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10881. Fiscal Policy as Credit Policy: Reassessing the Fiscal Spending vs. Private Debt Trade-Off

Author:
Etienne Lepers
Publication Date:
01-2021
Content Type:
Working Paper
Institution:
City Political Economy Research Centre (CITYPERC), University of London
Abstract:
This paper revisits the dominant narrative that explains the substantial household credit boom as a substitute to fiscal redistribution, i.e. the “substitution” hypothesis, according to which fiscally-constrained governments substituted public safety nets by private credit. I argue instead that the credit and welfare state constituencies may not necessarily be the same and that far from fiscally constrained, governments have been actively using “fiscal policy as credit policy”. I provide two sets of empirical evidence for such account: First, I find a positive within-country relationship between household debt and fiscal spending. Second, compiling a unique dataset of 550 fiscal subsidies adjustments in 50 countries since 1980, I show that fiscal and tax subsidies have been instrumental in driving household credit. These dynamics have distributional and financial stability implications as such tax subsidies typically favour higher income households and household debt booms have proven more dangerous than corporate ones.
Topic:
Debt, Financial Crisis, Welfare, Financialisation, Subsidies, Household, and Public Finance
Political Geography:
Global Focus

10882. Individual Accountability in International Economic Policymaking after the Global Financial Crisis

Author:
Stefano Pagliari and Iosif Kovras
Publication Date:
05-2021
Content Type:
Working Paper
Institution:
City Political Economy Research Centre (CITYPERC), University of London
Abstract:
In the aftermath of the global financial crisis, the design of accountability mechanisms has taken on renewed importance in academic and policy debates. Calls for holding individuals whose actions and omissions contributed to the meltdown accountable have gained traction in a number of countries after the crisis. Yet, individual accountability norms are seemingly absent from the international economic agenda in response to crisis. In this paper we address this puzzle by exploring the evolution of two major international organisations, the IMF and the FSB, in bringing accountability following financial crises. Our analysis reveals how these institutions have increasingly incorporated in their toolkit policy recommendations related to the unethical or illegal conduct by government officials of individuals in the financial industry, but these tools were geared almost exclusively towards forward-looking policies designed to deter the reoccurrence of illegal or unethical behavior rather than punishing or scrutinizing past wrongdoing. We argue that the extent to which individual accountability norms permeate the international economic agenda is mediated by the institutional characteristics of the organizations that comprise the international financial regime.
Topic:
Financial Crisis, Governance, Culture, Accountability, and Bureaucracy
Political Geography:
Global Focus

10883. Sand Extractivism and Its Inequalities: Elite Scripts in the Singaporean Demand for Sand

Author:
Madhumitha Ardhanari
Publication Date:
01-2021
Content Type:
Working Paper
Institution:
City Political Economy Research Centre (CITYPERC), University of London
Abstract:
Extractive industries must be rapidly scaled down to achieve the decarbonisation targets and climate justice demanded by the imminent climate emergency. However, existing academic literature presenting alternatives to growth lack practical, implementable pathways to degrow extractive industries. One critical extractive industry is often overlooked: sand. This is despite it being a key extractive industry that various critical supply chains in the urban economy rely on. Unlike other non-renewables such as coal and oil, sand has no mainstream commercial alternative. Sand extraction and dredging result in critical ecosystem and livelihood losses that reproduce and entrench existing inequalities. This paper focusses on Singapore – currently the world’s largest importer of sand. I will present my findings from interviewing critical proponents and opponents to Singapore’s use of sand in the country’s quest to reclaim land. These different scripts people hold on sand validate and legitimise sand extraction for land reclamation and how they might reproduce inequalities. Scripts developing around extractives are critical in pathways to scaling down extractives. In this essay, I argue that three scripts related to sand – scripts of growth, mutual benefit and silence – present critical barriers to scaling down Singapore’s sand demand. Resistors of these scripts are beginning to question specific elements within these scripts to question their dominance and hegemony. I also offer what scripts of hope in the case of sand in Southeast Asia can look like in achieving environmental and social justice, and explore the implications of these findings to alternatives-to-growth literature.
Topic:
Climate Change, Inequality, Elites, and Extractive Industries
Political Geography:
Singapore and Southeast Asia

10884. Financialisation Reinforced: The Enduring Legacy of the Covid Pandemic

Author:
Photis Lysandrou and Taimaz Ranjbaran
Publication Date:
01-2021
Content Type:
Working Paper
Institution:
City Political Economy Research Centre (CITYPERC), University of London
Abstract:
This paper examines the impact of the covid pandemic on the financialisation process, here viewed as the growing domination of the world’s financial securities markets over the world’s material output base. Two major arguments are advanced. The first is that the pandemic has reinforced the functionality of financial market scale, which is that its continuing growth signifies nothing other than that governments and corporations on the one hand and pension funds and other asset managers on the other are colonising the future to cope with the rising financial pressures of the present. The second argument is that the pandemic has also accentuated one of the more notable dysfunctional aspects of the continuing growth of financial market scale, which is the reinforcement of a core-periphery divide between the advanced and emerging market economies that occupy the global financial system. The paper concludes with some policy implications of the analysis that includes the call for a global wealth tax.
Topic:
Economics, COVID-19, Securities, and Financialisation
Political Geography:
Global Focus

10885. Culture, Gender, and Women in the Military: Implications for International Humanitarian Law Compliance

Author:
Robert U. Nagel, Kinsey Spears, and Julia Maenza
Publication Date:
10-2021
Content Type:
Special Report
Institution:
Georgetown Institute for Women, Peace and Security (GIWPS)
Abstract:
The increased number of women in the Armed Forces presents a timely opportunity to examine how the changing gender makeup of the US military affects operations and culture, what potential barriers exist, and what women’s participation means for compliance with international conventions such as the Women, Peace and Security (WPS) agenda and International Humanitarian Law (IHL). We conducted semi-structured interviews with former enlisted personnel, active and retired commissioned officers. The interviews, along with a comprehensive review of government and military policies, independent review reports, and academic literature, allow us to illustrate how the combination of an entrenched masculinized military culture and overreliance on Special Operations Forces (SOF) present an obstacle to women’s full integration, impeding the implementation of the WPS agenda and IHL compliance. We recommend that the US Department of Defense address three central gender-related issues—the equal and meaningful inclusion of women, restrictive physical standards, and sexual assault—to achieve the goals of the 2020 Strategic Framework and Implementation Plan (SFIP).
Topic:
Security, Culture, Armed Forces, Women, Discrimination, International Humanitarian Law (IHL), and Gender
Political Geography:
North America and United States of America

10886. Gendered Impacts on Operational Effectiveness of UN Peace Operations

Author:
Robert U. Nagel, Kate Fin, and Julia Maenza
Publication Date:
05-2021
Content Type:
Special Report
Institution:
Georgetown Institute for Women, Peace and Security (GIWPS)
Abstract:
Currently, women are underrepresented in peacekeeping. As of January 2021, women make up fewer than 5% of all military personnel, 11% of personnel in formed police units, and 28% of individual police officers on peacekeeping missions. And yet, the authors find that across various missions, women’s participation improves community engagement and changes the narrative of women’s roles in society. The report offers recommendations on how gender mainstreaming and the integration of local perspectives can improve operational effectiveness, along with recommendations for better data collection policies and practices. This study is based on 78 interviews of mission personnel from three ongoing UN PKOs in Cyprus, the Democratic Republic of the Congo, and Lebanon, along with civil society actors, and a comprehensive review of personnel data, strategy, policy, and standard operating procedure documents related to operational effectiveness.
Topic:
United Nations, Peacekeeping, Participation, and Gender
Political Geography:
Lebanon, Cyprus, Global Focus, and Congo

10887. Reframing International Relations and Development (Syllabus Resource)

Author:
Peace and Security (GIWPS) Georgetown Institute for Women
Publication Date:
03-2021
Content Type:
Special Report
Institution:
Georgetown Institute for Women, Peace and Security (GIWPS)
Abstract:
The following is material to consider for your syllabus. Specifically, there is: Scholarly writing on reframing international relations, development, and related fields, written by diverse scholars and experts Scholarly writing providing geographic variety and geographically varied perspectives Studies and analyses examining diversity, equity and inclusion-related dimensions of reframing international relations, development, and related fields.
Topic:
International Relations, Security, and Development
Political Geography:
Global Focus

10888. Women’s Empowerment as a Path to Peace Understanding the Relationship between Gender Equality and Organized Violence

Author:
Jeni Klugman, Robert Nagel, and Mariana Viollaz
Publication Date:
03-2021
Content Type:
Special Report
Institution:
Georgetown Institute for Women, Peace and Security (GIWPS)
Abstract:
This study explores the relationship between gender inequality and violent conflict at a societal level. The results reveal that narrowing of gender gaps in education, employment, financial inclusion, and political participation, as well as reduced rates of adolescent fertility and intimate partner violence, are significantly associated with lower levels of organized violence. This suggests that advancing gender equality and empowering women and girls not only supports fundamental human rights but builds a solid foundation for a more peaceful world. This study updates and deepens existing research on several fronts. Building on the approach laid out in our Women, Peace, and Security Index, we propose a model that connects three dimensions of gender inequality—the lack of inclusion, justice and security for women—with the intensity of conflict. We develop gender inequality measures for each dimension as proxies of socially constructed gender roles and associated power differentials, taking advantage of improvements in the availability of global data over the past decade. We examine the years 2000–2014, with a measure of organized violence as the outcome variable, against our set of gender inequality measures. Our investigation calculates and compares estimates obtained from fixed as well as random effects models. Unlike some other factors associated with conflict, such as conflict history or mountainous terrain, we know that effectively addressing gender inequality is feasible with deliberate and sustained policy action.
Topic:
Women, Conflict, Violence, Peace, Equality, Empowerment, and Gender
Political Geography:
Global Focus

10889. Lessons Across Borders: Women’s Entrepreneurship in the U.S. and China

Author:
Yvonne Quek and Emma Crawford
Publication Date:
02-2021
Content Type:
Special Report
Institution:
Georgetown Institute for Women, Peace and Security (GIWPS)
Abstract:
In both the United States and China, thousands of women are becoming entrepreneurs. Over the past 20 years, the number of women-owned businesses in the United States has grown 114 percent. Similarly, the All-China Women’s Federation reports that women accounted for one-quarter of total China-based entrepreneurs as of 2017. The upward trends in both countries underscore the growing economic opportunities for women in the entrepreneurial ecosystem, especially in the rapidly growing technology industry. However, despite the availability of national data highlighting these trends, we know little about the patterns of opportunities and challenges faced by women entrepreneurs, specifically those in tech. This report, produced in collaboration with The Mulan Foundation, seeks to address this gap by examining the key challenges faced by female founders in tech in the United States and China. Part I investigates these trends by synthesizing and sharing insights from 330 survey respondents across both countries, comparing the opportunities and challenges faced by women tech entrepreneurs in each economy. Part II then dives deep into the U.S. perspective, analyzing the survey responses from American women entrepreneurs in the tech sector and drawing from in-depth profiles of 17 individual founders. Their diverse experiences offer lessons for other women entrepreneurs. Our findings in both countries suggest that limited access to capital and networks are key challenges faced by female entrepreneurs in tech. In addition, gender bias and stereotypes inhibit growth opportunities for women-founded businesses. This report provides recommendations for how to support women entrepreneurs in technology, and it highlights opportunities for women founders and aspiring entrepreneurs.
Topic:
Women, Entrepreneurship, Business, and Borders
Political Geography:
China, Asia, North America, and United States of America

10890. The Climate-Gender-Conflict Nexus: Amplifying Women's Contributions at the Grassroots

Author:
Jessica Smith, Lauren Olosky, and Leonel Fernández
Publication Date:
01-2021
Content Type:
Special Report
Institution:
Georgetown Institute for Women, Peace and Security (GIWPS)
Abstract:
Climate change is widely and increasingly recognized as a “threat multiplier” that can contribute to heightened fragility. But, conflict is not inevitable. Women at the grassroots are uniquely positioned to contribute to sustainable natural resource management, climate-resilient communities, and enhanced peace and stability. For policymakers and practitioners, promoting women’s contributions can accelerate gains across peace, conservation, and sustainability. Chapter 1 of the report explores the linkages between climate change and conflict and how gender is a cross-cutting lens through which people experience both issues. Chapter 2 investigates the gaps in frameworks, policy, knowledge, and evidence within the climate-gender-conflict nexus. It outlines that while commitments and action continue to advance gender equality globally, policymakers and practitioners are siloed in their respective climate, gender, and security spheres. Chapter 3 studies how the dynamics of climate change and conflict are unfolding in Colombia, Sudan, and Nepal and how in each case, women are contributing to enhanced peace and sustainability in their local communities despite gendered obstacles. The final chapter of the report is a real-time call for policymakers and practitioners to invest in research and policy within the climate-gender-conflict nexus and address five priority areas of action: Buffer the disproportionate vulnerabilities women bear from climate change impacts. Center women as crucial actors in climate, peace, and security. Strengthen linkages between the different levels and sectors in the climate-gender-conflict nexus. Address knowledge gaps within the nexus. Promote women’s leadership in climate-related conflict mitigation and prevention and reduce barriers to inclusion.
Topic:
Climate Change, Women, Conflict, and Gender
Political Geography:
Global Focus