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  • Author: Anirudh Burman
  • Publication Date: 04-2021
  • Content Type: Working Paper
  • Institution: Carnegie Endowment for International Peace
  • Abstract: As India’s economy recovers from the coronavirus pandemic, Indian businesses need efficient financial structures to regain their ground. Key reforms to India’s Insolvency and Bankruptcy Code could fill these gaps. One of the key drivers of economic recovery in India will be the efficient movement of capital from inefficient firms to efficient ones. The economic downturn caused by the coronavirus pandemic has been severe, and India’s economy was one of the worst affected in 2020–2021. Though the economy is recovering faster than initial estimates, sustained economic recovery will not take place if stressed businesses cannot restructure their debts properly or if failing firms cannot be resolved efficiently. India’s bankruptcy law is key to solving these challenges. In 2016 India enacted the Insolvency and Bankruptcy Code, 2016 (IBC), which was a landmark reform to the nation’s financial system and the first comprehensive law to regulate insolvency.1 But the IBC has been suspended for a period of one year since the COVID-19-related lockdown was imposed in March 2020. In its place, India’s banking regulator, the Reserve Bank of India (RBI), has introduced a limited restructuring scheme for COVID-19-related stress in the meantime. Older mechanisms for insolvency that are still in operation have historically not worked according to expectations. As the one-year period of suspension comes to a close, this paper argues that bringing back the IBC—with adequate modifications—is an important prerequisite for sustained economic growth. India historically suffered from a patchwork framework of insolvency laws that either did not give lenders adequate powers to recover their debts upon default or only catered to the interests of certain kinds of lenders—to the exclusion of others.2 The IBC is a modern and comprehensive bankruptcy law that since its enactment has had a significant role in reducing the problem of nonperforming assets (NPAs), or “bad loans,” in India’s financial system. In the wake of the economic disruption caused by COVID-19, the Indian government suspended the operation of critical parts of the IBC. These changes meant that lenders could not trigger insolvency proceedings against defaulting businesses if the default occurred after March 20, 2020. While this suspension possibly prevented unnecessary business failures and provided a “calm period” for the economy, these measures have outlived their utility.
  • Topic: Law, Finance, Economy, COVID-19
  • Political Geography: South Asia, India
  • Author: Rachel Lastinger, Sandra Urquiza
  • Publication Date: 03-2021
  • Content Type: Special Report
  • Institution: Georgetown Journal of International Affairs
  • Abstract: Election observers are a crucial mechanism for transparency in the electoral process and can play a key role in electoral reform. In the United States, election observers’ findings can be more efficiently utilized to catalyze needed reform. The Carter Center has observed over 113 elections and supported citizen observer efforts in various countries. Drawing from this international experience, we suggest that US election observers can monitor the electoral process beyond election day, from voter registration to election dispute resolution and have a similar impact on electoral reform and integrity.
  • Topic: Civil Society, Governance, Law, Elections
  • Political Geography: United States of America, North America
  • Author: Paulina García-Del Moral
  • Publication Date: 02-2021
  • Content Type: Special Report
  • Institution: Georgetown Journal of International Affairs
  • Abstract: Mexican feminists have used the hashtag “la policía no me cuida, me cuidan mis amigas” (police do not protect me, my female friends do) to denounce and document sexual abuse and harassment at the hands of police and the sharp increase in police repression against feminist demonstrations. The repression of these feminist demonstrations suggests a new and disturbing pattern of the criminalization of women’s right to mobilize.
  • Topic: Security, Civil Society, Law, Women, Feminism, Conflict, Police, Girls
  • Political Geography: Central America, Mexico
  • Author: Joshua Fitt
  • Publication Date: 02-2021
  • Content Type: Special Report
  • Institution: Georgetown Journal of International Affairs
  • Abstract: Many of China’s technology companies perfect their products in the domestic market by facilitating the party-state’s oppression and data control, and subsequently seek to export the technology to fledgling authoritarian states or nations with fragile democracies. This is part of Beijing’s strategy to enhance its digital instruments of national power, normalize illiberal uses of technology, and equip foreign governments with the tools to replicate aspects of the CCP’s authoritarian governance model. If Washington wants to blunt this strategy, the US government needs to implement a comprehensive strategy of its own to address this.
  • Topic: Science and Technology, Governance, Law, Authoritarianism, Grand Strategy, Multilateralism
  • Political Geography: China, Asia, North America, United States of America
  • Author: Marie Hyland, Simeon Djankov, Pinelopi Koujianou Goldberg
  • Publication Date: 03-2021
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: reater legal equality between men and women is associated with a narrower gender gap in opportunities and outcomes, fewer female workers in positions of vulnerable employment, and greater political representation for women. While legal equality is on average associated with better outcomes for women, the experience of individual countries may differ significantly from this average trend, depending on the countries’ stage of development (as proxied by per capita GDP). Case studies from the Democratic Republic of the Congo, India, and Spain demonstrate this deviation. Especially in developing countries, legislative measures may not necessarily translate into actual empowerment, due mainly to deeply entrenched social norms, which render legal reforms ineffective. Women are more likely than men to be in vulnerable employment in low- and lower-middle-income economies but less likely than men to be in vulnerable employment in upper-middle- and high-income economies. Analysis of a 50-year panel of gendered laws in 190 countries reveals that country attributes that do not vary or change only slowly over time—such as a country’s legal origin, form of government, geographic characteristics, and dominant religion—explain a very large portion of the variation across countries. This finding suggests that the path to legal equality between men and women may be a long and arduous one. Nevertheless, the data also show that the past five decades have seen considerable progress toward legal gender equality. Gendered laws do evolve, suggesting a role for legal reforms in women’s economic empowerment.
  • Topic: Gender Issues, Law, Women, Inequality, Economy
  • Political Geography: Africa, Europe, South Asia, India, Democratic Republic of the Congo, Spain
  • Author: Martin Hopner
  • Publication Date: 01-2021
  • Content Type: Working Paper
  • Institution: Max Planck Institute for the Study of Societies
  • Abstract: In May 2020, for the first time in its history, the Federal Constitutional Court (FCC) of Germany declared Union acts as being ultra vires. According to the FCC, the European Central Bank (ECB) and the Court of Justice of the European Union (CJEU) had acted beyond their mandates because they did not apply strong proportionality standards to the ECB’s Public Sector Purchase Programme (PSPP). The resulting stalemate within constitutional pluralism has revived the discussion about the possible introduction of an Appeal Court with the “final say” over constitutional conflict. As the analysis of the PSPP conflict shows, such a judicial authority would reach its limits the more we move from the surface to the core of the struggles between European and national constitutional law. The different readings of proportionality are difficult to bridge, and the mutually exclusive claims about the nature of the supremacy of European law are not accessible to compromise at all. We should therefore not expect too much from an Appeal Court, if it were introduced.
  • Topic: Regional Cooperation, Law, European Union, Economic Cooperation, European Monetary Union, Banking
  • Political Geography: Europe
  • Author: Michael C. Davis
  • Publication Date: 02-2021
  • Content Type: Policy Brief
  • Institution: The Jamestown Foundation
  • Abstract: After the Hong Kong protest movement exploded in 2019, the world looked on with both hope and trepidation. Protestors made five demands: that a proposed extradition law be withdrawn; that there be an independent investigation of police behavior; that the protests stop being characterized as riots; that any charges against arrested protesters be dropped and that promised universal suffrage be implemented (HKPF, December 25, 2019). After months of protest, Hong Kong Chief Executive Carrie Lam publicly withdrew the extradition bill, fulfilling the first of the protestors’ demands (SCMP, September 4, 2019). But this temporary victory was too little too late and overshadowed by the ongoing and often violent crackdown on the protesters, and then in 2020, with Beijing’s imposition of the new National Security Law (NSL) (China Brief, July 29, 2020).
  • Topic: Human Rights, Law, Rule of Law, Protests, Repression
  • Political Geography: China, Asia, Hong Kong
  • Author: Sam Szoke-Burke, Samuel Nguiffo, Stella Tchoukep
  • Publication Date: 03-2021
  • Content Type: Working Paper
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Despite a recent transparency law and participation in transparency initiatives, Cameroon’s investment environment remains plagued by poor transparency.
  • Topic: Agriculture, Environment, Law, Transparency, Land Reform
  • Political Geography: Africa, Cameroon
  • Author: Vasyl Yurchyshyn
  • Publication Date: 04-2021
  • Content Type: Commentary and Analysis
  • Institution: Razumkov Centre
  • Abstract: Last week was marked by two events that are likely to have a negative impact on the banking system. The first concerns the adoption of the Law on Restructuring of Foreign Currency Consumer Loans. From the first glance, this event seemed to be highly welcomed, as it would lead to easing of debt pressure for many households. However, this is only one side of the coin. Indeed, first, in the banking sector this situation may mean the formation of imbalances that will need to be normalised. Secondly, and more importantly, there is reason to believe that the decision to restructure was actually made not for economic but for political and populist reasons.
  • Topic: Law, Currency, Banking
  • Political Geography: Ukraine, Eastern Europe
  • Author: Roxana Elena Manea, Patrizio Piraino, Martina Viarengo
  • Publication Date: 04-2021
  • Content Type: Research Paper
  • Institution: Centre for International Environmental Studies, The Graduate Institute (IHEID)
  • Abstract: We study the relationship between housing inequality and crime in South Africa. We create a novel panel dataset combining information on crimes at the police station level with census data. We find that housing inequality explains a significant share of the variation in both property and violent crimes, net of spillover effects, time and district fixed effects. An increase of one standard deviation in housing inequality explains between 9 and 13 percent of crime increases. Additionally, we suggest that a prominent post-apartheid housing program for low-income South Africans helped to reduce inequality and violent crimes. Together, these findings suggest the important role that equality in housing conditions can play in the reduction of crime in an emerging economy context.
  • Topic: Apartheid, Crime, Economics, Law, Inequality, Violence, Legal Sector
  • Political Geography: Africa, South Africa