:: Norwegian Centre for Conflict Resolution
Abstract:: The end of the cold war and the bipolar world order heralded an era of transition for global governance. Twenty years on there is still no consensus on the status of the distribution and exercise of power in today's multipolar world. What is clear, however, is the rise of new powers seeking a global political role comparable with their increased economic clout. Often referred to as the BRICS – Brazil, Russia, India, China, and South Africa – to which second-tier powers such as Indonesia, Turkey and Mexico can be added, these states are called “rising powers” or “new powers” because of their rapid economic development, and expanding political and cultural influence.
Topic:: Cold War, Development, Economics, Emerging Markets, Globalization, International Trade and Finance, and Governance
Political Geography:: Africa, Russia, China, India, and Brazil

64. G7 to G8 to G20: Evolution in Global Governance

Author:: Gordon S. Smith
Publication Date:: 05-2011
Content Type:: Working Paper
Institution:: Centre for International Governance Innovation
Abstract:: This paper provides a brief history of the evolution of the Group of Seven (G7) from its origins in the aftermath of the 1971 breakdown of the Bretton Woods system of exchange rates and the oil crisis in 1973. It then discusses Russia's participation at summits after the fall of the Berlin Wall, formally joining the group in 1997, thus becoming the Group of Eight (G8). The paper gives a concise account of the formation of the Group of Twenty (G20) finance ministers and central bank governors in the late 1990s, in the wake of financial crises in Asia and Latin America, which was elevated to a leaders' summit forum at the outbreak of the global financial crisis in 2008. The paper wraps up with a discussion of the differences in the G8 and G20 models, concluding that the G20 process is still the best option for meeting the challenges of complex global governance issues.
Topic:: International Cooperation, International Organization, International Trade and Finance, Financial Crisis, and Governance
Political Geography:: Russia, Asia, and Latin America

65. Global Brazil and U.S.-Brazil Relations

Author:: Samuel W. Bodman, James D. Wolfensohn, and Julia E. Sweig
Publication Date:: 07-2011
Content Type:: Working Paper
Institution:: Council on Foreign Relations
Abstract:: Brazil has transcended its status as the largest and most resource-rich country in Latin America to now be counted among the world's pivotal powers. Brazil is not a conventional military power, it does not rival China or India in population or economic size, and it cannot match the geopolitical history of Russia. Still, how Brazil defines and projects its interests, a still-evolving process, is critical to understanding the character of the new multipolar and unpredictable global order.
Topic:: Development, Economics, Globalization, and International Trade and Finance
Political Geography:: Russia, China, India, Brazil, and Latin America

66. The United States Should Establish Permanent Normal Trade Relations with Russia

Author:: Gary Clyde Hufbauer and Anders Åslund
Publication Date:: 11-2011
Content Type:: Policy Brief
Institution:: Peterson Institute for International Economics
Abstract:: After 18 years, Russia is finally on the verge of acceding to the World Trade Organization (WTO). No country has struggled for so long to become a member of this important organization. The last impediment was removed on November 9, when Russia and Georgia concluded an agreement on monitoring trade flows across their disputed border. The WTO Working Party, which oversaw the negotiations, then approved Russian accession on November 10, clearing the way for formal membership to be adopted at the WTO ministerial conference to be held December 15–17, 2011 (WTO 2011).
Topic:: Conflict Resolution, Economics, International Trade and Finance, Markets, and Bilateral Relations
Political Geography:: Russia, United States, and Georgia

67. Russia, China and the Geopolitics of Energy in Central Asia

Author:: Alexandros Petersen and Katinka Barysch
Publication Date:: 11-2011
Content Type:: Working Paper
Institution:: Carnegie Endowment for International Peace
Abstract:: Energy has come to symbolise the geopolitics of the 21st century, reflecting countries' diminishing reliance on military and political power. Today, energy is an instrument of geopolitical competition, like nuclear weapons or large armies were during the Cold War. The means of international influence have become more diverse and sophisticated, but the goals remain much the same: national security, power projection, and control over resources and territory.
Topic:: Economics, Energy Policy, International Trade and Finance, Bilateral Relations, and Natural Resources
Political Geography:: Russia, China, and Central Asia

68. Status, Identity, and Rising Powers

Author:: Deborah Welch Larson and Alexei Shevchenko
Publication Date:: 10-2010
Content Type:: Working Paper
Institution:: Centre for International Peace and Security Studies
Abstract:: In the current era, the most striking development is the appearance of rising powers. These include Brazil, Russia, India, and China but also South Africa, Mexico, and South Korea. No longer can a small group of advanced states, the Group of Seven (G-7), manage the world economy. The G-7 has for all practical purposes been replaced by the G-20, which includes China, India, South Korea, Indonesia, and Australia. The emerging powers in Asia account for a growing share of the world's global domestic product. These powers are spending more on their military—India already has an aircraft carrier and plans to procure two more. China's growing navy is a major concern to the United States military.
Topic:: Emerging Markets, Globalization, International Trade and Finance, and Power Politics
Political Geography:: Russia, United States, China, India, South Korea, South Africa, Brazil, and Mexico

69. How BRIC MNEs deal with international political risk

Author:: Premila Nazareth Satyanand
Publication Date:: 05-2010
Content Type:: Policy Brief
Institution:: Columbia Center on Sustainable Investment
Abstract:: Hitherto, political risk has worried developed country multinational enterprises (MNEs) investing in developing country markets. But as more emerging market firms invest overseas, they too must grapple with this subject. World Investment and Political Risk 2009 looks at this issue for the first time and finds that Brazilian, Russian, Indian, and Chinese (BRIC) firms appear to worry more about political risk than global counterparts. Though these results are based on as mall sample of 90 of the largest BRIC investors, they are thought-provoking nonetheless.
Topic:: International Political Economy, International Trade and Finance, and Foreign Direct Investment
Political Geography:: Russia, China, India, and Latin America

70. Uluslararası Güç Dengeleri Bağlamında Uluslararası Finans Sisteminin Yeniden Yapılandırılması: Disiplinlerarası Bir Değerlendirme

Author:: Gökhan Özkan
Publication Date:: 10-2010
Content Type:: Journal Article
Journal:: Uluslararasi Iliskiler
Institution:: Uluslararasi Iliskiler
Abstract:: The global financial crisis triggered debate on restructuring international financial system. In this study, restructuring process of the international financial system is evaluated within the context of international balance of power. It is argued that it is insufficient to focus only on the economic dimension, but restructuring should be evaluated by taking into account international political dynamics. This work looks at how differences of opinion between the developed countries, particularly the G-7 countries and the developing (emerging?) countries, particularly Brazil, Russia, India and China shape the process. It is anticipated that the restructuring process will proceed at a modest pace because of the asymmetry of interests and the gap between the understandings of the developing and developed countries about reforming the decision-making mechanisms of the IMF and the World Bank and the diversification of the international monetary system. It is concluded that the new shape of the international financial architecture will depend on the international politics and balance of power as well as the evolution of the global crisis and the economic dynamics.
Topic:: International Trade and Finance, International Monetary Fund, Financial Crisis, and World Bank
Political Geography:: Russia, China, India, and Brazil

71. Russia's Neglected Energy Reserves

Author:: John P. Millhone
Publication Date:: 05-2010
Content Type:: Working Paper
Institution:: Carnegie Endowment for International Peace
Abstract:: Russia has the world's largest share of fossil energy resources. During the Soviet era, because this wealth of resources insulated the country from global energy crises, citizens never had to worry about conserving energy, and much was squandered. Since the collapse of the Soviet Union, the situation has improved in western, urban Russia, but great expanses of this vast country continue their inefficient ways. Indeed, recognizing that minimizing waste helps preserve Russia's resources, Russian President Dmitry Medvedev successfully urged the Duma to pass sweeping new energy-efficiency legislation. But more remains to be done to identify how energy resources are used and wasted, and where efficiency might be improved.
Topic:: Economics, Energy Policy, International Trade and Finance, and Labor Issues
Political Geography:: Russia and Soviet Union

72. China's $1.7 Trillion Bet: China's External Portfolio and Dollar Reserves

Author:: Brad W. Setser and Arpana Pandey
Publication Date:: 01-2009
Content Type:: Working Paper
Institution:: Council on Foreign Relations
Abstract:: China reported $1.95 trillion in foreign exchange reserves at the end of 2008. This is by far the largest stockpile of foreign exchange in the world: China holds roughly two times more reserves than Japan, and four times more than either Russia or Saudi Arabia. Moreover, China's true foreign port- folio exceeds its disclosed foreign exchange reserves. At the end of December, the State Administration of Foreign Exchange (SAFE)—part of the People's Bank of China (PBoC) managed close to $2.1 trillion: $1.95 trillion in formal reserves and between $108 and $158 billion in “other foreign assets.” China's state banks and the China Investment Corporation (CIC), China's sovereign wealth fund, together manage another $250 billion or so. This puts China's total holdings of foreign assets at over $2.3 trillion. That is over 50 percent of China's gross domestic product (GDP), or roughly $2,000 per Chinese inhabitant.
Topic:: International Relations, Debt, Economics, Emerging Markets, and International Trade and Finance
Political Geography:: Russia, United States, China, Israel, Asia, and Saudi Arabia

73. Optimisation of Central Asian and Eurasian Trans-Continental Land Transport Corridors

Author:: Michael Emerson and Evgeny Vinokurov
Publication Date:: 12-2009
Content Type:: Working Paper
Institution:: Centre for European Policy Studies (CEPS)
Abstract:: There is at present an overlapping but inadequately coordinated combination of strategic trans-continental transport corridors or axes stretching across the Eurasian landmass, centred on or around Central Asia. There are three such initiatives - from the EU, China and the Asian Development Bank, and the Eurasian Economic Community. This paper reviews these several strategic transport maps, and makes proposals for their coordination and rationalisation. So far the EU Central Asia strategy has not paid much attention to these questions. However the EU's own initiatives (the Pan-European Axes and the TRACECA programme) are in need of updating and revision to take into account major investments being made by other parties. In particular the case is made for a 'Central Eurasian Corridor' for rail and road that would reach from Central Europe across Ukraine and Southern Russia into West Kazakhstan, and thence to the East Kazakh border with China, thus joining up with and completing the West China-West Europe corridor promoted by the Asian Development Bank. There should also be a North-South corridor that would cross over this Central Eurasian Corridor in West Kazakhstan and lead south to the Middle East and South Asia. These adaptations of existing plans could become an exemplary case of cooperation between Central Asia and all the major economic powers of the Eurasian landmass.
Topic:: International Trade and Finance and Infrastructure
Political Geography:: Russia, China, Europe, Central Asia, Ukraine, and Kazakhstan

74. Indian FDI falls in global economic crisis: Indian multinationals tread cautiously

Author:: Jaya Prakash Pradhan
Publication Date:: 08-2009
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: Just over a year ago, outward foreign direct investment (OFDI) from India seemed to be on a path of rapid and sustained growth. Its annual average growth of 98% during 2004–07 had been unprecedented , much ahead of OFDI growth from other emerging markets like China (74%), Malaysia (70%), Russia (53%), and the Republic of Korea (51%), although from a much lower base. Much of this recent growth had been fuelled by large-scale overseas acquisitions, however, and it faltered when the global financial crisis that started in late 2007 made financing acquisitions harder.
Topic:: Economics, International Political Economy, International Trade and Finance, Markets, Foreign Direct Investment, and Financial Crisis
Political Geography:: Russia, China, South Asia, Malaysia, and Korea

75. Russian outward FDI and its policy context

Author:: Andrei Panibratov and Kalman Kalotay
Publication Date:: 10-2009
Content Type:: Working Paper
Institution:: Columbia Center on Sustainable Investment
Abstract:: Outward foreign direct investment (OFDI) from Russia often surprises outside observers by its landmark deals. One of them was the purchase in September 2009 of a 55% stake in General Motors' German affiliate Opel by a consortium of the Canadian car maker Magna and the Russian state-owned bank Sberbank. The latter is the largest creditor of the Russian car maker GAZ, and may represent its commercial interests in the contract. With this deal, Russia has bought into the industrial heartland of the world economy and could potentially access more advanced technology. This acquisition hints at the growth of Russian OFDI in general, which has prospered despite fears in many host countries that the investors are subject to Russian political interference, a fear that recently announced Russian policy intentions may allay.
Topic:: Economics, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:: Russia, Europe, and Asia

76. Russia and the Global Meltdown: Domestic and Foreign Policy Responses to the International Financial Crisis

Author:: Robert Jellinek
Publication Date:: 03-2009
Content Type:: Working Paper
Institution:: Carnegie Endowment for International Peace
Abstract:: This paper has its origins in the observation that government responses to the global financial crisis are as much political phenomena as they are economic. The current global financial crisis, among its many consequences, has on a very high level shaken up the world political order. And while the crisis is international in origin—its roots lie in the breadth and the degree of the dispersal of risk associated with mortgagebacked securities, as well as the growing imbalance in international capital flows—its resolution is necessarily being carried out first and foremost on a domestic level. This is not least of all because, in the decade since the Asian financial crises, states have begun to play a dramatically increased role in international finance in relation to both multilateral financial institutions such as the IMF and traditional private actors. In an age where global economic ties are integral to domestic economies and where states themselves are becoming some of the biggest players in international capital markets, a state's global financial standing will more than ever determine its political clout on the world stage. With states acting as market makers, lenders of last resort, and regulators of last resort, the key to understanding the future of individual states in the global economic order can be found only by analyzing states' domestic and foreign policy decisions within the context of the specific constraints facing those states at home and abroad.
Topic:: Economics, Emerging Markets, Human Rights, International Trade and Finance, and Financial Crisis
Political Geography:: Russia and Asia

77. Can America Still Lead in the Global Economy?

Author:: Lael Brainard and David Lipton
Publication Date:: 08-2008
Content Type:: Working Paper
Institution:: The Brookings Institution
Abstract:: From the vantage point of 2008, some of the most memorable initiatives of U.S. international economic leadership—the Paris and Louvre Accords, the support for Poland and Russia after the fall of communism, the Uruguay Round, and the Mexican Financing Loan—seem like quaint reminders of a simpler time. In the coming years, the exercise of international economic leadership will surely prove more complex than in the past. The very success of the American vision of a global spread of vibrant and competitive markets has created a huge, rapidly integrating private economy of trade and finance much less amenable to guidance, let alone control, by governments. Unlike in diplomacy and defense, where non state actors are growing in importance but still a side show, in inter- national economics, households, corporations, labor unions, and non-profits are now the dominant players in most parts of the world. While they respond to national laws and policies, their interests are varied and their operations often span borders.
Topic:: Economics, International Political Economy, International Trade and Finance, and Markets
Political Geography:: Russia, United States, Paris, Poland, Uruguay, and Mexico

78. EU Trade Policy: Approaching a Crossroads

Author:: Roderick Abbott
Publication Date:: 07-2008
Content Type:: Policy Brief
Institution:: Chatham House
Abstract:: In an important shift, inspired partly by drift in the Doha Round negotiations, the EU announced in 2006 that it would seek new free trade area arrangements with fast-growing economies, particularly in Asia. The plan, which ended a moratorium on the launch of bilateral trade talks, in place since 1996, was billed explicitly as a contribution to the EU's own growth and jobs strategy as well as a market-opening exercise. However, the policy has so far been no more effective than multilateral negotiations in producing concrete results. Negotiations with South Korea and ASEAN have made only slow progress, while the state of talks with India remains unclear. The EU spent most of 2007 renegotiating long-standing agreements with African, Caribbean and Pacific (ACP) countries in an effort to satisfy WTO rules. Meanwhile, the EU's partnership agreements with China and Russia have expired, and appropriate successor arrangements are still being sought. In both cases, a number of important bilateral problems and strains will need to be dealt with. With its various trade negotiations treading water, the EU may need to review its options. One could be a more aggressive pursuit of market access, modelled on the US approach. Alternatively, the EU's traditional preference for multilateral engagement may reassert itself.
Topic:: International Trade and Finance
Political Geography:: Africa, Russia, China, Europe, Asia, South Korea, and Caribbean

79. The FDI Recession Has Begun

Author:: Karl Sauvant
Publication Date:: 11-2008
Content Type:: Working Paper
Institution:: Institute for Latin American and Iberian Studies at Columbia University
Abstract:: With $1.8 trillion (according to UNCTAD), world foreign direct investment (FDI) flows reached an all-time high last year. All major regions benefitted from increased flows. But that was then. What is, and will be, the impact of the financial crisis and the recession on FDI flows this year and next?
Topic:: Economics, International Political Economy, and International Trade and Finance
Political Geography:: Africa, Russia, Central Asia, and Latin America

80. Russia's Politics Amidst the Global Economic Crisis An Empty Scoreboard?

Author:: Vadim Kononenko
Publication Date:: 12-2008
Content Type:: Policy Brief
Institution:: Finnish Institute of International Affairs
Abstract:: The global financial crisis has had both an economic and a political impact on Russia. Inasmuch as Russia's political system is infused with business interests and economic considerations, the crisis presents an external and unexpected challenge to the system in terms of rocking the balance between the elite groups. In effect, the crisis calls into question the assumption that the economic and social stability of the Putin years has been successfully sustained during Medvedev's presidency. The Kremlin's response to the rapidly changing situation has been essentially conservative and geared towards strengthening the regime rather than addressing the challenges stemming from the crisis. The anti-crisis measures that are being taken reveal that the government is relying on its finance reserves as the ultimate means to solve the problem rather than reforming state institutions. The president, the government and the key business groups have yet to define the terms of their relationship in the new situation. The plans to increase state control over companies as a means of tackling the crisis are problematic and likely to lead to an intensification of the struggle between the elites. At the same time, as the state takes on even more responsibility, the question of its efficiency becomes more pertinent in the crisis conditions. The return of Vladimir Putin as president remains uncertain despite the constitutional change initiated by Medvedev. His return becomes more probable if the crisis lingers and the overall situation worsens, thus prompting the return of the “national leader” to the driver's seat. The crisis alone cannot lead to major political or social turmoil or a regime change, but it nonetheless presents a major challenge for Russia in the short-term perspective. Ultimately, the outcome of the crisis will depend on how well the incumbent leadership is able to maintain a balance between tackling the crisis and protecting its own interests and legitimacy.
Topic:: Economics, International Political Economy, International Trade and Finance, and Politics
Political Geography:: Russia

81. Time for Change in Global Trade and Financial Governance

Author:: Barry Herman
Publication Date:: 04-2008
Content Type:: Working Paper
Institution:: The New School Graduate Program in International Affairs
Abstract:: The governance structures of the International Monetary Fund, World Bank and World Trade Organization are distinct, although the meetings of the leaders of the Group of 7 industrial countries (G8 including Russia on political matters) provide an opportunity to forge coherence at least with the interests of those countries. Sometimes heads of other countries are invited to meet on the fringes of the summits, but these consultations are hardly negotiating forums. This paper argues why this is no longer tenable, if it ever was, and how to go about building a more representative structure of global trade and financial governance.
Topic:: Globalization, Government, International Organization, and International Trade and Finance
Political Geography:: Russia

82. Europe's Dependence on Russian Natural Gas: Perspectives and Recommendations for a Long-term Strategy

Author:: Richard J. Anderson
Publication Date:: 09-2008
Content Type:: Working Paper
Institution:: George C. Marshall European Center for Security Studies
Abstract:: The European Union 27 currently rely on Russia for almost 38% of their imported natural gas; this dependency will become significantly greater if European states implement their currently formulated energy policies. With plans to phase out nuclear power in several European countries, the EU goal to reduce coal consumption thereby lowering greenhouse gas emissions, and the depletion of domestic sources of gas, reliance on Russia will rise to 50 to 60% of all gas imports within the next two decades if different energy policies are not adopted. The EU and greater Europe will soon find themselves in an extremely dangerous position due to the everincreasing dependence on Russian natural gas. These countries must work together now to produce a coherent diversification strategy.
Topic:: International Trade and Finance and Natural Resources
Political Geography:: Russia, Europe, and Asia

83. Trade Relations between the Russian Federation and Ukraine

Author:: Andrzej Szeptycki
Publication Date:: 01-2008
Content Type:: Working Paper
Institution:: The Polish Institute of International Affairs
Abstract:: Trade cooperation represents an important element of relations between the Russian Federation and Ukraine. The specificity and significance of this sector results from three different reasons. Firstly, both countries are each other's important, even if not the very top of the list, trade partners. Secondly, trade affairs were on numerous occasions the essence of the disputes between Russia and Ukraine, even if their background was both economic and political. Thirdly, trade relations between both states are of vital importance in the context of Russia's attempts at reunification of the post-Soviet area (CIS, CES) and the World Trade Organization membership aspirations of both Ukraine and Russia.
Topic:: International Trade and Finance
Political Geography:: Russia and Ukraine

84. Growth and Responsibility: A Review of Business Action for Africa between the UK and German G8 Presidencies 2005-7

Author:: Richard Reeve
Publication Date:: 06-2007
Content Type:: Working Paper
Institution:: Chatham House
Abstract:: In March 2005 the report of the Commission for Africa called for a sea change in the way the business community engaged in the development process in Africa. The G8 Gleneagles summit that July made a series of commitments on boosting African development, while in London a new international network was launched to bring G8 and African business leaders together to build on the momentum of the Commission and the UK's dual G8 and EU presidencies. Business Action for Africa (BAA) declared its aims as: to present a clear African and international business voice to promote growth and poverty reduction; to promote more positive, balanced perceptions of Africa; and to develop and showcase good business practice.
Topic:: International Trade and Finance
Political Geography:: Africa, Russia, United States, Japan, United Kingdom, Europe, Asia, and Germany

85. "BRIC countries are opaque"

Author:: George Vojta
Publication Date:: 06-2007
Content Type:: Working Paper
Institution:: Media Tenor International
Abstract:: Media Tenor: Even within the BRIC States one cannot say that all three are on the Media Agenda, not mention developing countries. What could be the reason for this salience? Vojta: My sense is that the four BRIC countries are rising in media visibility as they become more significant players in the global system. Very shortly these four countries will surpass the G7countries in annual absolute growth results.
Topic:: Development, Economics, International Trade and Finance, and Infrastructure
Political Geography:: Russia, China, South Asia, and Latin America

86. APEC and the search for relevance: 2007 and beyond

Author:: John Ravenhill, Lorraine Elliott, Helen E.S. Nesadurai, and Nick Bisley
Publication Date:: 11-2006
Content Type:: Working Paper
Institution:: Australian National University Department of International Relations
Abstract:: In September 2007, Australia will host the annual Economic Leaders' Meeting of the Asia–Pacific Economic Cooperation (APEC) forum. This will be the culmination of over 100 days of ministerial, official and business group meetings, working groups and dialogues that will be held in various Australian cities from January to August. Fifteen federal government departments will be involved along with a range of other interested actors, predominantly in the private sector. The Australian government will spend considerable sums of money on the leaders' meeting itself, not least to ensure the security of those attending. This will include, if all goes according to plan, the heads of government of 21 countries—member economies in APEC-speak—including the United States, Russia, Japan and China. Security may well be the least of the government's worries. Few would argue that APEC is 'going strong' as a regional economic forum and recent reviews have suggested that at best it faces an uncertain future and that at worst it could be in a state of terminal decline. The forum is argued to have lost its relevance and to have generally been unsuccessful in attaining any of its more ambitious goals such as regional trade liberalisation.
Topic:: Security, Development, Economics, and International Trade and Finance
Political Geography:: Russia, United States, Japan, China, Australia, and Australia/Pacific

87. Intellectual Property Rights as a Key Obstacle to Russia's WTO Accession

Author:: Matthew Ocheltree and Sherman Katz
Publication Date:: 10-2006
Content Type:: Working Paper
Institution:: Carnegie Endowment for International Peace
Abstract:: Russia has been in the process of seeking membership in the World Trade Organization (WTO) since June 1993. Currently, the United States is the only major economic power that has yet to finalize a bilateral market access agreement with the Russian Federation. Most observers of the situation concur that the enforcement of intellectual property rights laws remains, along with agriculture, one of the two major hurdles to Russian accession to the World Trade Organization.
Topic:: International Relations, Economics, and International Trade and Finance
Political Geography:: Russia, United States, Europe, and Asia

88. Financial Sector Structure and Financial Crisis Burden: A Model Based on the Russian Default of 1998

Author:: George Mavrotas and Dmitri Vinogradov
Publication Date:: 06-2005
Content Type:: Working Paper
Institution:: United Nations University
Abstract:: We consider an overlapping generations model with two production factors and two types of agents in the presence of financial intermediation and its application to the Russian default of August 1998. The paper focuses on the analysis of the consequences of a sudden negative repayments shock on financial intermediation capacity and consequently on the economy as a whole. The model exhibits a 'chain reaction' property, when a single macroeconomic shock can lead to the exhaustion of credit resources and to the subsequent collapse of the whole banking system. To maintain the capability of the system to recover, regulatory intervention is needed even in the presence of the state guarantees on agents' deposits in the banks (workout incentives). We compare the results for an intermediated economy with those derived under the assumption of a market economy, and draw some broad conclusions on the consequences of the crises, which are contingent on the financial sector structure.
Topic:: Development, Economics, Emerging Markets, and International Trade and Finance
Political Geography:: Russia

89. Economic Effects of Free Trade between the EU and Russia

Author:: Pekka Sulamaa and Mika Widgrén
Publication Date:: 05-2005
Content Type:: Working Paper
Institution:: Centre for European Policy Studies (CEPS)
Abstract:: This study simulates the economic effects of eastern enlargement of the EU and an EU-Russian free trade area. The main emphasis of the paper is on the effect this would have on the Russian economy. The simulations were carried out with a GTAP computable general equilibrium model, using the most recent GTAP database 6.0 beta, which takes the former Europe agreements between the EU-15 and the eight new Central and Eastern European member states into account. The results confirm the earlier findings that a free trade agreement with the EU is beneficial for Russia in terms of total output but not necessarily in terms of economic welfare when measured by equivalent variation. The main reason behind this is the deterioration that would occur in Russia's terms of trade. Improved productivity in Russia would, however, make the free trade agreement with the EU advantageous.
Topic:: Economics and International Trade and Finance
Political Geography:: Russia, Europe, and Asia

90. Western Capital vs. the Russian State: Towards an Explanation of Recent Trends in Russia's Corporate Governance

Author:: Stanislav Markus
Publication Date:: 03-2005
Content Type:: Working Paper
Institution:: Minda de Gunzburg Center for European Studies, Harvard University
Abstract:: The literature on corporate governance in Russia stresses the abuse of shareholder rights in the face of various asset-diversion tactics by the management. Attributing this fiasco to a number of structural obstacles and the privatization legacy, the orthodox account fails to incorporate–let alone explain–the recent data demonstrating a qualitative improvement of corporate governance in crucial segments of the Russian economy. This paper disaggregates “corporate governance” into specific institutions and examines their quality at the firm level as well as by sector. The data supporting the analysis is drawn from recent studies by the OECD, UBS Warburg, CEFIR, and other organizations. The causal inference presented in this paper critically evaluates the impact of foreign capital on the improved corporate governance in Russia's blue-chip firms. The paper presents two alternative state-centered scenarios to explain the implementation of internationally accepted standards of corporate governance by Russia's big business.
Topic:: Economics, International Trade and Finance, and Politics
Political Geography:: Russia, Europe, and Asia

91. BRICSAM and the Non-WTO

Author:: Agata Antkiewicz and John Whalley
Publication Date:: 10-2005
Content Type:: Working Paper
Institution:: Centre for International Governance Innovation
Abstract:: We discuss recent regional trade and economic partnership agreements involving the large population, rapidly growing economies (BRICSAM: Brazil, Russia, China, India, South Africa, ASEAN, and Mexico). Perhaps 50 out of 300 agreements that exist worldwide involve BRICSAM countries; most are recently concluded and will be implemented over the next few years. Along with extensive bilateral investment treaties, mutual recognition agreements, and other country to country (or region) arrangements they are part of what we term the non-WTO. This paper aims to document and characterize the agreements and analyze their possible impacts. Agreements differ in specificity, coverage and content. In some treaties there are detailed and specific commitments, but these also co-exist with seemingly vague commitments and (at times) opaque dispute settlement and enforcement mechanisms. Whether these represent a partial replacement of the World Trade Organization (WTO) process for newly negotiated reciprocity based on global trade liberalization or largely represent diplomatic protocol alongside significant WTO disciplines is the subject of this paper.
Topic:: Development, Economics, and International Trade and Finance
Political Geography:: Russia, China, India, Asia, South Africa, Brazil, and Mexico

92. Economic Prospects for Kaliningrad: Between EU Enlargement and Russia's Integration into the World Economy

Author:: Evgeny Vinokurov
Publication Date:: 06-2004
Content Type:: Working Paper
Institution:: Centre for European Policy Studies (CEPS)
Abstract:: The Kaliningrad oblast of Russia is currently an important focal point of discussions between the European Union and Russia. Although small in terms of geography and population, Kaliningrad has grown in importance due to the EU enlargement process. Since the break–up of the Soviet Union, the oblast has become an exclave of Russia, and it is now set to also become an enclave within the EU. This paper examines the state of Kaliningrad's economy and trade. The economic crisis that took place in Russia in the 1990s had severe consequences for Kaliningrad, as old patterns of production and trade were disrupted. Since 1999, however, the regional economy has grown with impressive speed. Kaliningrad's Special Economic Zone (SEZ) status has played a crucial role in determining its new patterns of production and trade specialisation. The paper argues that the SEZ regime has made the region's economic growth faster but also vulnerable.
Topic:: Economics and International Trade and Finance
Political Geography:: Russia, Europe, and Asia

93. Trade Policy Issues for the Euro-Med Partnership

Author:: Paul Brenton and Miriam Manchin
Publication Date:: 05-2003
Content Type:: Working Paper
Institution:: Centre for European Policy Studies (CEPS)
Abstract:: The economic prospects of the Mediterranean countries are currently constrained by the lack of ambition in their relationships with each other and with their major export market, the EU. These economic relationships are limited by a lack of coverage (agriculture and services are effectively excluded), by a lack of depth (substantial technical barriers to trade remain due to differences in regulatory requirements and the need to duplicate testing and conformity assessment when selling in overseas markets), and they are limited by rules (restrictive rules of origin and lack of cumulation limit effective market access). In addition, the rest of Europe, including Turkey, is integrating at a faster pace to create a Wider European Economic Space. If nothing is done to invigorate the integration process in the Mediterranean, then the region will fall (further) behind relative to other regions on the periphery of the EU, such as the Balkans and Russia and the Ukraine.
Topic:: International Trade and Finance and Regional Cooperation
Political Geography:: Russia, Europe, Turkey, Ukraine, Middle East, and Balkans

94. Free Movement of People, Goods, Services and Capital in View of the Context of Stability Pact

Author:: Mladen Stanicic
Publication Date:: 02-2003
Content Type:: Working Paper
Institution:: Austrian National Defence Academy
Abstract:: The Stability Pact is a strategic concept whose aim is to warrant long- term peace and stability in South-Eastern Europe. It is becoming an indispensable element of the global security structure which is currently being constructed in relations between the big powers, the USA, Russia and China, with the active participation of the United Nations, the European Union, international financial institutions and individual countries. As one of the sponsors of the pact, the European Union is keenly interested in stability and peace among its next-door neighbours, some of whom are covered by the pending eastern enlargement. This enlargement is intended to transcend centuries of civilisational and religious divisions in Europe, the causes of many political and armed conflicts in the past. The vision of Europe in the 21st century, reaching all the way to the borders of the former Soviet Union, is that of a multicultural community encompassing states with diverse civilisational, religious, ethnic and cultural characteristics.
Topic:: Security, Globalization, International Cooperation, and International Trade and Finance
Political Geography:: Russia, United States, China, Europe, and Eastern Europe

95. CERI: Barter and Inter-business Transactions in Russia: Trade Normalization in View after the Ruble Crisis of 1998?

Author:: Caroline Dufy
Publication Date:: 09-2003
Content Type:: Working Paper
Institution:: Centre d'Etudes et de Recherches Internationales
Abstract:: Barter was a prominent issue in public debate during the 1990s in Russia: it prompted a more overall reflection on the nature of the Russian economy and the aim pursued by economic reforms. These major issues shaped a number of divisions: the government opposition portrayed barter as one of the pernicious effects of economic policies that gave priority to finance to the detriment of the national productive sphere. For others, it was to be interpreted as the legacy of the Soviet industrial sector and its lack of competitiveness.
Topic:: Development, Economics, and International Trade and Finance
Political Geography:: Russia, Europe, and Asia

96. The Federal Budget and the Regions

Author:: A.M. Lavrov
Publication Date:: 01-2003
Content Type:: Working Paper
Institution:: EastWest Institute
Abstract:: Improvement of the financial relations between the Federation and the regions still remains quite an urgent problem. The Concept of Reforming Inter budgetary Relations in the Russian Federation in 1999 — 2000 is being implemented; Russia's Finance Ministry has developed the Concept of Reforming Budget Federalism in the Russian Federation to 2005, which will soon be approved by the Government; a special section on interbudgetary relations has been included in the Main Long- Term Trends of Socio-Economic Policy of the Russian Federation Government program, drafted by the Strategic Research Center.
Topic:: Economics, International Trade and Finance, and Political Economy
Political Geography:: Russia, Europe, and Bosnia

97. The IMF's Dilemma in Argentina: Time for a New Approach to Lending?

Author:: Carol Graham and Paul Robert Masson
Publication Date:: 11-2002
Content Type:: Policy Brief
Institution:: The Brookings Institution
Abstract:: In recent years, the international financial system has faced tremendous challenges, from the Asia, Russia, and Brazil crises in the late 1990s, to Argentina's default and ensuing economic collapse in 2002 to new worries about a possible default in Brazil. An increasing number of observers are questioning the way the international financial institutions manage these crises. An alternative approach that is endorsed in principle by many—including Horst Köhler, the new managing director of the International Monetary Fund (IMF)—is a move toward more selective lending with fewer conditions, with the decision to lend based on a more general and ultimately political assessment of the recipient government's capacity to deliver on its promises. Argentina provides a potential test bed for this approach.
Topic:: International Organization and International Trade and Finance
Political Geography:: Russia, Asia, Brazil, Argentina, South America, and Latin America

98. Strengthening Financial Sector Governance in Emerging Markets

Author:: Robert Litan, Michael Pomerleano, and V. Sundararajan
Publication Date:: 07-2002
Content Type:: Policy Brief
Institution:: The Brookings Institution
Abstract:: Policymakers and analysts are still sifting through the wreckage of the Asian financial crisis of 1997 and the subsequent crises in Russia, Turkey, and Argentina to discern key lessons so that similar crises will not recur. Some lessons are by now well understood. Pegged exchange rates can encourage excessive borrowing and expose countries to financial collapse when foreign exchange reserves run dry. Inadequate disclosures by both private companies and public bodies can lead to similar dangers. Although many factors undoubtedly contributed to these crises, it is now widely recognized that each suffered from a failure in “governance,” and in particular a failure in governance in their financial sectors. Accordingly, the World Bank Group, the International Monetary Fund (IMF), and the Brookings Institution devoted their fourth annual Financial Markets and Development Conference, held in New York from April 17-19, 2002, to the subject of financial sector governance in emerging markets. This conference report summarizes some of the highlights of the conference, whose full proceedings will be published as a Brookings book in the fall of 2002.
Topic:: Economics, Emerging Markets, Government, and International Trade and Finance
Political Geography:: Russia, New York, Turkey, Asia, and Argentina

99. Mortgage Default Insurance in the U.S.: Implications for Russia

Author:: Raymond Struyk and Douglas E. Whiteley
Publication Date:: 03-2002
Content Type:: Working Paper
Institution:: Urban Institute
Abstract:: The objective of this paper is to introduce the concept of mortgage default insurance as developed in the United States into the context of Russian mortgage lending. The first part of the paper discusses the broad principles and operations of mortgage default insurance offered by private companies as it works in the United States. The pricing of this product and the preconditions for offering such insurance are highlighted. The second section outlines the operation of the U.S. government-supported default insurance offered by the Federal Housing Administration (FHA). The final part applies the foregoing information to the situation in Russia today and concludes that the conditions necessary for launching mortgage default insurance do not currently exist in the country. Nevertheless, there are a number of essential actions that can and should be taken over the next several months to put Russia on the road to establishing such insurance in a few years. The paper finishes with a possible action plan for the next two years.
Topic:: Development, Government, and International Trade and Finance
Political Geography:: Russia, United States, Europe, and Asia

100. The Argentine Implosion

Author:: Luigi Manzetti
Publication Date:: 11-2002
Content Type:: Working Paper
Institution:: The North-South Center, University of Miami
Abstract:: In December 2001, Argentina recorded the world's largest default ever, as it failed to honor payments on its US$132 billion foreign debt. Since then, five presidents have been in power, the Argentine peso has been devalued by 120 percent, and the banking system has virtually collapsed, dragging the economy into a depression. The gross domestic product (GDP) contracted 16.3 percent in the first quarter of 2002. Argentina's per capita income has become one of the worst in Latin America, and, as a result, more than one-third of its people live under the poverty line. 1 Argentines' confidence in their elected officials has disappeared. By most accounts, the country has literally imploded to a degree that has no precedent in Latin America's contemporary history. This is particularly bewildering, considering that only 10 years ago Argentina was hailed around the world as a model of successful economic reforms, with standards of living that were not only the highest in the region but comparable to those of some southern European countries. How could Argentina go from role model to international outcast so quickly? Some place the blame on external shocks created by the financial crises in Mexico (1995), Indonesia (1997), Thailand (1998), and Russia (1998). Others say the cause of the problem was misguided policy advice from the International Monetary Fund (Stiglitz 2002). Yet, most analyses ascribe much of the trouble to the Convertibility Law's fixed exchange rate policy adopted in 1991.
Topic:: Economics, Government, and International Trade and Finance
Political Geography:: Russia, Indonesia, Argentina, South America, Latin America, Mexico, and Thailand

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COLUMBIA UNIVERSITY PRESS