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1. Risk Shocks and Divergence between the Euro Area and the US in the aftermath of the Great Recession

Author:
Thomas Brand and Fabien Tripier
Publication Date:
03-2021
Content Type:
Working Paper
Institution:
Centre d'Etudes Prospectives et d'Informations Internationales (CEPII)
Abstract:
Highly synchronized during the Great Recession of 2008-2009, the Euro area and the US have diverged in the period that followed. To explain this divergence, we provide a structural interpretation of these episodes through the estimation for both economies of a business cycle model with financial frictions and risk shocks, measured as the volatility of idiosyncratic uncertainty in the financial sector. Our results show that risk shocks have stimulated US growth in the aftermath of the Great Recession and have been the main driver of the double-dip recession in the Euro area. They play a positive role in the Euro area only after 2015. Risk shocks therefore seem well suited to account for the consequences of the sovereign debt crisis in Europe and the subsequent positive effects of unconventional monetary policies, notably the ECB’s Asset Purchase Programme (APP).
Topic:
Debt, Economics, International Political Economy, Global Recession, Finance, Europe Union, Economic Growth, and Risk
Political Geography:
United States, Europe, and Global Focus

2. Keep Calm and Carry On: The Terrorist Threat in the United Kingdom

Author:
Seth G. Jones
Publication Date:
08-2018
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
The August 14 attack in London is the latest reminder that terrorism persists in the West more than a decade and a half after September 11, 2001. The United States continues to face a threat from right-wing, left-wing, and Islamic extremists, despite comments from some U.S. policymakers that terrorist groups have been defeated. Perhaps the most significant lesson from the London attack, however, is the resilience of the British public. They kept calm and carried on. The attacker was Salih Khater, a UK citizen from Birmingham who was in his late twenties. He drove a silver Ford Fiesta into a crowd of pedestrians and cyclists in London and then crashed it into a security barrier outside the Houses of Parliament. Eyewitness accounts were chilling. “I heard lots of screams and turned round,” remarked Barry Williams. “The car went on to the wrong side of the road to where cyclists were waiting at lights and ploughed into them.”1 The tactic—a vehicle used as a weapon—is all too familiar. Terrorists in the West have increasingly resorted to simple tactics, such as vehicles and knives, to kill civilians. Compared to previous incidents in the United Kingdom, Salih Khater’s August 14 attack was second-rate. He had been meandering around London for several hours, which suggests that the incident was not carefully planned. His tiny Ford Fiesta was no match for the barriers around the Houses of Parliament that are designed to stop attacks from 18-wheelers. And Khater failed to kill anyone, though he did injure several people. UK security agencies have conditioned their public to be prepared for plots and attacks. The United Kingdom’s recently-published counterterrorism strategy, CONTEST, argues that the country faces a significant, multidimensional threat from terrorists. According to data from the European Union Agency for Law Enforcement Cooperation, there were more failed, foiled, and completed attacks in the United Kingdom than anywhere else in the European Union in 2017.2 There were also more terrorist-related arrests in the UK in 2017 than in any previous year since 2001.3 Between December 2013 and May 2018, British intelligence and law enforcement agencies thwarted 25 plots from extreme Islamic groups.4 Most of these plots were inspired by the Islamic State and its ideology, rather than directed by Islamic State operatives.5 On March 22, 2017, for example, British-born Khalid Masood drove a sports utility vehicle into pedestrians crossing Westminster Bridge in London, killing three people. Masood then took two carving knives out of his vehicle and stabbed police officer Keith Palmer, killing him outside of Parliament. On May 22, 2017, Salman Abedi detonated an improvised explosive device in the foyer of Manchester Arena, killing 22 people; 10 of them were under 20 years old. On June 3, 2017, three men—Khuram Butt, Rachid Redouane, and Youssef Zaghba—drove a van into London Bridge, killing two people. They then jumped out of the van and killed six more people using large knives. On September 15, 2017, an 18-year old Iraqi asylum seeker named Ahmed Hassan detonated a bomb using triacetone triperoxide (TATP) on a District line train at Parsons Green Underground station in London. Thirty people were treated for burn and other injuries.6 Right-wing terrorism has also been on the rise in the United Kingdom. On June 19, 2017, Darren Osborne, a 47-year old British man, drove a van into Muslim worshippers near Finsbury Park Mosque, London, killing one person.7 On June 23, 2017, Marek Zakrocki, a known supporter of the far-right party Britain First, drove a vehicle into an Indian restaurant in London, injuring several people. He was armed with a kitchen knife and a baton-torch, and he told police: “I’m going to kill a Muslim. I’m doing this for Britain. This is the way I am going to help the country. You people can’t do anything. I am going to do it my way because that is what I think is right.”8 While there have been relatively few terrorist attacks in the United States recently, the United Kingdom—and Europe more broadly—have faced a more severe threat. The number of jihadist-related terrorist attacks in the European Union peaked in 2017 with 33 failed, foiled, and completed attacks. This number was up from 13 in 2016, 17 in 2015, and 2 in 2014. The geographic distribution of attacks also expanded. European Union countries experiencing jihadist-related terrorism now includes such countries as the United Kingdom, France, Germany, Spain, Belgium, Sweden, Denmark, and Finland.
Topic:
National Security, Terrorism, Violent Extremism, Counter-terrorism, and Europe Union
Political Geography:
United States, United Kingdom, Europe, and England

3. United States After the Presidential Election 2016: Continuation or Abandonment of Obama’s Foreign Policy

Author:
Krševan Antun Dujmović
Publication Date:
08-2016
Content Type:
Working Paper
Institution:
Institute for Development and International Relations (IRMO)
Abstract:
With the Presidential Elections coming closer, the global attention is shifting more and more to the United States. During the terms of George W. Bush, especially during his second tenure, the image of the US as an untouchable superpower was somewhat mitigated. In 2001 the US witnessed the largest attack on its territory since Pearl Harbor and military interventions in Afghanistan and Iraq took a heavy toll in human lives and material and �inancial expanses. Upon this, the campaign in Iraq had no legal foundation, and that caused a rift with the European allies, especially with two big continental powers Germany and France, and the consequences are still largely felt to date. The legitimacy and the credibility of the US as the global strong leader was further watered down with the �inancial crunch originating on Wall Street, spilling over to the rest of the world, especially the European Union (EU). At the moment when American image and credibility hit the ground, the White House saw a new president Barack Obama, the �irst African American to sit in the Oval Of�ice. In the internal policy, Obama’s two terms saw the American economy gaining an undisputed strength. Unemployment rate and de�icit were cut in half, exports and the dollar were on the hike, just like the GDP growth and the real estate market. Obama’s foreign policy showed to be much more diplomatic and arguably more ef�icient than that of the Bush administration.
Topic:
Foreign Policy, Military Strategy, Elections, and Europe Union
Political Geography:
United States, Europe, Middle East, North America, Washington, and D.C.

4. European Climate and Energy Policy: The Challenges Ahead

Author:
Juan Martin Navarro Ruiz and Juan Antonio Pavón Losada
Publication Date:
01-2015
Content Type:
Working Paper
Institution:
Fundación Alternativas
Abstract:
The Lima meeting is already over. Again, the script from every climate summit is being repeated: a framework for negotiation has been settled, the basis for future agreements has been laid down, however, decisions are still being postponed. In this case, until the Paris Summit in late 2015. Inter alia, the lack of sensitivity of the United States towards environmental protection, coupled with the failure of the European Union in solving their almost chronic financial, social and political instability crisis, have left the world’s environmental protection strategy orphan of leadership. Certainly, a strategic project in the near future of the international community and essential for humanity.
Topic:
Climate Change, Environment, International Cooperation, and Europe Union
Political Geography:
United States, Europe, Germany, and Global Focus

5. Mandating Food Insecurity: The Global Impacts of Rising Biofuel Mandates and Targets

Author:
Timothy A. Wise and Emily Cole
Publication Date:
02-2015
Content Type:
Working Paper
Institution:
Global Development and Environment Institute at Tufts University
Abstract:
Expanding demand for biofuels, fed significantly by government policies mandating rising levels of consumption in transportation fuel, has been strongly implicated in food price increases and food price volatility most recently seen in 2008 and 2011-2012. First-generation biofuels, made from agricultural crops, divert food directly to fuel markets and divert land, water and other food-producing resources from their current or potential uses for production of feed for animals and food for human consumption. A key policy driver of biofuel consumption is government mandates to increase or maintain rates or levels of biofuel blends in transportation fuel, the U.S. Renewable Fuel Standard and the E.U. Renewable Energy Directive being the most prominent cases. In this paper we assess the spread of such mandates and targets, finding that at least 64 countries now have such policies. We estimate the consumption increases implied by full implementation of such mandates in the seven countries/regions with the highest biofuel consumption, suggesting a 43% increase in first-generation biofuel consumption in 2025 over current levels. We compare this to even higher estimates from international agencies. We assess the likelihood of implementation in key countries and regions, which suggests that with reform, particularly in OECD countries, consumption growth could be slowed. We conclude with policy recommendations to reduce the mandate-driven expansion of first-generation biofuels and mitigate their negative social and environmental impacts.
Topic:
Agriculture, Food, Biofuels, Europe Union, and Chemical Weapons
Political Geography:
United States, Europe, and North America

6. Just Peace: Achieving Peace, Justice, and Development in Post-Conflict Africa

Author:
Corinna Jentzsch
Publication Date:
08-2014
Content Type:
Working Paper
Institution:
Social Science Research Council
Abstract:
The analysis begins with a review of trends in financing peace operations, including the proliferation of actors; existing financing mechanisms used by the UN, the European Union (EU), the North Atlantic Treaty Organiza- tion (NATO), and the World Bank; and the devolution of these operations to African regional organizations. Efforts of the past two decades to respond effectively to challenges to peace and security in Africa have produced vari- ous new programs and institutions, funds, and budgets and led to revisions of previous programs and financing mechanisms. This proliferation of institutions and funds has also created challenges, however, which the analysis reviews next, placing particular emphasis on three: the inadequacy of UN reforms to overcome financing constraints; the insufficiency and unpredictability of voluntary contributions; and the limited capacity of African regional organizations. All are rooted in the demand for more integrated approaches to peace operations on the one hand and the lack of coordination, duplication of structures, and waste of resources on the other.
Topic:
NATO, United Nations, Developing World, Finance, Europe Union, Peace, and Justice
Political Geography:
Africa, United States, and Europe