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  • Author: James A. Haley
  • Publication Date: 04-2016
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: This paper reviews a range of issues associated with proposals for creditor engagement clauses (CECs) in sovereign bond contracts. CECs have moved onto the international policy agenda in the wake of the recent introduction of model “second-generation” collective action clauses (CACs) designed to address problems highlighted by the protracted litigation between Argentina and its holdout creditors. Speci cally, the new CACs should limit the ability of holdout creditors to impede restructurings acceptable to a supermajority of creditors and address the problematic interpretation of pari passu language that has plagued the Argentina debt restructuring. However, the introduction of these clauses, building on the foundation laid a decade ago by Mexico’s innovation of rst-generation CACs, has led some observers to express concerns that the sovereign debt restructuring playing eld has become “tilted” to the bene t of sovereign borrowers. Recent contractual innovations should be balanced, these experts contend, with CECs requiring sovereign issuers to convene and negotiate with creditor committees.
  • Topic: International Security, Digital Economy
  • Political Geography: Global Focus
  • Author: Jorge L Contreras
  • Publication Date: 04-2016
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: In recent years, high-pro le lawsuits involving standards- essential patents (SEPs) have made headlines in the United States, Europe and Asia, leading to a heated public debate regarding the role and impact of patents covering key interoperability standards. Enforcement agencies around the world have investigated and prosecuted alleged violations of competition law and private licensing commitments in connection with SEPs. Yet, while the debate has focused broadly on standardization and patents in the information and communications technology (ICT) sector, commentators have paid little attention to differences among technology layers within ICT. A review of case statistics shows that patent ling and assertion activity is substantially lower for Internet- related standards than for standards relating to telecommunications and other computing technologies. This paper analyzes historical and social factors that may have contributed to this divergence, focusing on the two principal Internet standards bodies: the Internet Engineering Task Force (IETF) and the World Wide Web Consortium (W3C). It offers a counternarrative to the dominant account portraying standards and SEPs as necessarily fraught with litigation and thereby in need of radical systemic change. Instead, it shows how standards policies that de-emphasize patent monetization have led to lower levels of disputes and litigation. It concludes by placing recent discussions of patenting and standards within the broader context of openness in network technologies and urges both industry participants and policy makers to look to the success of Internet standardization in a patent-light environment when considering the adoption of future rules and policies.
  • Topic: Science and Technology, International Security, Information Age
  • Political Geography: Global Focus
  • Author: James M. Boughton
  • Publication Date: 04-2016
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Economic con ict between nation-states has been a major concern throughout the past century and will continue to threaten progress for the foreseeable future. The language evolves, but the issues persist. The “beggar-thy-neighbour” policies and “competitive devaluations” that aggravated the Great Depression of the 1930s have become the “currency wars” of the twenty- rst century. De ning the problem, however, is easy compared with the task of solving it. A central recurring question is whether policy makers can — and should — cooperate and try to coordinate their policies in an effort to alleviate con icts and improve outcomes.
  • Topic: International Cooperation, International Political Economy, International Development
  • Political Geography: Global Focus
  • Author: John Whalley, Li Chunding
  • Publication Date: 05-2016
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The Trans-Pacific Partnership (TPP) Agreement has now been concluded, but it still faces the challenge of ratification in each of the 12 member countries that are partners to the agreement. China is the world’s second- largest economy, but is not part of the TPP Agreement, which has provoked a great deal of debate in China on the best strategy for China to deal with the TPP. This paper analyzes China’s possible trade strategy, raising three issues for consideration, given the TPP Agreement. First, security of market access should be China’s main concern in any free trade agreement (FTA) negotiation, but the TPP does not include content that is particularly relevant to this issue. Second, the nal TPP Agreement is somewhat less than the high-level, ambitious agreement that has been proclaimed. Third, the rati cation process in all 12 member countries will be slow and may possibly not even happen. This paper sets out four strategies for China: to promote the development of China’s remaining regional and bilateral FTAs; to negotiate a bilateral FTA with the United States; to promote deep domestic reform and opening up by enlarging the coverage of the TPP; and, nally, to negotiate its entry in the TPP as soon as possible, so that the terms of entering the agreement do not degenerate for China.
  • Topic: International Political Economy
  • Political Geography: China
  • Author: Marc Lalonde
  • Publication Date: 05-2016
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: I have rarely seen, in my long life, a change as unjustified as the one represented by the new investment tribunal structure now found in the agreed text of the Comprehensive Economic and Trade Agreement (CETA) between Canada and the European Union. First of all, it is a poor solution based on a faulty premise. It is the result of an ill-informed but obviously effective campaign by mainly European lobbies[1] and some groups in the European Parliament, which have argued, without proper quantitative or qualitative support, that the present system is biased in favour of foreign investors. If this were the case, how can they explain that, according to the latest statistics from the International Centre for Settlement of Investment Disputes (ICSID), only 46 percent of all ICSID awards upheld (in part or in full) investors’ claims, while 53 percent of the claims were dismissed for lack of jurisdiction or on the merits, and another one percent were rejected as manifestly without legal merit.[2] Similarly, in its 2014 World Investment Report, the United Nations Conference on Trade and Development (UNCTAD) came to the conclusion that, out of 274 concluded investment treaty cases in 2013, 43 percent were decided in favour of the state, 31 percent in favour of the investor and 26 percent were settled.[3]
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: Global Focus
  • Author: Zora Popova, Inga Marken, Lavinia Bâdulescu
  • Publication Date: 09-2016
  • Content Type: Working Paper
  • Institution: European Centre for Minority Issues
  • Abstract: The current paper, developed in connection to an ECMI project implemented in Azerbaijan in 2014, explores the transferability of successful reconciliation and intercultural cohesion mechanisms from one region or a country to another. Analysing the positive example of Schleswig-Holstein and the conflict region of Nagorno-Karabakh, the paper aims at overcoming the specific context related issues and to look at the structural factors that need to be considered if a model is to be adapted to a historically, geographically, and culturally different case.
  • Topic: International Relations, International Affairs
  • Political Geography: Global Focus
  • Author: Raphaëlle Mathieu-Bédard
  • Publication Date: 06-2016
  • Content Type: Working Paper
  • Institution: European Centre for Minority Issues
  • Abstract: The concept of ‘institutional completeness’, which refers to the organizational influence of a minority group and the degree to which it can provide its members with all necessary services, has recently enjoyed renewed interest in Canada. ‘Institutional completeness’ could represent an interesting avenue of ‘non-territorial autonomy’ for European minorities, one that might curtail some of the issues associated to current arrangements delegating power and autonomy to minorities, which often remain more ornamental than substantial. This paper exposes the recent jurisprudential developments in Canada pertaining to the modernization and revival of the concept of ‘institutional completeness’, most notable in the sphere of education for Francophone minority groups living outside of the province of Quebec, and encourages an in-depth exploration of the concept and of its potential not only for the autonomy of minorities, but also as a means of compensation for past harms and injustices.
  • Topic: International Affairs, Political and institutional effectiveness
  • Political Geography: Canada
  • Author: Madoka Hammine
  • Publication Date: 05-2016
  • Content Type: Working Paper
  • Institution: European Centre for Minority Issues
  • Abstract: The aim of this working paper is to compare the language policies of Finland and Sweden, especially in the field of education for the Sami population. The analysis is carried out on a macro level; firstly it investigates and examines how Finland and Sweden have intro-duced legislation to protect Sami languages, followed by a discussion of the current situa-tions in the field of education, according to each stage of education. A comparison of the two nations highlights their different outcomes due to the different policies of their governments.
  • Topic: International Affairs
  • Political Geography: Finland, Sweden
  • Author: Vadim Poleshchuk
  • Publication Date: 04-2016
  • Content Type: Working Paper
  • Institution: European Centre for Minority Issues
  • Abstract: The Russian-speaking population of Estonia experienced serious problems on the labour market and in education in the years following the post-Soviet transition. The perception of inequality is typical among minority groups. Nowadays there are no significant disparities in terms of health conditions or access to the health care system for majority and minority groups; however, there are accumulated negative factors for the minority population, especially when we look closer at socially marginalised groups. In addition to their generally weaker socio-economic status, many Russophones face the problem of social exclusion, proven by higher rates of extreme poverty, incarceration, and homelessness, trafficking victimisation, drug abuse and HIV/AIDS. All these factors may have an adverse effect on the enjoyment by ethnic minorities of the right to health. Considering the demographic make-up of Estonia, a reduced use of the Russian language in the provision of health services has emerged as a new challenge to the national health care system.
  • Topic: International Relations, International Affairs
  • Political Geography: Estonia
  • Author: Caitlin Boulter
  • Publication Date: 12-2016
  • Content Type: Working Paper
  • Institution: European Centre for Minority Issues
  • Abstract: This paper examines the prevalence of Roma voices in Swedish and German newspaper articles. It explores the importance of discursive self-representation for minority and marginalised groups, and evaluates the degree to which a voice is afforded to the Roma in three of the largest newspapers in each country, across a varied political spectrum. Sweden and Germany are leaders in minority protection and both profess to be seeking solutions to the widespread discrimination against Roma within their own countries and across Europe, and therefore provide interesting comparative case studies, both due to their historical relationship with Roma communities and in light of contemporary events. This paper uses quantitative analysis to determine the percentage of newspaper articles about Roma that include a Roma voice, and the findings are analysed using theories regarding European identity-building, Orientalism, and media discourse.
  • Topic: International Affairs, Minorities
  • Political Geography: Germany, Sweden
  • Author: Evangelos Venetis
  • Publication Date: 04-2016
  • Content Type: Working Paper
  • Institution: Hellenic Foundation for European and Foreign Policy (ELIAMEP)
  • Abstract: Nowadays Islamic finance is gradually becoming an important part of the international financial system. During the ongoing financial crisis, the role of Islamic finance for the stabilization of the international financial system appears to be strong and promising due to its ethical principles and religious foundation. This analysis focuses both on the quantitative and qualitative examples of the economic upheaval in the Eurozone and Greece and explores the prospects of introducing and developing possible prospects of Islamic finance in the Greek economy.
  • Topic: International Political Economy
  • Political Geography: Greece
  • Author: Sophia Kalantzakos
  • Publication Date: 03-2016
  • Content Type: Working Paper
  • Institution: Hellenic Foundation for European and Foreign Policy (ELIAMEP)
  • Abstract: COP21 in Paris sparked a glimmer of hope that perhaps nations were finally ready to take on the climate crisis. The message of optimism now requires concrete action and steadfast commitment to a process that raises a number of crucial challenges: technological, political, social and economic. Who will lead after COP21? As the crisis continues to grow, new robust leadership is imperative. This paper discusses why a close collaboration between the EU and China may result in the necessary push to solidify a concrete vision and a roadmap for our common future in the Anthropocene.
  • Topic: Climate Change
  • Political Geography: Global Focus
  • Author: Kim Young Gui
  • Publication Date: 12-2016
  • Content Type: Working Paper
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: There have been voluminous contributions such as Daudin et al. (2011), Johnson and Noguera (2012), Koopmans et al. (2010), and Trefler and Zhu (2010) in measuring value added trade based on input-output tables as generalizations of the vertical specialization measures following Hummels et al. (2001). These studies focused on trade in intermediate goods as a key feature of recent global trade. In the case of Korea, about 50% of total exports and 70% of its total imports are intermediate goods trade. This paper contributes to the discussion about the trade in intermediate goods and productivity by revisiting Basu (1995), Jones (2011), and Lee and Pyo (2007) to examine implications of trade in intermediate goods for macroeconomic business cycles and productivity and welfare at the current stage of Korean development. The major revision of the Basu (1995) model is attempted by decomposing intermediate goods into domestically produced intermediate inputs and imported intermediate inputs to investigate implications of the model in a small open economy. The major finding is that the procyclicality of the intermediate goods usage relative to labor usage and TFP changes in both value added and gross-output regressions are significantly weaker in a small open economy like Korea than the large economy of the United States. We also investigate the effects of misallocation and multiplier effects due to intermediate goods on industrial productivity and efficiency following the model of Jones (2011). Since the effects of misallocation can be intensified through the industrial input-output structure of the economy, we calculate the intermediate goods multiplier by Korea's 29 manufacturing industries. We find technical changes and the degree of inefficiency are related with the magnitude of multipliers, but we leave a fundamental identification problem to future research
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: Asia, Korea
  • Author: Oh Yoon Ah
  • Publication Date: 12-2016
  • Content Type: Working Paper
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: This paper examines the determinants of China's development finance to developing countries with a focus on Asia from 2000 to 2012. It uses a recent version of China Aid Data, one of the most reliable and publicly available data sources that systematically collect and differentiate different types of China's official development financial flows. This paper differs from previous studies in two aspects that (1) it analyzes a wider range of developing countries, moving beyond earlier research largely limited to Africa; and (2) it examines regional variation in China's motives for development financing. The findings show that China's allocations decision for concessional development flows, or ODA, has mixed motives of humanitarian, commercial and strategic interests. It is noteworthy that China's ODA appears not to be in competition against, but rather in a complementary form to, established donors in this period. Yet substantial regional variation is observed, suggesting different regional dynamics are at work. On the other hand, it is found that China's allocations decision for less-concessional development financing largely follows commercial considerations. This paper also provides detailed discussion of the trends in China's development finance to Southeast Asia, which is an Asian region critical for China's economic and foreign policy interests. The paper ends with a discussion of the implications of possible shift in China's overseas development finance strategy since 2011.
  • Topic: International Relations, International Political Economy
  • Political Geography: Asia
  • Author: Choi Nakgyoon
  • Publication Date: 12-2016
  • Content Type: Working Paper
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: This paper studied the effects of anti-dumping measures on the imports to investigate whether the trade restriction effect of an anti-dumping duty is dominant in the US, the EU, China, and India from 1996 to 2015. Our results indicate that a 1% increase in the anti-dumping duties decreases the import of the targeted product by about 0.43~0.51%. The actual statistics, however, show that the total import of the targeted products increased by about 30 percent while an anti-dumping duty was in force. That indicates that an anti-dumping duty is just a temporary import relief. This paper also investigated whether an anti-dumping duty is terminated in the case that the injury would not be likely to continue or recur if the duty were removed. The increase in market share, MFN tariff rate, and dumping margin turns out to decrease the hazard of termination of an anti-dumping duty, but the increase in value added increases the hazard of termination. Generally speaking, this result indicates that the WTO member countries have regulated the overuse of an anti-dumping measure. It also implies that anti-dumping duties have been used as a tool for trade remedy.
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: China
  • Author: Yoon Yeo Joon, Whang Un Jung
  • Publication Date: 12-2016
  • Content Type: Working Paper
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: We propose a new measure of inter-industry ‘distance’. This is constructed a la Antras et al. (2012). While they measure the distance of an industry from its final use ? what they call ‘downstreamness’ of an industry ? we measure the distance between a pair of industries. Our proposed index is a measure of input-output linkages between industries that incorporates a ‘distance’ flavor. Our measure distinguishes the number of vertical production stages that an industry’s product goes through until it is finally used by another industry by assigning larger weights to the value of input use with longer production chains. Hence our measure contains more information on the relation between two industries along the vertical production chain. We use this index to construct an aggregate measure of ‘industry connectedness’ of regions in the U.S. It measures the degree of industrial linkages of a region. We then empirically establish that each region’s labor productivity is positively associated with the ‘industry connectedness’. The result contributes to the large literature of agglomeration economies that the industrial linkage is one of the main sources of agglomeration economies and productivity growth, as emphasized by Marshall (1920). It also suggests that our index can serve as an alternative measure of the industrial linkages.
  • Topic: International Political Economy, International Affairs
  • Political Geography: Global Focus
  • Author: Han Chirok, Shin Kwanho
  • Publication Date: 12-2016
  • Content Type: Working Paper
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: Some countries have persistent current account surplus, contributing to global imbalances up to a level that is worrisome. For example, Germany has been continuously experiencing current account surpluses since 2002, amounting to 8.4% of GDP in 2015. China has never experienced current account deficits since 1997, the year that data is first available. Japan's record is even longer; its consecutive current account surplus started from 1981. Recently, Korea joined this large current-account surplus club: since the currency crisis in 1997, Korea's current account balance has been continuously in the black, expanding even more in these recent years. In this paper, we present an empirical methodology that explains how current account balances are determined and by employing it, try to diagnose factors that account for Korea's current account surplus. In fact, the IMF has introduced a methodology, the External Balance Assessment (EBA: Phillips et al., 2013), to assess exchange rate and current account gaps that are defined as the difference between current levels and those consistent with fundamentals. For example, the 2016 External Sector Report, by utilizing this methodology, demonstrates that Korea's real effective exchange rate in 2015 was 4 to 12 percent undervalued than the level consistent with fundamentals.
  • Topic: International Political Economy
  • Political Geography: Korea
  • Author: Kim Wongi
  • Publication Date: 12-2016
  • Content Type: Working Paper
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: In this paper, I empirically examine the effects of uncertainty about government spending policy on economic activity using U.S. time series data. To this end, I constructed government spending policy uncertainty indexes and estimate proxy SVAR model. Proxy SVAR model with constructed indexes shows that an increase in government spending policy uncertainty has negative, sizable, and prolonged effects on economic activity. Moreover, the results imply that the commonly adopted recursive SVAR model in literature on policy uncertainty systematically underestimates the adverse effect of government spending policy uncertainty because of the endogeneity issue. One policy suggestion based on the empirical finding is clear announcement of future government spending path.
  • Topic: International Political Economy
  • Political Geography: Global Focus
  • Author: Park Soonchan
  • Publication Date: 10-2016
  • Content Type: Working Paper
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: This study tests whether Ricardian comparative advantage is valid for value added in exports that does not include intermediate inputs imported from various industries in a number of countries. Using a panel data on valued added contents of bilateral exports, we find that changes in the labor productivity lead to growth of value added in exports. This implies that Ricardian comparative advantage is an important determinant of exports in longitudinal changes. The estimated coefficients of the observed productivity turn out to be larger than those of CDK (2012), implying that Ricardian comparative advantage has greater influence on determining the patterns of trade in a world with global value chains.
  • Topic: International Affairs
  • Political Geography: Global Focus
  • Author: Pyun Ju Hyun
  • Publication Date: 10-2016
  • Content Type: Working Paper
  • Institution: Korea Institute for International Economic Policy (KIEP)
  • Abstract: This study examines how exchange rate volatility can influence total factor productivity (TFP) in various dimensions. Using Korean manufacturing plant-level data for 1990-2007, we first compare and contrast the effects of exchange rate volatility on TFPs between two different exchange rate regimes―pegged and free floating. We find that the exchange rate volatility had a negative effect on productivity in both regimes but this negative effect was greater during the period when exchange rate fluctuation was restricted, compared to the period with free floating rate. We also find that the negative effects of the volatility on productivity were heterogeneous over TFP quantiles and exhibited an inverted W-shape curve. In particular, the negative effects were more pronounced for exporting plants that had the lowest or highest TFPs.
  • Topic: International Affairs
  • Political Geography: Global Markets