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1201. Towards a Sovereign Debt Restructuring Framework

Author:
Richard A. Conn Jr.
Publication Date:
04-2015
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
Initiatives to improve sovereign debt restructuring (“SDR”) began long before recent Argentine bond decisions but were redoubled in the aftermath of these rulings. At first glance, these cases identify problematic contract language that could be rectified by re-drafting critical boilerplate provisions such as the pari passu and collective action clauses (“CAC”). But given the effects of disorder, costs and delays in restructuring foreign sovereign debt upon debtor countries, creditors, and the bond market itself, it is understandable that some are uncomfortable leaving such matters solely in the hands of private parties to contracts without a framework that assists in minimizing damage to contracting and non-contracting parties alike. The creation of an agreed upon framework that facilitates the interaction among private and public parties is a good alternative to the status quo if this approach can provide greater stability and efficiency in the restructuring process while allowing for sufficient flexibility and certainty (traditional benefits of the iterative development of contract language) for market participants. There are a broad variety of options to consider and analyses to be performed, particularly relating to political feasibility, before proposing a framework. As discussed herein, given the historic context of SDR, a framework that focuses upon consensual procedures seems to be a logical starting point since it could add value to the restructuring process without treading on the political terrain of sovereigns.
Topic:
Government, Politics, History, Inequality, Finance, and Sovereign Debt
Political Geography:
Global Focus

1202. Anarchic East Asia on an American Tether—and Cushion

Author:
Bruce Cumings
Publication Date:
04-2015
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
The usual explanation for the recent turmoil in East Asia goes under the rubric of “the rise of China.” For practitioners of the “realist” school, like John Mearsheimer of the University of Chicago or the late Samuel Huntington of Harvard, all this is merely, and entirely, predictable: “rise” is what budding great powers do, just as in the fullness of time, a war with the leading great power is only to be expected (as both predicted in their most famous books—The Tragedy of Great Power Politics and The Clash of Civilizations). Realists of the containment school take this a bit further, to a strategy for America: contain rising China. This was certainly the policy of Secretary of State Hillary Clinton, lining up publicly as she did with the Philippines and Japan against Chinese island encroachments—which may also turn out to be the policy of President Hillary Clinton in 2017. And this is unquestionably how nearly all experts in China see American policy: containment, encirclement, all in the interests of keeping rising China . . . down. Of course, President Barack Obama and Secretary of State John Kerry fall all over themselves to deny that containment is the policy—and under their (questionable and unsteady) leadership, perhaps it isn’t. Instead the overriding Obama strategy is benign neglect of the political and the military, thus to engage China in the overarching global commons, neo-liberalism, bringing it ever deeper into capitalist practice and the world economy thus to muffle if not contain its insurgent impulses. But then that has been American policy since Richard Nixon ended the Cold War between Washington and Beijing, supported all along by a quiet but very secure bipartisan coalition in Washington embracing Democrats and Republicans, and more broadly Wall Street and multinational corporate leaders. Everybody has been making money in China, even recently-bankrupt General Motors (China now has the largest auto market in the world, and Chinese like to buy GM’s Buicks even though hardly anyone else does, perhaps because forefather Sun Yat Sen drove a Buick). The watchword here is neo-liberal interdependence, but the practice is to let the colossal dailiness of Sino-American exchange fly under the radar, or remain sotto voce, unacknowledged, even secret—hoping no one pays too much attention.
Topic:
Development, Government, Politics, History, and Finance
Political Geography:
East Asia and United States of America

1203. Gordian knot: A panoramic perspective on stemming illicit financial flows from Africa

Author:
Melvin Ayogu
Publication Date:
04-2015
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
Pushing this strand of research brings a certain feeling of trepidation. It comes from recognizing that by openly elaborating on how to catch or deter a criminal, you thereby confer an undue advantage on the criminal through forewarning. Obtaining a head start in the race to prevail, they (criminals) are able to consider and possibly devise an effective circumvention strategy. But if the criminal must not see it coming then, what aspects of how to stop a thief shall we and shall we not reveal or discuss openly amongst all? There are no easy answers to the conundrum. For instance, one has to consider the signaling value of openly engaging in discussions on how to stop criminal activities and then, balance that benefit against the paradox of empowerment. The balancing act is important because some aspects of the preventive remedies can unintentionally enable the very thing which society is striving to prevent.
Topic:
Development, Government, Politics, History, Inequality, Finance, Microeconomics, and Trade
Political Geography:
Africa

1204. How Money Drives US Congressional Elections: More Evidence

Author:
Thomas Ferguson, Paul Jorgenson, and Jie Chen
Publication Date:
04-2015
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
The protesters who swirled into parks, churches, and town squares around the world in the fall of 2011 to challenge the primacy of the “1%” hammered relentlessly on one theme above all others: that economic inequality has deep roots in the political system. Many social scientists and intellectuals who have picked up from where the Occupy movement left off share this conviction; they, too, have broken with the taboos that for so long segmented discussions of politics from economics. Piketty, in his monumental study, for example, avows that income distribution is a basically a question of “political economy” not pure economics. Stiglitz in The Price of Inequality is equally forthright – “increasingly, and especially in the United States, it seems that the political system is more akin to ‘one dollar one vote’ than to ‘one person one vote.’”
Topic:
Government, Politics, Science and Technology, History, Elections, Inequality, and Money
Political Geography:
North America and United States of America

1205. Taiwan’s Naval Role in the Rebalance to Asia

Author:
Ian Easton
Publication Date:
03-2015
Content Type:
Policy Brief
Institution:
Project 2049 Institute
Abstract:
A comprehensive strategy for Asia begins with a careful assessment of the region’s geography and politics, which directly influence the trends we see unfolding today. Once the geostrategic contours of the region are mapped out, it quickly becomes clear that Taiwan may be the single most under- appreciated asset that the United States has for the rebalance to Asia. This article provides a brief assessment of Taiwan’s defense capabilities and potential role in the United States rebalance to Asia. In particular, it will focus on what Taiwan can contribute in the maritime domain and what Washington should do to improve naval coordination with Taipei.
Topic:
Defense Policy, International Cooperation, Politics, Geopolitics, Navy, and Geography
Political Geography:
Taiwan, Asia, and United States of America

1206. “Divine Violence” After the Kharotabad Killings

Author:
Syed Sami Raza
Publication Date:
12-2015
Content Type:
Journal Article
Journal:
Review of Human Rights
Institution:
Society of Social Science Academics (SSSA)
Abstract:
In 2011 the law enforcement agencies of Pakistan killed a group of foreigners traveling across Pakistan-Afghanistan border. The agencies then tried to cover up the incident by calling it a potential suicide-bombing attack. However, they could not succeed in the cover-up plan primarily due to a photograph of one of the killed aliens—a woman—that appeared on local media. In this photograph the alien woman is shown lying on the ground near a sandbag-covered check-post waving for mercy/justice. The photograph becomes viral on both electronic news and social media and impels the government to order an inquiry. In this article, I engage the concept of “divine violence” and explore the photograph’s politics of aesthetics, which I argue contextualizes the photograph’s meaning during a creative moment for human rights.
Topic:
Security, Politics, Terrorism, Violence, and Aesthetics
Political Geography:
Pakistan, Afghanistan, and South Asia

1207. The Politicisation of Afghanistan’s High Schools

Author:
Antonio Giustozzi and Ali Mohammad Ali
Publication Date:
07-2015
Content Type:
Policy Brief
Institution:
Afghanistan Research and Evaluation Unit (AREU)
Abstract:
Political activism in Afghanistan’s high schools is not new. Already during the 1960s and 1970s, the country’s new political parties identified schools and universities as ideal recruitment grounds. The New Leftist and Islamist parties had significant numbers of teachers among their ranks, a fact that gave them direct access to students and the moral authority to influence them. Moreover, there were few alternatives for political proselytising in a country without a working class or large trade unions, and in the presence of a government that tried to present the emergence of political parties. For these various reasons, it would make sense to look at how political organisations approach high schools in today’s Afghanistan.
Topic:
Politics, Political Parties, Civil Society Organizations, and Partisanship
Political Geography:
Afghanistan and Middle East

1208. The Effect of Exposure to Political Institutions and Economic Events on Demand for Democracy in Africa

Author:
Jakson Alves de Aquino
Publication Date:
09-2015
Content Type:
Working Paper
Institution:
Afrobarometer
Abstract:
In a democratic political regime, politicians and ordinary citizens must accept elections as the legitimate means of choosing who will govern. Losers must patiently wait until the next election to have an opportunity to elect a leader according to their preferences, and winners must restrain themselves from changing the rules to increase their power. Political systems are considered consolidated democracies when elections are free and fair, alternations of power happen according to the results of elections and are accepted by all main contenders, and the general public sees the system as the best way of organizing the political life. The establishment and survival of democracy depend on both politicians and ordinary citizens being committed to it. Understanding why people have (or do not have) a favourable view of democracy, that is, why they demand democracy, is important to an evaluation of the prospects for democratic stability. Usually, national-level variables have been added to multi-level regression models of survey data. In this paper, I contribute to the investigation of why people demand democracy by adding to the usual explanations new individual-level variables related to individual exposure to political institutions and economic conditions. My two main questions are: Does exposure to democracy increase the legitimacy of democracy? Is people’s demand for democracy influenced by the past economic performance of their countries? People live in a constant process of socialization, learning from their individual experiences and from their social environments. People exposed for a longer time to democratic institutions learn how the system works, accept its procedures, and as a result demand democracy more than less exposed people.
Topic:
Politics, Democracy, Economic Growth, and Institutions
Political Geography:
Africa

1209. Political Risks Facing African Democracies: Evidence from Afrobarometer

Author:
Michael Bratton and E. Gyimah-Boadi
Publication Date:
05-2015
Content Type:
Working Paper
Institution:
Afrobarometer
Abstract:
Where are African countries headed politically? How resilient are Africa’s governments, regimes, and states? What are the characteristics of political risk? This paper is motivated by a desire to discover whether it is possible to identify early-warning indicators of risk to African political systems. We suggest that Afrobarometer survey data may be used to systematically track trends in mass political support – such as approval for incumbent governments, satisfaction with political regime performance, and the popular legitimacy of state institutions. Where trends in dimensions of popular disapproval turn sharply upward, we infer increasing political risk. The paper is anchored empirically with 15 years’ worth of public opinion data for selected African countries and offers interpretations of what these observations might mean. The analysis is both retrospective – connecting empirical trends to known episodes of instability in Mali, Kenya, and Zimbabwe – and prospective – raising red flags for countries like Ghana, among others, once considered stable but currently facing new political strains.
Topic:
Development, Politics, Public Opinion, and Democracy
Political Geography:
Africa

1210. Deliberate Disengagement: How Education Decreases Political Participation in Electoral Authoritarian Regimes

Author:
Kevin Croke, Guy Grossman, Horacio Larreguy, and John Marshall
Publication Date:
04-2015
Content Type:
Working Paper
Institution:
Afrobarometer
Abstract:
A large literature examining advanced and consolidating democracies suggests that education increases political participation. However, in electoral authoritarian regimes, educated voters may instead deliberately disengage. If education increases critical capacities, political awareness, and support for democracy, educated citizens may believe that participation is futile or legitimates autocrats. We test this argument in Zimbabwe – a paradigmatic electoral authoritarian regime – by exploiting cross-cohort variation in access to education following a major educational reform. We find that education decreases political participation, substantially reducing the likelihood that better-educated citizens vote, contact politicians, or attend community meetings. Consistent with deliberate disengagement, education’s negative effect on participation dissipated following 2008’s more competitive election, which (temporarily) initiated unprecedented power sharing.
Topic:
Education, Politics, Governance, Authoritarianism, Protests, and Participation
Political Geography:
Africa