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2731. Resilience or Relocation? Expectations and Reality in the City of London since the Brexit Referendum.

Author:
Manolis Kalaitzake
Publication Date:
11-2020
Content Type:
Working Paper
Institution:
Max Planck Institute for the Study of Societies
Abstract:
The fate of British finance following the Brexit referendum revolves around the “resilience or relocation” debate: will the City of London continue to thrive as the world’s leading financial centre or will the bulk of its activity move to rival hubs after departure from EU trading arrangements? Despite extensive commentary, there remains no systematic analysis of this question since the Leave vote. This paper addresses that lacuna by evaluating the empirical evidence concerning jobs, investments, and share of key trading markets (between June 2016 and May 2020). Contrary to widely held expectations, the evidence suggests that the City has been remarkably resilient. Brexit has had no significant impact on jobs and London has consolidated its position as the chief location for financial FDI, FinTech funding, and attracting new firms. Most unexpectedly, the City has increased its dominance in major infrastructure markets such as (euro-denominated) clearing, derivatives, and foreign exchange – although it has lost out in the handling of European repurchase agreements. Based upon this evidence, the paper argues that the UK’s negotiating position is stronger than typically recognised, and outlines the competitive ramifications for both the UK and EU financial sector.
Topic:
Regional Cooperation, European Union, Brexit, Urban, and Local
Political Geography:
United Kingdom and Europe

2732. An Obituary for Austerity Narratives? An Experimental Analysis of Public Opinion Shifts and Class Dynamics during the Covid-19 Crisis

Author:
Emanuele Ferragina and Andrew Zola
Publication Date:
06-2020
Content Type:
Research Paper
Institution:
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:
The Covid-19 pandemic is disrupting the international political economy context unlike any event since World War II. As a consequence, the French government has, at least momentarily, reversed decades of fiscal consolidation policies sedimented around austerity narratives by instating a costly emergency furlough scheme for a third of the workforce. This crisis provides a natural setting to investigate the relations among an emerging “critical juncture” in political economy, public preferences, and the salience of austerity narratives. We collected panel data and administered two experiments to test if citizens’ viewpoints are sensitive to the trade-off between health and economics, still receptive to austerity narratives, and conditioned by socioeconomic status in supporting them. We find public viewpoints were highly swayable between health and economic concerns at the first peak of the epidemic outbreak in April 2020, but they were not influenced by the austerity narratives during the phase-out of the lockdown in June, with the exception of the upper class. Overall, public support is shifting in favor of increased social spending, and austerity might no longer inhabit the majority’s “common sense.” We conclude with further implications for the study of class and conflict in a post-pandemic world.
Topic:
Economics, Political Economy, Public Opinion, Class, Macroeconomics, and Austerity
Political Geography:
Europe and France

2733. The Great Separation: Top Earner Segregation at Work in High-Income Countries

Author:
Olivier Godechot, Paula Apascaritei, István Boza, Lasse Folke Henriksen, and Are Skeie Hermansen
Publication Date:
06-2020
Content Type:
Research Paper
Institution:
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:
Analyzing linked employer-employee panel administrative databases, we study the evolving isolation of higher earners from other employees in eleven countries: Canada, Czechia, Denmark, France, Germany, Hungary, Japan, Norway, Spain, South Korea, and Sweden. We find in almost all countries a growing workplace isolation of top earners and dramatically declining exposure of top earners to bottom earners. We compare these trends to segregation based on occupational class, education, age, gender, and nativity, finding that the rise in top earner isolation is much more dramatic and general across countries. We find that residential segregation is also growing, although more slowly than segregation at work, with top earners and bottom earners increasingly living in different distinct municipalities. While work and residential segregation are correlated, statistical modeling suggests that the primary causal effect is from work to residential segregation. These findings open up a future research program on the causes and consequences of top earner segregation.
Topic:
Economics, Political Economy, Labor Issues, Income Inequality, Class, and Labor Market
Political Geography:
Europe

2734. Primary Dealer Systems in the European Union

Author:
Jenny Preunkert
Publication Date:
06-2020
Content Type:
Research Paper
Institution:
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:
States require money to function and therefore every government has to continuously raise new funds. On the financial markets, governments cannot be sure that auctions of their debt will be sufficiently attractive to financial investors, which is why governments usually enter into cooperative agreements with selected banks. The best known and most widespread form of cooperation is the primary dealer system. Primary dealers are banks that agree to participate regularly in government debt auctions and to act as formalized market makers on government debt markets. The article analyzes European primary dealer systems and asks why banks are willing to participate in these systems. I will show that both domestic and foreign banks use their status as primary dealers to build long-term relationships with one or more European governments and to gain an advantage on the global stage. In Bourdieu’s terms, primary dealer banks use their financial capital to accumulate social and symbolic capital.
Topic:
Debt, Economics, International Political Economy, International Trade and Finance, Financial Markets, Banks, and Macroeconomics
Political Geography:
Europe and European Union

2735. Donald Trump and the battle of the two percent: How will the US election impact on the conflicts over defence spending within NATO?

Author:
Mikkel Runge Olesen
Publication Date:
10-2020
Content Type:
Policy Brief
Institution:
Danish Institute for International Studies (DIIS)
Abstract:
US pressure on its NATO allies to increase defence spending is likely to continue, especially if Trump wins the US presidential election. Denmark can look to Germany to anticipate how pressure from the US will play itself out. RECOMMENDATIONS: Denmark should carefully monitor defence spending in other European countries, particularly in Germany, to be able to anticipate increased US pressure on itself. As an active contributor to international operations abroad, Denmark should continue to emphasize the efficiency of its defence spending as a factor of importance in NATO, but not expect it to be able to deflect US criticism fully, especially if Trump wins a second term. Denmark should proactively seek to prioritize defence spending in areas where US and Danish national interests coincide the most, as they do in the Arctic.
Topic:
Defense Policy, NATO, Elections, and Donald Trump
Political Geography:
Europe, Denmark, and United States of America

2736. A critique of geopolitics travelling South: Preface to the Brazilian edition of 'A return of geopolitics in Europe?'

Author:
Stefano Guzzini
Publication Date:
12-2020
Content Type:
Working Paper
Institution:
Danish Institute for International Studies (DIIS)
Abstract:
The DIIS Working Paper ‘From the geography of politics to the politics of geography’ is the English version of the preface for the Brazilian edition of A return of geopolitics in Europe? The book originally published with Cambridge University Press was translated by Bárbara Motta and published at the University Press of the Universidade Estadual Paulista (Editora Unesp) in São Paulo. The preface introduces the critical thesis of the political effect that the return of geopolitical thought had in Europe in the 1990s, well before 9/11. The rise of geopolitical thought can be linked to the disorientation, the foreign policy identity crises in many European countries when the end of the Cold War took away the stable coordinates of the post-1945 European security order. Its rise has, however, two pernicious consequences. First, it reverses Clausewitz by making politics the prolongation of war by other means. In other words, it militarises politics, as Aron had already criticised during the Cold War. Second, it essentialises physical and human geography, which justifies the homogenising of identities. The book does not claim that this European experience is universal, but invites scholars in Brazil to contrast it with the specificities of their political discourse and practice, the different nature of foreign policy identity crises and processes of militarisation in Latin America.
Topic:
Foreign Policy, Geopolitics, and Geography
Political Geography:
Europe and Brazil

2737. China’s Response to Climate Change: A Study in Contrasts and a Policy at a Crossroads

Author:
David B. Sandalow
Publication Date:
07-2020
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
China is the world’s leading emitter of heat-trapping gases, by far. In 2019, Chinese emissions were greater than emissions from the United States, the European Union, and Japan combined. There is no solution to climate change without China. China’s response to climate change is a study in contrasts. China leads the world in solar power, wind power, and electric vehicle deployment, but also in coal consumption. The Chinese government has adopted some of the world’s most ambitious energy efficiency and forest conservation policies, but is financing a significant expansion of coal-fired power plant capacity at home and abroad. China’s leaders are strongly committed to the Paris Agreement, but appear to attach less priority to climate change than in years past. This Issue Paper explores these contrasts. It does so at an important time in Chinese climate change policy. During the next 18 months, the Chinese government will spend heavily on economic stimulus measures, release its 14th Five-Year Plan (for 2021–2025), and develop short- and long-term climate action plans (known as its “updated nationally-determined contributions” and “mid-century strategy” in the terminology of the global U.N. climate process). Decisions by the Chinese government will reverberate globally, including in the United States. A Biden administration’s ambition in addressing climate change would be reinforced by ambition in China. This Issue Paper provides an up-to-date snapshot of China’s climate policies, drawing on data from 2019 and the beginning of 2020 (during the height of the COVID-19 economic lockdown), as well as recent remarks by Chinese leaders. It starts by examining Chinese emissions of heat-trapping gases. It then discusses China’s principal climate policies, explaining the main tools the Chinese government uses to address climate change and related topics. The Issue Paper concludes with a discussion of processes that will shape Chinese climate change policy in the years ahead.
Topic:
Climate Change, European Union, Economy, and Carbon Emissions
Political Geography:
Japan, China, Europe, Asia, and United States of America

2738. Awaiting A Post-Coronavirus Dawn: What Kind of Recovery?

Author:
Barry Eichengreen
Publication Date:
04-2020
Content Type:
Special Report
Institution:
Al Jazeera Center for Studies
Abstract:
What kind of economic recovery from the Covid-19 crisis should we expect? Attempts to answer this question must start by acknowledging an unusually high degree of uncertainty about the immediate future. There is uncertainty about the recurrence of the virus, about how policy makers will balance public health and economic goals, and about the ability of governments to ramp up their capacity to test, trace and isolate the infected, thereby making it safe for others to return to work. Further sources of uncertainty include the behavioral responses of households and investors, the sustainability of the extraordinary monetary and fiscal policies adopted in response to the crisis, and the extent to which economic organization will change in the new public-health environment. These aspects of the current crisis and their contrasts with crises past suggest that recovery from the Covid-19 crisis will be bumpy, subdued and above all uncertain, and that it will differ in Europe and the United States.
Topic:
Crisis Management, Coronavirus, and COVID-19
Political Geography:
Europe, Global Focus, and United States of America

2739. Beyond Health: Looking for Europe’s Strategy vis-à-vis the COVID-19 Crisis

Author:
Thibaud Deruelle
Publication Date:
05-2020
Content Type:
Special Report
Institution:
Al Jazeera Center for Studies
Abstract:
Europe is among the most affected regions in the world by the spread of COVID-19. The continent was designated in March 2020 as the new epicenter of the pandemic and Europe’s recovery strategy to the crisis seems to be threatened by a lack of solidarity. This paper analyses how the European Union (EU) governance system has – so far – conditioned the construction of a modest coordinated European response to the crisis. It examines how the insufficiencies of the EU governance system have – so far – conditioned the construction of a modest coordinated European response to the crisis. It suggests that COVID-19 is a learning opportunity(1) rather than a make-or-break event. Crises in the EU are important catalysts of change(2) and offer a propitious context for policy learning.(3) This paper suggests that COVID-19 is a learning opportunity rather than a make-or-break event. Two lessons are highlighted: first, this crisis shows that if Europeans bet on solidarity as an incentive to cooperate, their chances to produce prompt and ambitious responses are slim and overshadowed by power-struggles on what the governance of the EU ought to be. Second, while the crisis started as a public health problem, the crux of the debate is now centered on a common economic recovery strategy. The challenge ahead will be to avoid that lessons learned about public health are cannibalized by economic affairs.
Topic:
Governance, COVID-19, and Health Crisis
Political Geography:
Europe

2740. Morocco’s SocioEconomic Challenges: Employment, Education, and Migration – Policy Briefs from the Region and Europe

Author:
Dina Fakoussa and Laura Lale Kabis-Kechrid
Publication Date:
01-2020
Content Type:
Special Report
Institution:
German Council on Foreign Relations (DGAP)
Abstract:
Even though the Moroccan king’s readiness to introduce reforms in response to the mass protests in 2011 has prevented the kind of radical change occurring in many other countries in the MENA region and has maintained the country’s relative stability, Morocco’s social peace remains fragile. Social unrest has flared recurrently, most prominently in the Rif region, as socio-economic grievances persist. The country continues to suffer from significant regional disparities, a poor education system, and high unemployment, especially among the young.
Topic:
Education, Migration, Employment, Protests, and Unemployment
Political Geography:
Europe, North Africa, and Morocco