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  • Author: Nicholas Borst
  • Publication Date: 10-2013
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: The Chinese financial system has undergone almost continuous reform since the dismantling in the 1980s of the Soviet- style system where only one state-controlled bank existed. Government efforts to create a financial system that adheres to international best practices of commercial lending accelerated in the 1990s (box 1). Reforms progressed quickly during this period, but they were accompanied by excessive credit growth and a massive increase in nonperforming loans, threatening the solvency of some banks and the financial stability of the entire economy. The risk of these weaknesses was dramatized by the 1997 Asian financial crisis, in which several nearby countries were crippled by plunging currency values, rising interest rates and difficulties servicing their foreign-held debts.
  • Topic: Debt, Economics, International Trade and Finance, Markets, Financial Crisis
  • Political Geography: China
  • Author: Nicola Casarini
  • Publication Date: 10-2013
  • Content Type: Policy Brief
  • Institution: European Union Institute for Security Studies
  • Abstract: The establishment of the EU-China 'strategic partnership' on 30 October 2003 came at a time of converging priorities between the two actors. It also coincided with one of the worst crises in transatlantic relations, mainly due to disagreements over the US-led war in Iraq and the foreign policy stance of the first Bush ad¬ministration. As a result of the partnership, the then EU-15 and China adopted three initiatives which caught the attention of US policymakers.
  • Topic: Foreign Policy, Economics, International Trade and Finance, Biosecurity
  • Political Geography: China, Iraq, Europe
  • Author: David Camroux
  • Publication Date: 09-2013
  • Content Type: Policy Brief
  • Institution: European Union Institute for Security Studies
  • Abstract: The presence of Indonesian President Susilo Bambang Yudhoyono at the G20 Summit in St Petersburg in early September went virtually unnoticed by the European media. That his attendance was overlooked can be explained by immediate factors, namely the overriding importance of the Syrian conflict in the discussions among leaders, and the fact that SBY (as President Yudhoyono is commonly known) is a lame-duck president with less than a year to go before the end of his two-term limit. Lacking BRIC status (for now at least), Indonesia – unlike China, India or even Brazil – barely registers on the radar screen of public awareness in Europe. Symptomatic of this neglect is the fact that, almost four years after its signing in November 2009, two EU member state parliaments (and the European Parliament itself) have yet to ratify the EU-Indonesia Partnership and Cooperation Agreement.
  • Topic: Foreign Policy, Defense Policy, Economics, International Trade and Finance, Treaties and Agreements, Bilateral Relations
  • Political Geography: China, Europe, India, Brazil, Syria, Southeast Asia
  • Author: Paul Blustein
  • Publication Date: 10-2013
  • Content Type: Policy Brief
  • Institution: Centre for International Governance Innovation
  • Abstract: Myriad dangers beset the global economy. The US Federal Reserve is trying to curb its ultra-easy money policy, a delicate operation that could plunge the world into recession if done too abruptly. The euro zone might fall back into turmoil. Japan's experiment with “Abenomics”1 could go sour. China's banking system looks shaky. Emerging economies are suffering large scale withdrawals of foreign funds.
  • Topic: Debt, Development, Economics, International Monetary Fund, Foreign Aid, Fragile/Failed State, Financial Crisis
  • Political Geography: China
  • Author: Robert N. Stavins, Ottmar Edenhofer, Christian Flachsland
  • Publication Date: 10-2013
  • Content Type: Policy Brief
  • Institution: Belfer Center for Science and International Affairs, Harvard University
  • Abstract: The goal of the Harvard Project on Climate Agreements is to help identify and advance scientifically sound, economically rational, and politically pragmatic public policy options for addressing global climate change. Drawing upon leading thinkers in Argentina, Australia, China, Europe, India, Japan, and the United States, the Project conducts research on policy architecture, key design elements, and institutional dimensions of domestic climate policy and a post-2015 international climate policy regime. The Project is directed by Robert N. Stavins, Albert Pratt Professor of Business and Government, Harvard Kennedy School.
  • Topic: Climate Change, Economics, Energy Policy, Industrial Policy, International Cooperation, Treaties and Agreements
  • Political Geography: United States, Japan, China, Europe, India
  • Author: Jakob Vestergaard, Robert Hunter Wade
  • Publication Date: 12-2013
  • Content Type: Policy Brief
  • Institution: Danish Institute for International Studies
  • Abstract: More than three years after the International Monetary Fund (IMF)'s governing body agreed to reform the organization's governance so as to better reflect the increasing economic weight of dynamic emerging market economies in the world economy, only microscopic changes have been made. Emerging market and developing countries (EMDCs) have become increasingly frustrated with Western states for clinging to their inherited power, in the IMF and other important international economic governance organizations. The emerging cooperation among the BRICS (Brazil, Russia, India, China, South Africa) – as seen in the advanced-stage negotiations to establish a Development Bank and a Contingent Reserve Arrangement – sends a “wake up and smell the coffee” call to the West, and the latter will carry a heavy responsibility for eroding global multilateral governance if it continues to drag its heels on the needed adjustments.
  • Topic: Development, Economics, Emerging Markets, International Monetary Fund, Governance, Reform
  • Political Geography: Russia, China, India, South Africa, Brazil
  • Author: Justyna Szczudlik- Tatar
  • Publication Date: 12-2013
  • Content Type: Policy Brief
  • Institution: The Polish Institute of International Affairs
  • Abstract: The destinations of China's new leaders' foreign trips show that the PRC's foreign policy domain remains its neighbourhood. China is trying in particular to enhance cooperation with its Central and Southeast Asia border states in what is called "new silk road" diplomacy. Behind this approach are mostly domestic rationales: a need to preserve stability on its borders and in the western part of China, secure export markets and energy supplies, develop inland transport routes as an alternative to unstable sea lines, and to narrow the development gap between the eastern and western parts of China. The PRC's "opening to the West" and reinvigoration of its Western Development Policy is a window of opportunity for Poland. The establishment in Gansu province of the Lanzhou New Area-the first state-level development zone in northwest China-could become a bridgehead for a Polish economic presence in this part of China, or even a springboard for Poland's "Go West China" strategy.
  • Topic: Security, Foreign Policy, Diplomacy, Economics, International Trade and Finance
  • Political Geography: China, Southeast Asia
  • Author: Kinga Dudzinska, Elzbieta Kaca, Karolina Zubel
  • Publication Date: 10-2013
  • Content Type: Policy Brief
  • Institution: The Polish Institute of International Affairs
  • Abstract: A redefinition of the Eastern Partnership beyond 2013 is urgently needed in order to make the EU a more competitive player vis-à-vis Russia and China in the region. Eastern partners which choose deeper economic integration with the EU must therefore be supported by enhanced cooperation, which would require further differentiation in approaches towards neighbours. It should also be supported by certain horizontal policies, strengthening the EU's multilateral cooperation and the fledgling European Union diplomacy in this region, assisted by better targeting policies at EaP societies.
  • Topic: Economics, Regional Cooperation, Monetary Policy
  • Political Geography: China, Europe
  • Author: Andrew Shearer
  • Publication Date: 08-2013
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Like many other Western states, following the Cold War, Australia cut its defense budget, resulting in significant shortfalls in key military capabilities. Since the mid-1990s, successive Australian governments have outlined plans intended to boost the capabilities of Australia's armed forces. However, these strategic ambitions have in recent years been undercut by changes in government spending priorities and shortfalls in the national budget, jeopardizing the long-standing technological advantage Australian forces have enjoyed over other states in the region. As major Asian states such as China continue to grow their economies and modernize their armed forces, Australia must commit sufficient resources to its modernization agenda or risk losing its ability to help shape the Asia-Pacific ­security environment and risk fulfilling its role as a key US partner in America's pivot to Asia.
  • Topic: Foreign Policy, Defense Policy, Cold War, Economics, Armed Forces
  • Political Geography: Africa, United States, China, Asia, Australia
  • Author: Joseph E. Gagnon
  • Publication Date: 11-2013
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: There is a long-standing debate among economists and policymakers on the benefits of flexible versus fixed exchange rates (Klein and Shambaugh 2010). In principle, flexible exchange rates allow a country's central bank to focus on stabilizing economic growth and inflation, which are the ultimate goals of monetary policy. However, some argue that in practice central banks often do not use their powers wisely and it may be better to restrict their freedom by requiring them to peg their currency to that of an important trading partner. Others note that flexible exchange rates are far more volatile than fundamental factors can explain (Flood and Rose 1995), raising the possibility that they may introduce wasteful cross-sectoral fluctuations in economic activity. One common viewpoint is that flexible exchange rates may be fine for large countries but that the smallest countries are better off with fixed exchange rates (Åslund 2010).
  • Topic: Economics, Foreign Exchange, International Trade and Finance, Markets, Financial Crisis
  • Political Geography: United States, Japan, China, United Kingdom
  • Author: Nikia Clarke
  • Publication Date: 11-2013
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Energy investments and infrastructure contracts remain prominent in China's Africa engagement. However, investment in manufacturing makes up a significant proportion of Chinese outward foreign direct investment (FDI). Its characteristics–large numbers of smaller transactions by privately owned small and medium-sized firms–make these flows difficult to assess or control. However, China and African governments have an interest in effectively channeling this type of FDI.
  • Topic: Development, Economics, Industrial Policy, International Trade and Finance, Markets, Foreign Direct Investment
  • Political Geography: Africa, China
  • Author: Karl P. Sauvant
  • Publication Date: 10-2013
  • Content Type: Policy Brief
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: Since China adopted its "going out" policy in 2001, her outward foreign direct investment (OFDI) flows have grown rapidly, reaching US$84 billion in 2012 (although the stock remains small). That year, China was the world's third largest outward investor (after the US and Japan). This performance raises all sorts of issues, especially because state-owned enterprises (SOEs) control some three-quarters of the country's OFDI stock. Three challenges are addressed in this Perspective.
  • Topic: Development, Economics, Emerging Markets, Foreign Direct Investment
  • Political Geography: United States, Japan, China
  • Author: Andrew B. Kennedy
  • Publication Date: 11-2013
  • Content Type: Course Pack
  • Institution: Center for the Advanced Study of India
  • Abstract: In recent decades, research and development has become a key new arena of globalization. Whereas multinational corporations once conducted R primarily in their home countries, it is now often dispersed across multiple locations around the world. Has this process transformed economic ties between the world's dominant state and its would-be rising powers in ways that imply an important power shift? Focusing on China and India's growing collaboration with the U.S., this paper argues that it has not. China and India remain considerably more reliant on the globalization of R than the U.S. does, and this remains a potential source of leverage for Washington. This vulnerability mainly reflects the fact that U.S. R investments in China and India are far more important for these two Asian countries than they are for the U.S. These investments loom larger in the Chinese and Indian innovation systems than they do in their American counterpart, and it is difficult to imagine any country substituting for the U.S. in this regard. In contrast, the U.S. cannot derive a great deal of leverage as a platform for R Both China and India are considerably less dependent on the U.S. in this respect.
  • Topic: Development, Economics, Globalization, International Trade and Finance, Markets
  • Political Geography: United States, China, India
  • Author: Orville Schell, 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, International Trade and Finance
  • Political Geography: China, New York, East Asia, Asia
  • Author: Qiong Zhang, Binzhen Wu, Xue Qiao
  • Publication Date: 01-2012
  • Content Type: Working Paper
  • Institution: Asia-Pacific Research Center
  • Abstract: This paper uses macro-level data between 1997 and 2008 to evaluate the effects of China's pharmaceutical price regulations. We find that these regulations had short-run effects on medicine price indexes, reducing them by less than 0.5 percentage points. The effects could have been slightly reinforced when these regulations were imposed on more medicines. However, these regulations failed to reduce household health expenditures and the average profitability of the pharmaceutical industry, and firms on the break-even edge were worse off. Finally, although these regulations have no significant effects on the price of substitutes or complements for medicines, they increased expensive medicine imports.
  • Topic: Economics, Health, Human Welfare, Industrial Policy, International Trade and Finance, Markets
  • Political Geography: China
  • Author: Hakan Altinay
  • Publication Date: 02-2012
  • Content Type: Working Paper
  • Institution: The Brookings Institution
  • Abstract: We frequently treat the changing constellation that has come to be referred to as global governance as a lackluster fait accompli. Nobody has masterminded it. Nobody is really in charge. Almost everybody has reasons to be unhappy about what they view as its current suboptimal state. As such, global governance is not an easy phenomenon to assess or audit. The benchmarks and scales to be used are not obvious. Yet an audit attempt is nevertheless necessary, if for no other reason than to start to form a deliberated assessment, to develop some benchmarks, and to refine our questions for the future.
  • Topic: Economics, Globalization, Governance
  • Political Geography: China, Europe
  • Publication Date: 04-2012
  • Content Type: Working Paper
  • Institution: International Crisis Group
  • Abstract: In the wake of Sudan's partition, Beijing has accelerated a re-orientation of its engagement in the resulting two states, most significantly through a new courtship in Juba. China's historical support for Khartoum left a sour legacy in the South, but the potential for mutual economic benefit means a new chapter in bilateral relations is now being written. Balancing new friends in Juba with old friends in Khartoum, however, has proven a delicate dance. China has been drawn into a high-stakes oil crisis between the two, the consequences of which may temper an otherwise rapidly expanding relationship with Juba. A sustainable solution to the crisis cannot be achieved in isolation; North-South stability, mutual economic viability and the security of Chinese interests will also depend on answers to other unresolved political and security issues, including in Sudan's marginalised peripheries. The future of Beijing's dual engagement, and the kind of relationship that emerges in the South, will depend in part on how the oil standoff – and this broader reform agenda – are confronted.
  • Topic: Security, Foreign Policy, Economics, Oil, Bilateral Relations
  • Political Geography: Africa, China, South Sudan
  • Author: Arvind Subramanian, Aaditya Mattoo, Prachi Mishra
  • Publication Date: 03-2012
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: This paper estimates the impact of China's exchange rate changes on exports of competitor countries in third markets, known as the "spillover effect." Recent theory is used to develop an identification strategy in which competition between China and its developing country competitors in specific products and destinations plays a key role. The variation is used—afforded by disaggregated trade data—across exporters, importers, product, and time to estimate this spillover effect. The results show robust evidence of a statistically and quantitatively significant spillover effect. Estimates suggest that, on average, a 10 percent appreciation of China's real exchange rate boosts a developing country's exports of a typical 4-digit Harmonized System (HS) product category to third markets by about 1.5 to 2 percent. The magnitude of the spillover effect varies systematically with product characteristics as implied by theory.
  • Topic: Development, Economics, Markets
  • Political Geography: China
  • Author: Theodore H. Moran, Julia Muir, Barbara Kotschwar
  • Publication Date: 02-2012
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: China's need for vast amounts of minerals to sustain its high economic growth rate has led Chinese investors to acquire stakes in natural resource companies, extend loans to mining and petroleum investors, and write long-term procurement contracts for oil and minerals in Africa, Latin America, Australia, Canada, and other resource-rich regions. These efforts to procure raw materials might be exacerbating the problems of strong demand; "locking up" natural resource supplies, gaining preferential access to available output, and extending control over the world's extractive industries. But Chinese investment need not have a zero-sum effect if Chinese procurement arrangements expand, diversify, and make more competitive the global supplier system. Previous Peterson Institute research (see Moran 2010) and new research undertaken in this paper, show that the majority of Chinese investments and procurement arrangements serve to help diversify and make more competitive the portion of the world natural resource base located in Latin America. For a more comprehensive analysis, the authors conduct a structured comparison of four Peruvian mines with foreign ownership: two Organization for Economic Cooperation and Development-based, and two Chinese. They examine what conditions or policy measures are most effective in inducing Chinese investors to adopt international industry standards and best-practices, and which are not. They distill from this case study some lessons for other countries in Latin America, Africa, and elsewhere that intend to use Chinese investment to develop their extractive sectors: first, that financial markets bring accountability; second, that the host country regulatory environment makes a significant difference; and third, that foreign investment is a catalyst for change.
  • Topic: Economics, International Trade and Finance, Natural Resources
  • Political Geography: China, Canada, Latin America, Australia
  • Author: Huasheng Zhao
  • Publication Date: 03-2012
  • Content Type: Working Paper
  • Institution: Center for Strategic and International Studies
  • Abstract: China holds clear, coherent, but relatively low-profile positions on Afghanistan. While staying largely with the mainstream of the international community on the issue of Afghanistan, China maintains an independent policy that reflects the peculiarities of Chinese interests, concerns, and priorities in Afghanistan. China has multiple interests in Afghanistan; however, domestic concerns about the security and stability of the largely Muslim region of Xinjiang overwhelm all others. China maintains normal and good relations with the Afghan government, takes active part in the country's economic rebuilding, and provides Afghanistan financial aid and other assistance. China supports the international community in its efforts in Afghanistan, but stays away from direct military involvement. China refrains from criticizing America's involvement in the war in Afghan- istan, but it doubts the war's efficacy, and China refuses to join the American Northern Distribu- tion Network (NDN) to Afghanistan. China dislikes the Taliban because of its close relations with the “East Turkistan” organization—a Uyghur separatist group—but China deals with the Taliban cautiously, trying to avoid direct conflict. China favors an Afghanistan governed by Afghans and hopes that the “Kabul process”—the transition to greater Afghan responsibility and ownership in both security and civilian areas—will have a successful end. At the same time, China also prepares for unexpected outcomes.
  • Topic: Development, Economics
  • Political Geography: Afghanistan, United States, China, Asia
  • Publication Date: 04-2012
  • Content Type: Working Paper
  • Institution: Economist Intelligence Unit
  • Abstract: Three years after the global economy reached its lowest point in three-quarters of a century, the recovery remains incomplete and the outlook uncertain. On March 9th 2009, the capitalisation of Morgan Stanley\'s global stockmarket index fell to US$26trn, nearly 60% below its 2007 peak. Today, the value of the world\'s stockmarkets has yet to return to the pre-crisis level—nor has the confidence of most consumers and businesses. The excesses of the last ten years—the personal debt accumulated early in the last decade and the public debt added during the recession—have saddled many countries with weak economic foundations and little or no resilience to shocks. This has left the US economy, in particular, struggling for a third straight year to lock in faster growth. It has left debt-ravaged Europe in recession and China manoeuvring unsteadily to deflate a bubble. On the brighter side, the global economy will grow again this year and the imbalances that built up over the past decade will continue to unwind. But global growth will be slower this year than last, and a host of risks—from elevated oil prices to war in the Middle East, to the collapse of Europe\'s single currency—will weigh on confidence and reduce spending and investment.
  • Topic: Economics, Globalization, Markets, Global Recession, Financial Crisis
  • Political Geography: United States, China, Europe, Middle East
  • Author: Ted Piccone, Emily Alinikoff
  • Publication Date: 01-2012
  • Content Type: Working Paper
  • Institution: Center on International Cooperation
  • Abstract: As the emerging global order takes shape, debate is growing more intense around the trajectory of the rising powers and what their ascendency to positions of regional and international influence means for the United States, its traditional allies, and global governance more broadly. Commentary about these rising powers— often referred to in a generic way as the BRICS (Brazil, Russia, India, China, South Africa) but actually encompassing a dozen or so countries largely represented in the G-20—ranges from alarmist to sanguine. Pessimists argue that China, with its impressive economic growth and increasingly global reach, is well-positioned to challenge the United States' role of global superpower and to weaken the commitment of other rising powers, and various international organizations, to liberal values. More optimistic analysts insist that the rise of middle powers, most of which are democracies of varying stripes, bodes well for the world: millions are being lifted out of poverty, rule of law is taking hold and the international system is bound to be a more inclusive, representative one.
  • Topic: Democratization, Development, Economics, Globalization, Human Rights, International Trade and Finance, Markets, Poverty, Governance
  • Political Geography: Russia, United States, China, India, South Africa, Brazil, Arabia
  • Author: Zhang Hongzhou
  • Publication Date: 05-2012
  • Content Type: Working Paper
  • Institution: S.Rajaratnam School of International Studies
  • Abstract: While China has achieved extraordinary economic success in the past decades, its economic structural risks have increased significantly as well. As Chinese top leaders have repeatedly emphasized, economic restructuring is a critical task facing China's economy. To restructure China's economy, the country needs to find a new engine for growth to replace the export and investment led growth model, address social inequality and protect the environment. The key approaches identified by the Chinese government include urbanization, upgrading the manufacturing sector and developing strategic industries. However, through in-depth analysis, this paper finds that the effectiveness of these measures remains in question as they fail to target at all the root causes of China's economic problems.
  • Topic: Economics, Environment, Globalization, Industrial Policy, International Trade and Finance, Social Stratification
  • Political Geography: China, Israel
  • Author: Jyrki Kallio
  • Publication Date: 04-2012
  • Content Type: Working Paper
  • Institution: Finnish Institute of International Affairs
  • Abstract: As China's hard power is growing, the Party-state is keen to construct a new narrative which legitimizes China's position as a world leader also from the soft power perspective. It has even been suggested that a Chinese international relations theory or model will inevitably emerge as a consequence of China's growing role on the world stage on the one hand and the rise of traditional values in China on the other.
  • Topic: Foreign Policy, Development, Economics, International Trade and Finance, Power Politics, Culture
  • Political Geography: China, Israel
  • Author: Dieter Ernst
  • Publication Date: 02-2012
  • Content Type: Working Paper
  • Institution: East-West Center
  • Abstract: For its proponents, America's voluntary standards system is a "best practice" model for innovation policy. Foreign observers however are concerned about possible drawbacks of a standards system that is largely driven by the private sector. There are doubts, especially in Europe and China, whether the American system can balance public and private interests in times of extraordinary national and global challenges to innovation.
  • Topic: Democratization, Economics, Globalization, International Trade and Finance, Markets, Governance
  • Political Geography: United States, China, Europe
  • Author: Paul Blustein
  • Publication Date: 06-2012
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: Cooperation among major countries to shrink global imbalances in trade and capital flows is highly desirable for the sake of promoting a sustainable recovery from the financial crisis that erupted in 2008. The story that unfolds in this paper does not bode well for such cooperation. It is a detailed account of the initiatives, led by the IMF, to address imbalances prior to the 2008 global financial crisis.
  • Topic: Economics, International Trade and Finance, International Monetary Fund
  • Political Geography: China
  • Author: James A. Haley
  • Publication Date: 06-2012
  • Content Type: Working Paper
  • Institution: Centre for International Governance Innovation
  • Abstract: The G20 leaders meeting in Los Cabos confront a number of challenges. Most prominent among these is the state of the global economy, which remains dangerously unbalanced, and in which the balance of risks is clearly weighted on the downside. These risks emanate from several sources.
  • Topic: Economics, International Cooperation, International Organization, International Trade and Finance, Markets, Financial Crisis
  • Political Geography: China
  • Publication Date: 07-2012
  • Content Type: Working Paper
  • Institution: Economist Intelligence Unit
  • Abstract: The rise and decline of great cities past was largely based on their ability to draw the ambitious and the restless from other places. China's cities are on the rise. Their growth has been fuelled both by the large-scale internal migration of those seeking better lives and by government initiatives encouraging the expansion of urban areas. The government hopes that the swelling urban populace will spend more in a more highly concentrated retail environment, thereby helping to rebalance the Chinese economy towards private consumption.
  • Topic: Communism, Demographics, Development, Economics, Migration, Urbanization
  • Political Geography: China, Israel
  • Author: Christopher Freise
  • Publication Date: 08-2012
  • Content Type: Working Paper
  • Institution: S.Rajaratnam School of International Studies
  • Abstract: Much attention has been devoted to the Obama Administration's “Pacific Pivot” and the vocal reassertion of an upgraded security, economic, and diplomatic presence in East Asia by the United States. Commentators have ascribed various rationales to these efforts, including speculation that this is part of a “containment” strategy towards China, a reaction to the US presidential election cycle, or, more benignly, an effort to forestall concerns of American withdrawal from the region. These explanations have some elements of truth, but also fall short of fully describing or understanding the strategic rationale behind these moves.
  • Topic: Security, Foreign Policy, Diplomacy, Economics
  • Political Geography: United States, China, Israel, Asia
  • Publication Date: 08-2012
  • Content Type: Working Paper
  • Institution: Economist Intelligence Unit
  • Abstract: Ten years ago, The Economist ran a cover with the title “Africa: The Hopeless Continent”. Today, this has been replaced by “Africa Rising” (last December's issue)—a reflection of the changes that the continent has experienced over a decade. What has engineered Africa's rise through difficult times? It is predominantly the emergence of the BRICs, particularly India and China, that has helped to put Africa back on the map of development and investor interests.
  • Topic: Development, Economics, Foreign Direct Investment
  • Political Geography: Africa, China, India
  • Author: Nancy Birdsall
  • Publication Date: 08-2012
  • Content Type: Working Paper
  • Institution: Center for Global Development
  • Abstract: The Carbon Monitoring for Action (CARMA) database provides information about the carbon dioxide emissions, electricity production, corporate ownership, and location of more than 60,000 power plants in over 200 countries. Originally launched in 2007, CARMA is provided freely to the public at www.carma.org and remains the only comprehensive data source of its kind. This paper documents the methodology underpinning CARMA v3.0, released in July, 2012. Comparison of CARMA model output with reported data highlights the general difficulty of precisely predicting annual electricity generation for a given plant and year. Estimating the rate at which a plant emits CO2 (per unit of electricity generated) generally faces fewer obstacles. Ultimately, greater disclosure of plant-specific data is needed to overcome these limitations, particularly in major emitting countries like China, Russia, and Japan. For any given plant in CARMA v3.0, it is estimated that the reported value is within 20 percent of the actual value in 85 percent of cases for CO2 intensity, 75 percent for annual CO2 emissions, and 45 percent for annual electricity generation. CARMA's prediction models are shown to offer significantly better estimates than more naïve approaches to estimating plant-specific performance.
  • Topic: Democratization, Economics, Poverty, Social Stratification
  • Political Geography: Russia, Japan, China, America, Latin America
  • Author: David Shim, Patrick Flamm
  • Publication Date: 07-2012
  • Content Type: Working Paper
  • Institution: German Institute of Global and Area Studies
  • Abstract: South Korea’s rising status in regional and global affairs has received much attention in recent years. But in academic, media and policy debates South Korea is usually regarded as a mere middle power that, due to its geopolitical situation, has only limited leeway in its foreign policy. Accordingly, it must constantly maneuver between its larger neighbors: China, Japan and Russia. However, this perspective neglects the fact that the same geopolitical constraint also applies to other states in the region. No country can easily project its power over others. We use the concept of “regional power” as a template to discuss South Korea’s rising stature in regional and global politics. We argue that Seoul seems quite capable of keeping up with other assumed regional powers. Hence, we not only provide a novel account of South Korea’s foreign policy options but also go beyond current approaches by asking about the (undetermined) possibilities for Seoul’s regional relations.
  • Topic: Foreign Policy, Economics, Power Politics
  • Political Geography: Russia, Japan, China, Israel, South Korea
  • Author: Shanker A. Singham
  • Publication Date: 10-2012
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: The U.S. economy faces major challenges competing internationally. One of the most worrisome is the growing use in China and other advanced developing countries of anticompetitive market distortions (ACMDs)—including regulatory protection that privileges specific companies—which put foreign competitors at a disadvantage. ACMDs are government actions that give certain business interests artificial competitive advantages over their rivals, be they foreign or domestic, to the detriment of consumer welfare. These market distortions are especially damaging to the industries in which the United States enjoys the greatest comparative advantages, but they are also harmful to the long-term prosperity of developing economies and cost the global economy trillions of dollars. To combat ACMDs, the conventional trade policy approach of focusing on the The U.S. economy faces major challenges competing internationally. One of the most worrisome is the growing use in China and other advanced developing countries of anticompetitive market distortions (ACMDs)—including regulatory protection that privileges specific companies—which put foreign competitors at a disadvantage.1 ACMDs are government actions that give certain business interests artificial competitive advantages over their rivals, be they foreign or domestic, to the detriment of consumer welfare. These market distortions are especially damaging to the industries in which the United States enjoys the greatest comparative advantages, but they are also harmful to the long-term prosperity of developing economies and cost the global economy trillions of dollars.
  • Topic: Economics, Emerging Markets, Globalization, International Trade and Finance, Markets
  • Political Geography: Russia, United States, China, India, Brazil
  • Publication Date: 11-2012
  • Content Type: Working Paper
  • Institution: Economist Intelligence Unit
  • Abstract: Markets of the future—China, India, Brazil and Russia—will become the dominant retail markets l Africa, the final frontier—as BRIC opportunities diminish retailers will look to Africa as a driver of growth l Virtual marketplace— e-commerce, m-commerce and s-commerce—will transform the global retail landscape l Bricks and mortar will fight back as traditional retailers respond to change by integrating online with physical store offerings l Convenience will be king as shopping habits evolve into a multichannel approach rather than “one-stop shopping” l UK focus: polarised shopping habits could continue even when incomes recover, leading to an even greater squeeze on mid-market retail by 2022.
  • Topic: Economics, Emerging Markets, International Trade and Finance, Markets, Science and Technology, Communications
  • Political Geography: Russia, China, United Kingdom, India, Brazil
  • Author: Barry Naughton, Dieter Ernst
  • Publication Date: 08-2012
  • Content Type: Working Paper
  • Institution: East-West Center
  • Abstract: The paper examines the role of global technology sourcing, and its drivers and impacts in China's integrated circuit (IC) design industry. IC design is one of the priority targets of China's innovation policy, as codified especially in the ―Strategic Emerging Industries‖ initiative. At the same time, however, China's IC design industry is deeply integrated into the vertically disintegrated global semiconductor industry, through markets, investment and technology. The paper highlights a fundamental challenge for China's innovation strategy: How can China reconcile its primary objective of strengthening indigenous innovation with the benefits that it could reap from its deep integration into international trade and into global networks of production and innovation?
  • Topic: Economics, Industrial Policy, International Trade and Finance, Science and Technology
  • Political Geography: China, Israel
  • Author: Arvind Subramanian, Martin Kessler
  • Publication Date: 10-2012
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: A country's rise to economic dominance tends to be accompanied by its currency becoming a reference point, with other currencies tracking it implicitly or explicitly. For a sample comprising emerging market economies, we show that in the last two years, the renminbi has increasingly become a reference currency which we define as one which exhibits a high degree of co-movement (CMC) with other currencies. In East Asia, there is already a renminbi bloc, because the renminbi has become the dominant reference currency, eclipsing the dollar, which is a historic development. In this region, 7 currencies out of 10 co-move more closely with the renminbi than with the dollar, with the average value of the CMC relative to the renminbi being 40 percent greater than that for the dollar. We find that co-movements with a reference currency, especially for the renminbi, are associated with trade integration. We draw some lessons for the prospects for the renminbi bloc to move beyond Asia based on a comparison of the renminbi's situation today and that of the Japanese yen in the early 1990s. If trade were the sole driver, a more global renminbi bloc could emerge by the mid-2030s but complementary reforms of the financial and external sector could considerably expedite the process.
  • Topic: Development, Economics, Emerging Markets, Foreign Exchange, Monetary Policy
  • Political Geography: China, Asia
  • Author: Olivier Jeanne
  • Publication Date: 09-2012
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: This paper presents a simple model of how a small open economy can undervalue its real exchange rate using its capital account policies. The paper presents several properties of such policies, and proposes a rule of thumb to assess their welfare cost. The model is applied to an analysis of Chinese capital account policies.
  • Topic: Development, Economics, Emerging Markets, Monetary Policy
  • Political Geography: China
  • Author: Stephan Haggard, Marcus Noland
  • Publication Date: 05-2012
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: A central hope of engagement with North Korea is that increased cross-border exchange will encourage the strengthening of institutions, and eventually, a moderation of the country's foreign policy. An unprecedented survey of Chinese enterprises operating in North Korea reveals that trade is largely dominated by state entities on the North Korean side, although the authors cannot rule out de facto privatization of exchange. Little trust is evident beyond the relationships among Chinese and North Korean state-owned enterprises. Formal networks and dispute settlement mechanisms are weak and do not appear to have consequences for relational contracting. Rather, firms rely on personal ties for identifying counterparties and resolving disputes. The weakness of formal institutions implies that the growth in exchange does not conform with the expectations of the engagement model and may prove self-limiting. The results also cast doubt that integration between China and North Korea, at least as it is currently proceeding, will foster reform and opening.
  • Topic: Foreign Policy, Economics, International Trade and Finance, Bilateral Relations
  • Political Geography: China, Israel, North Korea
  • Author: Xiaofang Shen
  • Publication Date: 11-2012
  • Content Type: Working Paper
  • Institution: Columbia Center on Sustainable Investment
  • Abstract: China, 1980s. Newly embarked on its economic transformation, China opened to foreign direct investment (FDI) to obtain capital, technology and access to world markets. Investors hesitated, however, since national law prohibited access to state-owned land. In reaction, the government introduced a long-term lease system, first tested in special economic zones and later applied across the country. This approach enabled China's phenomenal success in attracting FDI in the years to come; it also paved the way for 500 million urban citizens to gain property rights, which in turn inspired the rural population to ask for the same rights today.
  • Topic: Development, Economics, Emerging Markets, International Trade and Finance
  • Political Geography: China
  • Author: Jiayi Zhou
  • Publication Date: 01-2012
  • Content Type: Working Paper
  • Institution: European Centre for Minority Issues
  • Abstract: In the two decades after independence, Georgia's open economy and lax immigration policies have engendered, for the first time, immigration from far outside of the region. On the streets of Tbilisi, the most conspicuous of these migrants are from India, China, and the countries of Africa. Of those from India, a substantial number are students of medicine, or enrolled in other professional courses. Africans in Georgia are mostly driven by work opportunity with a few students in higher education institutions. Chinese immigrants, on the other hand, are almost entirely driven by economic opportunities. A modern Chinese presence in Georgia began in the 1990s with the beginning of Chinese state-owned investment ventures in the region, as well as a burgeoning restaurant scene. In 2000s, this expanded to encompass a trickle and then an influx of Chinese migrant shop owners and market vendors. The third wave of migration occurred in 2010 as a result of contract construction workers. As of today, there are around 1,000 Chinese now divided into five groups: specialists, businessmen, shopkeepers, contract workers, and those in the restaurant and catering sector. This paper will focus on the history of Chinese migrants in Georgia, driving causes, their level of integration (or lack thereof), vulnerabilities, and their status in Georgian society. It will also cover increasingly large-scale economic ventures in the country, the status of Chinese as a foreign language in Georgia, and the role of the PRC Embassy in the Chinese community.
  • Topic: Economics, Migration, Immigration, Minorities
  • Political Geography: Africa, China, Europe, Asia, Georgia
  • Author: Irwin M. Stelzer
  • Publication Date: 06-2012
  • Content Type: Working Paper
  • Institution: Hudson Institute
  • Abstract: Slow growth here and in China, and recession in Europe are reducing demand for oil. Inventories in the U.S. are at a 22-year high. The Federal Reserve Board's QEs that pumped paper money into the economy and drove up the nominal price of oil have come to an end. And the twelve OPEC oil cartelists, who between them supply 40% of the world's oil, are producing 1.6 million barrels in excess of the agreed daily quota of 30 million barrels. As a result, U.S. benchmark crude oil prices are now closer to $80 per barrel than to the $110 they reached only four months ago.
  • Topic: Economics, International Trade and Finance, Markets, Oil
  • Political Geography: United States, China, Europe
  • Author: Ralph Winnie
  • Publication Date: 03-2012
  • Content Type: Journal Article
  • Journal: The Diplomatic Courier
  • Institution: The Diplomatic Courier
  • Abstract: Over the past twenty years, China has experienced dramatic economic growth, transforming itself from a basically agrarian society into the world's second largest economy behind only the United States. Since the initiation of economic and political reforms in 1978, China has produced an average annual growth rate of 10 percent. From 1978 to 2008, China increased its GDP 83 times (NBS, 2009) and lifted over two hundred million of its people out of poverty. This has continued to generate increased energy supply. Within China's energy sector, production was stimulated by the clarification of mineral exploration rights, the development of transportation and roadway infrastructure projects, diversification of management structures and the liberalization of environmental and safety regulation.
  • Topic: Economics
  • Political Geography: United States, China
  • Author: David Camroux
  • Publication Date: 03-2012
  • Content Type: Journal Article
  • Journal: The International Spectator
  • Institution: Istituto Affari Internazionali
  • Abstract: Revolving around the concept of 'Community' or 'community', debate on an Asian region has ostensibly pitted those who proposed an entity limited to East Asia (China, Japan, South Korea and the ten countries of the Association of South East Asian Nations, ASEAN) against those who proposed a much wider region embracing India, North (and, perhaps, South) America, as well as Australasia. Previously these two conceptualisations possessed their eponymous translation in the East Asian Economic Caucus (reincarnated as ASEANþ3) and the Asia Pacific Economic Cooperation forum. However, with the creation in 2005 of the East Asian Summit to include India, Australia and New Zealand and, above all, its 2011 enlargement to include the United States and Russia, the contrast between the two conceptualisations of an Asian region has become confused. In order to explain this development, this article suggests that the language of 'region' or 'community' is a discursive smokescreen disguising changes in approaches to multilateralism. An examination of the East Asia Summit, contrasting it with another recent regional project, the Trans Pacific Partnership, suggests that the actors involved are seeking to ensure the primacy of individual nation states in intergovernmental multilateral relations.
  • Topic: Development, Economics
  • Political Geography: China, America, India, East Asia, Asia, Australia
  • Author: Michele Brunelli
  • Publication Date: 01-2012
  • Content Type: Journal Article
  • Journal: Iranian Review of Foreign Affairs
  • Institution: Center for Strategic Research
  • Abstract: This paper intends to point out that threats and problems related to security and stability are common and affect the entire sub-regional system, necessitating common responses. The paper is structured in three parts. In the first part this paper intends to analyse and explain the concept of security, demonstrating that from a theoretical point of view, it must not be considered as a univocal problem, but regrouping different aspects. The second part of the paper analyses the many sources of instability affecting the Persian Gulf region today, with unavoidable consequences seen in the neighbouring sub-regional systems, such as the Caucasus, Central Asia, European Union, India and China. In the third part this paper will propose some theoretical ideas and pragmatic mechanisms aimed at suggesting different solutions to the issues analysed above. There will also be a review of the proposal for the creation of a common market involving Iran and the Persian Gulf Cooperation Council (GCC) countries as a prelude to a monetary union modelled on the experiences and results of the Euro. The effects of an end to the embargo on Iran will also be assessed. As for military security, I will assess whether the realisation of a sort of a Persian Gulf version of NATO would be possible.
  • Topic: Security, Economics, Globalization
  • Political Geography: China, Iran, Central Asia, India
  • Author: Dani Rodrik
  • Publication Date: 05-2012
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: To lift their people out of poverty, nations need to enter the global economy.
  • Topic: Economics, Education, Government
  • Political Geography: Japan, China, Asia
  • Author: Elizabeth Economy
  • Publication Date: 10-2012
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: Unless the leadership in Beijing changes course, it faces increasing isolation. (video interview available)
  • Topic: Economics
  • Political Geography: China, Beijing
  • Author: Eric Farnsworth
  • Publication Date: 10-2012
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: U.S. complacency toward China's economic activities in the hemisphere is shortsighted.
  • Topic: Development, Economics
  • Political Geography: China, Washington, Latin America, Caribbean
  • Author: Barbara Kotschwar
  • Publication Date: 10-2012
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: Asia leads Latin America in infrastructure.
  • Topic: Development, Economics
  • Political Geography: China, Asia, Latin America
  • Author: Abdurrahim Sıradağ
  • Publication Date: 11-2012
  • Content Type: Journal Article
  • Journal: Insight Turkey
  • Institution: SETA Foundation for Political, Economic and Social Research
  • Abstract: This article explores the causes and dynamics impacting the development of the EU's security policy on Africa. The changing global structure in Africa has influenced the EU's foreign and security policy in Africa. The new global actors, such as China, India, Brazil, and Turkey have recently consolidated their political and economic relations with both African states and organisations with an impact on the EU's approach to the continent. At the same time, the new challenges, like international terrorism and immigration, also left their mark on the EU's policy in Africa. This article argues that the EU members' economic interests have played a central role in developing the EU's security policy towards Africa. Meanwhile, the new global threats and challenges and the emergence of new actors in Africa have also had an impact on the formulation and implementation of the EU's security policy in Africa.
  • Topic: Development, Economics, Terrorism
  • Political Geography: Africa, China, Europe, Turkey, India, Brazil
  • Author: Claudia Astarita, Dario Sabbioni, Maria Chiara Slucca, Lorenzo Vai
  • Publication Date: 12-2012
  • Content Type: Journal Article
  • Journal: The International Spectator
  • Institution: Istituto Affari Internazionali
  • Abstract: Discussing China's approach to global warming is not an easy task. Beijing's attitude to this sensitive issue has often appeared confusing. Alessandro Gobbicchi's book, which tries to retrace what the People's Republic has been thinking, doing and achieving in this context over the last three decades, is therefore a welcome tool.
  • Topic: Economics
  • Political Geography: China