Content Type: Journal Article / Publication Year: within 25 Years / Topic: Financial Crisis

1. Xi Demands Fealty Despite Domestic And Foreign Woes

Author:: Willy Wo-Lap Lam
Publication Date:: 01-2024
Content Type:: Journal Article
Journal:: China Brief
Institution:: The Jamestown Foundation
Abstract:: The Politburo held a “democratic life meeting (民主生活会)” on December 21–22, 2023, in which President Xi Jinping gave an internal, unpublished speech. According to accounts provided to the author by three officials at the rank of department head or above, Xi admitted that he had repeatedly postponed the Third Plenum of the 20th Central Committee (which according to Party norms should have taken place in October) because he “could not offer any viable solution for the nation’s problems.” Xi, who is general secretary of the Chinese Communist Party (CCP) and commander-in-chief, went on to blame the other 23 Politburo members and other senior cadres, not only for failing to give him good advice but also for demonstrating signs of disobedience. Reports of Xi’s frank admission of the dire straits of the Party’s leadership were widely circulated on social media. The official Xinhua read-out of the Politburo meeting also cited Xi as demanding “unison of thought” among top-tier officials. This entails adhering closely to the instructions of the “core leadership”—in other words, to Xi himself (Xinhua, December 25, 2023). The supreme leader raised the “two safeguards (两个维护),” a slogan that refers to “safeguarding the authority of comrade Xi Jinping as core of the party” and “safeguarding Xi Jinping Thought on socialism with Chinese characteristics for a new era.” President Xi also admonished his close advisors to “take a firm grip on the internal laws of developments [of issues]; accurately distinguish between events and trends, crises and opportunities, and benefits and harms … and effectively combat risks and take action on the basis of stability” (People’s Daily, December 23, 2023). This instruction tallies with caveats given by Xi throughout the past year, in which he has warned that China faces unprecedented challenges and that the party-state apparatus must ready itself to tackle “black swans and gray rhinos.”
Topic:: Financial Crisis, Leadership, Xi Jinping, Chinese Communist Party (CCP), and Banking
Political Geography:: China and Asia

2. Evolutionary Possibilities of Democratization and Atavistic Nationalism: A Comparative Study of Unrecognized States

Author:: Hilmi Ulas
Publication Date:: 01-2021
Content Type:: Journal Article
Journal:: Journal of Liberty and International Affairs
Institution:: Institute for Research and European Studies (IRES)
Abstract:: The question of how rising atavistic nationalism will affect democracies worldwide is an essential one of our time. In this paper, I focus instead on conducting a comparative historical analysis of atavistic nationalism in two unrecognized states: North Cyprus and Taiwan. I argue that the democratic crisis of our times is, in its essence, economic and has been precipitated by the failure of democracies to build domestic capacities to support democratic values. Furthermore, I posit that engaging populaces at the local political level will prove essential to preserving democracies around the world. I conclude by underlining that atavistic nationalism is indeed a significant threat to regional and global peace and requires further co-operation on trade and governance, and should be engaged at the local level. Lastly, I suggest that co-creating local cultures that will act to soften atavistic nationalism, which feeds off the perception of threats and fear.
Topic:: Democratization, Nationalism, Financial Crisis, and Economy
Political Geography:: Taiwan and Cyprus

3. How Govenrment Outflow and Public Debt Affect Inflation: Evidence from See Countries

Author:: Ereza A. Arifi
Publication Date:: 09-2021
Content Type:: Journal Article
Journal:: Journal of Liberty and International Affairs
Abstract:: The study aims to address public debt and government outflow affecting inflation in some of the countries of Southeast Europe, observing a combination of factors both theoretically and econometrically. The investigation included six (6) SEE countries, including the 2006-2020 timeframe, with 90 observations. The dynamic approach, the fixed effect, and the Arellano/Bond estimator were used to check the parameters considered in the study using panel data. Furthermore, the study also applied diagnostic tests such as the Sargan over-identifying restrictions and Pedroni test for cointegration. The results of the fixed effect and Arellano / Bond estimation demonstrate that public debt, current budget outflows, and capital budget outflows affect inflation, while overall budget outflows are insignificant. For further studies, it would be useful to apply other dynamic models by applying other specific factors, which will be considered as a useful contribution to the academic, research, and policy-making structures.
Topic:: Financial Crisis, Governance, Finance, Inflation, and Public Debt
Political Geography:: Global Focus

4. The Soft Touch of International Financial Regulation: Status, Flaws and Future

Author:: Niall O'Shaughnessy
Publication Date:: 06-2021
Content Type:: Journal Article
Journal:: The Goettingen Journal of International Law
Institution:: The Goettingen Journal of International Law
Abstract:: The 2008 global financial crisis focused attention on the relationship between the behaviour of international financial institutions and the rules they follow. Many banks in the US and Europe failed, in part, due to their inability to absorb the fallout of the US mortgage market collapse. If international financial institutions could not protect themselves from the cycles of the market, how come regulators were unable to do so either? The most relevant instrument of international financial regulation for understanding the 2008 crisis is the Basel Accords, the rules that specify how much capital a bank should always hold in reserve. However, these rules are ‘soft law’ and so, non-binding. It is a myth of course that soft law is the only way to regulate international finance, as many scholars argue. Despite numerous rounds of reform, the Basel Accords have always been inadequate. The purpose of this paper is to account for the flaws of the Basel Accords and the role that soft law plays in creating those flaws. This paper also analyses the competing theories behind the rise of soft law within financial regulation and the ‘political economy’ explanation is endorsed. The final section of the paper discusses the future of financial regulation and soft law, as well as highlighting innovations from outside the hard/soft law dichotomy and outside the Global North. This paper concludes by stating that the theory behind soft law does not play out in practice within finance and that it remains in place because it suits the interests of large institutions and powerful states. At the same time, a return to Bretton Woods or a new World Financial Organization is problematic and, as such, we must look beyond the hard/soft law debate and embrace the work of the Global South and East.
Topic:: Markets, Financial Crisis, Regulation, Capital, and Banking
Political Geography:: Global Focus

5. The Eye of the Storm

Author:: George G. Namur
Publication Date:: 01-2020
Content Type:: Journal Article
Journal:: Harvard Journal of Middle Eastern Politics and Policy
Institution:: The John F. Kennedy School of Government at Harvard University
Abstract:: Lebanon is in the throes of an unprecedented crisis in its modern history. Starting 17 October 2019, the people of Lebanon have been protesting in the streets in a broad-based uprising. This paper highlights key post–civil war realities and practices that led to the country teetering and proposes a solution package to what ails the country and threatens its future.
Topic:: Corruption, Financial Crisis, Governance, Social Movement, Revolution, and Political Crisis
Political Geography:: Middle East and Lebanon

6. Why a Traditional Austerity Plan Would Exacerbate Lebanon’s Woes

Author:: Mounir Mahmalat
Publication Date:: 01-2020
Content Type:: Journal Article
Journal:: Harvard Journal of Middle Eastern Politics and Policy
Institution:: The John F. Kennedy School of Government at Harvard University
Abstract:: Following the eruption of mass protests in autumn 2019, Lebanon’s economy slid into a deep financial and economic crisis. Given the magnitude of Lebanon’s contemporary economic woes, a bailout program with participation by the International Monetary Fund (IMF) appears unavoidable. However, while a bailout program could avoid formal default and cushion the immediate effects of financial impasse, the austerity measures that will come attached are unlikely to achieve their goals. This article argues that in clientelist polities with weak states such as Lebanon’s, austerity programs carry the risk of leaving unaddressed the underlying inefficiencies that led to economic decline in the first place. Instead of prioritizing budgetary measures and spending cuts in a conditional reform program, international donors should seize this novel window of opportunity to legitimize a reform plan with popular demands. Measures to increase judiciary independence and political accountability in particular bear a larger potential than austerity measures alone to change politics and finally create a sustainable economic model.
Topic:: Financial Crisis, Austerity, Sustainability, and Economic Stability
Political Geography:: Middle East and Lebanon

7. External Actors, Good Governance and Health Care Delivery in Africa

Author:: Benjamin Uchenna Anaemene
Publication Date:: 01-2020
Content Type:: Journal Article
Journal:: AUSTRAL: Brazilian Journal of Strategy International Relations
Institution:: Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
Abstract:: The structural adjustment programme imposed by the World Bank and IMF in the face of the serious economic crisis that confronted African states in the 1980s resulted in severe cuts in state spending on social services including health. State failure in the provision of social services led to the externalisation of responsibility for health and the proliferation of actors working in the field of health across the continent. Despite the positive and negative consequences of this development on Africa, the debate about the role of external actors in health care delivery in Africa has dwelt extensively on the degree they should participate neglecting the emphasis on how they participate, under what conditions and with what consequences. Using qualitative data techniques, this article examines the involvement of external actors in health care delivery in Africa illustrating the nature, pattern, dimensions, and dynamics of such engagements in the context of popular concerns with good governance. It found that governance challenges constitute a serious obstacle to better health outcome in Africa. It posits that African states can only maximise their gains from external assistance for health if they take leadership in coordinating health activities in their countries within the context of a comprehensive national health plan.
Topic:: Financial Crisis, Governance, World Bank, and Health Care Policy
Political Geography:: Africa

8. Financial Transactions Taxes: Inaccessible and Expensive

Author:: Diego Zuluaga
Publication Date:: 10-2020
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: Financial transactions taxes (FTTs) have become increasingly popular since the 2008 financial crisis. During the 2020 Democratic presidential primary race, FTTs featured prominently on the platforms of both moderate Michael Bloomberg and socialist Bernie Sanders. The likely nominee, Joe Biden, has also expressed support for an FTT, albeit without offering any details in his election platform.
Topic:: Financial Crisis, Finance, Domestic Politics, Tax Systems, and Transactions
Political Geography:: North America and United States of America

9. Venezuelan Migration and the Border Health Crisis in Colombia and Brazil

Author:: Shannon Doocy, Kathleen Page, Fernando de la Hoz, Paul Spiegel, and Chris Beyer
Publication Date:: 08-2019
Content Type:: Journal Article
Journal:: Journal on Migration and Human Security
Institution:: Center for Migration Studies of New York
Abstract:: Venezuela’s economic crisis has triggered mass migration; more than 3.4 million Venezuelans have fled to other countries in the region and beyond. An assessment mission to Cúcuta, in the Colombian border state of North Santander, was undertaken from July 26 to August 1, 2018, and to Bôa Vista and Pacaraima, in the state of Roraima, Brazil, between August 24 and 28, 2018. Interviews were conducted with key informants, including health providers and organizations engaged in the humanitarian response. Secondary analysis of gray literature and data shared by key informants was also undertaken. Surveillance data demonstrate increases in infectious diseases, as well as adverse maternal and neonatal health outcomes, among Venezuelans in North Santander and Roraima. Summary of Findings for North Santander Reportable public health surveillance events among Venezuelans increased from 182 in 2015 to 865 in the first half of 2018. In 2018, the most common reported events included gender-based and intrafamiliar violence (17 percent), malaria (15 percent), and acute malnutrition in children <5 years (9 percent). There were 14 measles cases reported between January and June 2018 (compared to none in the previous years), the majority associated with migration from Venezuela. Thirty-six cases of maternal morbidity and two cases of maternal mortality among Venezuelans were observed in the first half of 2018 (compared to three cases of maternal morbidity and no maternal deaths in 2015). Low-birth-weight Venezuelan births rose from three in 2015 to 34 in 2017. Between January 2017 and June 2018, emergency medical attention was provided to 19,108 Venezuelans in government health facilities. Summary of Findings for Roraima In 2018, there were 355 cases of measles in Roraima (compared to none in previous years) — all cases had the genotype lineage originating in the 2017 Venezuelan measles outbreak. Children younger than one year old (812.1/100,000) had the highest measles incident rate in Roraima, followed by children 1–4 years old (245.7/100,000). Malaria cases among Venezuelans increased 3.5-fold from 2015 to 2018 (1,260 vs. 4,402 cases). As of August 2018, 171 HIV-infected Venezuelans were receiving HIV care at the Coronel Motta Clinic in Bôa Vista, Roraima. In 2018, 1,603 Venezuelan women gave birth at the Hospital Materno-Infantil in Bôa Vista, and by mid-2018, 10,040 Venezuelans had received outpatient care and 666 had been hospitalized at the Hospital General Roraima. In Colombia, primary healthcare is not available to Venezuelans, and provision of emergency care is perceived as unsustainable given current funding mechanisms. In Brazil, primary care is available to Venezuelans, but the healthcare system is under severe strain to meet the increased demand for care and is facing unprecedented shortages in medications and supplies. There is an urgent need to expand the humanitarian health response in Colombia and Brazil, both to ensure health among Venezuelans and to protect public health in border areas.
Topic:: Health, Migration, Financial Crisis, Border Control, and Humanitarian Crisis
Political Geography:: Brazil, South America, Central America, Venezuela, and North America

10. Consolidating Neoliberalism through Privatisation: The Case of the EU after the Eurozone Crisis

Author:: Özgün Sarimehmet Duman
Publication Date:: 09-2019
Content Type:: Journal Article
Journal:: Uluslararasi Iliskiler
Institution:: International Relations Council of Turkey (UİK-IRCT)
Abstract:: This article offers an inquiry into the increasing importance of privatisation policies in the European Union (EU). It evaluates the emphasis on international competitiveness and market efficiency to offer a comparative analysis of commodification, marketisation, liberalisation and privatisation policies in the pre- and post-crisis EU. It states that the EU introduced new mechanisms to explicitly promote privatisation policies in its member states after the Eurozone crisis. The article concludes that the EU’s lead in privatisation has functioned as a disciplinary mechanism for the member states to introduce and implement extensive privatisation policies. The EU has tended to consolidate neoliberalism through privatisation after the Eurozone crisis.
Topic:: Economics, Privatization, Financial Crisis, European Union, and Neoliberalism
Political Geography:: Europe

11. Assessing Global Financial Stability

Author:: Tobias Adrian
Publication Date:: 06-2019
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: In the decade since the global financial crisis, there has understandably been great concern about potential threats to global financial stability, and policymakers have wisely remained vigilant in watching for warning signs of possible economic risk. At the International Monetary Fund (IMF), we remain committed to providing our 189 member countries with farsighted analyses of trends in the financial markets, thus guiding them toward sound policy choices that help maintain economic stability.
Topic:: International Trade and Finance, Global Recession, Financial Crisis, Economy, Economic Growth, Risk, IMF, and Financial Stability
Political Geography:: Global Focus

12. Indonesian Political Economy: A Historical Analysis

Author:: Tommaso Rossotti
Publication Date:: 01-2019
Content Type:: Journal Article
Journal:: The Rest: Journal of Politics and Development
Institution:: Centre for Strategic Research and Analysis (CESRAN)
Abstract:: Indonesia is one of the largest countries in the world in demographic, geographical and economic terms. Rich in natural resources, it is a member of the G20 and one of the fastest-growing economies in the world. From its independence in 1949, Indonesia lived dramatic changes in its political and economic system, moving from being an authoritarian state with a quasi-planned economy to being a (albeit flawed) democracy with a free market system. This paper is aimed to analyse briefly the most important phases of the post-colonial development path of the country, trying to highlight the events which mainly changed Indonesian economy and from this understand which are its sources of strength and weakness. The paper is therefore divided into three main parts. The first covers the most salient events that occurred in the country from its independence till mid-1990s, with a particular emphasis on Suharto’s “New Order” regime. The second part mainly focuses on the Asian Financial Crisis, explaining its causes and its political and economic effects on Indonesia. Finally, the last part deals with Indonesia in XXI century, focusing on the similarities and differences with the previous period and on the effects of the Global Financial Crisis on Indonesia.
Topic:: Emerging Markets, Political Economy, Natural Resources, and Financial Crisis
Political Geography:: Indonesia and Asia

13. The International Monetary Fund’s Role in Overcoming Economic Crisis in PIIGS

Author:: Kinga Jasiak
Publication Date:: 01-2019
Content Type:: Journal Article
Journal:: Polish Political Science Yearbook
Institution:: Polish Political Science Association (PPSA)
Abstract:: The financial crisis started in 2008 and touched the whole world but some countries experienced its consequences more than others. The European Union and in particular eurozone, slid into a stage of economic recession. Five of 28 EU countries faced the edge of financial fall, named PIIGS-Portugal, Italy, Ireland, Greece and Spain. Multidimensionality of the global crisis have caused that international economic organizations faced a great challenge, For them it was a test of efficiency and effectiveness. The leading role in this period belonged to the International Monetary Fund (IMF), which is standing on the guard of the whole international currency system. The aim of the article is to draw and analyze the most important IMF activities towards PIIGS, especially what instruments were proposed as a help and what changes had to be made by receiving states in order to receive the financial support. The ten-year perspective taken in the article allows for the more comprehensive assessment of the issue.
Topic:: International Cooperation, Financial Crisis, European Union, and Economic Crisis
Political Geography:: Europe

14. When the Greek Political System Clashed with Europe: Why the Greek Sovereign-Debt Crisis is Taking so Long to End

Author:: Constantine A. Papadopoulos
Publication Date:: 10-2018
Content Type:: Journal Article
Journal:: Uluslararasi Iliskiler
Institution:: International Relations Council of Turkey (UİK-IRCT)
Abstract:: The central argument of this essay is that, in order to understand the reasons behind the Greek economy’s inability to recover sooner from its 8-year recession, analysis must focus on the institutional, political and cultural traits of the country rather than take a primarily “economistic” approach and simply blame “excessive austerity” and/or the euro. In fact, it will be argued that Greece’s positive performance under the euro (until government actions derailed the economy) is generally underappreciated, suggesting that if the country’s institutional weaknesses are addressed, the economy will grow. If they are not, the country’s long-term economic potential will almost certainly remain unfulfilled.
Topic:: Debt, Economics, Financial Crisis, Reform, Global Financial Crisis, and Austerity
Political Geography:: Europe and Greece

15. Kriz Dönemlerinde Reel Ekonomik Göstergelerin Sinyal Yaklaşımı ile Değerlendirilmesi: 1999-2017 Türkiye Örneği

Author:: Şükrü Cicioğlu and Atilla Yıldız
Publication Date:: 12-2018
Content Type:: Journal Article
Journal:: Bilgi
Institution:: Sakarya University (SAU)
Abstract:: Ülkelerin gelişmiş veya gelişmekte olmasına bakılmaksızın karşılaştığı sorunların başında ekonomik krizler gelir. Dünya ekonomisinin değişimi ile birlikte ekonomilerin kırılganlıklarının artması sonucu yaşanan krizlerin açıklanması daha da önem kazanmış ve krizlerin tahmin edilebilmesi, politikaların belirlenmesi açısından katkılar sağlar olmuştur. Dünya ekonomisi içinde yakalamış olduğu yüksek büyüme oranları ile önemli bir yeri olan Türkiye ekonomisinde iç ve dış kaynaklı birçok kriz yaşamıştır. Bunun yanında son dönemde faiz ve döviz kurundaki artışlar ekonomide kriz ortamının oluşmaya başladığı yönündeki düşünceleri artırmıştır. Kriz ortamının oluşup oluşmadığının değerlendirilebilmesi ve öngörüde bulunabilmek amacıyla reel göstergelerin değerlendirilmesi önem arz etmektedir. Çalışmada ekonomi üzerinde artan baskının ölçülmesi ve politika uygulayıcılarına yön vermek amacıyla krizleri öngörmek için yapılan çalışmalarda başarılı tahmin gücüne sahip olan Kaminsky, Lizondo ve Reinhart tarafından geliştirilen KLR sinyal yaklaşımı ile reel göstergeler değerlendirilmeye alınmıştır. Türkiye ekonomisinin 1999:01- 2017:12 dönemine ait aylık ve üç aylık verilerden yararlanarak uygulanan analiz sonucunda; kriz dönemi için sinyal verme başarısı açısından cari denge / ulusal rezerv, ithalat ve kapasite kullanım oranı göstergeleri başarılı olmuş ve aynı zamanda kriz olduğunda sinyal verme olasılıkları oldukça iyi değerler almıştır. Sinyal yaklaşımı neticesinde anlamlı sinyal veren göstergeler kullanılarak 2016:01-2017:12 dönemi değerlendirilmesi sonucunda cari denge / ulusal rezerv ve ithalat göstergeleri birer sinyal vererek ekonominin kötüleşme eğilimi içinde olduğunu göstermiştir.
Topic:: Economics, History, and Financial Crisis
Political Geography:: Turkey and Middle East

16. 2008 Küresel Finans Krizi Sonrası Türkiye’de Uygulanan Kamu Geliri Politikalarının İstihdam Oranları Üzerine Etkisi

Author:: Ekrem Gül, Ahmet Gökçe Akpolat, and Recep Kaya
Publication Date:: 12-2018
Content Type:: Journal Article
Journal:: Bilgi
Institution:: Sakarya University (SAU)
Abstract:: 2008 Küresel finans krizi, kriz literatüründe ölçeğinin büyüklüğü ve küresel boyutta yaptığı etkiden dolayı önemli bir yer arz etmektedir. ABD’de 2008 yılında konut piyasalarında geri dönmeyen kredilerden kaynaklı başlayan finansal kriz başta Avrupa ülkeleri olmak üzere küresel çapta büyük bir yayılım göstermiştir. Bu doğrultuda krizin etkilerini gidermek amacıyla para ve maliye politikaları ülkeler tarafından önemle uygulanmıştır. Bu çalışmada 2008 Küresel finans krizi sonrasında Türkiye’de hükümet tarafından uygulanan maliye politikalarının önemli bir aracı olan kamu gelirleri ile istihdam oranları arasındaki ilişki öncelikle teorik olarak açıklanmaya çalışılmıştır. Teoriye ilaveten 2006Q1-2016Q4 dönemleri arasında kamu geliri politikalarıyla istihdam oranları arasındaki ilişki Toda-Yamamoto nedensellik testine göre analiz edilmiş ve kriz sonrası uygulanan kamu geliri politikalarından istihdam oranlarına doğru tek yönlü Toda-Yamamoto (1995) Granger nedenselliği tespit edilmiştir.
Topic:: Financial Crisis, Employment, and Economy
Political Geography:: Turkey and Middle East

17. The 2016 U.S. Election: The Populist Moment

Author:: William A. Galston
Publication Date:: 04-2017
Content Type:: Journal Article
Journal:: Journal of Democracy
Institution:: National Endowment for Democracy
Abstract:: In the United States and abroad, a populist surge threatens the assumptions and achievements of politicians and policy makers from mainstream parties. In the United States, populist discontents have been fueled by an array of factors, including the Great Recession that resulted from the 2008 financial crisis; the failure of past reforms to stem the tide of illegal immigration over the country’s southern border; the economic consequences of sweeping technological change; and the rise of an education-based meritocracy that has left less-educated citizens in outlying towns and rural areas feeling denigrated and devalued. Today, some parties on both the left and right are calling into question the norms and institutions of liberal democracy itself. Growing insecurity has triggered a demand for strong leaders, and forms of authoritarianism that many believed had been left behind for good a quarter-century ago are threatening to resurface. These developments illuminate the historical case for liberal democracy, as well as the sources of its current weakness.
Topic:: Financial Crisis, Elections, Populism, and Liberal Order
Political Geography:: United States and North America

18. Türkiye Ekonomisi: Bardağın Dolu Tarafına Bakmak

Author:: M. Kemal Aydın
Publication Date:: 12-2017
Content Type:: Journal Article
Journal:: Bilgi
Institution:: Sakarya University (SAU)
Abstract:: Tarihsel analizler, Türkiye Ekonomisinin en temel sorununun dış açık olduğunu ortaya koymaktadır. Kalkınma girişimlerini kesintiye uğratan bu sorunu aşmak için 1980’li yılların başında ithal ikameci büyüme modeli terk edilerek ihracata dönük büyüme modeli benimsenmiştir. 1980’li yılların sonuna doğru bu modelin sürdürülebilir olmadığının görülmesi üzerine, 1990’lı yılların başından itibaren yüksek faiz ve düşük kur beklentisine odaklı kısa vadeli sermaye girişlerinin [portföy yatırımları] uyaracağı tüketim talebine dayandırılmış yeni bir büyüme modeli hayata geçirilmiştir. Ne var ki bu model, iktisadi yapının kırılganlığını artırarak 1994, 2000 ve 2001 yıllarında ağır finansal krizler yaşanmasına sebep olmuştur. 2001 Krizi’nin ardından mali disiplin, sıkı para politikası ve bankacılık reformu temelinde kurgulanmış bir program izlenerek yeni bir büyüme dalgası yakalanmıştır. Bu dönemde enflasyonun denetim altına alındığı, bütçeden yapılan faiz ödemelerin azaldığı, devletin borçlanma gereğinin ve toplam borç yükünün hafiflediği görülmektedir. Diğer taraftan 2005’den itibaren doğrudan yatırım girişlerinin keskin bir biçimde artmaya başlaması ile birlikte dış açık’ın finansmanında kısa vadeli sermaye girişlerine duyulan ihtiyaç azalmıştır. Bütün bu gelişmeler sayesinde Türkiye Ekonomisi, 2008’de vuku bulan Küresel Finans Krizi’ni minimum hasar ile atlatmayı başarmıştır. Bu krizin bir sonucu olarak 2008 ve 2009 yıllarında hafif bir sarsıntı geçiren Türkiye Ekonomisi [işsizlik ve dış açık sorunlarını henüz çözememiş olmakla birlikte] 2010’dan itibaren hızlı bir biçimde toparlanmıştır.
Topic:: Government, Financial Crisis, Budget, and Economy
Political Geography:: Turkey and Middle East

19. Sanctions, Economic Mismanagement, and the Iranian Currency Crisis, 2010 - 2012

Author:: Jessica Knight
Publication Date:: 01-2015
Content Type:: Journal Article
Journal:: Fletcher Security Review
Institution:: The Fletcher School, Tufts University
Abstract:: In October 2012, the Iranian rial earned the unwelcome distinction of the world’s least valued currency. It had lost more than 80% of its open market value in the previous two years, crashing from 9,800 to 37,000 rials (IRR) per U.S. dollar (USD). As the rial lost value, demand for more reliable hard currencies surged until it far exceeded the Central Bank of Iran’s (CBI) official supply. Many western analysts, taking their cue from U.S. officials, claimed this devaluation proved the efficacy of international sanctions. Did it really?
Topic:: Financial Crisis, Sanctions, Economy, and Currency
Political Geography:: Iran, Middle East, and United States of America

20. Greece and the European Project: Canary in the Coal Mine?

Author:: Daniel V. Speckhard
Publication Date:: 09-2015
Content Type:: Journal Article
Institution:: Council of American Ambassadors
Abstract:: After serving for two challenging years in the chaos of a war zone as the Deputy Chief of Mission in Iraq, I received word that I would become the next Ambassador to Greece. To be quite honest, I had mixed feelings. I looked forward to the challenge, but I imagined the post would be too sedate compared with the adrenalin-charged days and world-shaping events in Iraq. It was anything but. Within a year of my arrival, the streets were aflame with violent protests over a police shooting of a teenager. A year later, snap elections brought a socialist government to power. And soon thereafter, the onion was further peeled to expose a financial crisis and a crumbling economic foundation built on a corrupt, oligarchic, and debt-addicted system fed by billions of dollars of public and private EU loans and grants.
Topic:: Corruption, Economics, Politics, Financial Crisis, and European Union
Political Geography:: Europe and Greece

21. Globalisation, the Global Financial Crisis and the State

Author:: Christopher Huszar
Publication Date:: 02-2015
Content Type:: Journal Article
Journal:: Central European University Political Science Journal
Institution:: Central European University
Abstract:: The recent financial crisis devastated financial markets the world over. The events of the crisis caused many to question the policies of the pre-crisis era, which tended towards minimizing regulation as well as many others amorphously placed under the term Washington Consensus. The text Globalisation, the Global Financial Crisis and the State , edited by John H. Farrar and David G. Mayes, professors of law and finance, respectively, focuses on the interactions between states, economic policies and laws against the backdrop of the global financial crisis. Utilizing perspectives in the fields of law, political science and economics, the twelve chapters delve into interdisciplinary arguments over the changing regulatory structure of the world and the global forces that shape the state. The authors' overarching argument is that the financial crisis marked a discursive departure from the models supported by pre financial crisis policies typified by the Washington Consensus towards a more multilateral approach symbolized by the emergence of the G-20 and more state oriented control over commercial activities.
Topic:: Economics, Markets, Financial Crisis, and Law
Political Geography:: Washington

22. Brazil's Second-Best Financial Strategy

Author:: Seth Colby
Publication Date:: 04-2014
Content Type:: Journal Article
Journal:: Americas Quarterly
Institution:: Council of the Americas
Abstract:: In November 2009, the cover of The Economist showed the iconic Christ statue overlooking Rio de Janeiro blasting off into outer space. This image, along with the cover headline, "Brazil Takes Off," represented the Carnaval-like euphoria about Brazil that infected journalists and financial markets at the time, buoyed by the country's impressive economic performance in the wake of the 2008 global financial crisis.
Topic:: Economics and Financial Crisis
Political Geography:: Brazil and Latin America

23. "The Confidence Trap: A History of Democracy in Crisis from World War I to the Present"

Author:: Trygve Throntveit
Publication Date:: 09-2014
Content Type:: Journal Article
Abstract:: “This is what happens when democracies try to take advantage of their historical advantages,” writes David Runciman. “They mess up” (p. 273). In The Confidence Trap, Runciman draws on Alexis de Tocqueville's analysis of nineteenth-century American democracy to assess the strengths and diagnose the ills that have beset mature democratic societies from the early twentieth century to the present. The result is a clear and plausible articulation of democracy's central dilemma, paired with a far less definite treatment of its implications for the conduct of public affairs, either in the past or today.
Topic:: War and Financial Crisis
Political Geography:: America

24. Roaming Charges: Places of Social and Financial Crisis: Dublin 2014

Publication Date:: 05-2014
Content Type:: Journal Article
Abstract:: We deal in EJIL with the world we live in – often with its worst and most violent patholo-gies, often with its most promising signs of hope for a better world. But, inevitably, since our vehicle is scholarship, we reify this world. Roaming Charges is designed not just to offer a moment of aesthetic relief, but to remind us of the ultimate subject of our schol-arly reflections: we alternate between photos of places – the world we live in – and photos of people – who we are, the human condition. We eschew the direct programmatic photo-graph: people shot up; the ravages of pollution and all other manner of photojournalism. 'Roaming', 'Charges', and those irritating 'Roaming Charges' – was chosen because of the multiple and at times conflicting meanings, feelings and associations the words, jointly and severally, evoke and which we hope to capture in our choice of photo-graphs. As we roam around the world we aim for images which charge us: please and challenge, even irritate, at the same time. We seek photos which have some ambiguity, are edgy and relate in an indirect way, both to the current circumstance but also to that which is, like human dignity, permanent and enduring.
Topic:: Financial Crisis
Political Geography:: Dublin

25. The ASEAN Synthesis: Human Rights, Non-Intervention, and the ASEAN Human Rights Declaration

Author:: Mathew Davies
Publication Date:: 11-2013
Content Type:: Journal Article
Journal:: Georgetown Journal of International Affairs
Institution:: Georgetown Journal of International Affairs
Abstract:: The ASEAN Human Rights Declaration (AHRD) has been welcomed as the most impressive commitment to protecting human rights within ASEAN ever created. At the same time, others have criticized it as fatally flawed, creating no meaningful regional oversight of human rights. In this article I argue that this range of reactions is explicable by understanding the Declaration as embodying what I term the “ASEAN synthesis” between progressive and traditionalist positions held by member states. Since 1997 the progressives have lobbied for substantial reform of ASEAN, including a commitment to human rights. The traditionalists, while not opposed to reform, envisage a traditional approach to regional affairs that prioritizes member-state security through commitments to sovereign equality and non-intervention. The ASEAN synthesis reconciles these two agendas by legitimizing the discussion of human rights within the regional framework while also reinforcing the principle of non-intervention, seriously curtailing the ability of regional institutions and declarations to engage in proactive rights protection. The argument unfolds in three parts. The discussion first identifies the members and interests of the progressive and traditionalist camps, placing them in the context of ASEAN's evolution since 1967 and with particular attention to the 1997 Financial Crisis as the trigger for their emergence. The second section examines the evolution of ASEAN from 1997-2012 and argues that this process can be understood as representing the synthesis of the progressive interest in human rights as aims and the traditionalist focus on orthodox practices. The final section examines the AHRD itself to reveal the influence of both interest groups
Topic:: Human Rights and Financial Crisis

26. From Multilateral Champion to Handicapped Donor–And Back Again?

Author:: Nancy Birdsall
Publication Date:: 09-2013
Content Type:: Journal Article
Journal:: PRISM
Institution:: Institute for National Strategic Studies (INSS), National Defense University
Abstract:: The global financial crisis triggered by the fall of Lehman Brothers in 2008 and its aftermath in the subsequent five years has made visible and telling two new realities of the 21st century. First, the United States and its western allies no longer represent the single canonical example of the economic and political model of a free market democracy that other countries ought to strive to imitate. The crisis was triggered in the United States in part by a failure of monetary and financial regulatory policy; many emerging market economies, including China, India and Brazil, recovered relatively quickly from the global crisis in part due to so-called heterodox policies inconsistent with the U.S. model. Second, the global economy is no longer dependent on growth in the traditional western democracies; it is growth in China and other emerging market economies that has fueled the global recovery. For the first time in over 100 years, there is convergence between the per capita incomes of the richest and at least some large developing countries.
Topic:: War and Financial Crisis
Political Geography:: United States, China, and India

27. Throwing Down the Gauntlet

Author:: Carol Bellamy
Publication Date:: 03-2013
Content Type:: Journal Article
Journal:: World Policy Journal
Institution:: World Policy Institute
Abstract:: President Barack Obama has thrown down the gauntlet with his call for "a better way to welcome the striving, hopeful immigrants who still see America as a land of opportunity." It's a bold move for a mainstream politician. Across the world, and particularly in rich countries that are bobbing in the wake of the global financial crisis, politicians are running scared on immigration. Catcalls about immigrants sound especially tuneless here in the United States, where some 40 percent have at least one ancestor who arrived at Ellis Island between 1892 and 1954. Indeed, the wealth of this country has been built by risk-takers who had the courage to launch themselves into the unknown.
Topic:: Financial Crisis
Political Geography:: United States, America, Germany, and Island

28. Diminishing Quality of Fiscal Institutions in the United States and European Union

Author:: Thomas Grennes
Publication Date:: 01-2013
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: The value of government debt relative to the size of the economy has become a serious problem, and the problem is likely to grow in the future. Total debt of the U.S. government relative to gross domestic product increased substantially since the financial crisis and the Great Recession that began in 2007, but the debt ratio has been increasing since 2001. Gross debt relative to GDP increased from 55 percent in 2001 to 67 percent in 2007 to 107 percent in 2012. Comparable figures for debt held by the public (net debt or gross debt minus debt held by various government agencies) were 80 percent in 2011 and 84 percent in May 2012 (IMF 2012). As a result, the debt ratio is now the highest in U.S. history, except for World War II, when it reached 125 percent of GDP (Bohn 2010). U.S. debt is also high relative to the debt of other high-income countries, and projections of future debt place the U.S. government among the world's largest debtors (IMF 2011, 2012; Evans et al. 2012). Gross debt consists of all the bonds issued by the U.S. Treasury, but a broader measure that includes contingent debt results in a much larger debt (Cochrane 2011). Contingent debt includes unfunded obligations related to Social Security, Medicare, Medicaid, and loan guarantees to agencies such as Fannie Mae and Freddie Mac, and these obligations are so large that they have been described as a “debt explosion” (Evans et al. 2012). The sovereign debt crisis of the European Union has similarities to the U.S. debt problem, but it also has significant differences, as will be shown below. Interestingly, the poorer countries of the world that have frequently experienced debt problems in the past, have avoided major debt problems so far.
Topic:: Financial Crisis
Political Geography:: United States and Europe

29. From the Editor

Author:: Craig Biddle
Publication Date:: 03-2013
Content Type:: Journal Article
Journal:: The Objective Standard
Institution:: The Objective Standard
Abstract:: Welcome to the Spring 2013 issue of The Objective Standard.
Topic:: Economics, Government, and Financial Crisis
Political Geography:: United States

30. Challenges for the German Welfare State before and after the Global Financial Crisis

Author:: Mark Hallerberg
Publication Date:: 04-2013
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: Germany has a northern European welfare state. This means that social benefits are extensive compared not only to the American standards but compared to other European countries, such as Italy or Spain. In the early 2000s, both foreign observers and Germans themselves considered the country the “sick man of Europe.” Its firms seemed increasingly uncompetitive, due especially to its costly labor. Economic growth in this period was stagnant. This “exporting giant” even had a slight current account deficit.
Topic:: Financial Crisis
Political Geography:: Europe, Germany, Spain, and Italy

31. Europe in Transition: Lessons to be Learned

Author:: Ludger Kühnhardt
Publication Date:: 01-2013
Content Type:: Journal Article
Journal:: All Azimuth: A Journal of Foreign Policy and Peace
Institution:: Center for Foreign Policy and Peace Research
Abstract:: In this age of instant global media coverage, it is easy to lose perspective as well as one’s view of the horizon. A week is a long time in politics, as the saying goes. A week of media coverage may be even longer, one might add. And after months of coverage, a single issue may have turned from fact to fiction or from fiction to fact. An event can become a process, a challenge can become a problem, a difficulty can become a crisis. Cause and effect may become blurred by the subtle power of media and the shorthand that is inevitably used to frame a phenomenon. Explanations can give way to labels, for better or worse. The European Union (EU) has been on this roller coaster for the last three years. When Lehmann Brothers of the United States (US) went bankrupt in 2008, the root causes of the crash were swiftly connected with that country’s mortgage crisis (subprime bubble). Too many too-cheap mortgages had made too many Americans the owner of a house that they could suddenly no longer finance. It seemed to be solely an American problem to have lived beyond one’s means; Europe was only challenged by finding a way to avoid the spillover effects from the US financial crisis. Three years later, however, the tides of fortune had changed. The sovereign debt crises of Portugal, Ireland, Greece and Italy turned into a crisis of the euro, if not of the European Union. Not only were causes and effects confused; context and implication had also become confusing.
Topic:: International Relations, Financial Crisis, European Union, and Transition
Political Geography:: Europe

32. Rising States, Rising Institutions: Challenges for Global Governance

Author:: Isao Miyaoka
Publication Date:: 01-2012
Content Type:: Journal Article
Journal:: International Relations of the Asia-Pacific
Institution:: Japan Association of International Relations
Abstract:: The global financial crisis of 2008 has strengthened the general impression that the decline of the United States and the rise of new powers such as China and India are simultaneously in progress. A shift in the balance of power must significantly affect the way of global governance. This is a subject of great importance in world politics. In the words of Robert Gilpin, 'the fundamental problem of international relations in the contemporary world is the problem of peaceful adjustment to the consequences of the uneven growth of power among states'. Since around 2010, scholarly attention has been paid to the impact of emerging new powers on global governance. One of the very first books is the volume under this review, Rising States, Rising Institutions: Challenges for Global Governance. This edited volume is the second book that was produced by the collaborative work between the Center for International Governance Innovation (CIGI) – a Canadian think tank based in Waterloo, Ontario – and the Woodrow Wilson School of Public and International Affairs, Princeton University. (The first book from this partnership is Can the World Be Governed? Possibilities for Effective Multilateralism.)
Topic:: Financial Crisis
Political Geography:: United States, China, and India

33. Islamic Project Finance: Shari'a Compliant Financing of Large Scale Infrastructure Projects

Author:: Rishad Sadikot
Publication Date:: 05-2012
Content Type:: Journal Article
Journal:: al Nakhlah
Institution:: The Fletcher School, Tufts University
Abstract:: Islamic finance has never seen greater appeal. Economically, Islamic finance is experiencing renewed interest due to growing dissatisfaction with the economic status quo and discredit suffered by conventional finance following the financial crisis. Politically, the Arab spring will ensure that Islamic finance plays a more extensive role in the economies of the region due to the fact that long repressed Islamist parties, which will now have a larger influence in the political landscape, have the promotion of Islamic finance as one of their top priorities. Furthermore, he success of post-revolutionary regimes depends on economic recovery.
Topic:: Financial Crisis
Political Geography:: Arabia

34. Understanding the Interventionist Impulse of the Modern Central Bank

Author:: Jeffrey M. Lacker
Publication Date:: 06-2012
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: The financial crisis of 2007 and 2008 was a watershed event for the Federal Reserve and other central banks. The extraordinary actions they took have been described, alternatively, as a natural extension of monetary policy to extreme circumstances or as a problematic exercise in credit allocation. I have expressed my view elsewhere that much of the Fed's response to the crisis falls in the latter category rather than the former (Lacker 2010). Rather than reargue that case, I want to take this opportunity to reflect on some of the institutional reasons behind the prevailing propensity of many modern central banks to intervene in credit markets.
Topic:: Financial Crisis
Political Geography:: United States

35. Have Measures Adopted by States to Cope With the Global Financial Crisis Been in Accordance With Their Obligations Under International Investment Law?

Author:: Maximilian Hocke
Publication Date:: 06-2012
Content Type:: Journal Article
Journal:: The Goettingen Journal of International Law
Institution:: The Goettingen Journal of International Law
Abstract:: International investment law guarantees broad protection. The following article examines how measures against the Global Financial Crisis, e.g. the acquisition of shares or the refusal to help particular financial institutions, affected those standards. However, the article argues that due to public policy reasons the measures have been in accordance with all protection standards.
Topic:: Financial Crisis
Political Geography:: China, Germany, and Switzerland

36. A Slow Fuse: Italy and the EU Debt Crisis

Author:: Jonathan Hopkin
Publication Date:: 12-2012
Content Type:: Journal Article
Journal:: The International Spectator
Institution:: Istituto Affari Internazionali
Abstract:: Italy is firmly in the grip of an austerity programme mandated by the European Union institutions, and executed by an unelected technocrat. This state of affairs is at once the result of the acute and unexpected crisis of the financial and economic integration of the eurozone, and an expression of the failures of the Italian political class. Although the euro crisis has been mishandled by European elites, Italy's long-term economic decline, and the inability of Italian party politicians to generate a sustainable coalition to address Italy's economic problems, hinders an exit from the crisis.
Topic:: Financial Crisis
Political Geography:: Europe and Italy

37. The Dream Deferred

Author:: Marcelo M. SuÃ¡rez-Orozco
Publication Date:: 05-2012
Content Type:: Journal Article
Journal:: Americas Quarterly
Institution:: Council of the Americas
Abstract:: Children are the unwitting victims of exclusionary policies toward immigrants. (video interview available)
Topic:: Security, Economics, and Financial Crisis
Political Geography:: America and Georgia

38. China's Global Rise

Author:: Lowell Dittmer
Publication Date:: 10-2012
Content Type:: Journal Article
Journal:: Americas Quarterly
Institution:: Council of the Americas
Abstract:: In the "new" developing world, China looks for trade partners-not revolutionary allies.
Topic:: Cold War, Development, United Nations, and Financial Crisis
Political Geography:: China, Beijing, and Asia

39. A G-Zero World

Author:: Nouriel Roubini and Ian Bremmer
Publication Date:: 03-2011
Content Type:: Journal Article
Journal:: Foreign Affairs
Institution:: Council on Foreign Relations
Abstract:: In the wake of the financial crisis, the United States is no longer the leader of the global economy, and no other nation has the political and economic leverage to replace it. Rather than a forum for compromise, the G-20 is likely to be an arena of conflict.
Topic:: Financial Crisis
Political Geography:: United States

40. Currency Wars, Then and Now

Author:: Liaquat Ahamed
Publication Date:: 03-2011
Content Type:: Journal Article
Journal:: Foreign Affairs
Institution:: Council on Foreign Relations
Abstract:: The aftermath of the Great Depression saw a burst of competitive currency devaluations and protectionism that undermined confidence in an open global economy. As countries recover from the financial crisis today, they need to heed the lessons of the past and avoid the beggar-thy-neighbor policies of the 1930s.
Topic:: War and Financial Crisis
Political Geography:: Europe

41. Turkey's Response to the Global Economic Crisis

Author:: Ibrahim Turhan and Zubeyir Kilinc
Publication Date:: 02-2011
Content Type:: Journal Article
Journal:: Insight Turkey
Institution:: SETA Foundation for Political, Economic and Social Research
Abstract:: Turkey was not affected by the financial crisis as much as the advanced economies and managed to rapidly exit the turmoil. The reasons behind the strong response and quick recovery of the Turkish economy were its low country risk and low currency risk premiums. This study shows the foundations of these low risk premiums and compares some measures of these risks of the Turkish economy with peer countries. Second, this paper demonstrates that all of Turkey's economic sectors were very strong before the crisis and sustained this strength during the course of the crisis. Finally, it discusses the policies that have already been taken and planned to be taken by Turkey's economic authorities. The government seems to be very determined in keeping fiscal discipline as tight as necessary while not being excessive.
Topic:: Financial Crisis
Political Geography:: Turkey

42. Alchemists of Loss: How Modern Finance and Government Intervention Crashed the Financial System by Kevin Dowd and Martin Hutchinson

Author:: Steven Horwitz
Publication Date:: 06-2011
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: The combination of the recession and financial crisis of the last few years has led to quite the outpouring of books by economists purporting to explain what happened and why, and how to avoid a repeat performance. This very crowded field has seen a range of quality, but a good number of these books have been quite well done. Alchemists of Loss by Great Britain's Kevin Dowd and Martin Hutchinson is another very good treatment of the issues. The authors bring a wealth of experience to their book. Dowd has had a long career as an academic, with much of his work focusing on the history and theory of “free banking” and other forms of financial deregulation. Hutchinson is a longtime financial journalist and has worked in the merchant and investment banking industries in Britain. They have written a comprehensive, fairly detailed, and surprisingly entertaining account of the historical context, theoretical framework, and actual events of the crisis.
Topic:: Financial Crisis
Political Geography:: Britain

43. International order after the financial crisis

Author:: Harold James
Publication Date:: 05-2011
Content Type:: Journal Article
Institution:: Chatham House
Abstract:: The geography of power is at present being dramatically transformed, notably by the rapid economic rise of China. What makes international order legitimate in a world in which political and economic foundations are rapidly shifting? This article examines analogies and lessons from a previous transition, from a world order centered on Britain, to a US dominated global order. The article looks at two interpretations of the transition, one by E. H. Carr, the other by Charles Kindleberger. China is beginning to behave in the way expected of a Kindleberger hegemon, but also sees the possibilities of asserting power in a world that in the aftermath of 2008 looks much more like the chaotic and crisis-ridden interwar period as interpreted by E. H. Carr. The challenge for the management of the new international order will lie in the ability of China to embrace the universalistic vision that underpinned previous eras of stability, in the nineteenth century and in the late twentieth century.
Topic:: Economics and Financial Crisis
Political Geography:: Britain, United States, and China

44. Three Narratives about the Financial Crisis

Author:: Peter J. Wallison
Publication Date:: 09-2011
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: The most important lesson we can learn from the financial crisis is what caused it. Even though the Dodd-Frank Act (DFA) has been signed into law, this is still an important question. If we do not attribute the crisis to the right cause, we could well stumble into another crisis in the future; and if the DFA was directed at the wrong cause, we should consider its repeal. There are several competing narratives. One of them will eventually be accepted, and will determine how the great financial crisis of 2008 is interpreted, and thus how it affects public policy in the future.
Topic:: Financial Crisis

45. Friedman and Samuelson on the Business Cycle

Author:: J. Daniel Hammond
Publication Date:: 09-2011
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: Chicago School economists have come in for criticism since the financial crisis and so-called Great Recession began in 2007. Commentators have blamed recent problems on a laissez-faire faith in the efficacy of markets and simple rules for business-cycle policy—ideas associated with economics as taught and practiced at the University of Chicago. Events over the past four years, we are told, demonstrate the need for a restoration of Keynesian thinking about business cycles and activist government policies to keep markets from failing. However, there is another aspect of Chicago School economics that is commonly overlooked. This is the conviction that economists' understanding of the business cycle is meager in light of the knowledge necessary for activist countercyclical policy to be effective. From this comes the Chicago School concern that economists and policymakers not attempt to do something beyond their capability. Overreaching can make the problems worse.
Topic:: Economics and Financial Crisis
Political Geography:: Chicago

46. The Inevitable Superpower

Author:: Arvind Subramanian
Publication Date:: 09-2011
Content Type:: Journal Article
Journal:: Foreign Affairs
Institution:: Council on Foreign Relations
Abstract:: Is China poised to take over from the United States as the world's leading economy? Yes, judging by its GDP, trade flows, and ability to act as a creditor to the rest of the world. In fact, China's economic dominance will be far greater and come about far sooner than most observers realize.
Topic:: Financial Crisis
Political Geography:: United States and China

47. The Middling Kingdom

Author:: Salvatore Babones
Publication Date:: 09-2011
Content Type:: Journal Article
Journal:: Foreign Affairs
Institution:: Council on Foreign Relations
Abstract:: By any measure, China's economic growth has been unprecedented, even miraculous. According to the International Monetary Fund, the Chinese economy grew by an average of 9.6 percent per year between 1990 and 2010. At the beginning of the recent global financial crisis, many feared that the Chinese growth engine would grind to a halt. In late 2008, Chinese exports collapsed, triggering fears of political instability and popular revolt in the country. In the end, however, the global economic crisis turned out to be little more than a pothole on the road of China's economic growth. Inflationary pressures may now be building up in China, and China's property bubble may be threatening to burst, but most economists continue to predict rapid growth for the country well into the future. Although their forecasts vary widely, they seem to share the view that China's growth will be fast -- if not as fast as it has been -- and that this rate of growth will continue for decades. These predictions are at once cautious about the near future (China's performance will not be as extraordinary as it has been) and optimistic about the distant future (they see no end to China's upward trajectory). By coincidence or design, they are moderated extrapolations of current trends. For example, the Nobel Prize-winning economist Robert Fogel believes that China will grow at an average annual rate of eight percent until 2040, by which time it will be twice as rich as Europe (in per capita terms) and its share of global GDP will be 40 percent (compared with 14 percent for the United States and five percent for the European Union). Other economists are slightly more cautious: Uri Dadush and Bennett Stancil of the Carnegie Endowment for International Peace predict that China will grow by 5.6 percent per year through 2050.
Topic:: Financial Crisis
Political Geography:: China

48. Privatization Helps: The Hungarian Example

Author:: Donald Blinken
Publication Date:: 10-2011
Content Type:: Journal Article
Institution:: Council of American Ambassadors
Abstract:: As Greece works out of financial crisis, it should look to Hungary fifteen years ago for part of the answer. Far too large a segment of the Greek economy remains locked up in public hands. Their sale to the private sector, as Hungarians discovered, while not a panacea, will help reduce catastrophic public debts, and salaries and pensions will become the responsibility of private owners rather than the government. The Greek Parliament's austerity plan would raise 70 billion euros from privatization by 2015. The government will sell stakes in banking, airports, water utilities, motorway concessions, port operations, state land, and mining rights. Selling assets to the private sector will also improve managerial know-how, increase transparency, and encourage confidence in a Greek recovery.
Topic:: Economics, Government, and Financial Crisis
Political Geography:: Greece

49. "The Rock Star of the Recovery": Explaining Sweden's Strong Economic Performance

Author:: Johan Berggren
Publication Date:: 10-2011
Content Type:: Journal Article
Institution:: Council of American Ambassadors
Abstract:: Europe is beset by economic and financial risks: uneven and in many cases slow growth, high unemployment, weak public finances, jittery financial markets, and popular dissatisfaction with consolidation schemes. The sovereign debt crisis afflicting several southern and peripheral Euro-economies exemplifies Europe's current travails.
Topic:: Financial Crisis
Political Geography:: Europe and Sweden

50. Export Trade Performance of Indian Economy during and Following the Global Financial Crisis

Author:: Dr. Sumanjeet Singh
Publication Date:: 07-2011
Content Type:: Journal Article
Journal:: The Rest: Journal of Politics and Development
Institution:: Centre for Strategic Research and Analysis (CESRAN)
Abstract:: Towards the end of 2008 the effects of global recession started getting reflected in international trade. The fall in global demand and the slowing-down in economic growth translated into a substantial reduction in international trade. It affected the cross-border trade of virtually all countries and economic sectors. Indian exports trade could not remain unaffected in a situation where external demand was dwindling globally. The present paper reviews India's export performance during and following the global financial crisis. Indian exports started to decline in July 2008. It declined from US$ 17,095 million in July 2008 to US$ 11,516 million in March 2009, which accounts for almost 33 per cent decline. This growth contraction has come after a robust 25 per cent-plus average export growth since 2003. But, as a result of government policy measures and recovery in global economy, India's exports growth turned positive and exports grew by a whopping 54.1 per cent in March 2010 and recorded the highest growth rate among the world's top 70 economies in merchandise exports. India's merchandise exports during April 2010 at US$ 16.9 billion recorded a growth of 36.3 per cent as compared with a decline of 32.8 per cent registered in April 2009. Exports witnessed huge annualized growth of 56.9 per cent to $25.9 billion in May 2011 in a bright spot for the Indian economy, which is battling high inflation amid signs of a slowdown.
Topic:: Economics, Government, and Financial Crisis
Political Geography:: India

51. Is Indonesia Bound for the BRICs?

Author:: Karen Brooks
Publication Date:: 11-2011
Content Type:: Journal Article
Journal:: Foreign Affairs
Institution:: Council on Foreign Relations
Abstract:: Indonesia is in the midst of a yearlong debut on the world stage. This past spring and summer, it hosted a series of high-profile summits, including for the Overseas Private Investment Corporation in May, the World Economic Forum on East Asia the same month, and the Association of Southeast Asian Nations (ASEAN) in July. With each event, Indonesia received broad praise for its leadership and achievements. This coming-out party will culminate in November, when the country hosts the East Asia Summit, which U.S. President Barack Obama and world leaders from 17 other countries will attend. As attention turns to Indonesia, the time is ripe to assess whether Jakarta can live up to all the hype. A little over ten years ago, during the height of the Asian financial crisis, Indonesia looked like a state on the brink of collapse. The rupiah was in a death spiral, protests against President Suharto's regime had turned into riots, and violence had erupted against Indonesia's ethnic Chinese community. The chaos left the country -- the fourth largest in the world, a sprawling archipelago including more than 17,000 islands, 200 million people, and the world's largest Muslim population -- without a clear leader. Today, Indonesia is hailed as a model democracy and is a darling of the international financial community. The Jakarta Stock Exchange has been among the world's top performers in recent years, and some analysts have even called for adding Indonesia to the ranks of the BRIC countries (Brazil, Russia, India, and China). More recent efforts to identify the economic superstars of the future -- Goldman Sachs' "Next 11," PricewaterhouseCoopers' "E-7" (emerging 7), The Economist's "CIVETS" (Colombia, Indonesia, Vietnam, Egypt, Turkey, and South Africa), and Citigroup's "3G" -- all include Indonesia.
Topic:: Economics and Financial Crisis
Political Geography:: Russia, United States, China, Indonesia, India, East Asia, Brazil, and Island

52. Realpolitik and the IMF

Author:: Jo Marie Griesgraber
Publication Date:: 09-2011
Content Type:: Journal Article
Journal:: Georgetown Journal of International Affairs
Institution:: Georgetown Journal of International Affairs
Abstract:: The Financial Crisis has emphasized the need for a radical change in the governance of global financial institutions. With help from the G20, the IMF changed from a moribund and almost penurious body to a competitor for global preeminence as global financial rule-maker, reviewer, and implementer. For IMF governance, the financial crisis had the effect of removing any democratic façade, revealing the realities of realpolitik decision-making. Discontent from the financial crisis persists, however, and rumors of new power principles warrant analysis and support.
Topic:: Financial Crisis and Governance

53. In Fed We Trust: Ben Bernanke's War on the Great Panic

Author:: William Poole
Publication Date:: 02-2010
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: David Wessel is a fine journalist; In Fed We Trust is a fine book. It belongs on the shelf of every student of the 2007–09 financial crisis. It is, as well, a good read for recreational observers of the economic scene. Wessel focuses on Fed Chairman Ben S. Bernanke, but he discusses the role of all the other key players as well. The biographical information on Bernanke is interesting, as are Wessel's comments on the policy approaches and personalities of the other policymakers.
Topic:: War and Financial Crisis

54. Unchecked and Unbalanced: How the Discrepancy between Knowledge and Power Caused the Financial Crisis and Threatens Democracy

Author:: Mark Calabria
Publication Date:: 02-2010
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: Arnold Kling's Unchecked and Unbalanced is a novel and insightful take on both the financial crisis and broader trends in the provision of government services. Its central point is best summarized by its subtitle, “How the discrepancy between knowledge and power caused the financial crisis and threatens democracy.” This is a brief, very readable book for two distinct audiences, those interested in further understanding the financial crisis and those interested in improving the accountability and efficiency of services provided by government.
Topic:: Financial Crisis

55. Faulty Basel

Author:: Marc Levinson
Publication Date:: 05-2010
Content Type:: Journal Article
Journal:: Foreign Affairs
Institution:: Council on Foreign Relations
Abstract:: No abstract is available.
Topic:: Economics and Financial Crisis
Political Geography:: United States and Europe

56. The Great Crash of 2008: Causes and Consequences

Author:: Deepak Lal
Publication Date:: 06-2010
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: In the early 1980s, I was working as the research administrator at the World Bank, while the Third World was engulfed by a debt crisis. The current global financial crisis has eerie similarities, but different outcomes. Why?
Topic:: Third World and Financial Crisis
Political Geography:: Africa, Asia, and Latin America

57. Lender of Last Resort: What It Is, Whence It Came, and Why the Fed Isn't It

Author:: Thomas M. Humphrey
Publication Date:: 06-2010
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: It has become commonplace in the current crisis to refer to the Federal Reserve as the economy's lender of last resort (LLR). Typical is the observation of Glenn Hubbard, Hal Scott, and John Thornton (2009) that "Over many decades and especially in this financial crisis, the Fed has used its balance sheet to be a classical lender of last resort."
Topic:: Financial Crisis

58. Government Housing Policy and the Financial Crisis

Author:: Peter J. Wallison
Publication Date:: 06-2010
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: It is popular around the world to blame the financial crisis on the United States. But before we identify this as the usual anti- Americanism, we should perhaps look more seriously at our country's housing policies. Unfortunately, there is a strong argument that the financial crisis is indeed the fault of the United States—an artifact of the housing policies that this country has followed since the early 1990s. These policies produced an unprecedented number of subprime and other nonprime mortgages (known as Alt-A), and when the housing bubble topped out in late 2006 and early 2007, these loans began to default at unprecedented rates. In my view, the severe losses associated with these defaults caused weakness of Bear Stearns and AIG—resulting in their rescue—the failure of Lehman Brothers, the severe recession we are experiencing in the United States today, and ultimately the financial crisis itself.
Topic:: Financial Crisis
Political Geography:: United States

59. Economic Contractions in the United States: A Failure of Government

Author:: Mark Calabria
Publication Date:: 06-2010
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: Charles Rowley and Nathanael Smith have put together a brief, yet extensive, study comparing America's Great Depression and the recent financial crisis. Their focus is on both the economics and the politics behind these events. With both, they demonstrate how each was a failure of government, not of the market. The book concludes with several recommendations for addressing our nation's current economic and fiscal situation. The most original contribution of their work is in bringing a Public Choice framework to evaluating the financial crisis.
Topic:: Economics and Financial Crisis
Political Geography:: United States

60. Interdependency Theory: China, India and the West

Author:: Simon Tay
Publication Date:: 09-2010
Content Type:: Journal Article
Journal:: Foreign Affairs
Institution:: Council on Foreign Relations
Abstract:: No abstract is available.
Topic:: Development, Economics, Government, and Financial Crisis
Political Geography:: China and India

61. Role of the IMF in the Global Financial Crisis

Author:: Miranda Xafa
Publication Date:: 09-2010
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: More than two years on, the impact of the financial crisis that erupted in August 2007 is still being felt as the global economy emerges from the Great Recession. The crisis intensified dramatically after the bankruptcy of Lehman and the rescue of insurance giant AIG in September 2008, which narrowly avoided a near-simultaneous failure of multiple counterparties. The International Monetary Fund's early forecast of the severity of the resulting economic downturn (IMF 2008a) helped mobilize concerted official action to address quickly and forcefully these extraordinary economic and financial events by providing fiscal stimulus to sustain growth, as well as capital injections and guarantees to ease the credit crunch. Following the emergency summit of G20 leaders in Washington in November 2008, support packages for banks were put together in a hurry in the United States, Europe, and elsewhere to prevent the dis- orderly failure of systemically important institutions and to restore confidence in the financial system.
Topic:: Financial Crisis
Political Geography:: United States and Middle East

62. Jimmy Stewart Is Dead: Ending the World's Ongoing Financial Plague with Limited Purpose Banking

Author:: Gerald P. O'Driscoll Jr.
Publication Date:: 09-2010
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: Chapter 1 of the book is titled “It's a Horrible Mess,” and in it Laurence Kotlikoff, a professor of economics at Boston University, reminds the reader of the breadth, depth, and horror of the global financial crisis. It is a cure for the dispassionate observer of events, an indictment that would send all but those with ice water in their veins to sign up for the Tea Party Express. The book is a particularly well-written account of the crisis that begins in housing finance, spreads throughout the financial system, and then throughout the real economy. The crisis hit in tsunami-like waves beginning in 2007 and continued into 2009.
Topic:: Financial Crisis

63. Briefly Noted [Full Text]

Publication Date:: 06-2010
Content Type:: Journal Article
Abstract:: This section contains a round-up of recent notable books in the field of international affairs.
Topic:: War and Financial Crisis

64. Making Choices: Prospects for a Canada-EU Free Trade Agreement.

Author:: Joseph Blomeley
Publication Date:: 05-2010
Content Type:: Journal Article
Journal:: Journal of Public and International Affairs (JPIA)
Institution:: School of Public and International Affairs (SPIA), Princeton University
Abstract:: With a population of over 500 million, the European Union (EU) is Canada's second-largest trading partner. In 2006, two-way merchandise trade between Canada and the EU was approximately $78 billion and two-way investment reached $263 billion. While these figures are far from marginal, they pale in comparison to the $626 billion in two-way merchandise trade and $497 billion in two-way investment with the United States. In light of these numbers, analysts have argued that there is room for improvement in the economic relationship between Canada and the EU. They believe that the relationship has been significantly under-traded and under-valued. In an attempt to bolster this claim, a Canada-EU Joint Trade Study commissioned by the European Commission and the Government of Canada (GoC) recently noted that Canada is the EU's 11th-largest merchandise trading partner, with only 1.8 percent of external EU trade in this category (GoC, 2008). In light of the financial crisis in the United States, discussions to revive talks of a Canada-EU Free Trade Agreement (FTA) have begun to garner attention.
Topic:: Economics, Government, and Financial Crisis
Political Geography:: United States, Europe, and Canada

65. Improving International Policy Coordination in the Wake of the Financial Crisis.

Author:: Jonathan Burks
Publication Date:: 05-2010
Content Type:: Journal Article
Journal:: Journal of Public and International Affairs (JPIA)
Institution:: School of Public and International Affairs (SPIA), Princeton University
Abstract:: The on going financial crisis has exposed the weaknesses of the risk management practices pervasive in the financial industry and the limitations of a domestic regulatory structure that fails to provide any federal regulator with the responsibility and authority to comprehensively oversee the financial system. Of course these problems have not been limited to the United States, as banks based abroad, like UBS, and economies around the world have also been shaken by the crisis. The crisis has also exposed the shortcomings of the international regime for economic and financial policy coordination.
Topic:: Economics and Financial Crisis
Political Geography:: United States

66. Special Assessment: Asian Regionalism

Author:: Amy Searight
Publication Date:: 03-2010
Content Type:: Journal Article
Journal:: Comparative Connections
Institution:: Center for Strategic and International Studies
Abstract:: After a decade of rising regionalist aspirations and a flurry of community-building initiatives, the past year and a half has seen a slight shift in the momentum and direction of Asian regionalism. While the signing of regional free trade agreements continues apace and discussions on regional cooperative mechanisms proceed unabated, the perceptions and political goals of many in the region have been recalibrated in the face of new challenges and new opportunities. By far, the biggest challenge was the global economic crisis, which had a mixed impact on Asian regionalism. On one hand, it spurred calls for regional action, much in the way of the financial crisis that hit Asia hard in 1997-98. Moreover, the relatively swift recovery of Asian economies seemed to highlight the fact that world economic power is shifting to East Asia. On the other hand, crisis revealed the extent to which East Asia remains deeply integrated with the global economy, in both trade and finance, and it called into question the relevance of regional solutions for dealing with global challenges.
Topic:: Financial Crisis
Political Geography:: East Asia and Asia

67. Understanding the Geopolitical Implications of the Global Financial Crisis

Author:: Wu Xinbo
Publication Date:: 10-2010
Content Type:: Journal Article
Journal:: The Washington Quarterly
Institution:: Center for Strategic and International Studies
Abstract:: Although the global financial crisis breaking out in the fall of 2008 seems to be drawing to an end, it is still too early to tell exactly how big a loss it has caused to the world economy. Viewed through a macro politico-economic lens, the global financial turmoil formally put an end to the unipolar post—Cold War era, in which the U.S. power preponderance, its alleged universal politicoeconomic model of development (often referred to as the Washington Consensus), and its overwhelming international influence had been a defining feature. The looming new era is characterized by the emergence of a multipolar power structure, plural politico-economic models, and multiple players on the international stage.
Topic:: Cold War and Financial Crisis
Political Geography:: United States and Washington

68. Rights Interests: Trade Disputes

Author:: Howard Guille
Publication Date:: 06-2010
Content Type:: Journal Article
Journal:: Human Rights and Human Welfare - Review Essays
Institution:: Josef Korbel Graduate School of International Studies, University of Denver
Abstract:: The global financial crisis led to the steepest drop in global activity and trade since World War II (International Monetary Fund 2009c). Recession means unemployment of people and resources. It is a bad time to be a worker and a despondent one for worker representatives. The crisis began, publicly at least, with financial panics and ensuing bank failures in the United States in September 2008. The financial bubble of securities and derivatives burst because of “the obesity of banks and shadow banks” (Johnson 2009). However, politicians and governments had given bankers and financiers a license for excess by deregulating finance and trusting open markets. In essence, elected politicians gave small government to bankers, who in turn gave neo-liberal globalization to us.
Topic:: Globalization, Government, War, and Financial Crisis
Political Geography:: United States

69. Uluslararası Güç Dengeleri Bağlamında Uluslararası Finans Sisteminin Yeniden Yapılandırılması: Disiplinlerarası Bir Değerlendirme

Author:: Gökhan Özkan
Publication Date:: 10-2010
Content Type:: Journal Article
Journal:: Uluslararasi Iliskiler
Institution:: Uluslararasi Iliskiler
Abstract:: The global financial crisis triggered debate on restructuring international financial system. In this study, restructuring process of the international financial system is evaluated within the context of international balance of power. It is argued that it is insufficient to focus only on the economic dimension, but restructuring should be evaluated by taking into account international political dynamics. This work looks at how differences of opinion between the developed countries, particularly the G-7 countries and the developing (emerging?) countries, particularly Brazil, Russia, India and China shape the process. It is anticipated that the restructuring process will proceed at a modest pace because of the asymmetry of interests and the gap between the understandings of the developing and developed countries about reforming the decision-making mechanisms of the IMF and the World Bank and the diversification of the international monetary system. It is concluded that the new shape of the international financial architecture will depend on the international politics and balance of power as well as the evolution of the global crisis and the economic dynamics.
Topic:: International Trade and Finance, International Monetary Fund, Financial Crisis, and World Bank
Political Geography:: Russia, China, India, and Brazil

70. Russia's Financial Crisis: Economic Setbacks and Policy Responses

Author:: Padma Desai
Publication Date:: 06-2010
Content Type:: Journal Article
Journal:: Journal of International Affairs
Institution:: School of International and Public Affairs, Columbia University
Abstract:: The financial turmoil originating from the U.S. subprime mortgage crisis hit Russia by early September 2008, prompting the Russian government and the Central Bank of Russia to undertake a set of speedy and concerted measures to soften the impact of the crisis. These initial measures supported the value of the ruble as ruble holders, domestic and foreign, switched to dollars. They also provided hard currency to major Russian banks and Russian big business (the so-called oligarchs) which had borrowed heavily from foreign banks for their expanding operations from 2000 to 2007.
Topic:: Government and Financial Crisis
Political Geography:: Russia and United States

71. Origins of the Financial Market Crisis of 2008

Author:: Anna J. Schwartz
Publication Date:: 01-2009
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: I begin by describing the factors that contributed to the financial market crisis of 2008. I end by proposing policies that could have prevented the baleful effects that produced the crisis.
Topic:: Democratization, Economics, International Trade and Finance, Markets, Privatization, and Financial Crisis
Political Geography:: United States

72. Reflections on the Financial Crisis

Author:: Allan H. Meltzer
Publication Date:: 01-2009
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: I am going to make several unrelated points, and then I am going to discuss how we got into this financial crisis and some needed changes to reduce the risk of future crises.
Topic:: Democratization, Economics, International Trade and Finance, Markets, Privatization, and Financial Crisis
Political Geography:: United States

73. What Lessons Can We Learn from the Boom and Turmoil?

Author:: Jeffrey M. Lacker
Publication Date:: 01-2009
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: The current financial crisis undoubtedly will inspire a great deal of research in the years ahead, and it may take some time before anything like a professional consensus emerges on causes and consequences. After all, it took several decades to document the causes of the Great Depression, and recent research continues to provide new perspectives. Nonetheless, I believe the central questions that are likely to occupy researchers are plainly in view, and some tentative lessons have emerged already. And in any event, legislators are not likely to await the fruits of future scholarship.
Topic:: Democratization, Economics, International Trade and Finance, Markets, Privatization, and Financial Crisis
Political Geography:: United States

74. Revisiting the Future: Geopolitical Effects of the Financial Crisis

Author:: Mathew J. Burrows and Jennifer Harris
Publication Date:: 04-2009
Content Type:: Journal Article
Journal:: The Washington Quarterly
Institution:: Center for Strategic and International Studies
Abstract:: Every four years, the National Intelligence Council (NIC) publishes an unclassified report projecting global trends over the next fifteen years. The intent is to help incoming decisionmakers lift their sights above the here-and-now, focusing on longer-term trends likely to shape the strategic future of the United States. Inevitably, the NIC's estimations find a far wider audience. The most recent edition, Global Trends 2025: A Transformed World (hereinafter the report), was published last November, and already has received substantial media attention both within the United States and overseas. Completing the report in the midst of the financial crisis required the NIC to make risky predictions on the world's most volatile issues, from youth bulges and climate change to odds on a nuclear Iran, from whether the International Monetary Fund (IMF) might soon be spelled SWF for sovereign wealth funds in the developing world, to a Russia (and a Gazprom) rising, even as the ground was shifting day to day beneath its feet.
Topic:: Financial Crisis
Political Geography:: Russia and United States

75. The Young Generation Prepares to Support the United Nations

Author:: Hans Blix and William J. vanden Heuvel
Publication Date:: 04-2009
Content Type:: Journal Article
Institution:: Council of American Ambassadors
Abstract:: Today, people throughout the world are experiencing the most severe set of global crises since the United Nations was formed over 60 years ago. They include financial, economic and environmental crises as well as crises of scarcity—of food, fuel and water.
Topic:: Climate Change, United Nations, and Financial Crisis
Political Geography:: United States

76. The G-2 Mirage

Author:: Elizabeth C. Economy and Adam Segal
Publication Date:: 05-2009
Content Type:: Journal Article
Journal:: Foreign Affairs
Institution:: Council on Foreign Relations
Abstract:: A heightened bilateral relationship may not be possible for China and the United States, as the two countries have mismatched interests and values. Washington should embrace a more flexible and multilateral approach.
Topic:: Foreign Policy and Financial Crisis
Political Geography:: United States, China, Washington, Israel, and Palestine

77. Tectonic Shifts and Systemic Faultlines: A Global Perspective to Understand the 2008-2009 World Economic Crisis

Author:: Bülent GÖKAY
Publication Date:: 04-2009
Content Type:: Journal Article
Journal:: Alternatives: Turkish Journal of International Relations
Institution:: Center for International Conflict Resolution at Yalova University
Abstract:: The last months of 2008 witnessed what is being called the worst financial crisis since the Great Depression of 1929-30. The first indications of a serious crisis appeared in January 2008. On 15 January, news of a sharp drop in the profits of the Citigroup banking led to a sharp fall on the New York Stock Exchange. On 21 January a spectacular fall in share prices occurred in all major world markets, followed by a series of collapses. A number of American and European banks declared massive losses in their 2007 end of the year results.
Topic:: Economics and Financial Crisis
Political Geography:: New York, America, and Europe

78. Effects of the Financial Crisis on The U.S.-China Economic Relationship

Author:: Eswar S. Prasad
Publication Date:: 08-2009
Content Type:: Journal Article
Journal:: The Cato Journal
Institution:: The Cato Institute
Abstract:: The U.S. and China are two of the dominant economies in the world today and the nature of their relationship has far-reaching implications for the smooth functioning of the global trade and financial systems. These two economies are becoming increasingly integrated with each other through the flows of goods, financial capital, and people. These rising linkages of course now stretch far beyond just trade and finance, to a variety of geopolitical and global security issues. Getting this relationship right is therefore of considerable importance.
Topic:: Financial Crisis
Political Geography:: United States and China

79. Mastering Global Financial Crises: a German Perspective

Author:: Jörg Asmussen
Publication Date:: 07-2009
Content Type:: Journal Article
Journal:: The Washington Quarterly
Institution:: Center for Strategic and International Studies
Abstract:: The world economy has experienced a downturn of historical dimensions since the onset of 2009. Almost everywhere, production has declined rapidly, world trade has virtually collapsed, and the recession has spread to all major economic regions. The global financial crisis is the culmination of an exceptional boom in credit growth and leverage in the financial system. Low interest rates, abundant liquidity, and low volatility prompted investors to search for higher yields without an adequate appreciation of related risks. Financial institutions developed new structures and innovative risky instruments to meet investors' demand for higher yields. Investors in turn, overly optimistic about continued rises in asset prices, did not look closely enough into the nature of the assets they bought. They mostly relied on the analysis of credit rating agencies which were, in some cases, also selling advice on how to develop the rated products. This failure of market discipline played a considerable role in the crisis.
Topic:: Financial Crisis
Political Geography:: Germany

80. China's Employment Crisis – A Stimulus for Policy Change?

Author:: Günter Schucher
Publication Date:: 09-2009
Content Type:: Journal Article
Institution:: German Institute of Global and Area Studies
Abstract:: In the face of severe job problems, China's government has adopted a huge stimulus package in a bid to achieve eight per cent economic growth, which is said to guarantee at least enough jobs for the new entrants to the labour market. The real situation, however, will be much grimmer than statistics indicate. Unregistered groups like unemployed rural migrants, job-searching college graduates, laid-off workers and others together with the officially registered unemployed and the new market entrants could add up to 42 million altogether, while even the most optimistic estimates say only around 15 million new jobs could be created in 2009. Nevertheless, the stimulus package demonstrates an at least temporary shift in economic policy from capital-intensive to labour-intensive growth. Additionally, the new initiatives to boost social-security spending could help to address the grievances of the most vulnerable groups in the labour market. The Chinese government's reaction to the emerging employment crisis once again demonstrates the often underestimated adaptability of China's leadership.
Topic:: Financial Crisis
Political Geography:: China

81. The Dollar Dilemma

Author:: Barry Eichengreen
Publication Date:: 09-2009
Content Type:: Journal Article
Journal:: Foreign Affairs
Institution:: Council on Foreign Relations
Abstract:: Legions of pundits have argued that the dollar's status as an international currency has been damaged by the great credit crisis of 2007-9 -- and not a few have argued that the injury may prove fatal. The crisis certainly has not made the United States more attractive as a supplier of high-quality financial assets. It would be no surprise if the dysfunctionality of U.S. financial markets diminished the appetite of central banks for U.S. debt securities. A process of financial deglobalization has already begun, and it will mean less foreign financing for the United States' budget and balance-of-payments deficits. Meanwhile, the U.S. government will emit vast quantities of public debt for the foreseeable future. Together, these trends in supply and demand are a recipe for a significantly weaker dollar. And as central banks suffer capital losses on their outstanding dollar reserves, they will start considering alternatives. This is especially likely because these trends are superimposed on an ongoing shift toward a more multipolar world. The growing importance of emerging markets has sharply reduced the United States' economic dominance, weakening the logic for why the dollar should constitute the largest part of central-bank reserves and be used to settle trade and financial transactions. As emerging markets grow, they naturally accumulate foreign reserves as a form of self-insurance. Central banks need the funds to intervene in the foreign exchange market so that they can prevent shocks to trade and financial flows from causing uncomfortable currency fluctuations. This capacity becomes more important as previously closed economies open up and when international markets are volatile, as has been the case recently. It is only logical, in other words, for emerging markets to accumulate reserves.
Topic:: Financial Crisis
Political Geography:: United States

82. China's Economic Policy in the Time of the Global Financial Crisis: Which Way Out?

Author:: Margot Schüller and Yun Schüllerr-Zhou
Publication Date:: 12-2009
Content Type:: Journal Article
Institution:: German Institute of Global and Area Studies
Abstract:: This contribution analyses the impact of the global financial crisis on the Chinese economy and the policies implemented by the Chinese government to cope with it. We argue, first, that China has not been able to decouple its economic performance from that of the U.S. and other developed countries. Second, although economic growth in the second quarter of 2009 showed that the stimulus package is working, the current development does not seem to be sustainable. In order to avoid another round of overheating, the government needs to adjust its stimulus policy. Third, the current crisis offers opportunities to conduct necessary structural adjustments in favour of more market-based and innovative industries, more investment by private companies and a stronger role of private consumption in economic growth. Fourth, with the external demand from the OECD countries declining, Chinese export companies need to further diversify their international markets and re-orient their production and sales strategies to some extent towards the domestic market.
Topic:: Economics, Government, and Financial Crisis
Political Geography:: United States and China

83. The Dangers of Democratic Delusions

Author:: Kishore Mahbubani
Publication Date:: 03-2009
Content Type:: Journal Article
Abstract:: A "League of Democracies," according to Mahbubani, will divide the world at the very time that a new global consensus needs to be created to address pressing global challenges.
Topic:: Financial Crisis
Political Geography:: United States and Iraq

84. U.S.-Japan Relations

Author:: Michael J. Green
Publication Date:: 01-2009
Content Type:: Journal Article
Journal:: Comparative Connections
Institution:: Center for Strategic and International Studies
Abstract:: The U.S. decision to rescind the designation of North Korea as a state sponsor of terrorism tested the bilateral relationship this quarter as the Bush administration was perceived in Japan as having softened its commitment to the abductee issue in favor of a breakthrough on denuclearization in the Six-Party Talks, which ultimately proved elusive. The Aso government managed to extend the Maritime Self-Defense Force (MSDF) refueling mission in the Indian Ocean for one year, though bilateral discussions on defense issues continued to center on whether Japan could move beyond a symbolic commitment to coalition operations in Afghanistan. Japanese domestic politics remained tumultuous as the opposition led by the Democratic Party of Japan (DPJ) thwarted the Aso legislative agenda to increase pressure for a snap election. Prime Minister Aso's approval rating plummeted over the course of the quarter due mostly to frustration with the response to the financial crisis, prompting him to postpone the widely anticipated Lower House election in an attempt to shore up support for the ruling Liberal Democratic Party (LDP). Public opinion polls revealed increased interest in offering the DPJ a chance at the helm with most observers predicting an election sometime next spring. Other polls at the end of the quarter showed the Japanese public less sanguine about the U.S.-Japan alliance, a sobering development as President-elect Obama prepared to take office.
Topic:: Development, Terrorism, and Financial Crisis
Political Geography:: United States, Japan, and North Korea

85. China-Southeast Asia Relations

Author:: Robert Sutter
Publication Date:: 01-2009
Content Type:: Journal Article
Journal:: Comparative Connections
Institution:: Center for Strategic and International Studies
Abstract:: Asian commentators who asserted that China and its neighbors could ride out the economic crisis in U.S. and Western financial markets appeared in retreat during the quarter as the impact of the financial turmoil and recession in America and Europe began to have a major effect on China and the region's trade, manufacturing, currency values, and broader economic stability. The hope that China could sustain stable growth independent of the U.S. and Europe and thereby provide an engine of growth for export-oriented Southeast Asian countries was dented by Chinese trade figures that nosedived in November, especially Chinese imports, which fell by 18 percent. The financial crisis also dominated the discussion at the ASEM summit in October. Meanwhile, China continued to pursue infrastructure development projects with its neighbors to the south, resolved the land boundary dispute with Vietnam, and signed a free trade agreement with Singapore. Talk of a planned Chinese aircraft carrier caused some controversy, but on the whole assessments of China's rise were notably more balanced than in the past.
Topic:: Economics, Financial Crisis, and Reform
Political Geography:: United States, China, America, Europe, Asia, and Southeast Asia

86. China-Russia Relations

Author:: Yu Bin
Publication Date:: 07-2009
Content Type:: Journal Article
Journal:: Comparative Connections
Institution:: Center for Strategic and International Studies
Abstract:: Between June 14-18 Russian and Chinese heads of state interacted on a daily basis at three summits: the Ninth annual SCO summit and the first ever Brazil, Russia, India, and China (BRIC) summit (both in Yekaterinburg), and their own annual bilateral meeting in Moscow. The locus of Russian-China relations was, therefore, “relocated” to Russia. Economic issues dominated these meetings as the global financial crisis deepened. Mounting danger on the Korean Peninsula and instability in Iran were also recurring themes. President Hu Jintao's five-day stay in Russia ended when he joined President Dmitry Medvedev to watch a spectacular performance by Chinese and Russian artists in Moscow's Bolshoi Theatre for the 60th anniversary of Russian-China diplomatic relations.
Topic:: NATO and Financial Crisis
Political Geography:: Russia, China, Iran, India, and Brazil

87. Financial Crises in Asia and Latin America: Then and Now

Author:: G. L. Kaminsky and C. M. Reinhart
Publication Date:: 09-2009
Content Type:: Journal Article
Journal:: Bilgi
Institution:: Sakarya University (SAU)
Abstract:: 2 Temmuz 1997 tarihinde Tayland Bahtı'nın devalüe edilmesinin ardından para ve menkul değerler piyasalarında, 1994 yılında Meksika Pesosu'nun devalüe edilmesinin ardından yaşanan “tekila” etkisini fazlasıyla aşan ölçülerde bir dalgalanma meydana gelmiştir. Kriz, ilk olarak, Doğu Asya'nın diğer ülkelerine bir dizi devalüasyon ve borsa çöküşü biçiminde yansımıştır. Sorunun derinlik kazanması ile birlikte, Hong Kong ve Güney Kore dahil, bölgedeki diğer ülkelerin para birimleri spekülatif baskılara maruz kalmıştır. Öte yandan kriz bölge dışına da taşmıştır. Arjantin, Brezilya ve Rusya gibi ülkelerin hisse senedi piyasalarında sert düşüşler yaşanmış ve ulusal para birimlerine dönük spekülatif saldırılar olmuştur. Döviz piyasalarında durum düzeldikçe, Tayland ve Güney Kore'de olduğu gibi, ülkelerin önemli bir bölümünde bankacılık sorunları, belki bunun da ötesinde büyük ölçekli bankacılık krizleri ortaya çıkmıştır.
Topic:: Financial Crisis
Political Geography:: Asia and Latin America

88. Fostering Economic Growth through a "European" Debt

Author:: Maria Teresa Salvemini
Publication Date:: 09-2007
Content Type:: Journal Article
Journal:: The International Spectator
Institution:: Istituto Affari Internazionali
Abstract:: There is a general consensus that the long period of stagnation that has afflicted the European economy is a symptom of more profound structural problems that cannot be solved with expansionary macroeconomic demand policies, much less left up to market forces or financial rigour. The most important problem is the low productivity of European economies, which has now been recorded for many years. This low productivity can be explained in a number of ways, including inadequate public investment in both physical and human capital. Although the link between public investment and productivity and efficiency in the private sector is indirect, and therefore cannot always be precisely quantified, there can be no doubt that the effect of market failures are being felt in numerous sectors of the economy: advanced and applied research, training in information technologies, environmentally compatible infrastructure, low-yield and capital-intensive investments, to mention just a few. Thus, there is room for new development policies based on building the public capital – material and immaterial – which is needed to stimulate that growth of productivity in the private sector that economic theory and historical experience have found to be important.
Topic:: Financial Crisis
Political Geography:: Europe

89. Financial Crisis and Fiscal Policies in Globalization: A Latin America Experience

Author:: Ayça Şimşek
Publication Date:: 03-2007
Content Type:: Journal Article
Journal:: Bilgi
Institution:: Sakarya University (SAU)
Abstract:: Dünya ekonomisinde küreselleşme süreci ile birlikte hızla artan dışa açılma eğilimleri özellikle gelişmekte olan ülkelerin finansal piyasalarında önemli değişimlere yol açmıştır. Bu ülkelerde erken dışa açılma (finansal piyasaların gelişimini tamamlamadan dışsal aktörlere açılması) ve sığ piyasaların varlığı piyasaların dışsal şoklardan etkilenme derecesini arttırarak krizlerin oluşumunu tetiklemiştir. Latin Amerika ülkeleri bu özellikleri bünyesinde barındıran ve dolayısıyla krizlerden önemli ölçüde etkilenen ülkeler olmuşlardır. Bu ülkelerin finansal piyasalarında 1960'lı yıllardan itibaren küreselleşmenin hız kazanmasıyla birlikte krizler ortaya çıkmaya başlamıştır. Bu krizler ile mücadelede özellikle IMF tarafından önerilen ortodoks ekonomi politikaları uygulanmış ve bu çerçevede sıkı para ve maliye politikası önlemleri ile finansal krizlerin piyasalar üzerindeki etkileri azaltılmaya çalışılmıştır. Ancak bu politikalar; uygulama sonuçları itibariyle kısa dönemde finansal piyasalarda kısmi bir iyileşme sağlamışsa da uzun dönemde ekonomide daraltıcı etkilere yol açarak reel ekonomideki durgunluk sürecini körüklemiştir. Dolayısıyla bu piyasalarda krizlerle mücadelede uygulanan para ve maliye politikalarının eşanlı yürütülmesi ve bu bağlamda makroekonomik politikaların birbiriyle tutarlılığı önem taşımaktadır. Bu açıdan Latin Amerika ülkelerinde reel piyasaları daraltmadan finansal risklerin azaltılmasını sağlayacak güvenilir ve istikrarlı bir ekonomi politikasının uygulanabilirliğinin sağlanması, sadece finansal istikrarın değil tüm makroekonomik istikrarın gerçekleştirilmesi için gerekli görülmektedir.
Topic:: Financial Crisis
Political Geography:: Latin America

Search

Search Constraints

Search Results

Refine your search

Topic

Political Geography

Content Type

Journal

Publishing Institution

Author

Publication Year

COLUMBIA UNIVERSITY PRESS