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321. The IMF's Dilemma in Argentina: Time for a New Approach to Lending?

Author:
Carol Graham and Paul Robert Masson
Publication Date:
11-2002
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
In recent years, the international financial system has faced tremendous challenges, from the Asia, Russia, and Brazil crises in the late 1990s, to Argentina's default and ensuing economic collapse in 2002 to new worries about a possible default in Brazil. An increasing number of observers are questioning the way the international financial institutions manage these crises. An alternative approach that is endorsed in principle by many—including Horst Köhler, the new managing director of the International Monetary Fund (IMF)—is a move toward more selective lending with fewer conditions, with the decision to lend based on a more general and ultimately political assessment of the recipient government's capacity to deliver on its promises. Argentina provides a potential test bed for this approach.
Topic:
International Organization and International Trade and Finance
Political Geography:
Russia, Asia, Brazil, Argentina, South America, and Latin America

322. Kashmir: Redefining the U.S. Role

Author:
Navnita Chadha Behera
Publication Date:
10-2002
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
India and Pakistan have fought three wars against each other since 1947, the first two of which were over Kashmir. In the past fifteen years, the two countries have been embroiled in four military crises, which the United States has played an increasingly assertive role in managing and resolving. A chief component of recent American administrations' foreign policy goals in South Asia, including the current Bush administration, has been to avert the fourth war in the subcontinent. However, attitudes in India and Pakistan are changing, and the internal situation in Kashmir is more fluid than it has been for years. After September 11, America has been able to maintain close ties to both countries. Washington should move beyond managing the crisis and help develop a road to peace in the region.
Topic:
Security and Foreign Policy
Political Geography:
Pakistan, United States, America, South Asia, Washington, India, and Kashmir

323. Reducing Collateral Damage to Indo-Pakistani Relations from the War on Terrorism

Author:
Polly Nayak
Publication Date:
09-2002
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
One of the major challenges facing Washington is how to limit unintended consequences of the war on terrorism in South Asia that could otherwise imperil both the U.S. counterterrorism strategy and the goal of preventing further conflict between India and Pakistan. Senior U.S. officials understandably hoped last fall that the war on terrorism would provide a new opportunity to draw in both India and Pakistan, to strengthen U.S. ties to each, and to nudge them to resolve their differences. Washington expected to expand cooperation with a rising India on a host of issues, while succoring a fragile Pakistan as a reward for abandoning an Afghan policy inimical to the war on terrorism.
Topic:
Security and Terrorism
Political Geography:
Pakistan, Afghanistan, United States, South Asia, Washington, and India

324. Strengthening Financial Sector Governance in Emerging Markets

Author:
Robert Litan, Michael Pomerleano, and V. Sundararajan
Publication Date:
07-2002
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
Policymakers and analysts are still sifting through the wreckage of the Asian financial crisis of 1997 and the subsequent crises in Russia, Turkey, and Argentina to discern key lessons so that similar crises will not recur. Some lessons are by now well understood. Pegged exchange rates can encourage excessive borrowing and expose countries to financial collapse when foreign exchange reserves run dry. Inadequate disclosures by both private companies and public bodies can lead to similar dangers. Although many factors undoubtedly contributed to these crises, it is now widely recognized that each suffered from a failure in “governance,” and in particular a failure in governance in their financial sectors. Accordingly, the World Bank Group, the International Monetary Fund (IMF), and the Brookings Institution devoted their fourth annual Financial Markets and Development Conference, held in New York from April 17-19, 2002, to the subject of financial sector governance in emerging markets. This conference report summarizes some of the highlights of the conference, whose full proceedings will be published as a Brookings book in the fall of 2002.
Topic:
Economics, Emerging Markets, Government, and International Trade and Finance
Political Geography:
Russia, New York, Turkey, Asia, and Argentina

325. Odious Debt

Author:
Michael Kremer and Seema Jayachandran
Publication Date:
07-2002
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
When the international community wants to put pressure on a government that suppresses democracy and human rights, a common approach is to impose economic sanctions. Traditional sanctions, however, are often criticized as either ineffective or inhumane. The targeted government can find ways to evade them, and the sanctions may hurt rather than help the people in the country. For example, when trade sanctions are deployed, smugglers and even some national governments will likely flout them, enticed by profits boosted by the sanction itself. When trade sanctions are not evaded, the loss of national income can impoverish citizens. This policy brief proposes a new form of sanction that avoids these shortcomings and hence could be a valuable addition to the toolkit of sanctions available to the international community and national governments.
Topic:
International Relations, Economics, and Political Economy

326. Earnings Insurance for Germany

Author:
Gary Burtless and Holger Schaefer
Publication Date:
07-2002
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
For more than a decade, Germany has suffered high rates of unemployment and very slow employment growth. Workers who have lost their jobs face unusually long spells of unemployment, in part because the adverse incentives of the German unemployment compensation system provide strong impetus for unemployed workers to remain jobless.
Topic:
Government and Political Economy
Political Geography:
Europe and Latin America

327. The Trezise Symposium on the Japanese Economy

Author:
Edward J. Lincoln
Publication Date:
06-2002
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
The Japanese economy has undergone a decade of sluggish growth marked by three recessions, including the current one. This time, recession is accompanied by general price deflation, a situation unprecedented among industrialized nations since the Great Depression of the 1930s. Meanwhile, the financial sector sits on a rising mountain of bad loans. A serious financial crisis and deeper recession are real possibilities.
Topic:
Economics and International Trade and Finance
Political Geography:
Japan, Israel, and East Asia

328. Avoiding a Cyprus Crisis

Author:
Philip H. Gordon and Henri Barkey
Publication Date:
06-2002
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
The resumption of negotiations between the Greek Cypriot and Turkish Cypriot leaders has led to renewed hopes that the divided island of Cyprus can be reunified ahead of its likely invitation to join the European Union (EU) in December 2002. In fact, however, there is no guarantee that the renewed talks will produce a deal. Americans and other interested observers should support the process and encourage the leaders to compromise. But they should also be prepared for a scenario in which the parties cannot overcome their differences and the EU extends an invitation to join that would only apply to the Greek portion of the island.
Topic:
Economics
Political Geography:
America, Europe, and Island

329. Putin's Agenda, America's Choice: Russia's Search for Strategic Stability

Author:
Carol Graham
Publication Date:
04-2002
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
In May, President George W. Bush travels to Moscow and St. Petersburg for his fourth summit meeting with Russian President Vladimir Putin. In the past year, Putin has made a number of compromises with America on key questions such as the United States' withdrawal from the 1972 Anti-Ballistic Missile (ABM) Treaty and the presence of U.S. troops in Central Asia. As a result, American commentators have speculated about how many concessions Putin needs from the United States to placate his domestic critics and maintain the positive momentum of U.S.-Russia relations.
Topic:
Human Welfare, International Organization, and Poverty
Political Geography:
Russia, United States, America, Central Asia, and Moscow

330. Strengthening Institutional Capacity in Poor Countries: Shoring Up Institutions, Reducing Global Poverty

Author:
Carol Graham
Publication Date:
04-2002
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
In a speech preceding the recent Financing for Development Conference in Monterrey, Mexico, former International Monetary Fund (IMF) Director Michel Camdessus noted that if the summit could only deliver one thing, it should be extending assistance to enhance institutional capacity in poor countries. Addressing this problem is key to achieving the Millennium Goals—established at the September 2000 UN Millennium summit—of reducing world poverty by half by 2015. Countless development efforts have failed because countries lack institutions with the ability to sustain their economic policies. The crisis in Argentina—triggered in large part by the country's reliance on an inflexible currency regime and by its inability to rein in fiscal flagrancy by local governments—is a case in point. Meanwhile, numerous discussions at Monterrey highlighted weak institutional capacity as a major obstacle to economic development.
Topic:
Human Welfare, International Organization, and Poverty
Political Geography:
Argentina and Mexico