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1152. Do We Need a New "Great Transformation"? Is One Likely?
- Author:
- Frances Stewart
- Publication Date:
- 04-2006
- Content Type:
- Working Paper
- Institution:
- United Nations University
- Abstract:
- Karl Polanyi wrote The Great Transformation in 1944 which analysed the double movement Europe experienced, from a situation where the market was heavily regulated and controlled in the eighteenth century to a virtually unregulated market in the nineteenth century, and the huge transformation in which the market was once more brought under control as a reaction to the poverty, unemployment and insecurity brought about by the unregulated market. Yet in both developed and developing countries there has since been a reaction with a new move towards the market. This paper analyses such processes in contemporary developing countries, and considers whether, in the light of the consequences of the unregulated market, a new Great Transformation is needed. It also considers whether such a transformation is likely, reviewing moves towards increased regulation of the market, and also the challenges faced by any contemporary great transformation arising from globalization and the nature of politics.
- Topic:
- Development, Markets, and Poverty
- Political Geography:
- Europe
1153. International Risk Tolerance, Capital Market Failure and Capital Flows to Emerging Markets
- Author:
- Valpy FitzGerald
- Publication Date:
- 04-2006
- Content Type:
- Working Paper
- Institution:
- United Nations University
- Abstract:
- The level, tenor and instability of capital flows from global financial markets towards developing countries are a major source of concern for macroeconomic managers, while their causes remain largely unexplained by economic theory. Country 'fundamentals' (such as economic growth, monetary stability and institutional capacity) as sources of default risk have been the main focus of economic research and policy prescriptions. However, recent empirical research on the determinants of capital flows and the roots of market failure indicate that much of the explanation lies in the nature of the home (that is, the developed country) demand for emerging market assets. In this paper, the microeconomic roots of home bias and demand instability are explained in terms of investor risk perception and credit rationing, exacerbated by traders' behaviour. The consequences for host country macroeconomic balances and income distribution of varying investor risk tolerance are then demonstrated. Although the net impact also depends upon the host policy response, this transmission mechanism means that host 'fundamentals' are themselves strongly affected by capital flows and thus cannot be considered as to be independent of home asset demand. The paper concludes by examining the implications of these findings for the future of development economics in general and for policy response in particular.
- Topic:
- Development, Emerging Markets, Markets, and Third World
1154. Prolonged Use and Conditionality Failure: Investigating IMF Responsibility
- Author:
- Laura Sabani and Silvia Marchesi
- Publication Date:
- 02-2006
- Content Type:
- Working Paper
- Institution:
- United Nations University
- Abstract:
- Since the 1970s, prolonged use of resources by the IMF has consistently expanded, among both low- and middle-income countries. Overall, this phenomenon suggests a lack of effectiveness of Fund supported programmes. In the literature conditional lending failure has been explained by looking both at the characteristics of the borrowing countries (demand-side factors) and at the possible influence of IMF specific interests (supply-side factors). Among the latter it has been suggested that non- compliance with conditionality might be attributed to the lack of credibility of the IMF threat of interrupting financial assistance in case of policy slippages. In this paper we critically review this literature and we propose a novel explanation, according to which it is the repeated nature of the IMF involvement, together with the fact that the Fund acts simultaneously as a lender and as a monitor (and as an advisor) of economic reforms, that weakens the credibility of the IMF threat. Specifically, we argue that Since the 1970s, prolonged use of resources by the IMF has consistently expanded, among both low- and middle-income countries. Overall, this phenomenon suggests a lack of effectiveness of Fund supported programmes. In the literature conditional lending failure has been explained by looking both at the characteristics of the borrowing countries (demand-side factors) and at the possible influence of IMF specific interests (supply-side factors). Among the latter it has been suggested that non- compliance with conditionality might be attributed to the lack of credibility of the IMF threat of interrupting financial assistance in case of policy slippages. In this paper we critically review this literature and we propose a novel explanation, according to which it is the repeated nature of the IMF involvement, together with the fact that the Fund acts simultaneously as a lender and as a monitor (and as an advisor) of economic reforms, that weakens the credibility of the IMF threat. Specifically, we argue that the IMF desire to preserve its reputation as a good monitor/advisor may distort its lending decisions towards some laxity, which may be exacerbated by the length of the relationship between a country and the Fund. Therefore, we claim that prolonged use of IMF resources is not only a consequence of a lack of effectiveness of conditional lending but it might itself be a determinant of conditionality failure.
- Topic:
- Economics, International Organization, International Trade and Finance, and Markets
1155. Reforming U.S. Patent Policy: Getting the Incentives Right
- Author:
- Keith E. Mascus
- Publication Date:
- 11-2006
- Content Type:
- Working Paper
- Institution:
- Council on Foreign Relations
- Abstract:
- America's robust economic competitiveness is du e in no small part to a large capacity for innovation. That capacity is imperiled, however, by an increasingly overprotective patent system. Over the past twenty-five years, American legislators and judges have operated on the principle that stronger patent protection engenders more innovation. This principle is misguided. Although intellectual property rights (IPR) play an important role in innovation, the recent increase in patent protection has not spurred innovation so much as it has impeded the development and use of new technologies.
- Topic:
- Development, Economics, and Markets
- Political Geography:
- United States, China, and America
1156. Understanding South Korea and Japan's Spectacular Broadband Development: Strategic Liberalization of the Telecommunications Sectors
- Author:
- Seung-Youn Oh and Kenji Kushida
- Publication Date:
- 06-2006
- Content Type:
- Working Paper
- Institution:
- Berkeley Roundtable on the International Economy
- Abstract:
- The ICT sectors of both South Korea and Japan developed rapidly, especially in developing high-speed, low priced broadband services. These networks can potentially provide both economies with new playgrounds for experimentation and innovation. Existing explanations of how these broadband networks and services were created tend to be confused and contradictory regarding 1) the roles played by the states, 2) the exact mechanisms of interaction between governments policies and programs, regulatory frameworks, and market dynamics, and 3) the politics driving each of the state-market interactions.
- Topic:
- International Political Economy and Markets
- Political Geography:
- Japan, Asia, and South Korea
1157. Markets As Conversations: Markets' Contribution To Civility, The Public Sphere And Civil Society At Large
- Author:
- Victor Pérez-Diaz
- Publication Date:
- 12-2006
- Content Type:
- Working Paper
- Institution:
- Minda de Gunzburg Center for European Studies, Harvard University
- Abstract:
- The author restates a traditional, broad and composite view of civil society, of increasing relevance at a time of ever greater complexity in a non-state centered world; and he explores the relations between markets, associations and politics as parts of that interconnected whole. Markets as conversations shape people's dispositions and help developing a set of civil and civic virtues, bracketed together under the rubric of civility. The paper examines the scope and limits of these civilizing effects on politics and the public sphere.
- Topic:
- Civil Society, Development, Economics, and Markets
1158. Natural Unemployment, the Role of Monetary Policy and Wage Bargaining: A Theoretical Perspective
- Author:
- Stefan Collignon
- Publication Date:
- 05-2006
- Content Type:
- Working Paper
- Institution:
- Minda de Gunzburg Center for European Studies, Harvard University
- Abstract:
- This paper models unemployment as a general equilibrium solution in labor and capital markets, while the natural rate hypothesis explains unemployment simply as a partial equilibrium in the labor market. It is shown that monetary policy can have long-run effects by affecting required returns on capital and investment. If monetary policy is primarily concerned with maintaining price stability, the interaction between wage bargaining and the central bank's credibility as an inflation fighter becomes a crucial factor in determining employment. Different labor market institutions condition different monetary policy reactions. With centralized wage bargaining, a central bank mandate focusing primarily on price stability is sufficient. With an atomistic labor market, the central bank must also consider output as a policy objective.
- Topic:
- Civil Society, Development, Economics, and Markets
- Political Geography:
- United States, United Kingdom, and Europe
1159. Chinese Poverty: Assessing the Impact of Alternative Assumptions
- Author:
- Sanjay Reddy and Camelia Minoiu
- Publication Date:
- 04-2006
- Content Type:
- Working Paper
- Institution:
- Institute for Social and Economic Research and Policy at Columbia University
- Abstract:
- This paper investigates how estimates of the extent and trend of consumption poverty in China between 1990 and 2001 vary as a result of alternative plausible assumptions concerning the poverty line and estimated levels of consumption. The exercise is motivated by the existence of considerable uncertainty about the appropriate poverty lines to apply and the level and distribution of resources in China. The methodology of this paper focuses on the following sources of variation: alternative purchasing power parity conversion factors (used to convert an international poverty line), alternative estimates of the level and distribution of private incomes, alternative estimates of the propensity to consume of lower income groups, and alternative consumer price indices. It is widely believed that substantial poverty reduction has taken place in China in the 1990s, and we find this conclusion to be robust to the choice of assumptions. However, estimates of the extent of Chinese poverty in any year are greatly influenced by the assumptions made. China's record of reducing consumption poverty is dramatic. It is unclear whether this achievement has been comparable across regions and whether there have been corresponding national improvements in other aspects of human well-being.
- Topic:
- Markets, Political Economy, and Poverty
- Political Geography:
- China
1160. Why do some countries produce so much more output per worker than others?
- Author:
- Camelia Minoiu and Emmanuel Pikoulakis
- Publication Date:
- 10-2006
- Content Type:
- Working Paper
- Institution:
- Institute for Social and Economic Research and Policy at Columbia University
- Abstract:
- To explain differences in output per worker across countries, we test for the workings of a learning-by-doing hypothesis and the hypo thesis that the effectiveness of human capital depends on the laws and institutions that promote workplace practices that allow skills to develop. The quality of laws and institutions in the workplace is measured by an index of economic security (ESI). We find that ESI is a good proxy for human capital whilst educational attainment is not. We also find that countries with high ESI use more effectively the skills of the workforce and are better at exploiting profitable opportunities in capital markets.
- Topic:
- Development, Economics, Industrial Policy, International Trade and Finance, Markets, and Political Economy
1161. Self-regulation in European Contract Law
- Author:
- Fabrizio Cafaggi
- Publication Date:
- 12-2006
- Content Type:
- Working Paper
- Institution:
- European Research Papers Archive
- Abstract:
- This paper addresses self-regulation as a complementary means to harmonize and regulate European Contract Law. In the context of the paper SR is conceived as a complementary device to legislation and as a monitoring device to verify ECL implementation.
- Topic:
- Economics, Markets, and Politics
- Political Geography:
- Europe
1162. The Missing Links between Foreign Investment and Development: Lessons from Costa Rica and Mexico
- Author:
- Kevin Gallagher and Eva Paus
- Publication Date:
- 02-2006
- Content Type:
- Working Paper
- Institution:
- Global Development and Environment Institute at Tufts University
- Abstract:
- A developing country will derive long-lasting development benefits from FDI only, if there is the right coincidence between its location-specific assets and TNCs\' global interests, and the right match between the country\'s national linkage capability and TNCs\' strategic interest in domestic sourcing. We argue that Costa Rica and Mexico have been very successful in attracting high-tech FDI due to the cumulative results of past development policies, proximity to the U.S., and trade arrangements. However, a combination of pervasive market failures, government inaction, and changes in TNC strategies explains why the two countries have not been able to reap lasting benefits from high-tech FDI. We conclude that pro-active government policies have to be an integral part of any FDI-linked development strategy. Pro-action is needed to attract FDI, to promote indigenous linkage capability, and to enhance key location-specific assets on an on-going basis in the context of a coordinated policy framework.
- Topic:
- Economics and Markets
- Political Geography:
- Central America, North America, and Mexico
1163. Globalization, Private Security, and Democratic Processes: Implications for the Democratic Peace?
- Author:
- Deborah Avant
- Publication Date:
- 11-2006
- Content Type:
- Working Paper
- Institution:
- Centre for International Peace and Security Studies
- Abstract:
- During the 1990s and into this century, a robust market for force emerged alongside and intertwined with state military forces. The rise of stateless forces associated with globalization is often seen as breaking down barriers between states and enhancing the prospects for peace, particularly among advanced democracies. Stateless forces, in particular marketbased security, may also, however, alter the functioning of democracies. A widely held, albeit often implicit, assumption of much theory and research in international relations, especially in the literature on the democratic peace, is that states rely on their own military organizations rather than hired guns to project force. The question addressed here is whether the attributes that have been identified as promoting trust among democracies remain strong when states rely on private forces instead of, or in addition to, public ones. If greater reliance on the market to satisfy security needs affects the transparency, constitutionalism and public consent of their foreign policy processes, the market for force could have implications for trust among democracies – and at the extreme, perhaps even for the democratic peace. Overall, we conclude that the use of private security by the US threatens to weaken key institutional mechanisms taken to enhance trust between it and other democracies.
- Topic:
- Democratization, Economics, Globalization, and Markets
- Political Geography:
- United States
1164. Flying Geese or Sitting Ducks: China's Impact on the Trading Fortunes of other Asian Economies
- Author:
- Alan J. Ahearne, John G. Fernald, John W. Schindler, and Prakash Loungani
- Publication Date:
- 12-2006
- Content Type:
- Working Paper
- Institution:
- Board of Governors of the Federal Reserve System
- Abstract:
- This paper updates our earlier work (Ahearne, Fernald, Loungani and Schindler, 2003) on whether China, with its huge pool of labor and an allegedly undervalued exchange rate, is hurting the export performance of other emerging market economies in Asia. We continue to find that while exchange rates matter for export performance, the income growth of trading partners matters far more. This suggests the potential for exports of all Asian economies to grow in harmony as long as global growth is strong. We also examine changes in export shares of Asian economies to the U.S. market and find evidence that dramatic changes in shares are taking place. Many of these changes are consistent with a 'flying geese' pattern in which China moves into the product space vacated by the Asian NIEs or with greater integration of trade across Asia in the production of final goods. Nevertheless, China's dramatic gains in recent years do increase the pressure on Asian economies, particularly in ASEAN and South Asia, to seek areas of comparative advantage.
- Topic:
- Development, Economics, Foreign Exchange, International Trade and Finance, and Markets
- Political Geography:
- China, South Asia, and Asia
1165. Predicting Sharp Depreciations in Industrial Country Exchange Rates
- Author:
- Jonathan H. Wright and Joseph E. Gagnon
- Publication Date:
- 11-2006
- Content Type:
- Working Paper
- Institution:
- Board of Governors of the Federal Reserve System
- Abstract:
- This paper considers the prediction of large depreciations (both nominal and real) in a panel of industrialized countries using a probit methodology. The current account balance/GDP ratio has a modest but statistically significant effect on the estimated probability of a large depreciation, and gives slight predictive power in an outof- sample forecasting exercise. The CPI inflation rate also has a modest but statistically significant effect in predicting nominal depreciations and has slight predictive power, but this effect is not present for real exchange rates. The GDP growth rate occasionally has a significant effect. A higher current account balance (surplus) tends to reduce the probability of a sharp depreciation; a higher inflation rate tends to increase the probability of a sharp depreciation; and a higher GDP growth rate perhaps tends to reduce the probability of a sharp depreciation.
- Topic:
- Economics, Foreign Exchange, International Trade and Finance, and Markets
1166. Real-Time Price Discovery in Global Stock, Bond and Foreign Exchange Markets
- Author:
- Torben G. Andersen, Tim Bollerslev, Francis X. Diebold, and Clara Vega
- Publication Date:
- 09-2006
- Content Type:
- Working Paper
- Institution:
- Board of Governors of the Federal Reserve System
- Abstract:
- Using a unique high-frequency futures dataset, we characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. We find that news produces conditional mean jumps; hence high-frequency stock, bond and exchange rate dynamics are linked to fundamentals. Equity markets, moreover, react differently to news depending on the stage of the business cycle, which explains the low correlation between stock and bond returns when averaged over the cycle. Hence our results qualify earlier work suggesting that bond markets react most strongly to macroeconomic news; in particular, when conditioning on the state of the economy, the equity and foreign exchange markets appear equally responsive. Finally, we also document important contemporaneous links across all markets and countries, even after controlling for the effects of macroeconomic news.
- Topic:
- Economics, Foreign Exchange, International Trade and Finance, and Markets
- Political Geography:
- United States
1167. The U.S. Current Account Deficit and the Expected Share of World Output
- Author:
- John H. Rogers and Charles Engel
- Publication Date:
- 04-2006
- Content Type:
- Working Paper
- Institution:
- Board of Governors of the Federal Reserve System
- Abstract:
- We investigate the possibility that the large current account deficits of the U.S. are the outcome of optimizing behavior. We develop a simple long-run world equilibrium model in which a country's current account is determined by the expected discounted present value of its future share of world GDP relative to its current share of world GDP. The model suggests that under some reasonable assumptions about future U.S. GDP growth relative to the rest of the advanced countries – more modest than the growth over the past 20 years – the current account deficit is near optimal levels. We then explore the implications for the real exchange rate. Under some plausible assumptions, the model implies little change in the real exchange rate over the adjustment path, though the conclusion is sensitive to assumptions about tastes and technology. Then we turn to empirical evidence. Two empirical analyses of current account sustainability using actual data suggest that the U.S. is not keeping on a long-run sustainable path. One is a direct test of our model, which finds that the dynamics of the U.S. current account – the increasing deficits over the past decade – are difficult to explain under a particular statistical model (Markov-switching) of expectations of future U.S. growth. But, if we use survey data on forecasted GDP growth in the G7, our very simple model appears to explain the evolution of the U.S. current account remarkably well. We conclude that expectations of robust performance of the U.S. economy relative to the rest of the advanced countries is a contender – though not the only legitimate contender – for explaining the U.S. current account deficit.
- Topic:
- Economics, Foreign Exchange, International Trade and Finance, and Markets
- Political Geography:
- United States
1168. Economic Survey of the Russian Federation, 2006
- Publication Date:
- 11-2006
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- The Russian economy has been enjoying a period of robust growth, thanks largely to steadily rising terms of trade. The challenge confronting policy-makers is to facilitate Russia's transition into a period of self-sustaining, investment- and innovation-led growth. This will require a sound macroeconomic policy framework to manage the economy's adjustment to sustained high oil prices and a range of structural reforms aimed at creating better framework conditions for business.
- Topic:
- Development, Economics, and Markets
- Political Geography:
- Russia, Europe, and Asia
1169. Economic Survey of Brazil, 2006
- Publication Date:
- 11-2006
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Considerable progress has been made in recent years in achieving macroeconomic stability and restructuring the economy. Productivity has risen since the macroeconomic stabilisation of the mid-1990s and the implementation of a series of structural reforms. But Brazil's GDP growth performance (about 2.5% per year on average since 1995) nevertheless needs to improve to close a widening income gap relative to the OECD area. Reaping the full benefits of stabilisation in terms of faster growth will require consolidating macroeconomic adjustment, boosting innovation in the business sector and stepping up formal labour utilisation.
- Topic:
- Development, Economics, and Markets
- Political Geography:
- Brazil and South America
1170. Competition Law and Policy in Argentina
- Publication Date:
- 10-2006
- Content Type:
- Working Paper
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- In the past 25 years Argentina has made considerable, if uneven, progress toward building a successful market economy. In any country, an effective competition policy is an important part of that effort. Argentina's progress in competition policy has also been uneven, having been affected in many ways by the country's turbulent political and economic history.
- Topic:
- Development, Economics, and Markets
- Political Geography:
- Argentina and South America
1171. Economic Survey of Turkey, 2006
- Publication Date:
- 10-2006
- Content Type:
- Working Paper
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Substantial progress in macroeconomic stabilisation and institutional reform has laid a foundation for strong GDP growth. However, the recent inflation shock and turmoil in the financial markets highlight Turkey's on-going vulnerabilities. A further comprehensive programme of structural reform would increase productivity growth, expand the formal sector of the economy and consolidate macroeconomic stability.
- Topic:
- Development, Economics, and Markets
- Political Geography:
- Turkey and Middle East
1172. Financing SMEs and Entrepreneurs
- Publication Date:
- 11-2006
- Content Type:
- Working Paper
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Small and medium-sized enterprises (SMEs) are the backbone of all economies and are a key source of economic growth, dynamism and flexibility in advanced industrialised countries, as well as in emerging and developing economies. SMEs constitute the dominant form of business organisation, accounting for over 95% and up to 99% of enterprises depending on the country. They are responsible for between 60-70% net job creation in OECD countries. Small businesses are particularly important for bringing innovative products or techniques to the market.
- Topic:
- Development, Economics, Industrial Policy, and Markets
1173. OECD Territorial Reviews: Milan, Italy
- Publication Date:
- 11-2006
- Content Type:
- Working Paper
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Milan ranks among wealthy OECD metropolitan regions and is often identified with the “Made in Italy” brand on the international arena, notably for fashion and design. Once a successful industrial city, Milan has grown into the core of a wider industrial metropolitan region that is home to more than 7 million people. Industrial activities still drive the region's periphery while the centre of Milan is veering towards becoming a service platform for a significant share of northern Italy. Milan's historical skills endowment and its advantageous geographic location could underpin its ambition to become a southern European and Mediterranean capital, supplying advanced services and new technologies while remaining an international capital of fashion and design.
- Topic:
- Economics, International Trade and Finance, and Markets
- Political Geography:
- Europe and Italy
1174. Challenges for China's Public Spending
- Publication Date:
- 03-2006
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- China's evolution from a centrally-planned to a market-based economy is leading to major transformations of its public expenditure policies. Much progress has been made in raising infrastructure spending to a level more in line with China's development needs and in modernising mechanisms for budget planning and implementation. Nevertheless, significant challenges remain.
- Topic:
- Development, Government, and Markets
- Political Geography:
- China and Asia
1175. Economic Survey of Ireland, 2006
- Publication Date:
- 03-2006
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Ireland has continued its exemplary economic performance, attaining some of the highest growth rates in the OECD. After a remarkable decade, per-capita income has caught up with and overtaken the EU average. Further progress will require strong productivity growth and continued increases in labour supply. These challenges are familiar to most OECD economies. But it also faces some issues that are less common: it is going through a transition phase in upgrading its social services; infrastructure levels need to catch up with the boom in activity and population that has occurred over this period; and it has to manage some sizeable macroeconomic risks.
- Topic:
- Development, Economics, and Markets
- Political Geography:
- Europe and Ireland
1176. Going to Market: Trade and Traders in Six Afghan Sectors
- Author:
- Anna Paterson
- Publication Date:
- 06-2006
- Content Type:
- Working Paper
- Institution:
- Afghanistan Research and Evaluation Unit (AREU)
- Abstract:
- In 2004 and 2005, the Afghanistan Research and Evaluation Unit undertook a series of focused studies of commodity chains in six key sectors to gain an insight into the experience of Afghan businesses. Specifically, the studies investigated trade routes for the commodities, the number and types of market players, choice of products and the role of the state in setting regulations and standards. The final report synthesises the findings from this research.
- Topic:
- Markets, Business, Commodities, and Trade
- Political Geography:
- Afghanistan and Middle East
1177. Producer-Consumer Dialogue: What can energy ministers say to one another?
- Author:
- John Mitchell
- Publication Date:
- 11-2005
- Content Type:
- Working Paper
- Institution:
- Chatham House
- Abstract:
- The development of exceptionally high oil prices since mid-2004 has attracted increased political attention. High level discussions may provide a political stimulus for further development of a producer-consumer dialogue additional to the international trade which unites billions of consumers with hundreds of oil producing enterprises.
- Topic:
- Energy Policy, Government, International Cooperation, Markets, and Oil
1178. Context Matters - Rethinking the Resource Curse in Sub-Saharan Africa
- Author:
- Matthias Basedau
- Publication Date:
- 06-2005
- Content Type:
- Working Paper
- Institution:
- German Institute of Global and Area Studies
- Abstract:
- Natural resources in sub-Saharan Africa suffer from a bad reputation. Oil and diamonds, particularly, have been blamed for a number of Africa's illnesses such as poverty, corruption, dictatorship and war. This paper outlines the different areas and transmission channels of how this so-called “resource curse” is said to materialize. By assessing empirical evidence on sub-Saharan Africa it concludes that the resource curse theory fails to sufficiently explain why and how several countries have not or only partly been affected by the “curse”. Theoretically, the paper argues that whether or not natural resources are detrimental to a country's socio-economic and political development depends on a number of contextual variables, divided into country-specific conditions and resource-specific conditions (type, degree/level of abundance and dependence, resource revenue management, involved companies etc.). Methodologically, a future research agenda needs to examine the complex interplay of these contextual variables by adding sophisticated comparative research designs, especially “small and medium N” comparisons, to the tool box which has been widely confined to the juxtaposition of “large N” and country case studies.
- Topic:
- Government, Markets, and Political Economy
- Political Geography:
- Africa
1179. Phases of Competition Policy in Europe
- Author:
- Andreas Resch
- Publication Date:
- 04-2005
- Content Type:
- Working Paper
- Institution:
- Institute of European Studies (IES), UC Berkeley
- Abstract:
- In the process of globalization, international convergence of competition legislation has steadily gained importance. Yet, specific aspects of European history gave capital markets, corporate governance and competition policies a special flavor. Historically grown peculiarities have to be taken into account when it comes to evaluate actual policy decisions.
- Topic:
- International Relations, Globalization, and Markets
- Political Geography:
- United States and Europe
1180. Collective Bargaining Practices in Eastern Europe: Case Study Evidence from Romania
- Author:
- Aurora Trif
- Publication Date:
- 10-2005
- Content Type:
- Working Paper
- Institution:
- Max Planck Institute for the Study of Societies
- Abstract:
- There are several studies on recent developments in collective bargaining in Eastern Europe, but there is still a debate about the extent to which collective bargaining practices resemble those in continental Western Europe. This paper aims to contribute to this debate, by examining primary data on collective bargaining practices in Romania using an actor-centred institutionalist approach. It focuses on collective bargaining in four large chemical companies. Comparisons are made to other countries in order to highlight the developments in Romanian cases. Unexpectedly, the study's findings point to an increase in state intervention in establishing the terms and conditions of employment after 1989, due to the state’s new roles during the transformation process that affected job security. The study suggests a considerable increase in the influence of top managers in determining pay and working conditions, while trade unions retained the considerable influence over social benefits in large companies. The findings show continuance of certain pre-1989 practices, such as a persistence of high state intervention and a limited independence of the trade unions from the management. This paper contributes to a deeper understanding of institutional changes in the context of a shift from a centrally planned economy to a market-based economy.
- Topic:
- Economics, Markets, and Political Economy
- Political Geography:
- Europe, Eastern Europe, and Romania
1181. Journalism, Transparency and the Public Interest
- Author:
- Jon Ziomek
- Publication Date:
- 01-2005
- Content Type:
- Working Paper
- Institution:
- Aspen Institute
- Abstract:
- The American media have always been intimately connected with American public life. The newspapers of the colonial era helped generate public support for the idea of separation from England and the creation of a democratic state. The newspapers of the 19th century fed the urbanized public life of a young industrializing nation. The media of the 20th century reflected the national and international political and social movements of their era.
- Topic:
- Civil Society and Markets
- Political Geography:
- United States
1182. The European Union Defence Industry and the Appeal of the Chinese Market
- Author:
- Eugene Kogan
- Publication Date:
- 01-2005
- Content Type:
- Working Paper
- Institution:
- Austrian National Defence Academy
- Abstract:
- This report deals exclusively with the European Union and the People's Republic of China (PRC, also known as China) and not with a broader range of issues, such as, for instance, the impact of an embargo lift on the Asia-Pacific balance of power or on the Trans-Atlantic relations. The concerns of countries, such as Australia, Japan, South Korea and, undoubtedly, Taiwan are a very important issue. However, this report sets out to deal exclusively with the EU-China issue. Nevertheless, one can say that, for instance, the delivery of the airborne early-warning and control system (AWACS) to China would considerably change the balance of power in the Asia- Pacific region and exacerbate already strained Trans-Atlantic relations. The US will face the serious dilemma of how to deal with the EU over such deliveries to China, since the EU is their partner and not a subordinate as Israel is, for instance.
- Topic:
- Security and Markets
- Political Geography:
- Japan, China, Europe, Asia, South Korea, and Australia
1183. China in the World Trading System
- Author:
- John Whalley
- Publication Date:
- 10-2005
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation (CIGI)
- Abstract:
- This paper discusses China's trade policy stance following World Trade Organization (WTO) accession in 2002. Three broad issues are considered. The first is the extent to which WTO accession helps China in dealing with various key trade issues, including anti-dumping and the textiles and apparel trade. The second is China's participation in regional trade agreements post WTO accession. The third is the implementability of China's accession commitments in key service areas (banking, insurance, telecoms). The issues now for China are less the merits of WTO accession, and rather its trade policy decisions given WTO membership.
- Topic:
- Human Rights, International Trade and Finance, and Markets
- Political Geography:
- China and Asia
1184. Preserving Competition: Keeping Predators at Bay
- Publication Date:
- 12-2005
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Predatory pricing is the practice of offering goods or services at exceptionally low prices, thereby forfeiting some profit in order to drive competitors out of the market, discipline them, and/or deter entry. It is among the most frequently discussed topics in competition law and economics.
- Topic:
- Economics, Government, Industrial Policy, and Markets
1185. Economic Survey of Chile, 2005
- Publication Date:
- 11-2005
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Chile continues to be a strong performer and the economy has recovered in earnest from the 1998-2003 slowdown. Macroeconomic management has been exemplary and policies have been framed in rules-based, credible settings. Public finances are particularly robust, making the economy resilient to shocks. Structural reform is on-going, unleashing opportunities for growth. But Chile's income gap remains sizeable relative to the OECD area. Lifting the economy's growth potential is therefore Chile's overarching policy challenge.
- Topic:
- Development, Economics, and Markets
- Political Geography:
- South America
1186. Economic Survey of the United States, 2005
- Publication Date:
- 10-2005
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Despite higher energy prices, the expansion has continued at a solid pace, driven by private domestic demand. With the output gap closing, stimulus is appropriately being withdrawn. However, monetary tightening since mid-2004 has not yet translated into higher long-term interest rates, and the incipient decline in the federal budget deficit owes much to the recent buoyancy of revenues. Over the next 18 months, the economy is projected to grow at an annual rate of 3¼ per cent, roughly in line with estimated potential output. Although such a soft landing is the most likely outcome, there are some risks. With little economic slack left, inflation could continue to pick up, in particular if oil prices keep rising. Insufficient public spending restraint or renewed dollar weakness associated with concerns about the external deficit might also add to inflationary pressures. On the other hand, an end to the house price boom, let alone a sharp correction, could entail a retrenchment of household expenditure that has been underpinned by rising household wealth.
- Topic:
- Development, Economics, and Markets
- Political Geography:
- United States
1187. Economic Survey of United Kingdom, 2005
- Publication Date:
- 10-2005
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- The stability and resilience of the economy has been impressive and labour and product markets are among the most flexible in the OECD, but structural economic performance judged against a range of indicators can be further improved.
- Topic:
- Development, Economics, and Markets
- Political Geography:
- United Kingdom and Europe
1188. Making open markets work for development
- Publication Date:
- 10-2005
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Will developing countries really gain substantially from further multilateral trade liberalisation? This is a vital issue for the Doha Development Agenda (DDA) talks at the World Trade Organization (WTO) and a requirement for their successful conclusion. It is clear that many developing countries have benefited from multilateral trade negotiations and the resultant market-opening agreements in the decades since the Second World War. Further market opening should help more of them to better integrate into the world economy.
- Topic:
- Development, International Trade and Finance, Markets, and Third World
1189. Opening Up Trade in Services: Crucial for Economic Growth
- Publication Date:
- 09-2005
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Services, from health to banking, have become the single largest sector in many economies worldwide. They not only provide the bulk of employment and income in many countries, but they also serve as vital input, such as telecommunications, for producing other goods and services. So an efficient services sector is crucial for the overall economy. And because of this, agreement on opening up services markets is crucial to the success of the current global trade talks.
- Topic:
- Economics, Health, International Trade and Finance, and Markets
1190. Opening Markets for Environmental Goods and Services
- Publication Date:
- 09-2005
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Trade barriers can be hazardous to the environment, at least those that prevent the free flow of environmental goods and services (EG). Roughly, these refer to the goods and services used to measure, prevent, limit, minimise or correct environmental damage. Studies have stressed the importance of eliminating barriers to trade in environmental goods and services as a key to improving environmental protection. And negotiations to reduce or eliminate barriers to trade in environmental goods and services are included in the current World Trade Organisation (WTO) talks. Today, because OECD countries have already eliminated most barriers to trade in EG, increasing trade flows in these products requires commitments from countries in the developing world.
- Topic:
- Development, Environment, Markets, and Third World
1191. Competition Law and Policy in Turkey
- Publication Date:
- 09-2005
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- The evolution of Turkey's economy from a government-controlled regime to market-based competition led to the enactment in 1994 of the Act on the Protection of Competition (“Competition Act”) and the creation of the Turkish Competition Authority (“TCA”). Final impetus for the legislation was Turkey's negotiation of a customs union agreement with the European Union, which obliged Turkey to enact the EU's standard competition provisions as its own law and to establish an agency to enforce them.
- Topic:
- Economics, Government, and Markets
- Political Geography:
- Turkey and Eastern Europe
1192. Slow Passthrough Around the World: A New Import for Developing Countries?
- Author:
- Jeffrey Frankel, David Parsley, and Shang-Jin Wei
- Publication Date:
- 02-2005
- Content Type:
- Working Paper
- Institution:
- The John F. Kennedy School of Government at Harvard University
- Abstract:
- Developing countries traditionally experience passthrough of exchange rate changes that is greater and more rapid than high-income countries experience. This is true equally of the determination of prices of imported goods, prices of local competitors’ products, and the general CPI. But developing countries in the 1990s experienced a rapid downward trend in the degree of passthrough and speed of adjustment, more so than did high-income countries. As a consequence, slow and incomplete passthrough is no longer exclusively a luxury of industrial countries. Using a new data set -- prices of eight narrowly defined brand commodities, observed in 76 countries -- we find empirical support for some of the factors that have been hypothesized in the literature, but not for others. Significant determinants of the passthrough coefficient include per capita incomes, bilateral distance, tariffs, country size, wages, long-term inflation, and long-term exchange rate variability. Some of these factors changed during the 1990s. Part (and only part) of the downward trend in passthrough to imported goods prices, and in turn to competitors’ prices and the CPI, can be explained by changes in the monetary environment – including a fall in long-term inflation. Real wages work to reduce passthrough to competitors’ prices and the CPI, confirming the hypothesized role of distribution and retail costs in pricing to market. Rising distribution costs, due perhaps to the Balassa-Samuelson-Baumol effect, could contribute to the decline in the passthrough coefficient in some developing countries.
- Topic:
- Economics, Markets, Developing World, Tariffs, Exchange Rate Policy, and Inflation
- Political Geography:
- Global Focus
1193. Reform of the EC Competition Law and Analysis of the Modifications Achieved
- Author:
- Ercüment Tezcan
- Publication Date:
- 06-2004
- Content Type:
- Journal Article
- Journal:
- Uluslararasi Iliskiler
- Institution:
- Uluslararasi Iliskiler
- Abstract:
- The modernization of the application of the competition law of the European Community (EC) was carried out by the Council Regulation 1/2003 of December 16, 2002. This Regulation has repealed the regulation 17/62 of 16 February 1962 in force for more than 40 years. The Regulation 1/2003 is characterized by the abrogation of the notification and the preliminary authorization and its decentralization attempt for the application of the competition law of the EC. The national authorities and jurisdictions will be qualified from now on in this field by legal exception. Besides various details, the most important aspect of the new regulation is its gradual decentralization of the EC competition law, which should be considered within a broader framework of the reforms on the EC competition law, undertaken in the second half of 1990's.
- Topic:
- Government, Markets, and Reform
- Political Geography:
- Europe
1194. THE INTERNATIONAL FINANCIAL INSTITUTIONS: Postconflict Reconstruction and Peacebuilding Capacities
- Author:
- James Boyce
- Publication Date:
- 06-2004
- Content Type:
- Policy Brief
- Institution:
- Center on International Cooperation (CIC)
- Abstract:
- This paper assesses the capacity of the international financial institutions–the World Bank, International Monetary Fund, and regional development banks–to respond effectively in the planning and implementation of the civilian components of postconflict reconstruction and peacebuildin.
- Topic:
- Economics, International Trade and Finance, Markets, and Peace Studies
1195. The Role of the Central Public Market in a Twenty-first Century Metropolis
- Author:
- Maria Elena Ducci
- Publication Date:
- 02-2004
- Content Type:
- Policy Brief
- Institution:
- The Wilson Center
- Abstract:
- This paper is designed to provoke discussion on the pros and cons of maintaining a public market in the center of a city such as Santiago, a metropolis of over 5 million inhabitants with serious air pollution and traffic problems.
- Topic:
- Civil Society, Development, Economics, and Markets
1196. EU Emissions Trading: Challenges and Implications of National Implementation
- Author:
- Jacqueline Karas and Fiona Mullins
- Publication Date:
- 11-2003
- Content Type:
- Working Paper
- Institution:
- Chatham House
- Abstract:
- Emissions trading is central to the European Union's (EU) strategy to meet its climate change commitments under the Kyoto Protocol. However, implementing the EU Directive on emissions trading ('the Directive') is proving extremely challenging for the governments involved. In particular, governments have to prepare National Allocation Plans (NAPs) for distributing emissions allowances to industry within a very tight timeframe. More than 12,000 industrial installations across the EU and accession countries will participate in the trading system.
- Topic:
- Climate Change, Markets, and Treaties and Agreements
- Political Geography:
- Europe
1197. Five Kinds of Capital: Useful Concepts for Sustainable Development
- Author:
- Neva Goodwin
- Publication Date:
- 09-2003
- Content Type:
- Working Paper
- Institution:
- Global Development and Environment Institute at Tufts University
- Abstract:
- The concept of capital has a number of different meanings. It is useful to differentiate between five kinds of capital: financial, natural, produced, human, and social. All are stocks that have the capacity to produce flows of economically desirable outputs. The maintenance of all five kinds of capital is essential for the sustainability of economic development.
- Topic:
- Economics, International Trade and Finance, Markets, and Treaties and Agreements
1198. The Contested Governance of GM Foods: Implications for U.S.-EU Trade and the Developing World
- Author:
- Robert L. Paarlberg
- Publication Date:
- 07-2002
- Content Type:
- Working Paper
- Institution:
- Weatherhead Center for International Affairs, Harvard University
- Abstract:
- Genetically modified (GM) foods are widely produced in the United States and in two other Western Hemisphere countries (Argentina and Canada) but almost nowhere else. In most other wealthy industrial countries, including Europe and Japan, it is legal for farmers to plant these crops, but they voluntarily refrain from doing so because consumers are averse to eating GM. In most developing countries it is not yet legal for farmers to grow GM foods, on biological safety grounds. Yet biosafety is not the real issue. Poor countries are now trying to stay “GM-free” so as to retain the option of exporting food to Europe and Japan. New regulations in the EU on the labeling and traceability of imported GM foods and feeds will only increase the potential cost to exporters of planting GM seeds. The United States has considered challenging EU regulations as illegal under the WTO, and a serious trade conflict now looms. The EU, not the United States, is better positioned to prevail in this conflict. In international food markets, safety and labeling standards tend to be set by big importers rather than big exporters.
- Topic:
- Agriculture, Markets, Food, European Union, Farming, and Genetic Modification (GM)
- Political Geography:
- Canada, Argentina, United States of America, and North America
1199. Renewing Energy Security
- Author:
- John V. Mitchell
- Publication Date:
- 07-2002
- Content Type:
- Working Paper
- Institution:
- Chatham House
- Abstract:
- Energy security has risen on the policy agendas of many countries as a result of: reaction to the oil price surge of 2000; commitments to restrict greenhouse gas emissions following the Marrakesh Agreement; uncertainty about stability of supplies to final consumers following the California shortages and European fuel price protests of 2000; the 'war against terrorism' following 11 September, and the growing Israeli-Palestinian conflict. This paper reviews the broad policy context within which energy security is placed, the outlook for energy supply and its key uncertainties, the security risks involved at the national and consumer level, and the scope for 'dialogues' between producers and consumers. The broad conclusions of the paper are that: international trade and investment provides the best route to national energy security for most countries; the benefits of international energy trade and investment can be compatible with policies to protect the environment and reduce greenhouse gas emissions, although such policies do not necessarily reinforce energy security; within countries the security of distribution of energy to final consumers requires policy support, whether or not the primary sources of energy are imported or domestic; the international framework for energy trade and investment will work best if the interests of countries dependent on energy exports are taken into account.
- Topic:
- Energy Policy, International Trade and Finance, Markets, Oil, and Terrorism
1200. Security of European Natural Gas Supplies
- Author:
- Jonathan Stern
- Publication Date:
- 07-2002
- Content Type:
- Working Paper
- Institution:
- Chatham House
- Abstract:
- Security of natural gas supplies has resurfaced on the European energy agenda because of concerns about an anticipated rapid increase in dependence on imports from non-European suppliers – from one-third to two-thirds of demand – over the next 20 years. On a national basis, European import dependence is already an established fact: nine out of 33 European countries are more than 95% dependent on imports; only five are self-sufficient or net exporters.
- Topic:
- Energy Policy, Industrial Policy, and Markets
- Political Geography:
- Europe