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1. Istanbul Journal of Economics: Volume 73 Issue 2

Author:
Gökhan Karabulut
Publication Date:
12-2023
Content Type:
Journal Article
Journal:
Istanbul Journal of Economics
Institution:
Istanbul University Faculty of Economics
Abstract:
Istanbul Journal of Economics-İstanbul İktisat Dergisi is an open access, peer-reviewed, scholarly journal published two times a year in June and December. It has been an official publication of Istanbul University Faculty of Economics since 1939. The manuscripts submitted for publication in the journal must be scientific and original work in Turkish or English. Being one of the earliest peer-reviewed academic journals in Turkey in the area of economics, Istanbul Journal of Economics-İstanbul İktisat Dergisi aims to provide a forum for exploring issues in basicly economics and publish both disciplinary and multidisciplinary articles. Economics is the main scope of the journal. However, multidisciplinary and comparative approaches are encouraged as well and articles from various social science areas such as sociology of economics, history, social policy, international relations, financial studies are welcomed in this regard. The target group of the journal consists of academicians, researchers, professionals, students, related professional and academic bodies and institutions.
Topic:
Debt, Economics, Globalization, Tourism, Capitalism, Finance, Ethics, Economic Growth, Tax Systems, Macroeconomics, and Unemployment
Political Geography:
Turkey and Middle East

2. Istanbul Journal of Economics: Volume 72 Issue 1

Author:
Gökhan Karabulut
Publication Date:
01-2022
Content Type:
Journal Article
Journal:
Istanbul Journal of Economics
Institution:
Istanbul University Faculty of Economics
Abstract:
Istanbul Journal of Economics-İstanbul İktisat Dergisi is an open access, peer-reviewed, scholarly journal published two times a year in June and December. It has been an official publication of Istanbul University Faculty of Economics since 1939. The manuscripts submitted for publication in the journal must be scientific and original work in Turkish or English. Being one of the earliest peer-reviewed academic journals in Turkey in the area of economics, Istanbul Journal of Economics-İstanbul İktisat Dergisi aims to provide a forum for exploring issues in basicly economics and publish both disciplinary and multidisciplinary articles. Economics is the main scope of the journal. However, multidisciplinary and comparative approaches are encouraged as well and articles from various social science areas such as sociology of economics, history, social policy, international relations, financial studies are welcomed in this regard. The target group of the journal consists of academicians, researchers, professionals, students, related professional and academic bodies and institutions.
Topic:
Debt, Development, Economics, Budget, Finance, Investment, Trade, Unemployment, and COVID-19
Political Geography:
Europe, Turkey, and Asia

3. Renewing Growth in Puerto Rico: Evaluating the Island’s Transition to Distributed Solar Energy

Author:
Jia Jun Lee
Publication Date:
05-2022
Content Type:
Journal Article
Journal:
Journal of Public and International Affairs (JPIA)
Institution:
School of Public and International Affairs (SPIA), Princeton University
Abstract:
As Puerto Rico emerges from bankruptcy after completing the largest public debt restructuring in U.S. history, it must revitalize economic growth to mitigate future debt situations. To achieve economic competitiveness, it should address the challenges facing its energy sector, including high costs, unreliable access, and unsustainable operations. Puerto Rico’s recent solar-focused renewable energy transition presents a unique opportunity for the island to attain affordable and reliable energy. However, the transition will likely face economic and policy barriers surrounding pricing, equity, governance, and financing. The policy recommendations discussed in this paper aim to mitigate these barriers and ensure that Puerto Rico’s renewable energy transition is economically sustainable and socially equitable.
Topic:
Debt, Economic Growth, Domestic Policy, and Solar Power
Political Geography:
Caribbean, United States of America, and Puerto Rico

4. China’s Economy: More Debt than Meets the Eye

Author:
Antonio Graceffo
Publication Date:
11-2022
Content Type:
Journal Article
Journal:
China Brief
Institution:
The Jamestown Foundation
Abstract:
Since the beginning of this year, investment banks and international financial organizations, including the International Monetary Fund and the World Bank, have steadily downgraded their forecasts for the People’s Republic of China’s (PRC) GDP growth in 2022 to around 3.2 percent (Nikkei Asia, October 7). Most analysts agree that Beijing is in a difficult economic position, but the situation has the potential to become far worse due to off-balance sheet liabilities. Such debt risks defaulting, or may otherwise need to be covered by the central government. Another drag on the country’s balance sheet that has yet to fully hit home is the impact of Belt and Road Initiative (BRI) financing. Due to economic problems and debt crises in BRI partner countries, a large percentage of the initiative’s loans may have to be forgive or at least restructured. Before looking at its financing and hidden liabilities, it is necessary to establish an overall picture of the current PRC economy across a broad spectrum of indicators.
Topic:
Debt, Economy, Economic Growth, Belt and Road Initiative (BRI), and Investment
Political Geography:
China and Asia

5. China and Sri Lanka’s Debt Crisis: Belt and Road Initiative Blowback

Author:
Sudha Ramachandran
Publication Date:
05-2022
Content Type:
Journal Article
Journal:
China Brief
Institution:
The Jamestown Foundation
Abstract:
Sri Lanka is in the grip of an unprecedented crisis. For several months, the country has been reeling under a severe foreign exchange crisis. In early May, Foreign Minister Ali Sabry said that its usable forex reserves were just $50 million (Daily News, May 5). As a result, Sri Lanka has been forced to suspend repayment of $51 billion worth of debt owed to China, Japan and other foreign creditors (The Hindu, April 12; The Island, April 13). The country has also been unable to pay for imports of essential commodities, and has experienced serious shortages of food, fuel and medicine (The Island, January 15). The economic crisis has in turn triggered a political crisis. Public anger has boiled over onto the streets. Angry protesters have been calling for the resignation of President Gotabaya Rajapaksa and his brother, Prime Minister Mahinda Rajapaksa (Colombo Telegraph, April 7). The Rajapaksa family has dominated Sri Lankan politics for decades and several members of the family are in positions of power as ministers, legislators or heads of corporations and departments. Sri Lankans want the entire clan out. Some of them, including Mahinda, resigned under public pressure in recent months (Island, April 17). Although Gotabaya remains president and under the country’s executive presidential system, continues to wield enormous power, it is evident that the influence of the Rajapaksas has declined. The unfolding crises in Sri Lanka have implications beyond the island. China is among Sri Lanka’s largest bilateral lenders and has played a big role in the island’s infrastructure development. Sri Lanka is a part of China’s Belt and Road Initiative (BRI). Despite China’s pledges that BRI would boost Sri Lanka’s economic and social development by transforming it into “the hub of the Indian Ocean”, Chinese loans are widely believed to have pushed the country into a ‘debt trap’ (Embassy of the People’s Republic of China in Sri Lanka, June 16, 2017). How have the crises impacted China’s image in Sri Lanka and will the decline of the Rajapaksas, widely regarded as ‘pro-China,’ impact Sino-Sri Lankan relations? Finally, will the Sri Lankan crises affect the fate of BRI?
Topic:
Debt, Development, Politics, Infrastructure, Economy, and Belt and Road Initiative (BRI)
Political Geography:
China, South Asia, Asia, and Sri Lanka

6. A Narrative of Debt Trap Vs Connectivity under CPEC: A Case of Gwadar Port

Author:
Rizwan Naseer, Qiubin Wang, and Ahmad Ali
Publication Date:
01-2022
Content Type:
Journal Article
Journal:
South Asian Studies
Institution:
Department of Political Science, University of the Punjab
Abstract:
Gwadar has been an underdeveloped city in Baluchistan but CPEC has addressed problems of education, health and electricity for local populace. The vision to convert Gwadar into a hub of trade is reaping benefits for Pakistan. China‟s investment and loans in Gwadar under the CPEC are termed as Debt Trap by the India and U.S. media outlets. Majority of the Western media, academia and policy making circles deliberately established the narrative of Debt Trap Diplomacy (DTD). Gwadar port is likely to unlock potential of connectivity with regional trade partners in West Asia-Central Asia and South Asia. This project is a win-win situation for China and Pakistan. China‟s investment in Gwadar port will improve Pakistan‟s economy, uplift Baluchistan‟s living standards by offering attractive opportunity to potential investors in Gwadar‟s free zone. China‟s investment in Gwadar is promising to bring real change in Gwadar and Pakistan in particular. Due to massive propaganda against Gwadar, desired results have not been achieved yet. This paper is based on primary as well as secondary data. Primary data has been collected from Planning Commission of Pakistan on the condition of anonymity. The main argument of the paper is that the narrative of debt trap diplomacy is false. Connectivity of Gwadar with regional countries will be a game changer in the region.
Topic:
Debt, Foreign Direct Investment, and Prosperity
Political Geography:
Pakistan and South Asia

7. The Challenges of Redressing Violations of Economic and Social Rights in the Aftermath of the Eurozone Sovereign Debt Crisis

Author:
Giulia Ciliberto
Publication Date:
06-2021
Content Type:
Journal Article
Journal:
The Goettingen Journal of International Law
Institution:
The Goettingen Journal of International Law
Abstract:
The Eurozone sovereign debt crisis represented an occasion to assess whether the international, European Union, and national systems provide adequate remedies for violation of socio-economic rights caused by austerity measures. Victims of these violations tried to obtain a remedy by lodging complaints before national judicial organs, the Court of Justice of the European Union, international human rights bodies (such the UN Committee on Economic, Social and Cultural Rights, the ILO Committee on Freedom of Association and the European Committee on Social Rights), and the European Court of Human Rights. This article addresses whether one (or more) of these venues indicted adequate remedies of violations of socio-economic rights and whether these mechanisms could have adopted a different (and more human rights- oriented) adjudicative approach with the view of enhancing the effectiveness of socio-economic rights enshrined in international treaties. The paper assumes that the adequacy of the relief depends on two elements. The first is the collective nature of socio-economic rights, which requires structural or systemic remedies rather than individual ones. The second is the need to preserve States’ economic soundness in order to allow Countries to satisfy their international obligations, namely securing a minimum essential level of socio- economic rights and their progressive realization. Against these assumptions, remedies should benefit the victimized class as a whole, alongside avoiding major distributional or unintended consequences to the detriment of public finances. The investigation focuses on the case law and pronouncements concerning Greece, Portugal, and Spain. The paper reaches the conclusion that constitutional review of austerity measures is the most adequate and effective venue to address such sensitive matters. This is especially true where constitutional courts rely on international conventions protecting socio-economic rights as per se parameters of constitutionality or through consistent interpretation – viz. by construing the national bill of rights in line with treaty-based socio-economic rights.
Topic:
Debt, European Union, Economic Cooperation, Socioeconomics, and Economic Rights
Political Geography:
Greece, Spain, and Portugal

8. U.S. Debt Sustainability under Low Interest Rates and after the Covid‐​19 Shock

Author:
William R Cline
Publication Date:
10-2021
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
The worst pandemic in 100 years has hit the United States at a time when economic thinking has become more comfortable with high public debt, facilitating an aggressive response in public spending for relief that has reached a remarkable 27 percent of GDP.1 One reason for the receptiveness to large spending has been the perception that the fiscal stimulus in the Great Recession of 2007–2009 erred on the side of excessive caution and left an aftermath of unduly slow growth. More fundamentally, low real interest rates in recent years have shifted the center of gravity in macroeconomic analysis away from concern about chronic deficits and rising debt toward a certain benign neglect of debt as a problem.
Topic:
Debt, Interest Rates, Sustainability, and COVID-19
Political Geography:
North America and United States of America

9. Belt and Road Initiative of China: Implications for South Asian States

Author:
Khushboo Ejaz and Fiza Jamil
Publication Date:
07-2021
Content Type:
Journal Article
Journal:
South Asian Studies
Institution:
Department of Political Science, University of the Punjab
Abstract:
Belt and Road Initiative is China’s global infrastructure program. This long-term investment strategy is aimed at improving regional cooperation, increased trade and economic integration by linking Asia with Europe and Africa through maritime and land networks. South Asia is vital for Belt and Road Initiative of China. China views South Asia as a priority zone because its geostrategic location will contribute a lot in the preferment of the BRI. This research intends to highlight the geo-strategic and geo-economic implications of BRI on security and economy of South Asian states. This study is carried out using qualitative research methodology. Data was collected through primary and secondary sources including books, journals, research papers, articles and videos of seminars and conferences on the concerned topic and interviews of experts of BRI and CPEC were also conducted. According to the research, BRI is the manifestation of Mackinder’s heartland theory. BRI fortifies intra-state transport connectivity, improves international connectivity, will help to ease power shortages and facilitate economic modernization and industrialization in South Asia. The findings of this research show that China is expanding its diplomatic influence through its economic presence in South Asia causing serious challenges to India’s power in the region and USA’s status of global hegemon. Along with the opportunities of BRI, there are a number of risks of political instability, poor law and order situation, corruption, terrorism and extremism in South Asia, hindering the smooth functioning of BRI projects. Also there is a fear of Chinese debt trap and loss of sovereignty in South Asian states making them reluctant to fully permit the execution of Chinese led projects on their land.
Topic:
Foreign Policy, Debt, Sovereignty, Infrastructure, and Belt and Road Initiative (BRI)
Political Geography:
China and South Asia

10. Comparing the Perceptions of Indonesians and Malaysians toward the China’s Belt and Road Initiative: Facts and Trends

Author:
Yasmi Adriansyah and Yin Shi Wu
Publication Date:
05-2020
Content Type:
Journal Article
Journal:
Revista UNISCI/UNISCI Journal
Institution:
Unidad de investigación sobre seguridad y cooperación (UNISCI)
Abstract:
This article examines public perceptions in Indonesia and Malaysia regarding the China’s Belt and Road Initiative (BRI). In order to get a comprehensive picture of the subject matter, the article applies three perspectives, namely International Politics, Economy and Debt Trap, and Public Acceptance. The attachments of Indonesia (under Joko Widodo administration) and Malaysia (under Najib Razak administration) are analyzed, mainly by observing the perceptions of the political elites and opinion polls in these most populous Muslim countries. The findings show that both governments in the two countries had exhibited high inclination toward the BRI. Interestingly, their public show different attitudes and many people are against or at least critical of these policies. It therefore suggests that the pro-BRI policies of the governemnts must be managed with high care in order to balance the different interrests with the popular interests.
Topic:
Foreign Policy, Debt, and Belt and Road Initiative (BRI)
Political Geography:
China, Indonesia, and Malaysia