Topic: Economics - CIAO Search Results

51. The New Geopolitics and South Asia’s Trade Architecture – What Next?

Author:: Ganeshan Wignaraja, Amit Bhandari, and Aliasger Bootwalla
Publication Date:: 05-2025
Content Type:: Working Paper
Institution:: Gateway House: Indian Council on Global Relations
Abstract:: Geopolitics is increasingly intertwined with the economic destiny of South Asia. Even before the U.S. tariffs were rolled out, growing polycrises had hit the global economy, which has been struggling since the pandemic. South Asia seems a relatively bright spark of regional trade and growth. This paper analyses South Asia’s trade architecture in the backdrop of a sluggish world economy in the 2020s, and makes recommendations for closer regional economic integration.
Topic:: Economics, Geopolitics, Economic Growth, Tariffs, and Trade
Political Geography:: South Asia and United States of America

52. India-Australia Economic Cooperation and Trade Agreement

Author:: Anil Wadhwa and Manjeet Kripalani
Publication Date:: 01-2025
Content Type:: Special Report
Institution:: Gateway House: Indian Council on Global Relations
Abstract:: India and Australia signed an Economic Cooperation and Trade Agreement (ECTA) in December 2022. The ECTA is the first of a unique, two-part trade agreement that will bring India into global trade regimes in a calibrated manner. For Australia, with its global trading knowledge and pragmatic approach, gaining first-mover advantage in India’s large market is a major win. This case study explains the elements of ECTA.
Topic:: Economics, International Cooperation, Treaties and Agreements, Bilateral Relations, and Trade
Political Geography:: South Asia, India, and Australia

53. An Analysis of Local Authority Debt and Arrears in Zambia

Author:: Mbewe Kalikeka, Sydney Sihubwa, Liana Chikwekwe, Jones Bowa, Muchimba Sarah Siamachoka, and Mwelwa Banda
Publication Date:: 07-2025
Content Type:: Policy Brief
Institution:: Zambia Institute for Policy Analysis and Research (ZIPAR)
Abstract:: The research study examines the financial health of local authorities and identifies opportunities to foster revenue generation crucial for service delivery at local level. It explores the accumulation of debt and arears for all 116 local Authorities in Zambia, analysing key factors contributing to financial strain and evaluating policy interventions aimed at enhancing fiscal sustainability.
Topic:: Debt, Development, and Economics
Political Geography:: Africa and Zambia

54. Putting US-India Trade Negotiations Back on Track

Author:: Aparna Pande and Bill Drexel
Publication Date:: 08-2025
Content Type:: Special Report
Institution:: Hudson Institute
Abstract:: On April 2, 2025, which the White House dubbed “Liberation Day,” President Donald Trump announced broad, sweeping tariffs on over 90 countries. While the president’s announcement caused anxiety in foreign capitals, officials in New Delhi remained relatively calm. United States–India relations had been improving for more than two and a half decades, and the US had become India’s largest trading partner. By most accounts, President Trump respected Prime Minister Narendra Modi—even going so far as to refer to his Indian counterpart as his “good friend.” Furthermore, during an official visit in February 2025, President Trump and Prime Minister Modi announced a series of trade targets suggesting that a wider trade deal was imminent. The two leaders pledged to pursue $500 billion in bilateral trade by 2030—more than double the current volume—and promised to deepen US arms sales to India, including by laying the groundwork for future acquisitions of F-35 fighter jets. Prime Minister Modi committed to increasing energy imports from the US and reducing tariffs on American goods. India, by most accounts, was eager to address the Trump administration’s concerns about trade imbalances, and the two sides set fall 2025 as a target for finalizing a bilateral trade agreement. Meanwhile, due to strong messaging from the Trump team against production based in the People’s Republic of China (PRC), Apple announced plans to shift all assembly of its US-bound iPhones to India. Prime Minister Modi also spoke with Elon Musk to discuss providing Tesla with access to Indian markets. Vice President JD Vance even visited India in late April 2025, and lauded the country’s “sense of infinite possibility.”
Topic:: Economics, Bilateral Relations, Negotiation, and Trade
Political Geography:: South Asia, India, and United States of America

55. Ride the wave: A big, beautiful European strategy for Trumponomics

Author:: Agathe Demarais
Publication Date:: 09-2025
Content Type:: Policy Brief
Institution:: European Council on Foreign Relations (ECFR)
Abstract:: Eight months into the second term of Donald Trump, Europeans are still struggling to craft a coherent response to American geoeconomics policies in the trade, investment and financial spheres. The Trump administration poses massive challenges to Europe. It has imposed tariffs on nearly all US imports from the EU. It is also considering applying pressure on investors to pick sides between the US and China. Finally, it could soon try to engineer a forced depreciation of the dollar against other major currencies like the euro. For the EU, the best response to baffling Trumponomics is to keep calm and carry on. European policymakers should adopt a self-help mindset—resisting the urge to impose retaliatory measures that could damage European economies, avoiding futile fights over US policies that will not change, and above all, holding the bloc together. Europeans should also use this turbulent moment to push through controversial economic reforms. Such policies include deepening the single market to support those EU exporters that will lose market share in the US; leveraging access to the EU market for digital services; boosting innovation financing through regulatory changes; increasing the global role of the euro; and bracing for the coming currency wars. Europe’s ability to implement much-needed reforms will shape the bloc’s economic prospects, global standing and resilience long after Trump leaves the White House.
Topic:: Economics, European Union, Investment, Trade, and Donald Trump
Political Geography:: Europe and United States of America

56. From Provider to Precarious: How young men’s economic decline fuels the anti-feminist backlash

Author:: Javier Carbonell
Publication Date:: 04-2025
Content Type:: Working Paper
Institution:: European Policy Centre (EPC)
Abstract:: A new political divide is emerging in Europe: a growing gender gap among young voters, with young women trending progressive and young men increasingly turning to the far right. This paper argues that the rise of anti-feminist backlash among young men is not merely a cultural reaction to feminism but also the result of deepening economic precarity—particularly for working-class men without university degrees. Over the past two decades, young men have seen declining wealth, stagnating wages, lower employment rates, and worse mental health outcomes. In some EU countries, young women now earn more than men their age. This economic decline is not caused by women’s advancement but rather by structural economic changes, such as the rise in inequality and automation, which disproportionately affect men who occupy more manual jobs. As traditional pathways to masculine status—such as stable employment, homeownership, and provider roles—erode, far-right actors have capitalised on this dislocation by offering a regressive but emotionally resonant vision of masculinity. This gender divide threatens not only gender equality but also the foundations of democratic support itself, as radicalised young men often express weaker commitment to democratic norms. To reverse this trend, democratic forces must pursue a two-pronged approach: Address the material roots of frustration through ambitious economic policy: investing in housing, education, vocational training, employment security, and wealth redistribution for youth—particularly men without degrees. Redefine masculinity by promoting positive, inclusive male role models and creating new cultural narratives that empower young men without reinforcing patriarchal norms. Progressive visions of manhood must offer not only critique, but aspiration.
Topic:: Economics, Democracy, Feminism, Men, and Precarity
Political Geography:: Europe

57. Ten Years of China’s Belt and Road Initiative in Central Asia: The Critical Assessment and Future Directions

Author:: Elżbieta Proń
Publication Date:: 03-2025
Content Type:: Journal Article
Journal:: Polish Political Science Yearbook
Institution:: Polish Political Science Association (PPSA)
Abstract:: This paper looks at how China’s use of the Belt and Road Initiative (BRI) in its policy towards Central Asia (CA) has changed since 2013 and what this change signalizes regarding China’s use of the BRI at international forums. To answer these research questions, the paper focuses on Central Asia – once dubbed “the first strand of the BRI” (R. Pantucci); the region where China has “tested” many institutions of its international engagement; and where the BRI was introduced in 2013. To answer the research questions, this study draws from analyzing literature and sources in Russian, Chinese, English, and Polish. This study is primarily empirically oriented. This study finds that at its 10, the BRI will focus on connectivity, clean energy, and new technologies. It also finds that despite the high profile of the Green BRI and many relevant agreements, only a fraction of projects are branded “Green BRI.” It thus argues that the BRI has served as a legitimizing “umbrella” label for various Chinese policy initiatives, which are realized via other cooperation formats.
Topic:: Economics, Belt and Road Initiative (BRI), Renewable Energy, and Silk Road
Political Geography:: China and Central Asia

58. The US-UK Economic Prosperity Deal

Author:: Penny Naas, Georgina Wright, Eamon Drumm, and Antonia Wunnerlich
Publication Date:: 05-2025
Content Type:: Policy Brief
Institution:: German Marshall Fund of the United States (GMFUS)
Abstract:: Eighty years to the day after Germany’s surrender in World War II, two of the victorious allies in that conflict unveiled a new economic partnership, the US-UK Economic Prosperity Deal (EPD). It is the first bilateral agreement of its kind concluded by the Trump administration since its new tariff policy was introduced in early April. Leaders have described the EPD as a “trade deal”, but it functions more as a framework for future action. It includes tariff concessions on selected goods, grants greater access to the British market for certain American agricultural products, and outlines areas for future negotiation, including in digital regulation, export controls, and, potentially, investment screening. A separate technology-focused agreement is also planned for both countries to find ways to collaborate on biotech, life sciences, quantum computing, nuclear fusion, aerospace, and space technologies. In substance, the EPD freezes tariffs at 10% for most goods while buying time for technical-level discussions and laying the groundwork for deeper alignment. For the United Kingdom, 30% of whose exports go to its largest export market, the United States, the deal is an important diplomatic win. It is for the United States, too, whose ninth-largest trading partner is the United Kingdom. In 2024, the United States imported $68.1 billion in goods from Britain and exported $79.9 billion to the country. For countries eyeing negotiations with Washington, the EPD underscores that US trade talks are increasingly shaped by national and economic security considerations, not just trade balances. The agreement links future tariff relief to shared approaches on US strategic issues such as digital policy and alignment on export controls, including to China. As Peter Mandelson, British ambassador in Washington, put it, the EPD is the "end of the beginning". Much will now depend on the outcomes of technical-level discussions, which could have direct repercussions on London’s reset talks with the EU.
Topic:: Economics, Treaties and Agreements, Trade, and Transatlantic Relations
Political Geography:: United Kingdom and United States of America

59. Enhancing the Efficiency and Sustainability of Investmentsin Cameroon

Author:: Stephane Atangana
Publication Date:: 03-2025
Content Type:: Working Paper
Institution:: The Nkafu Policy Institute
Abstract:: Cameroon’s drive toward economic emergence by 2035 hinges on ensuring the maximum impactand long-term viability of its investments—public, private, or foreign. Current data, however,highlights ongoing challenges that include reductions in public investment budgets, insufficientinfrastructure, and fluctuating foreign direct investment levels ( 1 ) . These constraints highlight theurgency of a coordinated strategy for reinforcing investment management and governancestructures. This policy brief concentrates on identifying the most significant determinants ofinvestment in Cameroon, examining both the factors that undermine efficient capital allocation andthose that facilitate better outcomes. Such determinants range from macroeconomic conditions,like elevated inflation and external debt, to governance issues, such as weak institutionalframeworks and corruption. The primary objectives of this analysis are to assess how existing investment policies function,propose relevant modifications that align with the national development strategy (SND30), andaddress accountability gaps. Methodologically, it draws upon existing legislation, official economicand competitiveness assessments, as well as statistical data on investments. The approachintegrates insights from successful practices and contextualizes them within Cameroon’s uniqueeconomic structure. This document begins by clarifying the nature of the investment challenges and exploring avenues for improvement, then critically discusses suitable policy choices in light ofCameroon’s institutional and economic context, and concludes with policy recommendations andpotential lines of future investigation to foster an inclusive and transformative investmentframework.
Topic:: Economics, Investment, and Sustainability
Political Geography:: Africa and Cameroon

60. Trump's pivot to the Middle East

Author:: Zeina AlShaib and Ibrahim Al-Assil
Publication Date:: 05-2025
Content Type:: Video
Institution:: Middle East Institute (MEI)
Abstract:: In a repeat of his 2017 visit to Saudi Arabia, President Donald Trump is once again headed to the Middle East for the first official foreign trip of his second term. The decision to travel to Saudi Arabia, Qatar, and the United Arab Emirates underscores the priority the president places on strengthening strategic, security, and economic ties with regional partners. What deals will Trump be able to seal during his trip to the Gulf? This on-the-record briefing featured Daniel Benaim, former Deputy Assistant Secretary of State for Arabian Peninsula Affairs and Associate Fellow at the Middle East Institute and Ibrahim Al-Assil, Senior Fellow at MEI and a Professorial Lecturer at George Washington University. Our experts examined the potential for Trump to strengthen US ties with a region that has undergone significant geopolitical shifts since his last term in office and explored the administration's renewed focus on the Middle East. They assessed prospects for reshaping the US-Gulf relationship for the 21st century, navigating regional realignments, and expanding the Abraham Accords, among other major issues.
Topic:: Security, Foreign Policy, Economics, Donald Trump, and Strategic Interests
Political Geography:: Middle East, Saudi Arabia, Qatar, and UAE

61. The Economic Dimensions of a Better Iran Deal

Author:: Hadi Kahalzadeh
Publication Date:: 06-2025
Content Type:: Policy Brief
Institution:: Quincy Institute for Responsible Statecraft
Abstract:: President Donald Trump can secure a new, better nuclear deal with Iran by removing the barriers that have prevented American companies from entering the Iranian market. This could be achieved through a phased approach that would not require immediately lifting primary sanctions. Doing so would help secure greater nuclear concessions from Iran, generate economic opportunities for American companies that would create an estimated 200,000 American jobs annually, and make a new agreement more durable by strengthening its political bases of support in both the United States and Iran. Decades of sanctions on Iran have failed to compel political capitulation. Instead, Iran has rationally developed a so-called “resistance economy” that evades sanctions, benefiting and empowering hard-liners with close connections to the government. In Washington, many misinterpret Tehran’s resistance and believe that sanctions have not worked because the pressure has not been great enough. But Tehran has held firm, not because sanctions have been too mild but because of a lack of clear and immediate benefits from disarmament. A U.S. policy that includes real economic incentives for compliance will change this equation, empowering more moderate elements of Iranian society and bringing economic benefits not only to the Iranian middle class but to the U.S. and the wider Persian Gulf region. President Trump should issue targeted Office of Foreign Assets Control general licenses, enabling the export of up to $25 billion in U.S. goods annually to Iran, primarily in aviation, agriculture, automotive production, and telecommunications. A deal should also license a five-year carve-out for American–owned foreign subsidiaries operating in Iran, enabling U.S. access to as much as $4 trillion in unrealized Iranian investment opportunities by 2040. Such a license would allow the United States to partner with Gulf regional allies to modernize Iran’s transport and logistics networks, thereby advancing broader regional development and cooperation. The prospect of losing such partnerships would be a powerful incentive for Iran to exercise military and political restraint. In parallel with the technical nuclear discussions, a dedicated economic dialogue could explore ways to keep Iran’s consumer market open to American companies in the near term and unlock investment opportunities for U.S. investors over time. One potential method in that vein would be the inclusion of a “snap-forward” mechanism, in which economic openings accelerate based on Iranian compliance and good behavior. Such a carrot offers the path toward a more robust and dynamic U.S.–Iran economic partnership built on trust. Incorporating economic incentives into a new U.S.–Iran nuclear agreement would benefit private sector constituencies in both countries, bolstering American jobs and industry while reintegrating Iran into the global economy. In the long term, such a multifaceted agreement could blaze a path toward peaceful coexistence with Iran.
Topic:: Economics, Treaties and Agreements, Sanctions, Negotiation, Nuclear Energy, and Foreign Policy
Political Geography:: Iran and Middle East

62. The Temporal Demands of Parental Child Care: Evidence from the American Time Use Survey

Author:: Nancy Folbre and Jooyeoun Suh
Publication Date:: 04-2025
Content Type:: Working Paper
Institution:: Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:: Most research on parental time devoted to child care is based on survey questions regarding explicit care activities or co-presence of parents and children in the same room, factors clearly relevant to child development. Time spent keeping an eye and/or ear on young children while engaging in other activities deserves attention for a different reason—it represents an even larger constraint on maternal employment. Analysis of pooled time-diary data from the American Time Use Survey (ATUS) from 2004-2019 focuses on an underutilized question that asks respondents when own household children under the age of 13 were “in their care,” and shows that reported parental time likely devoted to supervision parental time likely devoted to supervision exceeds time devoted to active care by a factor of 2.9 and is more negatively related to maternal hours in paid employment. In-your-care time is an important indicator of the opportunity costs of motherhood, especially in low-income households unable to purchase or otherwise unable to obtain “babysitting” assistance.
Topic:: Economics, Women, Employment, Inequality, Time, Gender, and Child Care
Political Geography:: North America and United States of America

63. Pan-African-Foreign Policy Theory: A Conceptual Significance of Foreign Policy Analysis Within Policy Agenda Setting for Africa

Author:: Chris Landsberg, Sandile Moloi, and Oscar Van Heerden
Publication Date:: 10-2025
Content Type:: Journal Article
Journal:: Brazilian Journal of African Studies
Institution:: Brazilian Journal of African Studies
Abstract:: This article claims that Pan-Africanism Foreign Policy Theory is about Africa’s states’ foreign policy. This claim and theory have not been developed before. The closest argument to our Pan-Africanism Foreign Policy Theory is the writing in 2009 by McDougal (2009), which contends that, as the continental states and its premier integration bodies seek to craft a new-Pan-Africanism, African foreign policies should be based on three aspects: cultural and political unity; Afro-centric development, and the Afri-can conceptualisation of Ubuntu. We lay further claim that Pan-Africanism is rarely analysed by reviewing the goals pursued by states, specifically those of security, prosperity, and world reorganisation. This paper aims to make a constructive contribution to the overall literature by examining Pan-Africanism as African foreign policy, given that little has been written about it from this viewpoint.
Topic:: Security, Foreign Policy, Economics, Pan-Africanism, and Regional Politics
Political Geography:: Africa

64. Between Two Reefs: Indonesia’s Strategic Culture in the Twenty-First Century

Author:: Gregory B. Poling and Andreyka Natalegawa
Publication Date:: 12-2025
Content Type:: Policy Brief
Institution:: Center for Strategic and International Studies (CSIS)
Abstract:: In a landmark 1948 speech, Indonesia’s first vice president, Mohammad Hatta, proclaimed, “The best policy to adopt is one which does not make us the object of an international conflict. On the contrary, we must remain the subject who reserves the right to decide our own destiny and fight for our own goal, which is independence for the whole of Indonesia.”1 While Hatta spoke of the Cold War and the choice of aligning with either the Soviet Union or the United States, his conception of Indonesia as rowing between two reefs (mendayung antara dua karang) has remained a guiding principle of Indonesian foreign policy in the decades since the country’s independence. As the world’s third-largest democracy, the largest Muslim-majority nation, a founding member of the Non-Aligned Movement (NAM), and a leading figure in the Association of Southeast Asian Nations (ASEAN), Indonesia has been characterized as a rising middle power and a central player in the emergent Global South. As a sovereign country, Indonesia has pursued what analysts and policymakers describe as a bebas aktif, or free and active, foreign policy—free because the country does not side with world powers, and active because it does not take passive or reactive stances on global issues but does seek to operate in a diplomatic role.2
Topic:: Economics, Geopolitics, Strategic Competition, and Great Powers
Political Geography:: Indonesia and Southeast Asia

65. Saudi Arabia’s Strategic Vision

Author:: Leah Hickert
Publication Date:: 12-2025
Content Type:: Policy Brief
Institution:: Center for Strategic and International Studies (CSIS)
Abstract:: In March 2023, two men stood shaking hands in front of a blinding array of flashing cameras while the international community—and especially observers from across the Middle East—watched in disbelief at their unlikely meeting. Videos captured the previously unimaginable scene of Ali Shamkhani, the secretary of the Supreme National Security Council of Iran, smiling alongside Musaad bin Mohammed al-Aiban, Saudi Arabia’s national security adviser. The adversaries had just agreed to restore diplomatic relations, de-escalating regional tensions that had been brewing since the two countries severed ties in 2016, when demonstrators stormed the Saudi embassy in Tehran to protest Riyadh’s execution of a prominent Shia Muslim cleric. Notably, some onlookers did not think the rapprochement was the most surprising aspect of the press conference. For many, the deal was the natural culmination of years of negotiations between Saudi Arabia and Iran. Instead, these observers were stunned by the nationality of the man who Saudi Arabia asked to mediate the deal. He stood just behind the pair, in front of a flag with 5 stars—not 50. China’s top-ranking diplomatic official, Wang Yi, heralded in the new era of regional peace. U.S. officials were nowhere to be found.
Topic:: Economics, Strategic Competition, International Order, and Regional Politics
Political Geography:: Middle East and Saudi Arabia

66. Friendshoring Copper: A New Pillar of the U.S.-Brazilian Economic Partnership

Author:: Gracelin Baskaran, Meredith Schwartz, and Bryan Harris
Publication Date:: 09-2025
Content Type:: Policy Brief
Institution:: Center for Strategic and International Studies (CSIS)
Abstract:: Brazil holds some of the world’s largest reserves of critical minerals, including niobium, rare earths, graphite, manganese, bauxite, zinc, and lithium. However, the next frontier is copper, which now accounts for one-third of all mineral exploration investment in the country. Market enthusiasm for Brazil’s copper aligns with a global outlook in which copper demand is projected to nearly double by 2035. China has already secured a strong foothold in Brazil’s mining ecosystem through trade agreements, concessional financing, and infrastructure investments. By contrast, the United States remains in the early stages of building a minerals partnership with Brazil. Unlocking Brazil’s potential as a major copper producer—and securing U.S. access to this strategic metal—will require bilateral efforts. Brazil must strengthen geological mapping, expand infrastructure, and streamline its overly bureaucratic permitting system. On the U.S. side, deploying strategic financing, promoting vertical supply chain integration, and offering targeted tariff exemptions to advance national and economic security objectives will be critical to a successful partnership.
Topic:: Economics, Partnerships, Mining, Trade, Economic Security, Copper, and Friendshoring
Political Geography:: Brazil, South America, North America, and United States of America

67. CRINK Economic Ties: Uneven Patterns of Collaboration

Author:: Maria Snegovaya, Nicholas Fenton, and Tina Dolbaia
Publication Date:: 09-2025
Content Type:: Policy Brief
Institution:: Center for Strategic and International Studies (CSIS)
Abstract:: China, Russia, Iran, and North Korea (CRINK) face obstacles to economic collaboration such as geographic distance, sanctions, mutual mistrust, and self-sufficiency goals. Reliable data on CRINK’s economic and trade ties is limited due to lack of reported data from Iran and North Korea and the rise of informal and shadow trade since Russia’s invasion of Ukraine. Existing data reveals uneven patterns, although expanding bilateral agreements, strengthening energy ties, and increasing trade in dual-use technologies point to growing economic cooperation among the CRINK countries. CRINK also seeks to integrate their financial and payment systems to bypass Western sanctions by prioritizing national currencies over the U.S. dollar. The post-2022 China-Russia relationship drives most of the momentum, while Iran and North Korea exhibit expanding but considerably weaker integration with the rest of the group. China is nevertheless a cautious actor that hedges its bets in energy trade with Russia and Iran, avoids flagrant sanctions violations, and faces constraints from its own economic slowdown.
Topic:: Economics, Trade, Treaties and Agreements, Economic Security, Geopolitics, International Security, and Russia-Ukraine War
Political Geography:: China, Asia, Middle East, Russia, and Europe

68. The Economic Impacts of Supply Chain Fragmentation in Critical Minerals

Author:: Young Gui Kim
Publication Date:: 05-2025
Content Type:: Policy Brief
Institution:: Korea Institute for International Economic Policy (KIEP)
Abstract:: Recent developments in geopolitical tensions have heightened concerns about strategic decoupling in global supply chains. Prior research has predominantly focused on macroeconomic impacts of comprehensive supply chain fragmentation, yet such extreme scenarios lack operational relevance. A more feasible scenario involves targeted decoupling in strategic sectors, such as the US restricting Chinese access to advanced technology industries, potentially triggering retaliatory measures in critical mineral supply chains. Even if supply chain fragmentation is limited to a few advanced industries and the critical minerals used in them, its economic impact is expected to be significant. Therefore, to accurately estimate the effects of recent global supply chain fragmentation, it is necessary to consider both a micro-economic approach at the item level and a macro-economic approach across the broader economy. In this study, we review previous literature using various methodologies and propose a method that integrates micro-economic and macro-economic approaches. Using the proposed methodology, we quantitatively estimate the economic impact under a scenario of fragmentation in critical minerals and draw policy implications. Fragmentation of critical mineral supply chains can disrupt the production of high-tech goods such as semiconductors and secondary batteries, thereby affecting the overall economy. These sectors rely on highly complex supply chains that span multiple countries and involve numerous components. The high degree of interdependence among items within these supply chains makes it particularly challenging to analyze the impact of critical mineral fragmentation on high-tech manufacturing output. To address this challenge, we employed a Dual-stage Attention-based Recurrent Neural Network (DA-RNN), which accounts for both inter-item correlations and temporal dynamics. Using time-series data on imports of various critical minerals, we constructed a DA-RNN model to predict the monthly exports of high-tech products, including secondary batteries, metal oxide salts, automobiles and automobile parts, semiconductors, and ships. Using the DA-RNN analysis results as inputs, we assessed the macroeconomic impacts of critical mineral fragmentation with the OECD METRO model. The OECD METRO model is a global computable general equilibrium (CGE) model designed to capture international trade linkages and policy impacts. A key feature is its detailed breakdown of final demand into intermediate goods, private consumption, government consumption, and capital goods. Two analytical approaches were applied to the three previously described scenarios. Approach 1 directly examines the macroeconomic effects in the METRO model by simulating delays in critical mineral imports from China. Approach 2 first assesses the impact of delayed imports on Korea’s high-tech industries using machine learning techniques, and then uses these results as inputs to estimate the macroeconomic effects in the METRO model.
Topic:: Economics, Geopolitics, Supply Chains, and Critical Minerals
Political Geography:: Global Focus

69. Satellite-Based Analysis of North Korea’s Market System

Author:: Jangho Choi
Publication Date:: 06-2025
Content Type:: Policy Brief
Institution:: Korea Institute for International Economic Policy (KIEP)
Abstract:: The findings of this study suggest that satellite imagery enables a disaggregated analysis of North Korean markets by region, subregion, and economic actor, offering a multi-dimensional perspective on market dynamics. Specifically, the results indicate that North Korea’s markets have been expanding over the medium to long term. While COVID-19 containment measures and border closures led to a temporary contraction in market activity, they did not fundamentally reverse the trajectory of market growth. Market activity was observed to increase in correlation with improved logistics and supply flows—that is, as more goods were delivered to markets, prices tended to fall, and commercial activity expanded. This suggests that the expansion of the state commercial system under the North Korean government—characterized by greater administrative control and intervention in markets—does not aim to suppress or dismantle markets. Rather, it appears to reflect an effort to regulate and integrate increasingly active markets by partially substituting private sector functions with the state-run commercial network. The intended outcomes include increased fiscal revenue and the provision of stable commodity supplies to the population. Satellite imagery analysis remains at a relatively early stage of development in the context of North Korea. As a result, some of the derived indicators have shown inconsistencies or produced controversial findings, underscoring the need for continuous methodological improvement through sustained research. Further validation is also required to ensure that the various satellite-based indicators convey consistent and non-contradictory information.
Topic:: Economics, Markets, Economic Development, and Satellites
Political Geography:: Asia and North Korea

70. AI Standard Choices Under Geopolitical Competition

Author:: Sangjun Yea
Publication Date:: 10-2025
Content Type:: Policy Brief
Institution:: Korea Institute for International Economic Policy (KIEP)
Abstract:: This study examines how global competition over artificial intelligence (AI) standards is unfolding amid growing geopolitical rivalry between the United States and China. It develops a theoretical model to analyze how a third country decides whether to align its domestic AI standard with the U.S. or Chinese framework once both standards exist. The analysis highlights that the choice depends primarily on global and local network effects, market competition, and the role of domestic platforms intermediating AI services. The findings suggest that the technological superiority of foundation AI models and the expanding global user base are key determinants of international standards adoption, implying that AI standardization has become a strategic domain of global economic and political competition.
Topic:: Economics, Geopolitics, Artificial Intelligence, and Strategic Competition
Political Geography:: China, Asia, North America, and United States of America

71. Management practices, competition, and multi-product firms in developing countries

Author:: Victor Gimenez-Perales and Alina Mulyukova
Publication Date:: 09-2025
Content Type:: Working Paper
Institution:: Kiel Institute for the World Economy (IfW)
Abstract:: We study how liberalization and competition affect firms’ output and product scope depending on management practices. In a model of multi-product firms, we show that firms with better management practices specialize in fewer products with lower marginal costs. The model predicts that, under increased competition, firms with better management practices are less adversely affected by competition, especially in heterogeneous sectors. Evidence from India’s de-reservation policy supports these predictions. Our simulations estimate a 0.29% welfare gain in India from the policy. The same policy could increase welfare by 0.39% in an environment with better management practices, such as the US, highlighting the management practices’ role in liberalization outcomes.
Topic:: Development, Economics, Business, Innovation, Management, and Liberalization
Political Geography:: South Asia, India, and United States of America

72. Economic Insecurity: Trade Dependencies and Their Weaponization in History

Author:: Martin Bernstein, Josefin Meyer, Kevin H. O'Rourke, and Moritz Schularick
Publication Date:: 07-2025
Content Type:: Working Paper
Institution:: Kiel Institute for the World Economy (IfW)
Abstract:: Do trade dependencies leave countries vulnerable to geopolitical coercion? We study the economic costs of trade and financial sanctions, from 1920 to the present. We first develop a continuous measure of sanction intensity, using bilateral commodity-level data to calculate the importance of specific flows that fall under sanctions. We find that sanctions inflict relatively small costs on average: sanctioning 1% of GDP worth of imports or exports leads to approximately 0.3 percentage points of lost GDP over a 5-year period and a 0.1 percentage point increase in unemployment. However, we show that sanctions are far more costly for countries whose trade is highly concentrated, and for countries that rely heavily on exporting primary commodities. Low income and developing countries appear most vulnerable to trade sanctions, while high income financial centers and some EU countries are among the most exposed to financial sanctions.
Topic:: Economics, International Trade and Finance, Political Economy, Sanctions, Trade, Vulnerability, Coercion, and Geoeconomics
Political Geography:: Global Focus

73. Trade Wars and Currency Wars – Lessons from History

Author:: Kris James Mitchener and Kirsten Wandschneider
Publication Date:: 04-2025
Content Type:: Policy Brief
Institution:: Kiel Institute for the World Economy (IfW)
Abstract:: Explaining President Trump’s “Liberation-day” tariffs on April 2nd, 2025, Stephen Miran, President Trump’s chairman of the council of economic advisors suggested that countries accept the U.S. tariffs without retaliation to come to a fair “burden sharing”(Miran: 2025). History shows that this assumption is wrong: using a detailed data set of bilateral trade flows constructed for the interwar period, this column shows that in fact the US faced substantial and widespread retaliation from trade partners in response to the U.S. Tariff Act of 1930 (i.e., the Smoot-Hawley Tariff). U.S. exports to retaliating countries fell by as much as 33%, with U.S. trade partners specifically targeting high-end, branded consumer products, such as U.S. autos. The drop in trade contributed to the Great Depression, which in turn triggered a large currency war: between 1929 and 1936, 70 countries devalued their currencies relative to gold. We show that trade was further reduced by more than 21% following devaluation. The currency war destroyed the trade-enhancing benefits of the global monetary standard, ending regime coordination and increasing trade costs. The 1930s are a potent reminder of what can happen when international policy coordination breaks down and countries go it alone when negotiating trade and exchange-rate policies.
Topic:: Debt, Economics, International Trade and Finance, Financial Crisis, Tariffs, Trade Wars, Trade Policy, and Donald Trump
Political Geography:: North America and United States of America

74. Sovereign vs. Corporate Debt and Default: More Similar Than You Think

Author:: Gita Gopinath, Josefin Meyer, Carmen Reinhart, and Christoph Trebesch
Publication Date:: 04-2025
Content Type:: Working Paper
Institution:: Kiel Institute for the World Economy (IfW)
Abstract:: Theory suggests that corporate and sovereign bonds are fundamentally different, also because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show empirically that the two assets are more similar than you think, at least when it comes to high-yield bonds over the past 20 years. We use rich new data to compare high-yield US corporate (“junk”) bonds to high-yield emerging market sovereign bonds 2002-2021. Investor experiences in these two asset classes were surprisingly aligned, with (i) similar average excess returns, (ii) similar average risk-return patterns (Sharpe ratios), (iii) similar default frequency, and (iv) comparable haircuts. A notable difference is that the average default duration is higher for sovereigns. Moreover, the two markets co-move differently with domestic and global factors. US “junk” bond yields are more closely linked to US market conditions such as US stock returns, US stock price volatility (VIX), or US monetary policy.
Topic:: Economics, Sovereign Debt, Sovereign Default, and Corporate Bonds
Political Geography:: North America and United States of America

75. Spatial distribution of housing liquidity

Author:: Francisco Amaral, Mark Toth, and Jonas Zdrzalek
Publication Date:: 03-2025
Content Type:: Working Paper
Institution:: Kiel Institute for the World Economy (IfW)
Abstract:: This paper examines the relationship between location, liquidity, and prices in housing markets. We construct spatial datasets for German and U.S. cities and show that liquidity and prices decline with distance to the city center. To rationalize these results, we build a structural model with spatial search frictions. We argue that location preferences concentrate buyers in central areas, making markets tighter, more liquid, and driving up prices. Counterfactuals show that suppressing search frictions raises welfare and prices, especially in peripheral areas. Our findings highlight the importance of demand-side preferences and search frictions for understanding liquidity and asset prices.
Topic:: Economics, Financial Markets, Cities, Housing, Real Estate, Liquidity, and Assets
Political Geography:: Europe, Germany, North America, and United States of America

76. In Merz We Truss: Financial Market Reaction to Germany’s Fiscal Package

Author:: Filippos Petroulakis and Farzad Saidi
Publication Date:: 03-2025
Content Type:: Working Paper
Institution:: Kiel Institute for the World Economy (IfW)
Abstract:: • This study analyzes capital market reactions to Germany’s recent announcement of loosening fiscal restrictions for defense and state-level spending, while establishing a €500 billion infrastructure investment fund. In particular, we examine whether surging Bund yields reflect growth expectations or fiscal risk concerns. • Clear evidence of growth expectations: The steepening German yield curve, rising stock prices, euro appreciation, and stable credit default swap prices collectively indicate that markets interpret Germany’s fiscal expansion as growth-enhancing rather than a reckless fiscal bet. • The contrast with the UK’s Truss-Kwarteng episode is stark: Unlike the 2022 UK “mini budget” aftermath, which triggered a selloff across all UK asset classes, Germany’s announcement has seen positive market reception across different asset classes, suggesting confidence in Germany’s fiscal credibility. • While the policy shift introduces some uncertainty, evidenced by modest increases in the European VSTOXX volatility index, this reaction appears calibrated and partially attributable to concurrent global market events, reinforcing the interpretation that markets view Germany’s fiscal expansion as responsible.
Topic:: Economics, Markets, Budget, Fiscal Policy, Sovereign Debt, Yield Curve, and Debt Brake
Political Geography:: Europe and Germany

77. The Great Equalizer: Effects of Chinese Official Finance on Economic Complexity across Recipient Countries

Author:: Jan Denninger and Lennart Kaplan
Publication Date:: 01-2025
Content Type:: Working Paper
Institution:: Kiel Institute for the World Economy (IfW)
Abstract:: This paper analyzes whether Chinese aid and other forms of official finance affect structural transformation in low- and-middle income countries. Specifically, we employ an instrumental variables (IV) approach to causally analyze the effect on the Economic Complexity Index of 98 recipient countries over the 2002-2016 period. Economic complexity is defined as the diversity and sophistication of the goods an economy produces. The results reveal that Chinese official financing (OF) does not have statistically significant effects at the aggregate level; however, its effectiveness varies across sectors and recipients. A sectoral perspective shows that Chinese OF to recipients’ production sectors has a significantly negative effect on their economic complexity. These effects are most pronounced for high-complexity recipients, suggesting that China primarily targets industries below existing levels of complexity, thereby impeding potential structural transformation. In contrast, low-complexity recipients experience positive complexity effects from Chinese social sector projects, especially from those related to education. Given that China is known for its demand-driven approach of lending, recipients should push for an adjustment in the composition and allocation of Chinese OF to render structural transformation more likely.
Topic:: Economics, International Trade and Finance, Foreign Aid, and Complexity
Political Geography:: China and Asia

78. Who wins wars?

Author:: Jonathan Federle, Dominic Rohner, and Moritz Schularick
Publication Date:: 01-2025
Content Type:: Working Paper
Institution:: Kiel Institute for the World Economy (IfW)
Abstract:: Economic resources are often seen as decisive for the outcomes of military conflicts. This paper asks whether “deeper pockets” help win wars. We construct a fine-grained dataset covering more than 700 interstate disputes and rely on exogenous resource price shocks to estimate the causal effect of windfall gains on winning chances in interstate conflicts. We find a statistically significant and quantitatively large impact of windfall gains on winning odds and show that a key channel of transmission is a surge in military spending, after an exogenous increase in government revenues.
Topic:: Economics, International Trade and Finance, Military Spending, Fiscal Policy, Armed Conflict, and Geoeconomics
Political Geography:: Global Focus

79. Official Development Assistance

Author:: Institute for Economics and Peace (IEP)
Publication Date:: 03-2025
Content Type:: Special Report
Institution:: Institute for Economics & Peace (IEP)
Abstract:: Amidst rapidly shifting geopolitics, major donors such as the United States, the United Kingdom and European Union (EU) countries have announced significant reductions to their annual Official Development Assistance (ODA) commitments. In 2023, contributions from these countries accounted for 63 per cent of all ODA flows. A key driver of the current situation has been the Russian invasion of Ukraine, which has led to unprecedented aid allocations to Ukraine. In 2023, Ukraine received $37 billion in ODA, equating to 14 per cent of all ODA disbursed in that year. In addition to ODA, military aid allocations to date have totalled $128 billion. Given the current climate, this report presents economic projections under various scenarios, indicating that ODA could decline by 20 to 40 per cent in the coming years. This would result in reductions of between $50 and $115 billion less aid relative to 2023 levels. In such scenarios, sub-Saharan Africa, MENA and Latin America could see cuts of 30-40 per cent in their ODA inflows, exacerbating risks of economic downturns, political instability, and humanitarian crises. The economies that will be most affected by ODA cuts are also in the least peaceful countries in the world. Most at risk include Afghanistan, Yemen, Central African Republic, and Somalia. Existing and emerging donors are unlikely to be able to fill the gap. Countries such as China, Saudi Arabia and Türkiye contribute less than five per cent to the international aid system. With US support for Ukraine in question, EU countries may need to further increase their contributions to Ukraine and boost domestic military spending. Calls to raise EU military spending to five per cent of GDP could require an additional $560 billion annually, diverting funds from other sectors. In a climate of shrinking resources and rising demand, there is an urgent need for reforms that enhance the efficiency, transparency, and data-driven targeting of ODA. Investing in robust monitoring and evaluation systems is essential to ensure that limited aid funds yield maximum developmental and economic benefits.
Topic:: Development, Economics, Donors, Development Assistance, and Russia-Ukraine War
Political Geography:: Global Focus

80. Global Peace Index 2025

Author:: Institute for Economics and Peace (IEP)
Publication Date:: 06-2025
Content Type:: Special Report
Institution:: Institute for Economics & Peace (IEP)
Abstract:: This is the 19th edition of the Global Peace Index (GPI), which ranks 163 independent states and territories according to their level of peacefulness, covering 99.7 per cent of the world’s population. Produced by the Institute for Economics & Peace (IEP), the GPI is the world’s leading measure of global peacefulness. This report presents the most comprehensive data-driven analysis to date on trends in peace, its economic value, and how to develop peaceful societies. It uses 23 qualitative and quantitative indicators to measure the state of peace across three domains: the level of Societal Safety and Security; the extent of Ongoing Domestic and International Conflict; and the degree of Militarisation. The 2025 GPI finds that global peacefulness continues to decline and that many of the leading factors that precede major conflicts are higher than they have been since the end of WWII. More countries are increasing their levels of militarisation against the backdrop of rising geopolitical tensions, increasing conflict, the breakup of traditional alliances and rising economic uncertainty.
Topic:: Development, Economics, Geopolitics, Peace, Armed Conflict, and Peacebuilding
Political Geography:: Global Focus

81. Global Peace Index Briefing 2025

Author:: Institute for Economics and Peace (IEP)
Publication Date:: 06-2025
Content Type:: Working Paper
Institution:: Institute for Economics & Peace (IEP)
Abstract:: The 2025 Global Peace Index reveals a fundamental reshaping of the global order not seen since the Cold War. It details a record decline in global peacefulness as rising conflict deaths, accelerating geopolitical tensions, and the erosion of social cohesion are driving ‘The Great Fragmentation’. The world is at an inflection point. While the number of conflicts is higher than at any time since World War II, they are also becoming unwinnable and increasingly expensive, yet global investment in conflict prevention have dramatically reduced. The last decade has seen major shifts in influence as middle level powers become more assertive within their respective regions. This has contributed to a record 78 countries being involved in conflicts beyond their borders. Combined with major power competition, the proliferation of asymmetric warfare technologies and mounting debt burdens in the most vulnerable states in the most fragile economies, the prospect for conflict has never been higher.
Topic:: Economics, Geopolitics, Peace, Armed Conflict, and Peacebuilding
Political Geography:: Global Focus

82. Semiconductors and Statecraft: Belgium’s Role in Europe’s Technological Sovereignty

Author:: Victor De Decker and Marcus Loiseau
Publication Date:: 05-2025
Content Type:: Policy Brief
Institution:: EGMONT - The Royal Institute for International Relations
Abstract:: Belgium’s global role in semiconductors hinges not on scale but on control of a strategic chokepoint: upstream innovation. With imec at its centre, Belgium functions as Europe’s semiconductor R&D engine – but this asymmetric position leaves the country structurally exposed. Without manufacturing capacity, talent diversification, or broader ecosystem scaling, Belgium risks becoming a high-value subcontractor in a geopolitical and financial game it does not fully control. To remain indispensable – and not merely useful – Belgium must convert R&D dominance into strategic leverage, push for Chips Act reforms that close the EU’s coordination gaps, build scaling innovation ecosystems, and expand its influence within a fragmented European industrial policy landscape.
Topic:: Economics, Science and Technology, Sovereignty, European Union, Innovation, and Semiconductors
Political Geography:: Europe

83. Engendering Pluralism in Economics: Gendered Perspectives from an International Survey of Economists*

Author:: Mohsen Javdani
Publication Date:: 08-2025
Content Type:: Working Paper
Institution:: Institute for New Economic Thinking (INET)
Abstract:: This study contributes to growing calls for greater pluralism in economics by examining how gender shapes economists’ normative and epistemological orientations. Drawing on original survey data from 2,425 economists across 19 countries, we document systematic gender differences in views on a broad range of issues. Female economists are significantly more likely to support progressive equity-oriented positions, challenge mainstream assumptions, and endorse pluralistic approaches to inquiry. We also find stark gender differences in political ideology: women are far more likely than men to identify as left-leaning—particularly far-left—while men disproportionately align with centrist or right-leaning ideologies. These ideological divides account for some of the gender differences in views, underscoring the mediating role of political ideology. However, the influence of ideology itself varies by gender: moving rightward on the ideological spectrum reduces support for some progressive positions more sharply among men than women. This suggests that gendered experiences inform distinct interpretive frameworks that persist even within shared ideological categories. Taken together, our findings highlight that gender diversity in economics is not merely demographic but epistemic—and that realizing its transformative potential requires institutional environments that value and legitimize dissenting and underrepresented perspectives.
Topic:: Economics, Politics, Ideology, Pluralism, and Gender Diversity
Political Geography:: Global Focus

84. The Flawed Welfare Foundations of Pro-Free Trade Arguments

Author:: Mark Glick and Gabriel A. Lozada
Publication Date:: 09-2025
Content Type:: Working Paper
Institution:: Institute for New Economic Thinking (INET)
Abstract:: Free trade has long been defended as an unquestioned good in economics, yet its welfare foundations are deeply flawed. The efficiency gains highlighted by comparative advantage rest on the Potential Pareto Principle, which assumes away distributional concerns and treats aggregate surplus as synonymous with social welfare. In practice, free trade produces both winners and losers, often with significant and lasting harms to labor. Classical and modern theorists—from Ricardo to Samuelson—have acknowledged these problems, but standard textbooks and policy rhetoric bury them beneath confident claims of net benefits. Revisiting the Stolper-Samuelson Theorem, critiques of consumer and social surplus, and later retractions by Hicks and Samuelson, we show that the intellectual case for free trade rests on indefensible ethical and empirical premises. A more rigorous and honest approach requires economists to restrict themselves to identifying effects on different groups, while leaving judgments about welfare and distribution to broader political debate.
Topic:: Economics, Free Trade, Trade, and Welfare
Political Geography:: Global Focus

85. Refining the Strategy: The Economics of Lithium Value Addition in Ghana

Author:: Thomas Scurfield and David Sefa Adjei
Publication Date:: 03-2025
Content Type:: Special Report
Institution:: Natural Resource Governance Institute (NRGI)
Abstract:: Ghana’s plan to refine its lithium domestically should be based on economic feasibility, market outlook and a rigorous cost-benefit analysis. A Ghanaian refinery would currently face limited access to feedstock and high costs compared to global competitors, particularly in China. Excess refining capacity in China and uncertainty about the growth of lithium chemical demand outside China further compound these challenges. A refinery built in the next few years is unlikely to generate much benefit for Ghanaians. NRGI modeling suggests it could cost the government at least USD 500 million in lost revenue, as the refinery would need to purchase Ghana’s concentrate at below-market prices just to break even. It is also unlikely to create more than 200 direct jobs once operational, and the stimulus for other sectors is uncertain. In contrast, the opportunity costs as well as environmental and social harms could be considerable. The government would benefit from a mine-and-monitor approach instead: ensuring that the Ewoyaa mine starts as soon as possible while supporting further lithium exploration, monitoring the evolution of global conditions for lithium refining, and taking domestic steps to improve future refining prospects—such as developing a strategy for byproduct use. Transparency and citizen engagement in the decision-making process are essential to building trust, managing expectations, and fostering a strong investment climate for future lithium refining.
Topic:: Economics, Natural Resources, Mining, and Lithium
Political Geography:: Africa and Ghana

86. Obscurity By Design: Competing Priorities for America’s China Policy

Author:: Tanner Greer
Publication Date:: 03-2025
Content Type:: Special Report
Institution:: Foreign Policy Research Institute (FPRI)
Abstract:: Few notes of concord survive contact with Donald Trump. Trump’s election in 2016 upended settled assumptions; one by one he knocked down the pillars of consensus and convention that held up decades of American diplomacy. The strongest and most consequential of these pillars concerned China. For more than forty years, American diplomats and statesmen worked to integrate China into an American-led economic order. By doing so, they hoped to align Beijing’s behavior (and, if lucky, the entire Chinese political regime) with liberal norms. Their hopes proved in vain. China did not moderate or liberalize. The new president, rejecting both the means and ends of engagement, pushed for a less cataleptic strategy. That was five years ago. Those who see Trump as a champion of the new hawkish “bipartisan consensus on China” have been nonplussed by the first moves of his second administration. Trump invited Xi Jinping—but no other foreign leader—to attend his swearing-in. One of his first acts as president was an executive stay of the TikTok ban. Trump publicly browbeat a dozen countries with threats and blandishments in the week that followed—but not the People’s Republic of China. Contrary to expectation, Trump’s inaugural address barely glanced at China. It does not outline, or even hint at, what Trump’s approach to America’s greatest challenger might be. This obscurity is by design. Trump sees no advantage in giving advance notice. Quite the opposite: he clearly believes that the more inscrutable and erratic he seems, the better off the United States will be. This attitude was expressed neatly when the editorial board of the Wall Street Journal asked Trump about the approach he would take toward Taiwan if elected president. Trump replied that the Chinese would not dare attack Taiwan under his watch. After all, “[Xi Jinping] knows that I am f—ing crazy.” Like Richard Nixon before him, Trump is ready to play the lunatic.[1] If this is one reason Trump’s campaign never published or endorsed any detailed policy proposals regarding China, there are others. As one member of Trump’s transition team puts it, “Trump is a pragmatist, not an ideologue. He does not like tying his hands. He prefers to have strong personalities underneath him with conflicting views. He wants them to fight it out. He wants to pick the winner of each battle.” If this risks strategic incoherence, then so be it: “If you want to see what an ideologically unified administration looks like, look back at Bush and Cheney. That is the sort of disaster we want to avoid.”[2] This leadership style should be considered by any analyst who forecasts the new administration’s future. Trump positions himself as the kingmaker among competing centers of power. He encourages a certain level of disagreement in the ranks. This report provides a framework for thinking about these disagreements—especially in regard to the United States’ relationship with China.
Topic:: Foreign Policy, Diplomacy, Economics, and Geopolitics
Political Geography:: China, Asia, North America, and United States of America

87. Beyond Zambia's 2020 Sovereign Debt Default

Author:: Zambia Institute for Policy Analysis & Research (ZIPAR)
Publication Date:: 10-2025
Content Type:: Working Paper
Institution:: Zambia Institute for Policy Analysis and Research (ZIPAR)
Abstract:: This paper provides an analysis of Zambia’s 2020 debt default, its economic aftermath, and the policy and institutional responses that have shaped the country’s recovery. The study situates the default within a broader global and domestic context of rising debt vulnerabilities, fiscal indiscipline, and external shocks, highlighting how years of high borrowing, exchange rate volatility, and weak public financial management culminated in the crisis. Following the default, Zambia faced acute liquidity challenges, rising inflation, and restricted access to international capital markets. In response, the government pursued fiscal consolidation and institutional reforms under the IMF’s Extended Credit Facility (ECF), alongside a debt restructuring process guided by the G20 Common Framework. These measures sought to restore stability, rebuild confidence, and create space for inclusive growth while prioritising social spending and debt transparency. The study analyses the debt restructuring agreements with the Official Creditor Committee and Eurobond holders, noting the inclusion of state-contingent instruments, particularly the Value Recovery Instrument (VRI) embedded in the B-bond. This clause links Zambia’s future debt service obligations to improvements in its Composite Indicator (CI)—a metric combining the Country Policy and Institutional Assessment (CPIA), import coverage of reserves, and global growth trends. If Zambia’s CI exceeds a threshold of 2.69, the upside payment mechanism would be activated, triggering higher coupon rates and accelerated repayments. While this offers creditors a share in Zambia’s potential recovery, it also raises sustainability concerns, as it could increase the country’s debt service burden precisely when fiscal buffers remain fragile. It, however, does not provide any safeguards against adverse shocks or unexpected macroeconomic volatility, leaving the Government exposed to budgetary stress in the event of slower-than-expected growth or external disruptions. The paper, therefore, emphasises that durable debt sustainability depends on more than restructuring; it requires sustained reforms in domestic revenue mobilisation, prudent fiscal management, and institutional capacity building. It also calls for improvements to the Common Framework to enhance timeliness, predictability, and equitable burden-sharing among creditors, thereby reducing delays, improving fairness in repayment obligations, and providing more explicit guidance for future debt restructuring efforts.
Topic:: Debt, Economics, Sovereign Debt, Debt Restructuring, and Sovereign Default
Political Geography:: Africa and Zambia

88. Japan-US Trade Talks: Start by Expanding Beyond Trade

Author:: Mark Siegel
Publication Date:: 05-2025
Content Type:: Special Report
Institution:: Hudson Institute
Abstract:: Japan is facing a world suddenly beset by enormous uncertainties. Tokyo didn’t ask for this moment, but it should take the embedded opportunity seriously. This is not a time to patiently wait for a return to the old normal. The ancien régime is gone. Instead, Tokyo should put forward ideas that transcend previous institutional arrangements. While the coming period will be challenging, Japan may never have a better opportunity to press for systemic change. By most accounts, negotiations between Japan and the United States have started well. The US seems open to novel and tradition-breaking approaches, and wants to develop a framework agreement quickly. There is clearly goodwill between the two countries, and President Donald Trump’s participation in the opening dialogue was more than just symbolic. He appreciates the extraordinary importance of the bilateral relationship to both countries, and while the president takes issue with the merchandise trade imbalance, he and his team see value in creating win-win outcomes across a spectrum of subjects.
Topic:: Diplomacy, Economics, Bilateral Relations, and Trade
Political Geography:: Japan, Asia, North America, and United States of America

89. Germany in Multi-Dimensional Change: Implications for Central Europe

Author:: EUROPEUM
Publication Date:: 04-2025
Content Type:: Special Report
Institution:: Europeum Institute for European Policy
Abstract:: On April 29th, the Brussels Office of EUROPEUM, representing the Think Visegrad Platform, hosted an expert roundtable discussion entitled ‘Germany in multi-dimensional change: implications for Central Europe.’ The event took place at The Library Ambiorix, Square Ambiorix 10, under the Chatham House Rule with a participation of 14 experts. The aim of the discussion was to explore Germany’s ongoing transformation amid overlapping economic, geopolitical, and structural challenges, and their implications for broader European politics.
Topic:: Economics, Geopolitics, and Regional Politics
Political Geography:: Europe and Germany

90. Sustainable cost of quinoa production in Bolivia: A landscape approach integrating the recovery of agricultural heritage (COSPH)

Author:: Javier Aliaga Lordemann and Adriana Caballero Caballero
Publication Date:: 10-2025
Content Type:: Working Paper
Institution:: Institute for Advanced Development Studies (INESAD)
Abstract:: This study analyzes the sustainable production cost, integrating the recovery of agricultural heritage (COSPH), for quinoa cultivation in the Bolivian High Plateau (Altiplano), seeking to answer: How much does it cost to make quinoa production sustainable over time in Bolivia? And, How does this change when considering agricultural heritage conservation? Specifically, the study evaluates how good agricultural practices (GAP) can mitigate climate change impacts and whether they are cost-effective, integrating the costs of agricultural heritage, which are particularly important for the quinoa real (royal quinoa) crop in Bolivia. Methodologically, the research combines a microeconomic model of imperfect competition calibrated for quinoa — capturing price differentiation based on sustainability and heritage conservation — with the NL-CROP model (Non-Linear Crop Optimization Model), which simulates non-linear interactions between climate, soil, and farming practices. Key findings show that GAP significantly reduce yield losses: under moderate climate conditions, productivity declines decrease from 5-7% to 1.8-2%, while in extreme events, losses drop from 16-30% to 2.5-6.2%, attributed to sustainable soil management. GAP remain viable in scenarios with up to two to three standard deviations, where profit margins cover additional costs. However, in severe crises (50% yield losses), negative margins (-4.7%) make agricultural insurance necessary (premiums of 7-10%), as well as tailored policies to balance climate adaptation with smallholders’ economic viability. When heritage conservation costs are included (COSPH), results show improved resilience (yield loss reduced to 10.5% under a moderate climate scenario) at a moderate additional cost (5.75% compared to 5%), suggesting that preserving agroecological heritage contributes to long-term sustainability. These findings highlight the strategic role of combining sustainable agriculture with the protection of cultural landscapes in vulnerable highland farming in Bolivia.
Topic:: Agriculture, Climate Change, Economics, Environment, Heritage, Farming, Adaptation, Production, and Quinoa
Political Geography:: South America and Bolivia

91. Robotics and Artificial Intelligence: A New Economic Order

Author:: Lili Yan Ing and Gene Grossman
Publication Date:: 05-2025
Content Type:: Policy Brief
Institution:: Economic Research Institute for ASEAN and East Asia (ERIA)
Abstract:: Various technological advancements have revolutionised how businesses operate and how people live and work. In recent years, significant advancements have occurred regarding industrial robotics and artificial intelligence (AI). The adoption of robotics and AI positively impacts productivity at both firm and national levels through increased precision and cost efficiency. While these technologies have the potential to substantially enhance productivity and to facilitate trade in goods and services, this paper also looks at the research on their impact on workers, wages, and economic welfare. Indeed, the extensive and uneven effects of robotics and AI on different skill sets have become a focus of economic research, which has explored how these technologies may yield outcomes that differ markedly from previous technological advancements.
Topic:: Economics, Science and Technology, Artificial Intelligence, and Robotics
Political Geography:: Asia and Global Focus

92. Grievance and Flawed Governance in Iran’s Baluchestan

Author:: International Crisis Group
Publication Date:: 08-2025
Content Type:: Special Report
Institution:: International Crisis Group
Abstract:: What’s new? As Iran struggles with geopolitical tensions and economic duress, its periphery regions are facing additional challenges. Baluchestan, the southern part of Sistan and Baluchestan province, has experienced recurrent unrest. Many residents feel the government discriminates against them as a religious and ethnic minority. Militancy persists. Environmental concerns compound the difficulties. Why does it matter? The central government’s repeated pledges to reduce poverty in Baluchestan through development and improved governance have been undermined by chronic mismanagement, lack of investment and suppression of dissent. Deepening socio-economic disparities, threats of militancy and growing environmental challenges are likely to bring greater strains. What should be done? Enhancing popular participation in local governance, making economic reforms and improving environmental stewardship are the best ways to address Baluchestan’s entrenched crisis. But meaningful progress will require considerable support from the central government, notwithstanding the other huge challenges it faces at home and abroad.
Topic:: Economics, Poverty, Governance, and Geopolitics
Political Geography:: Iran, Middle East, and Baluchestan

93. Game Over? How the United States Could Have Won the Trade Wars

Author:: Emily Kilcrease and Geoffrey Gertz
Publication Date:: 08-2025
Content Type:: Special Report
Institution:: Center for a New American Security (CNAS)
Abstract:: The Center for a New American Security's Energy, Economics, and Security (EES) Program designed and conducted an economic wargame to explore possible pathways to resolve the trade wars sparked by historic levels of U.S. tariff escalation. This trade wargame was designed to examine foreign government responses to U.S. tariffs, including whether they would retaliate, negotiate, and/or make concessions. After being punished by U.S. tariffs, would foreign governments have the appetite to engage in dealmaking with the United States and, if so, under what conditions? The trade wargame was conducted on March 17, 2025, two weeks before President Donald Trump made his real-world announcement of shockingly high tariff rates on a day he deemed “Liberation Day.”
Topic:: Economics, Tariffs, Trade Wars, and Trade
Political Geography:: North America and United States of America

94. China in Iraq

Author:: Ingrid D'Hooghe, Vera Kranenburg, and Erwin van Veen
Publication Date:: 01-2025
Content Type:: Policy Brief
Institution:: Clingendael Netherlands Institute of International Relations
Abstract:: China’s main objective in Iraq is to ensure a reliable supply of oil that diversifies Beijing’s imports without making it dependent on Baghdad. China has a large economic footprint in Iraq, moderately strong diplomatic ties and is marginally relevant from a security perspective. Specifically, 50-67% of Iraq’s oil production comes from fields where Chinese companies are involved as investors, producers or in field servicing roles. Iraq’s political elites welcome Chinese engagement as its foreign policy is less intrusive and more respectful than the United States, its presence creates alternatives and its economic deals are profitable on Iraqi terms.
Topic:: Foreign Policy, Diplomacy, Economics, Oil, Bilateral Relations, and Imports
Political Geography:: China, Iraq, Middle East, and Asia

95. Incomplete Exit: Central and Eastern Europe’s Corporate Decoupling From Russia

Author:: Michal Wyrebkowski
Publication Date:: 11-2025
Content Type:: Special Report
Institution:: German Marshall Fund of the United States (GMFUS)
Abstract:: Following the full-scale invasion of Ukraine in 2022, companies from Central and Eastern Europe (CEE) initially were trailblazers in voluntarily withdrawing from Russia, effectively self-sanctioning through voluntary overcompliance with sanctions by leaving, even though operating in the country is still legal. At the same time, CEE countries have enabled sanctions-evasion networks. The historical economic relationship between CEE countries and Russia created the conditions for this paradox. Decades of relying on Russian energy sources masked an asymmetric interdependence: Russia’s military-industrial complex relied heavily on CEE countries for the machine tools, industrial components, and dual-use technologies essential to weapons production. When EU sanctions targeted these critical supply chains, the geographic proximity and established trade relationships that motivated voluntary exit by some companies also enabled systematic sanctions circumvention by others. The EU’s Russia sanctions since 2014 have struggled to match the complexity of the economic networks involved. Early sanctions focused on financial restrictions and high-profile sectors but failed to address the technical vulnerabilities that enable large-scale evasion. Even as restrictions expanded to cover dual-use goods and Russia’s “shadow fleet”, fundamental gaps in classification systems and enforcement mechanisms persisted. The responses of CEE companies have varied across sectors and countries. While investor and consumer pressure drove rapid voluntary exits from Russia in consumer-facing industries, industrial manufacturers found numerous ways to keep supplying it through third-country intermediaries. The behavior of energy companies has reflected the strategic priorities of CEE governments, with some achieving complete diversification from Russia while others reinforced existing dependencies. The variety of corporate responses mirrored the uneven development of national sanctions-enforcement capabilities, ranging from understaffed sanctions departments to insufficiently robust regulatory frameworks; for example, regarding criminalization of violations. The persistence of sanctions evasion through CEE countries reflects systemic failures in the EU’s enforcement architecture. Technical classification systems designed for traditional trade cannot adequately distinguish between civilian and military applications of modern dual-use technologies. Customs officials lack access to the information systems necessary to verify complex ownership structures and end-use destinations. Legal frameworks optimized for territorial jurisdiction are inadequate for regulating globalized supply chains where goods, payments, and corporate structures span multiple jurisdictions. Banking institutions operating across Central and Eastern Europe have become critical actors, with a small number of financial institutions handling substantial portions of Russia’s foreign currency transactions. Their continued operations highlight the limits of EU territorial sanctions, which is confirmed by the extent to which US extraterritorial enforcement has become necessary to police sanctions violations in Europe. Addressing these challenges requires comprehensive reforms across multiple dimensions. Technical improvements must include supplementary classification systems that incorporate detailed specifications for dual-use goods, while institutional capacity-building demands substantial increases in staffing and expertise at the national and EU levels. Financial-sector monitoring needs real-time automated screening capabilities and dedicated compliance structures, while industrial-sector oversight requires specialized task forces with technical expertise in dual-use technologies.
Topic:: Economics, Trade, Russia-Ukraine War, and Decoupling
Political Geography:: Russia and Eastern Europe

96. Navigating Global Value Chains and Economics in 2025: US–Vietnam Relations in a Changing IndoPacific

Author:: Thanh Nha Nguyen
Publication Date:: 08-2025
Content Type:: Working Paper
Institution:: East-West Center
Abstract:: Vietnam has emerged as an indispensable link in Indo-Pacific manufacturing networks. The country’s strategic advantage lies in its ability to adapt to shifting policies while mitigating risks from trade frictions. To sustain these gains, Vietnam must invest strategically in long-term competitiveness by upgrading workforce skills, improving infrastructure, and climbing the value chain through enhanced design and innovation capabilities. Vietnam’s adaptability has made it a prime beneficiary of the ongoing realignment in global supply chains driven by US trade policy changes. Tariffs on Chinese goods and broader efforts to "de-risk" supply lines have prompted many manufacturers to expand operations in Vietnam, sharply boosting exports and investment. By 2023, Vietnam had vaulted from the 12th- to 7th-largest exporter to the United States, as US imports from Vietnam rose by nearly 35 percent year-on-year. High-profile firms, including Samsung, Apple contractors, and major textile producers, have accelerated investments in Vietnam, solidifying its role as a preferred “China+1” manufacturing base.
Topic:: Economics, Manufacturing, and Global Value Chains
Political Geography:: Vietnam, North America, United States of America, and Indo-Pacific

97. Tariff Wars: Strategies to Prevent Economic Marginalizationof Africa

Author:: Stephane Atangana
Publication Date:: 06-2025
Content Type:: Working Paper
Institution:: The Nkafu Policy Institute
Abstract:: The global economy is showing signs of structural slowdown. Global inflation is declining (from6.8% in 2023 to an expected 4.5% in 2025), and medium-term growth has plateaued around3.1%, a historically low level . Concurrently, « geoeconomic fragmentation » is intensifying—definedby the IMF as a policy-driven reversal of global economic integration. Protectionist measures aremultiplying at an unprecedented rate: nearly 3,000 new trade barriers were imposed in 2023, triplethe number in 2019. This surge in restrictions jeopardizes the economic architecture thatpreviously lifted 1.5 billion people out of poverty over recent decades . For low- and middle-incomeAfrican countries, these trends pose a dual challenge: firstly, their economies remain heavilyreliant on commodity prices (accounting for approximately 76% of exports in 2023) and strugglewith diversification; secondly, they face growing pressures on public finances due to mountingdebt. Specifically, external refinancing needs have tripled in a decade, reaching nearly USD 60 billion annually , while debt servicing now consumes over 12% of public revenue on average in sub-Saharan Africa. These constrained fiscal resources severely limit capacities for productiveinvestment and social policies. Thus, the critical question is: How can these vulnerable economiesmaintain access to international markets while fostering sustainable development?
Topic:: Economics, Tariffs, Inflation, Marginalization, Geoeconomics, and Global Economy
Political Geography:: Africa

98. Addressing Policy Issues to Support Women’s EconomicEmpowerment in the Care Economy in Cameroon

Author:: Nkafu Policy Institute
Publication Date:: 06-2025
Content Type:: Working Paper
Institution:: The Nkafu Policy Institute
Abstract:: Cameroon is a middle-income country with a population of more than 29.4 million [1] . It ranked117 out of 146 in the World Economic Forum’s Global Gender Gap Index in 2021 [2], indicating asignificant gender gap. With an increasing global focus on women’s empowerment, Cameroonhas made strong policy commitments and developed sound policy measures to support Women’sEconomic Empowerment (WEE), backed by changes in macroeconomic frameworks to enable aninclusive approach to economic growth [3]. Nevertheless, gender equality cannot be taken forgranted and needs sustained attention in policy formulation and implementation. More womenhave been moving into paid work and increasingly leadership positions, yet globally, societalexpectations, employer policies, the legal environment and the availability of care continue to playan important role in the choice of educational tracks and career paths for these women. Womenremain disadvantaged at all levels of economic empowerment, especially in access to decentlivelihoods, resource ownership, infrastructure, and services to meet their productive, reproductive, and household needs. This article seeks to address various policy issues required tosupport women’s economic empowerment within the care economy in Cameroon. Thesubsequent sections consist of the Care Economy and Women’s Economic Empowerment, somechallenges and barriers women encounter in terms of economic empowerment, and policychallenges affecting WEE and the care economy. This is followed by a variety of policyrecommendations and future directions.
Topic:: Economics, Women, Empowerment, and Care Economy
Political Geography:: Africa and Cameroon

99. Labor in the Green and Digital Jobs of the Future: What Kind of ‘Future’ Will Arrive and Under Which Conditions?

Author:: Aslı Aydın
Publication Date:: 04-2025
Content Type:: Policy Brief
Institution:: Turkish Economic and Social Studies Foundation (TESEV)
Abstract:: Sustainable development goals, increasing environmental threats and global competition are forcing countries to take steps towards green transition and digital transformation based on artificial intelligence (AI) technologies. In this so-called “twin transformation”, low-carbon and smart technology-oriented jobs are expected to increase rapidly and future jobs are expected to be shaped around these new trends. In this policy brief, the potential opportunities and risks in the twin transformation, including the gender equality dimension, are examined together, and discussion topics that are expected to benefit policymaking are put forward.
Topic:: Climate Change, Economics, Digital Economy, Artificial Intelligence, Labor Market, Sustainable Development, and Gender Equality
Political Geography:: Global Focus

100. The Arctic as an Arena for Strategic Competition: Rivalry with Traditional and Irregular Levers of Power on NATO’s Northern Flank

Author:: Njord Wegge
Publication Date:: 12-2025
Content Type:: Journal Article
Journal:: Journal of Advanced Military Studies
Institution:: Marine Corps University Press, National Defense University
Abstract:: This article investigates to what degree and through which fields and mechanisms strategic competition today plays out in the Arctic as well as how these questions align with international relations (IR) theory. Using rationalist approaches to the study of IR and the DIME model (diplomatic, informational, military, and economic) to structure the empirical investigation, this article finds that the strategic competition matches perspectives found in realism as well as liberalism. The article points out how states develop strategies to maximize security, wealth, power, and prosperity at the cost of others, while at the same time also identifies empirical evidence supporting liberal perspectives that stresses how unintended consequences of competition can be harnessed through institutions and international law. The competitive environment experienced in today’s Arctic increasingly reflects an international society characterized by zero-sum thinking and a dynamic where the constraining role of institutions has diminished.
Topic:: International Relations, NATO, Diplomacy, Economics, Strategic Competition, Military, and Information
Political Geography:: Arctic

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COLUMBIA UNIVERSITY PRESS