Author: Caspar Fithin / Topic: International Trade and Finance

Author:: Caspar Fithin
Publication Date:: 03-2001
Content Type:: Policy Brief
Institution:: Oxford Analytica
Abstract:: The Bank of Japan (BoJ) announced a new approach to monetary policy which effectively targets money supply growth and inflation on March 19. The BoJ has indicated that the immediate consequence of its measures to boost financial system liquidity will be to push short-term interest rates back to zero or virtually zero. It has pledged to maintain rates at this level until deflationary pressures are reversed and the consumer price index becomes positive. The BoJ's actions have the potential to lead to a revival in share prices, corporate activity and bank lending. If the initiative results in a sustained weakening of the yen, the economy may also benefit from stronger export growth. However, the effect of all of these measures will be blunted unless they are accompanied by the structural reforms which the government has for some time foreshadowed, but which have suffered from delay and indecision.
Topic:: Economics, Government, and International Trade and Finance
Political Geography:: Japan and East Asia

Author:: Caspar Fithin
Publication Date:: 02-2001
Content Type:: Policy Brief
Institution:: Oxford Analytica
Abstract:: Secretary of State for Northern Ireland, Peter Mandelson, resigned in acrimonious circumstances last week. Mandelson was a key figure in the reconstruction of the Labour Party in the 1990s and the most prominent partisan of early euro entry in the UK cabinet. While Mandelson's departure will be felt within the Labour Party and comes at a critical time in the Northern Ireland peace process, the most substantial impact is likely to be on the internal debate within the cabinet over euro-area entry, with the consequence of a diminishing likelihood of an early referendum on the issue.
Topic:: Government, International Trade and Finance, and Politics
Political Geography:: United Kingdom and North Ireland

Author:: Caspar Fithin
Publication Date:: 12-2000
Content Type:: Policy Brief
Institution:: Oxford Analytica
Abstract:: There has been a large differential in foreign direct investment receipts between the front-runners in the Central European applicant countries and laggards. The accession process itself has exacerbated this bifurcation, raising questions over EU policy towards the applicants and the implications for the region's long-term stability. Accession prospects appear to induce virtuous cycles for the front-runners while potentially trapping the laggards. Moreover, the latter are faced with difficult choices between long-term EU conditionality and more immediate transition imperatives, which are not always compatible
Topic:: Emerging Markets, International Organization, and International Trade and Finance
Political Geography:: Eastern Europe

Author:: Caspar Fithin
Publication Date:: 10-2000
Content Type:: Policy Brief
Institution:: Oxford Analytica
Abstract:: US Trade Representative Charlene Barshefsky and China's Prime Minister Zhu Rongji this month held talks in Beijing to discuss China's accession to the WTO. Beyond opening up commercial opportunities to US firms, the award of permanent normal trade relations status to China, and its prospective accession to the WTO, should in theory add predictability to the bilateral trade relationship.
Topic:: International Relations, International Organization, and International Trade and Finance
Political Geography:: United States, China, and Beijing

Author:: Caspar Fithin
Publication Date:: 10-2000
Content Type:: Policy Brief
Institution:: Oxford Analytica
Abstract:: This week, the Majlis approved a government bill authorising immediate use of the 2000-01 budget surplus. The windfall surplus, largely the result of increased oil revenues, should amount to 6-10 billion dollars by the end of the fiscal year in March. It will certainly transform Iran's external finances, but its impact on the domestic economy will be less immediate, and it will do little to ease investor concerns. Khatami's efforts to attract greater foreign investment depend on reform of the judiciary and other key changes to the regulatory climate. In the meantime, continuing political turmoil will deter all but those investors prepared to take a long-term view of Iran's economic potential.
Topic:: Economics, Government, International Trade and Finance, and Politics
Political Geography:: Iran and Middle East

Author:: Caspar Fithin
Publication Date:: 09-2000
Content Type:: Policy Brief
Institution:: Oxford Analytica
Abstract:: Corruption deters foreign lending and investment. Except in the oil and gas sector, Nigeria's economic advantages are not sufficiently countervailing. The national reputation for corruption encourages further abuse since no one's reputation suffers through acting dishonesty. Despite reforming efforts, grand corruption is likely to persist because of the continuing large flows through official hands of unearned income from natural resources.
Topic:: Economics, Government, and International Trade and Finance
Political Geography:: Africa and Nigeria

Author:: Caspar Fithin
Publication Date:: 09-2000
Content Type:: Policy Brief
Institution:: Oxford Analytica
Abstract:: Not all capital outflows from developing countries should be characterised as capital flight; some are simply the analogues of outward FDI and portfolio diversification in the more advanced economies. Nonetheless, a substantial proportion is classic flight capital, linked to tax evasion or criminal activity, and transferred abroad via misinvoicing and complex financial transactions. Capital flight leads to a significant loss of investment in the most affluent developing countries, and a crippling one in the poorest. However, staunching the flow is likely to prove extremely difficult. It will require greater economic stability and institutional certainty in the source countries, and more rigorous tax enforcement and cooperation in the destination states.
Topic:: Economics, Emerging Markets, Government, International Trade and Finance, and Third World

Author:: Caspar Fithin
Publication Date:: 08-2000
Content Type:: Policy Brief
Institution:: Oxford Analytica
Abstract:: The White House has loosened export restrictions in a number of high-technology sectors, setting a trend which is likely to be followed by the next administration. Tight export controls on high-tech products have become an expensive luxury that the United States can no longer afford. The liberalisation of remaining controls is therefore set to continue, whatever the partisan composition of the next Congress and the next administration.
Topic:: International Trade and Finance and Science and Technology
Political Geography:: United States

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