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251. Trade policy issues in the Wider Europe – that led to war and not yet to peace

Author:
Michael Emerson
Publication Date:
07-2014
Content Type:
Working Paper
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
This paper looks at the trade policy landscape of the EU and the wider Europe, with a focus on issues arising from the signature on 27 June 2014 of Deep and Comprehensive Free Trade Agreements (DCFTAs) between the EU and three East European countries (Georgia, Moldova and Ukraine), and actual or prospective issues relating to the customs union of Belarus, Russia and Kazakhstan (BRK), and the Eurasian Economic Union whose founding treaty was signed on 29 May 2014. While the contrived collision between these projects has tragically induced Russia to break all the established international security norms by waging war against Ukraine, the present paper deals essentially with trade policy issues. The huge expansion of intercontinental free trade area negotiations currently underway, in which the EU is an active participant alongside much of the Americas and Asia, stands in contrast with Russia's choice to restrict itself to the Eurasian Economic Union, which is only a marginal extension of its own economy. Alone among the major economies in the world, Russia does not seek to integrate economically with any major economic bloc, which should be a matter of serious concern for Moscow. Within the wider Europe, the EU's DCFTAs with Ukraine, Moldova and Georgia are a major new development, but Russia now threatens trade sanctions against Ukraine in particular, the economic case for which seems unfounded and whose unilateral application would also impair the customs union. The Belarus-Russia-Kazakhstan customs union itself poses several issues of compatibility with the rules of the WTO, which in turn are viewed by the EU as an impediment to discussing possible free trade scenarios with the customs union, although currently there are far more fundamental political impediments to any consideration of such ideas. Nonetheless this paper looks at various long-term scenarios, if only as a reminder that there could be much better alternatives to the present context of conflict around Ukraine.
Topic:
Economics and International Trade and Finance
Political Geography:
Russia, America, Europe, Ukraine, Kazakhstan, Asia, and Georgia

252. Global Cybercrime: The Interplay of Politics and Law

Author:
Aaron Shull
Publication Date:
06-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
Examining global cybercrime as solely a legal issue misses an important facet of the problem. Understanding the applicable legal rules, both domestically and internationally, is important. However, major state actors are using concerted efforts to engage in nefarious cyber activities with the intention of advancing their economic and geostrategic interests. This attempt to advance a narrow set of economic interests through cybercrime and economic cyber espionage holds to the potential to erode the trust in the digital economy that has been a necessary condition for the success of the Internet as an economic engine for innovation and growth. By pursuing these efforts, states are prioritizing short-term interests over long-term stability and a responsibly governed, safe and secure Internet platform. This paper explores the recent unsealing of a 31-count indictment against five Chinese government officials and a significant cyber breach, perpetrated by Chinese actors against Western oil, energy and petrochemical companies. The paper concludes by noting that increased cooperation among governments is necessary, but unlikely to occur as long as the discourse surrounding cybercrime remains so heavily politicized and securitized. If governments coalesced around the notion of trying to prevent the long-term degradation of trust in the online economy, they may profitably advance the dialogue away from mutual suspicion and toward mutual cooperation.
Topic:
Defense Policy, Crime, International Trade and Finance, Terrorism, and Bilateral Relations
Political Geography:
United States, China, and Asia

253. Power Shift and Renminbi Internationalization: Recommendations for the G20

Author:
Raluca Diana Ardelean and Mengun Zhang
Publication Date:
07-2014
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
China has gained substantial economic power in recent years, becoming the second-largest trading nation after the United States and the largest goods-trading nation since 2012 (Eichengreen 2014). It is also currently the largest source of savings and the largest potential source of capital for international investment (ibid.). Measured by GDP, China is now the second-largest economy in the world (see Figure 1), and the World Bank surmises it is likely to surpass the United States in 2014 (World Bank 2014). Because of China's growing economic importance, a shift in power is reasonably assumed. As its economic power grows, internationalization of the RMB has become a key policy goal for China, especially after the 2008 financial crisis (Zhang 2009; Park 2010; China Securities Regulatory Commission [CSRC] 2014). This goal demonstrates China's desire for better integration and representation in the international economic community and signals its willingness to perform internal financial reforms and take more responsibility in global economic affairs.
Topic:
Economics, International Trade and Finance, and Monetary Policy
Political Geography:
United States, China, and Asia

254. The China-EU BIT: The emerging "Global BIT 2.0"?

Author:
Wenhua Shan and Lu Wang
Publication Date:
08-2014
Content Type:
Working Paper
Institution:
Columbia Center on Sustainable Investment
Abstract:
Since China and the European Union (EU) announced their decision to negotiate a bilateral investment treaty (BIT) at the 14th China-EU Summit in February 2012, the two sides have engaged in two rounds of negotiations. If successful, it will be the first standalone EU BIT, a BIT between the world's largest developed economy and the world's largest developing economy, and will occupy a unique place in the history of BIT negotiations.
Topic:
Economics, International Trade and Finance, Bilateral Relations, and Foreign Direct Investment
Political Geography:
China, Europe, and Asia

255. John Anderson's Data Mining Mission to Sumatra in 1823: When Method Creates the Object

Author:
Farish A. Noor
Publication Date:
08-2014
Content Type:
Working Paper
Institution:
Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
Abstract:
Today the term 'data mining' is used in both academic and non-academic circles, though the practice is neither novel nor new. This paper looks at the data collection mission led by John Anderson on behalf of the British East India Company in 1823, and considers if it is possible to collect data in a purely objective, neutral manner. Though John Anderson was careful in his writing, and sought to communicate his findings in a dry, objective fashion, his own subject-position as a functionary working for the East India Company stands out in his account of the mission to Sumatra. This paper argues that the process of data collection is seldom ever a truly neutral enterprise, and that in the framing of the object of analysis, the cultural and socio-economic subject-position of the researcher/analyst is always present, rendering it impossible for there to ever be a truly objective work of research/analysis. In this respect an appraisal of Anderson's work today is also relevant for contemporary scholars who may likewise attempt an 'objective' approach to their work, and it reminds us that the method often constructs the object under scrutiny.
Topic:
International Trade and Finance, Science and Technology, and Communications
Political Geography:
Asia

256. The Impact of Asian Investment on Africa's Textile Industries

Author:
Tang Xiaoyang
Publication Date:
08-2014
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
Asian investors' impact on Africa's cotton, textile, and apparel sectors may have profound consequences for the continent's industrialization and development. As southeast African countries seek to industrialize and build indigenous cotton-textile-apparel value chains, the interactions between Asian—particularly Chinese—investors and African companies become more and more complex. Indeed, Asian investors present both a challenge to and an opportunity for local industries, and southeast African countries need a clear vision and tailored policies to make the most of the opportunities. Asian investors' impact on Africa's cotton, textile, and apparel sectors may have profound consequences for the continent's industrialization and development. As southeast African countries seek to industrialize and build indigenous cotton-textile-apparel value chains, the interactions between Asian-particularly Chinese-investors and African companies become more and more complex. Indeed, Asian investors present both a challenge to and an opportunity for local industries, and southeast African countries need a clear vision and tailored policies to make the most of the opportunities.
Topic:
Economics and International Trade and Finance
Political Geography:
Africa and Asia

257. Impact of China‐Africa Investment Relations: The Case of Ethiopia

Author:
Alemayehu Geda and Atenafu G. Meskel
Publication Date:
07-2013
Content Type:
Policy Brief
Institution:
African Economic Research Consortium (AERC)
Abstract:
This study investigated the growing relation between Ethiopia and China in the last decade. It is possible for Chinese-Africa relations to be either complementary or competitive (or indeed both) and it has multifaceted features. Notwithstanding this multifaceted linkage, the study focused on one of the channels – the investment (FDI) channel. Other channels are explored depending on the degree at which they shed light on understanding the Chinese-Ethiopian investment relations, which is the subject of this study.
Topic:
Economics, International Political Economy, International Trade and Finance, Foreign Direct Investment, and Macroeconomics
Political Geography:
Africa, China, Asia, and Ethiopia

258. The Impact of China‐Africa Investment Relations: The Case of Madagascar

Author:
Jean Razafindravonona, Eric Rakotomanana, and Jimmy Rajaobelina
Publication Date:
07-2013
Content Type:
Policy Brief
Institution:
African Economic Research Consortium (AERC)
Abstract:
The rapid and spectacular expansion of the Chinese economy in the recent past is, for African countries, an opportunity to take advantage of not only in terms of strengthening the South-South cooperation, but also of developing African economies. It is thus important to define the channels through which African countries would do so. It is with this goal in mind that the African Economic Research Consortium (AERC) initiated the research project on the impact of the economic relation between China and sub-Saharan African countries.
Topic:
Development, Economics, International Political Economy, International Trade and Finance, Foreign Direct Investment, Global Political Economy, and Macroeconomics
Political Geography:
Africa, China, Asia, and Madagascar

259. The Impact of China‐Africa Trade Relations: The Case of the Republic of Congo

Author:
Jean‐Christophe Boungou Bazika
Publication Date:
07-2013
Content Type:
Policy Brief
Institution:
African Economic Research Consortium (AERC)
Abstract:
The relations between China and Congo are already old since they began in 1963. However since the beginning of the 2000s, the economic relations between the two countries are characterized by an unprecedented dynamism. Congo’s exports and imports with China recorded a leap of 179.38% and 309.21% respectively for the period 2001-2005. Such a trend pushed analysts to predict that the relations between Africa and China should have a significant impact and lead to upheavals in the structure of African economies. Two tendencies emerged in the literature: the first predicts that these relations would have a negative impact, in the sense that they would provoke a competition that African producers would not be able to bear. The second predicts that these relations would enable African countries to consolidate their growth, thanks to the diversification of trade and the installation of infrastructures which were lacking - such as roads, bridges, hydro-electric dams, drinking water purification plants, etc.
Topic:
Economics, International Political Economy, International Trade and Finance, Foreign Direct Investment, Global Political Economy, and Macroeconomics
Political Geography:
Africa, China, Asia, and Republic of Congo

260. Enhancing Value Chains: An Agenda for APEC

Author:
Matthew P. Goodman and Scott Miller
Publication Date:
11-2013
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
Economic integration has been a focus of Asia-Pacific affairs for the last quarter century. To support and strengthen economic ties, governments in the region have pursued an array of integration initiatives, from the Asia-Pacific Economic Cooperation (APEC) forum launched in 1989 to bilateral and regional trade negotiations currently underway. APEC has been the most successful tool of regional trade and investment integration thus far and has the potential to continue bridging differences between various integration efforts in the region. This report, with input from a wide variety of regional and topical experts, posits that developing a common, high-standard policy approach to value chains could pull together the various integration efforts to the substantial economic benefit of the entire region. The report offers eight recommendations for a broad-based APEC initiative building on existing work in the region on supply chains and connectivity.
Topic:
Economics, International Trade and Finance, Regional Cooperation, and Treaties and Agreements
Political Geography:
East Asia and Asia

261. Taiwan's Quest for Greater Participation in the International Community

Author:
Bonnie S. Glaser
Publication Date:
11-2013
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
Taiwan's ambiguous international status has long complicated its ability to participate in international organizations in which the rest of the world shares information and makes critical global decisions. The island's 23 million people cannot reap the benefits that derive from full membership in most international organizations and are unable to contribute their well- developed knowledge, skills, and resources to issues that directly affect them, such as civil aviation regulations, natural disaster response and recovery, and regional economic cooperation. Being barred from international economic organizations erodes Taiwan's international competitiveness and hinders economic liberalization of the domestic economy as well as its further integration regionally.
Topic:
International Relations, Diplomacy, International Trade and Finance, Non-Governmental Organization, and Regional Cooperation
Political Geography:
East Asia, Asia, and Island

262. Turkish-Russian Relations in The Post-Cold War Period: Current Dynamics, Future Prospects

Author:
Habibe Özdal, M. Turgut Demirtepe, Kerim Has, and Hasan Selim Özertem
Publication Date:
07-2013
Content Type:
Working Paper
Institution:
International Strategic Research Organization (USAK)
Abstract:
Turkey and Russia have succeeded in developing a constructive dialogue since the Cold War era. The roots of this dialogue go back to the 1920s. Following the Bolshevik Revolution, throughout the Turkish War for Independence and the establishment of the Turkish Republic, and up until 1936 the two countries had cooperated in several areas. During the Cold War, Turkey and Russia (in the form of the USSR) were in opposite blocs, but being located in the same geography, both countries found various ways to keep dialogue channels open.
Topic:
Foreign Policy, Cold War, International Trade and Finance, and Bilateral Relations
Political Geography:
Afghanistan, Russia, Europe, Turkey, and Asia

263. The Hyperglobalization of Trade and Its Future

Author:
Arvind Subramanian and Martin Kessler
Publication Date:
07-2013
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper describes seven salient features of trade integration in the 21st century: Trade integration has been more rapid than ever (hyperglobalization); it is dematerialized, with the growing importance of services trade; it is democratic, because openness has been embraced widely; it is criss-crossing because similar goods and investment flows now go from South to North as well as the reverse; it has witnessed the emergence of a mega-trader (China), the first since Imperial Britain; it has involved the proliferation of regional and preferential trade agreements and is on the cusp of mega-regionalism as the world's largest traders pursue such agreements with each other; and it is impeded by the continued existence of high barriers to trade in services. Going forward, the trading system will have to tackle three fundamental challenges: In developed countries, the domestic support for globalization needs to be sustained in the face of economic weakness and the reduced ability to maintain social insurance mechanisms. Second, China has become the world's largest trader and a major beneficiary of the current rules of the game. It will be called upon to shoulder more of the responsibilities of maintaining an open system. The third challenge will be to prevent the rise of mega-regionalism from leading to discrimination and becoming a source of trade conflicts. We suggest a way forward—including new areas of cooperation such as taxes—to maintain the open multilateral trading system and ensure that it benefits all countries.
Topic:
Economics, Emerging Markets, Globalization, and International Trade and Finance
Political Geography:
Europe, Asia, and North America

264. Asian and European Financial Crises Compared

Author:
Edwin M. Truman
Publication Date:
10-2013
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
The European and Asian financial crises are the two most recent major regional crises. This paper compares their origins and evolution. The origins of the two sets of crises were different in some respects, but broadly similar. The two sets of crises also shared similarities in their evolution, but here the differences were more significant. The European crisis countries received more external financial support, despite the fact that they involved more solvency issues while the Asian crises involved more liquidity issues. On balance, the reform programs in the European crises were less demanding and rigorous than in the Asian crises. Partly as a consequence, the negative impacts on the global economy have been larger. I draw three lessons from this analysis: First, history will repeat itself; there will be other external financial crises. Second, other countries have a stake in appropriate crisis management. Third, the IMF and other countries were mistaken in treating the European crises as individual country crises rather than as a crisis for the euro area as a whole that demanded policy conditionality on all members of the euro area.
Topic:
Economics, International Trade and Finance, International Monetary Fund, and Financial Crisis
Political Geography:
Europe and Asia

265. China's impact on conflict and fragility in South Asia

Author:
Clare Castillejo
Publication Date:
01-2013
Content Type:
Working Paper
Institution:
Norwegian Centre for Conflict Resolution
Abstract:
China is expanding its engagement across South Asia, with significant implications for the region's most fragile states. Western donors and peacebuilding actors are aware of this changing context and concerned about their resulting loss of influence. Yet they have so far failed to develop a coordinated response or to engage effectively with China regarding its impact on fragility within the region.
Topic:
Arms Control and Proliferation, Emerging Markets, International Political Economy, International Trade and Finance, and Regional Cooperation
Political Geography:
China, South Asia, Israel, and Asia

266. Redefining Leadership in the Global Nuclear Energy Market

Author:
Andrew Paterson and Walter Howes
Publication Date:
12-2013
Content Type:
Working Paper
Institution:
Atlantic Council
Abstract:
Global energy demand will increase substantially in the coming decades under pressure from global trends, including an increasing population that will reach 9 billion by 2040, and, for the first time in history, will be overwhelmingly urban. Meeting basic global energy needs will require the use of all available sources of energy while addressing and minimizing environmental and climate impacts. Nuclear energy is an established part of the world's electricity mix, and provides large-scale, reliable, base-load electricity demand. As such, it seems to be well matched to fit into an increasingly urban world that aims to mediate environmental challenges.
Topic:
Economics, Energy Policy, Environment, International Cooperation, International Trade and Finance, and Nuclear Power
Political Geography:
United States and Asia

267. Orville Schell: 'A Dream for a Strong and Respected China'

Author:
Orville Schell and John Delury
Publication Date:
07-2013
Content Type:
Video
Institution:
Asia Society
Abstract:
New York, July 16, 2013 - China scholars Orville Schell and John Delury discuss how the "Chinese Dream" has evolved to encompass facets of the American Dream while still retaining a traditional, communal character as regards acquiring wealth. (1 min., 45 sec.)
Topic:
Communism, Development, Economics, and International Trade and Finance
Political Geography:
China, New York, East Asia, and Asia

268. Transnational Challenges and Future Security Cooperation: The Australia-Canada Relationship

Author:
Sarah Norgrove
Publication Date:
09-2013
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
The possibilities for future Asia-Pacific security cooperation between Australia and Canada are promising. Economic development and population growth mean that security challenges present themselves as opportunities. Australia and Canada are well positioned to influence regional approaches to transnational challenges such as crime, terrorism, piracy and environmental degradation, and to contribute to food, energy and cyber security. This paper explores the current state of security cooperation between Australia and Canada in the Asia-Pacific, and identifies opportunities to extend the relationship, focussing on collaborative efforts like economic and maritime cooperation, which may help tackle transnational security challenges.
Topic:
Security, Development, Economics, International Trade and Finance, and Treaties and Agreements
Political Geography:
Canada, Asia, and Australia

269. Obama's Asia Pivot and the Koreas

Author:
Richard Weitz
Publication Date:
11-2013
Content Type:
Journal Article
Journal:
International Journal of Korean Studies
Institution:
International Council on Korean Studies
Abstract:
The end of President Barack Obama's first term provides an opportunity to assess what the administration's "strategic rebalancing" toward and within the Asia-Pacific region (sometimes called the "Asian Pivot" or "Back to Asia" policy) has accomplished as well as what challenges and unmet opportunities remain. The administration has launched several successful multinational diplomatic initiatives in the region to supplement U.S. bilateral ties with key Asian partners; relations with ASEAN have clearly improved. The economic dimension of the Pivot has made progress as seen by the growth of support for the Trans-Pacific Partnership. U.S. efforts to promote democracy and human rights in Asia have proved far less successful, except perhaps for Myanmar, where the political transition remains a work in progress. The U.S. military has managed to establish a broader presence in the region, especially in Australia and Southeast Asia. U.S. officials have sought to impart new energy into the five existing formal U.S. bilateral defense alliances in Asia--with Australia, Japan, the Philippines, Thailand, and South Korea. But the main problem with the pivot has been the inability to overcome Chinese anxiety about U.S. rebalancing, which has complicated their cooperation over North Korea and other issues. Fortunately, relations between the United States and South Korea are also strong. The ROK is becoming an important U.S. partner in several dimensions of the Pivot, though ROK-U.S. differences over North Korea might emerge with the advent of a new government in Seoul.
Topic:
International Trade and Finance and Foreign Direct Investment
Political Geography:
Japan, China, Asia, Australia, and Thailand

270. The Role of Europe in Enhancing Cooperative Security in Asia and the Pacific: A View from Japan

Author:
Takako Ueta
Publication Date:
10-2013
Content Type:
Policy Brief
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
Asia is a prominent export market for Europe while in the East and South China Seas, tensions continue. Europe has searched for its political role in Asia. This policy brief presents an analysis and argues the role of Europe in enhancing cooperative security in Asia and the Pacific, which would promote stability and peace there.
Topic:
Security, Emerging Markets, International Cooperation, and International Trade and Finance
Political Geography:
Japan, Europe, Israel, and Asia

271. Challenges for the Future of Chinese Economic Growth

Author:
Jane T. Haltmaier
Publication Date:
01-2013
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
The Chinese economy has been growing at a rapid pace for over thirty years. Most of this growth has come from higher labor productivity, while growth of employment has diminished along with a slower rate of increase in the working-age population. This paper looks at the challenges that China will face over the next two decades in maintaining its rapid pace of economic growth, especially as working-age population growth slows further and then begins to decline. Key questions include whether China will be able to continue to devote nearly half of its GDP to investment, whether such investment will become less productive as the capital-labor ratio continues to rise, whether labor participation and employment rates will fall as the population becomes less rural, and whether future shifts out of rural employment will go more toward the services rather than the manufacturing sector, where productivity is higher. In the baseline scenario economic growth falls gradually from its current pace of about 10 percent to near 6-1/2 percent by 2030. However, a combination of less optimistic, but still reasonable assumptions, results in a reduction in the growth rate to about 1-1/2 percent by 2030.
Topic:
International Trade and Finance, GDP, Employment, and Economic Growth
Political Geography:
China and Asia

272. The U.S.-Japan Alliance: Anchoring Stability in Asia

Author:
Joseph S. Nye and Richard L. Armitage
Publication Date:
08-2012
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
This report on the U.S.-Japan alliance comes at a time of drift in the relationship. As leaders in both the United States and Japan face a myriad of other challenges, the health and welfare of one of the world's most important alliances is endangered. Although the arduous efforts of Assistant Secretary of State Kurt Campbell and his colleagues in both governments have largely kept the alliance stable, today's challenges and opportunities in the region and beyond demand more. Together, we face the re-rise of China and its attendant uncertainties, North Korea with its nuclear capabilities and hostile intentions, and the promise of Asia's dynamism. Elsewhere, there are the many challenges of a globalized world and an increasingly complex security environment. A stronger and more equal alliance is required to adequately address these and other great issues of the day.
Topic:
Security, Foreign Policy, Diplomacy, International Trade and Finance, and Bilateral Relations
Political Geography:
United States, Japan, China, Israel, Asia, and North Korea

273. Transformations on Whose Terms? Understanding the New EU-ACP Trade Relations from the Outside In

Author:
Ulrike Lorenz
Publication Date:
06-2012
Content Type:
Working Paper
Institution:
The Kolleg-Forschergruppe (KFG)
Abstract:
In the past ten years, the long-standing trade relations between the European Union (EU) and the African, Caribbean, and Pacific (ACP) countries have experienced radical transformations. The negotiations of the Economic Partnership Agreements (EPAs) between the EU and seven regional groupings formed by the ACP countries have led to the EU being maneuvered into an unexpectedly weak position. For the first time, European negotiators had to substantially leave their pre-agreed negotiation path and positions due to the immense pressure from ACP countries, regional organizations, and non-state actors – and still have not been able to finalize negotiations that had initially been expected to only take five years until the end of 2007.
Topic:
Economics, International Trade and Finance, Markets, and Foreign Direct Investment
Political Geography:
Africa, Europe, Asia, Australia/Pacific, and Caribbean

274. A Policy Mismatch: Canada and the United States in the Asia-Pacific Region

Author:
James Manicom
Publication Date:
11-2012
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
The United States and Canada have simultaneously re- invigorated their diplomatic and military postures toward the Asia-Pacific region. As two of the world's closest allies, it is worth exploring the possible synergies and tensions between their efforts to identify areas of possible policy coordination. Canada has considerable assets that could support US diplomacy in the region, including the legacy of its good offices and its close ties with the US military; however, these assets are outweighed by three liabilities. First, Canada's diplomacy to the Asia-Pacific is driven by its desire to diversify away from the US market. Although relatively innocuous in isolation, the politics of this shift, driven by growing concern in Canada about whether the United States remains a reliable market for energy exports, adds a layer of complexity. Second, Canada's closer economic ties with China could undermine its willingness to support the United States on tough regional security issues in the Asia-Pacific. Third, and related, Canadian silence about navigational freedoms, the primary security issue between the United States and China in East Asia, has not gone unnoticed. This paper argues that, on balance, Canada may not be an ideal Pacific partner for the United States.
Topic:
Defense Policy, Arms Control and Proliferation, Diplomacy, International Trade and Finance, and Bilateral Relations
Political Geography:
United States, China, Canada, East Asia, Asia, Australia/Pacific, and Asia-Pacific

275. ASEAN's Future and Asian Integration

Author:
Joshua Kurlantzick
Publication Date:
11-2012
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
In a region largely bereft of regional organizations and long divided by the Cold War, the Association of Southeast Asian Nations (ASEAN) has been the most significant multilateral group for the past forty-five years. Since the end of the Cold War, ASEAN has grown increasingly influential. While much of the West and most emerging markets continue to suffer because of the 2008 global recession, the leading ASEAN economies have recovered and are thriving. Perhaps most important, ASEAN has helped prevent interstate conflicts in Southeast Asia, despite several brewing territorial disputes in the region.
Topic:
Cold War, Development, Economics, Emerging Markets, and International Trade and Finance
Political Geography:
United States and Asia

276. The Trans-Pacific Partnership and Asia-Pacific Integration: Policy Implications

Author:
Peter A. Petri
Publication Date:
06-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
The Trans-Pacific Partnership (TPP), currently at an advanced stage of negotiation, began as a small agreement but now has big implications. The TPP would strengthen ties between Asia and the Americas, create a new template for the conduct of international trade and investment, and potentially lead to a comprehensive free trade area (FTA) in the Asia-Pacific. It could generate large benefits—greater than those expected from the World Trade Organization's (WTO) global Doha Development Agenda. This Policy Brief reports on our ongoing quantitative assessment (with FanZhai) of the TPP and other Asia-Pacific integration efforts.
Topic:
Economics, Emerging Markets, International Trade and Finance, and Treaties and Agreements
Political Geography:
America, Europe, Israel, Asia, and Australia/Pacific

277. Overlooked Opportunity: Tradable Business Services, Developing Asia, and Growth

Author:
J. Bradford Jensen
Publication Date:
11-2012
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper argues that developing Asia is overlooking an opportunity for increased growth and development through trade in business services. Developing Asia would benefit from liberalizing services trade as it has benefited from liberalizing goods trade. This argument rests on these key findings: business services are important for growth, developing Asia is relatively under-endowed with business services, many business services are tradable, and developing Asia has relatively high barriers to services trade.
Topic:
Economics, Emerging Markets, International Trade and Finance, Markets, and Monetary Policy
Political Geography:
Israel and Asia

278. The Services Sector in Asia: Is It an Engine of Growth?

Author:
Donghyun Park and Kwanho Shin
Publication Date:
10-2012
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
The underdeveloped services sector in Asia has the potential to become a new engine of economic growth in developing Asia, which has traditionally relied on export-oriented manufacturing to power its growth. In this paper, Park and Shin empirically analyze the prospects for the services sector in Asia. Their analysis of 12 Asian countries indicates that the services sector has already contributed substantially to the region's growth in the past. Somewhat surprisingly, in light of the difficulty of achieving productivity gains in services, they also find that services labor productivity grew at a healthy pace in much of the region. Overall their analysis provides substantial cause for optimism about the role of the services sector as an engine of growth in Asia. However, they caution that some Asian countries where the services sector is currently struggling, such as Korea and Thailand, will find it more challenging to develop the sector.
Topic:
Economics, Emerging Markets, Industrial Policy, International Trade and Finance, Markets, and Monetary Policy
Political Geography:
Asia

279. Prospects for Services Trade Negotiations

Author:
Jeffrey J. Schott, Julia Muir, and Minsoo Lee
Publication Date:
10-2012
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
Trade and investment in services are difficult to measure, and the regulatory barriers that inhibit the free flow of services are hard to quantify. As a result, very little attention has been paid to dismantling barriers to services trade and investment. Rather, free trade negotiations tend to focus on liberalizing merchandise trade. This paper examines what has been achieved in both regional and multilateral compacts by surveying international precedents involving Asian countries in which services reforms have been included in bilateral and regional trade pacts. The authors then assess the prospects for services trade negotiations and explore how services trade negotiations could be pursued over the next decade through two distinct channels: the Trans-Pacific Partnership (TPP) and a plurilateral approach among groups of WTO countries. The authors find that in the case of developing Asia, free trade agreements have largely excluded services or have only committed to "lock in" current practices in a narrow subset of service sectors. This is also the case in agreements negotiated between developing countries, which have produced less substantial commitments to liberalize services than those negotiated between developing and developed countries. Multilateral negotiations on services have also underperformed, as substantive negotiations on services in the Doha Round never really got underway. To that end, the authors advocate a stronger effort by developing Asian countries to prioritize services negotiations in their regional arrangements and to expand coverage of services in those pacts to a broad range of infrastructure services that are included in other FTAs in force or under construction in the Asia-Pacific region.
Topic:
International Relations, Development, Economics, Globalization, International Trade and Finance, Markets, and World Trade Organization
Political Geography:
Asia

280. Transactions: A New Look at Services Sector Foreign Direct Investment in Asia

Author:
Jacob Funk Kirkegaard
Publication Date:
10-2012
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
In this paper Kirkegaard presents new micro-level data consisting of individual greenfield investment projects and mergers and acquisitions as a source for detailed analysis of services sector cross-border investment flows among the Asian Development Bank (ADB) regional membership in Asia. The new transactional foreign direct investment (FDI) data are methodologically distinct from traditional BPM5-compliant FDI data but found to yield generally comparable aggregates, when compared with the latest available International Monetary Fund (IMF) data from the Comprehensive Direct Investment Survey for the ADB regional membership. The services sectors are found to receive considerably larger amounts of foreign investment, when compared with the Asian region's manufacturing and raw materials sectors. OECD countries account for roughly three-quarters of total recorded inward services sector FDI of about $2 trillion, relatively evenly split between the United States, the EU-27, and regional OECD-level-income countries. The presence of sizable regional "upward flowing" services sector investments into OECD-level-income economies is verified. Kirkegaard draws preliminary policy conclusions based on the new transactional FDI data results concerning prospects for regional services sector liberalization, threshold income levels for inward services sector FDI, upward-flowing regional services FDI, and preferred modes of services sector investments.
Topic:
Economics, Emerging Markets, International Trade and Finance, and Foreign Direct Investment
Political Geography:
United States, Israel, and Asia

281. Choice and Coercion in East Asian Exchange Rate Regimes

Author:
C. Randall Henning
Publication Date:
09-2012
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper examines the exchange rate regimes of East Asian countries since the initial shift by China to a controlled appreciation in July 2005, testing econometrically the weights of key currencies in the implicit baskets that appear to be targeted by East Asian monetary authorities. It finds, first, that Malaysia, Thailand, Singapore and the Philippines have formed a loose but effective “renminbi bloc” with China, and that South Korea has participated tentatively since the global financial crisis. Second, the emergence of the renminbi bloc in terms of the exchange rate has been facilitated by the continued dominance of the US dollar as a trade, investment, and reserve currency. Third, exchange rate stabilization is explained by the economic strategies of these countries, which rely heavily on export development and financial repression, and the economic rise of China. Fourth, analysts should specify the exchange rate preferences of these emerging market countries carefully before drawing inferences about Chinese influence within the region.
Topic:
Development, Emerging Markets, Foreign Exchange, and International Trade and Finance
Political Geography:
China, Malaysia, Asia, South Korea, Philippines, Singapore, and Thailand

282. Inward foreign direct investment: Does it enable or constrain domestic technology entrepreneurship?

Author:
Saurav Pathak, André Laplume, and Emanuel Xavier-Oliveira
Publication Date:
12-2012
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
Whether or not foreign direct investment (FDI) is essential for domestic technological and economic development remains a contentious question. The controversy is illustrated by comparing the Celtic and Asian Tigers experiences from 1995 to 2000. Based on IMF and World Bank data in constant prices, Ireland and China averaged an annual growth rate of 8% in GDP per capita. However, FDI per capita grew at an average pace of 98% per year in Ireland, while in China it decreased by 1% -- absolute values averaged US$ 3,397 versus US$ 144, respectively. This suggests that, rather than a one-policy-fits-all approach, customized policies are more appropriate; and, if any generalization can be made, it should be based on a country's stage of economic development.
Topic:
Development, Economics, Emerging Markets, International Trade and Finance, and Foreign Direct Investment
Political Geography:
Israel and Asia

283. Sustainable Energy Futures in Southeast Asia

Author:
Murray Hiebert, Ernest Z. Bower, David Pumphrey, Gregory B. Poling, and Molly A. Walton
Publication Date:
12-2012
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
Southeast Asia will be the next big growth engine in Asia. Indonesia, Malaysia, the Philippines, Thailand, and Vietnam, with a population of 525 million and a combined GDP of $2.8 trillion (when measured by purchasing power parity), are expected to grow almost 6 percent between now and 2030, according to the Asian Development Bank. For years, they have been eclipsed by China and India, but now their combined GDP is catching up with India and they could overtake Japan in less than two decades. For U.S. firms, these five members of the Association of South East Asian Nations—hereafter the ASEAN-5—are a trade, energy, and environment story.
Topic:
Development, Economics, Energy Policy, International Trade and Finance, and Oil
Political Geography:
Indonesia, Malaysia, Asia, Vietnam, Philippines, Thailand, and Southeast Asia

284. Boatloads of Growth: Recapturing America's Share of Asia-Pacific Trade

Author:
Ed Gerwin
Publication Date:
06-2012
Content Type:
Working Paper
Institution:
Third Way
Abstract:
By 2020, the Asia-Pacific's $10 trillion import market will present vast opportunities to support U.S. economic growth and wider prosperity for America's Middle Class. But, over the past decade, the U.S. share of key Asia-Pacific markets has actually plummeted–by over 40%. Retaking America's share of these rapidly expanding economies—beginning with trade deals like the Trans Pacific Partnership (TPP)—could pay huge dividends: over a half trillion dollars in additional U.S. exports, supporting millions of good American jobs.
Topic:
Economics, International Trade and Finance, and Labor Issues
Political Geography:
United States, America, and Asia

285. A New Framework for US-China Economic Relations

Author:
Henry M. Paulson
Publication Date:
07-2012
Content Type:
Policy Brief
Institution:
Atlantic Council
Abstract:
For nearly four decades, there has been a broad consensus among US policy and opinion leaders that China's success will, ultimately, be good for the United States. But this long-standing consensus is now fraying. We need a new consensus, based on an updated framework that reflects the reality that China is no longer a "developing" economy but an increasingly established one.
Topic:
Development, Economics, International Trade and Finance, and Bilateral Relations
Political Geography:
Asia and North America

286. Transportation and Communication Infrastructure in Latin America: Lessons from Asia

Author:
Barbara Kotschwar
Publication Date:
04-2012
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
In Latin America, inadequate transportation infrastructure has been identified as an increasingly important impediment to the region's further integration in global trade and a significant factor preventing countries from properly taking advantage of the multitude of regional, plurilateral, and bilateral trade agreements signed in the past decade and a half. This paper examines transport and communications infrastructure initiatives in Latin American and Asian regional trade arrangements and finds several lessons Asia can teach Latin America.
Topic:
Development, Economics, International Trade and Finance, Communications, and Infrastructure
Political Geography:
Asia and Latin America

287. To Stay Ahead of China, Stay Engaged in Asia

Author:
Michael Beckley
Publication Date:
01-2012
Content Type:
Policy Brief
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
Despite the hype about the rise of China, current power trends favor continued U.S. dominance. National power has three main material components: wealth, innovation, and military power. Over the last twenty years, China has fallen further behind the United States in all of these areas.
Topic:
Security, Defense Policy, Economics, International Trade and Finance, and Bilateral Relations
Political Geography:
United States, China, and Asia

288. Myanmar: White elephant or new tiger economy?

Publication Date:
04-2012
Content Type:
Working Paper
Institution:
Economist Intelligence Unit
Abstract:
The new government in Myanmar has made a series of liberalising gestures over the past year, raising hopes that it is serious about meaningful political reform. Coming after national elections in November 2010, the release from house-arrest of the pro-democracy icon, Aung San Suu Kyi, and by-elections in 2012, many observers are concluding that Myanmar is finally embarking on a process of genuine democratisation. Aung San Suu Kyi is among those who have expressed optimism over future changes in the country, with her confidence bolstered by the release of hundreds of political prisoners in recent months. As ties with Western governments slowly thaw, there is now a high probability that sanctions and other restrictions on trade and investment will be lifted over the next year or so, and foreign investors are taking note of the opportunities that could soon present themselves.
Topic:
Democratization, Development, Economics, International Trade and Finance, and Treaties and Agreements
Political Geography:
Asia

289. U.S.-China Competition in Asia: Legacies Help America

Author:
Robert Sutter
Publication Date:
02-2012
Content Type:
Policy Brief
Institution:
East-West Center
Abstract:
As Sino-American competition for influence enters a new stage with the Obama administration's re-engagement with Asia, each power's legacies in the region add to economic, military and diplomatic factors determining which power will be more successful in the competition. How the United States and China deal with their respective histories in regional affairs and the role of their non-government relations with the Asia- Pacific represent important legacies that on balance favor the United States.
Topic:
Foreign Policy, Arms Control and Proliferation, Diplomacy, Economics, International Trade and Finance, and Bilateral Relations
Political Geography:
United States, China, America, and Asia

290. All Roads Lead to the Indian Ocean

Author:
Sumathy Permal
Publication Date:
01-2012
Content Type:
Policy Brief
Institution:
Maritime Institute of Malaysia
Abstract:
The Indian Ocean (IO) is the world’s third largest ocean with an area of 73.5 million sq. km or 28.5 million sq. miles. It is strategically located adjacent to Asia in the North, Australia to the East, Antarctica to the South, and Africa to the West. IO forms two large indentations in South Asia, the Arabian Sea and the Bay of Bengal. The ocean can be accessed through several chokepoints i.e., from the West via Cape of Good Hope and the Straits of Madagascar, from the North via the Bab el-Mandeb at the end of the Red Sea; the Sunda and Lombok-Straits and the Ombai-Wetar-Straits and the Straits of Hormuz at the exit of the Persian Gulf, from the East via the Straits of Malacca and, by way of geographical extension, to the South China Sea.
Topic:
Security, International Law, International Trade and Finance, and Maritime Commerce
Political Geography:
Africa, China, Malaysia, Asia, Arabia, and Kobani

291. India and Europe in a Multipolar World

Author:
Bernd von Muenchow-Pohl
Publication Date:
05-2012
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
The image of India as an emerging power is widely held, but there is equal reason to see the European Union as an emerging power, too, even at the risk of raising eyebrows. Like India, the EU seeks to become a global political player on top of being a great economic power. As the global power dynamic shifts, both are trying to define their roles in an emerging multipolar world. The question arises whether closer cooperation can help the EU and India to achieve their ambitions. Though they have committed to a strategic partnership, in its present state the EU-India relationship has been likened to a “loveless arranged marriage.” With each increasingly absorbed by domestic problems, the prospects for closer ties are fading, notwithstanding the opportunities that would be lost.
Topic:
Globalization, International Trade and Finance, Political Economy, Power Politics, and Bilateral Relations
Political Geography:
Europe, India, and Asia

292. World Trade 1970-2010: Globalisation, Regionalisation and Reallocation

Author:
Arne Melchior
Publication Date:
08-2012
Content Type:
Working Paper
Institution:
Norwegian Institute of International Affairs
Abstract:
Using data for more than 200 countries, split into nine regions, we study world trade in goods during 1970-2010. The largest changes are the declining relative importance of Western Europe, and the increasing role for Asia. The intra-regional trade of Asia grew particularly fast; from 4 to 16% of world trade. Due to growing intra-regional trade in Europe and Asia, world trade became more intra-regional until 1995. Manufacturing trade is more regionalised, whereas commodity trade is more globalised. After 1995, extra-regional trade flows grew faster so there was “globalisation” with trade travelling longer distances and a rising share for commodities. From 2000, smaller trade regions such as Africa and Latin America have increased their shares of world trade; reversing the trend over the 30 preceding years.
Topic:
Globalization, International Political Economy, International Trade and Finance, Markets, Regional Cooperation, and International Affairs
Political Geography:
Europe, Asia, and Western Europe

293. A Regional Approach to WMD Nonproliferation in the Asia-Pacific

Author:
Togzhan Kassenova
Publication Date:
08-2012
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
The Asia-Pacific region epitomizes the type of proliferation challenges the international community faces. Globalization turned the region into one of the most important international trade hubs, the home to leading dual-use companies, and the anticipated site of the world's most significant growth in nuclear energy. While those trends are beneficial, they also create new sources of weapons of mass destruction (WMD) proliferation.
Topic:
Arms Control and Proliferation, Development, Economics, International Trade and Finance, Markets, Weapons of Mass Destruction, and Nuclear Power
Political Geography:
Asia and Australia

294. Cereal Secrets: The world's largest grain traders and global agriculture

Author:
Jennifer Clapp, Sophia Murphy, and David Burch
Publication Date:
08-2012
Content Type:
Working Paper
Institution:
Oxfam Publishing
Abstract:
This report is composed of two parts. The first introduces the four big commodity traders – Archer Daniels Midland (ADM), Bunge, Cargill, and Louis Dreyfus – which are the focus of this study. Collectively, these trading companies are often referred to as 'the ABCD companies' because of the coincidence of their initials. Part 2 then looks at these traders in relation to a number of the global issues pressing on agriculture: the 'financialization' of both commodity trade and agricultural production; the emergence of global competitors to the ABCDs, in particular from Asia; and some of the implications of large-scale industrial biofuels, a sector in which the ABCDs are closely involved. It includes a discussion of how smallholders in developing countries are affected by some of these changes, and highlights some development policy implications, given the importance of the ABCDs in shaping the world of food and agriculture.
Topic:
Agriculture, Development, Economics, International Trade and Finance, Markets, Poverty, and Food
Political Geography:
Asia

295. ASEAN in the Global Economy- An Enhanced Economic and Political Role

Author:
Anita Prakash and Ikumo Isono
Publication Date:
01-2012
Content Type:
Policy Brief
Institution:
Economic Research Institute for ASEAN and East Asia (ERIA)
Abstract:
Established in 1967, ASEAN has travelled a long way from a group of five nations to a thriving and leading group of ten countries. Based on the progress in the implementation of the blueprints for building the ASEAN community by 2015, there is an enhanced role for the ASEAN in dealing with regional and global challenges. It is emerging as a services hub in the region and is the chosen destination for investments. At the end of Indonesia's chairmanship of ASEAN, which had set the theme 'ASEAN in a global community of nations', it is imperative to take a stock of the readiness of the region if it is well on its way to step into a truly global role in the near future, especially by its goal of becoming one community by 2015. With its strategic location, abundant natural resources, quality human resources and growing economies, ASEAN has engaged economically, by way of trade and investments, with all the large economies of the world. It has also gained strategic weight and drawn the attention of global players, both economically and politically. Its global engagement is best exemplified by the fact that 55 countries across the globe have appointed their envoys to the regional grouping and this number is growing. Sitting in the midst of giant economies like Japan, China and India, and with active economic relations with USA and the EU, ASEAN is now seeking its due share in the global economy and politics. This Policy Brief looks into the current global profile of ASEAN and brings out policy recommendations that would help ASEAN in finding its appropriate role in the global politics and economy.
Topic:
Diplomacy, International Cooperation, International Trade and Finance, Hegemony, and Economy
Political Geography:
Asia and Southeast Asia

296. Liberalization of Trade in Services: Toward a Harmonized ASEAN++ FTA

Author:
Hikari Ishido and Yoshifumi Fukunaga
Publication Date:
03-2012
Content Type:
Policy Brief
Institution:
Economic Research Institute for ASEAN and East Asia (ERIA)
Abstract:
The East Asian countries are seriously discussing the consolidation of ASEAN+1 FTAs to develop so-called ASEAN++ FTA or RCEP. The detailed analysis of services chapters in the existing ASEAN+1 FTAs gives insights to services trade liberalization in this new trade agreement. In order for ASEAN and its FTA partners to gain substantial new commitments that are genuinely "plus" to the existing trade pacts, both WTO GATS and ASEAN+1 FTAs, ASEAN++ countries should aim at an ambitious level of liberalization much higher than the AFAS package 5. Also, the detailed analysis suggests a policy option of narrowing the types of services trade limitations, i.e., focusing on three types of limitations and hence improving transparency. Furthermore, we advocate for the needs of prioritizing production-related services sectors in the negotiation. Beyond ASEAN++ FTA, we briefly explain the critical roles of domestic regulatory reform.
Topic:
International Trade and Finance, Reform, Regulation, Services, and Private Sector
Political Geography:
Asia and Southeast Asia

297. Toward a Consolidated Preferential Tariff Structure in East Asia: Going beyond ASEAN+1 FTAs

Author:
Sio Yue Chia
Publication Date:
05-2012
Content Type:
Policy Brief
Institution:
Economic Research Institute for ASEAN and East Asia (ERIA)
Abstract:
ASEAN countries are discussing a possible template for trade in goods chapter of so-called ASEAN++ FTA (also known as RCEP). Analyses of tariff structures under the current ASEAN+1 FTAs give insights on possible approaches as well as challenges in this discussion. To meet 90% or 95% tariff elimination thresholds, both ASEAN countries and their FTA partners should make further efforts. When a "common concession" approach, which we advocate in this paper, is applied, the challenge becomes even larger as member countries should focus their policy discretion on a more limited number of sensitive products. These challenges, on the other hand, mean room for additional gains for potential users of the new agreement despite the existence of ASEAN+1 FTAs.
Topic:
Diplomacy, International Cooperation, International Trade and Finance, and Tariffs
Political Geography:
Asia and Southeast Asia

298. Trade Facilitation: The Way Forward for ASEAN and Its FTA Partners

Author:
Marie Isabelle Pellan Marn-Heong
Publication Date:
07-2012
Content Type:
Policy Brief
Institution:
Economic Research Institute for ASEAN and East Asia (ERIA)
Abstract:
ASEAN is working towards establishing a Regional Comprehensive Economic Partnership with its FTA partners. All five existing ASEAN+1 FTAs contain provisions on trade facilitation. Although varying in their scope, specificity and depth of commitments, they tend to cover several core areas and affirm the application of international agreements, standards and instruments. A review of trade facilitation performance shows that there are great disparities among ASEAN countries and their FTA partners. Reform efforts in the area of trade facilitation could be tracked regularly through a set of specially-compiled indicators. The following policy recommendations could inform discussions on trade facilitation coverage in the context of a wider agreement between ASEAN and its FTA partners: (i) define a consistent set of trade facilitation principles; (ii) adopt specific trade facilitation measures; (iii) monitor performance in core trade facilitation areas and set targets; (iv) share best practices and implement capacity-building measures in priority areas; and (v) keep abreast of developments in the multilateral process.
Topic:
Diplomacy, International Cooperation, International Trade and Finance, and Economic Cooperation
Political Geography:
Asia and Southeast Asia

299. A Case Study of China’s Membership of the World Trade Organization: Implications on Sovereignty

Author:
Binneh S. Minteh
Publication Date:
07-2012
Content Type:
Journal Article
Journal:
The Rest: Journal of Politics and Development
Institution:
Centre for Strategic Research and Analysis (CESRAN)
Abstract:
Since becoming a member of the World Trade Organization, China embarked on sever- al commitments to become a key player on the international economic stage. This pa- per is a case study of China’s membership of the World Trade Organization (WTO) and the implications on Chinese sovereignty. Theorizing China’s historical evolution amid concerns of sovereignty, the paper looks at China’s Regime Commitment and Compli- ance in the WTO, major Compliance and Commitment Concerns with China in the Or- ganization. China may have complied with some of its commitments particularly in the service area. The paper distinctively concludes that China’s membership of the organi- zation has forced it to share power with other actor whilst protecting the interest of its citizens on the global stage.
Topic:
Globalization, International Trade and Finance, Sovereignty, World Trade Organization, and Trade
Political Geography:
China and Asia

300. Sovereign Wealth Funds: Is Asia Different?

Author:
Edwin M. Truman
Publication Date:
06-2011
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
Sovereign wealth funds (SWFs) have become a prominent feature of the international financial landscape. They are sufficiently diverse in their origins, structures, and objectives that generalizations are perilous. However, legitimate concerns have been raised in home and host countries about the management, behavior, and interactions of these funds. Many of those concerns can be addressed via increased accountability and transparency. The Santiago Principles are a good start in doing so, but Edwin M. Truman's SWF scoreboard points to areas where these principles can be improved. Meanwhile, SWF compliance must be further increased. At the same time, the Organization for Economic Cooperation and Development (OECD) effort to address concerns from the host-country side has not resulted in the erection of new barriers to that form of cross-border investment, but the OECD failed to reverse the creeping financial protectionism of the past decade. Because of their size and the source of their funding, some Asian funds are different. As a result, they will be held to a higher standard of accountability and transparency even as their government owners press for more openness to cross-border investment.
Topic:
Economics, Emerging Markets, and International Trade and Finance
Political Geography:
Asia