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132. Classifying Exchange Rate Regimes: 15 Years Later
- Author:
- Eduardo Levy-Yeyati and Federico Sturzenegger
- Publication Date:
- 06-2016
- Content Type:
- Working Paper
- Institution:
- The John F. Kennedy School of Government at Harvard University
- Abstract:
- Levy Yeyati and Sturzenegger (2001, 2003, 2005) proposed an exchange rate regime classification based on cluster analysis to group countries according to the relative volatility of exchange rates and reserves, thereby shifting the focus from a de jure to de facto approach in the empirical analysis of exchange rate policy. This note extends the classification through 2014 and broadens the country sample, increasing the number of classified country-year observations from 3335 to 5616. Based on this extension, the note documents the main stylized facts in the 2000s, including the behavior of exchange rate policy around the global financial crisis, and the prevalence of floating regimes.
- Topic:
- Economy, Global Political Economy, Global Financial Crisis, and Exchange Rate Policy
- Political Geography:
- Global Focus and Global Markets
133. The United States and Future Policy Options in the Taiwan Strait
- Author:
- Mark Stokes
- Publication Date:
- 02-2016
- Content Type:
- Working Paper
- Institution:
- Project 2049 Institute
- Abstract:
- Taiwan is a core interest in U.S. foreign policy. Its values, technological prowess, and geostrategic position align with foundational American values and priorities for the region, making it a crucial U.S. partner in the Asia Pacific. As such, ensuring a stable and positive future for Taiwan as a democracy and a primary contributor to the global economy and international community is a high priority. This monograph concludes that a more objective representation of the status quo in the Taiwan Strait may better serve long-term U.S. interests.
- Topic:
- Foreign Policy, Partnerships, Geopolitics, Global Political Economy, and International Community
- Political Geography:
- China, Taiwan, Asia, North America, and United States of America
134. Aligning Incentives, Accelerating Impact
- Author:
- Rachel Silverman, Mead Over, and Sebastian Bauhoff
- Publication Date:
- 12-2015
- Content Type:
- Special Report
- Institution:
- Center for Global Development (CGD)
- Abstract:
- Founded in 2002, the Global Fund to Fight AIDS, Tuberculosis and Malaria (the Global Fund) is one of the world’s largest multilateral health funders, disbursing $3–$4 billion a year across 100-plus countries. Many of these countries rely on Global Fund monies to finance their respective disease responses—and for their citizens, the efficient and effective use of Global Fund monies can be the difference between life and death. Many researchers and policymakers have hypothesized that models tying grant payments to achieved and verified results—referred to in this report as next generation financing models—offer an opportunity for the Global Fund to push forward its strategic interests and accelerate the impact of its investments. Free from year-to-year disbursement pressure (like government agencies) and rigid allocation policies (like the World Bank’s International Development Association), the Global Fund is also uniquely equipped to push forward innovative financing models. But despite interest, the how of new grant designs remains a challenge. Realizing their potential requires technical know-how and careful, strategic decisionmaking that responds to specific country and epidemiological contexts—all with little evidence or experience to guide the way. This report thus addresses the how of next generation financing models—that is, the concrete steps needed to change the basis of payment from expenses to something else: outputs, outcomes, or impact. For example, when and why is changing the basis of payment a good idea? What are the right indicators and results to purchase from grantees? How much and how should grantees be remunerated for their achievements? How can the Global Fund verify that the basis of payment is sound—that the reported results are accurate and reliable and represent real progress against disease control goals? And what is needed to protect communities against coercion or other human rights abuses, ensuring that these new incentives do not drive unintended consequences?
- Topic:
- International Trade and Finance and Global Political Economy
- Political Geography:
- Global Focus
135. Combating Piracy in the Gulf of Guinea
- Author:
- Adeniyi Adejimi Osinowo
- Publication Date:
- 02-2015
- Content Type:
- Policy Brief
- Institution:
- Africa Center for Strategic Studies
- Abstract:
- Despite earning the inauspicious title in recent years as the shipping corridor with the highest number of piracy attacks in the world, regional responses to piracy and maritime security threats in the Gulf of Guinea, have been fragmentary. Maritime domain awareness remains low, interagency coordination is limited, and intra-regional coordination mechanisms that have been established are often underfunded.
- Topic:
- International Security, International Affairs, and Global Political Economy
- Political Geography:
- Papua New Guinea
136. Economic Policy Reforms in South Asia: An Overview and the Remaining Agenda
- Author:
- Pradumna B. Rana and Wai-Mun Chia
- Publication Date:
- 03-2015
- Content Type:
- Working Paper
- Institution:
- Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
- Abstract:
- In the past few years, the pace of economic growth in South Asia has slowed considerably for two reasons: unfavourable global economic environment and the slowing pace of economic reforms that once were the key drivers of the region’s dynamic economic performance and resilience. This paper focuses on the latter and following Rana (2011) and Rana and Hamid (1995), it argues that South Asian countries have not sequenced their reforms properly. The first round of reforms in South Asia that began in the 1980s and the early 1990s focused on macroeconomic reforms — monetary, fiscal, and exchange rate management, as well as reducing rigid government controls — which led to private sector driven economic growth. These should have been followed by the more microeconomic reforms — sectoral and the so-called “second generation” reforms to strengthen governance and institutions — to sustain the higher growth levels. But they were not and reforms ran out of steam because of, among others, lack of law and order, and corruption in the public sector. This paper finds a significant “governance gap” in South Asia that refers to how South Asia lags behind East Asia in terms of various governance indicators and how within South Asia some countries are ahead of others. The paper argues that in order to revive economic growth, South Asian countries must implement microeconomic reforms: it identifies the remaining policy agenda for each South Asian country. However, implementation of microeconomic reforms poses a difficult challenge as they require a wider consensus and political support and have a longer term focus. The recent election of Prime Minister Narendra Modi in India with a strong mandate for economic reform provides an environment of “cautious optimism” for all of South Asia.
- Topic:
- Governance, Reform, Global Political Economy, and Economic Development
- Political Geography:
- South Asia, India, and Asia
137. United States, Latin America and the XXI Century World: Forging a New Geopolitical Space
- Author:
- Severino Cabral
- Publication Date:
- 12-2015
- Content Type:
- Journal Article
- Journal:
- AUSTRAL: Brazilian Journal of Strategy International Relations
- Institution:
- Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
- Abstract:
- The paper aims to analyze the relationship of the United States and Cuba considering the post-Cold War international environment, characterized by the rise of a multipolar order and Chinese influence, and the emergence of the Latin world and other relevant regional actors in a new era of global economy.
- Topic:
- International Relations, Diplomacy, Regional Cooperation, and Global Political Economy
- Political Geography:
- United States, China, Cuba, Latin America, and North America
138. China and Vietnam in the South China Sea: Disputes and Strategic Questions
- Author:
- Talita Pinotti
- Publication Date:
- 12-2015
- Content Type:
- Journal Article
- Journal:
- AUSTRAL: Brazilian Journal of Strategy International Relations
- Institution:
- Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
- Abstract:
- The dispute between China and Vietnam in the South China Sea involves strategic interests that are mixed with cultural and historical heritages fundamental to the understanding of their respective positions. Ensure the sovereignty over the islands, for these countries, also means to ensure important economic and geopolitical interests in Asia.
- Topic:
- Sovereignty, Culture, Global Political Economy, Conflict, and Heritage
- Political Geography:
- China, Asia, Vietnam, and South China Sea
139. China's Political-Economic Institutions and Development
- Author:
- Chenggang Xu
- Publication Date:
- 10-2015
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- After more than three decades of economic reform, China has transformed from being one of the poorest economies in the world to being the second-largest economy measured by nominal exchange rates, or the largest economy measured by purchasing power. As such, it is important to elucidate the determinants of China’s future development. This article will focus on China’s institutions. I argue that although the size of China’s economy is extremely important in terms of its impact on the global economy, it is misleading to ignore political and economic institutions. Indeed, forecasts based on extrapolating past trends could be erroneous (see Pritchett and Summers 2014). China was the largest economy in the world before the end of the 19th century but then lost ground to Western nations that established the rule of law and free trade. To understand China’s past and future development, one has to examine its institutions.
- Topic:
- Economics, Reform, and Global Political Economy
- Political Geography:
- China and Asia
140. The Political Economy of International Migration: Three Important Perspectives
- Author:
- Mojúbàolú Olufúnké Okome
- Publication Date:
- 06-2015
- Content Type:
- Research Paper
- Institution:
- Ìrìnkèrindò: a Journal of African Migration
- Abstract:
- The publication of this issue is foreshadowed by the tragic drowning of hundreds of migrants, including Africans, in the Mediterranean Sea (BBC News 2015, Rosen 2015, Walsh, Almasy and Botelho 2015, Traynor 2015, Fottrell 2015). The sheer size of these drownings have once again caused popular horror and contemplation on causes and consequences of migration. The projection by the International Organization for Migration (IOM) that these deaths could increase to over 30,000 just in 2015 is anxiety provoking and shocking (AlJazeera News 2015, Brian and Laczko 2014). The drownings have also caused increased focus on the policies of popular destination countries and regions and critiques of the harshness of these regimes as well as calls for more humane migration policies, research and documentation of the root causes of migration, and heartrending accounts of migrants’ motives and harrowing experiences (Clegg 2015, Barker 2014, Kassam 2014). As well, they have caused intensified media attention to the circumstances that propel migration from various African countries and the choice of destinations in Europe. These conditions and circumstances are hardly new. Neither are the tales of woe that attend the serious decision to abandon familiar misery of migrants’ homelands in hopes of somehow experiencing the miracle of success in unknown climes (Sy 2006, Ndege 2006, Morris 2005, Bailey 2005, Travis August, Kingsley 2015).
- Topic:
- Migration, Political Economy, and Global Political Economy
- Political Geography:
- Africa and Europe