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312. How the Asia Pacific Can Drive the Global Recovery
- Author:
- Peter A. Petri
- Publication Date:
- 11-2009
- Content Type:
- Working Paper
- Institution:
- East-West Center
- Abstract:
- The transition to a new, sustained global growth path is still precarious and will require concerted policy actions by many countries. Leadership by the G-20 will be essential for coordinating the global effort. But due to the central importance of the Asia Pacific in the world economy, regional institutions such as ASEAN+3, ASEAN+6, and APEC could also play large roles in the next phase of the recovery.
- Topic:
- Economics and Financial Crisis
- Political Geography:
- Israel and Asia
313. The Great Regression? Financial Crisis in an Age of Global Interdependence
- Author:
- Vadim Kononenko, Raimo Väyrynen, Toby Archer, Kristian Kurki (ed.), and Matti Nojonen
- Publication Date:
- 12-2009
- Content Type:
- Working Paper
- Institution:
- Finnish Institute of International Affairs
- Abstract:
- The financial crisis and the ensuing global economic downturn have been the focal point of news coverage and policy analysis for over a year now, and speculation has been rife about how things will pan out. At one extreme are those who shrug the situation off as a significant yet transient dent in economic development, with marginal repercussions on the global system. At the other end are those touting the crisis as the first step in an epoch-making transition in the global power balance, where rapidly expanding economies like China, Brazil and India will make gains on the hitherto dominant developed nations, shifting the distribution of power in the world. Whatever the eventual outcome, there is no denying that the crisis's impact on international relations will be significant.
- Topic:
- Economics, Globalization, Power Politics, and Financial Crisis
- Political Geography:
- China, India, and Brazil
314. A Copper-Bottomed Crisis? The Impact of the Global Economic Meltdown on Zambia
- Author:
- Duncan Green
- Publication Date:
- 12-2009
- Content Type:
- Working Paper
- Institution:
- Oxfam Publishing
- Abstract:
- At the time of independence in 1964 Zambia was a middle-income country and appeared set to develop into a prosperous nation. However, the combination of a tumultuous world economy and fiscal mismanagement led to rapid economic decline, which continued unabated into the 1980s and 1990s. Average economic growth from 1990–1999 was the lowest in the region, and unemployment and inflation soared resulting in per capita incomes 50% less in 1999 than they had been 25 years earlier.
- Topic:
- Economics, Globalization, International Trade and Finance, and Financial Crisis
- Political Geography:
- Africa
315. Die Anspruchsinflation des Wirtschaftssystems
- Author:
- Jens Beckert
- Publication Date:
- 09-2009
- Content Type:
- Working Paper
- Institution:
- Max Planck Institute for the Study of Societies
- Abstract:
- The paper takes a theoretical look at the current financial and economic crisis, drawing on existing theories on crises of capitalism. I develop the thesis that the theories of “ungovernability” and “late capitalism” were wrong in locating the origins of crises in contemporary capitalism only indirectly in the economy. The theory of late capitalism, however, rightfully pointed out that the state cannot reduce its influence over the economy without endangering the functioning of markets themselves. This is due less, however, to the difficulty of maintaining loyalty, i.e. political support for the capitalist system than to the more immediate challenge of sustaining the preconditions for the system's economic viability. Today, a theory of the crises of capitalism must devote much more attention to the intrasystemic preconditions of the economic system.
- Topic:
- Economics, Markets, Political Theory, and Financial Crisis
316. Russia and the Global Meltdown: Domestic and Foreign Policy Responses to the International Financial Crisis
- Author:
- Robert Jellinek
- Publication Date:
- 03-2009
- Content Type:
- Working Paper
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- This paper has its origins in the observation that government responses to the global financial crisis are as much political phenomena as they are economic. The current global financial crisis, among its many consequences, has on a very high level shaken up the world political order. And while the crisis is international in origin—its roots lie in the breadth and the degree of the dispersal of risk associated with mortgagebacked securities, as well as the growing imbalance in international capital flows—its resolution is necessarily being carried out first and foremost on a domestic level. This is not least of all because, in the decade since the Asian financial crises, states have begun to play a dramatically increased role in international finance in relation to both multilateral financial institutions such as the IMF and traditional private actors. In an age where global economic ties are integral to domestic economies and where states themselves are becoming some of the biggest players in international capital markets, a state's global financial standing will more than ever determine its political clout on the world stage. With states acting as market makers, lenders of last resort, and regulators of last resort, the key to understanding the future of individual states in the global economic order can be found only by analyzing states' domestic and foreign policy decisions within the context of the specific constraints facing those states at home and abroad.
- Topic:
- Economics, Emerging Markets, Human Rights, International Trade and Finance, and Financial Crisis
- Political Geography:
- Russia and Asia
317. Recovery: The Global Financial Crisis and Middle-Income Countries
- Author:
- Alejandro Foxley
- Publication Date:
- 07-2009
- Content Type:
- Working Paper
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- No country has proved immune to the devastating effects of the current global financial crisis. But the middle-income countries of Eastern Europe, Latin America, and East Asia, which previously had achieved significant progress—economically and socially—have shown themselves to be particularly vulnerable. The crisis has highlighted important lessons for these countries, which inhabit a twilight zone between the developed and developing worlds?and those that aspire to join their ranks—as they rebuild.
- Topic:
- Economics, International Trade and Finance, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe, East Asia, and Latin America
318. Market Versus State: Postcrisis Economics in Latin America
- Author:
- Alejandro Foxley
- Publication Date:
- 11-2009
- Content Type:
- Working Paper
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- The global financial crisis has reignited the fierce debate about the roles of the market and the state in modern economies. Latin America, in particular, revisits this debate every time it suffers an external shock. While some blame unregulated markets, others fault states' inability to design institutions or implement policies capable of neutralizing the negative impact of these shocks on output, employment, and social welfare.
- Topic:
- Economics, International Trade and Finance, and Financial Crisis
- Political Geography:
- Latin America
319. Renewing Globalization and Economic Growth in a Post-Crisis World The Future of the G-20 Agenda
- Author:
- Alexei Monsarrat and Kiron K. Skinne
- Publication Date:
- 09-2009
- Content Type:
- Working Paper
- Institution:
- Atlantic Council
- Abstract:
- This statement, delivered by Federal Reserve Chairman Bernanke in the understated manner of a central banker, was made nearly a year after the collapse of Lehman Brothers—the event that tipped the global financial system into full crisis. Bernanke's message starkly reveals the scope of the challenge facing the stewards of the global economy.
- Topic:
- Economics, International Cooperation, International Trade and Finance, and Financial Crisis
320. NATO and the Economic and Financial Crisis
- Author:
- Keith Hartley and Binyam Solomon
- Publication Date:
- 10-2009
- Content Type:
- Working Paper
- Institution:
- NATO Defense College
- Abstract:
- These is some consensus among economic forecasters and international economic organizations that the world economy is stabilizing after the worst global contraction since the end of the Second World War. While it is difficult to ascertain empirically whether the massive fiscal policy support played a role or not, the improving credit conditions and the return of demand in the housing market in North America and the UK point to some evidence that the stimulus is providing the necessary short-term boost. Nonetheless, there remain significant challenges that may constrain a quick recovery including the decline in household wealth (debt-laden consumers rebuilding their savings), persistent unemployment and deleveraging (decreasing the amount of debt a firm holds by paying it off) in the financial system together with future long-term prospects of inflation.
- Topic:
- Economics, International Trade and Finance, and Financial Crisis
- Political Geography:
- United Kingdom and North America