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11011. Reform of the Global Financial Architecture

Author:
Edwin M. Truman and Garry J. Schinasi
Publication Date:
10-2010
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper examines the implications of the global financial crisis of 2007–10 for reform of the global financial architecture, in particular the International Monetary Fund and the Financial Stability Board and their interaction. These two institutions are not fully comparable, but they must work more closely in the future to help prevent global financial crises. To this end, the paper identifies institutional and substantive reforms separately and in their joint work that would be desirable and appropriate.
Topic:
Economics, International Cooperation, International Political Economy, Global Recession, Monetary Policy, and Financial Crisis

11012. The G-20 and International Financial Institution Governance

Author:
Edwin M. Truman
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper addresses the agenda for the Group of Twenty (G-20) leaders' meeting in Seoul, Korea in November 2010. This is an opportunity and challenge for Asian leaders in particular. Their test will be, first, to demonstrate that they can responsibly advance economic recovery. They must also deliver on institutional reform, in particular of the International Monetary Fund (IMF). I advocate a substantial expansion of the IMF's role as lender of last resort that is integrated with the surveillance role of the IMF in the form of comprehensive prequalification for IMF assistance and policy advice and a substantial increase in the IMF's financial resources. I also propose an approach to meaningful reform of the distribution of IMF quotas along with limiting European seats on the IMF executive board.
Topic:
Economics, Emerging Markets, Global Recession, Financial Crisis, and Governance
Political Geography:
China, Israel, Asia, and Korea

11013. Managing Credit Booms and Busts: A Pigouvian Taxation Approach

Author:
Olivier Jeanne and Anton Korinek
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
We study a dynamic model in which the interaction between debt accumulation and asset prices magnifies credit booms and busts. We find that borrowers do not internalize these feedback effects and therefore suffer from excessively large booms and busts in both credit flows and asset prices. We show that a Pigouvian tax on borrowing may induce borrowers to internalize these externalities and increase welfare. We calibrate the model with reference to (1) the US small and medium-sized enterprise sector and (2) the household sector and find the optimal tax to be countercy - clical in both cases, dropping to zero in busts and rising to approximately half a percentage point of the amount of debt outstanding during booms.
Topic:
Debt, Economics, Global Recession, and Financial Crisis
Political Geography:
United States

11014. Pandemic Flu: Public Health and the Culture of Fear

Author:
Michael Fitzpatrick
Publication Date:
11-2010
Content Type:
Working Paper
Institution:
Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
Abstract:
'Better safe than sorry' has been the familiar response of public health authorities to concerns about the enormous cost and disruption to health services that resulted from the 2009 global scare over what turned out to be a relatively benign swine flu virus. Some critics have focused on links between prominent public health figures and the manufacturers of antiviral medications and vaccines who were the conspicuous financial beneficiaries of the scare, alleging undue influence and conflicts of interest. This paper argues – from the perspective of a general practitioner engaged in an inner city practice in the UK during the 2009 pandemic – that the promotion of exaggerated fears of infectious disease as an instrument of policy risks further undermining popular trust in medicine and public health.
Topic:
Globalization and Health
Political Geography:
United Kingdom

11015. Much Ado about Nothing? On the European Union's fight against corruption in developing countries under Aticles 9(3) and 97 of the Cotonou Agreement

Author:
Morten Broberg
Publication Date:
11-2010
Content Type:
Working Paper
Institution:
Danish Institute for International Studies (DIIS)
Abstract:
The Cotonou Agreement is the European Union's most important legal measure in the field of development assistance covering 79 developing countries in Africa, the Caribbean and the Pacific (ACP countries). It empowers the European Union to sanction 'serious cases of corruption' where this corruption is related to economic and sectoral policies and programmes to which the European Union is a significant financial partner. During the negotiations leading to the adoption of the Cotonou Agreement the ACP countries strongly objected to the inclusion of the possibility of sanctioning corruption. In practice the European Union has only sanctioned one single case of corruption under the provision, however. Whereas this does not necessarily mean that the sanctioning clause is without an impact, the fact that sanctions have been imposed in only one situation is a strong indication that its impact is rather limited. It is suggested that more effective means of preventing corruption are considered.
Topic:
Corruption, Development, Humanitarian Aid, Treaties and Agreements, and Foreign Aid
Political Geography:
Africa, Europe, and Caribbean

11016. Dialoguing Partnerships: An analysis of the dialogue assumptions of the Danish Partnership for Dialogue and Reform

Author:
Marie-Louise Koch Wegter and Karina Pultz
Publication Date:
11-2010
Content Type:
Working Paper
Institution:
Danish Institute for International Studies (DIIS)
Abstract:
In 2003, the Danish government launched the Partnership for Dialogue and Reform (PDR) with the dual objective of 1) establishing a basis for improved dialogue, understanding and cooperation between Denmark and the Arab region; and 2) supporting existing local reform processes in the Middle East and North Africa. With the first objective, which is the focus of this study, PDR was intended to demonstrate the trivialization of Huntington's thesis of a clash of civilizations that Al Qaeda, only few years before, had brought back to the limelight of international politics and endeavoured to prove. PDR was to show populations in Europe and the Arab world that there was indeed a strong, shared agenda between the so-called West and the mother-region of the Islamic world and that mutual misconceptions and prejudice could be overcome through the joined pursuit of this agenda of progress.
Topic:
Conflict Resolution, Conflict Prevention, Islam, and Bilateral Relations
Political Geography:
Europe, Middle East, Arabia, Denmark, and North Africa

11017. Pandemic Influenza A/H1N1 (pH1N1) in Hong Kong: Anatomy of a Response

Author:
Richard Fielding
Publication Date:
12-2010
Content Type:
Working Paper
Institution:
Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
Abstract:
Pandemic influenza A/H1N1 (pH1N1) spread rapidly from its origins in Mexico to affect Hong Kong as its first point of entry into Asia. In this paper, the different stages of government response from prevention to mitigation to vaccination and stand down are described and discussed from the perspectives of feasibility, pragmatism, effectiveness and population responses to offer insights into future influenza pandemic preparedness.
Topic:
Globalization, Government, and Health
Political Geography:
Israel, Asia, Mexico, and Hong Kong

11018. Does Profit-Seeking Rule Out Love? Evidence (or Not) from Economics and Law

Author:
Julie A. Nelson
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Global Development and Environment Institute at Tufts University
Abstract:
Many believe that firms are driven to maximize profits, and therefore are not allowed to take actions that would benefit their workers, communities, or the environment if these actions would reduce profits even slightly. This essay shows that this belief is supported neither by sound economic evidence and arguments, nor by United States statutory and case law. The roots of this belief are, instead, to be found in a centuries-old desire of economists to make our discipline look like Newtonian physics. Among scholars of law, both misinformation and the use of University of Chicago-style economics have contributed to the belief's popularity. Among scholars and the public alike, the dualistic "love or money" view is appealing because of its simplicity and congruence with cultural gender norms. Reexamining the evidence, rather than adhering to common ideologies, this essay offers an unconventional analysis of corporate behavior and commodification.
Topic:
Economics, Environment, International Trade and Finance, Markets, and Law
Political Geography:
United States and Chicago

11019. The Macroeconomics of Development without Throughput Growth

Author:
Jonathan M. Harris
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Global Development and Environment Institute at Tufts University
Abstract:
Serious discussion has begun of policies to promote the goal of increasing wellbeing without material growth. Moving towards this goal requires a profound reorientation of macroeconomic theory. Importantly, the call by ecological economists to move away from traditional growth-oriented models comes at a moment when standard macroeconomics is in considerable turmoil. The financial crisis of 2008/2009 seriously undermined the basis for mainstream macroeconomics and brought renewed attention to various forms of Keynesian analysis and policy previously regarded as outdated.
Topic:
Development, Economics, Markets, and Political Economy

11020. The Global Aging Preparedness Index

Author:
Richard Jackson, Neil Howe, and Keisuke Nakashima
Publication Date:
10-2010
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
Global aging promises to affect everything from business psychology and worker productivity to rates of savings and investment, long-term returns to capital, and the direction of global capital flows. Perhaps most fatefully, it could throw into question the ability of many societies to provide a decent standard of living for the old without placing a crushing burden on the young.
Topic:
Demographics, Economics, Globalization, and Health