Topic: Global Political Economy / Publication Year: within 10 Years and within 25 Years

1. Chinese companies in Arctic mining are gaming the master plan

Author:: Patrik Andersson, Per Kalvig, and Urik Pram Gad
Publication Date:: 05-2022
Content Type:: Policy Brief
Institution:: Danish Institute for International Studies (DIIS)
Abstract:: Looking for Chinese state ownership in Arctic extractive projects misses the point, and politically framed rhetoric from Chinese companies may be misleading. Some Western companies downplay their Chinese relations, but Western companies are often reliant on Chinese partners. In Western media, Chinese companies are sometimes discussed as being parts of a well-oiled state machine. They are not, but neither are they left to fight on their own without any support or guidance. Rather, they follow their own business priorities while eagerly seizing opportunities provided through supportive state policy. Interaction and integration with the state varies between different types of companies. The Chinese Communist Party (CCP) has a complex set of levers which make it possible to secure specific strategic investments. The likelihood of state intervention varies depending on the commodity involved as well as geopolitical factors. However, the preferred mode of governance is to issue general policies that encourage companies to contribute to state objectives.
Topic:: Foreign Policy, Business, Global Political Economy, and Mining
Political Geography:: China, Asia, and Arctic

2. Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics

Author:: Luiza Peruffo, Pedro Perfeito da Silva, and Andre Moreira Cunha
Publication Date:: 01-2021
Content Type:: Journal Article
Journal:: Contexto Internacional
Institution:: Institute of International Relations, Pontifical Catholic University of Rio de Janeiro
Abstract:: The 2007-2009 Global Financial Crisis (GFC) eroded the consensus around the benefits of capital mobility within mainstream economics. Against this background, this paper discusses to what extent the new mainstream position on capital flow management measures, based on the New Welfare Economics, expands the policy space of developing and emerging economies (DEEs). This paper argues that the new position can be classified as an embedded neoliberal one, given that it keeps liberalization as its ultimate goal, while nonetheless accepting to mitigate some of its harmful consequences. After comparing the capital account policies of China and Brazil, this paper concludes that the policy prescriptions of the New Welfare Economics do not lead to higher levels of national autonomy for DEEs and are likewise unable to curb financial instability in these countries.
Topic:: Global Political Economy, Neoliberalism, Autonomy, and Capital
Political Geography:: Global Focus

3. Economic Linkages across the Mediterranean: Trends on trade, investments and energy

Author:: Panagiota Manoli
Publication Date:: 01-2021
Content Type:: Working Paper
Institution:: Hellenic Foundation for European and Foreign Policy (ELIAMEP)
Abstract:: The Mediterranean is of multifaceted importance for the global economy, as it is one of the most highly valued seas globally. However, the region’s growth and economic integration path has often been obstructed by political upheavals and conflicts. This paper focuses on key features of the current regional dynamics in trade, investments and energy as sources of growth in the Mediterranean, with a view to assessing where the region stands today. The Mediterranean’s regional economic linkages manifest two dominant features: on the one hand, there is the marked heterogeneity of the countries’ performance in foreign trade, investment flows and energy (oil and gas) potential; on the other hand, there is the strong north-south element that shapes all intra-regional flows. These features indicate that, despite weak integration at a regional level, opportunities exist to strengthen intra-regional links as the Mediterranean further integrates into the global economy and benefits from long-standing multilateral and cooperative structures across the region.
Topic:: Energy Policy, Global Political Economy, Investment, and Trade
Political Geography:: Mediterranean

4. Reducing mobility of SARS-CoV-2 variants to safeguard containment

Author:: Martin Hellwig, Viola Priesemann, and Guntram Wolff
Publication Date:: 05-2021
Content Type:: Working Paper
Institution:: Bruegel
Abstract:: Escape variants can cause new waves of COVID-19 and put vaccination strategies at risk. To prevent or delay the global spread of these waves, virus mobility needs to be minimised through screening and testing strategies, which should also cover vaccinated people. The costs of these strategies are minimal compared to the costs to health, society and economy from another wave.
Topic:: Health, Governance, Global Political Economy, Vaccine, and COVID-19
Political Geography:: Global Focus

5. Monetary Effects of Global Stablecoins

Author:: Dong He
Publication Date:: 06-2021
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: The globalized economy now moves at the speed of electrons — and the future of money is inexorably going digital, too. New forms of digital money, such as central bank digital currencies (CBDCs) and so‐called global stablecoins, are shaping the future of money and payments. CBDCs are a digital form of fiat currency issued by a central bank. Some central banks started exploring CBDCs a few years ago, and those explorations have gathered momentum since Facebook and its partners announced their intention to launch the Libra stablecoin in June 2019. Because the stablecoins issued by large technological companies or platforms (Big Techs) have the potential to be adopted by businesses and households everywhere, they are called “global stablecoins,” or GSCs, in shorthand.
Topic:: Geopolitics, Global Political Economy, Money, Currency, and Trade
Political Geography:: Global Focus

6. Post-American Moments in Global Financial Governance in the New Millennium

Author:: Ilene Grabel
Publication Date:: 01-2021
Content Type:: Working Paper
Institution:: Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:: It is difficult to find much to celebrate about the current conjuncture, marked as it is by deeply destructive incoherence. The best that can be said is that we are in an interregnum. But I suggest that today’s incoherence also includes productive and even transformative moments. I argue that incoherence in global financial governance should be understood as productive in several respects. It is creating and widening alternative spaces in which some of the values, practices, tools, objectives, and goals associated with embedded liberalism can be rearticulated in a world in which there is no “order,” American-led or otherwise. The silver lining of incoherence is that it creates space for experimentation and innovation unconstrained by an overarching “ism.” Incoherence is creating exits or leakages from noxious national and global policy environments, rendering it less poisonous than it would be in the absence of ideational aperture and contestation, competing policies, institutions, networks, and poles of power. The abdication by the US of its traditional role of global coordination and discipline, as exerted under the post-war embedded liberal or the neoliberal American-led orders, is creating opportunities for more permissive and varied “reembededness” and diverse forms of economic integration. The emerging regime reflects neither your grandmother’s American-led order 1.0 or 2.0. In this morbid post-American interregnum there is no singular “ism” or “alternative order,” a fact that I do not mourn.
Topic:: Governance, Finance, Global Political Economy, and Neoliberalism
Political Geography:: Global Focus and United States of America

7. The Intersection of Emergent Technologies and Geopolitics: Implications for Singapore

Author:: Muhammad Faizal and Bin Abdul Rahman
Publication Date:: 04-2020
Content Type:: Working Paper
Institution:: Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
Abstract:: This paper examines how Singapore as a small state will have to navigate a more contested world from a policy-relevant angle. A primary driver of geopolitical contestation today stems from emergent or Fourth Industrial Revolution (4IR) technologies contributing to the redistribution of geopolitical power to the disadvantage of the established western-led international order. Even as Singapore embarks on numerous programmes to invest in and adopt 4IR technologies, it has to consider geopolitics besides technical specifications and budgetary issues. A small state will have to face trade-offs when it engages the competing big powers to preserve its neutrality and balance relations. It is difficult for small states to emulate each other’s strategies in balancing relations with the big powers given their varying levels of risk appetite and technological adoption, as well as their different geostrategic and geo-economic realities. Nevertheless, there are strategic steps that small states such as Singapore can take to defend its national interests better while investing in and adopting 4IR technologies.
Topic:: National Security, Science and Technology, Global Political Economy, and Trade
Political Geography:: Asia and Singapore

8. EU MONITOR: Has the time come for a Czech Regional Policy?

Author:: Vít Havelka
Publication Date:: 01-2020
Content Type:: Special Report
Institution:: Europeum Institute for European Policy
Abstract:: Over the past 5 years, the Czech Republic has experienced unprecedented GDP growth, moving the country from 83% of EU average GDP in 2013 to 91% of the EU average GDP in 2019. At the same time, the Czech wage increased by more than 7% in 2013 in the last three years. This phenomenon is addressed by our Vít Havelka in the latest issue of the EU Monitor. The following decade will likely be determining for the future success of the Czech Republic. The global economy and its supply chains are undergoing a significant shift; Asian states are slowly becoming innovative leaders rather than being a cheap labour pool. Furthermore, the Czech Republic is heavily dependent on the automotive industry3, which is under pressure not only by stricter emission regulation, but also disruptive market change such as autonomous systems, digitalization and electrification. It is likely that old market strategies will prove obsolete as it happened in case of cell phones. Along with the changing global economy, the Czech Republic is nearing to a point where it will not be fully able to rely on the EU Cohesion Policy anymore. The country has reached the threshold of 90% EU ́s average GDP, and if the current economic development remains the same, the Czech Republic will not have access to Cohesion Funds after the coming MFF, and it will receive significantly less money from the EU budget. The problem is that regional disparities within the Czech Republic remain high, especially between the capital city Prague and the rest of the country. Simultaneously, since the EU accession in 2004, the Czech Republic relied mainly on the EU Cohesion Policy in terms of providing funding for regions, supplementing the EU ́s activity only with minor national contributions. As a result, the country does not have a well-developed culture of regional policy that would be nationally funded, and there is not even a discussion in the media about national solidarity with disadvantaged regions. The following paper aims at discussing a possible way forward for the Czech Republic, especially in the context of expected changes in global economy and simultaneous decrease of EU Funding that could help mitigate the impact of economic disruptions. The focus will be laid on possible If the whole automotive left the Czech Republic, Deloitte estimates that the Czech GDP would decrease by 25% and 1,4 million Czechs would lose their reaction to lower income from the EU, as it is presumed that a solid regional policy is crucial in maintaining internal cohesion and contributes to mitigation of economic turbulences.
Topic:: European Union, GDP, Global Political Economy, and Economic Growth
Political Geography:: Europe and Czech Republic

9. Non-Aligned Movement and Its Perspective in International Affairs

Author:: Farid Shafiyev
Publication Date:: 06-2020
Content Type:: Journal Article
Journal:: Caucasus Strategic Perspectives
Institution:: Center of Analysis of International Relations (AIR Center)
Abstract:: The current issue of the Caucasus Strategic Perspectives (CSP) journal entitled “Non-Aligned Movement and Its Perspective in International Affairs” is dedicated to the current dynamics of the NAM, precisely with focus on chairmanship of Azerbaijan within the Movement. The current authors of the CSP Journal analyzed the cooperation perspectives within NAM, and the relevance of NAM, as well as concept of non-alignment in the foreign policies of members states. While analyzing these topics, the authors also reflected their views on the challenges of these factors for the foreign policies of the NAM member states.
Topic:: Regional Cooperation, Global Political Economy, and Political Movements
Political Geography:: Eurasia, Caucasus, and Azerbaijan

10. One Nation, One Language? Domestic Language Diversity, Trade and Welfare

Author:: Tamara Gurevitch, Peter R. Herman, Farid Toubal, and Yoto V. Yotov
Publication Date:: 12-2020
Content Type:: Working Paper
Institution:: Centre d'Etudes Prospectives et d'Informations Internationales (CEPII)
Abstract:: Using new data on linguistic diversity across and within countries, we examine novel channels though which language affects trade patterns and economic welfare. We find that linguistic similarity within a country accounts for about 10 percent of estimated `home bias', demonstrating the importance of shared languages for domestic integration. To highlight the general equilibrium implications of domestic language proximity, we simulate the repeal of Quebec's Bill 101, which made French an official language in Canada and established fundamental language rights for Frenchspeakers. The analysis demonstrates that domestic language diversity has significant implications for Canada's welfare but also sizable economic consequences that stretch far beyond its borders.
Topic:: Economics, Global Political Economy, Economic Growth, Linguistics, and Trade
Political Geography:: Canada and Quebec

11. The Impact of the EAEU-Iran Preferential Trade Agreement

Author:: Amat Adarov and Mahdi Ghodsi
Publication Date:: 05-2020
Content Type:: Working Paper
Institution:: The Vienna Institute for International Economic Studies (WIIW)
Abstract:: The preferential trade agreement between the Eurasian Economic Union (EAEU) and Iran on mutual trade entered into force in October 2019. In this report we estimate its expected impact at aggregate and sectoral levels using the gravity model of trade based on the global sample of bilateral trade flows at the HS 6-digit level. The analysis suggests that the implementation of the agreement will boost mutual trade for both trading partners, with relatively greater gains expected for the EAEU’s exports to Iran. On aggregate, the total gains in mutual trade are estimated to reach almost USD 46 million, with exports from the EAEU to Iran expected to increase by 9.7%, compared with a rise in exports from Iran to the EAEU of up to 4%. The difference in the impact will also be significant across the five EAEU countries as well as across sectors, with the major export gains expected to accrue in the chemicals and agri-food sectors, especially trade in miscellaneous fruits and vegetables, as well as in the textile, polymer production and metals sectors.
Topic:: Economics, Treaties and Agreements, Global Political Economy, Exports, and Trade
Political Geography:: Iran, Kazakhstan, Armenia, and Belarus

12. Forecasting exchange rates of major currencies with long maturity forward rates

Author:: Zsolt Darvas and Zoltan Schepp
Publication Date:: 04-2020
Content Type:: Working Paper
Institution:: Bruegel
Abstract:: This paper presents unprecedented exchange rate forecasting results based upon a new model which approximates the gap between the fundamental equilibrium exchange rate and the actual exchange rate with the long-maturity forward exchange rate.
Topic:: Economics, Governance, Global Political Economy, and Exchange Rate Policy
Political Geography:: Global Focus

13. FDI another day: Russian reliance on European investment

Author:: Marta Dominguez-Jimenez and Niclas Poitiers
Publication Date:: 02-2020
Content Type:: Policy Brief
Institution:: Bruegel
Abstract:: Most foreign direct investment into Russia originates in the European Union: European investors own between 55 percent and 75 percent of Russian FDI stock. This points to a Russian dependence on European investment, making the EU paramount for Russian medium-term growth. Even if we consider ‘phantom’ FDI that transits through Europe, the EU remains the primary investor in Russia. Most phantom FDI into Russia is believed to originate from Russia itself and thus is by construction not foreign.
Topic:: Economics, Energy Policy, Foreign Direct Investment, Governance, Sanctions, European Union, and Global Political Economy
Political Geography:: Russia and Europe

14. Unexpected Guests? The Soviet Union and the History of Global Capitalism: An Interview with Oscar Sanchez-Sibony

Author:: Oscar Sanchez-Sibony
Publication Date:: 02-2020
Content Type:: Commentary and Analysis
Institution:: The Toynbee Prize Foundation
Abstract:: Capitalism versus Communism. To many, the latter half of the twentieth history was deeply shaped by the confrontation between these two ideological and socioeconomic systems. When the Soviet Union collapsed in 1991, capitalism's triumph was credited to its valorization of money and protection of markets, among other factors; and, as the story continues, Communists failed, in part, because they suppressed markets and globalization. Yet, how much of this historical picture holds true? To Oscar Sanchez-Sibony, a good deal of Cold War histories are founded on generally held misconceptions about the political economy of the Soviet Union. Not only do they ignore the intense engagements between the Soviets and the world, they often miss the mark by neglecting the larger financial and economic architecture that facilitated such exchanges and economic growth in the Union of Soviet Socialist Republics (USSR). There is a larger story to be told about the rise of global capitalism and the Soviet Union. These are the themes of Red Globalization: The Political Economy of the Soviet Cold War from Stalin to Khrushchev (2014). Making use of archival documents from Russian archives, Sanchez-Sibony provides a rich account of how a young Bolshevik state navigated through the world's economic crises, while seeking favorable trading partners in the West for investments. This interview also ventures into topics and figures such as Depression Stalinism, Anastas Mikoyan, and Soviet-Global South relations. This book provoked much debate, and will be a must-read for years to come for anyone interested in histories of the Soviet Union, global capitalism, and the global Cold War. Oscar Sanchez-Sibony is Assistant Professor of History at the University of Hong Kong, where he teaches and researches subjects in Soviet history, Stalinism, and capitalism. He received his Ph.D. from the University of Chicago under the guidance of Sheila Fitzpatrick. Toynbee Foundation had the pleasure to talk with him about his career and the development of his research.
Topic:: Cold War, Communism, Globalization, History, Capitalism, and Global Political Economy
Political Geography:: Russia and Soviet Union

15. The Impact of COVID-19 on World Economy and China’s Role

Author:: Xu Xiujun
Publication Date:: 07-2020
Content Type:: Working Paper
Abstract:: Recent years have seen more countries to experience “three lows and three highs” problems. The pandemic triggered the exposure of these accumulated risks, leading to a slump in world economic growth. Given the developing trend of world economy amid the ongoing pandemic, the world may face a range of challenges for a long time to go, e.g. insufficient momentum for economic growth, increased resistance for market opening and rising debt risks. As the world economy suffers a major hit, China has been active in providing the international community with the assistance needed to combat the COVID-19 and recover the economy, while China’s economy itself has shown strong resilience and stability. In the long run, the pandemic will not change the sound momentum of China’s economic development; rather, it will provide an opportunity for China to play a significant role in the world economy.
Topic:: Economy, Global Political Economy, and COVID-19
Political Geography:: China and Asia

16. How ‘demos’ met ‘cracy’: debt, inequality, money

Author:: Andreas Antoniades and Ugo Panizza
Publication Date:: 03-2020
Content Type:: Working Paper
Institution:: Centre for Global Political Economy, University of Sussex
Abstract:: The recurrence of ever more destructive economic crises and patterns of pervasive indebtedness and inequality threaten the social fabric of our societies. Our main responses to these trends have been partial, focusing on symptoms rather than causes, often exacerbating rather than improving the underlying socio-economic dynamics. To reflect on these conditions and on ‘what needs to be done’ this paper turns to a similar socio-economic malaise faced by the city-state of Athens in the 6th century BC. Most historical studies dealing with this crisis focus on the comprehensive debt relief policy (seisachteia) implemented by Solon. We argue that this debt relief, although necessary, was the least important of Solon’s reforms. Solon read the problem of debt as a problem of money so he went on to reform the monetary and exchange system. But he did not think that these reforms alone could restore socioeconomic sustainability. For this, a redefinition of what was counted as valuable economic activity and as income had also to take place. And for all these to work, citizens had to be involved more in the commons. Far from only achieving socioeconomic sustainability, these reforms gave rise gradually to the demos that we meet in the golden age of Democracy. It is indeed interesting that Democracy, in its ideal type of the 5th century BC, finds its origin in the way in which a society responded to a major socioeconomic crisis, characterised by pervasive indebtedness and destabilising inequalities. Such a broader historical horizon may help us grasp better the problems, stakes and challenges of our times.
Topic:: Debt, Political Economy, History, Democracy, and Global Political Economy
Political Geography:: Greece and Global Focus

17. The China Trade Challenge: Phase II

Author:: Committee for Economic Development of the Conference Board
Publication Date:: 07-2020
Content Type:: Special Report
Institution:: The Conference Board
Abstract:: China’s fast-paced economic rise and defiance of globally accepted market rules—along with the growing and yet unknown economic impact of the coronavirus (COVID-19)—are driving the next phase of US-China trade negations to the top of the nation’s post-election agenda. While the Phase I US-China trade deal has eased tension, it also set the stage for discussions on other important economic disputes, including forced technology transfer, cyber theft of intellectual property (IP), industrial policies, state subsidies, and new technology, according to a new Solutions Brief, The China Trade Challenge: Phase II, by the Committee for Economic Development of The Conference Board (CED).
Topic:: Bilateral Relations, Global Markets, Economy, Global Political Economy, and Trade
Political Geography:: China, Asia, North America, and United States of America

18. 5G Technological Leadership

Author:: Hudson Institute
Publication Date:: 12-2020
Content Type:: Special Report
Institution:: Hudson Institute
Abstract:: As the promise of the next-generation mobile communications technology becomes clearer, policymakers are increasingly focusing on the technological and policy foundations of 5G leadership. The mobile revolution has already delivered unimagined benefits the world over from innovative apps delivering healthcare services to remote villages in developing countries to the equally innovative development of the “sharing economy” with Uber and Airbnb. 5G promises to go even further. It will not be merely a marginal improvement over the previous generations of cellular standards but will instead bring what many have called the “next industrial revolution.”1 5G will make everything more interconnected and efficient—from financial services to national defense to power grids to basic utilities provided in smart cities. Estimates predict that by 2035 5G will contribute over $13.2 trillion to the global economy.2 Given the importance that 5G will have for the US innovation economy, policymakers have focused on promoting and securing 5G leadership. They have also become concerned about the national security implications of 5G leadership for at least two reasons. First, they are concerned about economic and other vulnerabilities being exploited by potential adversaries via foreign entities manufacturing or owning the underlying physical infrastructure.3 Second, they are concerned about the national security implications of simply falling behind in technological leadership as such.4 In sum, 5G technological leadership matters both for economic growth and for national security. The policy discussion about 5G leadership, though, has been mired in confusion. 5G represents a complex technological and commercial ecosystem, and commentary about 5G leadership has been misdirected by mistaken assumptions. In the interest of promoting policy discussions grounded in the proper technological and economic evidence, this Statement highlights two essential facts that must inform all discussions about 5G leadership: (1) 5G hardware and infrastructure is only one of the many layers of a much larger 5G ecosystem, and (2) patent counting is an unreliable methodology to identify the leading 5G technological innovators.
Topic:: Science and Technology, Communications, Leadership, Global Political Economy, and 5G
Political Geography:: Global Focus

19. Coronavirus Crisis Accelerating Reconsideration of Supply Chains

Author:: Yoshiaki Takayama
Publication Date:: 05-2020
Content Type:: Commentary and Analysis
Institution:: Japan Institute Of International Affairs (JIIA)
Abstract:: Amid the COVID-19 pandemic, international interdependence is changing. The current international political situation, characterized by harsh power politics, and the current state of the international economy, in which states with different values are economically connected, are leading to reconsideration of international supply chains. Understanding international supply chains is extremely important in looking at the prospects for the global political economy. The purpose of this comment is to explore the trends and implications of reconsidering supply chains.
Topic:: Politics, Global Political Economy, COVID-19, and Supply Chains
Political Geography:: Global Focus

20. Growth Models and the Footprint of Transnational Capital

Author:: Patrick Kaczmarczyk
Publication Date:: 06-2020
Content Type:: Research Paper
Institution:: Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:: The definition of various growth models is the latest innovation of comparative capitalism (CC) research. Yet, the literature has its weaknesses in explaining the dynamics within and the interdependencies between different growth models. I argue that this weakness stems inter alia from an inadequate conceptualization of transnational corporations (TNCs). I provide empirical evidence on the footprint of international capital in the global economy and outline how including TNCs as a unit of analysis can help us to better understand economic outcomes. This leads to several implications for the growth models literature, which I conclude my argument with.
Topic:: Economics, International Political Economy, Global Political Economy, Economic Growth, Transnational Actors, Multinational Corporations, and Macroeconomics
Political Geography:: Global Focus

21. Capital Flight from South Africa: A Case Study

Author:: Léonce Ndikumana, Karmen Naidoo, and Adam Aboobaker
Publication Date:: 06-2020
Content Type:: Working Paper
Institution:: Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:: This paper examines the mechanisms, actors, enablers, and the institutional environment that facilitate capital flight from South Africa and the resulting accumulation of private wealth in offshore financial centers. We estimate that from 1970 to 2017, South Africa lost over $300 billion through capital flight, including through overinvoicing of imports and underinvoicing of exports. Net trade misinvoicing amounted to $146 billion over the 1998-2017 period alone. Export underinvoicing appears to be especially rampant in the case of mineral resources such as gold, silver, platinum and diamonds. While capital flight is not a new phenomenon in South Africa, it has accelerated substantially over the past decades, a period marked by aggressive liberalization of the national economy and rapid integration into the global economy. Capital flight is a concern in a country such as South Africa that faces deep financing gaps, high multidimensional poverty, inequality and unemployment. An important challenge faced by South Africa in its quest to tackle capital flight and the associated problems such as tax evasion, base profit shifting, and money laundering is the threat of erosion of the public confidence in state institutions in light of the emerging phenomenon of state capture orchestrated by an intricate network of private ‘enablers’ with deep connections within the state and in the global economy. The adverse effects of capital flight on economic development, state institutions and governance call for urgent attention to prevent even more devastating consequences for the country’s political and social instability.
Topic:: Governance, Global Political Economy, Institutions, Capital Flight, Tax Evasion, Instability, and Money Laundering
Political Geography:: Africa and South Africa

22. Dealing with the Offshore Economy

Author:: Alan Riley
Publication Date:: 04-2019
Content Type:: Working Paper
Institution:: Atlantic Council
Abstract:: Given that offshore tax havens are largely located in small, independent states or self-governing territories, it could be assumed that they have little connection to OECD states and major financial centers such as London and New York. This is not the case. The so-called tax havens are in fact part of a much larger network of financial and corporate services that depends on lawyers, accountants, and bankers located in major Western cities. Only one part of the havens’ business actually involves providing lower tax rates to individual foreign account holders
Topic:: International Affairs and Global Political Economy
Political Geography:: Global Focus

23. Learning from Success in Climate-Informed Decision-Making: Case Studies Across the Three Regions

Author:: Zena Grecni
Publication Date:: 01-2019
Content Type:: Special Report
Institution:: East-West Center
Abstract:: A network of sustained assessment specialists created within the National Oceanic and Atmospheric Administration’s Regional Integrated Sciences and Assessments (NOAA RISA) program present five case studies of successful local responses to climate change that are supported by scientific information. Based in three regions—the U.S. Pacific Islands, the South Central United States, and the Rocky Mountain West—the case studies in this report feature local managers who are providing and applying climate information, with valuable outcomes, across a range of geographic scales and sectors. They include improving local climate-adaptation efforts in San Angelo, Texas, enhancing the resilience of iconic coastal ecosystems on Hawai‘i Island, managing water in the Colorado River Conservation District, increasing conservation resilience in the southern Great Plains, and using El Niño forecasts to plan for drought in the Pacific Islands. The case studies provide new insights, which are summarized as five practical lessons for anyone seeking to better integrate climate considerations into decision-making.
Topic:: Environment, International Affairs, and Global Political Economy
Political Geography:: Global Focus

24. Transatlantic Sanctions Policy : From the 1982 Soviet Gas Pipeline Episode to Today

Author:: Richard Nephew
Publication Date:: 03-2019
Content Type:: Working Paper
Institution:: Center on Global Energy Policy (CGEP), Columbia University
Abstract:: Though many commentators have suggested that the Trump administration’s approach with respect to sanctions threats against Europe is “unprecedented,” the relative comity in US-European sanctions policymaking in recent years may be the aberration. The United States and Europe have often disagreed about whether, when, and how to impose sanctions against even common adversaries and in order to resolve mutually recognized problems. One of the most serious examples of this occurred in 1982 when the United States and its European allies broke sharply over the US decision to impose sanctions on the Soviet Union over the crackdown on the Solidarity Movement in Poland. The crisis that emerged tested the NATO Alliance, European governments, and the Reagan administration. This paper reviews the 1982 example and then sets some lessons from it against the current US-European relationship. It offers an assessment not only of the changing political, economic, and social factors that have contributed to greater compliance with US sanctions dictates on the part of Europe over the last few years, but also the relatively brittle nature of this cooperation. It underscores that, though the United States may be in a relatively predominant economic position at present, this situation may not and likely will not persist indefinitely. From this perspective, it concludes with three recommendations for how to modify current US sanctions practice in order to help manage partner concerns and avoid future crises. Adopting a process more akin to the Federal Register notice procedure for new sanctions programs. There is a yawning need for more consultation in advance of US sanctions decisions that could have major market moving and alliance shaking potential. It is not necessary, nor would it be prudent, to have a process that required public scrutiny of individual or entity asset freeze scenarios, but for other, more broad sanctions initiatives, it would help to avoid unintended consequences and ensure a more comprehensive debate. Exceptions could also be made to this rule in the event of a legitimate emergency. Establishing an independent commission to evaluate US sanctions policies and challenges. Congress should set up an independent, bipartisan commission to examine the issue of US sanctions policy now and for the next twenty-five years. Its assignment would be to evaluate how sanctions have been used in the recent past, the international operating environment for sanctions now, and the dimensions of the sanctions policy challenge in the future. Improving congressional oversight of the sanctions process. Congress should also require evaluation reports for individual sanctions regimes as a standard part of the executive branch’s use of the International Emergency Economic Powers Act (IEEPA). Of course, similar requirements ought to be considered a standard part of congressionally mandated sanctions as well.
Topic:: Foreign Policy, Sanctions, and Global Political Economy
Political Geography:: United States and Europe

25. China and economic sanctions: Where does Washington have leverage?

Author:: Richard Nephew
Publication Date:: 10-2019
Content Type:: Working Paper
Institution:: Center on Global Energy Policy (CGEP), Columbia University
Abstract:: Though historically China has been a sanctions recipient, with only a few isolated incidents of using sanctions in return, this situation is likely going to change in the years to come. China’s global economic position — as well as its ambitions to serve as not only a global power, but also potentially the leading international power — will push it to consider means of exerting international leverage. The United States has shown vividly in the last 30 years that sanctions are one means to this end, and Chinese scholars are demonstrating increasing facility with sanctions doctrine. China’s increasing assertiveness in economic sanctions will allow it to not only hit back directly against the United States with retaliatory measures, but also to develop independent rationales to apply sanctions in pursuit of Chinese policy objectives. China may begin using sanctions as an affirmative instrument of policy. The United States is vulnerable to disruptions in U.S.-Chinese economic ties. The U.S. reliance on Chinese financing, especially for U.S. national debt, and Chinese economic growth in areas where the U.S. typically excels demonstrate China’s capacity to target the U.S. To combat this potential emerging threat, the United States should seek first to negotiate with China on ways to avoid conflict. But, given the likelihood of competition nonetheless, the United States should also add sanctions development to its crisis management process, and increase intelligence and analytical capabilities that focus directly on Chinese sanctions doctrine and practice.
Topic:: Diplomacy, Sanctions, and Global Political Economy
Political Geography:: United States, China, Asia, and North America

26. In Dire Straits? Implications of US-Iran Tensions for the Global Oil Market

Author:: Ilan Goldenberg, Jessica Schwed, and Kaleigh Thomas
Publication Date:: 11-2019
Content Type:: Working Paper
Institution:: Center on Global Energy Policy (CGEP), Columbia University
Abstract:: In recent months, Iran has responded to rising tensions with the United States—particularly the US launch of the “maximum pressure” campaign against Iran—by attacking oil tankers and infrastructure in the Persian Gulf region around the Strait of Hormuz (the Strait). These actions have been designed to signal to the United States, the Gulf states, and the international community that the American strategy of strangling Iran economically will not be cost-free, and to Saudi Arabia in particular that it is highly vulnerable to Iranian retaliation. As the Strait of Hormuz is one of the world’s most critical energy chokepoints, the implications of Iran’s efforts merit close scrutiny and analysis. This study was designed to examine three scenarios for military conflict between Iran and the United States and assess the potential impacts on global oil prices—as one specific representation of the immediate economic impact of conflict—as well as broader strategic implications. The three scenarios are: Increasing US-Iran tensions that ultimately lead to a new “Tanker War” scenario similar to the conflict of the 1980s, in which Iran attacks potentially hundreds of ships in the Persian Gulf and Gulf of Oman over a prolonged period while also launching missiles at Gulf oil infrastructure. An escalation of tensions between Iran and the United States in which Iran significantly increases the scope and severity of missile attacks directed at major oil and energy infrastructure in Saudi Arabia and the UAE. A major conflict between Iran and the United States that includes damage to Gulf oil infrastructure and a temporary closure of the Strait of Hormuz. Its main conclusions are: The risk of a major military confrontation between the United States and Iran has increased in recent months but still remains relatively low, as neither the United States nor Iran wants war. That said, the September 14, 2019, attack on the Abqaiq and Khurais facilities was a strategic game changer and shows that the biggest risk is a prolonged, low-intensity military conflict. The fact that Iran was willing to conduct such an attack was a surprise to most analysts and to the US government and its Gulf partners. The level of accuracy it showed in the strike demonstrated a technical proficiency the US government and outside analysts did not believe Iran had. In the more moderate and likely conflict scenarios, increasing tensions between the United States and Iran are unlikely to dramatically affect global oil prices. The most profound costs in the more likely scenarios are not energy-related but security-related. Even in the less escalatory scenarios, the United States would be forced into long-term deployments of a large number of air and naval assets that would need to remain in the Middle East for years at a cost of billions of dollars. Such deployments would take away resources that would otherwise be dedicated to managing great power competition with China and Russia. In the more extreme conflict scenarios, major loss of life and an even bigger and longer-term American military deployment would be expected. In the lower likelihood scenario of a major military confrontation between the United States and Iran, global oil prices would be dramatically affected, though price impacts would not be prolonged. All assumptions about the potential impacts on oil prices are based on the supposition that the United States protects global shipping lanes, but that theory deserves further scrutiny. For more than a generation, the United States has viewed securing global shipping lanes that are critical for commerce and energy as a core vital interest. But given the isolationist tendencies in the United States and President Donald Trump’s attitude that America should stop underwriting the defense of its allies, it is conceivable he may choose not to respond in the types of scenarios described in this paper or demand that countries most dependent on oil trade from the Gulf—most notably China—step up instead. Another wild card for oil prices in a major crisis scenario would be President Trump’s unpredictable policies regarding the Strategic Petroleum Reserve. Typically, an administration would be expected to coordinate an international response with the International Energy Agency (IEA) to release the SPR of a number of countries, but this cannot be assumed in the current administration. Though these conclusions are to some extent comforting, the authors acknowledge that a key issue with any analysis of this situation is the unpredictability of the United States. In the present moment, neither US adversaries nor partners know quite what to expect—and, for that matter, neither does the US government or its observers.
Topic:: Foreign Policy, Energy Policy, Oil, and Global Political Economy
Political Geography:: United States, China, Iran, Middle East, and Asia

27. Emerging Countries in Global Financial Standard Setting: Explaining Relative Resilience and Its Implications

Author:: Andrew Walter
Publication Date:: 11-2019
Content Type:: Working Paper
Institution:: Centre for International Governance Innovation (CIGI)
Abstract:: This special report explores the role of emerging-country members in the Basel process, a key aspect of global financial standard setting. It argues that this process has been significantly more politically resilient than adjacent aspects of global economic governance, in part because major emerging countries have perceived continuing “intra-club” benefits from participation within it. Most important among these are learning benefits for key actors within these countries, including incumbent political leaders. Although some emerging countries perceive growing influence over the international financial standard-setting process, many implicitly accept limited influence in return for learning benefits, which are valuable because of the complexity of contemporary financial systems and the sustained policy challenges it creates for advanced and emerging countries alike. The importance of learning benefits also differentiates the Basel process from other international economic organizations in which agenda control and influence over outcomes are more important for emerging-country governments. This helps to explain the relative resilience of the Basel process in the context of continued influence asymmetries and the wider fragmentation of global economic governance. The report also considers some reforms that could further improve the position of emerging countries in the process and bolster its perceived legitimacy among them.
Topic:: International Trade and Finance, Financial Markets, Global Political Economy, and Emerging States
Political Geography:: Africa, Europe, Asia, South America, Australia, North America, and Global Focus

28. Survival of the International Monetary Fund and Global Economic Cooperation

Author:: Edwin M. Truman
Publication Date:: 04-2019
Content Type:: Policy Brief
Institution:: Peterson Institute for International Economics (PIIE)
Abstract:: The International Monetary Fund (IMF)—a quota-based institution—faces a test of its survival as the linchpin of the global financial safety net. Its roughly $1.4 trillion in total financial resources is scheduled to begin to shrink in 2020. In 2015, IMF members committed to strengthening IMF financial resources in the 15th General Review of Quotas, which will end in December 2019. Over the past 25 years, the United States has led the way for a gradual redistribution of IMF quota shares toward faster-growing emerging-market and developing countries. Any significant redistribution of quota shares requires an increase in total quotas. Because of its share of votes in the IMF, the United States must agree to any change in quotas. The Trump administration, however, has signaled that it favors no such change. If the United States does not reverse its stance, IMF members will lose an opportunity to strengthen the institution at a time of global financial uncertainty. Truman says the United States could still change its position and recommends how other member countries should press it to do so.
Topic:: International Trade and Finance, Politics, International Monetary Fund, Global Political Economy, Donald Trump, and Economic Cooperation
Political Geography:: North America, Global Focus, and United States of America

29. India’s Great Slowdown: What Happened? What’s the Way Out?

Author:: Arvind Subramanian and Josh Felman
Publication Date:: 12-2019
Content Type:: Working Paper
Institution:: The John F. Kennedy School of Government at Harvard University
Abstract:: We examine the pattern of growth in the 2010s. Standard explanations cannot account for the long slowdown, followed by a sharp collapse. Our explanation stresses both structural and cyclical factors, with finance as the distinctive, common element. In the immediate aftermath of the Global Financial Crisis (GFC), two key drivers of growth decelerated. Export growth slowed sharply as world trade stagnated, while investment fell victim to a homegrown Balance Sheet crisis, which came in two waves. The first wave—the Twin Balance Sheet crisis, encompassing banks and infrastructure companies—arrived when the infrastructure projects started during India’s investment boom of the mid-2000s began to go sour. The economy nonetheless continued to grow, despite temporary, adverse demonetization and GST shocks, propelled first by income gains from the large fall in international oil prices, then by government spending and a non-bank financial company (NBFC)-led credit boom. This credit boom financed unsustainable real estate inventory accumulation, inflating a bubble that finally burst in 2019. Consequently, consumption too has now sputtered, causing growth to collapse. As a result, India is now facing a Four Balance Sheet challenge—the original two sectors, plus NBFCs and real estate companies—and is trapped in an adverse interest-growth dynamic, in which risk aversion is leading to high interest rates, depressing growth, and generating more risk aversion. Standard remedies are unavailable: monetary policy is stymied by a broken transmission mechanism; large fiscal stimulus will only push up already-high interest rates, worsening the growth dynamic. The traditional structural reform agenda—land and labour market measures—are important for the medium run but will not address the current problems. Addressing the Four Balance Sheet problem decisively will be critical to durably reviving growth. Raising agricultural productivity is also high priority. And even before that, a Data Big Bang is needed to restore trust and enable better policy design.
Topic:: International Trade and Finance, Economy, Global Political Economy, Economic Growth, and Global Financial Crisis
Political Geography:: South Asia and India

30. Collective Reputation in Trade: Evidence from the Chinese Dairy Industry

Author:: Jie Bai, Ludovica Gazze, and Yukun Wang
Publication Date:: 10-2019
Content Type:: Working Paper
Institution:: The John F. Kennedy School of Government at Harvard University
Abstract:: Collective reputation implies an important externality. Among firms trading internationally, quality shocks about one firm’s products could affect the demand of other firms from the same origin country. We study this issue in the context of a large-scale scandal that affected the Chinese dairy industry in 2008. Leveraging rich firm-product level administrative data and official quality inspection reports, we find that the export revenue of contaminated firms dropped by 84% after the scandal, relative to the national industrial trend, and the spillover effect on non-contaminated firms is measured at 64% of the direct effect. Notably, firms deemed innocent by government inspections did not fare any better than noninspected firms. These findings highlight the importance of collective reputation in international trade and the challenges governments might face in signaling quality and restoring trust. Finally, we investigate potential mechanisms that could mediate the strength of the reputation spillover. We find that the spillover effects are smaller in destinations where people have better information about parties involved in the scandal. New firms are more vulnerable to the collective reputation damage than established firms. Supply chain structure matters especially in settings where firms are less vertically integrated and exhibit fragmented upstream-downstream relationships.
Topic:: International Trade and Finance, Markets, Business, Global Political Economy, and Accountability
Political Geography:: China and Asia

31. Putting Global Governance in its Place

Author:: Dani Rodrik
Publication Date:: 08-2019
Content Type:: Working Paper
Institution:: The John F. Kennedy School of Government at Harvard University
Abstract:: In a world economy that is highly integrated, most policies produce effects across the border. This is often believed to be an argument for greater global governance, but the logic requires scrutiny. There remains strong revealed demand for policy and institutional diversity among nations, rooted in differences in historical, cultural, or development trajectories. The canonical case for global governance is based on two set of circumstances. The first occurs when there is global public good (GPG) and the second under “beggar-thy-neighbor” (BTN) policies. However, the world economy is not a global commons, and virtually no economic policy has the nature of a global public good (or bad). And while there are some important BTN policies, much of our current discussions deal with policies that are not true BTNs. The policy failures that exist arise not from weaknesses of global governance, but from distortions of domestic governance. As a general rule, these domestic failures cannot be fixed through international agreements or multilateral cooperation. The paper closes by discussing an alternative model of global governance called “democracy-enhancing global governance.”
Topic:: International Trade and Finance, Governance, Global Political Economy, and Trade Wars
Political Geography:: Global Focus and Global Markets

32. India's GDP Mis-estimation: Likelihood, Magnitudes, Mechanisms, and Implications

Author:: Arvind Subramanian
Publication Date:: 06-2019
Content Type:: Working Paper
Institution:: The John F. Kennedy School of Government at Harvard University
Abstract:: India changed its data sources and methodology for estimating real gross domestic product (GDP) for the period since 2011-12. This paper shows that this change has led to a significant overestimation of growth. Official estimates place annual average GDP growth between 2011-12 and 2016-17 at about 7 percent. We estimate that actual growth may have been about 4.5 percent with a 95 percent confidence interval of 3.5 - 5.5 percent. The evidence, based on disaggregated data from India and cross-sectional/panel regressions, is robust. Lending further credence to the evidence, part of the overestimation can be related to a key methodological change, which affected the measurement of the formal manufacturing sector. These findings alter our understanding of India’s growth performance after the Global Financial Crisis, from spectacular to solid. Two important policy implications follow: the entire national income accounts estimation should be revisited, harnessing new opportunities created by the Goods and Services Tax to significantly improve it; and restoring growth should be the urgent priority for the new government.
Topic:: GDP, Global Political Economy, Economic Growth, and Global Financial Crisis
Political Geography:: South Asia and India

33. How ETFs Amplify the Global Financial Cycle in Emerging Markets

Author:: Nathan Converse, Eduardo Levy Yeyati, and Tomas Williams
Publication Date:: 05-2019
Content Type:: Working Paper
Institution:: The John F. Kennedy School of Government at Harvard University
Abstract:: Since the early 2000s exchange-traded funds (ETFs) have grown to become an important in- vestment vehicle worldwide. In this paper, we study how their growth affects the sensitivity of international capital flows to the global financial cycle. We combine comprehensive fund- level data on investor flows with a novel identification strategy that controls for unobservable time-varying economic conditions at the investment destination. For dedicated emerging mar- ket funds, we find that the sensitivity of investor flows to global financial conditions for equity (bond) ETFs is 2.5 (2.25) times higher than for equity (bond) mutual funds. In turn, we show that in countries where ETFs hold a larger share of financial assets, total cross-border equity flows and prices are significantly more sensitive to global financial conditions. We conclude that the growing role of ETFs as a channel for international capital flows amplifies the global financial cycle in emerging markets.
Topic:: Emerging Markets, International Trade and Finance, Global Political Economy, Capital Flows, and Mutual Funds
Political Geography:: Global Focus and Global Markets

34. Who Wins in the World Economy and English Football?

Author:: Matt Andrews
Publication Date:: 01-2019
Content Type:: Working Paper
Institution:: The John F. Kennedy School of Government at Harvard University
Abstract:: Globalization has fed significant economic gains across the world. The gains lead some policymakers in developing countries to believe in the potential of ‘catch up’—where they leverage the gains of an open world economy to foster rapid progress and compete with more developed nations. This belief is particularly evident in countries like Rwanda, where policymakers aspire to turn the country into ‘Africa’s Singapore’. This paper asks if such aspiration is realistic: Do developing countries really gain enough from globalization to catch up to more developed countries? The paper examines the world economy as a league in which countries compete for winnings (manifest in higher income and production). Wealthier countries are in the top tiers of this league and poorer countries are in the lower tiers. The paper asks if gains from the last generation of growth have been distributed in such a way to foster ‘catch up’ by lower tier countries, and if we see these countries ‘catching up’ by moving into higher tiers. This analysis of the world economy is compared with a study of English football, where over 90 clubs play in an multi-tier league system. Prominent examples of ‘catch up’ in this system include Leicester City’s rise from the third tier in 2008 to become first tier champion in 2015. The paper asks if such ‘catch up’ is common in English football, given the way winnings are distributed, and if ‘catch up’ is more common in this context than in the world economy more generally.
Topic:: Globalization, Developing World, Global Political Economy, and Economic Growth
Political Geography:: Africa and Rwanda

35. The Global Impact of Brexit Uncertainty

Author:: Tarek A. Hassan, Laurence van Lent, Stephan Hollander, and Ahmed Tahoun
Publication Date:: 01-2019
Content Type:: Working Paper
Institution:: Institute for New Economic Thinking (INET)
Abstract:: Using tools from computational linguistics, we construct new measures of the impact of Brexit on listed firms in the United States and around the world: the share of discussions in quarterly earnings conference calls on costs, benefits, and risks associated with the UK’s intention to leave the EU. Using this approach, we identify which firms expect to gain or lose from Brexit and which are most affected by Brexit uncertainty. We then estimate the effects of these different kinds of Brexit exposure on firm-level outcomes. We find that concerns about Brexit-related uncertainty extend far beyond British or even European firms. US and international firms most exposed to Brexit uncertainty have lost a substantial fraction of their market value and have reduced hiring and investment. In addition to Brexit uncertainty (the second moment), we find that international firms overwhelmingly expect negative direct effects of Brexit (the first moment), should it come to pass. Most prominently, firms expect difficulties resulting from regulatory divergence, reduced labor mobility, trade access, and the costs of adjusting their operations post-Brexit. Consistent with the predictions of canonical theory, this negative sentiment is recognized and priced in stock markets but has not yet had significant effects on firm actions.
Topic:: Economics, Political Economy, Regional Cooperation, Brexit, Global Political Economy, and Economic Policy
Political Geography:: Britain, United States, United Kingdom, Europe, and European Union

36. The Political Economy of Europe since 1945: A Kaleckian perspective

Author:: Joseph Halevi
Publication Date:: 06-2019
Content Type:: Working Paper
Institution:: Institute for New Economic Thinking (INET)
Abstract:: This paper analyzes the early stages of the formation of the Common Market. The period covered runs from the end of WW2 to 1959, which is the year in which the European Payments Union ceased to operate. The essay begins by highlighting the differences between the prewar political economy of Europe and the new dimensions and institutions brought in by the United States after 1945. It focuses on the marginalization of Britain and on the relaunching of French great power ambitions and how the latter determined, in a very problematical way, the European complexion of France. Because of France’s imperial aspirations, France, not West Germany, emerged as the politically crisis prone country of Europe acting as a factor of instability thereby jeopardizing the process of European integration, Among the large European nations, Germany and Italy appear, for opposite economic reasons, as the countries most focused on furthering integration. Germany expressed the strongest form of neomercantilism while Italy the weakest.
Topic:: Economics, Political Economy, Global Political Economy, World War II, and Common Market
Political Geography:: United States, Europe, Germany, and Global Focus

37. Technological Disruption in the Global Economy

Author:: Commission on Global Economic Transformation
Publication Date:: 04-2019
Content Type:: Working Paper
Institution:: Institute for New Economic Thinking (INET)
Abstract:: Technology has become the most powerful disruptive force in our economy. It bears on the future of work, competition, market power, and national security, and it binds the other major areas of our commission’s investigation: macroeconomics and finance, globalization, and climate change. In essence, technological progress propels global economic transformation. Our gathering on February 6, 2019 brought economists together with leading voices from academia, labor, private industry, and the nonprofit/NGO sector. We heard from industry leaders with deep roots and history in the Silicon Valley technology revolution, academics who have also spent time in the policy arena, and from individuals who are already considering new models and approaches to digital rights and the future of work. Our discussion was by no means exhaustive or conclusive, but we attempted to harness the group’s collective wisdom to address some of the most vexing questions of our day. This document is intended to inform our commissioners as they develop CGET’s final report and to share our timely conversation with policymakers and the general public. Fomenting multidisciplinary, critical discourse is one of the most important responsibilities of this initiative, and we sincerely thank the staff at the Institute for New Economic Thinking (INET), our dedicated commissioners, and our outside thought leaders for helping us to promote this dialogue.
Topic:: Economics, Science and Technology, Global Markets, Digital Economy, Global Political Economy, and Macroeconomics
Political Geography:: United States and Global Focus

38. Lost in Deflation: Why Italy’s woes are a warning to the whole Eurozone

Author:: Servaas Storm
Publication Date:: 04-2019
Content Type:: Working Paper
Institution:: Institute for New Economic Thinking (INET)
Abstract:: Using macroeconomic data for 1960-2018, this paper analyzes the origins of the crisis of the ‘post-Maastricht Treaty order of Italian capitalism’. After 1992, Italy did more than most other Eurozone members to satisfy EMU conditions in terms of self-imposed fiscal consolidation, structural reform and real wage restraint—and the country was undeniably successful in bringing down inflation, moderating wages, running primary fiscal surpluses, reducing unemployment and raising the profit share. But its adherence to the EMU rulebook asphyxiated Italy’s domestic demand and exports—and resulted not just in economic stagnation and a generalized productivity slowdown, but in relative and absolute decline in many major dimensions of economic activity. Italy’s chronic shortage of demand has clear sources: (a) perpetual fiscal austerity; (b) permanent real wage restraint; and (c) a lack of technological competitiveness which, in combination with an overvalued euro, weakens the ability of Italian firms to maintain their global market shares in the face of increasing competition of low-wage countries. These three causes lower capacity utilization, reduce firm profitability and hurt investment, innovation and diversification. The EMU rulebook thus locks the Italian economy into economic decline and impoverishment. The analysis points to the need to end austerity and devise public investment and industrial policies to improve Italy’s ‘technological competitiveness’ and stop the structural divergence between the Italian economy and France/Germany. The issue is not just to revive demand in the short run (which is easy), but to create a self-reinforcing process of investment-led and innovation-driven process of long-run growth (which is difficult).
Topic:: Economics, Capitalism, Global Political Economy, Macroeconomics, and Eurozone
Political Geography:: Europe and Italy

39. The Evolution and Current Status of De Facto Stare Decisis in International Trade and Investment Tribunals: How to Understand the Present by Looking into the Past

Author:: Chanya Punyakumpol
Publication Date:: 02-2019
Content Type:: Working Paper
Institution:: Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
Abstract:: Is there a doctrine of 'stare decisis' in international trade and international investment law? From a positive law perspective, the answer is a definite no. However, as many scholars have observed, in practice, there has been a strong level of deference from the Appellate Body to its previous rulings, but less so from investment tribunals. Using social network analysis to assess actual citations from the Appellate Body Reports and investment arbitrations from the inception to the current time, this paper examines the evolution and 'status quo' of citation networks in international trade and international investment arbitrations. It asks, not only whether there is a 'de facto' rule of precedent in the two regimes, but also when it occurs and how the development links with the institutional design of dispute settlement. The results show how the doctrine of 'stare decisis' diverges in international trade and international investment, as well as the importance of institutional design in shaping and constraining the behaviors of tribunals.
Topic:: Economics, Globalization, International Trade and Finance, Law, Finance, and Global Political Economy
Political Geography:: Global Focus

40. Tax Audits as Scarecrows: Evidence from a Large-Scale Field Experiment

Author:: Ricardo Perez Truglia, Matias Giaccobasso, Guillermo Cruces, Rodrigo Ceni, and Marcelo Bergolo
Publication Date:: 11-2019
Content Type:: Working Paper
Institution:: Center for Distributive, Labor and Social Studies (CEDLAS)
Abstract:: The canonical model of Allingham and Sandmo (1972) predicts that firms evade taxes by optimally trading off between the costs and benefits of evasion. However, there is no direct evidence that firms react to audits in this way. We conducted a large-scale field experiment in collaboration with Uruguay’s tax authority to address this question. We sent letters to 20,440 small- and medium-sized firms that collectively paid more than 200 million dollars in taxes per year. Our letters provided exogenous yet nondeceptive signals about key inputs for their evasion decisions, such as audit probabilities and penalty rates. We measured the effect of these signals on their subsequent perceptions about the auditing process, based on survey data, as well as on the actual taxes paid, based on administrative data. We find that providing information about audits had a significant effect on tax compliance but in a manner that was inconsistent with Allingham and Sandmo (1972). Our findings are consistent with an alternative model, risk-as-feelings, in which messages about audits generate fear and induce probability neglect. According to this model, audits may deter tax evasion in the same way that scarecrows frighten off birds.
Topic:: Economics, Global Political Economy, Tax Systems, Economic Policy, and Macroeconomics
Political Geography:: United States, Argentina, and Global Focus

41. A World Dividing: The International Implications of the Sino-American Rift

Author:: Chas W. Freeman Jr.
Publication Date:: 11-2019
Content Type:: Policy Brief
Institution:: Quincy Institute for Responsible Statecraft
Abstract:: The Trump administration has declared economic war on China. The United States has raised taxes on Chinese imports to levels not seen since the Smoot–Hawley tariffs of the Great Depression. Over the course of this year, Chinese imports of American goods have decreased by 26.4 percent, while China’s exports to the United States are down 10.7 percent. Washington has embargoed exports to China of a constantly expanding list of high-tech manufactures. It seeks to block Chinese telecommunications companies from third-country markets. The United States has mounted a vigorous campaign to persuade other countries to reject Chinese investments in their infrastructure, notably in the case of 5G telecommunications networks.
Topic:: International Trade and Finance, Global Political Economy, Trade Wars, International Community, and Exports
Political Geography:: United States, China, Asia, and Global Focus

42. The Birth of the Modern Chinese Banking Industry: Ri Sheng Chang

Author:: Vivid Lam, Oenone Kubie, and Christopher McKenna
Publication Date:: 11-2019
Content Type:: Case Study
Institution:: Oxford Centre for Global History
Abstract:: Pingyao (平遥) is a remote place for a tourist attraction. Located in the centre of Shanxi province, it is some 380 miles from Beijing and further from Shanghai or Hong Kong where the tourists tend to congregate. Yet, despite the isolation, come they do to Pingyao. The nearest airport to Pingyao is in Tiayuan, over one hundred kilometres away, so most visitors arrive by coach or by train; along the poorly paved streets and past the decaying houses until they arrive in the middle of the city. Here the tourists disembark from their coaches and their trains and find themselves transported to the days of the Qing dynasty emperors, surrounded by imperial architecture. The tourists wander slowly towards West Street. This is the home of the most popular attraction: the headquarters of Ri Sheng Chang (日昇), a late Qing company which revolutionised Chinese banking, now a museum and an increasingly busy tourist attraction. This is the story of how it came to be and how the little city in a small province in China rose to prominence, became the financial centre of the world’s largest economy, fell to obscurity and, now, rises again.
Topic:: Development, International Trade and Finance, History, Capitalism, and Global Political Economy
Political Geography:: China and Asia

43. Counting the Cost of Financial Warfare: Recalibrating Sanctions Policy to Preserve U.S. Financial Hegemony

Author:: Enea Gjoza
Publication Date:: 11-2019
Content Type:: Policy Brief
Institution:: Defense Priorities
Abstract:: The American economy, dollar, and banking system create unparalleled power for the U.S. in the global financial system. This power provides disproportionate influence over the world’s key economic and financial institutions, regulatory authority over major foreign companies and banks, and allows borrowing on favorable terms and in dollars, enabling long-term deficit spending.
Topic:: Economics, International Trade and Finance, Hegemony, Sanctions, Finance, and Global Political Economy
Political Geography:: United States

44. A Fistful of Dollars? Foreign Sales Platforms and Profit Shifting in Tax Havens

Author:: Sébastien Laffitte and Farid Toubal
Publication Date:: 01-2019
Content Type:: Working Paper
Institution:: Centre d'Etudes Prospectives et d'Informations Internationales (CEPII)
Abstract:: Using public macro-level data on activities of multinationals, we document that U.S. firms geographically disconnect sales and production to avoid paying corporate taxes. We revisit both theoretically and empirically the location determinants of foreign platforms and show that market access motives are far less relevant when considering tax havens. We characterize these countries and shed light on the attractiveness of different tax havens for specific sectors of activity. Our quantification shows that profit shifting by foreign sales platforms in tax havens amounts to about $80bn in 2013. Our findings contribute to the recent policy debate on the reform of international taxation.
Topic:: Economics, International Political Economy, Global Political Economy, Multinational Corporations, Tax Systems, and Corporate Tax
Political Geography:: United States

45. The Aid Effectiveness Agenda: Past experiences and future prospects

Author:: Erik Lundsgaarde and Lars Engberg-Pedersen
Publication Date:: 06-2019
Content Type:: Special Report
Institution:: Danish Institute for International Studies (DIIS)
Abstract:: The 2005 Paris Declaration on Aid Effectiveness provided an important framework for encouraging donor and partner countries to adapt aid management practices to make development cooperation more effective. The agenda it advanced has since lost visibility, even among aid providers that were once its strongest advocates. This DIIS report, written by Senior Researcher Erik Lundsgaarde and Senior Researcher Lars Engberg-Pedersen, indicates that there are several explanations for the declining attention to Paris Declaration principles. Implementation of the agenda was challenging from the outset due to different starting points among countries, the tension between a universal approach and the need to adapt cooperation approaches to varied contexts, and the tradeoffs involved in implementing prescriptions such as increasing partner ownership, strengthening donor coordination, and improving results management. In spite of these challenges, the authors argue that core ideas from the Paris Declaration remain valid today. In particular, the importance of fostering partner ownership and measuring results has not faded. Improving the consistency of how donors pursue these objectives in practice is essential in carrying lessons from decades of development cooperation experience forward.
Topic:: Development, Diplomacy, Environment, International Organization, Treaties and Agreements, Natural Resources, and Global Political Economy
Political Geography:: Global Focus

46. Denmark's China Challenge

Author:: Luke Patey
Publication Date:: 10-2019
Content Type:: Policy Brief
Institution:: Danish Institute for International Studies (DIIS)
Abstract:: A common refrain in Denmark is that China is too far away to be a threat to Danish economic, foreign and security policy interests. This is no longer the case. Danish policy-makers acknowledge that China’s rise as a global superpower presents Denmark with new challenges. However, transforming this strategic thinking into practice is no simple task. Recommendations Intensify cooperation between the Ministries of Defense and Foreign Affairs to ensure Denmark’s initiatives in foreign policy, security and economic relations with China are more closely integrated. Beware of the bilateral. Beijing’s new assertive foreign policy and US-China strategic competition require that Denmark leverage its interests increasingly through the EU, NATO and other multilateral bodies. Assess the economic vulnerabilities of Danish industries in China and diversify trade and investment across Asia’s emerging markets and developed economies in the G7/EU.
Topic:: Security, Foreign Policy, Defense Policy, Power Politics, Bilateral Relations, Cybersecurity, and Global Political Economy
Political Geography:: China, Europe, Asia, and Denmark

47. EU Pressure on Niger to Stop Migrants is Reshaping Cross-Border Economies: From migrants to drugs, gold, and rare animals

Author:: Hans Lucht and Luca Raineri
Publication Date:: 12-2019
Content Type:: Policy Brief
Institution:: Danish Institute for International Studies (DIIS)
Abstract:: Though the four-by-fours with migrants still leave regularly for Libya, there’s little doubt that EU driven anti-migration efforts in the Agadez region of Niger has been a blow to the local cross-border economy. POLICY RECOMMENDATIONS ■ EU interventions in Niger have had an unintended negative effect on the safety of migrants. It’s therefore important to maintain focus on rescue missions in the desert. ■ Europe must ensure that conflict and context sensitivity remain paramount as well as promoting alternative development opportunities and good governance. ■ National, local and traditional authorities should continue to avoid conflicts linked to natural resources, including gold, uranium, pasturelands and water, by promoting transparency and participatory decision-making.
Topic:: International Relations, Development, Migration, Poverty, Border Control, European Union, Inequality, Fragile States, and Global Political Economy
Political Geography:: Africa, Libya, North Africa, and Niger

48. Changing Perspectives in Political Economy

Author:: Renate Mayntz
Publication Date:: 07-2019
Content Type:: Working Paper
Institution:: Max Planck Institute for the Study of Societies
Abstract:: The history of a research field called political economy dates back to the eighteenth century, giving rise to a variety of disciplinary approaches, and experienced a renaissance as a mul- tidisciplinary field after the Second World War, combining economic, political science, and sociological approaches. The divergence between economic globalization and the nation- ally restricted scope of economic policy directs interest to the relationship between politics and the economy. A quantitative analysis of the articles published in two dedicated political economy journals shows major trends of the developing research field. The relationship between politics and economy is interpreted rather widely, and research is largely focused on Western capitalist nations. In conclusion, two avenues for further research in the field are briefly discussed.
Topic:: Political Economy, Regional Cooperation, Capitalism, and Global Political Economy
Political Geography:: Europe, Germany, Central Europe, and Western Europe

49. A Vision of Africa's Future

Author:: Giovanni Carbone
Publication Date:: 10-2018
Content Type:: Special Report
Institution:: Italian Institute for International Political Studies (ISPI)
Abstract:: Africa is a fast-changing continent and an area of rising global relevance, where major transformation processes are currently underway, from demographic expansion to economic development, from social progress to environmental challenges, from technological innovation to continental integration, from political change to migratory pressures. How will these complex transformations shape the Africa of tomorrow? This Report sets out a vision for Africa’s future based on five key traits: an archipelago of heterogeneous growth trajectories; the revolutionary impact of technological leapfrogging; regional integration and the growing role of sub-regional processes; the clustering of instability mainly around the core of the region; and the migration movements that originate from – but also predominantly remain within – the African continent.
Topic:: International Affairs and Global Political Economy
Political Geography:: Africa

50. The Arc of Crisis in the MENA Region

Author:: Karim Mezran and Arturo Varvelli
Publication Date:: 10-2018
Content Type:: Special Report
Institution:: Italian Institute for International Political Studies (ISPI)
Abstract:: The Arc of Crisis in the MENA Region volume deals with the countries of the Middle East and North Africa that are facing a particularly troubled period in their historical development. Syria, Iraq, Libya, Egypt and to a lesser extent Jordan and Tunisia have plunged into a legitimacy crisis that in some cases has turned into civil war or violent upheaval. As traditional authorities lose their legitimacy, two alternatives are emerging. The first is a more decentralized system of government, evinced by the empowerment of subnational government bodies and the growing legitimacy of local authorities; in this trend, the local authorities are able to keep the state united and more functional. The second is a growing number of political groups that act as opposition to authoritarianism, which is experiencing a revival. The analysis herein also focuses on Islamist movements; namely, their organizational and ideological development as well as how the shrinking of the political space affects them and the entire polity. This Report explores the distinctive dynamics and characteristics of these challenges in the post-Arab Spring era.
Topic:: International Affairs, Global Security, and Global Political Economy
Political Geography:: Middle East and North Africa

51. Coming to Terms with China at the World Bank and in Development Finance

Author:: Scott Morris
Publication Date:: 12-2018
Content Type:: Research Paper
Institution:: Center for Global Development (CGD)
Abstract:: First, we should recognize that much of the value of the IFIs for the United States derives from their multilateral character. It greatly oversimplifies things to suggest they are strictly a US tool, available to do our bidding no matter what the issue. The reality is that when we want to get something done in these multilateral institutions, we need to work with other countries. In turn, these institutions are most effective when they have the buy-in of the largest number of their member countries. And when the United States is seeking something from them that doesn’t have broad-based support, it can be a tough road.
Topic:: Global Political Economy
Political Geography:: Global Focus

52. Global Debt Dynamics: What Has Gone Wrong

Author:: Andreas Antoniades and Stephany Griffith-Jones
Publication Date:: 01-2018
Content Type:: Working Paper
Institution:: Centre for Global Political Economy, University of Sussex
Abstract:: This paper analyses the nature and characteristics of global debt dynamics in the post global financial crisis (GFC) period. First, we attempt to map the ways in which debt has been moving from sector to sector, and from one group of countries to another within the global economy. By capturing this inter-sectorial, inter-national, inter-regional movements of global debt we aspire to contribute to a more comprehensive understanding of global debt and its mode of operation. Second, we attempt to analyse what is wrong with global debt dynamics, i.e. we examine the broken link between what global debt was supposed to do and what it does. Here, we point to three interrelated dynamics: the accumulation of unproductive debt, growing inequalities of income and wealth, and the increase in privately-created, interest-bearing money.
Topic:: Debt, Economics, Global Recession, Financial Crisis, and Global Political Economy
Political Geography:: United States, Global Focus, and Global Markets

53. From Deng to Xi: Economic Reform, the Silk Road, and the Return of the Middle Kingdom

Author:: LSE Ideas
Publication Date:: 01-2018
Content Type:: Working Paper
Institution:: LSE IDEAS
Abstract:: This LSE IDEAS Special Report - with senior contributors from politics, journalism, and academia - looks at the internal causes and consequences of the return of the 'Middle Kingdom'. It explores the extent to which Deng's momentous economic reforms in 1978 have shaped modern China, what the country's expanded international role under Xi means, and who really makes Chinese foreign policy.
Topic:: International Affairs and Global Political Economy
Political Geography:: China

54. The construction of the Grand Ethiopian Renaissance Dam (GERD) and geopolitical tension between Egypt and Ethiopia with Sudan in the mix

Author:: Michael Asiedu
Publication Date:: 01-2018
Content Type:: Policy Brief
Institution:: Global Political Trends Center (GPoT)
Abstract:: Egypt's President Abdel Fattah al-Sisi indicated in a televised broadcast on 16 January, 2018 that his country neither wants war with Sudan nor Ethiopia; Egypt was also not looking to meddle in the internal affairs of these two countries. These pronouncements came at the backdrop of what is proving to be a challenge for these three countries, the construction of the Grand Ethiopian Renaissance Dam (GERD), the largest hydro-electric dam project in Africa. This policy brief gives a snapshot of the brewing tension surrounding the GERD and some of the regional geopolitical concerns as well as an alternative for a workable solution.
Topic:: International Relations and Global Political Economy
Political Geography:: Ethiopia

55. Could Trump Deliver Iran an Oil Windfall?

Author:: Richard Nephew
Publication Date:: 07-2018
Content Type:: Commentary and Analysis
Institution:: Center on Global Energy Policy (CGEP), Columbia University
Abstract:: The president’s recent statement that OPEC should reduce their prices may merely be an attempt to assign blame for rising gasoline prices in the midst of the US driving season or an even more cynical attempt to rally his political base in opposition to globalism. Or, it may have something to do with the president’s own decision to create a crisis with Iran. While attention is duly paid to how much Americans have to pay at the pump, a more subtle and complicated story will soon play out with respect to Iran and the reapplication of US sanctions ordered by Trump on May 8, 2018. In fact, unless oil prices are contained, the primary result of the president’s action may be to ensure that Iran profits from the oil market risks that sanctions have created.
Topic:: Energy Policy, Geopolitics, and Global Political Economy
Political Geography:: America, Iran, and Global Focus

56. The Crisis of Global Politics: Perspectives from Continental Philosophy

Author:: Josefin Graef, Scott Hamilton, Benjamin Martill, Elke Schwarz, and Uta Staiger
Publication Date:: 08-2018
Content Type:: Special Report
Institution:: LSE IDEAS
Abstract:: Can the work of the great European philosophers help solve Europe's problems today? This report explores what we can learn from Heidegger, Arendt, and Anders about how to tackle populism, climate change, and technological change
Topic:: Political Theory and Global Political Economy
Political Geography:: Global Focus

57. Caribbean Economies and the Year Ahead 2018

Author:: Scott MacDonald
Publication Date:: 01-2018
Content Type:: Working Paper
Institution:: Center for Strategic and International Studies (CSIS)
Abstract:: Caribbean economies face 2018 with mixed prospects. While overall trends are positive for most countries, a number of economies are still struggling from the damage sustained during last year’s hurricane season. The positive forces at work are a stronger global economic expansion, improving prospects for tourism, development of the oil industry in the Guiana Shield, and a strengthening in commodity prices. On the negative side are the costs of reconstruction, ongoing fiscal pressures in a handful of states, and the increasing negative consequences of an imploding Venezuela. Significant questions continue to exist as to U.S. policy in the region, spillover of Brexit, Chinese Caribbean policy, and a rising level of Russian engagement in some countries. In all of this, the Caribbean remains vulnerable to events external to the region and increasingly needs to focus on digital technology and how it can be applied to make local economies more competitive. During much of 2017, growth prospects were generally positive, helped along by a stronger expansion in the advanced economies, stabilization in commodity prices, and a higher level of remittances from the Caribbean diaspora. The Dominican Republic led the way, though at a slower pace than the year prior due to efforts to reduce the fiscal deficit. Better tourist numbers also lifted growth prospects in much of the Eastern Caribbean and Jamaica. The laggards were Puerto Rico (with a $72 billion debt crisis), the U.S. Virgin Islands (dealing with acute fiscal pressures), Barbados (struggling with deteriorating public finances and reduced capital market access), and commodity exporters Suriname and Trinidad and Tobago. While most Caribbean countries and dependencies were fortunate to avoid massive destruction during the 2017 hurricane season, storms Irma and Maria brought considerable disruption to Barbuda, Dominica, St. Martin (both the French and Dutch sides), the British Virgin Islands, and U.S. Virgins Islands. Category 5 Hurricane Maria in September was the worst natural disaster on record in Dominica and certainly ranks in the top 10 for Puerto Rico. Indeed, both Dominica and Puerto Rico were left effectively without economies.
Topic:: Oil, Natural Disasters, Tourism, Digital Economy, and Global Political Economy
Political Geography:: Caribbean, Dominican Republic, Jamaica, Barbados, and Puerto Rico

58. Meeting the China Challenge Responding to China’s Managed Economy

Author:: James Andrew Lewis and John J. Hamre
Publication Date:: 01-2018
Content Type:: Working Paper
Institution:: Center for Strategic and International Studies (CSIS)
Abstract:: The U.S.-China relationship is one that neither country can escape. Both benefit from it in important ways. The question for quite some time, though, has been whether China’s economy, international presence, and participation in global institutions would come to look more like our own, or whether it would seek to challenge the order the United States has built and led over the past 70 years. While China’s economic size does not necessarily threaten the United States, China’s willingness to use its economic leverage to forge a global economy closer to its image raises complicated questions considering its lack of transparency. The essays in this volume, written by a diverse group of CSIS scholars, address some of the key issues that currently vex the U.S.-China economic relationship.
Topic:: Diplomacy, Global Political Economy, and Economic Cooperation
Political Geography:: United States, China, Asia, North America, and Asia-Pacific

59. Pakistan’s Gwadar Port: A New Naval Base in China’s String of Pearls in the Indo-Pacific

Author:: Gurmeet Kanwai
Publication Date:: 04-2018
Content Type:: Working Paper
Institution:: Center for Strategic and International Studies (CSIS)
Abstract:: The Issue The development of Gwadar Port is a key element of the greater China-Pakistan Economic Corridor (CPEC). It speaks to both the strength of the China-Pakistan relationship and the reach of China’s grand strategy. With Pakistan’s two other major ports operating near capacity with no room for expansion, projects in Gwadar promise to eventually handle one million tons of cargo annually, while also providing significant industrial, oil, and transportation infrastructure. Though a “monument of Pakistan-China friendship,” there are misgivings on both sides about CPEC, including the safety of Chinese workers, the resentment of Baloch nationalists, and the growing debt trap created by the project. The prospect of the PLA Navy in Gwadar poses greater security questions, as it forms another link in China’s efforts to expand its maritime presence in the Indo-Pacific region. The members of the Quadrilateral Security Dialogue, or “Quad,” comprised of India, Japan, Australia, and the United States, should counter China’s strategic outreach by networking with other like-minded countries on cooperative security frameworks to ensure a free, open, prosperous, and inclusive Indo-Pacific region.
Topic:: Security, Oil, Regional Cooperation, Global Political Economy, and Trade
Political Geography:: Pakistan, United States, Japan, China, Middle East, India, Asia, and Australia

60. Rebooting U.S.-China Trade Ties: “Enter Ye Through the Narrow Gate”

Author:: Christopher K Johnson
Publication Date:: 05-2018
Content Type:: Working Paper
Institution:: Center for Strategic and International Studies (CSIS)
Abstract:: Nearly two weeks after the U.S. “Trade Avengers” unleashed during their visit to Beijing what one reasonably could call “trade shock and awe” with a very aggressive—if thoroughly researched and well-crafted—set of demands targeting the yawning U.S. trade deficit with China and the core of that country’s throaty industrial policy, China this week is taking its turn with the visit of Chinese Communist Party (CCP) Politburo member and Vice Premier Liu He, President Xi Jinping’s economic point man who is almost universally described as a thoughtful, pragmatic, and mild-mannered policy academic. In the interim, voices from a wide swath of official Washington have sounded the alarm about the dangers of Chinese influence operations and the presence of alleged subversives, while President Trump himself seemed to cast aside these growing concerns by suggesting via Twitter that he would ask the Commerce Department to overturn its action against the Chinese telecommunications firm ZTE—long a focus of the U.S. security community for suspected cyber espionage activity and irrefutable violations of U.S. law—in response to protests that reportedly emanated directly from President Xi. With such frenetically sustained action in such a short period of time, the fog of war seems particularly thick at the moment. As such, it seems like a good time to slow down and have a think about how we got here, what actually is going on, and, with a little bit of luck, perhaps think about some ways to craft a viable way forward. Just like milestone birthdays in one’s personal life, important political anniversaries also can incline the mind toward reflection. Next year, of course, marks the fortieth anniversary of the reestablishment of diplomatic ties between the United States and China. As such, much breath and a lot of ink have been devoted to analyzing the course of the bilateral relationship over that nearly half-century. Although certainly not a universal opinion, it seems fair, if perhaps overly reductionist, to suggest that the general conclusion among a substantial number of U.S. officials, policy analysts, and journalists has been that the consistent U.S. policy emphasis on engagement with China during those forty years was, at the end of the day, a sham. In this rendering, naïve groups of senior policymakers in succeeding U.S. administrations and in most of the U.S. China-watching community were hoodwinked by wily CCP leaders who talked the talk of integrating into the so-called U.S.-led rules-based international order, but all the while they had a secret master plan to instead subvert that order and challenge U.S. primacy throughout the globe. In a slightly less menacing (if no less absurd) version of this narrative, China was, indeed, headed generally toward this hoped for integration under the stewardship of deceased paramount leader Deng Xiaoping and his handpicked successors Jiang Zemin and Hu Jintao until Xi Jinping arrived and, through a ruthless consolidation of power, decided instead to change course in what now regularly is referred to in shorthand as Xi’s “authoritarian turn.” But this conclusion seems utterly wrongheaded when examined in the light of hard facts. On the Chinese side of the equation, for example, Deng Xiaoping may have appeared warm and cuddly when donning his cowboy hat during his famous 1979 visit to the United States, but he could be just as ruthless and grasping as any other authoritarian leader. Deng’s exceptionally courageous and dogged pursuit of the policies of reform and opening certainly are worthy of praise, but they cannot, and therefore should not, be separated from the fact that he was content to sit idly by as Chairman Mao’s loyal lieutenant as Mao decimated his political rivals during the Anti-Rightist Campaign (1957-59) and the Great Leap Forward (1958-62). Nor should we forget that Deng used every ounce of his massive personal prestige with the People’s Liberation Army to, with steely determination, rally his many reluctant commanders to execute the brutal Tiananmen crackdown of June 4, 1989. Similarly, Xi Jinping is no Jack-in-the-Box-like figure who has pulled a fast one with a sharp directional turn in the last couple of years made all the more stark after his sweeping consolidation of power at last fall’s 19th Party Congress. In fact, it is this author’s contention, as supported by a large body of written work and public commentary, that everything Xi has done over the last five years was abundantly clear, whether explicitly or in embryonic form—from the moment he was introduced to the world as China’s new top leader in the fall of 2012, as encapsulated in his call for his country to pursue the “China Dream” set on a foundation of “the great rejuvenation of the Chinese nation.” This by no means suggests the United States should express support for, or even acquiescence in, Xi’s policies, but only that it should not be reacting with the borderline hysteria that now seems to be gripping Washington.
Topic:: Security, Diplomacy, Global Political Economy, and Trade Wars
Political Geography:: United States, China, Asia, and North America

61. Southeast Asia Financial Integration and Infrastructure Investment: What Role for the United States?

Author:: Murray Hiebert
Publication Date:: 05-2018
Content Type:: Working Paper
Institution:: Center for Strategic and International Studies (CSIS)
Abstract:: The Issue Southeast Asia has come a long way since the devastating financial turmoil of 1997 and has set up mechanisms to avoid the next shock. But in case a future crisis hits, it would be useful for the U.S. government to say upfront if it would support International Monetary Fund (IMF) support. Some in the Trump administration have said they oppose IMF bailouts. The newest opportunity—and challenge—to Southeast Asia’s financial system is the bursting onto the scene of fintech firms. These companies are meeting the urgent needs of underserved populations. Yet their activities outstrip the ability of traditional regulators to govern their activities and protect consumers. China’s Belt and Road Initiative could play a mighty role in meeting infrastructure needs in Southeast Asia if it is done right. But so far Beijing has said little about what it envisions the impact of its projects to be. “Will that spending help people who need it most?” asks Jonathan Hillman of CSIS’ Reconnecting Asia Project. “Will it go into viable projects…? Will it help or hurt climate change?” “[I]n countries where public debt is already high, careful management of financing terms [for infrastructure projects] is critical,” IMF Managing Director Christine Lagarde said during a conference in Beijing. “This will protect both China and partner governments from entering into agreements that will cause financial difficulties in the future.”
Topic:: Infrastructure, Global Political Economy, Integration, and Economic Cooperation
Political Geography:: United States, China, Asia, and Southeast Asia

62. Australia and the United States An Alliance for the Twenty-first Century

Author:: Amy Searight and Michael J. Green
Publication Date:: 05-2018
Content Type:: Working Paper
Institution:: Center for Strategic and International Studies (CSIS)
Abstract:: On August 21–22, 2017, the Center for Strategic and International Studies (CSIS) organized a conference in Sydney, Australia—Australia and the United States: An Alliance for the 21st Century—in cooperation with the United States Studies Centre (USSC) at the University of Sydney and the Perth USAsia Centre at the University of Western Australia. The conference was generously supported by a grant from the U.S. Department of State. This conference gathered together key thinkers from both countries at an important time for the Australia-U.S. alliance. The scope of cooperation between Australia and the United States has never been greater—extending well beyond traditional defense, intelligence, and diplomatic engagement—and the alliance enjoys healthy support among policymakers and the wider public in both countries. Bilateral economic, social, and cultural ties are broad and deep. The two countries are working closely together to defeat the threat posed by ISIL and other terrorist networks in the Middle East and globally, and to ensure the Asia-Pacific region remains stable and prosperous. Yet the Australia-U.S. alliance faces growing external and internal challenges. The United States, Australia, and other allies confront rising threats in Asia, Europe, and the Middle East, and globally from terrorism, financial instability, pandemic diseases, and other transnational challenges. Revisionist powers are seeking to reshape regional security dynamics and carve out spheres of influence, jeopardizing the liberal rules-based order that has supported American and Australian security and prosperity for more than half a century. The risks of miscalculation and conflict are growing, as is the prospect of proliferation of weapons of mass destruction. At the same time, allied resources available to meet these problems are constrained by slow economic growth across the developed world and the cost of supporting aging populations. Now, economic dislocation and stagnant wages are generating a wave of populist and protectionist sentiment in many parts of the world that risks undermining governance and a return to zero-sum, mercantilist economic policies—while U.S. political divisions and some policy choices are exacerbating allies’ concerns about the future of American global leadership. Many of these issues are playing out in the contemporary Australian debate, with a range of senior political figures and commentators calling for Australia to distance itself from the United States and recent opinion polls suggesting doubts about U.S. staying power as well as growing affinity for China. This is broadly consistent with polling from the region that suggests that China’s growing economic clout and military capabilities are driving expectations that China will supplant the United States as the predominant power in the Asia Pacific. These trends raise new questions about the future of the alliance in domestic, bilateral, and international contexts that we must address. They also highlight: the increasingly complex challenges facing U.S. and Australian alliance managers; the importance of not taking the alliance for granted; a requirement for fresh ideas about the alliance; and the need to engage a broader range of stakeholders, including a new generation of strategic thinkers in Australia and the United States. The Sydney conference brought together a group of about 40 participants—including 10 young next-generation leaders from Australia—for a two-day discussion on the opportunities and challenges facing the Australia-U.S. alliance across geopolitical, security, and economic issues. It focused on identifying key takeaways and formulating practical recommendations to improve the Australia-U.S. alliance’s capacity to adapt to changing dynamics, both globally and in the Indo-Pacific region, and to ensure support for the alliance well into the twenty-first century. Participation was by invitation and the discussions were off the record.
Topic:: Security, Foreign Policy, Regional Cooperation, Counter-terrorism, and Global Political Economy
Political Geography:: United States, Australia, and Asia-Pacific

63. Representing American Values and Interests in China

Author:: Terry Branstad
Publication Date:: 03-2018
Content Type:: Journal Article
Journal:: The Ambassadors Review
Institution:: Council of American Ambassadors
Abstract:: When I welcome visitors to the U.S. Ambassador’s Residence in Beijing, they often comment on a black-and-white photo of my first meeting with Xi Jinping. In the picture, the members of the 1985 Chinese agriculture delegation to Iowa stand calmly behind my desk, peering into the camera, as Xi Jinping stands unobtrusively to my right. Some visitors ask, “Ambassador Branstad, did you know this young man would become President of China?” Indeed, I did not—I treated him with the same Iowa hospitality with which I welcome all my guests. His importance as a rising leader of China, though, became increasingly apparent over the course of six gubernatorial visits I made to China during the subsequent 30 years. The same is true of U.S.-China relations. Today, I have the honor of representing the United States in the most consequential bilateral relationship in the world, one that we absolutely have to get right. During President Donald Trump’s November 2017 state visit to China, the President identified three priority tasks for the two nations’ relationship. First, work with the Chinese government to address the North Korean nuclear and missile threat. Second, seek a more balanced and reciprocal trade and investment relationship. And third, partner with Chinese authorities to reduce the flow of illicit opioids from China to the United States. Each task presents its own unique challenges and opportunities.
Topic:: Diplomacy, Military Strategy, Nuclear Power, and Global Political Economy
Political Geography:: United States, China, Asia, and North Korea

64. China and International Financial Standards: From "Rule Taker" to "Rule Maker"?

Author:: Hongying Wang
Publication Date:: 08-2018
Content Type:: Working Paper
Institution:: Centre for International Governance Innovation (CIGI)
Abstract:: Following the global financial crisis, international financial standard-setting bodies granted emerging economies unprecedented representation. Some observers expected the existing system of international financial regulation to be undermined by the larger number of players and their diverging interests from the traditional standard setters. This paper examines whether China, the largest emerging economy, has influenced the international financial regulatory regime. It finds that China has, by and large, been a “rule taker” so far, but points out some important signs of change. It argues that with improved technical capacity, greater stakes in international financial standards and rising structural power, China is poised to increase its participation in the making of international financial standards.
Topic:: Regulation, Global Political Economy, and Fiscal Policy
Political Geography:: China and Asia

65. Crisis in the WTO: Restoring the Dispute Settlement Function

Author:: Robert McDougall
Publication Date:: 11-2018
Content Type:: Working Paper
Institution:: Centre for International Governance Innovation (CIGI)
Abstract:: The impasse in the World Trade Organization (WTO) over the appointment of new members of the Appellate Body is just one symptom of crisis in cooperation on trade. Driven by skepticism about multilateralism and binding dispute settlement, and by a growing strategic and economic rivalry with China, the current US administration has elevated longstanding US concerns about WTO dispute settlement to new heights. The inability of WTO members to exercise their collective authority to interpret the meaning of their WTO commitments has meant that the Appellate Body is effectively not subject to any checks and balances. As other WTO members blocked US efforts to negotiate more member control, the United States increasingly turned to unpopular unilateral mechanisms, culminating in the current block on new appointments as part of its more disruptive trade policy. Assuming the United States will eventually return to rules-based trade, restoring the WTO dispute settlement system to full capacity and enhancing its legitimacy will likely require some changes. This might include improving mechanisms for political oversight, diverting sensitive issues from adjudication, narrowing the scope of adjudication, improving institutional support and providing members more say over certain procedures. Preserving compulsory, impartial and enforceable dispute settlement in the WTO will require an accommodation of different perspectives on how the system should function. Achieving this, in whatever form, will contribute to maintaining and even strengthening multilateral cooperation on trade.
Topic:: International Trade and Finance, World Trade Organization, Global Political Economy, and Multilateralism
Political Geography:: United States, China, Asia, and North America

66. Busier than Ever? A Data-Driven Assessment and Forecast of WTO Caseload

Author:: Joost Pauwelyn and Weiwei Zhangb
Publication Date:: 04-2018
Content Type:: Working Paper
Institution:: Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
Abstract:: Conventional wisdom has it that, in recent years, the legalized mechanism of dispute settlement before the World Trade Organization (WTO) has been “busier than ever”, “a victim of its own success”. This paper uses count data to assess the WTO’s current caseload and examines how it has evolved since the WTO’s creation in 1995. We also forecast panel and Appellate Body (AB) caseload ten years from now using different scenarios. WTO dispute settlement does, indeed, currently experience a peak in terms of the total number of cases pending before panels and the AB (as of 30 April 2018, respectively, 18 and 8). However, this is not due to an increase in new cases filed (new consultation requests markedly reduced, from a high of 50 in 1997 to “only” 17 in 2017), but rather because pending cases take much longer to conclude as they have become more complex and are often delayed for lack of human resources. In addition, fewer cases filed get formally settled (from 20% in the first five years of the WTO to almost zero after 2014), appeal rates remain very high (on average 68%), and the share of follow-up disputes over compliance (DSU Art. 21.5) has markedly increased, all three factors leading to more (pending) caseload without actually more (new) cases filed, or more panel or AB reports issued (the number of reports produced per year has actually gone down, dropping from a peak of 26 panel reports and 13 AB reports in 2000, to “only” 13 panel reports and 6 Appellate Body reports in 2017).
Topic:: Economics, International Trade and Finance, World Trade Organization, and Global Political Economy
Political Geography:: Switzerland and Global Focus

67. Customs unions in international law: from concept to practice

Author:: Michal Ovádek and Ines Willemynsa
Publication Date:: 05-2018
Content Type:: Working Paper
Institution:: Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
Abstract:: Relative to the study of free trade agreements, customs unions (CUs) have been neglected in international law scholarship, despite the fact that by no means do they constitute a recent phenomenon. The present article aims to fill this gap by conducting a scoping analysis of the concept of customs union and identifying key issues in CU designs. The article problematizes what is understood by the concept of CU and what is entailed by the foremost definition of CUs, found in Article XXIV of the General Agreement on Tariffs and Trade (GATT). It further investigates how recurrent design issues are resolved in practice by different CUs considering the inherent tension between the enactment of common rules and institutions and state sovereignty. We find variety in the historical, economic and legal conceptualizations of CUs, flexibility and lacunas in Article XXIV GATT, and diversity of CU designs along with a discernible concern for the legal arrangements’ impact on state sovereignty.
Topic:: Economics, International Trade and Finance, Global Political Economy, and Unions
Political Geography:: Global Focus

68. Global value chains and technology transfer: new evidence from developing countries

Author:: Davide Rigo
Publication Date:: 06-2018
Content Type:: Working Paper
Institution:: Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
Abstract:: This paper uses the World Bank's Enterprise Surveys as a sample of 18 developing and emerging economies to investigate the causal relationship between global value chains and the transfer of technology to manufacturing firms in developing nations. It focuses on one specific channel for technology transfer, namely the licensing of foreign technology. By using a propensity score matching difference-in-differences technique, I show that there is a positive and causal impact of being involved in complex international activities (i.e. being a two-way trader) on the licensing of technology. Importantly, domestic firms becoming two-way traders are more likely to acquire foreign-licensed technology than domestic firms starting to either export or import. These findings suggest that the complexity associated with the trading activity determines whether or not foreign technology is licensed.
Topic:: Development, Economics, International Trade and Finance, Science and Technology, World Bank, and Global Political Economy
Political Geography:: Global Focus

69. Soft vs Hard Governance for Labour and Environmental Commitments in Trade Agreements: Comparing the US and EU Approaches

Author:: Vandana Gyanchandani
Publication Date:: 08-2018
Content Type:: Working Paper
Institution:: Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
Abstract:: Three methodologies are used to enforce labour and environmental commitments in the US and EU trade agreements: cooperative, sanctions and composite. In-depth analysis of the scope of commitments, level of protection, institutional framework as well as types of informal and formal dispute processes elucidates the pros and cons of such methodologies. Sanctions approach weakens cooperation by misjudging the complexity of domestic policy adjustments through transnational governance. Cooperative mechanism within the NAAEC's composite design emerges as the best approach: Submission on Enforcement Matters (SEM). As it provides for an independent secretariat supported by civil society group and factual records as a sunshine remedy to review citizen submissions. However, the process is constrained by political clout, lack of managerial capacity and legal dilemmas around informal lawmaking (IN-LAW) procedures.
Topic:: Economics, Environment, International Cooperation, International Trade and Finance, Labor Issues, Sustainable Development Goals, and Global Political Economy
Political Geography:: United States, Europe, Global Focus, and European Union

70. The evolution of the EU law against criminal finance: the "hardening" of FATF standards within the EU

Author:: Leonardo Borlinia and Francesco Montanaro
Publication Date:: 03-2018
Content Type:: Working Paper
Institution:: Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
Abstract:: This article examines the recent evolution of the EU anti-money-laundering (AML) and counter-terrorist financing (CTF) legislative framework, focusing on the relationship between the main international standards in the field and the newest EU legislation. It suggests that international soft law norms—in particular, the Financial Action Task Force (FATF) Recommendations—have had a decisive influence on the latest development of legislation at the EU level and within its member states. It further argues that mainly the preventive component of the AML/CTF legislation will be strengthened by the EU instruments adopted in mid-2015. However, this Article concludes that the adoption of global soft standards has posed significant challenges to the EU legislative framework. The arguments are developed in four parts. The Article first highlights the main regulatory prescriptions that stem from the study of the phenomenology and the economics of AML/CTF regulation and underpin the current international regulatory paradigm. Second, it explores the evolution of the main international instruments in the field with a special focus on the role played by the FATF Recommendations. It also illustrates the relation between these instruments and the adoption of the new EU AML/CTF legislation from two different, but complementary, angles: (1) noting that the current international AML/CTF framework has a multidisciplinary approach, the Article focuses on the framework's repressive component and assessing the limits of the EU criminal approach against money laundering and terrorist financing; and (2) examining the recent EU preventive legislation and addressing the main challenges posed to the EU legislative framework when attempting to accommodate global standards, especially regarding tensions with fundamental freedoms and human rights protected within the EU.
Topic:: Corruption, Crime, Economics, International Trade and Finance, Law, Finance, and Global Political Economy
Political Geography:: Global Focus

71. Trade linkages and firm value: evidence from the 2018 US-China "trade war"

Author:: Yi Huang, Chen Lin, Sibo Liu, and Heiwai Tang
Publication Date:: 04-2018
Content Type:: Working Paper
Institution:: Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
Abstract:: On March 22, 2018, Trump proposed to impose tariffs on up to $50 billion of Chinese imports leading to a significant concern over the "Trade War" between the US and China. We evaluate the market responses to this event for firms in both countries, depending on their direct and indirect exposures to US-China trade. US firms that are more dependent on exports to and imports from China have lower stock and bond returns but higher default risks in the short time window around the announcement date. We also find that firms' indirect exposure to US-China trade through domestic input-output linkages affects their responses to the announcement. These findings suggest that the structure of US-China trade is much more complex than the simplistic view of global trade that engendered Trump's "Trade War" against China.
Topic:: Economics, International Cooperation, International Trade and Finance, Global Political Economy, Trade Wars, and Exports
Political Geography:: United States, China, and Asia

72. What Holds African LDC Exports Back? Translating Global Trade Alert Data Into A Positive Trade Agenda For Africa

Author:: Pamela Anne Bayona, Vincent Martin Beyer, and Olayinka Oladeji
Publication Date:: 01-2018
Content Type:: Working Paper
Institution:: Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
Abstract:: Trade-Restrictive Measures (TRM) are an area of huge concern to importers and exporters in African Union Least Developed Countries (AU LDCs) located in Sub-Saharan Africa. This report identifies and analyses discriminatory government policies that adversely affect AU LDCs over the period 2009 to 2017 by using the Global Trade Alert database, a database that collects information on trade-discriminatory measures implemented by countries worldwide. The research by the students shows that the most frequently encountered TRM types are import tariff measures, tax-based export incentives, trade finance measures, public procurement localisation and export taxes. However, the Global Trade Alert excludes Technical Barriers to Trade and Sanitary and Phytosanitary measures that are formally justifiable as serving public interests, but are typically the most commonly cited as the biggest obstacles to trade. The report also provides policy recommendations and negotiation positions to the AU LDC Countries to move from a defensive trade agenda to an offensive one.
Topic:: Development, Economics, International Trade and Finance, Developing World, Global Political Economy, and Free Trade
Political Geography:: Africa and African Union

73. Conditional Pricing of Currency Risk in Africa's Equity Market

Author:: Odongo Kodongo and Kalu Ojah
Publication Date:: 01-2018
Content Type:: Research Paper
Institution:: African Economic Research Consortium (AERC)
Abstract:: In this paper, we sought to establish whether Africa’s volatile currencies drive equity risk premium. We use the stochastic discount factor (SDF) framework to estimate various conditional specifications of the International Capital Asset Pricing Model through generalized method of moments technique. Our results show strong evidence of conditional, time-varying currency risk premium in equity returns. Currency risk is also perceived by international investors as important in informing the equities pricing kernel. We also find evidence that international investors are worried about Africa’s small size equity markets and build anticipated low trading into their pricing calculus.
Topic:: Development, Economics, International Trade and Finance, Global Political Economy, Economic Growth, Capital Flows, Currency, and Profit
Political Geography:: Africa

74. Shipping Migrants in the Age of Steam: The Rise and Rise of the Messageries Maritimes c. 1870-1914

Author:: Riccardo Liberatore and Christopher McKenna
Publication Date:: 09-2018
Content Type:: Case Study
Institution:: Oxford Centre for Global History
Abstract:: Around the middle of the nineteenth century the full effects of steam technology were starting to be felt in western industry and transport. The steam engine had been patented by a Scottish engineer named James Watt in 1781 but the first experiments in steam powered trains and ships occurred towards the beginning of the nineteenth century. The Atlantic Ocean became a laboratory for maritime engineers. Its first crossing entirely by steam was achieved in 1838 by the SS Great Western, a wooden-hulled paddlewheel steamer designed by the celebrated English engineer, Isambard Kingdom Brunel. It wasn’t until the final decades of the nineteenth century, however, that steam engines came to replace sails entirely. The obstacles remained many and the new technology was adopted with some apprehension due to the spectacular explosions, collisions and shipwrecks that littered its early history (the sinking of the SS Titanic in 1912, property of the White Star Line from Liverpool, is the most well known). Nonetheless, its effects rippled across international commerce and global politics. Spearheading the change were mostly European shipping companies that, with the support of their imperial backers, exploited the decline in American shipping and the technological inferiority of Asian competitors, and rushed forwards. One of these companies was the French Messageries Maritimes. In its heyday it was known as France’s postman in the Mediterranean. In 1851 it had been awarded a substantial government subsidy to deliver post and carry government personnel across the Mediterranean, subsequently renewed at regular intervals for almost a century. At the time Algeria was France’s only colonial possession in the region (it added Tunisia in 1881 and Morocco in 1912), but its commercial interests in the area were many (for instance the Suez Canal, completed in 1869, was constructed by a French company under the stewardship of Ferdinand de Lesseps, a French engineer) and the communities of French men and women living on its shores were numerous. Despite the continued reliance on government contracts, the Messageries Maritimes still had to navigate its way skilfully in a global industry characterized by large costs, high order logistical challenges and intense international competition. How it managed to do so and why it chose to enter the migrant shipping market is the subject of this case-study.
Topic:: Migration, Science and Technology, History, Capitalism, and Global Political Economy
Political Geography:: Europe, France, Spain, England, and Scotland

75. Human Rights and Economic Policy Under the Argentine Military Dictatorship, 1976-1983

Author:: Greg Ross
Publication Date:: 08-2018
Content Type:: Special Report
Institution:: Center for the Opening and Development of Latin America (CADAL)
Abstract:: The conflict between a liberal economic agenda and a politics of repression appeared throughout the Argentine military dictatorship. Tensions between the junta’s pro-market and political agendas surfaced in various economic policies, such as international trade. During the dictatorship, Argentina increased trade with countries in the Soviet sphere: of the ninety-nine bilateral economic agreements signed between 1976 and 1983, thirty were with Soviet countries, China, or Cuba. Cases such as that of the military dictatorship suggest how domestic politics—especially the politics of human rights—can become intertwined with, opposed, and shaped by economic interests.
Topic:: Economics, Democracy, Global Political Economy, Economic Policy, and Dictatorship
Political Geography:: China, Argentina, and Soviet Union

76. Lessons Notes on Capacity Development in Africa

Publication Date:: 01-2018
Content Type:: Special Report
Institution:: The African Capacity Building Foundation (ACBF)
Abstract:: ACBF with close to three decades of capacity building on the continent, it is high time to reflect on and share in a single document the lessons learnt in these efforts. This volume, therefore, tackles important questions including: what works, what doesn’t work in capacity development interventions and why? What are the implementation bottlenecks facing countries? What critical factors need to be reconsidered and what initiatives should be undertaken to effectively and sustainably support the capacity development efforts on the continent? What results have these capacity building efforts produced for African citizens? Are there adaptable generic capacity building tools that have emerged from over a quarter century of ACBF engagement with African institutions and societies?
Topic:: Development, Global Political Economy, Capacity, and Economic Development
Political Geography:: Africa and Global Focus

77. Transnational Advocacy Networks. Twenty Years of Evolving Theory and Practice

Author:: César Rodríguez and Peter Evans
Publication Date:: 11-2018
Content Type:: Special Report
Institution:: Dejusticia
Abstract:: Activists, particularly those based in the global South, have accumulated a wealth of experience in dealing with a range of transnational networks operating in diverse issue areas. New theoretical understandings have reflected this accumulating experience. As the twentieth century came to a close, the practice of global and transnational politics was undergoing a sea change. Understandings of its dynamics were changing along with the practice. Classic paradigms of international relations, which had focused almost exclusively on relations among nation-states, were being expanded to consider the impact of transnational civil society organizations. Recognition of the role of new nonstate actors in global politics was epitomized by the impact of Margaret Keck and Kathryn Sikkink’s Activists beyond Borders in 1998. Their framework is a foundational reference point for the analyses of recent and future trends that are set out in this book. This volume brings together a set of ten essays by reflective activists who draw on their experience to provide new insights into what has been happening in the world of transnational advocacy, and by engaged academics who are committed to using the tools of their disciplines to contribute to the same agenda. The essays reflect not only the views of individual authors but also the collective dialogue among the authors at the workshop where the papers were originally presented in the spring of 2015.
Topic:: Civil Society, Non State Actors, Global Political Economy, Networks, and transnationalism
Political Geography:: Global South

78. Explaining Globalization Scepticism

Author:: Erik Lundsgaarde
Publication Date:: 03-2018
Content Type:: Special Report
Institution:: Danish Institute for International Studies (DIIS)
Abstract:: Critical public attitudes toward economic globalization reflect a response to different facets of globalization and varied consequences of international market integration for individuals. The distribution of benefits and losses related to globalization provides a starting point for numerous studies of attitudes toward economic integration. Individuals perceive globalization’s benefits differently depending on their sector of employment or level of educational attainment, among other factors. In addition to these explanations, attention to the institutions and policies that influence how governments engage with globalization and manage its domestic consequences can also inform the analysis of why scepticism to economic integration varies across national settings. This report reviews academic literature dealing with attitudes toward globalization and the linkages between globalization and national political processes to situate the extent of globalization scepticism in Denmark alongside experiences in France and Germany. It provides an overview of trends in attitudes toward globalization in these countries and examines possible drivers of the trends.
Topic:: Globalization, Governance, Global Markets, and Global Political Economy
Political Geography:: Europe, France, Germany, and Denmark

79. Striking a Balance: Straight Talk on the Global Economy

Author:: Michelle Nicholasen
Publication Date:: 02-2018
Content Type:: Working Paper
Institution:: Weatherhead Center for International Affairs, Harvard University
Abstract:: or more than two decades, economist Dani Rodrik has warned about the dangers of what he has called “hyperglobalization.” He has long argued that national economies and domestic policies should have priority amidst a rising tide of unfettered globalization and open markets. Today we have some evidence that he was right. Our race toward “one world economy” has produced consequences in the form of global social inequality and populist or extremist political movements, for example. Rodrik envisions a way to keep bringing down trade barriers while maintaining the integrity of the nation-state. His latest book, Straight Talk on Trade, is a synthesis of his monthly columns for Project Syndicate, and functions as a roadmap of Rodrik’s prolific analyses. The Weatherhead Center spoke to him about his long view on world economies.
Topic:: Globalization, Science and Technology, and Global Political Economy
Political Geography:: Global Focus

80. ASEAN as an FDI Attractor: How Do Multinationals Look at ASEAN?

Author:: Masahito Ambashi
Publication Date:: 01-2017
Content Type:: Policy Brief
Institution:: Economic Research Institute for ASEAN and East Asia (ERIA)
Abstract:: This policy brief presents an overview of the ASEAN economy in terms of its economic relationship with multinationals, particularly Japanese companies, that have long invested in this region. ASEAN has been an attractor of foreign direct investment (FDI). Business interest in ASEAN has increased again recently due to the (i) relatively low wage of ASEAN compared to China, (ii) establishment of the ASEAN Economic Community (AEC), (iii) economic partnership network with a core of ASEAN countries, (iv) large-scale market covered by ASEAN, and (v) rise of CLMV countries (Cambodia, Lao PDR, Myanmar, and Viet Nam). In these trends, ASEAN has established a reciprocal economic relationship with other countries and regions. To develop its economy, ASEAN member states are expected to further advance the AEC at a high level. Hence, ASEAN must address challenges such as deepening further economic integration and narrowing development gaps in the region. Most importantly, ASEAN still needs to increase the attractiveness of its 'whole region' as an essential and integral part of global value chains to draw further FDI.
Topic:: Economics, International Political Economy, International Trade and Finance, and Global Political Economy
Political Geography:: Japan and Southeast Asia

81. Latin America at a Crossroads

Author:: Antonella Mori and Loris Zanatta
Publication Date:: 02-2017
Content Type:: Special Report
Institution:: Italian Institute for International Political Studies (ISPI)
Abstract:: Latin America is at a crossroads. The “golden age” inaugurated with the turn of the new millennium seems a faint memory. Economies that had grown at a steady pace are now slowing down, while some are in freefall. Politically, the “pink tide” of populist movements is now ebbing. From Brazil to Venezuela, from Argentina to Bolivia, left-leaning leaders across the region seem to have lost their bond with the people. Their promises of an equitable society through an apparently never-ending redistribution of wealth crashed against the reality of shortsighted and unsustainable policies. Political and social turmoil are heralding an era of changes and – maybe – of new opportunities for Latin America. And this ‘great transformation’ is precisely what this volume is all about. Where is it leading to? Does it mark the beginning of a new age? Which lessons can be learnt from the past? Leading international scholars and experts scratch beneath the surface of Latin America’s current crisis to have a clearer glimpse of what the future holds and draw policy recommendations, especially for the EU.
Topic:: Reform, Economic structure, and Global Political Economy
Political Geography:: Latin America and European Union

82. How not to create zombie banks: lessons for Italy from Japan

Author:: Mark Hallerberg and Christopher Gandrud
Publication Date:: 03-2017
Content Type:: Policy Brief
Institution:: Bruegel
Abstract:: Japan serves as a cautionary tale for Italy on how to clean up banking-sector problems. A general lesson is the need for policies to forthrightly address non-performing loans (NPLs) in countries with widespread banking problems. This helps address zombie banks and sluggish economic growth. The Japanese experience indicates that three elements are necessary to address NPLs: (a) sufficiently capitalised banks that can take losses from NPL write-downs; (b) an independent regulator that can identify problems and force action; and (c) tools to manage the orderly disposal of NPLs. The problem is not that this combination of policy tools is unknown, but that banks and governments lack incentives to use them in combination. Italy’s December 2016 package providing €20 billion for recapitalisation of banks is a step in the right direction. Similarly, pressure from the European Central Bank on Italian authori- ties and on banks to address NPLs is welcome. However, policy tools to manage and dispose of NPLs and, just as importantly, incentives to use them, are lacking. In January 2017, the European Banking Authority published a set of policy proposals for NPL resolution. Those include national and European-level public asset management companies (AMC), also known as ‘bad banks’. We argue that in Italy, the incentives to use such tools and dispose of NPLs have been weak.
Topic:: International Trade and Finance, Political Economy, Economic structure, and Global Political Economy
Political Geography:: Japan and Italy

83. Too Big to Fail: Egypt’s Large Enterprises After the 2011 Uprising

Author:: Amr Adly
Publication Date:: 03-2017
Content Type:: Research Paper
Institution:: Carnegie Endowment for International Peace
Abstract:: Large private enterprises are vital to Egypt’s economy and stability. After the 2011 uprising, they lost political sway due to their ties to the regime of former president Hosni Mubarak. However, Egypt’s economic crisis pushed successive regimes to reverse measures taken against these enterprises, affirming their role in economic revitalization. Though cut off from patronage networks after Egypt’s 2013 coup, enterprises are more autonomous from the state today. This may create advantageous openings if the state’s dependence on them grows.
Topic:: International Affairs, Global Markets, and Global Political Economy
Political Geography:: Egypt

84. India’s Trade Policy Dilemma and the Role of Domestic Reform

Author:: Hardeep.S Puri
Publication Date:: 02-2017
Content Type:: Research Paper
Institution:: Carnegie Endowment for International Peace
Abstract:: India faces significant challenges in the area of trade policy— the global economic slowdown, increasing protectionism, the stalled mega-trade deals that could in time be revived, and perhaps more important, its own domestic preoccupations. For India to achieve its policy objectives, the government and industry, particularly the manufacturing sector, must prepare for opportunities and greater engagement in an evolving multilateral trade arena. India’s priorities should include taking policy measures to conform to global standards and supporting the World Trade Organization (WTO) to relaunch multilateral negotiations.
Topic:: International Trade and Finance, Global Markets, and Global Political Economy
Political Geography:: India

85. Qatar: The Limits of Nouveau Riche Diplomacy

Author:: Gil Feiler and Hayim Zeev
Publication Date:: 04-2017
Content Type:: Research Paper
Institution:: The Begin-Sadat Centre for Strategic Studies (BESA)
Abstract:: Under the leadership of Sheikh Hamad al-Thani (1995-2013), Qatar established itself as a regional mini superpower. It launched and subsidized the global media giant Al Jazeera, poured billions into its unrivalled liquefied natural gas infrastructure, made a successful bid for the 2022 FIFA World Cup, and diversified its economy through international acquisitions by its Qatari Investment Authority. This newfound wealth emboldened the emirate to attempt to broaden its diplomatic profile and extend its influence. And it is in this sphere that its maverick foreign policy, which at times spanned the world’s most fraught ideological lines, has led to increased tensions with its immediate neighbors and some unequivocal diplomatic disasters.
Topic:: Diplomacy, International Trade and Finance, and Global Political Economy
Political Geography:: Middle East

86. Cost of Aging

Author:: Ronald Lee and Andrew Mason
Publication Date:: 03-2017
Content Type:: Commentary and Analysis
Institution:: East-West Center
Abstract:: In advanced economies around the world, population growth is slowing down and populations are growing older. Economic growth is also slowing, at least in part because of the slow growth of the labor force and of populations as a whole—despite immigration. Many empirical studies have found that gross domestic product (GDP) growth slows roughly one to one with declines in labor-force and population growth—a disquieting prospect for the United States and for advanced economies in Asia and Europe. If there are fewer workers to support a growing elderly population and worker productivity remains the same, either consumption must be reduced or labor supply increased—for example, through later retirement. By 2050, the projected slowdown in growth of the labor supply could lead to a drop in consumption of 25 percent in China, 9 percent in the United States, and 13 percent in other high-income countries. The situation could be improved, however, by a rise in labor-force productivity. In fact, standard growth models predict that slower population growth will lead to rising output and wages per worker. The underlying question is whether this higher output per worker will be sufficient to offset the rise in the number of dependents per worker as the population ages. To help answer this question, this article looks more closely at how economic activity varies by age, drawing on national transfer accounts, which measure how people at various ages produce, consume, and save resources. This analysis shows that GDP and national income growth will most certainly slow down as populations age, but the effect on individuals—as measured by per capita income and consumption—may be quite different.
Topic:: International Relations and Global Political Economy
Political Geography:: Global Focus

87. Managing Conflicts of Interest in the NHS: A Consultation SUBMISSION FROM TRANSPARENCY INTERNATIONAL UK’S PHARMACEUTICALS & HEALTHCARE PROGRAMME

Author:: Transparency International
Publication Date:: 01-2017
Content Type:: Special Report
Institution:: Transparency International
Abstract:: In this submission, Transparency International UK’s Pharmaceuticals & Healthcare Programme provides a response to NHS England’s Managing Conflicts of Interest in the NHS: A Consultation. The UK spends 9.9% of GDP on public and private healthcare, with private expenditure only accounting for 1.5%.1 The NHS England annual budget alone is set to rise to £120 billion with the vast majority being spent on equipment and services.2 The complex nature of the health system, a lack of adequate oversight and this level of resources makes the health sector highly vulnerable to conflicts of interest. Improving the transparency of interactions between NHS staff and other individuals and organisations, and minimising the variation in conflicts of interest rules across the NHS, is vital to fighting corruption.
Topic:: Health and Global Political Economy
Political Geography:: Britain

88. After the TPP: What’s Next for Canada in Asia?

Author:: Hugh Stephens
Publication Date:: 04-2017
Content Type:: Policy Brief
Institution:: Canadian Global Affairs Institute (CGAI)
Abstract:: The Trump administration’s arrival has scrambled the cards in the trade policy world. Not only will the North American Free Trade Agreement (NAFTA) be reopened with uncertain results, but President Donald Trump has scuttled the Trans-Pacific Partnership (TPP) by announcing the United States’ withdrawal from the agreement. Canada, originally cool toward the TPP, pushed hard to be included in it. The TPP became the centrepiece of Canada’s Asia trade strategy, notwithstanding some public ambivalence on the part of the Trudeau government. With the TPP in its present form now in limbo, Canada still has options in Asia. First, it can keep an open mind with regard to the possible reconstitution of the TPP in another form, such as “TPP Minus One” (i.e., minus the U.S.). It should also push to reopen the bilateral negotiations with Japan that were suspended when that country joined the TPP negotiations. Canada is already exploring the possibility of an economic partnership agreement with China, perhaps on a sectoral basis, and simultaneously, it should actively pursue negotiation of a free trade agreement with the Association of Southeast Asian Nations (ASEAN) community. This could in time provide Canada access to the Regional Comprehensive Economic Partnership Agreement (RCEP) currently being negotiated among 16 countries in the Asia-Pacific region and would position Canada well in the eventuality that a Free Trade Area of Asia-Pacific (FTAAP) emerges. In the meantime, uncertainty regarding NAFTA’s future needs to be addressed. This uncertainty makes it more difficult for Canada to attract Asian investment but it also provides further impetus for Canada to diversify its trading relationships and to explore stronger relationships with Asian economies.
Topic:: International Affairs and Global Political Economy
Political Geography:: Canada and Asia

89. Measuring Rents from Public Employment: Regression Discontinuity Evidence from Kenya - Working Paper 457

Author:: Justin Sandefur, Tessa Bold, and Nicholas Barton
Publication Date:: 06-2017
Content Type:: Working Paper
Institution:: Center for Global Development (CGD)
Abstract:: Public employees in many developing economies earn much higher wages than similar private-sector workers. These wage premia may reflect an efficient return to effort or unobserved skills, or an inefficient rent causing labor misallocation. To distinguish these explanations, we exploit the Kenyan government’s algorithm for hiring eighteen-thousand new teachers in 2010 in a regression discontinuity design. Fuzzy regression discontinuity estimates yield a civil-service wage premium of over 100 percent (not attributable to observed or unobserved skills), but no effect on motivation, suggesting rent-sharing as the most plausible explanation for the wage premium.
Topic:: Employment and Global Political Economy
Political Geography:: Kenya

90. The Labor Market Effects of Refugee Waves: Reconciling Conflicting Results

Author:: Michael Clemens and Jennifer Hunt
Publication Date:: 05-2017
Content Type:: Working Paper
Institution:: Center for Global Development (CGD)
Abstract:: An influential strand of research has tested for the effects of immigration on natives’ wages and employment using exogenous refugee supply shocks as natural experiments. Several studies have reached conflicting conclusions about the effects of noted refugee waves such as the Mariel Boatlift in Miami and post-Soviet refugees to Israel. We show that conflicting findings on the effects of the Mariel Boatlift can be explained by a sudden change in the race composition of the Current Population Survey extracts in 1980, specific to Miami but unrelated to the Boatlift. We also show that conflicting findings on the labor market effects of other important refugee waves can be produced by spurious correlation between the instrument and the endogenous variable introduced by applying a common divisor to both. As a whole, the evidence from refugee waves reinforces the existing consensus that the impact of immigration on average native-born workers is small, and fails to substantiate claims of large detrimental impacts on workers with less than high school.
Topic:: Refugee Issues, Financial Markets, and Global Political Economy
Political Geography:: Global Focus

91. Gender Matters in Economic Empowerment Interventions: A Research Review

Author:: Mayra Buvinic and Megan O'Donnell
Publication Date:: 05-2017
Content Type:: Working Paper
Institution:: Center for Global Development (CGD)
Abstract:: A review of the recent evaluation evidence on financial services and training interventions questions their gender neutrality and suggests that some design features in these interventions can yield more positive economic outcomes for women than for men. These include features in savings and ‘Graduation’ programs that increase women’s economic self-reliance and self-control, and the practice of repeated micro borrowing that increases financial risk-taking and choice. ‘Smart’ design also includes high quality business management and jobs skills training, and stipends and other incentives in these training programs that address women’s additional time burdens and childcare demands. Peer support may also help to increase financial risk taking and confidence in business decisions, and may augment an otherwise negligible impact of financial literacy training. These features help women overcome gender-related constraints. However, when social norms are too restrictive, and women are prevented from doing any paid work, no design will be smart enough. Subjective economic empowerment appears to be an important intermediate outcome for women that should be promoted and more reliably and accurately measured. More research is also needed on de-biasing service provision, which can be gender biased; lastly, whenever possible, results should be sex-disaggregated and reported for individuals as well as households.
Topic:: Gender Issues, International Trade and Finance, and Global Political Economy
Political Geography:: Global Focus

92. Expanding Global Liquidity Insurance: Myths and Realities of the IMF’s Precautionary Credit Lines

Author:: Nancy Birdsall, Liliana Rojas-Suarez, and Anna Diofasi
Publication Date:: 02-2017
Content Type:: Working Paper
Institution:: Center for Global Development (CGD)
Abstract:: Despite increasing volatility in the global economy, the uptake of the IMF’s two precautionary credit lines, the Flexible Credit Line (FCL) and the Precautionary and Liquidity Line (PLL), has remained limited—currently to just four countries. The two new lending instruments were created in the wake of the global financial crisis of 2008 to enable IMF member states to respond quickly and effectively to temporary balance of payment needs resulting from external shocks. Both credit lines offer immediate access to considerable sums—over 10 times a country’s IMF quota in some cases with no (FCL) or very limited (PLL) conditionality. This paper addresses four misconceptions (or ‘myths’) that have likely played a role in the limited utilization of the two precautionary credit lines: 1) too stringent qualification criteria that limit country eligibility; 2) insufficient IMF resources; 3) high costs of precautionary borrowing; and 4) the economic stigma associated with IMF assistance. We show, in fact, that the pool of eligible member states is likely to be seven to eight times larger than the number of current users; that with the 2016 quota reform IMF resources are more than adequate to support a larger precautionary portfolio; that the two IMF credit lines are among the least costly and most advantageous instruments for liquidity support countries have; and that there is no evidence of negative market developments for countries now participating in the precautionary lines.
Topic:: International Trade and Finance and Global Political Economy
Political Geography:: Global Focus

93. Fiscal Policy, Income Redistribution and Poverty Reduction in Low and Middle Income Countries

Author:: Nora Lustig
Publication Date:: 01-2017
Content Type:: Working Paper
Institution:: Center for Global Development (CGD)
Abstract:: Current policy discussion focuses primarily on the power of fiscal policy to reduce inequality. Yet, comparable fiscal incidence analysis for 28 low and middle income countries reveals that, although fiscal systems are always equalizing, that is not always true for poverty. In Ethiopia, Tanzania, Ghana, Nicaragua, and Guatemala the extreme poverty headcount ratio is higher after taxes and transfers (excluding in-kind transfers) than before. In addition, to varying degrees, in all countries a portion of the poor are net payers into the fiscal system and are thus impoverished by the fiscal system. Consumption taxes are the main culprits of fiscally-induced impoverishment. Net direct taxes are always equalizing and indirect taxes net of subsidies are equalizing in nineteen countries of the 28. While spending on pre-school and primary school is pro-poor (i.e., the per capita transfer declines with income) in almost all countries, pro-poor secondary school spending is less prevalent, and tertiary education spending tends to be progressive only in relative terms (i.e., equalizing but not pro-poor). Health spending is always equalizing but not always pro-poor. More unequal countries devote more resources to redistributive spending and appear to redistribute more. The latter, however, is not a robust result across specifications.
Topic:: International Trade and Finance and Global Political Economy
Political Geography:: Global Focus

94. An Assessment of the Economic Impact of Brexit on the EU27

Author:: Michael Emerson
Publication Date:: 03-2017
Content Type:: Commentary and Analysis
Institution:: Centre for European Policy Studies (CEPS)
Abstract:: A team of economists at CEPS was commissioned by the Policy Department on Economic and Scientific Policies for the Committee on Internal Market and Consumer Protection to assess the likely economic impact of Brexit on EU27, together with some scenarios for the terms of the UK’s secession. For the EU 27, the losses were found to be virtually insignificant, and hardly noticeable in the aggregate. For the UK, however, the losses could be highly significant, with various estimates running up to ten times greater as a share of GDP. Impacts on some member states – in particular Ireland – and some sectors in the EU27 could be more pronounced than the average for the EU27. Michael Emerson is Associate Senior Research Fellow, Matthias Busse is Researcher, Mattia Di Salvo is Research Assistant, Daniel Gros is Director and Jacques Pelkmans is Senior Research Fellow – all at CEPS.
Topic:: Economics, Brexit, and Global Political Economy
Political Geography:: Europe

95. Tightening by Stealth: Why keeping the balance sheet of the Federal Reserve constant is equivalent to a gradual exit

Author:: Daniel Gros
Publication Date:: 06-2017
Content Type:: Working Paper
Institution:: Centre for European Policy Studies (CEPS)
Abstract:: Exiting from unconventional monetary policies is now a key issue for central banks, and especially for the US Federal Reserve. This paper argues that the Fed already began this exit some time ago, and that the relevant part of its balance sheet has already shrunk by about one-quarter of GDP. Pursuing the current policy of reinvesting would lead to a full exit within ten years.
Topic:: International Affairs and Global Political Economy
Political Geography:: America

96. Automate This: Building the Perfect 21st-Century Worker

Author:: Rachael Stephens
Publication Date:: 04-2017
Content Type:: Special Report
Institution:: Third Way
Abstract:: Based on our review of skill shortages, growth trends, and labor market demands, Third Way has identified the four skillsets that will make people successful and resilient in the new economy. They are the personal skills and thinking skills that automation can’t easily replicate, the digital skills to work with new technology, and job-specific skills for sectors facing major labor shortages.
Topic:: International Affairs and Global Political Economy
Political Geography:: Global Focus

97. Follow the External (Balance of Payments) Breakevens of the Oil Exporters

Author:: Brad W. Setser
Publication Date:: 07-2017
Content Type:: Commentary and Analysis
Institution:: Council on Foreign Relations
Abstract:: The global impact of oil’s fall from $100 plus to under $50 a barrel has not gotten as much attention as I think it deserves. For most oil exporters, it has been a profound shock—one that forced such a massive contraction in imports that it pulled down global trade (far more than the trade remedies that tend to dominate the ‘trade” news). A few countries adjusted quickly and relatively efficiently (Russia), though not painlessly. A few have struggled to adapt—notably, because of its large external debt, poor policies, and growing political crisis, Venezuela.
Topic:: Oil and Global Political Economy
Political Geography:: Global Focus

98. Southeast Asian Perspectives on U.S.–China Competition

Author:: Aaron Connely
Publication Date:: 08-2017
Content Type:: Special Report
Institution:: Council on Foreign Relations
Abstract:: In April 2016, the Lowy Institute and the Council on Foreign Relations' International Institutions and Global Governance program held a workshop on Southeast Asian perspectives on U.S.–China competition, which informed this publication. That workshop was made possible in part by the generous support of the Robina Foundation. This report is a collaboration between the Lowy Institute and the Council on Foreign Relations. The views expressed in this report are entirely the authors' own and not those of the Lowy Institute, the Council on Foreign Relations, or the Robina Foundation.
Topic:: Governance and Global Political Economy
Political Geography:: China and America

99. Managing a Smaller U.S. Strategic Petroleum Reserve

Author:: Jennifer Harris
Publication Date:: 07-2017
Content Type:: Research Paper
Institution:: Council on Foreign Relations
Abstract:: Comprising roughly 700 million barrels of crude oil stored in caverns throughout Texas and Louisiana, the U.S. Strategic Petroleum Reserve (SPR) was established by Congress in the mid-1970s in response to the 1973–74 Arab oil embargo and ensuing oil price shocks. Its purpose was to insulate the United States from crude oil supply disruptions. In the decades since, despite significant changes in global oil markets, the basic logic and design of the SPR have remained largely unchanged.
Topic:: Global Political Economy
Political Geography:: America

100. Interactive: Oil Exporters' External Breakeven Prices

Author:: Brad Sester and Cole Frank
Publication Date:: 07-2017
Content Type:: Special Report
Institution:: Council on Foreign Relations
Abstract:: The 2014 fall in global oil prices, from over $100 a barrel to around $50 a barrel, reduced the export proceeds of the world’s main oil- and gas-exporting economies by about $1 trillion. After a decade of largely uninterrupted high oil prices, this dramatic swing has tested the economic resiliency and political adaptability of oil-exporting countries. One of the best single measures of the resilience of an oil- or gas-exporting economy is the oil price that covers its import bill—the external breakeven price.
Topic:: Oil and Global Political Economy
Political Geography:: America

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