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  • Author: Nada El Abdi
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: Journal of Liberty and International Affairs
  • Institution: Institute for Research and European Studies (IRES)
  • Abstract: Since September 2015 and the Russian military intervention in the country, the interests in Syria have been numerous and of great importance for the actors involved in this conflict. The interests in Syria are numerous and of great importance for the actors involved in this conflict. Russia, like the Allies and opponents of the Bashar Al-Assad regime, is fighting for geopolitical, geo-economic, or ideological reasons. The Middle East region finds itself shaken by the sharp resurgence of a confrontation between actors allied to the United States, other allies of Russia, and this Syrian crisis thus impacts the geopolitical configuration of the region. This paper presents an analysis of the Russian intervention strategy in Syria. We argue that Russia intervened in Syria to strengthen the already existing Russian-Syrian alliance, to curb extremist proliferation, and to take advantage of Syria's strategic position. The objective is to determine the reasons for the Russian military intervention in Syria related to energy and geo-economic interests. The Russian intervention in Syria was an ideal opportunity to draw closer to several powerful states in the region and a way to benefit from positive spin-offs on its arms market and hydrocarbon road plans. Despite the risks and costs associated with defending the Syrian regime, Moscow has secured its political and economic power in the Middle East.
  • Topic: Economics, Energy Policy, Geopolitics, Military Intervention, Syrian War
  • Political Geography: Russia, Eurasia, Middle East, Syria
  • Author: Bayram Gungor
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: The Rest: Journal of Politics and Development
  • Institution: Centre for Strategic Research and Analysis (CESRAN)
  • Abstract: The relationship among the FDI, GDP and Export has gained vast attention among the researchers and policy-makers. There are many studies on the interaction of these variables using various econometric approaches in the literature. However, it has seen that the findings have been different from country by country. Therefore, this study's main problematic is to estimate the coefficients that show the interaction among the FDI, GDP and Export covering 1980-2019 in Turkey. The ARDL Bounds Model and Granger Causality approach were selected to measure the coefficients statistically. Three models were executed to calculate the short-run and long-run coefficients. While the Model 1 and Model 3 were found statistically significant to explain the dependent variables, the Model 2 was found statistically insignificant. Because of this, the Model 2 was excluded from the study. The short- run coefficients were also found statistically significant to explain the dependent variables of the Model 1 and Model 3. While GDP affects the FDI positively in Model 1, GDP affects the Export negatively in Model 2. The ECT was found statistically significant at 0.01. The speeds of adjustment of the Model 1 and Model 3 were calculated as approximately 93% and 16% levels, respectively. Unlike the ARDL Bounds Model, the Granger Causality test was implemented to measure the variables' causal relationship. It was seen that there is only a unidirectional Granger causal relationship running from GDP to FDI in the Model 1 and from GDP to Export in the Model 2.
  • Topic: Economics, Foreign Direct Investment, GDP, Exports
  • Political Geography: Europe, Turkey, Asia
  • Author: Rafał Lisiakiewicz
  • Publication Date: 03-2021
  • Content Type: Journal Article
  • Journal: Nowa Polityka Wschodnia
  • Institution: Faculty of Political Science and International Studies, Nicolaus Copernicus University in Toruń
  • Abstract: Th e article presents an idea of the possible Russian - Chinese strategic economic partnership at the beginning of the 21st century. Th e author indicates the main factors infl uencing Russian Federation foreign policy towards China from the perspective of a neoclassical realism.Th e author stands that according to J. Rosenau, the main factors determining the Russian foreign policy are idiosyncratic and role. Th en he analyses the Russian documents of foreign policy, economic data and geopolitical ideas. On that ground, he makes a simple analyse using the neoclassical realism model, that’s integrates Foreign Policy Analyse and International Relations Th eory, joining independent and intervening variables, to support the article’s hypotheses. Th at hypotheses say that, fi rstly, Th e Peoples Republic of China (PRC) plays a role of diversifi cation of Russia’s international economic ties; and secondly, Th e PRC status as a Russia’s strategic partner is at issue, despite the official declarations of both sides.
  • Topic: Foreign Policy, Economics, Partnerships, Geopolitics
  • Political Geography: Russia, China, Eurasia, Asia
  • Author: Alan Reynolds
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Estimates of the elasticity of taxable income (ETI) investigate how high‐​income taxpayers faced with changes in marginal tax rates respond in ways that reduce expected revenue from higher tax rates, or raise more than expected from lower tax rates. Diamond and Saez (2011) pioneered the use of a statistical formula, which Saez developed, to convert an ETI estimate into a revenue‐​maximizing (“socially optimal”) top tax rate. For the United States, they found that the optimal top rate was about 73 percent when combining the marginal tax rates on income, payrolls, and sales at the federal, state, and local levels. A related paper by Piketty, Saez, and Stantcheva (2014) concluded that, at the highest income levels, the ETI was so small that comparable top tax rates as high as 83 percent could maximize short‐​term revenues, supposedly without suppressing long‐​term economic growth. Such studies could be viewed as part of a larger effort to minimize any efficiency costs of distortive taxation while maximizing assumed revenue gains and redistributive benefits.
  • Topic: Economics, History, Tax Systems, High-Income People
  • Political Geography: North America, Global Focus, United States of America
  • Author: Isabella M. Pesavento
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Adoption, particularly adoption out of foster care, has not been well studied within the field of economics. Researchers may avoid this topic because the adoption market greatly deviates from a typical market, and the system and data collection are highly fragmented, with relatively little federal coordination. Rubin et al. (2007) and Thornberry et al. (1999) show that instability in foster care placements produces negative welfare outcomes, and Hansen (2006), Barth et al. (2006), and Zill (2011) demonstrate that adoption out of foster care is socially and financially beneficial. Yet, children waiting to be adopted out of foster care are in excess supply, which has been exacerbated in recent years. I hypothesize that this is, in part, due to misaligned incentives of government officials and the contracted foster care agencies. I show that earnings are prioritized over ensuring permanent child placement, which hinders the potential for adoption, and government oversight fails to correct such iniquities because of career interests.
  • Topic: Economics, Government, Markets, Children, Incentives, Foster Care, Adoption
  • Political Geography: North America, United States of America
  • Author: Anna Bocharnikova
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: This article investigates the dynamics of individual economic well‐​being in Estonia and Finland over three periods: (1) 1923–1938, when both countries were similarly situated; (2) 1960–1988, during which Estonia was under Soviet control; and (3) 1992–2018, after Estonian independence. Economic well‐​being is calculated using the purchasing power of wages in terms of the affordability of a minimal food basket. The results show that, in 1938, the purchasing power of wages in Estonia was 4 percent lower than in Finland; in 1988, it was 42 percent lower; and, by 2018, the gap had fallen to 17 percent. Consequently, as measured by the purchasing power of wages, well‐​being in Estonia and Finland was similar before the Soviet occupation, widely diverged during Soviet rule, and converged after Estonian independence, with the transition from plan to market.
  • Topic: Economics, Markets, Politics, History, Culture
  • Political Geography: Europe, Finland, Estonia
  • Author: Scott Lincicome
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Labor market and cultural disruptions in the United States are real and important, as is China’s current and unfortunate turn toward illiberalism and empire. But pretending today that there was a better trade policy choice in 2000—when Congress granted China “permanent normal trade relations” (PNTR) status and paved the way for broader engagement—is misguided. It assumes too much, ignores too much, and demands too much. Worse, it could lead to truly bad governance: increasing U.S. protectionism; forgiving the real and important failures of our policymakers, CEOs, and unions over the last two decades; and preventing a political consensus for real policy solutions. Indeed, that is happening now.
  • Topic: International Relations, Economics, Markets, Bilateral Relations, Trade, Protectionism
  • Political Geography: China, Asia, North America, United States of America
  • Author: Kam Hon Chu
  • Publication Date: 01-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: In addition to foreign investment absorption, Hong Kong plays a pioneering role in the internationalization of the renminbi (RMB). Despite the lack of comprehensive statistics on the volume of offshore RMB transactions, Hong Kong is for sure one of the largest, if not the largest, global centers for offshore RMB businesses. According to the Triennial Central Bank Survey (BIS 2019), for instance, Hong Kong was the largest global offshore RMB foreign exchange market, with an average daily turnover of US$107.6 billion as of April 2019, considerably higher than the US$56.7 billion for London and the US$42.6 billion for Singapore.
  • Topic: Economics, Markets, Investment, Financial Development
  • Political Geography: China, Asia, Hong Kong
  • Author: John A. Allison
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The Covid‐​19 pandemic greatly increased the scope and power of the Federal Reserve. The Fed created a number of new emergency lending facilities, which allowed it to make off‐​balance sheet loans and buy the debt of corporations and municipalities through special purpose vehicles backstopped by the Treasury under the CARES Act. Meanwhile, the Fed’s large‐​scale asset purchase program, known as quantitative easing (QE), was put on steroids after the pandemic struck in March 2020. The Fed has been purchasing longer‐​term Treasuries and mortgage‐​backed securities amounting to $120 billion per month, pushing the size of its balance sheet to an astonishing $7 trillion.
  • Topic: Economics, Monetary Policy, Federal Reserve, Pandemic, COVID-19
  • Political Geography: North America, United States of America
  • Author: Michael J. Casey
  • Publication Date: 06-2021
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: For all the upheaval of 2020, it’s perhaps not surprising that the 50‐​year anniversary of a major piece of financial legislation came and went with little fanfare. But the 1970 U.S. Bank Secrecy Act (BSA) deserves much scrutiny.1 In mandating that financial institutions maintain customer identity records and report illicit activity to government agencies, the BSA was a landmark statute by any measure. It paved the way to an ever‐​expanding system of international surveillance that’s a cornerstone of U.S. economic power.
  • Topic: Economics, Government, Finance, Surveillance
  • Political Geography: North America, United States of America