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111. Estimates of Fundamental Equilibrium Exchange Rates, November 2014

Author:
William R. Cline
Publication Date:
11-2014
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
This semiannual review finds that most of the major international currencies, including the US dollar, euro, Japanese yen, UK pound sterling, and Chinese renminbi, remain close to their fundamental equilibrium exchange rates (FEERs). The new estimates find this result despite numerous significant exchange rate movements associated with increased volatility in international financial markets at the beginning of the fourth quarter of 2014, and despite a major reduction in the price of oil. The principal cases of exchange rate misalignment continue to be the undervalued currencies of Singapore, Taiwan, and to a lesser extent Sweden and Switzerland, and the overvalued currencies of Turkey, New Zealand, South Africa, and to a lesser extent Australia and Brazil. Even so, the medium-term current account deficit for the United States is already at the outer limit in the FEERs methodology (3 percent of GDP), and if the combination of intensified quantitative easing in Japan and the euro area with the end to quantitative easing in the United States were to cause sizable further appreciation of the dollar, an excessive US imbalance could begin to emerge.
Topic:
Economics, Foreign Exchange, International Trade and Finance, and Monetary Policy
Political Geography:
Africa, United States, Japan, Turkey, South Africa, Brazil, and New Zealand

112. African Perspectives on Sovereign Debt Restructuring

Author:
Domenico Lombardi, Skylar Brooks, and Ezra Suruma
Publication Date:
09-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
On August 7 and 8, 2014, CIGI's Global Economy Program co-hosted a conference with Uganda Debt Network to discuss African perspectives on sovereign debt restructuring. The proceedings, opened by the vice president of Uganda, took place in Kampala, and featured several distinguished participants — including current and former finance ministers and central bank governors, academics and practitioners, and civil society representatives — from Uganda, Liberia, Cameroon, Ghana, Nigeria, Zambia and Zimbabwe. Participants also came from civil society organizations and intergovernmental institutions representing broader groups of African countries or the continent as a whole.
Topic:
Debt, Development, and Economics
Political Geography:
Uganda, Africa, Liberia, Zimbabwe, Nigeria, Ghana, and Cameroon

113. Challenges of the International Monetary System and Response Options: A South African Perspective

Author:
Johan van den Heever
Publication Date:
11-2013
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
For the purposes of this paper, the international monetary system (IMS) may be described as the various mechanisms and institutions that underpin the exchange of different national and regional currencies in world trade and finance. The history of this system is well documented — for instance, Eichengreen (2008) and Lin, Fardoust and Rosenblatt (2012) — and proposals aimed at its reform are not in short supply.
Topic:
Economics, International Monetary Fund, and Monetary Policy
Political Geography:
Africa and South Africa

114. Making Large-Scale Wind and Solar Power a Reality

Author:
Kevin Ummel
Publication Date:
10-2013
Content Type:
Policy Brief
Institution:
Center for Global Development
Abstract:
South Africa and many other countries hope to aggressively expand wind and solar power (WSP) in the coming decades. This presents significant challenges for power system planning. Success hinges largely on the question of how and where to deploy WSP technologies. Well-designed deployment strategies can take advantage of natural variability in resources across space and time to help minimize costs, maximize benefits, and ensure reliability.
Topic:
Climate Change, Development, Economics, Energy Policy, and Science and Technology
Political Geography:
Africa

115. Is Anyone Listening? Does US Foreign Assistance Target People's Top Priorities?

Author:
Benjamin Leo
Publication Date:
12-2013
Content Type:
Working Paper
Institution:
Center for Global Development
Abstract:
The United States government has made repeated declarations over the last decade to align its assistance programs behind developing countries' priorities. By utilizing public attitude surveys for 42 African and Latin American countries, this paper examines how well the US has implemented this guiding principle. Building upon the Quality of Official Development Assistance Assessment (QuODA) approach, I identify what people cite most frequently as the 'most pressing problems' facing their nations and then measure the percentage of US assistance commitments that are directed towards addressing them. By focusing on public surveys over time, this analysis attempts to provide a more nuanced and targeted examination of whether US portfolios are addressing what people care the most about. As reference points, I compare US alignment trends with the two regional multilateral development banks (MDBs) – the African Development Bank and the Inter-American Development Bank. Overall, this analysis suggests that US assistance may be only modestly aligned with what people in Sub-Saharan Africa and Latin America cite as their nation's most pressing problems. By comparison, the African Development Bank – which is majority-led by regional member nations – performs significantly better than the United States. Like the United States, however, the Inter-American Development Bank demonstrates a low relative level of support for people's top concerns.
Topic:
Security, Crime, Development, Economics, and Foreign Aid
Political Geography:
Africa, United States, America, and Latin America

116. His Excellency John Mahama, President of the Republic of Ghana

Author:
John Mahama
Publication Date:
09-2013
Content Type:
Video
Institution:
Columbia University World Leaders Forum
Abstract:
This World Leaders Forum program features an address by His Excellency John Mahama, President of the Republic of Ghana, titled Reflections on the Challenges and Prospects of Democratic Consolidation in Africa, followed by a question and answer session with the audience.
Topic:
Democratization, Development, Economics, Foreign Aid, Foreign Direct Investment, and Governance
Political Geography:
Africa and Ghana

117. His Excellency Armando Emílio Guebuza, President of the Republic of Mozambique

Author:
Emílio Guebuza
Publication Date:
09-2013
Content Type:
Video
Institution:
Columbia University World Leaders Forum
Abstract:
This World Leaders Forum program features an address by His Excellency Armando Emílio Guebuza, President of the Republic of Mozambique, titled Poverty and Inclusive Development: The 7 Million as a New Paradigm for Socio-Economic Development, followed by a question and answer session with the audience.
Topic:
Development, Economics, Poverty, and Governance
Political Geography:
Africa

118. "We are one, but we are different": Murle identity and local peacebuilding in Jonglei State, South Sudan

Author:
Diana Felix da Costa
Publication Date:
06-2013
Content Type:
Policy Brief
Institution:
Norwegian Centre for Conflict Resolution
Abstract:
Despite the Murle group being politically and economically marginalised, local and national political and popular discourses portray this group as the main aggressor in South Sudan's Jonglei State. This widely asserted narrative ignores the fact that responsibility for the cycle of violence in Jonglei rests with all those perpetrating violence and certainly not solely with one group. While sharing an overarching ethnic identity, when it comes to issues of peacebuilding, the Murle can be neither seen nor treated as a consolidated group. Rather, there are cattlekeeping Murle living in the lowlands of Pibor county and agrarian Murle living in the Boma Plateau; there are also age-sets, clans and many other differentiating factors. Accusing all Murle of responsibility for violence only serves to magnify the sense of marginalisation and isolation felt by the Murle as a whole. This policy brief seeks to address some of the differences between the cattlekeeping lowlands Murle and the cultivating highlands Murle from the Boma Plateau. By doing so, it highlights the importance of understanding cultural specificities and the local political economy and, when it comes to peacebuilding, of differentiating who is responsible for a specific conflict and who has influence over those responsible.
Topic:
Conflict Resolution, Political Violence, Economics, Ethnic Conflict, and Peacekeeping
Political Geography:
Africa and Sudan

119. Mitigating Radicalism in Northern Nigeria

Author:
Michael Olufemi Sodipo
Publication Date:
08-2013
Content Type:
Policy Brief
Institution:
Africa Center for Strategic Studies
Abstract:
Northern Nigeria has been the locus of an upsurge in youth radicalization and virulent militant Islamist groups in Nigeria since 2009. Nigeria's ranking on the Global Terrorism Index rose from 16 th out of 158 countries in 2008 to 6 th (tied with Somalia) by the end of 2011. There were 168 officially recorded terrorist attacks in 2011 alone. Bombings across the northeast prompted President Goodluck Jonathan in May 2013 to declare a state of emergency in Adamawa, Borno, and Yobe States. Many Nigerians have come to question whether the country is on the brink of a civil war.
Topic:
Security, Political Violence, Economics, Islam, and Peacekeeping
Political Geography:
Africa, Nigeria, Somalia, Yobe State, Borno State, and Adamawa State

120. Advancing Stability and Reconciliation in Guinea-Bissau: Lessons from Africa's First Narco-State

Author:
Davin O'Regan and Peter Thompson
Publication Date:
06-2013
Content Type:
Working Paper
Institution:
Africa Center for Strategic Studies
Abstract:
A string of crises stretching back more than a decade has rendered Guinea-Bissau one of the most fragile states in Africa. This recurring cycle of political violence, instability, and incapacitated governance, moreover, has accelerated in recent years, most notably following a military coup in April 2012. Exploiting this volatility, trafficking networks have coopted key political and military leaders and transformed Guinea-Bissau into a hub for illicit commerce, particularly the multibillion dollar international trade in cocaine. This has directly contributed to instability in Senegal, Guinea, Liberia, Mali, Mauritania, Nigeria, and elsewhere in Africa. European and African organized criminal groups have likewise established ties to the Guinea-Bissau trade. Drawn by the lucrative revenues, al Qaeda in the Islamic Maghreb and other militant groups in West Africa have also been linked to Guinea-Bissau trafficking. Now commonly referred to as Africa's first narco-state, Guinea-Bissau has become a regional crossroads of instability.
Topic:
Conflict Resolution, Security, Development, Economics, Narcotics Trafficking, and Fragile/Failed State
Political Geography:
Africa