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8661. Inflation Targeting in Open Economies: The Contradictions of Determinacy and Stability

Author:
Esteban Perez-Caldentey and Matias Vernengo
Publication Date:
12-2022
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
Since 1999, more than half of Latin American countries have put in practice inflation targeting regimes with the objective of maintaining price stability within a low inflation environment. Building on previous work, we argue that the adoption of this monetary regime was the result of a policy shift that began with the Washington Consensus, and which materialized sequentially in increased financial openness, greater exchange rate flexibility, leading eventually to the implementation of inflation targeting. We further sustain that in the case of an open economy, the use of inflation targeting leads to incoherent and contradictory results that severely question its alleged superiority over other monetary frameworks. Finally, we posit the need for comprehensive regulatory frameworks to deal with the complex dynamics and transmission mechanisms that characterize economies that have a high degree of financial openness, such as those of Latin America.
Topic:
Regulation, Economy, Inflation, and Economic Stability
Political Geography:
Latin America

8662. Lessons from the Inflation of 2021-202(?)

Author:
Asha Banerjee and Josh Bivens
Publication Date:
12-2022
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
Starting in mid-2021, inflation in the United States rose to levels not seen since the early 1980s. This inflation followed on the heels of the economic shock imposed by the global COVID-19 pandemic and the significant fiscal policy interventions meant to smooth the fallout of this shock. As of October 2022, inflation – both headline and core measures stripping out food and energy prices – remained at historically high levels, though there are significant signs of softening in the near-future. This episode has sparked furious debate over the proper policy response, and has exposed how little innovative thinking has been done on inflation by either macroeconomists or policy analysts since the 1980s price acceleration was ended by the Volcker shock. This paper identifies a number of key questions raised by the inflationary outbreak of the past 18 months and offers some answers. An extremely brief summary of these questions and answers is provided below, with the rest of the paper expanding on these points.
Topic:
Economy, Inflation, Macroeconomics, Fiscal Policy, and COVID-19
Political Geography:
North America and United States of America

8663. Inconsistent Definitions of GDP: Implications for Estimates of Decoupling

Author:
Gregor Semieniuk
Publication Date:
09-2022
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
Efforts to assess the possibilities for decoupling economic growth from negative environmental impacts have examined their historical relationship, with varying and inconclusive results. Part of the problem is ambiguity about definitions of environmental impacts, e.g. whether to use territorial or consumption-based measures of environmental impact. This paper shows that ambiguities arising from definitional changes to GDP are sufficiently large to affect the outcomes. I review the history of structural revisions to GDP using the example of the United States, and on international comparisons of purchasing power parity, compare decoupling results using various historical definitions of GDP on the same environmental indicator, and demonstrate that changing the GDP data vintage does impact decoupling results in qualitatively important ways, with and without purchasing power parity. Inconsistencies in economic measurement introduce an additional layer of ambiguity into historical decoupling evidence and model projection into the future. To advance debate and be clear about scenario assumptions, rigorous reporting of GDP definitions used and the sharing of data vintage for subsequent comparison and replication are urgently needed.
Topic:
Environment, Political Economy, GDP, and Economic Growth
Political Geography:
Global Focus

8664. Time Use Data in Feminist Political Economy Analyses: Gender and Class in the Indian Time Use Survey

Author:
Sirisha Naidu and Smriti Rao
Publication Date:
10-2022
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
The literature on agrarian change in India has largely employed class categories based upon data on land, assets and occupational status. Land and asset data tend to exist at the level of households, while occupation categories have neither fully counted reproductive labour nor accounted for diversified livelihood strategies. As a result, categorizations of class in the literature on agrarian change tend to collapse women’s class relations into those of male household heads. The recent completion of India’s first ever national time use survey provides an opportunity to address these longstanding gaps. This paper examines whether and how the 2019 Indian Time Use data lends itself to an understanding of class relations that i) can better accommodate an expanded conception of work as including reproductive labor ii) better accommodate the highly diversified livelihoods of rural Indians iii) better grasp the articulation of caste and gender differentiated labor processes with capital. In this paper, we are able to show i) and ii). The third goal is somewhat stymied by the absence of qualitative data that contextualize time use data. We compare the class relational mapping obtained from time use data with that obtained from land and occupational data and examine the possibilities and limits of employing time use data to deepen feminist political economy analyses of agrarian change.
Topic:
Agriculture, Political Economy, Labor Issues, Feminism, Caste, and Gender
Political Geography:
South Asia and India

8665. Savings Glut, Secular Stagnation, Demographic Reversal, and Inequality: Beyond Conventional Explanations of Lower Interest Rates

Author:
Matias Vernengo
Publication Date:
11-2022
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
Interest rates have declined over the last 40 years, a period of increasing inequality. The steady decline in interest rates has been interpreted by and large as resulting from a decline of the natural rate of interest. This paper surveys the main explanations associated with the notion of a decline in the natural rate of interest, including the savings glut and the secular stagnation hypothesis. It analyzes the views according to which demographic forces were behind the decline, and might perhaps be associated to a future rise of the same natural rate. It also discusses the view according to which the role of inequality has been also to affect the natural rate of interest. Finally, views that discuss the role of monetary and financial factors, including the so-called global financial cycle literature, are discussed. It is argued that the conventional view suffers from logical and empirical problems that are ultimately insurmountable. A brief critique of the notion of a natural rate of interest, and alternative monetary theory of the decline of interest rates, as determined exogenously by the monetary authority of the hegemonic country, the United States, is proposed.
Topic:
Demographics, Inequality, Finance, and Interest Rates
Political Geography:
North America and United States of America

8666. The Price of Speculation: Cryptocurrencies and Climate Change

Author:
Izaura Solipa and Gerald Epstein
Publication Date:
08-2022
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
Cryptocurrencies are a form of digital currency whose popularity has rapidly increased over the past decade. What distinguishes them from other electronic currencies is their underlying technology known as the blockchain, a decentralized public ledger in which transactions among the network peers are accurately and securely recorded. The validation and mining process, where new coins are issued, is highly computationally intensive and thus requires vast amounts of energy. The literature estimates energy consumption levels of the cryptocurrency mining to be as high as those of countries such as Angola, Iceland or Cuba, and a corresponding emission of at least 3-15 million tons of CO2. We discuss these estimated impacts of Bitcoin and other cryptocurrencies on both energy levels and the environment, and then outline alternative applications that could promote climate change mitigation. We argue that despite the latter applications and the possible benefits from the technology, particularly in the energy sector, the financial uses of blockchain are creating significant environmental costs without any clear social or economic benefit stemming from this largely speculative activity.
Topic:
Climate Change, Science and Technology, Economy, Cryptocurrencies, Blockchain, Digital Currency, and Speculation
Political Geography:
Global Focus

8667. Environmental Justice and Carbon Pricing

Author:
James K. Boyce, Michael Ash, and Brent Ranalli
Publication Date:
09-2022
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
Opposition to carbon pricing has come not only from the fossil fuel lobby, as might be expected, but also from environmental justice (EJ) advocates who seek to end the disproportionate environmental harms imposed upon people of color and low-income communities, and who fear that carbon pricing could reinforce rather than remedy pollution exposure disparities. This paper focuses on the objections to carbon pricing that EJ advocates have raised. They argue that carbon pricing (i) fails to reduce emissions significantly, (ii) fails to reduce the disproportionate impacts of hazardous co-pollutants on people of color and low-income communities; (iii) hits low-income households harder than richer households; and (iv) commodifies nature. This paper discusses how carbon pricing can be designed to address these very real concerns.
Topic:
Environment, Inequality, Justice, Fossil Fuels, and Carbon Emissions
Political Geography:
Global Focus

8668. Africa Report 2022. Africa-Europe Relations in an era of crisis

Author:
Elsa Aime Gonzalez and Itxaso Dominguez de Olazabal
Publication Date:
12-2022
Content Type:
Working Paper
Institution:
Fundación Alternativas
Abstract:
Africa is a continent, not a country’, says Dipo Faloyin in his recent work Africa is not a country. It may seem like that might go without saying about a place with 54 different nations, with hundreds of languages, with so many different histories, with so many different races but what it means is that you cannot know Africa without digging into the local realities. This 2022 Africa Report focuses on some of them (countries such as Morocco, Tunisia, Libya, Mali, Mozambique, and regions such as the Maghreb, West Africa). In Africa, however, we can see cross-cutting or cross-border trends that allow us to find continental issues in their government systems or in their societies.
Topic:
International Relations, Development, International Cooperation, and Regional Cooperation
Political Geography:
Africa

8669. KDP and PUK in Sadir’s Chess Game

Author:
Dlawer Ala'Aldeen
Publication Date:
01-2022
Content Type:
Policy Brief
Institution:
Middle East Research Institute (MERI)
Abstract:
Muqtada Al-Sadir, the Shiite Cleric Grandmaster, is playing to win; whatever the expense. In the build-up to the game, the Sunnis got their act together and seized the opportunity to become the main winners of the first round. However, the Kurds entered the fight on one leg, lost sight of the bigger picture and intensified their internal power rivalry. This has already proven costly for the Kurdistan Region of Iraq (KRI), and if they keep on as they started, the second round will be even dearer. Fortunately, it is not too late to minimise their losses or even end up winning future rounds. To do this, they need to take into account the complex power dynamics within not just the Shiite component of Iraq (Shiite House), but also the Shiite ‘Universe’ inside and outside Iraq.
Topic:
Religion, Conflict, Sunni, Identity, and Shiism
Political Geography:
Iraq and Middle East

8670. The US strategies in Iraq: A policy debate with Amb. Matthew Tueller

Author:
Middle East Research Institute
Publication Date:
05-2022
Content Type:
Policy Brief
Institution:
Middle East Research Institute (MERI)
Abstract:
“We are making good progress on constructing a permanent Consulate General in Erbil, the largest US Consulate facility anywhere in the world. And I see that as the nature of the long-term strategic commitment that the United States has to Iraq and to the Kurdistan Region”, said Matthew H. Tueller, the United States Ambassador to Iraq, in a MERI policy debate on 15 May 2022. In this special roundtable, Amb. Tueller outlined the US policies in Iraq and stressed that the strong and long-term strategic partnership between the two countries goes far beyond the military aspect of relationship. It intends to move towards a “shared goal of Iraq as an emerging strong, stable and sovereign state”, which can protect its borders and ensure that no armed forces outside of the government control can influence inside. These are “ongoing challenges” that Iraq faces and the US is trying to help in overcoming them.
Topic:
International Relations, Foreign Policy, Hegemony, and Strategic Interests
Political Geography:
Iraq, Middle East, North America, and United States of America

8671. he EU-Iraq security partnership: A Policy Debate with MEPs

Author:
Middle East Research Institute
Publication Date:
06-2022
Content Type:
Policy Brief
Institution:
Middle East Research Institute (MERI)
Abstract:
A Policy Debate with European Parliament Subcommittee on Security and Defence “The Middle East, Iraq and Kurdistan are key partners of Europe… What takes place here has consequences in Europe and vice versa”, said Nathalie Loiseau, Chair of the European Parliament Subcommittee on Security and Defence (SEDE) in a MERI policy debate held on 25 May 2022. Ms Loiseau headed a delegation of seven members of European Parliament (MEPs), along with a group of senior parliamentary advisors and staff (listed below), who visited both Baghdad and Erbil. Their aim was to engage Iraqi policy- and decision-makers and to develop a deeper understanding of the security challenges facing both Iraq and the Kurdistan Region (KRI).
Topic:
Security, International Cooperation, Regional Cooperation, European Union, and Strategic Interests
Political Geography:
Iraq, Europe, and Middle East

8672. Drug Policy in Colombia: The Road to a Just Regulation

Author:
Global Commission On Drug Policy
Publication Date:
11-2022
Content Type:
Working Paper
Institution:
Global Commission On Drug Policy
Abstract:
The position paper “Drug Policy in Colombia – The Road to a Just Regulation" presents the dynamics which have maintained Colombia hostage as the longest running, and most evident examples, of failed prohibitionist drug policies. The position paper explores the context leading to the 2016 Peace Agreement, as well as the shifts in political power that resulted in uneven and unsuccessful implementation efforts of the Agreement. It puts forward recommendations to support effective and humane drug policy reforms that enhance peace, health, security and development in Colombia.
Topic:
Security, Development, Diplomacy, Treaties and Agreements, United Nations, Law Enforcement, Regulation, and Drugs
Political Geography:
Colombia and South America

8673. From the Trump to the Biden Administration: The Women, Peace and Security Agenda

Author:
Hans Hogrefe and Cassandra Zavislak
Publication Date:
06-2022
Content Type:
Policy Brief
Institution:
Our Secure Future
Abstract:
This brief outlines the main WPS developments from the Trump to the Biden Administration. There were some significant changes made by the Biden Administration pertaining to gender policy and coordination in general, which likely will also have implications for WPS going forward.
Topic:
Security, Women, Peace, and Gender
Political Geography:
North America and United States of America

8674. The Special Responsibility of the United States to Female Afghan Security and Police Officers Seeking Protection

Author:
Hans Hogrefe, Sahana Dharmapuri, and Cassandra Zavislak
Publication Date:
04-2022
Content Type:
Policy Brief
Institution:
Our Secure Future
Abstract:
In no other country since World War II did the United States act as a quasi-government either directly or by proxy as it did in Afghanistan during its 2001-2021 civil and military engagement there. Female Afghan police and military personnel were recruited, retained, trained, equipped and paid because the United States legislated, funded, and implemented programs in accordance with U.S. national security priorities. The U.S. initiated programs and created this special group of female Afghan combatants, for whom the United States continues to have a special responsibility.
Topic:
Security, Women, Peace, and Police
Political Geography:
Afghanistan, South Asia, North America, and United States of America

8675. Philanthropic Funding for Parent, Caregiver, and Family Support Programs in the Global South

Author:
Sweta Shah
Publication Date:
01-2022
Content Type:
Special Report
Institution:
Elevate Children Funders Group
Abstract:
The evidence is clear that from the moment a child is conceived, they need their parents, caregivers, and/or families to survive, thrive, and meet their developmental potential. Earlier this year, the ECFG Parenting & Family Strengthening interest group identified the need to understand philanthropic investments that support the adults whose behaviors, skills, and well-being impact children’s development. ECFG commissioned this exercise to map foundation investments in parenting and caregiving across the Global South. This mapping explores the who, what, when, where, and how of these investments.
Topic:
Children, Investment, Family, Philanthropy, Funding, and Caregivers
Political Geography:
Global South

8676. Is a Genocide of Muslims Underway in India?

Author:
Bridge Initiative Team
Publication Date:
10-2022
Content Type:
Special Report
Institution:
The Bridge Initiative, Georgetown University
Abstract:
Over the past decade, India has experienced a dangerous rise in Islamophobia. There are near daily episodes of harassment, public beatings and mob assaults, destruction of property, and lynchings that have created an atmosphere of fear for the country’s 200+ million Muslims. The rise in this bigotry has largely come into being with the election of Prime Minister Narendra Modi and his Bharatiya Janata Party (BJP), a right-wing Hindu nationalist party. Videos of BJP politicians and right-wing Hindu religious leaders calling on Hindus to bear arms and to kill Muslims have become a normal feature in Modi’s India, where the Prime Minister has failed to condemn such rhetoric or speak out against the rising instability and divisions within society. The inaction and appeasement by the judiciary, law enforcement, and senior levels of government has signaled to the followers of Hindutva, a far-right political ideology that advocates for Hindu supremacy, that those in power support their efforts to carry out their mission of making India a Hindu-only nation. With this, the threat of mass atrocities is growing and becoming a dangerous reality. This report examines the situation in India utilizing Gregory Stanton’s 10 stages of genocide, and finds that examples of the first 8 stages of genocide are present in India. Currently, the country is teetering at stage 8 (persecution) with the indicators of stage 9 (extermination) becoming more and more visible. Islamophobia has been central to the BJP and the Hindu nationalist movement, as their goals are reliant on the subordination and dehumanization of Indian Muslims.
Topic:
Genocide, Islamophobia, Narendra Modi, Bharatiya Janata Party (BJP), and Muslims
Political Geography:
South Asia and India

8677. British Pugwash Note on the Absence of Sole Purpose in NATO’s 2022 Strategic Concept

Author:
Pugwash Conferences on Science and World Affairs
Publication Date:
11-2022
Content Type:
Working Paper
Institution:
Pugwash Conferences on Science and World Affairs
Abstract:
In June 2022 NATO members adopted an updated Strategic Concept (the preceding Concept having been adopted in 2010). There was reason to hope that in the updated Concept NATO members would envisage using nuclear weapons only in response to their first use by a nuclear-armed adversary. That reason lay in remarks made by President Biden when he was Barack Obama’s Vice-President. Notably in January 2017 he said: “Given our non-nuclear capacities and the nature of today´s threats, it is hard to envision a plausible scenario in which the first use of nuclear weapons by the United States would be necessary or would make sense; deterring, and, if necessary, retaliating against a nuclear attack should be the sole purpose of the US nuclear arsenal”. The adoption of Sole Purpose would be a useful nuclear risk reduction measure. Leaving open the option of using nuclear weapons in response to a non-nuclear attack on NATO entails the risk of nuclear escalation if the attacker is nuclear armed; and nuclear escalation entails the risk of global nuclear annihilation.
Topic:
Security, Defense Policy, NATO, Regional Cooperation, and Military Strategy
Political Geography:
Europe and North America

8678. Pugwash note on the situation in Ukraine

Author:
Pugwash Conferences on Science and World Affairs
Publication Date:
10-2022
Content Type:
Policy Brief
Institution:
Pugwash Conferences on Science and World Affairs
Abstract:
We note with great concern the worsening situation in the ongoing conflict between the Russian Federation and Ukraine. The annexation of areas currently controlled by Russian military will exacerbate tensions as Ukraine seems determined to recover the occupied regions and is supported by several NATO countries. The situation is quite complex as armed hostilities continue unabated, and opposing security perceptions by the parties involved do not appear easily reconcilable. Despite the fact that prospects for a ceasefire look dim under this current situation, a ceasefire is a necessary step towards stopping this dangerous conflict which, while it is heavily affecting Ukraine, is also a very destabilizing element that threatens international security.
Topic:
Military Strategy, Global Security, Conflict, and Russia-Ukraine War
Political Geography:
Russia, Europe, and Ukraine

8679. Pugwash note on present dangers

Author:
Pugwash Conferences on Science and World Affairs
Publication Date:
06-2022
Content Type:
Policy Brief
Institution:
Pugwash Conferences on Science and World Affairs
Abstract:
The present global situation is very dangerous. Not since the 1962 Cuban Missile Crisis have we had such a dangerous environment. But while the Cuban missile crisis lasted 13 days, the present situation has continued for over 100 days since February 2022.
Topic:
Defense Policy, NATO, Diplomacy, Regional Cooperation, and Military Strategy
Political Geography:
Europe and North America

8680. Pugwash Statement on the War in Ukraine

Author:
Pugwash Conferences on Science and World Affairs
Publication Date:
02-2022
Content Type:
Policy Brief
Institution:
Pugwash Conferences on Science and World Affairs
Abstract:
The war in Ukraine is a very dangerous war inside Europe. It is the first significant Russian military intervention in Europe in more than 50 years.
Topic:
Security, Military Strategy, Conflict, and Russia-Ukraine War
Political Geography:
Russia, Europe, and Ukraine