Search

Begin New Search Publication Year within 25 Years

54161. (Re)Writing the "National Security State"

Author:
David Grondin
Publication Date:
12-2004
Content Type:
Working Paper
Institution:
The Raoul Dandurand Chair of Strategic and Diplomatic Studies, Université du Québec à Montréal
Abstract:
Hans Morgenthau once said that “the intellectual lives in a world that is both separate from and potentially intertwined with that of the politician. The two worlds are separate because they are oriented towards different ultimate values… truth threatens power, and power threatens truth” (Morgenthau, quoted in Hill and Beshoff, 1994: xi). For Christopher Hill and Pamela Beshoff, this means that, as international relations practitioners and theorists, “Like it or not, we are 'intellectuals in politics' and 'the study of international relations is not an innocent profession'”
Topic:
International Relations, Development, Diplomacy, and National Security

54162. Abusing History: A Critical Analysis of Mainstream International Relations Theory Misconduct

Author:
Anne Marie D'Aoust
Publication Date:
12-2004
Content Type:
Working Paper
Institution:
The Raoul Dandurand Chair of Strategic and Diplomatic Studies, Université du Québec à Montréal
Abstract:
In Political Science, the discipline of IR has been widely regarded as an “American Science” ever since Stanley Hoffman published his renowned essay in 1977. This “American Science” is mainly dominated by a single theoretical approach – that of Neorealism – which relies primarily on the concept of historical recurrence to ground its arguments. Other “new” theoretical approaches which challenge this parochialism, namely feminism, constructivism and Critical Theory, remain outside the “official boundaries” of the field. These boundaries are largely set by the Neorealist agenda and its variations, which rarely diverge from an unquestioned central rationalist-empiricist theme. Thus, with respect to its methodological and epistemological stance, Neorealist theory implicitly views History as a vast field of objective data and primary sources ready to reveal their truth to the social scientist. To test and/or prove the validity of Neorealist theory in the field of International Relations, one must refer to historical data and confront theory with “straight facts”. What I propose to do here is to analyze the ways in which the Neorealist approach to International Relations makes use of history, and subsequently to consider some crucial epistomological and theoretical debates in the field of History that are ignored by Neorealists like Waltz.
Topic:
International Relations, Development, Government, and Politics
Political Geography:
America

54163. Are We Headed for a "Cyber-9/11?": The American Failure in Cyberstrategy

Author:
Benoit Gagnon
Publication Date:
12-2004
Content Type:
Working Paper
Institution:
The Raoul Dandurand Chair of Strategic and Diplomatic Studies, Université du Québec à Montréal
Abstract:
In the wake of September 11, the U.S. Superpower once again became a target. This time, the attack was carried out by means of the Internet. How effective is American cyberstrategy? Examining the hacking scene in the last couple of years, it is clear that it is not an adequate response to present – and future – cyberthreats. Therefore, it is fair to say that the United States has a national security problem rather than a cybersecurity problem and to conclude that as things stand at present the American government is steering the United States toward a cyber-9/11.
Topic:
International Relations, Science and Technology, and Terrorism
Political Geography:
United States and America

54164. Foreign Policy-Making in the Clinton Administration: Reassessing Bosnia and the "Turning Point" of 1995

Author:
Séastien Barthe and Charles-Philippe David
Publication Date:
12-2004
Content Type:
Working Paper
Institution:
The Raoul Dandurand Chair of Strategic and Diplomatic Studies, Université du Québec à Montréal
Abstract:
The conflict that ravaged Bosnia-Herzegovina from 1992 to 1995 was one of the central international problems that the Clinton White House had to face during its first term. The “issue from hell”, as Warren Christopher famously dubbed it in 19933, was emblematic of the Clinton administration's failure, during the period of January 1993 to late summer 1995, to formulate foreign policies that could produce the results desired by the policy-makers in the West Wing.
Topic:
Foreign Policy and Development
Political Geography:
United States, Bosnia, Herzegovina, and Eastern Europe

54165. "Foreign Policy Is Not What I Came Here to Do" Dissecting Clinton's Foreign Policy-Making: A First Cut

Author:
Séastien Barthe and Charles-Philippe David
Publication Date:
12-2004
Content Type:
Working Paper
Institution:
The Raoul Dandurand Chair of Strategic and Diplomatic Studies, Université du Québec à Montréal
Abstract:
Some presidents fit a pattern. But though Clinton does bear comparison with some of his predecessors, he combines elements of several types and defies (for now) definitive categorization.
Topic:
Foreign Policy and Development
Political Geography:
United States and Eastern Europe

54166. America Adrift? Myths and Realities About the United States in the New World

Author:
Joseph M. Grieco
Publication Date:
11-2004
Content Type:
Working Paper
Institution:
Centre for International Peace and Security Studies
Abstract:
The war in Iraq continues; its wisdom and consequences for the United States and the Middle East cannot yet be fully assessed. Still, it may be said that the lead-up to the war largely put to rest the view that an American president can readily respond to external threats with unilateral military force, and need not take into account the views of allies and the United Nations. Presidents, even those with unilateralist inclinations, such as that at present, are constrained to remain committed to the North Atlantic Treaty Organization (NATO) and the UN Security Council because large majorities of the American public want their government to have allies and UN authorization when the United States goes to war. Americans are likely to want allies and international authorization because their possession increases the chances of pre-war coercive diplomatic success and, if war is necessary, success during and after it at lower cost. They may also want allies and international authorization for another reason, namely, to obtain a "second opinion" on the wisdom and the intentions of their leaders in taking them down a path that may end in war.
Topic:
Foreign Policy, NATO, and United Nations
Political Geography:
United States, Iraq, America, and Middle East

54167. International Diversification at Home and Abroad

Author:
Fang Cai and Francis E. Warnock
Publication Date:
12-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We analyze foreigners' and domestic institutional investors' positions in U.S. equities. Controlling for many factors, we uncover a common preference for large firms and firms that are diversified internationally. The domestic preference for internationally diversified firms implies that investors might obtain substantial international diversification by investing at home. Using an international factor model, we show that exposure to foreign equity markets is indeed greater for domestic firms that are more diversified internationally, suggesting that at least some of the home-grown foreign exposure translates into international diversification benefits. After accounting for home-grown foreign exposure, the share of 'foreign' equities in investors' portfolios nearly doubles, reducing (but not eliminating) the observed home bias.
Topic:
International Relations, Development, Economics, and International Trade and Finance
Political Geography:
United States

54168. The High-Frequency Effects of U.S. Macroeconomic Data Releases on Prices and Trading Activity in the Global Interdealer Foreign Exchange Market

Author:
Jonathan H. Wright, Alain P. Chaboud, Edward Howorka, David Liu, Sergey Chernenko, and Raj S. Krishnasami Iyer
Publication Date:
11-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We introduce a new high-frequency foreign exchange dataset from EBS (Electronic Broking Service) that includes trading volume in the global interdealer spot market, data not previously available to researchers. The data also gives live transactable quotes, rather than the indicative quotes that have been used in most previous high frequency foreign exchange analysis. We describe intraday volume and volatility patterns in euro-dollar and dollar-yen trading. We study the effects of scheduled U.S. macroeconomic data releases, first confirming the finding of recent literature that the conditional mean of the exchange rate responds very quickly to the unexpected component of data releases. We next study the effects of data releases on trading volumes. News releases cause volume to rise, and to remain elevated for a longer period. However, in contrast to the result for the level of the exchange rate, even if the data release is entirely in line with expectations, we find that there is still typically a large pickup in trading volume.
Topic:
Economics, Emerging Markets, and International Trade and Finance
Political Geography:
United States

54169. Growth-Led Exports: Is Variety the Spice of Trade?

Author:
Joseph E. Gagnon
Publication Date:
11-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Fast-growing countries tend to experience rapid export growth with little secular change in their terms of trade. This contradicts the standard Armington trade model, which predicts that fast-growing countries can experience rapid export growth only to the extent that they accept declining terms of trade. This paper generalizes the monopolistic competition trade model of Helpman and Krugman (1985), providing a basis for growth-led exports without declining terms of trade. The key mechanism behind this result is that fast-growing countries are able to develop new varieties of products that can be exported without pushing down the prices of existing products. There is strong support for the new model in long-run export growth of many countries in the post-war era.
Topic:
Economics, Emerging Markets, and International Trade and Finance
Political Geography:
United States

54170. Can Long-Run Restrictions Identify Technology Shocks?

Author:
Luca Guerrieri, Christopher Gust, and Christopher J. Erceg
Publication Date:
10-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Gali's innovative approach of imposing long-run restrictions on a vector autoregression (VAR) to identify the effects of a technology shock has become widely utilized. In this paper, we investigate its reliability through Monte Carlo simulations using calibrated business cycle models. We find it encouraging that the impulse responses derived from applying the Gali methodology to the artificial data generally have the same sign and qualitative pattern as the true responses. However, we find considerable estimation uncertainty about the quantitative impact of a technology shock on macroeconomic variables, and little precision in estimating the contribution of technology shocks to business cycle fluctuations. More generally, our analysis emphasizes that the conditions under which the methodology performs well appear considerably more restrictive than implied by the key identifying assumption, and depend on model structure, the nature of the underlying shocks, and variable selection in the VAR. This cautions against interpreting responses derived from this approach as model-independent stylized.
Topic:
Conflict Resolution, Economics, International Trade and Finance, and Science and Technology

54171. Global Financial Integration: A Collection of New Research

Author:
Mark Carey
Publication Date:
10-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This introductory note summarizes and draws together the work reported in eight research papers written by staff economists of the Board's Division of International Finance as part of a project on global financial integration. The eight papers are also International Discussion Finance Discussion Papers (IFDPs), the numbers of which are specified on the table of contents that appears herein. When viewing this introduction online, the paper titles appearing on the table-of-contents page are web links that may be used to navigate directly to each paper's on-line file.
Topic:
Economics, Globalization, and International Trade and Finance
Political Geography:
United States

54172. Report of the Defense Science Board Task Force on Integrated Fire Support in the Battlespace

Publication Date:
10-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
In 2001, the Under Secretary of Defense for Acquisition, Technology and Logistics (USD(AT)) directed the Defense Science Board (DSB) to study the precision targeting of air-delivered munitions. The results of the 2001 Task Force were well-received within Office of the Secretary of Defense (OSD), and in June 2003, USD(AT) directed the DSB to study the closely related topic of “integrated fire support in the battlespace.” In this new study the 2003 Task Force applied an approach and methodology similar to the 2001 effort but focused instead on ground-based fires, sea-based fires, and close-air support.
Topic:
Defense Policy and Science and Technology
Political Geography:
United States

54173. Defense Industrial Base Capabilities Study: Force Application

Publication Date:
10-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
In February 2003, the Office of the Deputy Under Secretary of Defense for Industrial Policy, ODUSD(IP), produced Transforming the Defense Industrial Base: A Roadmap. This report identified the need for systematic evaluation of the ability of the defense industrial base to develop and provide functional, operational effects-based warfighting capabilities. The Defense Industrial Base Capabilities Study (DIBCS) series is a systematic assessment of critical technologies needed in the 21st century defense industrial base to meet warfighter capabilities, as framed by the Joint Staff's functional concepts. In addition, the DIBCS series provides the basis for strengthening the industrial base required for 21st century warfighting needs. This report addresses the third of those functional concepts, Force Application.
Topic:
Defense Policy, Industrial Policy, and Science and Technology
Political Geography:
United States

54174. Defense Science Board Report on Corrosion Control

Publication Date:
10-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Weapons system readiness and safety are among the highest priority challenges for the Department of Defense (DoD). As it continues to receive a large number of mission taskings, it is imperative that DoD equipment be maintained at an acceptable level of material condition so that it may be employed safely and effectively when required, often in harsh and physically demanding environments. However, both the material condition and safety of DoD equipment are routinely being undermined by the effects of corrosion. The dollar cost of corrosion to DoD has been estimated by the Government Accountability Office (GAO) to be $10-20 billion per year. Aggressive action is needed at every stage in the life cycle of this equipment — during design, materials selection, construction, operation, and maintenance — to reduce the negative effects of corrosion.
Topic:
Defense Policy, Arms Control and Proliferation, and Science and Technology
Political Geography:
United States

54175. The Value of Financial Intermediaries: Empirical Evidence from Syndicated Loans to Emerging Market Borrowers

Author:
Gregory P. Nini
Publication Date:
09-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Empirical estimates of the benefit of financial intermediation are constructed by examining the role played by local banks in facilitating syndicated loans to borrowers in emerging market countries. Assuming that local banks possess a superior monitoring ability, the market is ideal for studying the value of intermediation since cross-border lending into emerging markets is plagued by particularly high information and agency costs and the supply of local bank capital is in limited short run supply. Using variation in the propensity of local banks to participate in foreign arranged syndicates, there are two economically important results. First, local banks are much more likely to participate in unconditionally riskier loans. Second, after controlling for borrower characteristics, loan characteristics, and the endogeneity of the local bank lending decision, loans with local bank participation have spreads that are 10 percent lower (29 basis points) than otherwise similar loans. Combined, the results support the conclusion that local banks, a particularly special type of financial intermediary, provide value by considerably reducing financing costs, especially for riskier borrowers.
Topic:
Economics, Emerging Markets, and International Trade and Finance
Political Geography:
United States

54176. What Makes Investors Over or Underweight? Explaining International Appetites for Foreign Equities

Author:
Carol C. Bertaut and Linda S. Kole
Publication Date:
09-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Using data from the IMF Coordinated Portfolio Investment Surveys conducted in 2001, we analyze the determinants of 31 countries' international equity holdings. We show that investors in all countries underweight U.S. equities in their portfolios, many by more than they underweight foreign equities in general. Such behavior is surprising given the common perception of the United States as a desirable investment destination due to its well-developed legal and regulatory environment. Instead we find that investors in some countries are overweight in equities from other countries with which they have close regional or political ties. Such ties, along with distance, trade, issuance of U.S. ADRs or cross-listing on the London Stock exchange, market concentration, and estimated betas help explain patterns of diversification. However, even when all these variables are included, we find significant fixed effects for most countries, suggesting that a considerable amount of cross-country variation in investment positions and in home bias remains to be explained. Our work confirms previous findings and extends results most completely documented for the United States to other major investor countries. But it also suggests caution should be used when interpreting results derived from studies of one or a few countries.
Topic:
Economics, Emerging Markets, and International Trade and Finance
Political Geography:
United States and London

54177. Battling International Bribery 2004

Publication Date:
09-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This sixth and annual report required under the Senate Resolution of Advice and Consent of July 31, 1998, examines the progress that parties have made in implementing and enforcing the Organization for Economic Cooperation and Development (OECD) Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (Antribribery Convention).
Topic:
Foreign Policy, Defense Policy, and Economics
Political Geography:
United States

54178. Review of Implementation of the Convention and 1997 Recommendation

Publication Date:
09-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
The Convention was signed by the United States on December 17, 1997 and ratified on November 10, 1998. The U.S. deposited its instrument of ratification with the OECD on December 8, 1998. Congress responded to the signature of the Convention by amending the Foreign Corrupt Practices Act (the “FCPA”) on October 21, 1998. The new legislation, which entered into force on November 10, 1998, extends the FCPA to any person who engages in any act while in the territory of the U.S. and to any U.S. national and company engaged in an act outside the U.S. in furtherance of a proscribed purpose; adds “securing any improper advantage” to the list of improper purposes for payments to foreign officials; expands the term “a foreign official” to include any person acting for or on behalf of “public international organisation”; and allows the U.S. Attorney General to seek injunctive relief against foreign citizens or residents and entities other than “issuers” or “domestic concerns” that have engaged in or are about to engage in a violation of the FCPA.
Topic:
Foreign Policy, Defense Policy, and Economics
Political Geography:
United States

54179. Defense Science Board 2003 Summer Study on DoD Roles and Missions in Homeland Security, Volume B

Publication Date:
09-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
During the Cold War, the United States developed and refined intelligence capabilities upon a number of key factors: Known adversaries, the Soviet Union and the Communist Bloc, including China and North Korea; Known geographic boundaries: that of the communist nation states (We knew where to look); Known conflict of ideology: communism vs. capitalism; Observable (with some degree of confidence over time) military capabilities of adversaries; and Indications (and in some cases, warning - developed over the years) of activity potentially hazardous to the United States and NATO.
Topic:
Defense Policy, National Security, and Science and Technology
Political Geography:
United States, China, and North Korea

54180. Base Structure Report Fiscal Year 2004

Publication Date:
09-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Since the 1999 edition, the Department of Defense has used its consolidated real property inventory (the Facilities Analysis Database) as the basis for the annual publication of the Base Structure Report. This report contains a comprehensive listing of installations and sites owned and used by the Department. It summarizes the current facilities inventory and provides other basic information, such as information concerning the site locations, names of the nearest city, and, where available, includes personnel authorizations.
Topic:
Security, Defense Policy, and Economics
Political Geography:
United States