Search

Begin New Search Topic International Trade and Finance Political Geography Europe Publication Year within 10 Years

101. How Do Technical Barriers to Trade Affect Foreign Direct Investment?

Author:
Mahdi Ghodsi
Publication Date:
01-2019
Content Type:
Working Paper
Institution:
The Vienna Institute for International Economic Studies (WIIW)
Abstract:
Trade liberalisation and the EU enlargement in the past two decades allowed European multinational enterprises (MNEs) to benefit from production fragmentation in Central, East and Southeast Europe (CESEE). Recent studies show that market regulations and standards that are embedded within Technical Barriers to Trade (TBTs) might not necessarily hamper trade but improve the quality of products, production procedures, and market efficiencies. However, complying with the regulations embedded in the TBTs imposed by a host country might be costly enough to discourage MNEs from investing there. Furthermore, MNEs from countries that impose more regulations and standards might be more capable of investing abroad. This article analyses how TBTs imposed by both home and host countries affect inward FDI stocks in the CESEE countries during the period 1996-2016. The results suggest that Specific Trade Concerns (STCs) raised on trade-restrictive TBTs imposed by CESEE countries induce ‘tariff jumping’ motives of investment to these countries, while regular TBTs as indications of positive externalities and efficiency gains at home discourage outward FDI. Besides, FDI stocks by non-EU28 countries are found to be stimulated by regular quality TBTs imposed by the host economies.
Topic:
International Trade and Finance, Foreign Direct Investment, European Union, Regulation, and Tariffs
Political Geography:
Europe

102. Testing the Smile Curve: Functional Specialisation in GVCs and Value Creation

Author:
Roman Stöllinger
Publication Date:
02-2019
Content Type:
Working Paper
Institution:
The Vienna Institute for International Economic Studies (WIIW)
Abstract:
According to the ‘smile curve hypothesis’ the potential for generating value added varies significantly across the various functions along a firm’s value chain. It suggests in particular that the production stage is the least promising value chain function in the entire manufacturing process. This logic implies that countries specialising as ‘factory economies’ are likely to generate comparatively little value added. To shed light on the relationship between functional specialisation along the value chain and value creation, this paper develops measures for functional specialisation derived from project-level data on greenfield FDI for a global sample of countries. These measures keep the industry and the functional dimension of specialisation strictly apart. They are used to test econometrically the negative relationship between value added creation and functional specialisation in production as predicted by the smile curve hypothesis.
Topic:
International Trade and Finance, European Union, Economy, NAFTA, Manufacturing, and Global Value Chains
Political Geography:
Europe and East Asia

103. Strengthening European Commercial Diplomacy: Prospects and Challenges

Author:
Andrea Maccanico
Publication Date:
12-2018
Content Type:
Commentary and Analysis
Institution:
Istituto Affari Internazionali
Abstract:
The EU is involved in economic diplomacy since the establishment of the Single Market and the ensuing negotiations for trade and economic partnership agreements conducted by the EU’s Directorate-General for Trade (DG Trade) for all EU member states (MSs). European economic diplomacy (EED) is a new EU venture that aims to improve the coordination between EU institutions and MSs in an effort to enhance their economic and trade relations and strengthen their ability to compete with major countries such as the US, China and Russia.
Topic:
International Political Economy, International Trade and Finance, Politics, Governance, Institutions, and Trade
Political Geography:
Europe and European Union

104. Europe and Iran: The Economic and Commercial Dimensions of a Strained Relationship

Author:
Cornelius Adebahr
Publication Date:
12-2018
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
Europe and Iran had begun to invest in a closer commercial relationship just when the United States withdrew from the nuclear deal in May 2018. Since then, Washington has re-imposed its stringent economic sanctions, targeting Iran’s oil exports as a major source of government revenue but also banning financial transactions with the country. This poses an enormous challenge for the EU, which had intended to use the 2015 agreement as a stepping stone to promote regional cooperation and, ultimately, a more comprehensive relationship with Iran. Paper produced in the framework of the IAI-FEPS project entitled “Europe and Iran in a fast-changing Middle East: Confidence-building measures, security dialogue and regional cooperation”, December 2018.
Topic:
Foreign Policy, International Trade and Finance, Bilateral Relations, Sanctions, and Transatlantic Relations
Political Geography:
Europe, Iran, Middle East, North America, United States of America, and European Union

105. Creating the North Atlantic Marketplace for Jobs and Growth: Three Paths, One Detour, A U-Turn, and the Road to Nowhere

Author:
Daniel S. Hamilton
Publication Date:
01-2018
Content Type:
Special Report
Institution:
Center for Transatlantic Relations
Abstract:
For decades the partnership between North America and Europe has been a steady anchor in a world of rapid change. Today, however, the transatlantic partnership itself has become unsettled and uncertain. Nowhere is this clearer than in the economic sphere. Voters across the United States and many parts of Europe have grown skeptical of open markets. Concerns about stagnant wages, widening income inequality, and pockets of stubbornly high unemployment have combined with fears of automation, digitization and immigration to swell economic insecurities on each side of the Atlantic. The election of Donald Trump as U.S. president and the decision by British citizens to leave the European Union have only added to transatlantic uncertainties. This state of division and mutual inwardness threatens the prosperity and ultimately the position of North America and Europe in the global economy and the broader global security system. This study charts possible paths by which Americans and Europeans can navigate this strange new world. It describes how the transatlantic economy is being transformed by domestic political uncertainties, the digital revolution, the changing nature of production, and the diffusion of global power and intensified global competition. It takes account of shifting trade relations among the United States, Canada and Mexico through NAFTA, and what Brexit and the rise of non-EU Europe may mean for the European Union and for transatlantic partnership.
Topic:
Economics, International Trade and Finance, Treaties and Agreements, Partnerships, Brexit, Economic Growth, Trump, and NAFTA
Political Geography:
United Kingdom, Europe, Canada, North America, Mexico, United States of America, and European Union

106. Soft vs Hard Governance for Labour and Environmental Commitments in Trade Agreements: Comparing the US and EU Approaches

Author:
Vandana Gyanchandani
Publication Date:
08-2018
Content Type:
Working Paper
Institution:
Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
Abstract:
Three methodologies are used to enforce labour and environmental commitments in the US and EU trade agreements: cooperative, sanctions and composite. In-depth analysis of the scope of commitments, level of protection, institutional framework as well as types of informal and formal dispute processes elucidates the pros and cons of such methodologies. Sanctions approach weakens cooperation by misjudging the complexity of domestic policy adjustments through transnational governance. Cooperative mechanism within the NAAEC's composite design emerges as the best approach: Submission on Enforcement Matters (SEM). As it provides for an independent secretariat supported by civil society group and factual records as a sunshine remedy to review citizen submissions. However, the process is constrained by political clout, lack of managerial capacity and legal dilemmas around informal lawmaking (IN-LAW) procedures.
Topic:
Economics, Environment, International Cooperation, International Trade and Finance, Labor Issues, Sustainable Development Goals, and Global Political Economy
Political Geography:
United States, Europe, Global Focus, and European Union

107. Berry Brothers & Rudd: Family, Reputation, and the Cultivation of the European Wine Trade

Author:
Douglas Ajram, Charlie Harris, and Christopher McKenna
Publication Date:
09-2018
Content Type:
Case Study
Institution:
Oxford Centre for Global History
Abstract:
There is no better testament to the longevity of Berry Bros. & Rudd than its rich history of, and great capacity for, reinvention. The family firm began life as a grocery store in 1698, founded by a woman now known only as the Widow Bourne. It is now Britain’s oldest wine and spirits merchant, and one of the nation’s ten oldest family-run businesses, boasting six Masters of Wine – the most of any company in the world – as well as two Royal Warrants, a mark of recognition for tradespeople that provide goods or services to the British royal family.
Topic:
Economics, International Trade and Finance, Political Economy, Food, and Capitalism
Political Geography:
Europe

108. From India to Europe: The Production of the Kashmir Shawl and the Spread of the Paisley Motif

Author:
Ben Skarratt, Scarlett Mansfield, and Christopher McKenna
Publication Date:
08-2018
Content Type:
Case Study
Institution:
Oxford Centre for Global History
Abstract:
In the second half of the eighteenth century, a new garment entered European fashion. Noted for being exceptionally soft, warm, and light, it bore intricate patterns unlike anything Europeans had encountered before or had produced domestically. This product, a woollen shawl, originated in a region that would become so famous for its textiles that its name would pass into Western lexicons as a toponym for its woollen produce: Kashmir. The principal motif found on these shawls, known in India as the Buta, or kairi, would come to be called, in its altered form, Paisley in the West. Not only was the garment practical and aesthetically pleasing, its oriental origins, clear status as a luxury item, texture, and patterning enabled it to permeate European high fashion. Patronage by Empress Josephine of France, and later Queen Victoria, solidified this popularity. By the turn of the nineteenth century, Kashmir and the West regularly traded these textiles. A European industry, aimed at copying Indian originals, also thrived. The next six decades witnessed fervent European consumption of the shawl. This rapid consumption resulted in a host of changes to the production and designs of the garments. While the history of the shawl and its relationship to the West has been subject to distortion, hyperbole, and fiction, recent scholarship has made considerable headway in demystifying information about these products. It is now possible to relate how the Kashmir shawl first came into production, its emergence onto the world stage as a luxury textile, and its status as the principal medium by which the Buta/ Paisley motif entered into the pantheon of historic fashion designs.
Topic:
Economics, Globalization, International Trade and Finance, Capitalism, and Commodities
Political Geography:
Europe and India

109. The Legal Dimensions of Rule of Law Promotion in EU Foreign Policy: EU Treaty Imperatives and Rule of Law Conditionality in the Foreign Trade and Development Nexus

Author:
Till Patrik Holterhus
Publication Date:
12-2018
Content Type:
Journal Article
Journal:
The Goettingen Journal of International Law
Institution:
The Goettingen Journal of International Law
Abstract:
This article demonstrates that Arts. 21 and 3 (5) of the Treaty on European Union (TEU) as well as Arts. 205, 207 (1), 208 (1), 209 (2) of the Treaty on the Functioning of the European Union (TFEU), legally oblige the European Union (EU) to promote the rule of law in its foreign trade and development policy. Furthermore, it is shown that, in the context of such promotion, the EU applies not a rudimentary but a sophisticated concept of the rule of law – quite similar to the concept of the rule of law that has developed within the Union. To fulfill the legal obligation to promote the rule of law abroad, the EU employs, as a key instrument, the legal mechanism of conditionality, not only through autonomous instruments but also in its contractual international relationships (carrot-and-stick policy). The EU’s foreign policy in the trade and development nexus, in particular when it comes to the promotion of the rule of law, can, therefore, be considered a process, to a large extent, determined and organized the of law.
Topic:
International Law, International Trade and Finance, Sovereignty, and European Union
Political Geography:
Europe

110. The Sino-Russian and US-Russian relationships: Current developments and future trends

Author:
Marcin Kaczmarski, Mark Katz, and Teija Tiilikainen
Publication Date:
12-2018
Content Type:
Working Paper
Institution:
Finnish Institute of International Affairs
Abstract:
The great-power system has been in constant change since the end of the Cold War. The US became the hegemonic power, and under its shelter, the European Union was able to transform into a European-wide political body. Soon, a group of leading regional powers started to question the universalist aspirations of the Western-led international order. Two members of this club in particular were not satisfied with the role of a regional hegemon and had more global ambitions. China has already become the largest trading nation globally, and Chinese foreign policy has assumed an assertive tone. China has both the potential to challenge US hegemony, as well as the political will to use it. Russia’s project to achieve a global great-power status, on the other hand, is inspired by its historical identity and its alleged humiliation by the West after the collapse of the Soviet Union. Russia longs for recognition of its great-power status in particular from the US. This report focuses on relations between China and Russia on the one hand and the US and Russia on the other. It analyses the current developments and future trends in these relationships, as well as their implications for the EU.
Topic:
Foreign Policy, International Cooperation, International Trade and Finance, and Hegemony
Political Geography:
Russia, United States, China, Europe, Asia, and North America

111. The EU and China: Modest Signs of Convergence?

Author:
Gustaaf Geeraets
Publication Date:
12-2018
Content Type:
Working Paper
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
Against a background in which the United States is increasingly drawing into question its commitments to free trade and the global commons, the challenge for the EU and China is to deal with a global governance system that is evolving from a multilateral system centred around the US into a more diffuse system resting on the three strong trading poles: China, the EU and the US.
Topic:
International Trade and Finance, Governance, European Union, and Multilateralism
Political Geography:
United States, China, Europe, Asia, and North America

112. Explaining the Growth of CSR within OECD Countries: The Role of Institutional Legitimacy in Resolving the Institutional Mirror vs. Substitute Debate

Author:
Daniel Kinderman and Mark Lutter
Publication Date:
04-2018
Content Type:
Commentary and Analysis
Institution:
Max Planck Institute for the Study of Societies
Abstract:
Two strands of literature have emerged to explain the rise of a new form of private governance, Corporate Social Responsibility (CSR). One camp argues that CSR expansion is likely during periods of economic liberalization because CSR tends to substitute for growing institutional voids and a lack of social regulation. The other camp argues that CSR is likely to diffuse within coordinated economies because it mirrors these institutional settings. While both camps find empirical support for their arguments, no one has yet managed to combine both perspectives. In our study, we develop three hypotheses based on two (rationalist and constructivist/sociological) strands of institutional theory. Based on a new dataset comprising the corporate membership in business-led CSR organizations in over thirty countries from 1981 to 2008, we show that economic liberalization has a strong effect on CSR expansion when the legitimacy of CSR is low. However, when the practice has achieved substantial cultural acceptance, economic liberalization no longer drives CSR expansion. In this setting, CSR expansion is most likely to occur within socially regulated economic contexts.
Topic:
International Political Economy and International Trade and Finance
Political Geography:
Europe

113. Institutional investors and home bias in Europe’s Capital Markets Union

Author:
Zsolt Darvas and Dirk Schoenmaker
Publication Date:
03-2017
Content Type:
Working Paper
Institution:
Bruegel
Abstract:
Integrated capital markets facilitate risk sharing across countries. Lower home bias in financial investments is an indicator of risk sharing. We highlight that existing indicators of equity home bias in the literature suffer from incomplete coverage because they consider only listed equities. We also consider unlisted equites and show that equity home bias is much higher than previous studies perceived. We also analyse home bias in debt securities holdings, and euro-area bias. We conclude that European Union membership may foster financial integration and reduce information barriers, which sometimes limit cross-country diversification. We calculate home bias indicators for the aggregate of the euro area as if the euro area was a single country and report remarkable similarity between the euro area and the United States in terms of equity home bias, while there is a higher level of debt home bias in the United States than in the euro area as a whole. We develop a new pension fund foreign investment restrictions index to control for the impact of prudential regulations on the ability of institutional investors to diversify geographically across borders. Our panel regression estimates for 25 advanced and emerging countries in 2001-14 provide strong support for the hypothesis that the larger the assets managed by institutional investors (defined as pension funds, insurance companies and investment funds), the smaller the home bias and thereby the greater the scope for risk sharing.
Topic:
International Political Economy, International Trade and Finance, Economic structure, and Europe Union
Political Geography:
Europe

114. Brexit and the European financial system

Author:
Uuriintuya Batsaikhan, Robert Kalcik, and Dirk Schoenmaker
Publication Date:
02-2017
Content Type:
Policy Brief
Institution:
Bruegel
Abstract:
London is an international financial centre, serving European and global clients. A hard Brexit would lead to a partial migration of financial firms from London to the EU27 (EU minus UK) to ensure they can continue to serve their EU27 clients. Four major cities will host most of the new EU27 wholesale markets: Frankfurt, Paris, Dublin and Amsterdam. These cities have far fewer people employed in finance than London. Moreover, they host the European headquarters of fewer large companies. The partial migra- tion of financial firms will thus have a major impact on these cities and their infrastructures. Banks are the key players in wholesale markets. United States and Swiss investment banks, together with one large German and three large French banks, will make up the core of the new EU27 wholesale markets. Some Dutch, Italian and Spanish banks are in the second tier. The forex, securities and derivatives trading markets are now in London. We map the current, limited market share of the four major cities that might host the EU27 client business. The expected migration of financial trading will lead to a large increase in trading capacity (eg bank trading floors). Clearing is the backbone of modern financial markets. A comparative overview of clearing facilities in the EU27 shows that Germany and France have some clearing capacity, but this will need to be expanded. The ownership of clearing is often intertwined with stock exchanges. Were the planned LSE-Deutsche Börse merger to go ahead, LSE would sell the Paris subsidiary of its clearinghouse. In terms of legal systems, there is an expectation that trading activities will be able to continue under English contract law, also in the EU27. A particular challenge is to develop FinTech (financial technology) in the EU27, as this innovative part of the market is currently based in London. We estimate that some 30,000 jobs might move from London to the EU27. This will put pressure on the facilities (infrastructure, offices, residential housing) in the recipient cities. The more the European Union market for financial services is integrated, the less need there will be for financial firms to move to one location, reducing the pressure for all facilities to be in one city (see Sapir et al, 2017, which is a companion piece to this paper).
Topic:
International Political Economy, International Trade and Finance, and Brexit
Political Geography:
Britain and Europe

115. Fundamental uncertainty and unconventional monetary policy: an info-gap approach

Author:
Yakov Ben-Haim, Maria Demertzis, and Jan Willem Van Den End
Publication Date:
02-2017
Content Type:
Working Paper
Institution:
Bruegel
Abstract:
This paper applies the info-gap approach to the unconventional monetary policy of the Eurosystem and so takes into account the fundamental uncertainty on inflation shocks and the transmission mechanism. The outcomes show that a more demanding monetary strategy, in terms of lower tolerance for output and inflation gaps, entails less robustness against uncertainty, particularly if financial variables are taken into account. Augmenting the Taylor rule with a financial variable leads to a smaller loss of robustness than taking into account the effect of financial imbalances on the economy. However, in some situations, the augmented model is more robust than the baseline model. A conclusion from our framework is that including financial imbalances in the monetary policy objective does not necessarily increase policy robustness, and may even decrease it
Topic:
Economics, International Political Economy, and International Trade and Finance
Political Geography:
Europe

116. Europe in a new world order

Author:
Maria Demertzis, André Sapir, and Guntram Wolff
Publication Date:
02-2017
Content Type:
Policy Brief
Institution:
Bruegel
Abstract:
The United States is the European Union’s most important trade and bilateral investment partner, which has, until now, supported a multilateral trade system and European integration and has provided a security guarantee to the countries of the EU. But like other advanced economies, the US’s relative weight in the global economy has declined. The new US administration seems intent on replacing multilateralism with bilateral deals. In trade, it aims to secure new trade deals in order to reduce bilateral trade deficits and to protect, in particular, the US manufacturing sector. In climate policy, the US commitment to the Paris Agreement is being questioned. In defence, the security umbrella appears less certain than previously. The overall promise behind this change of direction is to put ‘America first’ and deliver better results for US citizens.
Topic:
International Political Economy, International Trade and Finance, Bilateral Relations, Multilateral Relations, and Political stability
Political Geography:
Europe and United States of America

117. Making the best of Brexit for the EU27 financial system

Author:
Andre Sapir, Dirk Schoenmaker, and Nicolas Veron
Publication Date:
02-2017
Content Type:
Policy Brief
Institution:
Bruegel
Abstract:
The United Kingdom’s exit from the European Union creates an opportunity for the remaining EU27 to accelerate the development of its financial markets and to increase its resilience against shocks. Equally, Brexit involves risks for market integrity and stability, because the EU including the UK has been crucially dependent on the Bank of England and the UK Financial Conduct Authority for oversight of its wholesale markets. Without the UK, the EU27 must swiftly upgrade its capacity to ensure market integrity and financial stability. Furthermore, losing even partial access to the efficient London financial centre could entail a loss of efficiency for the EU27 economy, especially if financial developments inside the EU27 remain limited and uneven.
Topic:
Economics, International Political Economy, International Trade and Finance, Political stability, and Brexit
Political Geography:
Britain and Europe

118. Why is it so hard to reach the EU’s ‘poverty’ target?

Author:
Zsolt Darvus
Publication Date:
01-2017
Content Type:
Policy Brief
Institution:
Bruegel
Abstract:
The ‘poverty’ target set by the European Commission aims to lift “over 20 million people out of poverty” between 2008 and 2020 in the EU27. Progress to date against this target has been disappointing. Why is it so hard to reach the Europe 2020 ‘poverty’ target? What does the poverty indicator actually measure?
Topic:
Economics, International Political Economy, International Trade and Finance, and Poverty
Political Geography:
Europe

119. Brexit -- What Does It Mean for Ireland?

Author:
John Bruton
Publication Date:
05-2017
Content Type:
Special Report
Institution:
Center for Transatlantic Relations
Abstract:
Testimony by CTR Distinguished Fellow and former Irish Prime Minister John Bruton at the Seanad Special Select Committee on the UK’s Withdrawal from the European Union on Thursday, April 27 2017.
Topic:
International Trade and Finance, Treaties and Agreements, Border Control, European Union, and Brexit
Political Geography:
United Kingdom, Europe, Ireland, and European Union

120. Belarus-West Relations: The New Normal

Author:
Dzianis Melyantsou
Publication Date:
03-2017
Content Type:
Working Paper
Institution:
Center for Transatlantic Relations
Abstract:
This paper is part of CTR's Working Paper Series: "Eastern Voices: Europe's East Faces an Unsettled West." The new geopolitical environment formed after the annexation of Crimea and the war in the Donbas, together with emerging threats and challenges, are pressing both Belarus and the West to revise their policies in the region as well as their relations with each other. In this new context, Belarus is seeking a more balanced foreign policy and, at least towards the Ukrainian crisis, a more neutral stance.
Topic:
International Relations, Diplomacy, International Trade and Finance, War, Territorial Disputes, Foreign Aid, Sanctions, and Geopolitics
Political Geography:
Russia, Europe, Ukraine, Belarus, Crimea, United States of America, and European Union

121. What Ukraine Should Demand of Itself and from the West

Author:
Natalie A. Jaresko
Publication Date:
03-2017
Content Type:
Working Paper
Institution:
Center for Transatlantic Relations
Abstract:
This paper is part of CTR's Working Paper Series: "Eastern Voices: Europe's East Faces an Unsettled West." Once again, the world is grappling with historic challenges, as it did when the Soviet Union fell in 1991, and once more, Ukraine is at the forefront of these challenges. The Kremlin’s attempts to destroy Ukraine’s European aspirations is simply one of Russia's many challenges to the post-World War II international liberal order. The actions of the Kremlin -- be they in Ukraine, Georgia, Moldova, and Syria; in the U.S. electoral process; or in the funding of far-right and far-left political parties throughout Europe -- have but one purpose: to destroy the transatlantic partnership and the principles of the post-World War II order and peace. Ukraine is simply one of the battlegrounds, but it is a key because it is in Europe. Unity of the transatlantic partnership and of the democratic nations is critical. Unity of support for the Ukrainian transition process is a serious part of this battle, because Ukraine’s successful democratic, rule-of-law based transformation is key to ensuring a Europe whole, free and at peace.
Topic:
International Trade and Finance, Territorial Disputes, Economy, and Protests
Political Geography:
Russia, Europe, Ukraine, and Crimea

122. The Future Development of EU Exports in a Global Context

Author:
Robert Stehrer, Roman Stöllinger, and Sandra Leitner
Publication Date:
11-2017
Content Type:
Working Paper
Institution:
Center for Social and Economic Research - CASE
Abstract:
Global trade patterns are changing rapidly. Emerging economies are increasing their share of exports overall and intensifying competition in nearly all sectors. Using a gravity-based approach, this report examines the future profile of European Union (EU) world market shares at the aggregate and sectoral level. It further points towards the changing patterns of trade within the EU. Based on the results, some conclusions on EU industrial policy are drawn.
Topic:
Industrial Policy, International Trade and Finance, Global Markets, Economic Growth, and Trade
Political Geography:
Europe, Global Focus, and European Union

123. The Eurozone’s Hidden Strengths

Author:
Daniel Gros
Publication Date:
06-2017
Content Type:
Commentary and Analysis
Institution:
Centre for European Policy Studies (CEPS)
Abstract:
For years, the eurozone has been perceived as a disaster area, with discussions of the monetary union’s future often centred on a possible breakup. When the British voted to leave the European Union last year, they were driven partly by the perception of the eurozone as a dysfunctional and possibly unsalvageable project. Yet, lately, the eurozone has become the darling of financial markets – and for good reason. The discovery of the eurozone’s latent strength was long overdue. Indeed, the eurozone has been recovering from the crisis of 2011-12 for several years. On a per capita basis, its economic growth now outpaces that of the United States. The unemployment rate is also declining – more slowly than in the US, to be sure, but that partly reflects a divergence in labour-force participation trends.
Topic:
International Political Economy and International Trade and Finance
Political Geography:
Europe

124. Europe and the Gulf Crisis

Author:
Stasa Salacanin
Publication Date:
09-2017
Content Type:
Special Report
Institution:
Al Jazeera Center for Studies
Abstract:
The GCC crisis has put all international actors, including Europe, in a complicated position, and as ever louder calls for the greater engagement in the mediation process comes at challenging times as Europe is facing countless problems at home.
Topic:
International Relations and International Trade and Finance
Political Geography:
Europe and Middle East

125. The European Union and Turkey in 2017: Move On or Apart?

Author:
Michael Werz
Publication Date:
07-2017
Content Type:
Policy Brief
Institution:
Center for American Progress - CAP
Abstract:
Turkey’s efforts to negotiate for full membership in the European Union have now dragged on for more than a decade. Instead of bringing Turkey and the EU closer together, today the two are more estranged than ever before—and rapidly moving in opposite directions. While many of the relevant European countries have—albeit with difficulties—managed to stave off a wave of populist nationalism for the time being and are on a solid or at least stable growth path, the economic and political environment in Turkey continues to deteriorate. With mounting private debt, often denominated in foreign currencies, Turkey is desperately dependent on foreign direct investment—two-thirds of which comes from EU member states—and a renegotiation of the customs union.1 Even more concerning has been the profound political polarization, ethnic tensions, and sectarianism that have come to dominate public life in Turkey. The ruling party has overseen an enormous centralization of power, jailing opposition parliamentarians, reassigning thousands of judges and prosecutors, and bringing relentless political pressure to bear on Turkish civil society organizations. At last count, 15 of Turkey’s 191 universities have been closed by government decree, more than 130 journalists have been jailed, 178 media outlets have been shut down or put under government control, and 5,000 university professors from 112 universities have been dismissed.2 At the same time, a low-intensity civil war continues between the Kurdistan Workers’ Party (PKK) and the Turkish state in Eastern Anatolia, with dozens of casualties on both sides every week.3 Cumulatively, these developments have brought the relationship between the EU and Turkey to a decision point—it is time for the EU to revisit past strategies, readjust, and devise a path forward that encompasses both elements of a hard line approach when it comes to human rights and democracy within Turkey and an even stronger emphasis on continued engagement. At times, these strategies will exclude each other, but given the current state of affairs, there is no alternative. All elements of the complex relationship are at play and should be considered assets in a redefined EU strategy, one that will increasingly have to shift from political pressures to economic quid pro quo to generate the necessary leverage. A stronger approach is not only needed to save Turkey from further deterioration; these developments also have a direct impact on Europe, given Turkey’s close ties with the continent and with large emigrant communities, especially in Germany, the Netherlands, and France. While there is consensus that the current turmoil within the European Union and in Turkey requires decisive action, EU policymakers still disagree about the best path forward. Traditional tools of policy engagement—the membership process, high-level consultations, and increased economic cooperation—more often have seemed to exacerbate problems in recent years than resolve them, and other options are lacking. Each one of these tools has become less effective the more Turkey has gravitated into a state of centralized authoritarianism. Given this current situation, a more systematic and strategic engagement with Turkish civil society is one of the few potentially productive avenues open to EU policymakers who seek to support Turkish democracy and maneuver it toward more enlightened EU-Turkish relations.
Topic:
Diplomacy, International Trade and Finance, Regional Cooperation, Treaties and Agreements, European Union, and Regionalism
Political Geography:
Europe and Turkey

126. UK Policy Options and the South Atlantic

Author:
Martin Robson
Publication Date:
12-2017
Content Type:
Journal Article
Journal:
AUSTRAL: Brazilian Journal of Strategy International Relations
Institution:
Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
Abstract:
This article utilises International Relations role theory to analyse a number of potential roles for the United Kingdom as an actor with vested interests in the South Atlantic. It assesses the contemporary context of the UK’s trading relationship with the South Atlantic in light of the ongoing dialogue between the EU and the UK with regard to BREXIT. It also recognises the strategic realities of the South Atlantic and the UK’s Overseas Territories in the region. It posits that the UK, as a strategic actor in the South Atlantic, is limited in its role choices and that the role of ‘Opportunistic Partner’ in terms of its relationship with Argentina, offers the most scope as the basis for future mutually beneficial trading relations to normalise further political relations between the two countries.
Topic:
Diplomacy, International Trade and Finance, European Union, and Brexit
Political Geography:
Africa, United Kingdom, Europe, South America, and South Atlantic

127. Arctic Imperatives: Reinforcing U.S. Strategy on America’s Fourth Coast

Author:
Thad W. Allen, Christine Todd Whitman, and Esther Brimmer
Publication Date:
03-2017
Content Type:
Special Report
Institution:
Council on Foreign Relations
Abstract:
"The United States, through Alaska, is a significant Arctic nation with strategic, economic, and scientific interests," asserts a new Council on Foreign Relations-sponsored (CFR) Independent Task Force report, Arctic Imperatives: Reinforcing U.S. Strategy on America's Fourth Coast. With the Arctic "warming at twice the rate as the rest of the planet" and melting sea ice opening up this resource-rich region to new trade routes and commercial activities, the report stresses that "the United States needs to increase its strategic commitment to the region or risk leaving its interests unprotected." The report notes that while Russia has numerous ice-breaking vessels and China is building a third icebreaker, the United States owns only two operational icebreaking ships—one heavy icebreaker and one medium-weight icebreaker—to serve both the Arctic and the Antarctic. Asserting that "icebreakers are a national capacity" required for a range of maritime missions to support U.S. security, economic, and commercial needs, the Task Force recommends that the United States fund and build additional icebreakers. The report also finds that the United States needs greater investment in Alaskan infrastructure, including deepwater ports, roads, and reliable telecommunications, to support economic development and a sustained security presence in the region. Currently, "almost no marine infrastructure is in place within the U.S. maritime Arctic."
Topic:
Climate Change, International Trade and Finance, Infrastructure, Hegemony, and Conflict
Political Geography:
Russia, China, Europe, Asia, North America, Arctic, and United States of America

128. European insurance union and how to get there

Author:
Dirk Schoenmaker
Publication Date:
12-2016
Content Type:
Policy Brief
Institution:
Bruegel
Abstract:
What are the arguments for and against centralisation of insurance supervision? What would be the scope of a possible insurance union, and what would the legal basis be? How rapid should the move to insurance union be? This Policy Brief sets out to answer these questions.
Topic:
Economics and International Trade and Finance
Political Geography:
Europe

129. How ASEAN’s Transformation Can Play Out Well for Europe

Author:
Damian Wnukowski
Publication Date:
02-2016
Content Type:
Policy Brief
Institution:
The Polish Institute of International Affairs
Abstract:
The transformation of ASEAN into an economic community is a significant step in the organisation’s integration process. The project, formally launched at the beginning of 2016, aims at creation of a single market of more than 620 million people, loosens the flow of goods, services and investment, which should underpin regional economic growth and catch the attention of foreign businesses. However, obstacles to economic cooperation remain, such as limitations on the movement of labour or capital, which shows that the integration process is not yet complete. The EU, which can benefit from a well-functioning market in this region, should share its own experience to support the ASEAN integration process.
Topic:
Economics, International Trade and Finance, Markets, Politics, and Labor Issues
Political Geography:
Europe

130. Political Economy of Trade With the European Union: South Africa's Pursuit of Narrow Self-Interest

Author:
Oscar Van Heerden
Publication Date:
06-2016
Content Type:
Journal Article
Journal:
AUSTRAL: Brazilian Journal of Strategy International Relations
Institution:
Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
Abstract:
In the years between 1995 and 2008 South Africa was engaged in trade negotiations with the European Union (EU), which were seen as platform for addressing the trade imbalances in favour of the EU. In 2002, a Free Trade Agreement (FTA) was signed between South Africa and the EU. Despite its membership to the Southern Africa Development Community (SADC), South Africa engaged on the negotiations on its own which led to trade and political tensions with other countries within the community. By going alone South Africa was clearly indicating an appetite to vigorously pursue its interests at the expense of regional partners. It is argued that the exclusion, at an early stage of the negotiations, of other regional countries within SADC was counterproductive and had the potential to harm the regional trade relations. In addition, the change of approach at later stage that brought in the regional approach to the negotiations improved the regional trade relations within SADC.
Topic:
Development, International Trade and Finance, Regional Cooperation, and European Union
Political Geography:
Africa, Europe, and South Africa

131. Politics of “Reluctant Allies”

Author:
Yu Bin
Publication Date:
09-2016
Content Type:
Journal Article
Journal:
Comparative Connections
Institution:
Pacific Forum
Abstract:
The China-Russia relationship was both extraordinary and ordinary. On one hand, both sides were visibly, albeit reluctantly, moving toward more security-strategic coordination to offset growing pressure from the US and its allies. On the other hand, they continued to interact with a mix of cooperation, competition, and compromise for interests and influence in a range of areas including trade, investment, and regional development. Neither trend was definitive, given the complex dynamics between the two, as well as their respective relations with others, which are beyond the control of Moscow or Beijing. The asymmetry between “high” and “low” politics in their bilateral ties may be normal, if not necessarily desirable. Nevertheless, the scope, speed, and sustainability of the emerging Sino-Russian strategic alignment deserve careful scrutiny.
Topic:
Security, International Trade and Finance, Bilateral Relations, Alliance, and Strategic Interests
Political Geography:
Russia, China, Europe, and Asia

132. CETA Without Blinders: How Cutting ‘Trade Costs and More’ Will Cause Unemployment, Inequality and Welfare Losses

Author:
Pierre Kohler and Servaas Storm
Publication Date:
10-2016
Content Type:
Working Paper
Institution:
Global Development and Environment Institute at Tufts University
Abstract:
Proponents of the Comprehensive Economic and Trade Agreement (CETA) emphasize its prospective economic benefits, with economic growth increasing due to rising trade volumes and investment. Widely cited official projections suggest modest GDP gains after about a decade, varying from between 0.003% to 0.08% in the European Union and between 0.03% to 0.76% in Canada. However, all these quantitative projections stem from the same trade model, which assumes full employment and neutral (if not constant) income distribution in all countries, excluding from the outset any of the major risks of deeper liberalization. This lack of intellectual diversity and of realism shrouding the debate around CETA’s alleged economic benefits calls for an alternative assessment grounded in more realistic modeling premises. In this paper, we provide alternative projections of CETA’s economic effects using the United Nations Global Policy Model (GPM). Allowing for changes in employment and income distribution, we obtain very different results. In contrast to positive outcomes projected with full-employment models, we find CETA will lead to intra-EU trade diversion. More importantly, in the current context of tepid economic growth, competitive pressures induced by CETA will cause unemployment, inequality and welfare losses. At a minimum, this shows that official studies do not offer a solid basis for an informed decision on CETA.
Topic:
International Trade and Finance, European Union, GDP, and Diversity
Political Geography:
Europe

133. Shifting Sands: Power, Uncertainty and the Form of International Legal Cooperation

Author:
Timothy Meyer
Publication Date:
01-2016
Content Type:
Journal Article
Abstract:
This article argues that the form of international agreements – binding hard law agreements versus non-binding soft law agreements – can be partially explained by states’ interests in promoting renegotiation in the presence of uncertainty and shifting power. I make this argument in three steps. First, I explain that states regularly use unilateral non-compliance as a renegotiation strategy. Second, I argue that making an agreement soft facilitates this use of unilateral non-compliance. Third, I analyse the conditions – uncertainty characterized by common interests (but not uncertainty characterized by distributive concerns) and shifting power – under which facilitating renegotiation through soft law will appeal to states. In particular, I argue that in the presence of these conditions preventing renegotiation creates long-term costs for states that can inhibit short-term cooperation. In effect, under these conditions the shadow of the future can inhibit cooperation rather than support it, as is conventionally thought. These conditions are common to many major contemporary subjects of international cooperation in a way they were not during the latter half of the 20th century, partially explaining the increased importance of soft law to contemporary international governance.
Topic:
International Relations, International Law, International Trade and Finance, Treaties and Agreements, and United Nations
Political Geography:
Europe, United Nations, and Global Focus

134. Shifting Sands: Power, Uncertainty and the Form of International Legal Cooperation

Author:
Timothy Meyer
Publication Date:
01-2016
Content Type:
Journal Article
Abstract:
This article argues that the form of international agreements – binding hard law agreements versus non-binding soft law agreements – can be partially explained by states’ interests in promoting renegotiation in the presence of uncertainty and shifting power. I make this argument in three steps. First, I explain that states regularly use unilateral non-compliance as a renegotiation strategy. Second, I argue that making an agreement soft facilitates this use of unilateral non-compliance. Third, I analyse the conditions – uncertainty characterized by common interests (but not uncertainty characterized by distributive concerns) and shifting power – under which facilitating renegotiation through soft law will appeal to states. In particular, I argue that in the presence of these conditions preventing renegotiation creates long-term costs for states that can inhibit short-term cooperation. In effect, under these conditions the shadow of the future can inhibit cooperation rather than support it, as is conventionally thought. These conditions are common to many major contemporary subjects of international cooperation in a way they were not during the latter half of the 20th century, partially explaining the increased importance of soft law to contemporary international governance.
Topic:
International Law, International Trade and Finance, Treaties and Agreements, and United Nations
Political Geography:
Europe, United Nations, and Global Focus

135. Exposition industrielle, production de réseaux et construction d’imaginaires : la Foire internationale du Müsiad et les représentations de l’Etat turc (Industrial Exhibition, Network Production and Construction of Imaginaries : the International Müsiad Fair and Representations of the Turkish State )

Author:
Dilek Yankaya
Publication Date:
11-2015
Content Type:
Case Study
Institution:
Centre d'Etudes et de Recherches Internationales
Abstract:
Müsiad International Fair held in Istanbul in 2014 aroused great public interest due to the strong presence of political elites as well as to the mobilization of a large network of institutions, firms and media partners. International exhibitions are relevant fields to explore the formation of trade circuits and the creation of sociabilities, as well as to question the political and international issues central to the construction of trade networks and markets. This event appears as the representation of the Turkish state as it is formed under the AKP power. We witness a double trend of reconfiguration and of internationalization of the state constituting processes through the phenomena of increased interactions between private enterprise and public action on one side and the shrinkage of patronage networks on the other. Participating to this event therefore becomes a question of legitimization and delegitimization for private actors regarding these networks of power, the production of which is based on the presentation of economic and industrial productions and goes together with the creation of Imaginaries. The ethnographic study of the fair shows how industrial, cultural and symbolic representations bring about the production of two types of Imaginary, one related to the reinvention of the idea of the ummah across merchant networks and the other referring to the supremacy of Turkey as the carrier of this project.
Topic:
International Trade and Finance, Sociology, Political Science, Networks, State, and Ethnography
Political Geography:
Europe, Turkey, Asia, and Istanbul

136. Europe: The Current Situation and the Way Forward

Author:
Wolfgang Schäuble
Publication Date:
04-2015
Content Type:
Video
Institution:
Columbia University World Leaders Forum
Abstract:
This World Leaders Forum program features an address by Wolfgang Schäuble, Germany's Federal Minister of Finance, titled Europe: The Current Situation and the Way Forward. The address will be followed by a panel discussion and question and answer session with the audience.
Topic:
Defense Policy, Economics, International Trade and Finance, Regional Cooperation, and Monetary Policy
Political Geography:
Europe

137. Stability Bonds for the Euro Area

Author:
Angel Ubide
Publication Date:
12-2015
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
The rules and buffers created in the last few years to enable the euro area to withstand another sudden stop of credit and market-driven panic in one or more of its member states are welcome steps, but they are widely recognized as inadequate. Ubide proposes creating a system of stability bonds in the euro area, to be issued by a new European Debt Agency, to partially finance the debt of euro area countries—up to 25 percent of GDP. These stability bonds should be initially backed by tax revenues transferred from national treasuries, but ultimately by the creation of euro area–wide tax revenues, and used to fund the operations of national governments. They could also be used for euro area–wide fiscal stimulus, to complement the fiscal policies of member states. Such bonds would strengthen the euro area economic infrastructure, creating incentives for countries to reduce their deficits but not forcing them to do so when such actions would drive their economies further into a downturn. The bonds would permit the euro area to adopt a more flexible or expansionary fiscal policy during recessions.
Topic:
Economics, International Trade and Finance, Monetary Policy, and GDP
Political Geography:
Europe

138. Financing SMEs in Europe: Stylised Facts, Policies, Challenges

Author:
Daniele Ciani, Paolo Finaldi Russo, and Valerio Vacca
Publication Date:
12-2015
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
This paper describes the main features of European SMEs’ financial behaviour and the policies recently put in place to support their funding. European SMEs are structurally more leveraged and charged with higher interest rates than large firms. Moreover, the crisis has deeply affected their fund-raising capacity, as banks reduced credit supply while non-bank funding was unavailable to most SMEs. Against this background, EU has focussed its policies on long-term investment and on a more favourable environment for SMEs financing, including through the launch of the Capital Markets Union. At the national level, most governments have provided guarantees and enhanced the role of national development banks. Nevertheless, key issues are still outstanding, such as the funding of innovative firms and the improvement of transparency and of the legal and regulatory frameworks.
Topic:
Economics, International Trade and Finance, Markets, and European Union
Political Geography:
Europe
Publication Identifier:
978-88-98650-71-2
Publication Identifier Type:
ISBN

139. Is Europe to Benefit from China's Belt and Road Initiative?

Author:
Nicola Casarini
Publication Date:
10-2015
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
With the One Belt One Road (OBOR), arguably Beijing’s major diplomatic outreach in decades, a process towards greater Sino-European connectivity has been put in place. The implementation of the OBOR in Europe has focused so far on financing infrastructure projects, in particular railways in Southeast Europe and ports in the Mediterranean Sea. This has been complemented by growing monetary linkages between the People’s Bank of China and European central banks through the establishment of currency swap agreements and yuan bank clearing – so-called “offshore renminbi hubs” – with the aim of lowering transaction costs of Chinese investment and bolstering the use of the Chinese currency. While there are undoubtedly great economic opportunities, China’s OBOR initiative also presents the EU with a major political challenge. There is the risk, in fact, that a scramble for Chinese money could further divide EU member states and make it difficult for Brussels to fashion a common position vis-à-vis Beijing. Furthermore, China’s economic penetration into Europe may lead – if not properly managed – to a populist backlash as well as a strain in relations with Washington. All these elements should be taken into consideration by EU policymakers, as China’s OBOR makes inroads into the Old Continent.
Topic:
Development, International Trade and Finance, Bilateral Relations, and Infrastructure
Political Geography:
China and Europe
Publication Identifier:
978-88-98650-64-4
Publication Identifier Type:
ISBN

140. China's New Silk Road Initiative

Author:
Zhao Minghao
Publication Date:
10-2015
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
The European Council has mandated the High Representative of the Union for Foreign Affairs and Security Policy, Federica Mogherini, to draft a Global Strategy by June 2016. Given Europe’s status as a global power, such a strategy must respond to Europe’s own challenges as well as to the new grand strategies of other major players in world politics, like China. To better understand the central tenets of the Chinese leadership’s strategic thinking, two keywords are most important – the “Four Comprehensives” and the “One Belt and One Road” (OBOR). As an initiative mainly focusing on promoting Eurasian integration and reshaping Chinese geo-economic advantages, the OBOR is highly consequential to China’s interactions with Europe and the rest of the world at large in the decades to come. How to take advantage of the OBOR, create new EU-China synergies, and tackle relevant challenges are questions the EU leaders should be attentive to.
Topic:
Economics, International Cooperation, International Trade and Finance, Markets, and Bilateral Relations
Political Geography:
Europe and Asia
Publication Identifier:
978-88-98650-61-3
Publication Identifier Type:
ISBN

141. Nordstream 2: Too Many Obstacles, Legal, Economic, and Political to be Delivered?

Author:
Alan Riley
Publication Date:
11-2015
Content Type:
Policy Brief
Institution:
Atlantic Council
Abstract:
Germany may be seeking to expedite the construction of Russia's Nordstream 2 pipeline by shielding the controversial project from tough the laws of the European Union (EU), according to a transcript of talks between Russian President Vladimir Putin and German Energy Minster Sigmar Gabriel, Atlantic Council Senior Fellow Alan Riley writes in "Nordstream 2: Too Many Obstacles, Legal, Economic, and Political to Be Delivered?".
Topic:
Energy Policy, International Law, International Trade and Finance, Natural Resources, and European Union
Political Geography:
Russia and Europe

142. In Search of a New Balance between Agricultural Trade and Development in the Euro-Mediterranean

Author:
Marko Lovec
Publication Date:
11-2015
Content Type:
Policy Brief
Institution:
IEMed/EuroMeSCo
Abstract:
The recent food security crisis has shed light on the importance of agricultural development in the South Mediterranean countries. An ‘urban bias’ and ‘trade liberalisation’ policies have resulted in growing dependence on imports, narrow specialisations and unsustainable production practices. The Euro-Mediterranean integration process has put trade liberalisation in the centre of attention, while the progress in agriculture has been limited. The purpose of this paper is to analyse the challenges faced by agro-food systems in Southern and Eastern Mediterranean Countries, with specific attention to the role of the Euro-Mediterranean integration and the reform of the Common Agricultural Policy. The paper also reviews relevant economic and environmental data in selected South and East Mediterranean countries.
Topic:
Security, Agriculture, Development, Economics, International Trade and Finance, and Food
Political Geography:
Europe

143. EU-India Strategic Partnership Needs a Reality Check

Author:
Patryk Kuglel
Publication Date:
10-2015
Content Type:
Policy Brief
Institution:
The Polish Institute of International Affairs
Abstract:
The EU-India Strategic Partnership launched in 2004 has made only modest achievements and needs a thorough rethink. Both sides must reset cooperation and base it on a more realistic footing centred on common interests, such as economic cooperation, global governance, development cooperation, and defence. The resumption of free trade negotiations, the organisation of a long overdue bilateral summit, and more frank dialogue on contentious issues is necessary in order to utilise the partnership’s potential. Poland may use this strategic drift to revitalise bilateral cooperation and play a more active role in reviving EU-India dialogue.
Topic:
Economics, International Trade and Finance, Politics, Bilateral Relations, and Governance
Political Geography:
Europe and India

144. Global Remittances: Update on the UK-Somali Corridor

Author:
Mohamed Aden Hassan and Giulia Liberatore
Publication Date:
01-2015
Content Type:
Journal Article
Journal:
Bildhaan: An International Journal of Somali Studies
Institution:
Macalester College
Abstract:
In May 2013 Barclays Bank in the UK announced it was shutting down the accounts of four Somali Money Service Businesses (MSBs) includ- ing Dahabshiil, the largest remittance company operating in the Somali regions. Following international uproar, and a Somali diaspora-led grassroots campaign, the UK government took on the task of setting up an Action Group on Cross Border Remittances and a Somali-UK Safer Corridor Pilot Project with the aim of finding a durable solution to the problem. Two years later, however, the Safer Corridor Project has collapsed. Legal remittance flows persist, albeit in a fragile and precarious environment. This paper provides a brief update on the Safer Corridor Initiative, its challenges, and how the money transfer sector has been adapting to the process.
Topic:
International Cooperation, International Trade and Finance, Diaspora, and Legal Theory
Political Geography:
Africa, United Kingdom, Europe, and Somalia

145. All Still Quiet in the East

Author:
Yu Bin
Publication Date:
05-2015
Content Type:
Journal Article
Journal:
Comparative Connections
Institution:
Pacific Forum
Abstract:
China-Russia relations were quite uneventful in the first four months of 2015. Instead, Moscow and Beijing seemed on divergent paths as the former continued to be plagued by geopolitics (Ukraine, Iran, etc.), while the latter was busy with geoeconomics (Asian Infrastructure Investment Bank (AIIB), Belt and Road Initiative, etc.). Beneath the surface calm, however, preparations were in high gear for the coming months in both symbolic (70th V-Day anniversary) and substantive areas such as strategic consultation, aerospace cooperation, and military sales.
Topic:
Diplomacy, International Cooperation, International Trade and Finance, Bilateral Relations, and Infrastructure
Political Geography:
Russia, China, Europe, and Asia

146. Double Remedies in Double Courts

Author:
Sungjoon Cho and Thomas H. Lee
Publication Date:
04-2015
Content Type:
Journal Article
Abstract:
This article uses an ongoing trade controversy litigated in US courts and the World Trade Organization dispute resolution system as a vehicle for exploring different models to deal with parallel adjudications in different legal systems between the same or related parties on the same issue. In lieu of more traditional models of subordination or first-to-decide sequencing, the article proposes an engagement model as a solution to the double-courts, single-issue problem.
Topic:
International Law, International Trade and Finance, World Trade Organization, and Courts
Political Geography:
China, Europe, and United States of America

147. Arnaud de Nanteuil. Droit International de l'investissement

Author:
Eric De Brabandere
Publication Date:
04-2015
Content Type:
Journal Article
Abstract:
There clearly is no dearth in publications dealing with the burgeoning field of international investment law. And one might wonder whether another handbook is needed on the subject. Yet Arnaud de Nanteuil’s Droit International de l’investissement has certain features that make the book of particular interest. Notably, it constitutes the first francophone handbook exclusively dedicated to international investment law.
Topic:
International Law, International Trade and Finance, Treaties and Agreements, and Courts
Political Geography:
Europe and France

148. Who Wants What? – Final Offer Arbitration in the World Trade Organization

Author:
Jaime Tijmes
Publication Date:
07-2015
Content Type:
Journal Article
Abstract:
The World Trade Organization’s (WTO) Dispute Settlement Understanding (DSU) favours negotiated settlements for disputes. However, arbitrations according to Article 22.6 of the DSU have been carried out as compulsory conventional arbitrations, even though such arbitrations do not offer strong incentives for the parties to reach a settlement. For quite some time, scholars have studied other forms of arbitration that may encourage settlements more strongly, such as final offer arbitration. Yet this form of arbitration has received rather limited attention in the academic discussion about dispute settlement under the WTO. This article explores to what extent final offer arbitration might make sense for settling WTO disputes and concludes that it would be suitable for arbitrations pursuant to Article 22.6 of the DSU, specifically for setting the level of suspension of obligations and, under certain circumstances, for deciding on so-called cross-retaliation pursuant to Article 22.3 of the DSU. Before negotiations start, parties to a dispute should agree on final offer arbitration if arbitration should be deemed necessary. Such an agreement might be expressed in a pre-emptive joint proposal on procedural aspects. Amendment of the DSU would then be unnecessary.
Topic:
International Law, International Trade and Finance, Treaties and Agreements, and World Trade Organization
Political Geography:
Europe and Global Focus

149. Michael Fakhri. Sugar and the Making of International Trade Law

Author:
Anna Chadwick
Publication Date:
07-2015
Content Type:
Journal Article
Abstract:
Michael Fakhri in his book Sugar and the Making of International Law takes inspiration from Antony Anghie, a scholar who famously disrupted prevalent conceptions of public international law. Using sugar as a ‘trace element’, Fakhri follows Anghie’s lead in retracing the historical origins of international trade law in order to challenge pervasive perceptions about this legal regime. What he is keen to demonstrate is that free trade, like state sovereignty, is not something that international institutions are merely officiating. Rather, the meaning of this concept has shifted over time as it has been applied by different institutions and actors within the international legal order to differential effect. It has been both conditioned by, and received the conditioning of, broader political, economic and social forces. Critically, it is as much the product of international institutions governing trade as it is their purpose.
Topic:
Agriculture, Imperialism, International Law, International Trade and Finance, History, World Trade Organization, and Economy
Political Geography:
Britain, Europe, and Global Focus

150. Estimating Illicit Flows of Capital via Trade Mispricing: A Forensic Analysis of Data on Switzerland

Author:
Alex Cobham, Petr Janský, and Alex Prats
Publication Date:
01-2014
Content Type:
Working Paper
Institution:
Center for Global Development
Abstract:
This paper assesses the role of Switzerland as the leading hub for global commodities trading, in terms of the patterns of prices received by original exporting countries and subsequently by Switzerland and other jurisdictions. We find support for the hypotheses that (i) the average prices for commodity exports from developing countries to Switzerland are lower than those to other jurisdictions; and that (ii) Switzerland declares higher (re-)export prices for those commodities than do other jurisdictions. This pattern implies a potential capital loss for commodity exporting developing countries and we provide a range of estimates of that loss - each of which suggests the scale is substantial (the most conservative is around $8 billion a year) and that the issue merits greater research and policy attention. An important first step would be a Swiss commitment to meet international norms of trade transparency.
Topic:
Economics, Industrial Policy, International Trade and Finance, Markets, and Developing World
Political Geography:
Europe and Switzerland