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21. Top Ten Global Economic Challenges - An Assessment of Global Risks and Priorities

Publication Date:
02-2007
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
The beginning of 2007 offers a conflicting picture of the global economy for those trying to discern trends, challenges and opportunities. Concerns about energy security and climate sustainability are converging — finally bringing consensus in sight on the need for action in the United States. But prospects for breaking the global stalemate are still years away. Though some developing countries are succeeding in bringing hundreds of millions out of poverty, too many are still mired in a doom spiral of conflict, poverty and disease— despite the entry of new philanthropists, advocates and global corporations into the field of development. China's projected 9.6 percent growth rate is sending ripples to the farthest reaches of the planet—creating opportunities but also significant risks. The United States remains in the “goldilocks” zone, but this is premised on continued borrowing from abroad at historically unprecedented rates while many Americans fret about widening inequality and narrowing opportunity. While the United States concentrates on civil war in the Middle East, most leaders in the region are preoccupied with putting an outsized cohort of young people to work and on the road to becoming productive citizens.
Topic:
International Relations, Security, Economics, and Energy Policy
Political Geography:
United States, China, and Middle East

22. Beyond Microfinance: Getting Capital to Small and Medium Enterprises to Fuel Faster Development

Author:
David de Ferranti and Anthony J. Ody
Publication Date:
03-2007
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
Small and medium-sized enterprises (SMEs), typically employing between 10 and 250 workers, form the backbone of modern economies and can be crucial engines of development through their role as seedbeds of innovation. In much of the developing world, though, SMEs are under-represented, stifled by perverse regulatory climates and poor access to inputs. A critical missing ingredient is often capital.
Topic:
International Relations, Development, and Economics
Political Geography:
United States

23. Saving and Demographic Change: The Global Dimension

Author:
Barry Bosworth and Gabriel Chodorow-Reich
Publication Date:
11-2006
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
This paper uses a panel data set of 85 countries covering 1960-2005 to investigate the macroeconomic linkages between national rates of saving and investment and population aging. The issue takes on added significance because of the recent suggestion that the decline in global interest rates has been driven by demographic changes in the industrial economies. We do find a significant correlation between the age composition of the population and nations' rates of saving and investment, but the effects vary substantially by region. They are very strong for the non-industrial economies of Asia, but weak in the high-income countries. We also find evidence demographic effects on both the public and private components of national saving. Furthermore, we conclude that the demographic effects on saving will be less disruptive than sometimes believed because of offsetting declines in investment. However, the effects on saving are stronger than those for investment, implying that most aging economies will ultimately be pushed in the direction of current account deficits.
Topic:
International Relations, Demographics, and Economics
Political Geography:
Asia

24. Central Asia Human Development Report

Author:
Johannes F. Linn
Publication Date:
01-2006
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
Increased cooperation among the Central Asian republics stands to produce big gains for the people of the region. The benefits from reducing trade costs, increasing remittances from migrant workers, and more efficient use of water and energy resources could generate a regional economy twice as large and well off 10 years from now. The price of non-cooperation could also be large, a heavy toll extracted from the spread of disease, lost economic opportunities, natural disasters and environmental destruction, as well as conflict and insecurity. Both costs and benefits will be felt most among the region's poorer populations.
Topic:
International Relations, Development, Economics, and Government
Political Geography:
Central Asia

25. International Volunteering: Smart Power

Author:
Lex Rieffel and Sarah Zalud
Publication Date:
06-2006
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
The face of America that has been welcomed most enthusiastically in the rest of the world for decades has been the face of a volunteer: assisting with disaster relief, building houses for poor families, teaching English to university students, and so much more.
Topic:
International Relations, Education, and Humanitarian Aid
Political Geography:
United States

26. Pragmatic Reform of Global Governance: Creating an L20 Summit Forum

Author:
Johannes F. Linn and Colin I. Bradford Jr.
Publication Date:
04-2006
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
The global challenges confronting political leaders today—whether the stalemate of global trade negotiations, the threat of Avian flu, the struggle over Iran going nuclear, or the fight against global poverty—cannot be solved by yesterday's institutions. They demand new approaches to global governance that are more inclusive, more representative, and thus more effective. The G8 summit, in particular, is a forum of the eight industrialized countries that were the dominant powers of the mid-twentieth century. By excluding the emerging powers of the twenty-first century, it has become increasingly ineffective, unrepresentative and illegitimate. U.S. global interests are best served by increasing the inclusiveness and effectiveness of the global steering process rather than sticking with the obsolete, overly formalized and unrepresentative G8.
Topic:
International Relations, Development, Politics, and Treaties and Agreements
Political Geography:
United States

27. Building Automatic Solvency into U.S. Social Security: Insights from Sweden and Germany

Author:
James C. Capretta
Publication Date:
03-2006
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
Although Social Security reform appears to be off of the national agenda for now, real funding problems remain for America's popular retirement program that policymakers need to address. The payroll taxes that support Social Security's “pay–as-you-go” system will begin to fall short of outlays in 2017 and will be sufficient to finance only 74 percent of scheduled annual benefits by 2041, when the Social Security trust fund is projected to be exhausted.
Topic:
International Relations and Economics
Political Geography:
United States, Europe, Germany, and Sweden

28. Resolving Nigeria's Paris Club Debt Problem: A Case of Non-Performing Creditors

Author:
Lex Rieffel
Publication Date:
08-2005
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
Intense domestic pressure has convinced Nigeria's President, Olusegun Obasanjo, to consider a deal that would eliminate the country's $31 billion of debt owed to the governments of the United Kingdom, France, and other aid-giving countries.
Topic:
International Relations, Debt, and Economics
Political Geography:
Africa, United Kingdom, Paris, France, and Nigeria

29. Can Rich Countries Afford to Grow Old?

Author:
Gary Burtless
Publication Date:
07-2005
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
Observers in many industrialized countries believe population aging represents a serious economic threat. Increases in the percentage of the population past retirement age may impose unsustainable burdens on future workers. Either taxes or government debt will have to rise substantially to pay for old-age income support. This paper considers the extent of these burdens and corrects the widespread impression that the burdens are unsupportable. Population aging means that contributions needed to support the retired elderly must rise. But this extra burden will be at least partly offset by a reduced need to support the dependent young, who will become relatively less numerous. The extra burden of an aging population would be smaller still if labor force participation rates among the working-age and elderly populations increased. Indeed, employment rates among the nonaged have risen in nearly all the industrialized countries as a growing percentage of women has entered the work force. Many countries, including the United States, have adopted policies to encourage work among people past the traditional retirement age.
Topic:
Conflict Prevention, International Relations, Economics, Government, and Population
Political Geography:
United States

30. The Millennium Challenge Account: Moving Toward Smarter Aid

Author:
Lex Rieffel and James W. Fox
Publication Date:
07-2005
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
The Millennium Challenge Account (MCA) proposed by President George W. Bush in March 2002 is an important step toward smarter US assistance to low-income countries. While it cannot yet be said to represent a revolution in development assistance, it is a welcome experiment and merits substantial funding by the Congress.
Topic:
International Relations, Development, Economics, and Human Welfare
Political Geography:
United States