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Begin New Search Topic International Cooperation Content Type Working Paper

521. U.S. International Equity Investment and Past Prospective Returns

Author:
John Armmer, Sara B. Holland, David C Smith, and Francis E. Warnock
Publication Date:
03-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
U.S. investors are the largest group of international equity investors in the world, but to date conclusive evidence on which types of foreign firms are able to attract U.S. investment is not available. Using a comprehensive dataset of all U.S. investment in foreign equities, we find that the single most important determinant of the amount of U.S. investment a foreign firm receives is whether the firm cross-lists on a U.S. exchange. Correcting for selection biases, cross-listing leads to a doubling (or more) in U.S. investment, an impact greater than all other factors combined. We also show that our firm-level analysis has implications for country-level studies, suggesting that research investigating equity investment patterns at the country-level should include cross-listing as an endogenous control variable. We describe easy-to-implement methods for including the importance of cross-listing at the country level.
Topic:
International Cooperation, Exchange Rate Policy, Investment, and Equity
Political Geography:
North America and United States of America

522. The Return on U.S. Direct Investment at Home and Abroad

Author:
Stephanie E. Curcuru and Charles Thomas
Publication Date:
10-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
A longstanding puzzle is that the United States is a net borrower from the rest of the world, yet continues to receive income on its external position. A large difference between the yields on direct investment at home and abroad is responsible and this paper examines potential explanations for this differential. We find that most of the differential disappears after one adjusts for the U.S. taxes owed by the parent on foreign earnings, the sovereign risk and sunk costs associated with investing abroad, and the age of foreign direct investment in the U.S.. Taken together, our results suggest most of the difference in yields should remain as long as there is a difference in tax rates between the United States and the countries in which U.S. firms invest, and U.S. investments are perceived as relatively safe. This has implications for the long-run sustainability of the U.S. current account deficit which will depend, in part, on the long-run behavior of this income.
Topic:
Economics, International Cooperation, Foreign Direct Investment, Tax Systems, and Investment
Political Geography:
North America and United States of America

523. Watching While the Frog Boils: Strategic Folly in the Afghan Security Sector

Author:
Christian Dennys
Publication Date:
10-2011
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
International approaches to the Afghan security sector over the last nine years have exhibited the tendencies of security sector reform (SSR), counterinsurgency (COIN) and stabilization, and exposed the inherent tensions between them. This paper argues that while an SSR, COIN or stabilization approach may have been appropriate at the beginning of the post-Taliban period or currently, actual practice has been to attempt all three simultaneously. This leads to confusion, and the combined approaches tend to undermine one another as they attempt to address the security issues facing Afghanistan. The paper concludes that, ultimately, the lack of strategic direction and focus in the international intervention — as demonstrated by the evolution of United Nations (UN) Security Council resolutions, the plethora of international missions and interventions in the security sector, and the realities on the ground — has served both Afghanistan and its international partners poorly
Topic:
Security, International Cooperation, United Nations, and War
Political Geography:
Afghanistan

524. CIGI'11 - An Unfinished House: Filling the Gaps in Global Goverenance

Author:
Paul Heinbecker, Barry Carin, David Runnalls, and Paul Jenkins
Publication Date:
10-2011
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
CIGI has been building a network of former and serving officials from foreign ministries, central banks, finance departments and international organizations, and with researchers at prestigious think tanks and universities from around the world. The defining objective of the network of individuals, working in independent institutions, is the cooperative development of innovative proposals for global governance to support the policy development work of the G20. The CIGI conference "An Unfinished House: Filling the Gaps in International Governance" is the initial stage in this CIGI-led G20 think tank network's cooperative effort. The background paper for the conference provides a useful collection of facts and observations about the universe of global governance arrangements. It offers a preliminary description of the critical gaps and inadequacies - to assist in thinking about the principal dilemmas and research priorities.
Topic:
Development, International Cooperation, and Governance

525. National Perspectives on Global Leadership During the Cannes G20

Author:
Colin Bradford
Publication Date:
11-2011
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
Reporting from 13 G20 countries reveals that, through the eyes of the national media, the euro crisis “overwhelmed,” “dominated,” “totally sidetracked” or “hijacked” the Cannes G20 Summit on Thursday night through Friday afternoon, November 4-5, 2011. Only Argentina seems to have been captivated by the bilateral meeting between US President Barack Obama and their leader, President Cristina Kirschner, to such a degree that it overshadowed the global preoccupation with the Greek debt crisis and its implications for the euro zone and the global economy. As she did at other G20 summits, Cristina Kirschner found a way to project her own priorities and portray them to the Argentine public through deliberate preparation with her cabinet beforehand and in regional consultations, and this also held true at her appearance at the B20 (G20 business summit) held just before the G20.
Topic:
Economics, Globalization, International Cooperation, and Financial Crisis
Political Geography:
Europe and Latin America

526. Chinese Lessons from Other Peoples' Wars

Author:
Andrew Scobell (ed.), David Lai (ed.), and Roy Kamphausen (ed.)
Publication Date:
11-2011
Content Type:
Working Paper
Institution:
The Strategic Studies Institute of the U.S. Army War College
Abstract:
The annual Conference on the Chinese People's Liberation Army (PLA) took place at the U.S. Army War College (USAWC), in Carlisle, Pennsylvania, on October 22-24, 2010. The topic for this year's conference was the “PLA's lessons from Other People's Wars.” Participants at the conference sought to discern what lessons the PLA has been learning from the strategic and operational experiences of the armed forces of other countries during the past 3 decades.
Topic:
Security, Arms Control and Proliferation, Globalization, and International Cooperation
Political Geography:
China, Asia, and Australia/Pacific

527. Justice Beyond The Hague: Supporting the Prosecution of International Crimes in National Courts

Author:
David A. Kaye
Publication Date:
06-2011
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
For nearly two decades, the United Nations has created international criminal tribunals to punish those responsible for war crimes, crimes against humanity, and genocide. Since the early 1990s the United States has strongly supported the UN tribunals for Rwanda and the former Yugoslavia and hybrid UN/national courts for Sierra Leone and Cambodia. The era of court-building culminated in the 1998 adoption, over U.S. objections, of a treaty to establish a permanent International Criminal Court (ICC) in The Hague. These international courts have brought dozens of perpetrators to justice, and the UN Security Council's requests that the ICC investigate the situations in Sudan (2005) and Libya (2011) show that policymakers across the spectrum, in the United States and abroad, believe that accountability-that is, bringing individuals to justice for committing atrocities-can be an important tool to combat war crimes, crimes against humanity, and genocide. Yet as important as these courts are, atrocities occur in places beyond their reach, and even where international courts investigate and prosecute, they lack the capacity to try all but a handful of the thousands of perpetrators of the worst international crimes.
Topic:
Crime, Genocide, International Cooperation, and International Law
Political Geography:
United States, Sudan, Libya, Yugoslavia, and Cambodia

528. G7 to G8 to G20: Evolution in Global Governance

Author:
Gordon S. Smith
Publication Date:
05-2011
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
This paper provides a brief history of the evolution of the Group of Seven (G7) from its origins in the aftermath of the 1971 breakdown of the Bretton Woods system of exchange rates and the oil crisis in 1973. It then discusses Russia's participation at summits after the fall of the Berlin Wall, formally joining the group in 1997, thus becoming the Group of Eight (G8). The paper gives a concise account of the formation of the Group of Twenty (G20) finance ministers and central bank governors in the late 1990s, in the wake of financial crises in Asia and Latin America, which was elevated to a leaders' summit forum at the outbreak of the global financial crisis in 2008. The paper wraps up with a discussion of the differences in the G8 and G20 models, concluding that the G20 process is still the best option for meeting the challenges of complex global governance issues.
Topic:
International Cooperation, International Organization, International Trade and Finance, Financial Crisis, and Governance
Political Geography:
Russia, Asia, and Latin America

529. The Future of the G20 and Its Place in Global Governance

Author:
Paul Heinbecker
Publication Date:
04-2011
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
This paper examines the Group of 20 (the G20) from a perspective of global governance, reviewing the G20's history to date and seeking to answer two sets of questions: Is the G20 succeeding, and what does the future likely hold for it? Is it still necessary for the G20 to meet at the leaders' level, or should the enterprise be returned to finance ministers? Presuming that it endures at the leaders' level, will the G20 stick to a largely economic and financial agenda, or should it address other pressing issues? Will it complement or conflict with the Group of Eight (G8), the International Monetary Fund (IMF), the United Nations (UN) and other global institutions with economic and security vocations?
Topic:
Security, Climate Change, Economics, Emerging Markets, International Cooperation, Global Recession, Food, and Financial Crisis
Political Geography:
United Nations

530. Securing global commons: A small state perspective

Author:
Valtteri Vuorisalo, Mika Aaltola, and Joonas Sipilä
Publication Date:
06-2011
Content Type:
Working Paper
Institution:
Finnish Institute of International Affairs
Abstract:
This report examines the increasing importance of the global commons. It argues that the securing of the sea-, air-, space-, and cyber-based global flows solidifies the vital structures of global interdependence. For a small state with a highly specialized economy, the multilateral frameworks for securing global flows are crucial. Each global domain highlights different aspects of power and requires unique forms of international cooperation. Whereas the maintenance of sea, air, and space flows are resource-intensive, cyber power demands de-territorial agility and innovativeness and, therefore, evens out power disparities. It is also noted that, although individual global domains are usually considered separately, they are intimately connected and characterized by cross-domain dependency. This report focuses on the cyber domain because of its novel cross-domain impact. The CD and MNE processes and their relation to military transformation and patterns of political discourse are approached. It is argued that a small state can utilize the MNE forum to gain important situational awareness over the domains and cross-domain issues, as well as facilitate the formulation of multilateral normative frameworks. This multilateral work on solidifying and securing global flows offers a more stable foundation for the main networks of global interdependence.
Topic:
Economics, Globalization, International Cooperation, and Science and Technology