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  • Author: Bruce Muirhead
  • Publication Date: 12-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: As Robert Reich, a former labor secretary under Bill Clinton, once asked, with reference to the United States, “Where does the biggest gorilla sit? Anywhere it likes.” Dairy has long been a protected sector in the United States, which has a history of constructing its own reality with respect to freeing up international trade in agricultural products, milk included, and of ignoring or renegotiating commitments when they did not suit the government of the day. This background paper explores the historical evolution of US trade and agricultural policy as seen through its position on the dairy file in international trade regulations.
  • Topic: Agriculture, International Trade and Finance, Food, Food Security
  • Political Geography: United States of America
  • Author: Maria Paniezi
  • Publication Date: 11-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Carbon taxes become relevant for international trade when they are coupled with border tax adjustment (BTA) legislation for imported products. BTAs are intended to level the playing field between domestic and foreign products, but such tax schemes, if not designed properly, can be found to violate a country’s international commitments before the World Trade Organization (WTO). This paper argues that environmentally conscious governments can impose a WTO-compatible BTA to offset domestic CO2 legislation, and that federal governments need to engage in coordinated efforts to harmonize treatment of high CO2 emitters domestically, since domestic industries will not bear the burden of environmental regulation alone.
  • Topic: Climate Change, Environment, International Trade and Finance, World Trade Organization
  • Political Geography: Global Focus
  • Author: Tristram Sainsbury
  • Publication Date: 10-2015
  • Content Type: Working Paper
  • Institution: Lowy Institute for International Policy
  • Abstract: The G20 engagement groups represent a cross-section of society at the G20. They have an important role in publicly holding the G20 to account, assessing the forum’s performance, and contributing to the G20 agenda. The groups have differing agendas and vastly different priorities ahead of the Antalya Leaders’ Summit in November. However, there are some areas of overlap, such as calls from several groups for G20 leaders to respond to the Syrian refugee crisis and be more active in addressing gender inequality. Open and effective outreach to broader society should be an important priority of the 2016 Chinese G20 Presidency. China should look to improve the efficiency of the engagement processes in 2016, so that engagement groups are more focused on recommending fewer, but more pragmatic and high-impact policy solutions.
  • Topic: Foreign Policy, Diplomacy, International Cooperation, International Organization, International Trade and Finance
  • Political Geography: China
  • Author: Elizabeth Rosenberg, Sara Vakhshouri
  • Publication Date: 06-2015
  • Content Type: Working Paper
  • Institution: Center for a New American Security
  • Abstract: The international community is poised to sign a deal with Iran on its nuclear program, under which Iran would make concessions on its enrichment activities and the United States and others would offer substantial relief from punishing economic sanctions. The removal of the most complex, extensive, and multilateral regime of coercive economic measures promises a windfall to Iran. However, this will be neither immediate nor easy, given the difficulty of reestablishing severed commercial and legal ties between Iran and the global financial system. Removing sanctions will require careful international cooperation and substantial outreach to the private sector.
  • Topic: Arms Control and Proliferation, Economics, International Trade and Finance, Oil, Treaties and Agreements, Sanctions
  • Political Geography: Iran, Middle East
  • Author: James Hinton, Kent Howe
  • Publication Date: 04-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: This report outlines the impetus behind the Centre for International Governance Innovation (CIGI) International Intellectual Property Law Clinic, which operated for three months in 2014. It consisted of a partnership among the CIGI International Law Research Program (ILRP), Communitech (the Region of Waterloo’s hub for commercialization of innovative technologies) and leading intellectual property (IP) law firms. The report describes the new innovator’s commercialization dilemma — a multifaceted dilemma arising from lack of IP legal knowledge, lack of financial resources and the high costs associated with IP protection, all of which combine to place the new innovator in a vulnerable position at the early stages of their commercialization timeline. After briefly surveying the current environment for entrepreneurship-based clinics, the report describes the elements and structure of the CIGI clinic. The advantages for participating students as well as first-hand accounts of the benefits of the CIGI clinic are also detailed. Taking lessons learned from the CIGI clinic, the report illustrates how an IP-focused law clinic can help to address the commercialization dilemma. The report describes the manner in which IP clinics might be structured, while reviewing the associated benefits and challenges for each structure. The report also makes brief recommendations for governments, law societies, law schools and IP offices to support the provision of IP legal services through the law clinic model.
  • Topic: Environment, International Trade and Finance, Intellectual Property/Copyright, Governance, Entrepreneurship
  • Political Geography: Global Focus
  • Author: Barry Eichengreen, Domenico Lombardi , Malcolm D. Knight, Yu Yongding, Stephen G. Cecchetti, Diane De Gramont, Şebnem Kalemli-Özcan, Phillip R. Lane, Ugo Panizza, Viral V. Acharya
  • Publication Date: 09-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: During 1999-2007, the international balance sheets of emerging economies grew stronger through a combination of current account surpluses, a shift from debt funding to equity funding, and the stockpiling of liquid foreign reserves. This risk-mitigating strategy improved the international financial standing of many emerging economies and helped these economies withstand the 2008-2009 global financial crisis. However, a combination of domestic and external factors has led to a partial reversal of this strategy, with some emerging economies accumulating significant external debt since 2010. Previewed by the May 2013 “taper tantrum,” there has been considerable speculation that a tightening of dollar-funding conditions and a macroeconomic slowdown in emerging economies may result in financial instability in some emerging economies.
  • Topic: Debt, Economics, Emerging Markets, International Trade and Finance, Financial Crisis, Global Markets
  • Political Geography: Global Focus
  • Author: Renuka Sane
  • Publication Date: 04-2015
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: This paper provides a brief description of the principles of cross-border resolution that have emerged after the 2008 global financial crisis, and the progress that has been achieved. The paper then provides an overview of developments on resolution of financial firms in India. It finds that while there is cognizance of the need for international cooperation on resolution, the focus is on first developing institutional capacity on domestic resolution that can interact with the international community in the future. The policy choices of India may be reflective of the thinking in a large number of emerging markets, which considerably lag behind the more developed markets, partly due to lower interconnectedness and partly due to limited experience in domestic resolution.
  • Topic: Development, Emerging Markets, International Trade and Finance, Political Economy, Financial Crisis
  • Political Geography: India
  • Publication Date: 01-2015
  • Content Type: Working Paper
  • Institution: East-West Center
  • Abstract: China, the world's leading exporter of electronic products, faces a fundamental dilemma. It is the largest and fastest-growing market for semiconductors, the core component of those electronics products. Yet, at least 80 percent of the semiconductors used in China's electronics products must be imported. As a result, China's trade deficit in semiconductors has more than doubled since 2005 and now exceeds the huge amount it spends on crude oil imports. To correct this unsustainable imbalance, China's new strategy to upgrade its semiconductor industry seeks to move from catching up to forging ahead in semiconductors. The strategy calls for simultaneously strengthening advanced manufacturing and innovation capabilities in China's integrated circuit (IC) design industry and its domestic IC fabrication, primarily through foundry services. Drawing on policy documents and interviews with China-based industry experts, this study takes a close look at the objectives, strategy, and implementation policies of China's new push in semiconductors and examines what this implies for China's prospects in this industry. The study shows that China's new policy resorts to private equity investment rather than subsidy as the tool of industrial policy. The government participates in equity investment and claims it will do so without intervening in management decisions. This policy is expected to reduce the cost of investment funds for a selected group of firms, which is to form a "national team" in the semiconductor industry. China's new policy to upgrade its semiconductor industry through innovation does not represent a radical break with its deeply embedded statist tradition. Within these boundaries, however, the study detects important changes in the direction of a bottom-up, market-led approach to industrial policy. In response to the rising complexity and uncertainty of today's semiconductor industry, the government seems more open to experimentation with new approaches to investment finance and flexible, bottom-up policy implementation, based on multilayered industrial dialogues with private firms. China's policies to forge ahead in semiconductors, thus, provide an interesting example of its current efforts to move from investment-driven catching up to an innovation-driven development model.
  • Topic: Economics, International Trade and Finance, Oil, Science and Technology, Financial Markets
  • Political Geography: China
  • Author: Marcus Noland
  • Publication Date: 11-2015
  • Content Type: Working Paper
  • Institution: East-West Center
  • Abstract: Unconventional monetary policy (UMP) has had predictable effects. How exit plays out is scenario-dependent. Quantitative easing has had the predictable effect of encouraging currency depreciation and some partner countries may have attempted to offset these exchange rate effects. Korea presents a particularly interesting case: it is relatively small and relatively open and integrated, in both trade and financial terms, with the United States and Japan, two practitioners of UMP. Authorities have acted to limit the won's appreciation primarily against the currency of China, not the US or Japan. Nevertheless, Korea's policy is a source of tension with the US. Under legislation currently being considered, the currency manipulation issue could potentially interfere with Korean efforts to attract direct investment from the US and create an obstacle to Korea joining the Trans-Pacific Partnership.
  • Topic: Economics, International Trade and Finance, Markets, Monetary Policy, Financial Markets
  • Political Geography: Korea, Asia-Pacific
  • Author: Dr. Richard Weitz
  • Publication Date: 12-2015
  • Content Type: Working Paper
  • Institution: The Strategic Studies Institute of the U.S. Army War College
  • Abstract: The U.S. defense export system needs further major reforms to reduce inefficiencies and weaknesses. Although the International Traffic in Arms Regulations (ITAR) do help prevent potential foreign adversaries from using U.S. arms against the United States and its allies, the Regulations, as enforced, can weaken U.S. national security in other important ways. For example, by excessively impeding defense exports, the ITAR makes it more difficult for U.S. firms to sustain core U.S. defense technological and industrial advantages, decreases U.S. military interoperability with allies that purchase ITAR-free weapons from other sources, and generates other undesirable effects for the U.S. Army and U.S. national security.
  • Topic: Defense Policy, International Trade and Finance, National Security, Science and Technology, Military Affairs, Reform, Weapons
  • Political Geography: United States of America
  • Author: Roman Muzalevsky
  • Publication Date: 07-2015
  • Content Type: Working Paper
  • Institution: The Strategic Studies Institute of the U.S. Army War College
  • Abstract: China’s emergence as a global actor has questioned the position of the United States as the strongest power and the future of the Washington-led global order. To achieve the status of a truly global player wielding influence in all dimensions of power would require China to leverage its regional influence in Central Asia. This region is increasingly representing China’s western leg of economic expansion and development, and is of a growing strategic importance for Beijing. It is also a region that should be of greater strategic importance to Washington, which seeks to preserve its leading position in the international system and ensure China’s peaceful integration in the global political, security, and economic architecture.
  • Topic: Economics, International Cooperation, International Trade and Finance, Hegemony, Global Markets, Global Security
  • Political Geography: China, Eurasia, Asia
  • Author: Elizabeth Carter
  • Publication Date: 12-2015
  • Content Type: Working Paper
  • Institution: Max Planck Institute for the Study of Societies
  • Abstract: Economists assume increased producer flexibility creates production advantages. So why do inefficient French quality wine producers dominate their flexible, efficient Italian counterparts? French AOC wine producers created “corporatist” producer organizations which served three purposes: encouraged increased product quality information across the supply chain; allowed for the emergence of a unique production style; and enabled producers to define their production methods as “quality” via state regulation. Italian DOC wine producers have fragmented political structures at both the regional and national levels, causing producers to rely more on the price mechanism and less on political structures to coordinate supply chain transactions. Market asymmetries persist across the supply chain, making it difficult for producers to guarantee quality and adversely shaping their potential production and brand strategies. Solving supply chain problems through representative political institutions yields superior economic outcomes than uncoordinated market transactions because the former corrects market power asymmetries.
  • Topic: Economics, International Trade and Finance, Markets, Politics, Regulation
  • Political Geography: France, Italy, Global Focus
  • Author: Veronika Movchan
  • Publication Date: 05-2015
  • Content Type: Working Paper
  • Institution: Arnold A. Saltzman Institute of War and Peace Studies
  • Abstract: This paper aims to review existing Ukrainian-Russian trade relations and explore the feasibility of Ukraine’s trade reorientation away from the Russian market, given growing trade tensions.
  • Topic: Conflict Prevention, International Political Economy, International Trade and Finance
  • Political Geography: Russia, Ukraine
  • Author: Grigoriy Shamborovskyi
  • Publication Date: 05-2015
  • Content Type: Working Paper
  • Institution: Arnold A. Saltzman Institute of War and Peace Studies
  • Abstract: This paper explores topics related to Ukraine’s Relations with Russia, the EU, and the US. These relationships are explored in terms of international trade, security issues and institution building. Finally, the existence of internal political and socioeconomic divisions is discussed.
  • Topic: International Political Economy, International Trade and Finance, International Security, Political and institutional effectiveness
  • Political Geography: Russia, America, Ukraine, European Union
  • Author: Sergey Markedonov
  • Publication Date: 01-2014
  • Content Type: Working Paper
  • Institution: Center for Strategic and International Studies
  • Abstract: On February 7, 2014, the 22nd Winter Olympic Games will open in the Russian Black Sea resort of Sochi. Because these games will be the first Olympics hosted by Russia since the dissolution of the Soviet Union, they will be more than a mere athletic competition—they possess a singular symbolic character, important to Russia and particularly to Russian president Vladimir Putin. On the eve of the 119th session of the International Olympic Committee in Guatemala on July 4, 2007, at which the decision on the host city for the 2014 games would be made, Putin was the main Russian lobbyist for the Sochi project.
  • Topic: Economics, Globalization, International Political Economy, International Trade and Finance
  • Political Geography: Russia
  • Author: Vijaya Ramachandran, Leonardo Iacovone, Martin Schmidt
  • Publication Date: 02-2014
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: Many countries in Africa suffer high rates of underemployment or low rates of productive employment; many also anticipate large numbers of people to enter the workforce in the near future. This paper asks the question: Are African firms creating fewer jobs than those located elsewhere? And, if so, why? One reason may be that weak business environments slow the growth of firms and distort the allocation of resources away from better-performing firms, hence reducing their potential for job creation.
  • Topic: Economics, Industrial Policy, International Trade and Finance, Markets, Fragile/Failed State
  • Political Geography: Africa, Israel
  • Author: Alex Cobham, Petr Janský, Alex Prats
  • Publication Date: 01-2014
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: This paper assesses the role of Switzerland as the leading hub for global commodities trading, in terms of the patterns of prices received by original exporting countries and subsequently by Switzerland and other jurisdictions. We find support for the hypotheses that (i) the average prices for commodity exports from developing countries to Switzerland are lower than those to other jurisdictions; and that (ii) Switzerland declares higher (re-)export prices for those commodities than do other jurisdictions. This pattern implies a potential capital loss for commodity exporting developing countries and we provide a range of estimates of that loss - each of which suggests the scale is substantial (the most conservative is around $8 billion a year) and that the issue merits greater research and policy attention. An important first step would be a Swiss commitment to meet international norms of trade transparency.
  • Topic: Economics, Industrial Policy, International Trade and Finance, Markets, Developing World
  • Political Geography: Europe, Switzerland
  • Author: Derek M. Scissors
  • Publication Date: 02-2014
  • Content Type: Working Paper
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Reactions to the Chinese Communist Party's announcement of major economic reforms in November have ranged from unbridled optimism to skepticism about the party's ability to implement sweeping change. In fact, the reforms themselves are flawed in multiple ways-most are inauthentic, uncredible, or nonviable. However, the areas of land and finance offer more limited prospects for true reform. The primary means of judging reform progress should be progress in reducing excess capacity. The most likely outcome is that the party will claim success but the economy will slowly stagnate, harming China's partners.
  • Topic: Economics, International Trade and Finance, Reform
  • Political Geography: China, East Asia
  • Author: Leonard Edwards, Peter Jennings
  • Publication Date: 02-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Canada and Australia have shared interests in bolstering economic prosperity and security cooperation across East Asia. The focus of the world economy has shifted to Asia; Canada should follow the path Australia has taken for decades and orient itself — in economic and security terms — toward the emerging economies of East Asia. The risk of regional instability is growing, however, due to China's re-emergence, continued speculation about US strategic engagement in Asia and increased competition over disputed maritime boundaries. These developments provide opportunities for collaboration between countries like Canada and Australia. Non-traditional security threats, including natural disasters, climate change, food security and cyber security, point to a range of areas where the two countries can work more closely together.
  • Topic: Security, Diplomacy, Economics, International Trade and Finance, Bilateral Relations, Governance
  • Political Geography: America, Canada, Australia
  • Author: Pierre Siklos
  • Publication Date: 02-2014
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Reforms of the financial system in the wake of the global financial crisis are incomplete. Beyond reforms, good judgment is essential in a crisis. Short-termism in finance cannot be completely controlled by regulation and supervision. Financial crises are inevitable but need not be as virulent at the global financial crisis. Central banks will have to rethink their policies and how they interact with other agencies partially responsible for maintaining financial system stability.
  • Topic: Economics, Globalization, International Trade and Finance, Financial Crisis, Governance, Reform
  • Political Geography: Europe