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591. U.S. BITs and financial stability

Author:
Kevin P. Gallagher
Publication Date:
02-2010
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
Almost immediately after taking office, the Obama administration charged the U.S. Department of State's Advisory Committee on International Economic Policy with reviewing the U.S. Model bilateral investment treaty (BIT). The group established a sub-committee of business groups, labor and environmental organizations, and a handful of academic experts and tasked it to make official recommendations for reforming U.S. investment treaties. When completed, the Obama Administration hopes to proceed with official negotiations with China, India, Vietnam, and possibly Brazil.
Topic:
Economics, Globalization, and Financial Crisis
Political Geography:
United States, China, India, Brazil, and Vietnam

592. International investment law and media disputes: a complement to WTO law

Author:
Luke Eric Peterson
Publication Date:
01-2010
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
The recent high-stakes dispute between Google and China over censorship and cyber-security has spawned renewed discussion of the international trade law protections that internet and media companies may enjoy. Less recognized, however, is a perhaps more powerful legal tool in the arsenal of internet and media companies engaging in cross-border investment s, namely international investment law.
Topic:
Economics, International Trade and Finance, Markets, Mass Media, and Law
Political Geography:
China

593. The Obama Administration and Multilateralism: Europe Relegated

Author:
Richard Gowan
Publication Date:
02-2010
Content Type:
Policy Brief
Institution:
Center on International Cooperation
Abstract:
Barack Obama's critics argue that he is a naïve believer in global governance. This is mistaken. When it comes to multilateral diplomacy, the President has proved to be a pragmatist and – suitably for a man with a reputation as a 'calculating' poker player, according to a 2008 article in The New Yorker – ready to gamble. In the last year, he has taken a bet that the US can lead a radical reorientation of international cooperation. This is based on three assumptions.
Topic:
Foreign Policy, Diplomacy, and International Organization
Political Geography:
United States, China, and Europe

594. The EU and the global climate regime: Getting back in the game

Author:
Anna Korppoo, Thomas Spencer, and Kristian Tangen
Publication Date:
02-2010
Content Type:
Policy Brief
Institution:
Finnish Institute of International Affairs
Abstract:
The Copenhagen climate summit was seen as a set-back for the eu. It was left out of the final meeting between the usa and major developing countries which lead to the Copenhagen Accord, and had to accept a deal that fell below its expectations. Due to the impact of the economic crisis, the eu's current target of a unilateral 20 % reduction is no longer as impressive as it seemed in 2007–2008; this is undermining the eu's claim to leadership. In order to match the higher pledges of Japan, Australia and the us, as well as shoulder its fair share of the industrialized countries' aggregate 30 % reduction, the eu would have to pledge a 35 % reduction. The eu's practise of attaching conditionalities to its higher target gives it very little leverage. However, there might be a case for the eu to move unilaterally to a 30 % reduction in order to accelerate the decarbonisation of its economy and capture new growth markets. Doing so could support stronger policy development in other countries such as Australia and Japan, and help rebuild trust among developing countries. But on its own it would be unlikely to have a substantial impact on the position of the other big players—the usa, China, India, and Brazil. The incoherence of the eu's support of a “singe legal outcome” from the Copenhagen summit, based on the elements of the Kyoto Protocol, was a major cause for its isolation. The us remains domestically unable to commit to this type of a ratifiable treaty while developing countries are not yet ready to commit to absolute targets. A return to a two-track approach, involving the continuation of the Kyoto Protocol and the negotiation of a new instrument for the usa and major developing countries, may be a more politically and practically feasible approach, while retaining the goal of working towards a legally binding instrument for all key participants over time.
Topic:
Climate Change, Environment, and International Cooperation
Political Geography:
Japan, China, Europe, India, Brazil, and Australia

595. The Sustainability of China's Recovery from the Global Recession

Author:
Nicholas R. Lardy
Publication Date:
03-2010
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
China's policy response to the global financial and economic crisis was early, large, and well-designed. Although Chinese financial institutions had little exposure to the toxic financial assets that brought down many large Western investment banks and other financial firms, China's leadership recognized that its dependence on exports meant that it was acutely vulnerable to a global recession. Thus they did not subscribe to the view sometimes described as “decoupling,” the idea that Asian countries could passively weather the financial storm that originated in the United States and other advanced industrial economies. They understood that absent a vigorous policy response China inevitably would suffer from the backwash of a sharp economic slowdown in its largest export markets—the United States and Europe.
Topic:
Economics and Financial Crisis
Political Geography:
United States, China, Europe, and Asia

596. New PPP-Based Estimates of Renminbi Undervaluation and Policy Implications

Author:
Arvind Subramanian
Publication Date:
04-2010
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Is there reason to add to the proliferating set of estimates on the extent of renminbi undervaluation (see among others, Bergsten 2010; Cline and Williamson 2008 and 2010; Goldstein and Lardy 2008 and 2009; Frankel 2008; Reisen 2009; and Lee et al. 2008)? Yes, not least because these new estimates: (1) suggest that purchasing power parity (PPP)-based approaches to measuring renminbi undervaluation suggest that China's currency is undervalued by about 30 percent against the dollar and not the 12 percent recently reported (Bajaj 2010); and (2) are closer to and consistent with alternative approaches to estimating renminbi undervaluation.
Topic:
Economics, Foreign Exchange, International Political Economy, and Monetary Policy
Political Geography:
China

597. Developing Countries – even China – Cannot Rescue the World Economy

Author:
Manmohan Agarwal
Publication Date:
01-2010
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
Many analysts believe that developed countries will recover very slowly from the global economic crisis. Consequently, they have looked to the emerging economies of the developing world to help stabilize the world economy and generate a stronger recovery. Indeed, when the financial crisis first engulfed the rich countries in 2008 and early 2009, growth in developing economies was not affected as their banks and financial systems faced neither credit problems nor a more serious meltdown. It is true that some foreign investors, particularly institutional investors, withdrew their money from developing countries with large stock exchanges, setting off stock price declines and some currency devaluations. But this did not affect the “real” economy of production and employment. There was a wide belief that many developing economies were “decoupled” from the rich economies and could continue to grow and this growth would buoy the world economy. Even when output declined dramatically in the developed economies, reducing the demand for developing countries' exports, it was expected that growth in the larger emerging economies would not be significantly affected. This has been borne out by subsequent events. Growth in China has been 8-9 percent and in India about 6 percent in the first three quarters of 2009.
Topic:
Development, Economics, Emerging Markets, International Trade and Finance, and Financial Crisis
Political Geography:
China and India

598. Attitudes and Perceptions of Prospective International Students from Vietnam

Publication Date:
01-2010
Content Type:
Policy Brief
Institution:
Institute of International Education (IIE)
Abstract:
Vietnam is currently the fastest-growing market of international students coming to U.S. colleges and universities to study. Over the past decade, the number of Vietnamese students in U.S. higher education has increased more than sixfold, from just over 1,200 students in 1997/98 to almost 13,000 in 2008/09 (fig. 1). A large part of this increase has occurred in the past three years, with fall 2008 showing an increase of 45 percent, following increases of 45 percent and 31 percent the previous two years. These continuous, large increases have placed Vietnam among the top ten places of origin of international students in the U.S., moving from 20 th place in 2006/07 to 13 th place in 2007/08 to 9th place in 2008/09. At community colleges, Vietnam is now the third most popular place of origin, after South Korea and Japan, and ahead of China and Mexico.
Topic:
Education
Political Geography:
United States, Japan, China, South Korea, Vietnam, and Mexico

599. The Breakup

Author:
John Feffer
Publication Date:
05-2010
Content Type:
Policy Brief
Institution:
Foreign Policy In Focus
Abstract:
"I need a little space." When lovers utter these words, it's usually a bad sign for the relationship. They feel suffocated. They're reexamining their commitment. They're checking out other options. But they don't have the courage to make a clean break.
Topic:
Foreign Policy, Diplomacy, International Affairs, and Bilateral Relations
Political Geography:
United States, China, and North Korea

600. The Global Financial Crisis and Africa's "Immiserizing Wealth"

Author:
Luc Soete and Alexis Habiyaremye
Publication Date:
01-2010
Content Type:
Policy Brief
Institution:
United Nations University
Abstract:
Before the current global recession, many resource-rich African countries were recording unprecedented levels of growth due to a raw material price boom. However, the collapse in raw material prices and the ensuing severe economic difficulties have again exposed the vulnerability of these countries' natural resource export-focussed economic structures. In this research brief, we describe how Africa's abundance of natural resources attracted disruptive and predatory foreign forces that have hindered innovation-based growth and economic diversification by delaying the accumulation of sufficient stocks of human capital. We suggest that for their long-term prosperity, resource-rich African countries shift their strategic emphasis from natural to human resources and technological capabilities needed to transform those natural resources into valuable goods and services to compete in the global market.
Topic:
Economics, Emerging Markets, Industrial Policy, Global Recession, Natural Resources, and Financial Crisis
Political Geography:
Africa, China, and India