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10941. 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

10942. 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

10943. 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

10944. 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

10945. 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

10946. 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

10947. 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

10948. 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

10949. 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

10950. 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

10951. The War in Afghanistan: Key Trends in the Fighting and ANSF Development in the DoD 1230 Report and Year-End NTM-A Reporting

Author:
Anthony H. Cordesman
Publication Date:
12-2010
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
Recent reporting by the NATO Training Mission in Afghanistan (NTM-A) and the Department of Defense provides added insight into how the course of the fighting tracks with the development of Afghan security forces. The metrics in this analysis are not a substitute for reading the detailed Department of Defense reporting on Afghan force development available in the publications section of DoD's web site at defenselink.gov, or the new NTM-A report, "Year in Review, November 2009 to November 2010." They do show, however, that there is now a far more credible prospect that Afghan forces will be ready for transition in 2014, and capable of largely assuming responsibility for security operations. The one critical caveat is that these efforts must continue to be properly funded, and that NATO has not yet obtained anything like the quantity and quality of trainers and partners it needs to win. These metrics make it clear that this is a the highest single priority for added military contributions from NATO countries, and that current assets meet less that 40% of the requirement needed by mid-2011.
Topic:
Security, NATO, War, and Counterinsurgency
Political Geography:
Afghanistan

10952. Managing the Challenge of Russian Energy Policies

Author:
Keith C. Smith
Publication Date:
12-2010
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
Following the breakup of the Soviet Union and the Warsaw Pact, the leaders of Russia, including then-President Boris Yeltsin, searched for new methods of continuing to exert influence over the former Soviet-controlled region. The Kremlin at first used an energy blockade to the Baltic States in 1990 in an attempt to prevent their breakaway from the Soviet Union. After that failed, it then focused on the growing opposition in the former republics of the Soviet Union and in East Central Europe to its foreign and economic policies, and in particular on demands that Russian military forces withdraw from the newly independent states. The Kremlin leadership quickly recognized that short of military action, its major foreign policy tool was the denial or threat of denial of access to Russia's vast oil and gas resources. The economies of East European and Central Asian countries, and especially their rail and pipeline infrastructures, had been hardwired by Soviet leaders to assure total dependency on Moscow for their raw materials, including oil, gas, coal, and nuclear fuel.
Topic:
Cold War, Economics, Emerging Markets, Energy Policy, and Oil
Political Geography:
Russia, Europe, Central Asia, and Soviet Union

10953. Radical Islam in the North Caucasus

Author:
Sergey Markedonov
Publication Date:
11-2010
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
As Kyrgyzstan plunges into crisis and the threat of a second Afghanistan in Central Asia looms large, the situation in the "Big Caucasus" seems less pressing and thus overshadowed. The worst scenarios predicted by analysts and politicians for the period of the 2008 August war have not been realized. The Russian attempt to "replace the regime" of Mikhail Saakashvili or apply the Georgian pattern in Ukraine, expected by many in the West, has not taken place. Neither have the attempts from the West (the United States, NATO, and others) to "nudge Georgia into a rematch," which were expected in Moscow. Nonetheless, the Caucasus region remains one of the most vulnerable spaces in Eurasia. In the Caucasus, the first precedent of a revision of borders between the former Soviet republics was established. For the first time in Eurasia, and particularly in the Caucasus, partially recognized states have emerged. While their independence is denied by the United Nations, it is recognized by the Russian Federation, a permanent member of the UN Security Council. After the "hot August" of 2008, Moscow demonstrated its willingness to play the role of a revisionist state for the first time since 1991. Russia defines the "Big Caucasus" as the sphere of its vital interests and priorities and consequently pretends to be a key stakeholder for the whole region.
Topic:
NATO, Islam, and Insurgency
Political Geography:
Afghanistan, Russia, United States, Central Asia, Eurasia, Ukraine, Kyrgyzstan, Moscow, and United Nations

10954. Regional Monetary Cooperation in East Asia

Author:
Melissa Murphy and Wen Jin Yuan
Publication Date:
11-2010
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
After a decade of negotiations revolving around regional monetary cooperation, the Association of Southeast Asian Nations (ASEAN) plus China, Japan, and South Korea (ASEAN+3) finally reached agreement to establish a regional foreign reserve pool in February 2009. The launch of the Chiang Mai Initiative Multilateralization (CMIM) came amid the global financial crisis, when the ASEAN nations hit so hard during the 1997 Asian financial crisis were once again reminded of the utility of a joint policy initiative to ensure regional financial stability.
Topic:
Economics, Monetary Policy, and Financial Crisis
Political Geography:
Israel and Asia

10955. Sudanese Perspectives on the 2010 Referendum

Author:
Richard Downie and Brian Kennedy
Publication Date:
11-2010
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
The people of Southern Sudan are a little more than one month away from casting their votes in a referendum on whether to remain part of Sudan or become an independent state. The referendum is the most significant milestone in a six-year interim period that began with the signing of the Comprehensive Peace Agreement (CPA) in 2005. The CPA was the outcome of a U.S.-backed process that successfully brought an end to almost 40 years of civil war between the North and South. Two votes are scheduled to take place on January 9, 2011. In the first, Southern Sudanese will vote on whether they wish to secede from the North and form an independent country in the South. At the same time, voters in the border enclave of Abyei will decide whether to remain in the North or join the South. CSIS Africa Program staff, Richard Downie and Brian Kennedy, traveled to Khartoum and the southern capital, Juba, in October to gauge views about the forthcoming referenda and assess how preparations are proceeding ahead of the polls.
Topic:
Civil War, Islam, and Treaties and Agreements
Political Geography:
Africa and United States

10956. India and the Civil War in Sri Lanka: On the Failures of Regional Conflict Management in South Asia

Author:
Sandra Destradi
Publication Date:
12-2010
Content Type:
Working Paper
Institution:
German Institute of Global and Area Studies
Abstract:
The paper provides an assessment of India's role in the final years of the civil war in Sri Lanka (2003-2009). In particular, it looks for explanations for India's inability to act as a conflict manager in its own region, which is in contrast to predominant assumptions about the role of powerful regional states. It also seeks to explain the surprising turn in India's approach to the conflict, when in 2007 New Delhi began to rather explicitly support the Sri Lankan government—in disregard of its traditional preference for a peaceful solution and its sensitivity for the fate of Sri Lankan Tamils. While historical and domestic pressures led to India's indecisive approach during the years 2003-2007, starting from 2007 regional and international factors—most notably the skillful diplomacy of the Sri Lankan government and the growing Chinese presence there—induced New Delhi to support the government side in order to keep some leverage on Sri Lankan affairs. The analysis of the Sri Lankan case opens several avenues for further research in the fields of regional conflict management and foreign policy analysis.
Topic:
Conflict Resolution, Civil War, and Diplomacy
Political Geography:
China, South Asia, India, and New Delhi

10957. UN Security Council Enlargement and U.S. Interests

Author:
Kara C. McDonald and Stewart M. Patrick
Publication Date:
12-2010
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Advancing U.S. national interests in an era of global threats depends on effective multilateral action. Global institutions inherited from the past are struggling to adapt to the rise of new challenges and powers. “The international architecture of the 20th century is buckling,” declares the new U.S. National Security Strategy. President Barack Obama has committed his administration to renovating outdated institutions and integrating emerging powers as pillars of a rule-based international order. Renovation of the United Nations Security Council (UNSC) and its membership must be a core component of this agenda. President Obama's announcement in November 2010 of U.S. support for a permanent UNSC seat for India is a critical first step in this direction.
Topic:
Conflict Resolution, Conflict Prevention, Diplomacy, International Cooperation, International Organization, United Nations, and International Affairs
Political Geography:
United States

10958. Dangerous Little Stones: Diamonds in the Central African Republic

Publication Date:
12-2010
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
In the diamond mines of the Central African Republic (CAR), extreme poverty and armed conflict put thousands of lives in danger. President François Bozizé keeps tight control of the diamond sector to enrich and empower his own ethnic group but does little to alleviate the poverty that drives informal miners to dig in perilous conditions. Stringent export taxes incentivise smuggling that the mining authorities are too few and too corrupt to stop. These factors combined – a parasitic state, poverty and largely unchecked crime – move jealous factions to launch rebellions and enable armed groups to collect new recruits and profit from mining and selling diamonds illegally. To ensure diamonds fuel developmen t not bloodshed, root and branch reform of the sector must become a core priority of the country's peacebuilding strategy.
Topic:
Political Violence, Poverty, and Natural Resources
Political Geography:
Africa

10959. China's Out of Area Naval Operations: Case Studies, Trajectories, Obstacles, and Potential Solutions

Author:
Christopher D. Yung and Ross Rustici
Publication Date:
12-2010
Content Type:
Working Paper
Abstract:
This study seeks to understand the future direction of the People's Liberation Army Navy (PLAN) with regard to out of area deployments and power projection. The assessment is based on the history of past PLAN out of area deployments and an analysis of out of area operations of other military forces. Both short- and long-term lenses are employed to understand the scope and direction of China's defense planning and strategic decisions.
Topic:
International Affairs
Political Geography:
China

10960. The Economist Intelligence Unit's Index of Democracy 2010

Publication Date:
12-2010
Content Type:
Working Paper
Institution:
Economist Intelligence Unit
Abstract:
This is the third edition of the Economist Intelligence Unit's democracy index. It reflects the situation as of November 2010. The first edition, published in The Economist's The World in 2007, measured the state of democracy in September 2006 and the second edition covered the situation towards the end of 2008. The index provides a snapshot of the state of democracy worldwide for 165 independent states and two territories—this covers almost the entire population of the world and the vast majority of the world's independent states (micro states are excluded). The Economist Intelligence Unit's Index of Democracy is based on five categories: electoral process and pluralism; civil liberties; the functioning of government; political participation; and political culture. Countries are placed within one of four types of regimes: full democracies; flawed democracies; hybrid regimes; and authoritarian regimes.
Topic:
Civil Society, Democratization, and International Affairs
Political Geography:
Soviet Union