Number of results to display per page
Search Results
82. Pentagon cuts in context: No reason for "doomsday" hysteria
- Author:
- Carl Conetta
- Publication Date:
- 10-2011
- Content Type:
- Policy Brief
- Institution:
- Project on Defense Alternatives
- Abstract:
- Recent Obama administration defense budget requests and proposals all fall within a narrow range of possible expenditures for the 2013-2023 period. All have kept the Pentagon's base budget above Cold War spending peaks. The President's 13 April proposal is no exception. It is a modest step that, at best, aims to retract future budget plans by 6.5 percent or $400 billion. The resulting average annual Pentagon base budget f or 2013-2023 would be close to today's level in real terms. The President's slice into non-security discretionary spending plans is audacious by comparison, reversing the proportionately suggested by his Fiscal Commission, and increasing the proportion of discretionary spending allocated to the Pentagon. The President's proposed new constraints on Pentagon budget growth hardly risk America's role in the world, as some contend, and by themselves do not necessitate a strategic review. Still, the President's launch of a such a review is a welcome development. It can help return America' s military posture to a reasonable and sustainable footing – provided that it elicits broad debate, solicits alternative viewpoints, and reaches beyond a $400 billion crease in the Pentagon's future budget plans.
- Topic:
- Defense Policy, Cold War, and Debt
- Political Geography:
- United States and America
83. Continuing Resolution: Congress Goes Easy on DoD Rebalances Budget in Pentagon's Favor
- Publication Date:
- 03-2011
- Content Type:
- Policy Brief
- Institution:
- Project on Defense Alternatives
- Abstract:
- The struggle over a full-year Continuing Resolution (CR) shows that both houses of congress are “going light” on DoD, pointing toward a discretionary budget balanced more heavily in favor of the Pentagon. Within the so-called “security basket,” International Affairs is set to be the big loser. Setting aside war costs, the Pentagon budget constitutes about 50% of discretionary spending. The Pentagon accounted for an even greater proportion of the rise in discretionary spending during the past ten years of debt accumulation. Nonetheless, both the House and Senate efforts to cut spending for FY-2011 allocate much less than 50% of the pain to DoD's base expenditures. The House allocates only 15% of its proposed cuts to DoD. The Senate, about 38%.
- Topic:
- Security, Defense Policy, and Debt
- Political Geography:
- United States
84. The Pentagon and Deficit Reduction: FY-2012 Budget Retains Exceptional Level of Defense Spending
- Publication Date:
- 03-2011
- Content Type:
- Policy Brief
- Institution:
- Project on Defense Alternatives
- Abstract:
- President Obama's 2012 budget plan maps out a future of steady increases for the National Defense account (apart from war costs, which the budget presumes will decline). The budget sets the base or peacetime portion of national defense to rise from $551.9 billion in 2010 to $637.6 billion in 2016 - a boost of about 15.5%. This increase exceeds the expected rate of inflation by about seven-tenths of a percent per year.
- Topic:
- Security, Defense Policy, and Debt
- Political Geography:
- United States
85. What Can and Cannot Be Done about Rating Agencies
- Author:
- Nicolas Véron
- Publication Date:
- 11-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Credit Rating Agencies (CRAs) are prominent participants in the assessment of credit risk by financial markets. They determine and publish credit ratings, which represent the CRA's opinions on issuers' relative probability of default. The market for credit ratings is currently dominated in most western countries by three players: n Standard Poor's (S) is a division of the McGraw- Hill Companies, a US-based media group whose ownership is dispersed (the largest shareholder is Capital Group, with 12 percent of shares); n Moody's Corporation is an autonomous US-based listed company with dispersed ownership (the largest shareholder is Berkshire Hathaway, with 12.5 percent of shares); n Fitch Ratings is a division of the Fitch Group which is jointly owned by Fimalac, a Paris-based listed investment vehicle (60 percent of shares), and the US-based Hearst Corporation (40 percent of shares).
- Topic:
- Debt, Economics, Globalization, International Trade and Finance, and Markets
- Political Geography:
- United States
86. Debt Relief for Egypt?
- Author:
- John Williamson and Mohsin S. Khan
- Publication Date:
- 11-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The current government of Egypt has frequently stated that external financial assistance is necessary in the present economic situation and has expressed a strong preference for receiving it in part via debt relief. The question asked in this policy brief is whether there is a case for debt relief and if so what form this relief should take. This policy brief reviews a number of cases in which debt relief has been granted to draw out the lessons and implications for Egypt.
- Topic:
- Debt, Economics, Regime Change, and Popular Revolt
- Political Geography:
- Arabia, Arab Countries, North Africa, and Egypt
87. US Lessons for the Eurozone: Restoring Confidence through Transparency
- Author:
- Julie Chon
- Publication Date:
- 12-2011
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- When it comes to resolving financial crises, size matters, but so does transparency. In both the US and European crises, the drive for size—firing off enough public funds to plug the hole in the financial system—has proven to be self-defeating as markets raise ever higher, unrealistic, and inappropriate expectations for government policy. This strategy addresses some of the economics and none of the politics of crisis management. The race to meet the size test distracts policymakers from addressing the real impediment to restoring investor and public confidence: the inherent uncertainty and lack of transparency associated with extraordinary government actions in times of crisis. The absence of transparent decision-making inflicts a costly blow to the credibility of policymakers because markets and citizens cannot see or believe what leaders are doing to stabilize the financial system.
- Topic:
- Debt, Economics, International Trade and Finance, and Financial Crisis
- Political Geography:
- United States and Europe
88. Oil Exporters to the Euro's Rescue?
- Author:
- Philip K. Verleger
- Publication Date:
- 12-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- When a boat springs a leak far from shore, it is customary for all hands to man the pumps—be they friends or enemies, passengers or crew. Every individual's survival depends on the actions of his or her compatriots. So it is with the global economy today.
- Topic:
- Debt, Markets, Oil, International Monetary Fund, and Financial Crisis
- Political Geography:
- Europe
89. External versus Domestic Debt in the Euro Crisis
- Author:
- Daniel Gros
- Publication Date:
- 05-2011
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- As EU leaders muddle through the eurozone crisis, the debate about its root causes continues. CEPS Director Daniel Gros argues in this Policy Brief that the debate is important if we are to understand how to prevent future crises. In his view, external debt is the key to the turmoil in European economies and that the focus on total public debt is therefore misleading.
- Topic:
- Debt, Economics, and Financial Crisis
- Political Geography:
- Europe
90. The EU's Response to the Financial Crisis: A mid-term review
- Author:
- Karel Lannoo
- Publication Date:
- 04-2011
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- Two years after the London G-20, CEPS Chief Executive Karel Lannoo finds that the EU is well advanced in delivering on the commitments made for the 2013 target date. Important steps have been taken on the institutional side, and regulatory changes are moving ahead. On some issues, in fact, such as remuneration, the EU has made even greater headway than the US. But certain key sensitive matters remain, such as bank resolution or structural changes.
- Topic:
- Debt, Economics, Global Recession, Monetary Policy, and Financial Crisis
- Political Geography:
- United States, Europe, and London
91. Can the eurozone countries still live together happily ever after?
- Author:
- Marcello Messori
- Publication Date:
- 03-2011
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- After the Greek public debt crisis and the bilateral loans to Greece from the other members of the European Monetary Union (EMU), in May 2010 the Ecofin Council launched the European Financial Stabilization Mechanism (EFSM). In June of the same year the EMU countries instituted the European Financial Stability Facility (EFSF). These two mechanisms, which are charged with providing support to EMU countries in “exceptional difficulty”, received their baptism of fire with Ireland in January 2011 and successfully made their first bond issue on the market.
- Topic:
- Debt, Economics, and Monetary Policy
- Political Geography:
- Europe and Greece
92. Restoring financial stability in the euro area
- Author:
- Christian Kopf
- Publication Date:
- 03-2011
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- The pricing of sovereign credit risk is a necessary component of the financial architecture of the European Monetary Union. However, unnecessarily high and volatile risk premia on government bonds are currently preventing effective financial intermediation within the euro area, thereby inhibiting its economic recovery. Several proposals have been made on how these risk premia should be brought down, namely i) permanent pooling of funding through joint bond issuance, ii) temporary liquidity assistance through multilateral funds, iii) debt buybacks using multilateral funds, and iv) debt restructuring.
- Topic:
- Debt, Economics, Global Recession, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe
93. Debt reduction without default?
- Author:
- Daniel Gros and Thomas Mayer
- Publication Date:
- 02-2011
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- This paper proposes a two-step, market-based approach to debt reduction: · Step 1.The European Financial Stability Facility (EFSF) would offer holders of debt of the countries with an EFSF programme (probably Greece, Ireland and Portugal = GIP) an exchange into EFSF paper at the market price prior to their entry into an EFSF-funded programme. The offer would be valid for 90 days. Banks would be forced in the context of the ongoing stress tests to write down even their banking book and thus would have an incentive to accept the offer. · Step 2. Once the EFSF had acquired most of the GIP debt, it would assess debt sustainability country by country. a) If the market price discount at which it acquired the bonds is enough to ensure sustainability, the EFSF will write down the nominal value of its claims to this amount, provided the country agrees to additional adjustment efforts (and, in some cases, asset sales). b) If under a central scenario this discount is not enough to ensure sustainability, the EFSF might agree on a lower interest rate, but with GDP warrants to participate in the upside.
- Topic:
- Debt, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe
94. An evaluation of the French proposal for a restructuring of Greek debt
- Author:
- Christian Kopf
- Publication Date:
- 06-2011
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- French commercial banks are proposing a swap of €85.5 billion in Greek government bonds maturing between 2011 and 2014 into a combination of new long-term Greek bonds with principal guarantee and cash payments. If this initiative were implemented under the proposed parameters, private creditors would only suffer a minimal haircut and official lenders would be provided with cash-flow relief of around €20 billion over the next three years, but the solvency of the Hellenic Republic would worsen significantly.
- Topic:
- Debt, Economics, and Financial Crisis
- Political Geography:
- Europe
95. Botswana's Debt Sustainability: A Brief Narrative
- Author:
- Haile Taye
- Publication Date:
- 03-2011
- Content Type:
- Policy Brief
- Institution:
- Botswana Institute for Development Policy Analysis
- Abstract:
- In terms of basic macroeconomic indicators, Botswana is, on the whole, in an enviable position relative to many African countries. The recent economic crisis notwithstanding, its growth rate has been more than average and its Balance of Payments position (as reflected in its foreign exchange reserves) has been impressive. Further, its exchange rate has been relatively stable compared to many middle and low income countries. Some of the weak points of the economy in recent years have been: (a) high inflation, even though it declined to a single digit in the last year (from 15% to about 7%); (b) relatively high unemployment for a fast growing economy (about 20%, according to the 2007 Informal Sector Survey); (c) stable financial sector, but with a wide spread between deposit and lending interest rates; and (d) lack of diversification, a heavy reliance on a few mineral products.
- Topic:
- Debt, Macroeconomics, Sustainability, and Economic Crisis
- Political Geography:
- Africa and Botswana
96. Will It Be Brussels, Berlin, or Financial Markets that Check Moral Hazard in Europe's Bailout Union? Most Likely the Latter!
- Author:
- Jacob Funk Kirkegaard
- Publication Date:
- 10-2010
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- So far so good for the European Union in preventing the Greek sovereign debt crisis from spiraling out of control in the short term. But with Greece in May 2010 requiring an unprecedented bailout from the European Union/IMF to avoid immediate default and 25 of the European Union's 27 member states currently subject to an “excessive deficit procedure” (European Commission 2010i), it remains evident that the European Union's existing fiscal surveillance framework patently failed both before and during the Great Recession and that Europe's leaders must head back to the drawing board for a required long term reform of the EU fiscal policy and surveillance framework.
- Topic:
- Debt, Economics, and Financial Crisis
- Political Geography:
- Europe and Greece
97. Emerging Africa: How 17 Countries Are Leading the Way
- Author:
- Steven Radelet
- Publication Date:
- 09-2010
- Content Type:
- Policy Brief
- Institution:
- Center for Global Development
- Abstract:
- There's good news out of Africa. Seventeen emerging countries are putting behind them the conflict, stagnation, and dictatorships of the past. Since the mid-1990s, these countries have defied the old negative stereotypes of poverty and failure by achieving steady economic growth, deepening democracy, improving governance, and decreasing poverty.
- Topic:
- Debt, Democratization, Development, Economics, and Poverty
- Political Geography:
- Africa
98. The NBRIC Revolution and International Relations?
- Author:
- Dr Graeme P. Herd and Mr Dale A. Till
- Publication Date:
- 12-2010
- Content Type:
- Policy Brief
- Institution:
- The Geneva Centre for Security Policy
- Abstract:
- We live in the “Anthropocene” era – the Age of Humans: human activity impacts earth's at-mosphere, its climate system, and is the driver of one of the biggest mass extinctions in history.The rapid advancement and application of NBRIC technologies (Nanotechnology, Biotechnology, Robotics, and Information and Communications technology) both enable and exacerbate the global impact of human activity. The rise in speed and fall in the cost of computational analysis and the force multiplying convergence of NBRIC clusters have led revolutions in these inter-enabling technologies. Such technologies are located in biological systems where biotechnology and genetics, post-genomics, and epigenetics try and bridge the gulf between the genome and the or-ganism, and material systems, where advances in nanotechnology, robotics and information and communications technologies are ground-breaking.
- Topic:
- International Relations, Debt, Genocide, Politics, Science and Technology, and Power Politics
99. Lessons from the Asian Monetary Fund for the European Monetary Fund
- Author:
- Yonghyup Oh
- Publication Date:
- 04-2010
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- The euro area is facing a challenge with Greece in danger of falling into sovereign default and some of its other members, the so-called 'GIPSY' nations, finding themselves in serious financial distress. Creation of a European Monetary Fund to deal more effectively with this type of situation is gaining support. This paper draws lessons from the Asian experience that might be applied to the current European development.
- Topic:
- Debt, Economics, International Trade and Finance, and Monetary Policy
- Political Geography:
- Europe
100. How Europe Can Muddle Through Its Crisis
- Author:
- Jacob Funk Kirkegaard
- Publication Date:
- 12-2010
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- As Europe's financial market contagion spreads to systemically important eurozone members, the region is echoing with "end-game scenarios" (Johnson and Boone 2010) and demands for major new steps by European policymakers (Financial Times 2010). Among these would be a European "fiscal transfer union," a new common eurozone bond, action by the European Central Bank (ECB) to monetize sovereign debts, and finally a eurozone breakup itself.
- Topic:
- Debt, Economics, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe