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  • Publication Date: 06-2003
  • Content Type: Working Paper
  • Institution: EastWest Institute
  • Abstract: On June 26, 2003 the third regular round - table discussion within open discussion “Future of Russia: Global Competitiveness Development” took place in the Moscow Center of the EastWest Institute. The topic under discussion was: When is it time for competitiveness development strategy for companies?”
  • Topic: Development, Economics
  • Political Geography: Russia, Europe, Asia, Moscow
  • Publication Date: 06-2003
  • Content Type: Working Paper
  • Institution: EastWest Institute
  • Abstract: On June 11, 2003 the second regular round - table discussion within open discussion “Future of Russia: Global Competitiveness Development” took place in the Moscow Center of the EastWest Institute. The topic under discussion was: ”Financial System of Russia: Threats and challenges of the 21st century”.
  • Topic: Development, Economics
  • Political Geography: Russia, Europe, Asia, Moscow
  • Author: Anthony Shorrocks, Stanislav Kolenikov
  • Publication Date: 10-2003
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: This paper applies a new decomposition technique to the study of variations in poverty across the regions of Russia. The procedure, which is based on the Shapley value in cooperative game theory, allows the deviation in regional poverty levels from the all- Russia average to be attributed to three proximate sources; mean income per capita, inequality, and local prices. Contrary to expectation, regional poverty variations turn out to be due more to differences in inequality across regions than to differences in real income per capita. However, when real income per capita is split into nominal income and price components, differences in nominal incomes emerge as more important than either inequality or price effects for the majority of regions.
  • Topic: Economics, Poverty
  • Political Geography: Russia, Europe, Asia
  • Author: Ruslan Yemtsov
  • Publication Date: 09-2003
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: This paper analyses regional data on inequality and poverty in Russia during 1994-2000 using published series from the regionally representative Household Budget Survey. The paper finds that the share of inequality in Russia coming from the between-regions component is large (close to a third of the total inequality), growing, and accounts for most of the increase in national inequality over 1994-2000. The paper demonstrates an absence of interregional convergence in incomes across Russian regions using various techniques. On the other hand, the paper finds evidence of convergence in inequality within regions, trended towards an internationally high level. Based on these two findings, the paper projects dynamics of inequality and poverty in Russia over a ten-year time horizon. The projections show that if the observed trend continues, by 2010 the absolute majority of Russia's poor will be concentrated in a few permanently impoverished regions, while relatively more affluent regions will become virtually free of poverty. Finally, the paper relates fluctuations in inequality within regions to a set of factors classified into four broad categories: endowments and initial conditions, preferences, policies, and shocks. Among these factors short-run fluctuations of the unemployment rate are revealed as significant and strong signals of inequality.
  • Topic: Demographics, Economics, Poverty
  • Political Geography: Russia, Europe, Asia
  • Author: Martin Ravallion
  • Publication Date: 07-2003
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: The paper tests for external effects of local economic activity on consumption and income growth at the farm household level using panel data from four provinces of post-reform rural China. The tests allow for nonstationary fixed effects in the consumption growth process. Evidence is found of geographic externalities, stemming from spillover effects of the level and composition of local economic activity and private returns to local human and physical infrastructure endowments. The results suggest an explanation for rural underdevelopment arising from underinvestment in certain externality-generating activities, of which agricultural development emerges as the most important.
  • Topic: Development, Economics
  • Political Geography: China, Asia
  • Author: Svetlana Glinkina, Dorothy Rosenberg
  • Publication Date: 02-2003
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: We argue that the conflicts in the Caucasus are the result of the abrogation by the elite of the earlier, Soviet era, social contract. This process was accompanied by the collapse of the formal economy; evidenced by huge national income compression, falling public goods provision, and growing inequality and poverty. In the absence of state provision of basic amenities and governance, ordinary people are compelled to fall back on kinship ties. Declining standards of governance facilitate state-sponsored corruption and criminality in a setting where the shadow economic activity is increasingly important to individual survival strategies. Oil pipelines and the right to control the transit of goods both legal and illegal also underlie conflict in the region. Criminality has replaced ethnicity as the major motivation for conflict and conflict per se has become a lucrative source of income.
  • Topic: Economics, Ethnic Conflict, Poverty
  • Political Geography: Russia, Europe, Asia, Soviet Union
  • Author: David Dapice
  • Publication Date: 05-2003
  • Content Type: Working Paper
  • Institution: Global Development and Environment Institute at Tufts University
  • Abstract: In this paper, an extensive report on the economy of Myanmar prepared in 1998 is supplemented by more recent reports as of fall 2002 (included as appendices).
  • Topic: Agriculture, Economics, International Trade and Finance
  • Political Geography: Asia
  • Author: Subham Chaudhuri, Patrick Heller
  • Publication Date: 01-2003
  • Content Type: Working Paper
  • Institution: Institute for Social and Economic Research and Policy at Columbia University
  • Abstract: Under the “People's Campaign for Decentralised Planning,” initiated by the government of the Indian state of Kerala in 1996, significant planning and budgetary functions that had previously been controlled by state-level ministries, were devolved to the lowest tier of government—municipalities in urban areas, and gram panchayats (village councils) in ural areas. A key element of the campaign was the requirement that every gram panchayat organize open village assemblies—called Gram Sabhas—twice a year through which citizens could participate in formulating planning priorities, goals and projects. Using data from the first two years of the campaign, on the levels and composition of participation in the Gram Sabhas in all of Kerala's 990 gram panchayats we empirically assess the explanatory power of the dominant existing paradigms of participation—social capital, rational choice, and social-historical. The basic patterns we document, as well as our more detailed analyses of the impact that a range of spatial, socioeconomic and political factors had on the levels and social depth of participation, provide broad support for a dynamic and contingent view of participation, a perspective that recognizes the “plasticity of participation.”
  • Topic: Economics, Government, Human Welfare, Governance
  • Political Geography: Asia
  • Author: John W. Schindler, John G. Fernald, Prakash Loungani, Alan J. Ahearne
  • Publication Date: 12-2003
  • Content Type: Working Paper
  • Institution: U.S. Government
  • Abstract: Do increases in China's exports reduce exports of other emerging Asian economies? We find that correlations between Chinese export growth and that of other emerging Asian economies are actually positive (though usually not significant), even after controlling for trading-partner income growth and real effective exchange rates. We also present results from a VAR estimation of aggregate trade equations on the relative importance of foreign income and exchange rates in determining Asian export growth. Although exchange rates do matter for export performance, the income growth of trading partners matters even more. In addition, we examine specific products and find evidence that a considerable shifting of trade patterns is taking place, consistent with a 'flying geese' pattern in which China and ASEAN-4 move into the product space vacated by the NIEs. Our results suggest that China and emerging Asia are both comrades (overall) and competitors (in specific products).
  • Topic: Economics, Emerging Markets
  • Political Geography: China, Asia
  • Author: Jon Wongswan
  • Publication Date: 09-2003
  • Content Type: Working Paper
  • Institution: U.S. Government
  • Abstract: Using the conditional Capital Asset Pricing Model (CAPM), this paper tests for the existence and pattern of contagion and capital market integration in global equity markets. Contagion is defined as significant excess conditional correlation among different countries' asset returns above what could be explained by economic fundamentals (systematic risks). Capital market integration is defined as the situation in which only systematic risks are priced. The paper uses a panel of sixteen countries, divided into three blocs: Asia, Latin America, and Germany-U.K.-U.S., for the period from 1990 through 1999. The results show evidence of contagion and capital market integration. In addition, contagion is found to be a regional phenomenon.
  • Topic: International Relations, Economics, Globalization, International Trade and Finance
  • Political Geography: United States, United Kingdom, Asia, Germany, Latin America
  • Author: Jon Wongswan
  • Publication Date: 02-2003
  • Content Type: Working Paper
  • Institution: U.S. Government
  • Abstract: This paper provides evidence of transmission of information from the U.S. and Japan to Korean and Thai equity markets during the period from 1995 through 2000. Information is defined as important macroeconomic announcements in the U.S., Japan, Korea, and Thailand. Using high-frequency intraday data, I focus the study on return volatility and trading volume because the implications of new information are much clearer than for returns. I find a large and significant association between emerging-economy equity volatility and trading volume and developed-economy macroeconomic announcements at short-time horizons. This is the first strong evidence of this sort of international information transmission. Previous studies' findings of at most weak evidence may be due to their use of lower frequency data and their focus on developed-economy financial market innovations as the measure of information.
  • Topic: Economics, International Trade and Finance
  • Political Geography: United States, Japan, Asia, Korea, Thailand
  • Publication Date: 09-2003
  • Content Type: Policy Brief
  • Institution: Center on International Cooperation
  • Abstract: The Afghan people have been promised a lot in the last two years. New rules for a new world would be written in their country. Regime change would deliver Afghans, finally, from oppression and violence, while a Marshall Plan would give them a chance to rebuild their lives.
  • Topic: Development, Economics, International Cooperation
  • Political Geography: Afghanistan, Asia
  • Author: Mark P Thirlwell
  • Publication Date: 11-2003
  • Content Type: Policy Brief
  • Institution: Lowy Institute for International Policy
  • Abstract: There are strong parallels between today's US-China tensions over trade and US-Japan economic relations in the 1980s.
  • Topic: Economics
  • Political Geography: United States, Japan, China, Israel, East Asia, Asia
  • Author: Allan H. Meltzer
  • Publication Date: 11-2003
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: While Alan Greenspan and most analysts continue to discuss the loss of millions of manufacturing jobs since the Bush administration took office, the Labor Department Household Survey shows such claims to be either wrong or greatly exaggerated.
  • Topic: International Relations, Foreign Policy, Democratization, Economics
  • Political Geography: Russia, Europe, Asia
  • Author: Leon Aron
  • Publication Date: 09-2003
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: In the early morning of October 25, 2003, masked agents of the Russian security agency, the FSB, stormed the plane of Mikhail Khodorkovsky, CEO and principal owner of Russia's largest private oil company, YUKOS; arrested him; and conveyed him to a Moscow prison. He was charged with tax evasion, fraud, forgery, and embezzlement.
  • Topic: Democratization, Economics, Emerging Markets
  • Political Geography: Russia, Europe, Asia
  • Author: Richard L. Lawson, John R. Lyman, Donald L. Guertin, Tarun Das, Shinji Fukukawa, Yang Jike
  • Publication Date: 07-2003
  • Content Type: Policy Brief
  • Institution: Atlantic Council
  • Abstract: For China and India, rapid economic growth is imperative to alleviate poverty, raise income levels and improve their citizens' quality of life. In 2000, China and India's combined populations of 2.3 billion represented over 38 percent of the world's population. With both countries determined to grow their economies rapidly, there will be an associated rapid rise in energy demand. One of the most significant problems facing the two countries is the existing and increasing level of air pollution that will accompany growing energy consumption. This report focuses on the challenge of developing economic, energy, and environmental policies that will complement existing policies designed to reconcile the drive for economic growth with the need for greater environmental protection of air quality.
  • Topic: Economics, Environment
  • Political Geography: United States, Japan, China, India, Asia
  • Author: Jeffrey Brown, Kang Wu
  • Publication Date: 10-2003
  • Content Type: Policy Brief
  • Institution: East-West Center
  • Abstract: The Asia Pacific region's dynamic oil market is marked by strong growth in consumption, declining regional oil production, and over capacity in its highly competitive oil-refining sector. Its "key players" are China, India, Indonesia, Japan, and South Korea—a group that includes the region's five top consumers and three of its major producers—and developments in these countries will have commercial and strategic implications for the whole region. On the consumption side, Japan's slow growth in demand has failed to dampen regional growth, which is now driven by China and India's fast growing thirst for oil. On the supply side, Indonesia's inevitable transition to a net oil importer highlights the trend toward growing dependence on Middle East oil, which already comprises 42–90 percent of imports among the key players. In response to this trend, China, Japan, and South Korea are pushing to acquire overseas oil reserves, with Japan and China already locked in a fierce competition for projected Russian supplies—a type of struggle that will likely become more commonplace.
  • Topic: Economics, International Trade and Finance
  • Political Geography: Japan, China, Indonesia, Middle East, India, Asia, South Korea
  • Author: John Ravenhill
  • Publication Date: 06-2003
  • Content Type: Policy Brief
  • Institution: East-West Center
  • Abstract: Western Pacific Rim states have been slow to participate in preferential trade agreements (PTAs). In the past four years, however, more than 40 PTAs involving these economies have been proposed or are being implemented. For the first time, Japan and China have either signed or are negotiating bilateral or plurilateral agreements. The new interest in PTAs reflects the perception that they have been successful in other parts of the world, and is reinforced by dissatisfaction with the region's existing trade groupings. Although arguments can be made in favor of PTAs, they amplify political considerations in trade agreements, may adversely affect the political balance in participating countries, impose costs on nonparticipants, and deplete scarce negotiating resources. Nevertheless, the number of western Pacific Rim states participating in PTAs continues to climb. Northeast Asian countries have been following Europe in exploiting loopholes in WTO rules on PTAs to protect their noncompetitive sectors, thereby strengthening their political positions, which will likely make global liberalization more difficult.
  • Topic: Economics, International Trade and Finance
  • Political Geography: Japan, China, Asia, Australia/Pacific
  • Author: Andrew G. Walder, Litao Zhao
  • Publication Date: 12-2002
  • Content Type: Working Paper
  • Institution: Asia-Pacific Research Center
  • Abstract: For more than two decades after the demise of Maoist collectivism, a resurgent market economy has deeply transformed the social structure of rural China. By the mid-1980s, peasant households had already returned to historical marketing patterns of agricultural produce and other sidelines and services. By the turn of the century, almost 140 million individuals, or 30 percent of the rural labor force, earned regular incomes from wage labor outside agriculture. Twenty million rural households had registered individual family enterprises, and two million of them had already grown into substantial private firms. A massive rural industrial sector grew up under public ownership in the 1980s, employing more than 80 million at its height. It was then extensively privatized in the 1990s, and is now less than half its former size. While these developments have been widely noted in studies of rural industrialization and income inequality, it is still far from clear how they have altered the structure and wealth of village political and economic elites.
  • Topic: Communism, Economics, Politics
  • Political Geography: China, Asia
  • Author: Kyounglim Yun, Heejin Lee, So-Hye Lim
  • Publication Date: 09-2002
  • Content Type: Working Paper
  • Institution: Asia-Pacific Research Center
  • Abstract: In recent years, Korea has seen a remarkable diffusion in broadband Internet connections. This paper explores the actions and factors contributing to this diffusion from three viewpoints: public sector, private sector, and social. We suggest that the matching of demand and supply is the most important factor in the fast diffusion of broadband in Korea. In particular, fierce infrastructure competition has led to quality services at a low fixed price. We also consider two challenges that lie ahead: take-up of retail e-commerce applications, and the need to bridge the digital divide.
  • Topic: Economics, International Trade and Finance, Science and Technology
  • Political Geography: Asia, South Korea, Korea
  • Author: Andrew G. Walder
  • Publication Date: 07-2002
  • Content Type: Working Paper
  • Institution: Asia-Pacific Research Center
  • Abstract: The ideal types that motivate research on transitional economies have led to a neglect of the varied mechanisms that generate social change. One example is the implicit treatment of privatization as a single process whose initial impact will become more pronounced through time. Privatization in fact occurs via distinct mechanisms that have different consequences across types of assets and through time, as shown in an analysis of career trajectories over two decades in rural China. During the first decade, when privatization proceeded via the rapid expansion of household enterprise, ordinary individuals with nonagricultural work experience were the most likely to become private entrepreneurs. Village officials, their relatives, and public enterprise managers did not enter the private sector at rates higher than others. However, during the second decade the privatization of public enterprises began to transfer collective assets to individual ownership. During this period, public enterprise managers and the relatives of cadres emerged as the most likely to become private entrepreneurs. Private entrepreneurs, however, have yet to move into cadre posts, and cadres have yet to move into private entrepreneurship, at rates higher than others. Administrative elites have therefore proven resilient in the face of private-sector expansion, and the benefits of privatization have gradually shifted in their favor.
  • Topic: Communism, Economics
  • Political Geography: China, Asia
  • Author: Nicole Pole
  • Publication Date: 07-2002
  • Content Type: Working Paper
  • Institution: Asia-Pacific Research Center
  • Abstract: Foreign banks have long faced difficulties in attempting to enter certain Japanese financial markets. This is due partly to regulatory practices and partly to specific Japanese socioeconomic conditions, for instance the system of relationship banking. While retail banking is still a sector in which almost no foreigners have been able to succeed, some foreign financial institutions have been able to gain market share in investment and wholesale banking.
  • Topic: Economics, International Trade and Finance
  • Political Geography: Japan, Israel, East Asia, Asia
  • Author: Thomas E. Jr. Graham
  • Publication Date: 05-2002
  • Content Type: Working Paper
  • Institution: Carnegie Endowment for International Peace
  • Abstract: For much of the first decade after the collapse of the Soviet Union, the issue of reform—of transition to free-market democracy—dominated discussions of Russia in Russia itself and in the West. Russian president Boris Yeltsin advocated reform; Western governments declared their support and offered their assistance. This was particularly true of the U.S. government. President Clinton's administration came into office in 1993 determined to assist Russia in its transformation into “a normal, modern state—democratic in its governance, abiding by its own constitution and by its own laws, market-oriented and prosperous in its economic development, at peace with itself and the rest of the world,” as deputy secretary of state Strobe Talbott, the chief architect of the U.S. administration's Russia policy, was wont to put it.
  • Topic: Economics, Government
  • Political Geography: Russia, United States, Europe, Asia, Soviet Union
  • Author: Barry Eichengreen
  • Publication Date: 12-2002
  • Content Type: Working Paper
  • Institution: Center for German and European Studies, University of California, Berkeley
  • Abstract: Europe's single currency is widely invoked as a potential solution to the monetary and exchange rate problems of other regions, including Asia, Latin America, North America and even Africa. This lecture asks whether the Europe's experience in creating the euro is exportable. It argues that the single currency is the result of a larger integrationist project that has political as well as economic dimensions. The appetite for political integration being less in other parts of the world, the euro will not be easily emulated. Other regions will have to find different means of addressing the tension between domestic monetary autonomy and regional integration. Harmonized inflation targeting may be the best available solution.
  • Topic: Economics, International Trade and Finance, Political Economy
  • Political Geography: Africa, Europe, Asia, Latin America
  • Author: John Hawkins
  • Publication Date: 04-2002
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: International bank lending is a major component of capital flows between advanced and emerging economies. However, in recent years these flows have been going the wrong way, like water flowing uphill. Even four years after the Asian crisis, there is a net flow of funds from emerging economies to banks in advanced economies. This paper looks at this phenomenon, starting by setting out the relevant data, and then looking at factors influencing these flows. These include both cyclical influences (both 'push' and 'pull') and structural changes within the banking industry. There is some evidence that international lenders are now discriminating more between the various emerging economies.
  • Topic: Economics, Emerging Markets, International Trade and Finance
  • Political Geography: Asia
  • Author: Danny Quah
  • Publication Date: 03-2002
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: This paper studies growth and inequality in China and India—two economies that account for a third of the world's population. By modelling growth and inequality as components in a joint stochastic process, the paper calibrates the impact each has on different welfare indicators and on the personal income distribution across the joint population of the two countries. For personal income inequalities in a China-India universe, the forces assuming first-order importance are macroeconomic: Growing average incomes dominate all else. The relation between aggregate economic growth and within-country in- equality is insignificant for inequality dynamics.
  • Topic: Development, Economics
  • Political Geography: China, South Asia, India, Asia
  • Author: Martin Ravallion, Jyotsna Jalan
  • Publication Date: 01-2002
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: It is well known in theory that certain forms of non-linear dynamics in household incomes can yield poverty traps and distribution-dependent growth. The potential implications for policy are dramatic: effective social protection from transient poverty will be an investment with lasting benefits, and pro-poor redistribution will promote aggregate economic growth. We test for non-linearity in the dynamics of household expenditures and incomes using panel data for rural south-west China. While we find evidence of non-linearity, there is no sign of a dynamic poverty trap. Existing private and social arrangements in this setting appear to protect vulnerable households from the risk of destitution. However, the concavity we find in the recursion diagram does imply that the speed of recovery from an income shock is lower for the poor, and that current inequality reduces growth in mean incomes.
  • Topic: Development, Economics
  • Political Geography: China, Asia
  • Author: Helmut Reisen
  • Publication Date: 01-2002
  • Content Type: Working Paper
  • Institution: United Nations University
  • Abstract: The increased importance of rating agencies for emerging-market finance has brought their work to the attention of a wider group of observers - and under criticism. This paper evaluates whether the importance of ratings for developing-country finance has changed since the Asian Crisis and whether rating agencies have modified the determinants for their rating decisions. It also provides an analysis on recent suggestions by the Basel Committee on Banking Supervision, as these are very important for gauging the future role of sovereign ratings for foreign debt finance in developing countries. While the explanatory power of conventional rating determinants has declined since the Asian crisis, recent rating performance for Argentina and Turkey can still be qualified as lagging the markets, as variables of financial-sector strength and the endogenous effects of capital flows on macroeconomic variables seem to remain underemphasized in rating assessments. The market impact of sovereign ratings is predicted to decline as agencies have started to modify their country ceiling policy and as market participants try to exploit bond trading opportunities arising from the lagged nature of ratings. The paper presents theory and evidence to suggest that the Basel II Accord will destabilise private capital flows to the developing countries, if the current proposal to link regulatory bank capital to sovereign ratings is maintained: Assigning fixed minimum capital to bank assets whose risk weights are in turn determined by market-lagging cyclically determined ratings will reinforce the tendency of the capital ratio to work in a pro-cyclical way.
  • Topic: Development, Economics, International Trade and Finance
  • Political Geography: Turkey, Asia, Argentina
  • Author: Mark Carlson, Leonardo Hernandez
  • Publication Date: 01-2002
  • Content Type: Working Paper
  • Institution: U.S. Government
  • Abstract: The Mexican, Asian, and Russian crises of the mid- and late 1990s have renewed the interest among policymakers in the determinants and effects of private capital flows. This paper analyzes whether policies can affect the composition of capital inflows and whether different compositions aggravate crises. We find that, while fundamentals matter, capital controls can affect the mix of capital inflows that countries receive. We find that during the Asian crisis countries with more Yen denominated debt faired worse, while during the Mexican crisis larger short-term debt stocks increased the severity of the crisis.
  • Topic: Conflict Resolution, Economics
  • Political Geography: Russia, Asia, North America
  • Author: Robert Litan, Michael Pomerleano, V. Sundararajan
  • Publication Date: 07-2002
  • Content Type: Policy Brief
  • Institution: The Brookings Institution
  • Abstract: Policymakers and analysts are still sifting through the wreckage of the Asian financial crisis of 1997 and the subsequent crises in Russia, Turkey, and Argentina to discern key lessons so that similar crises will not recur. Some lessons are by now well understood. Pegged exchange rates can encourage excessive borrowing and expose countries to financial collapse when foreign exchange reserves run dry. Inadequate disclosures by both private companies and public bodies can lead to similar dangers. Although many factors undoubtedly contributed to these crises, it is now widely recognized that each suffered from a failure in “governance,” and in particular a failure in governance in their financial sectors. Accordingly, the World Bank Group, the International Monetary Fund (IMF), and the Brookings Institution devoted their fourth annual Financial Markets and Development Conference, held in New York from April 17-19, 2002, to the subject of financial sector governance in emerging markets. This conference report summarizes some of the highlights of the conference, whose full proceedings will be published as a Brookings book in the fall of 2002.
  • Topic: Economics, Emerging Markets, Government, International Trade and Finance
  • Political Geography: Russia, New York, Turkey, Asia, Argentina
  • Author: Michael Mussa
  • Publication Date: 09-2002
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: The global economic recovery is continuing but at a somewhat slower pace than was anticipated six months ago. Specifically, using the country weights from the IMF's World Economic Outlook, the forecast for real GDP growth in the world economy during 2002 (i.e., on a fourth-quarter-to-fourth-quarter basis) is cut by about half a percentage point to 3 percent—a pace that is slightly below my estimate of the potential growth rate for world GDP. This downward revision reflects primarily slower growth than earlier expected during the first half of 2002 in most industrial countries and the expectation that growth will remain somewhat more sluggish than earlier expected at least through year-end. For 2003, the forecast for global economic growth is also cut by about half a percentage point—to 4 percent—reflecting both general factors suggesting slightly weaker performance in many industrial and developing countries and the particular economic risks arising from possible military action against Iraq and from potential credit events affecting key developing countries. Despite these downward revisions, however, there is little doubt that the world economy will see significant improvement this year from the 1 percent growth recorded in 2001, and it is still reasonable to expect further improvement to a growth rate modestly above global potential during 2003.
  • Topic: Economics
  • Political Geography: United States, Iraq, Europe, Israel, Asia, South America, Latin America, North America
  • Author: Leon Aron
  • Publication Date: 06-2002
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: The most interesting phenomenon on Russia's literary scene today is the popularity of the Erast Fandorin mysteries by Grigoriy Shalvovich Chkhartishvili, who writes as Boris Akunin.
  • Topic: Democratization, Economics, Emerging Markets
  • Political Geography: Russia, Europe, Asia
  • Author: Stephen M. Massey
  • Publication Date: 12-2002
  • Content Type: Policy Brief
  • Institution: EastWest Institute
  • Abstract: Today, fewer than one in three Russian newborns is healthy, disease rates among Russian children are surging, and shrinking access to quality family planning and prenatal care has worsened the state of women's reproductive health across Russia. The health of Russia's infants and children is especially significant given the country's shrinking population and the mounting problems of infectious disease, rural poverty, illegal narcotics, and alcohol abuse – all contributing factors to poor birth outcomes. The long-term economic impact of unhealthy children born in the past decade is already a serious limiting factor to Russia's emergence as a strong economic partner and international actor. Many infant deaths and childhood illnesses could be prevented with expanded investments in infrastructure and education, improved access to quality care, and reform of Russia's healthcare sector – each of which is too costly for Russia to finance on its own. Untapped opportunities also exist for collaboration between Russian, European, and American civic groups, healthcare experts, scientists, and policy leaders that would have a positive impact on maternal and child health in Russia and beyond.
  • Topic: Economics, Human Welfare, International Cooperation
  • Political Geography: Russia, Europe, Asia
  • Author: Robert Orttung
  • Publication Date: 06-2002
  • Content Type: Policy Brief
  • Institution: EastWest Institute
  • Abstract: Instability in Russia's southern regions poses a threat to the continuation of the country's overall political and economic reform, and to regional stability in Central Eurasia. These regions, which already possess Russia's most fragile local economics, face a variety of problems emanating from the weak and failing states to their immediate south. Most visibly, there is the threat of terrorism, an increasing flow of illegal narcotics from producers in Afghanistan, an influx of contraband goods that wipe out Russian jobs, and illegal immigration. With few resources and extensive corruption among key officials, Russia's southern regions are poorly equipped to deal with these problems. Developing mutually beneficial trade links between Russia's southern regions and its neighbors in Central Asia, China, and Mongolia can mitigate instability and economic stagnation in this region, help to rebuild regional economies, generate income, and better enable governments to provide security and basic human services to their people. The West can support these developments as well as help combat organized crime, target corruption, and improve border security.
  • Topic: Security, Economics, International Cooperation, Terrorism
  • Political Geography: Afghanistan, Russia, China, Europe, Mongolia, Asia
  • Publication Date: 05-2002
  • Content Type: Policy Brief
  • Institution: Oxford Analytica
  • Abstract: Former IMF First Deputy Managing Director Stanley Fischer expressed support for regional currency arrangements in a speech at the Hong Kong Monetary Authority on May 21. East Asian nations continue to discuss swap arrangements and other forms of cooperation in the hope of defending local currencies. Fischer endorsed the swap plans while throwing critical light on currency 'management' schemes. Such schemes could result in perverse consequences for regional economies.
  • Topic: Economics, International Organization, International Trade and Finance
  • Political Geography: Asia, Hong Kong
  • Author: Linda Jakobson, Christer Pursiainen
  • Publication Date: 02-2001
  • Content Type: Working Paper
  • Institution: Finnish Institute of International Affairs
  • Abstract: “Modernity ends when words like progress, advance, development, emancipation, liberation, growth, accumulation, enlightenment, embetterment, avant-garde, lose their attraction and their function as guides to social action.” By this definition, Russia and China are both still undertaking extensive modernisation – though by very different means. Why have Russia and China chosen such different paths for their post-communist transitions? How do their strategies differ, and how are they interrelated? When – at what junctures - were the crucial choices made?
  • Topic: Development, Economics, Politics
  • Political Geography: Russia, China, Europe, Asia
  • Author: Hiski Haukkala
  • Publication Date: 01-2001
  • Content Type: Working Paper
  • Institution: Finnish Institute of International Affairs
  • Abstract: It has become something of a cliché to argue that the break-up of the Soviet Union in 1991 resulted in dramatic changes in the unfolding of political space in the 1990s. Yet this was especially true in the case of the then European Community (EC) and its relations with the Soviet Union/Russian Federation. During the Cold War, the relations between the EC and the USSR were practically non-existent. The ascension of Mikhail Gorbachev and the period of perestroika and glasnost resulted, however, in a gradual rapprochement between the two parties. The creation of these new ties was formalized in the signing of a Trade and Cooperation Agreement (TCA) between the EC and the USSR, which was, however, in effect signed with an already crumbling Soviet Union as it took place as late as 21 December 1989.
  • Topic: Democratization, Development, Economics, Regional Cooperation
  • Political Geography: Russia, Europe, Asia, Soviet Union
  • Author: Robert Thomas Crow
  • Publication Date: 01-2001
  • Content Type: Working Paper
  • Institution: Asia-Pacific Research Center
  • Abstract: The rate of investment sufficient to provide developing Asia with a reasonably adequate supply of electricity is immense, ranging from a World Bank estimate of 2000 megawatts (MW) each month (which translates into an annual investment of about $35 billion per year) to even higher estimates. All of the larger countries of developing Asia have been looking for foreign direct investment (FDI) to provide a significant amount of the needed capital. In 1996, financial closings for new power projects in developing Asia reached $13.7 billion, or almost 40 percent of the lower range of the estimated requirement. Although data on the foreign share of the monetary value of financial closings is not available, it is likely to be over 80 percent. Thus, the foreign share of total direct investment in power projects in developing Asia appeared to have been around 30 percent before the East Asian currency crisis.
  • Topic: Economics, Energy Policy, International Trade and Finance
  • Political Geography: East Asia, Asia
  • Author: Martha Brill Olcott
  • Publication Date: 09-2001
  • Content Type: Working Paper
  • Institution: Carnegie Endowment for International Peace
  • Abstract: NEARLY TEN YEARS HAVE PASSED since the countries of Central Asia received their independence. This impending anniversary is a good opportunity to look at how these states are managing the state-building process, and in particular what symbolic or ideological defenses they are offering for their actions. States need little protection from their successes but are always seeking ways to explain away their various failures. This paper looks at the “myths” that the leaders of the five Central Asian states are using to explain away the very disappointing results in both economic and especially political reforms and shows how U.S. policy makers have bought into some of these myths as well.
  • Topic: Security, Economics, Politics
  • Political Geography: United States, Central Asia, Asia
  • Author: Edward M. Graham, Erika Wada
  • Publication Date: 04-2001
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: By almost all accounts, foreign direct investment (FDI) in China has been one of the major success stories of the past 10 years. Starting from a base of less than $19 billion in 1990, the stock of FDI in China rose to over $300 billion at the end of 1999. Ranked by the stock of inward FDI, China thus has become the leader among all developing nations and second among the APEC nations (only the United States holds a larger stock of inward FDI). China's FDI consists largely of greenfield investment, while inward FDI in the United States by contrast has been generated more by takeover of existing enterprises than by new establishment, a point developed later in this paper. The majority of FDI in China has originated from elsewhere in developing Asia (i.e., not including Japan). Hong Kong, now a largely self-governing “special autonomous region” of China itself, has been the largest source of record. The dominance of Hong Kong, however, is somewhat illusory in that much FDI nominally from Hong Kong in reality is from elsewhere. Some of what is listed as Hong Kong-source FDI in China is, in fact, investment by domestic Chinese that is “round-tripped” through Hong Kong. Other FDI in China listed as Hong Kong in origin is in reality from various western nations and Taiwan that is placed into China via Hong Kong intermediaries. Alas, no published records exist to indicate exactly how much FDI in China that is nominally from Hong Kong is in fact attributable to other nations.
  • Topic: Economics, International Trade and Finance, Political Economy
  • Political Geography: United States, Japan, China, Israel, East Asia, Asia, Hong Kong
  • Author: Raymond J. Struyk, L. Jerome Gallagher
  • Publication Date: 11-2001
  • Content Type: Working Paper
  • Institution: Urban Institute
  • Abstract: A hallmark of the administration of social assistance under the socialist regimes in Eastern Europe and the USSR was the universal nature of eligibility for benefits, either to all citizens or to categories of deserving citizens, e.g., the physically handicapped. During the transition period since the collapse of the Soviet Union, the Russian Federation has taken limited steps to improve the targeting of benefits. The challenge to improvement is acute because the administration of the great majority of programs rests with agencies of local government. The question addressed here is how amenable local program administration is to improved targeting and more progressive program administration in general. Presented is an analysis of the results of assessments of two pilot programs implemented in two Russian cities in 2000–2001. The “school lunch pilot” introduced means testing in the school lunch program on a citywide basis; eligible families receive cash payments and all children pay the same price for their lunches in cash. The “jobs pilot” is a new, local means-tested program that provides cash support to families while unemployed workers search for work; continued receipt of funds is conditional on a minimum job search effort. We find that both programs were successfully implemented and that there was little resistance to the sharper targeting. On the other hand, a variety of problems with program administration were identified—problems that need to be addressed if program integrity and credibility are to be maintained.
  • Topic: Economics, Government, Human Welfare
  • Political Geography: Russia, Europe, Asia
  • Author: Raymond J. Struyk, Kirill Chagin
  • Publication Date: 08-2001
  • Content Type: Working Paper
  • Institution: Urban Institute
  • Abstract: In the Russian Federation the delivery of social services to deserving population groups is mostly the responsibility of municipalities and other local governments. Services are delivered by municipal agencies. One way to inject competition into the delivery system is for local government to hold competitions to contract for social service delivery. The competitions can be open to nonprofit organizations (NPOs), some of which have been providing assistance in recent years to needy individuals and families similar to those that would be contracted.
  • Topic: Economics, Human Welfare, Non-Governmental Organization
  • Political Geography: Russia, Europe, Asia
  • Author: Donald G. McClelland, Mark Hodges
  • Publication Date: 08-2001
  • Content Type: Working Paper
  • Institution: United States Agency for International Development
  • Abstract: An emerging industrial power, India faces major pollution problems. USAID has undertaken to help abate the release of emissions and effluents into the air and water using American technologies—thus helping U.S. firms as well. Significant success has been observed, but lack of solid baseline data obscures the actual extent of USAID's role.
  • Topic: Economics, Environment, Human Welfare, Science and Technology
  • Political Geography: America, South Asia, India, Asia
  • Author: Matthew Addison, Mark Hodges, Steven Gale, Nick Wedeman
  • Publication Date: 07-2001
  • Content Type: Working Paper
  • Institution: United States Agency for International Development
  • Abstract: Since the official dissolution of the Soviet Union in 1991, Russia has moved forward to make the difficult transition to open markets and more democratic institutions. The journey toward a complete restructuring of the Russian economy and an adoption of wide-ranging political reforms has been perilous. Political instability continues, crime and corruption have become more widespread, and economic conditions show little sign of improving quickly. Efforts to privatize state-held industries, initially seen as wildly successful, have now met with resistance, and full citizen involvement in government is far from complete.
  • Topic: Development, Economics, Environment, Human Welfare, Science and Technology
  • Political Geography: Russia, Europe, Asia
  • Author: Catherine G. Corey
  • Publication Date: 07-2001
  • Content Type: Working Paper
  • Institution: United States Agency for International Development
  • Abstract: The fiscal crisis that struck India in 1991, as the result of myriad internal and external factors, compelled the nation to adopt a series of economic reforms and liberalization policies. The genesis of the fiscal crisis lay partly in the highly protected domestic economy that maintained extensive subsidization, licensing and investment regulations, thus placing considerable burdens on the expenditures of the central government. Compounding this problem was a rapidly expanding current account deficit that had grown over time as import demand steadily increased and exports and foreign investment lagged. These conditions, in combination with external factors, generated a severe balance of payments crisis in which India came perilously close to defaulting on loans from international lenders. Under the leadership of Prime Minister Narasimha Rao and Financial Minister Manmohan Singh, the Indian government initiated a series of macroeconomic reforms. This included reductions in fiscal expenditure, privatization of state-run industries, promotion of foreign investment, and liberalization of international trade policy.
  • Topic: Development, Economics, International Trade and Finance, Poverty
  • Political Geography: South Asia, Asia
  • Author: Shang-Jin Wei
  • Publication Date: 04-2001
  • Content Type: Policy Brief
  • Institution: The Brookings Institution
  • Abstract: At least since the Asian financial crisis, the International Monetary Fund (IMF) has, from time to time, included transparency and anti-corruption measures as part of the conditions for countries to borrow its funds. Because of this, it has been criticized as having overstepped its mandate, or even having made crises worse in countries the IMF is supposed to help.
  • Topic: Development, Economics, Globalization, Third World
  • Political Geography: Asia
  • Author: Leon Aron
  • Publication Date: 09-2001
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: For almost two centuries—since Alexander Pushkin's masterpieces laid the foundation—Russian literature has persisted in addressing the core issues and dilemmas of human existence, taking humanity's measure, and explaining Russia and Russians to themselves and the world. Even during the Soviet era, when virtually all of Russia's finest writers and poets were exiled, killed, imprisoned, savagely censored, or forbidden to publish, the tradition lived in underground samizdat, manuscripts smuggled abroad, and in the state-run literary magazines of the “liberal” persuasion, especially during political thaws.
  • Topic: Democratization, Economics, Emerging Markets
  • Political Geography: Russia, Europe, Asia, Soviet Union
  • Author: Leon Aron
  • Publication Date: 01-2001
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: The Berlin Wall fell eleven years ago, and nine years have passed since Boris Yeltsin launched the Russian economic revolution by abolishing state control over prices. Although minuscule in historic terms, the time elapsed still furnishes a wealth of data for a provisional analysis of the key factors that shaped the political, economic, and social character of post-Communist nations. The same structural variables may help gauge the future—at least in the short to medium term.
  • Topic: Democratization, Economics, Emerging Markets
  • Political Geography: Russia, Europe, Asia, Berlin
  • Author: Mandavi Mehta, Teresita C. Schaffer
  • Publication Date: 12-2001
  • Content Type: Policy Brief
  • Institution: Center for Strategic and International Studies
  • Abstract: The South Asia program has recently concluded a year-long study entitled “Rising India and U.S. Policy Options in Asia” with a final conference that was held on October 15, 2001. The “Rising India” project seeks to analyze aspects of the U.S.-Indian relationship, examine the effectiveness of U.S. diplomatic tools in the context of different growth trends in India, and put U.S. policy toward India within a broader Asian context. This summary reflects the project study, amplified by presentations made at the conference.
  • Topic: Conflict Resolution, Security, Economics, Politics
  • Political Geography: United States, China, South Asia, Asia
  • Publication Date: 10-2001
  • Content Type: Policy Brief
  • Institution: Oxford Analytica
  • Abstract: Pacific Rim leaders on October 21 signed an accord to re-invigorate progress towards free trade and investment in the region. The Shanghai Accord marks the Asia-Pacific Economic Cooperation (APEC) forum's effort to stimulate a flagging liberalisation agenda and to show leadership in promoting regional recovery. However, the accord may exacerbate the risk of further fracturing the diverse grouping. It will be difficult for APEC to move forward on trade liberalisation given that the organisation's own formulation of consensual, unbound liberalisation has proved unsuccessful in periods of economic crisis. The pathfinder initiative may re-energise the process but at the risk of APEC's fragmentation and without addressing the problems of some members' hesitation and lack of political will for domestic structural reform.
  • Topic: Economics, International Trade and Finance, Politics
  • Political Geography: Shanghai, Asia