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91. Global Imbalances, National Rebalancing, and the Political Economy of Recovery

Author:
Jeffry A. Frieden
Publication Date:
10-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
When the leaders of the Group of 20 (G20) major economies met in Pittsburgh at the end of September 2009, the topic of “rebalancing” the world economy was high on the agenda. The final com- muniqué's first substantive commitment was “to work together as we manage the transition to a more balanced patter n of global growth.” There were good reasons for this focus. Global macroeconomic imbalances—massive borrowing by some countries and massive lending by others—drove the financial boom and bubble that eventually burs t into the current crisis. There is now nearly universal agreement that such imbalances cannot be sustained, and that the former deficit and surplus nations need to move toward macroeconomic balance.
Topic:
Economics, International Trade and Finance, Markets, Political Economy, and Financial Crisis

92. The United States in the New Asia

Author:
Robert A. Manning and Evan A. Feigenbaum
Publication Date:
11-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
President Barack Obama heads to Singapore in November for the 2009 Asia-Pacific Economic Cooperation forum (APEC) summit. It will be his first foray into the arcane world of Asian multilateralism. And if his administration adopts a new approach, it could yet fashion a more sustainable role for the United States in a changing Asia.
Topic:
Development, Economics, Globalization, International Trade and Finance, and Bilateral Relations
Political Geography:
United States and Asia

93. Improving Resolution Options for Systemically Relevant Financial Institutions

Publication Date:
10-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
There are critical holes in the existing regulatory framework for handling large complex financial institutions that become impaired. First, regulators may not have the legal authority to do what is necessary to resolve a distressed institution's problems, including selling some divisions, closing or liquidating others, renegotiating or abrogating some contracts, and finding parties to manage what is left. Second, even if regulators have the necessary authority over part of the institution, they may not have authority over the whole firm. Holding companies, for example, often have subsidiaries that are incorporated in multiple countries and therefore governed by different legal codes. Third, regulators are unlikely to be aware of all the interconnections within the institution, and between the institution's various subsidiaries and other firms. This uncertainty makes it difficult for regulators to know the best way to restructure a financial institution or, indeed, whether restructuring is even feasible without enormous disruption.
Topic:
Economics, Markets, and Financial Crisis

94. Born Again in the U.S.A.

Author:
Timothy Samuel Shah
Publication Date:
09-2009
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
Religion and modernity were never expected to go hand in hand, and for centuries they coexisted uncomfortably. But thanks to the entrepreneurial model of American evangelicals, argue two journalists at The Economist, God is back.
Topic:
Economics
Political Geography:
America

95. The Dollar and the Deficits

Author:
C. Fred Bergsten
Publication Date:
11-2009
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
The global economic crisis has revealed the folly of large U.S. budget and trade deficits, as well as of the strong dollar that makes them possible. If it is serious about recovery, the United States must balance the budget, stimulate private saving, and embrace a declining dollar.
Topic:
Economics and Monetary Policy
Political Geography:
United States

96. Turkey's Transformers

Author:
Morton I. Abramowitz and Henri J. Barkey
Publication Date:
11-2009
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
Turkey hopes to be a global power, but it has not yet become even the regional player that the ruling AKP declares it to be. Can the AKP do better, or will it be held back by its Islamist past and the conservative inclinations of its core constituents?
Topic:
Economics
Political Geography:
Europe and Turkey

97. U.S.-Latin America Relations: A New Direction for a New Reality

Publication Date:
05-2008
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
This Task Force report takes stock of the current situation in Latin America and the main challenges and opportunities for U.S.-Latin America relations. Latin America has benefited greatly in recent years from democratic opening, stable economic policies, and increasing growth. Many countries are taking advantage of these developments to consolidate democratic institutions, broaden economic opportunities, and better serve their citizens. Yet Latin American nations face daunting challenges as they integrate into global markets and work to strengthen historically weak state institutions. These challenges increasingly matter for the United States, as deepening economic and social ties link U.S. well-being to the region's stability and development.
Topic:
Foreign Policy, Diplomacy, Economics, and Poverty
Political Geography:
United States, South America, Latin America, and Caribbean

98. Sovereign Wealth and Sovereign Power: The Strategic Consequences of American Indebtedness

Author:
Brad W. Setser
Publication Date:
09-2008
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
In the 1870s, the scope of Great Britain's financial empire exceeded the scope of its political empire. Dependence on British investors sometimes was a precursor, though, to informal—or even formal— political control. When Egypt's khedive needed to raise cash to cover his personal debt to private British banks, he sold his large personal stake in the Suez Canal to the British state. Egypt's ruler did little better managing Egypt's public debt: difficulties making payments led Britain and France to assume control over Egypt's treasury and, by 1882, to full British political control.
Topic:
Economics, Government, International Political Economy, and International Trade and Finance
Political Geography:
Britain, United States, America, and Egypt

99. Blood Barrels

Author:
Michael L. Ross
Publication Date:
05-2008
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
The world has grown much more peaceful over the past 15 years -- except for oil-rich countries. Oil wealth often wreaks havoc on a country's economy and politics, helps fund insurgents, and aggravates ethnic grievances. And with oil ever more in demand, the problems it spawns are likely to spread further.
Topic:
Economics

100. Rethinking the Embargo

Author:
Rens Lee
Publication Date:
11-2008
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
No abstract is available.
Topic:
Economics
Political Geography:
United States, Cuba, and Latin America