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8611. The Cross-Border Interbank Payment System: A Case Study in Chinese Economic Leadership

Author:
Aidan Campbell
Publication Date:
03-2023
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
Investigations seeking to explain the rise of China rarely investigate the many new institutions founded to increase China’s economic success and influence over global affairs. In the economic sector, some better-known projects include the Belt and Road Initiative, the Asian Infrastructure Investment Bank, and the New Development Bank. One of the newest and least understood institutions founded to promote international use of the RMB is the Cross-Border Interbank Payment System (CIPS). The purpose of this research is to examine the development, policies, and goals of CIPS in order to better understand the phenomenon of Chinese-lead international economic institutions. Novel evidence for CIPS’s intention to adopt blockchain technology and provide services for currencies other than the RMB is presented. The conclusion to this research is that CIPS is presently too small to pose a threat to the existing SWIFT network or predominance of US dollar transactions in international trade. At the same time, CIPS evidences a patient and rational strategy designed to reform international norms and patterns of trade to China’s advantage in the long term.
Topic:
Political Economy, Leadership, Economy, Belt and Road Initiative (BRI), and Banking
Political Geography:
China and Asia

8612. Does Project-Level Aid for Water and Sanitation Improve Child Health Outcomes? Evidence from Household Panel Data in Uganda

Author:
Lynda Pickbourn, Raymond Caraher, and Léonce Ndikumana
Publication Date:
03-2023
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
Empirical studies on the effectiveness of aid to the water, sanitation, and hygiene sector (WASH aid) have focused primarily on access to these services as the benchmark for evaluating the effectiveness of aid in this sector. Given the importance of WASH services for public health outcomes, the effectiveness of WASH aid should also be evaluated in terms of its impact on health outcomes. This is especially important in low- and middle-income countries where achieving sustained improvements in child health outcomes remains a challenge. This paper uses geocoded sub-national data on the location of WASH aid projects in Uganda in conjunction with six waves of nationally representative household-level panel survey data to examine the impact of aid-funded WASH projects on the probability of stunting among Ugandan children and infants. Analysing aid effectiveness at the sub-national level avoids the problems of cross-country heterogeneity in aid effectiveness that plagues other studies. Results of the difference-in-differences regression analysis suggest that proximity to an aid-funded WASH project reduces the probability of stunting by 14–21 per cent. The results suggest that scaling up aid to the WASH sector can help improve child health outcomes in the country.
Topic:
Health, Humanitarian Aid, Water, Sanitation, and Child Care
Political Geography:
Uganda and Africa

8613. Federal Reserve Anti-Inflation Policy: Wealth Protection for the 1%?

Author:
Aaron Medlin and Gerald Epstein
Publication Date:
02-2023
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
The Federal Reserve has a dual mandate from Congress that directs it to conduct monetary policy as such to achieve “maximum employment” and “stable prices.” Yet the U.S. central bank typically chooses to address inflation as a top priority and focuses on employment only secondarily, if at all. Why? In this paper we argue that an important reason is that the Federal Reserve conducts policy so as protect the real wealth of the top 1% of the wealth distribution. We focus on the Fed’s fight against inflation in 2021-2022, when it rapidly raised its policy interest rates by almost 4 percentage points in the face of more than 6 percent inflation. Using a novel econometric analysis, we provide evidence that shows that this policy serves as a real net wealth protection policy for the 1% by restoring some of the lost wealth that they would otherwise lose due to unexpected inflation. The results of this policy for the top 10% of the wealth distribution are econometrically ambiguous. But to the extent that the Fed’s high interest rates generate higher unemployment or even a recession, this wealth protection for the 1% could have serious income costs for workers who find themselves or another member of their household out of a job.
Topic:
Political Economy, Monetary Policy, Inflation, Elites, and Wealth
Political Geography:
North America and United States of America

8614. Inflation and Paid Care Services in the U.S.

Author:
Nancy Folbre
Publication Date:
02-2023
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
Nancy Folbre offers a number of reasons why increases in average wages among the lowest deciles of the population are not likely to significantly buffer the effects of rapid inflation on families with incomes below the poverty line. It also raises a number of specific questions for future research.
Topic:
Poverty, Economic Inequality, Inflation, and Wages
Political Geography:
North America and United States of America

8615. State Capitalism, Imperialism, and China: Bringing History Back In

Author:
Isabella Weber
Publication Date:
02-2023
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
State capitalism is experiencing a great revival as a term to capture the current capitalist constellations, increasingly replacing neoliberalism. Unlike neoliberalism, however, the term state capitalism has a long history reaching back to the age of imperialism in the late 19th century. While state capitalism has been used as a pejorative term by Marxists, liberals and neoliberals alike, it has served as a programmatic label for developmentalist and neomercantilist projects in reaction to imperialism in the periphery. This paper argues that we need to bring the intellectual history of state capitalism into the ‘new state capitalism’ debate. China has played a major role in the revival of state capitalism in the social sciences, but the long history of China’s engagement with state capitalism as a concept and program dating back to the late Qing reformers has been overlooked for the most part. State capitalism is by no means new to China, from Liang Qichao, Sun Yatsen and Mao Zedong to Deng Xiaoping, the idea that China had to create a modern nation state and industrial capitalism in the name of economic progress and to get ahead in the global competition is a recurring theme. What is new is that for the first time the ambition to use state capitalism as a means to catch up with the West is bearing fruits in ways that could undermine the predominance of Western economies.
Topic:
Imperialism, Political Economy, History, Capitalism, and State Capitalism
Political Geography:
China and Asia

8616. Women, Peace and Security and the 2022 National Security Strategy

Author:
Hans Hogrefe and Cassandra Zavislak
Publication Date:
01-2023
Content Type:
Policy Brief
Institution:
Our Secure Future
Abstract:
This brief examines the inclusion of the Women, Peace and Security agenda in the Biden Administration’s 2022 National Security Strategy, and compares it to the ways in which the Trump Administration’s 2017 National Security Strategy addresses the full participation of women in our national security interests.
Topic:
Security, National Security, Women, Inequality, Peace, and Strategic Competition
Political Geography:
Russia, China, North America, and United States of America

8617. Monitoring Progress on the Women, Peace and Security Agenda

Author:
Robert U. Nagel, David Guzman, and Carla Koppel
Publication Date:
03-2023
Content Type:
Special Report
Institution:
Georgetown Institute for Women, Peace and Security (GIWPS)
Abstract:
To advance the WPS Agenda and monitor progress, in 2019 the governments of Finland and Spain initiated Commitment 2025 (C-25). The member countries agreed to track their efforts to increase the meaningful and substantive participation of women along nine specific commitments related to conflict prevention and resolution, negotiation and mediation processes. This agreement currently has 13 signatories: Finland, Spain, Norway, Iceland, Germany, Italy, Belgium, United Kingdom, Bulgaria, Namibia, Canada, Uruguay, and Argentina. The Georgetown Institute for Women, Peace and Security (GIWPS) has partnered with C-25 members to track progress toward the commitments. To increase transparency and accountability while also providing metrics for progress, we collected and analyzed data on women’s representation in political governance, diplomatic, and peace and security institutions. We combined data from various sources to generate analysis and insights about the status of progress on C-25 commitments. Findings indicate that concerted efforts are needed to reach targets by 2025. Despite some progress, women’s participation and meaningful inclusion in matters of peace and security is still lacking. Governments can and must do better including and empowering women in peace and security institutions and processes. The data underscore the importance of continued dedication to women’s empowerment and the importance of holding governments accountable through monitoring progress.
Topic:
Security, Women, Accountability, Peace, Transparency, and Monitoring
Political Geography:
United Kingdom, Canada, Finland, Norway, Argentina, Uruguay, Germany, Belgium, Bulgaria, Spain, Italy, Iceland, and Namibia

8618. Toward Inclusive Recovery in Ukraine: Engaging Women and Civil Society in Ukraine’s Relief, Recovery, and Reconstruction

Author:
Jess Keller
Publication Date:
02-2023
Content Type:
Special Report
Institution:
Georgetown Institute for Women, Peace and Security (GIWPS)
Abstract:
Women’s participation in the design and implementation of Ukraine’s recovery programs is critical to maximize the effectiveness of the reconstruction process, take into account differentiated needs, and bolster post-conflict development. Key recommendations: Promote women’s participation, leadership, and decision-making in Ukraine’s planning frameworks and recovery process. Ensure new funding enables women’s active participation in Ukraine’s recovery and advances gender equality. Establish a gender-sensitive monitoring mechanism for the Ukrainian government to report on recovery progress and collect and analyze sex-disaggregated data. Prioritize the re-establishment of critical social infrastructure and services. Integrate gender equality in Ukraine’s EU accession commitments.
Topic:
Civil Society, Reconstruction, Women, Recovery, Participation, and Russia-Ukraine War
Political Geography:
Europe, Ukraine, and Eastern Europe

8619. Can Israel mediate an end to the Ukraine war?

Author:
Efraim Inbar
Publication Date:
01-2023
Content Type:
Working Paper
Institution:
Jerusalem Institute for Strategy and Security (JISS)
Abstract:
Israel is well positioned to again become a go-between between Russia and Ukraine, an effort that could further elevate its international status
Topic:
Diplomacy, Conflict, Peace, and Mediation
Political Geography:
Russia, Europe, Ukraine, and Israel

8620. The Default Policy Option: Chaos

Author:
Efraim Inbar
Publication Date:
01-2023
Content Type:
Working Paper
Institution:
Jerusalem Institute for Strategy and Security (JISS)
Abstract:
Chaos in the territories poses a security problem to Israel, but such a problem is less acute if the Palestinian militias vying for influence compete with each other.
Topic:
Security, Defense Policy, Military Strategy, and Strategic Interests
Political Geography:
Middle East, Israel, and Palestine