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Begin New Search Political Geography China Publication Year within 25 Years

1221. The Effect of Index Futures Trading on Volatility: Three Markets for Chinese Stocks

Author:
Pierre Siklos, Martin T. Bohl, and Jeanne Diesteldorf
Publication Date:
09-2014
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
This paper examines whether the introduction of Chinese stock index futures had an impact on the volatility of the underlying spot market. To this end, we estimate several Generalized Auto-Regressive Conditional Heteroscedasticity (GARCH) models and compare our findings for mainland China with Chinese index futures traded in Singapore and Hong Kong. Our results indicate that Chinese index futures decrease spot market volatility with all three spot markets considered. In contrast, we do not obtain the same results for the companion index futures markets in Hong Kong and Singapore. China's stock market is relatively young and largely dominated by private retail investors. Nevertheless, our evidence is favourable to the stabilization hypothesis usually confirmed in mature markets.
Topic:
Economics, International Trade and Finance, and Markets
Political Geography:
China and Singapore

1222. China and Sovereign Debt Restructuring

Author:
Hongying Wang
Publication Date:
09-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
More than a decade after it put forth the idea of the Sovereign Debt Restructuring Mechanism (SDRM) in the early 2000s, the International Monetary Fund (IMF) is again seeking to engage various stakeholders in a new round of discussions about improving sovereign debt restructuring. As a major international creditor, China is an important force to reckon with. So far, the Chinese government has said little publicly regarding the recent IMF reports on this issue. Chinese policy makers and analysts are supportive of the IMF's attempt to explore ways for earlier and more orderly debt restructuring, but they find the proposed reforms to be only marginally useful. From China's point of view, the most important question in debt management is how to prevent excessive borrowing and lending and reduce the likelihood of unsustainable debt. It sees discussions about the mechanisms of sovereign debt restructuring as having little effect on this question. As an international creditor, China's main concern has to do with safeguarding the value of its overseas assets from the detrimental effect of macroeconomic policies of Western countries, especially the United States. This is not an issue that can be addressed by improved debt restructuring mechanisms. China remains deeply concerned about the power imbalance between developed and developing countries in the international financial system. Going forward in the global dialogue over sovereign debt restructuring, China's priority will be to minimize international financial instability while protecting the development needs of developing countries.
Topic:
Debt and International Monetary Fund
Political Geography:
United States and China

1223. China's Goals in the G20: Expectation, Strategy and Agenda

Author:
Alex He
Publication Date:
08-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
The G20 has emerged as the lynchpin of China's involvement in global economic governance. It remains the only economic institutional setting where the country can operate on par with major Western powers. China has a strong interest in maintaining the status of the G20 as the premier forum for economic cooperation, and a vested interest in ensuring that the G20 does not degrade into yet another “talk shop” of multilateral diplomacy. However, the Chinese leadership's current approach to the G20 is not driven by a desire to position the country as a leading agenda setter. Instead, China's main policy priority is ensuring that the country is treated as an equal and respected partner. China recognizes that in many ways it is still in a comparatively weak position and does not have the institutional capabilities and talents needed to operate in global financial and economic institutions such as the G20.
Topic:
Economics, International Cooperation, and International Trade and Finance
Political Geography:
United States and China

1224. Crisis Management Mechanisms: Pathologies and Pitfalls

Author:
David A. Welch
Publication Date:
08-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
As events demonstrate on a regular basis, the Asia-Pacific is a region prone to crisis. In recent years there has been a marked increase in the use of military force to signal interests or resolve, and even, in some cases, to alter the status quo, particularly in the East and South China Seas. Fortunately, none of these “mini crises” have escalated to the level of a shooting war. The received wisdom is that, all other things being equal, no country in the region desires conflict, owing to their high levels of economic interdependence. However, it is clear that in a context of rising nationalism, unresolved historical grievances and increasing hostility and suspicion, there is no reason to be complacent about the prospect of managing every future crisis successfully. Hence the recent surge in interest in crisis management “mechanisms” (CMMs). This paper explores the dangers of thinking of crisis management in an overly technical or mechanistic fashion, but also argues that sensitivity to those very dangers can be immensely useful. It draws upon US and Soviet experiences in the Cuban missile crisis to inform management of a hypothetical future Sino-American crisis in the East China Sea, and to identify general principles for designing and implementing CMMs.
Topic:
Conflict Prevention, Foreign Policy, International Security, and Political Theory
Political Geography:
United States, China, and Asia

1225. Assessing a Deal or Non-deal with Iran: The Critical Issue of Iran's Progress in Weapons Research, Development, and Production Capability.

Author:
Anthony H. Cordesman
Publication Date:
11-2014
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
It now seems unlikely that the P5+1 countries of the United States, Russia, China, the United Kingdom, France, and Germany can reach a comprehensive agreement with Iran by the end of November. A final agreement remains a possibility, but it seems far more likely that if an agreement is not reached, the negotiations will be extended rather than abandoned all together. The question then arises as to how to judge the outcome of this set of negotiations, be it an actual agreement, an extension, or the collapse of the negotiations.
Topic:
Diplomacy, Nuclear Weapons, Treaties and Agreements, International Security, and Nuclear Power
Political Geography:
Russia, United States, China, United Kingdom, Iran, France, and Germany

1226. Iran and the BRICS: The Energy Factor

Author:
Akbar Valizadeh and Seyyed Mohammad Houshialsadat
Publication Date:
12-2013
Content Type:
Journal Article
Journal:
Iranian Review of Foreign Affairs
Institution:
Center for Strategic Research (CSR)
Abstract:
The global economy is undergoing a paradigm shift, from a Western-dominated economic model to one that is more complex and multi-polar. The centres of consumption, production, and innovation are no longer concentrated solely in the Western economies, but are shifting to new emergence economies in different continents, specifically China, Russia, Brazil, and India, as well as South Africa, named BRICS. One of the central issues for the future of this new coalition is energy security. This concept is a top priority of policymakers not only in the West hemisphere, but also in countries of the economically emerging world in current and also coming decades. Worldwide demand for primary energy will increase in next years either and based on international forecasts, hydrocarbon will still be the dominant source of energy. Consequently, widespread energy relationships with other oil and gas-rich countries outside BRICS like OPEC, in general, and Iran, in particular, seems much more significant. The latter, as the second country throughout the world in terms of combined fossil reserves, benefits an outstanding geo-economic position. Obviously, Iran would be able to play a prominent role in this respect. So, this question could be raised that what are the main challenges, as well as opportunities for Iran and BRICS in any actual and potential interactions in energy field?
Topic:
Energy Policy
Political Geography:
Russia, China, Iran, India, South Africa, and Brazil

1227. The Beautiful Tree: A Personal Journey Into How the World's Poorest People Are Educating Themselves

Author:
Kevin Douglas
Publication Date:
12-2013
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
The Beautiful Tree is the inspiring story of James Tooley's quest to discover “how the world's poorest people are educating themselves.” Tooley begins his book by describing his serendipitous discovery of low-cost private schools for the poor in Hyderabad, India. While on an assignment for the World Bank to research the contribution of high-end private schools to the education of middle- and upper-income Indians, Tooley discovered that dozens of low-cost, for-profit private schools serve the poor in the slums of Hyderabad, and that parents choose to send their children to these private schools despite the fact that government schools are available for “free.” When Tooley returned to the World Bank and told his colleagues of his amazing find, their responses were typical of those he would receive during the rest of his investigation. Many refused to believe that low-budget private schools existed. The few who acknowledged their existence attempted to dissuade Tooley from giving them much attention, because, in their view, these schools were “ripping off the poor” and were “run by unscrupulous business people who didn't care a fig for anything other than profits” (p. 21). Tooley responded to such skepticism and cynicism by redoubling his efforts to learn about such schools. Inspired by what he found in Hyderabad, Tooley searched for similar schools in the slums of Nigeria, Ghana, and China. Tooley writes that many education officials he encountered were completely unaware of the low-cost private schools in their nations, and others went to great lengths to deny their existence. For example, in Nigeria, Tooley met Dennis Okoro, recently retired chief inspector of schools for the Nigerian federal government. Initially, Okoro professed ignorance that low-cost private schools existed; then he denied the possibility of their existence. When Tooley took Okoro into the slums of Makoko and showed him several schools, Okoro concluded that what he saw could not be private schools serving the poor, because “[t]he poor by definition cannot afford to pay fees for private schools. So if this was a fee-charging private school, it couldn't be for the poor” (p. 50). Similarly, Tooley describes officials at a regional education bureau in China who “argued” that, because the Chinese government's official position is that government provides basic education to all children, rich and poor, “what you propose to research does not only not exist, it is also a logical impossibility” (p. 97). This exchange came only moments after Tooley explained that he had already personally visited five such schools. The Beautiful Tree documents how Tooley ignored the advice of “development experts” (such as those at the World Bank) and pushed past the resistance and ignorance of education officials to build a team to help him investigate the phenomenon of low-cost private schools serving the poor. . . .
Topic:
Education and World Bank
Political Geography:
China and Nigeria

1228. Great Game, Local Rules and the New Great Power Context in Central Asia By Alexander Cooley

Author:
John Herbst
Publication Date:
12-2013
Content Type:
Journal Article
Journal:
PRISM
Institution:
Institute for National Strategic Studies (INSS), National Defense University
Abstract:
In Great Game, Local Rules the New Great Power Contest in Central Asia, Alexander Cooley develops an excellent analytical framework for looking at the activities of China, Russia and the United States in Central Asia. Cooley offers three broad arguments. First, he observes that the three big powers have pursued different goals in Central Asia, which has meant that their interests do not necessarily conflict. China's main objective has been to stabilize Xinjiang by ensuring cooperative relationships on Xinjiang's border. This prompted beijing to resolve border disputes with kyrgyzstan, Tajikistan and kazakhstan on favorable terms for its Central Asian neighbors. The U.S. has sought to stabilize Afghanistan by establishing supply and base arrangements in Central Asia. Despite the ups and downs with Tashkent which led to the closing of the U.S. base at karshi khanabad in 2005, washington has largely achieved its objectives in the region. Russia has sought to remain the major power or hegemon in the region. Despite this ambitious goal, Moscow has been willing to accept efforts by the U.S. to establish bases in Central Asia because it also is interested in containing, if not defeating the Taliban in Afghanistan.
Topic:
Economics
Political Geography:
Afghanistan, Russia, United States, China, and Kazakhstan

1229. From Multilateral Champion to Handicapped Donor–And Back Again?

Author:
Nancy Birdsall
Publication Date:
09-2013
Content Type:
Journal Article
Journal:
PRISM
Institution:
Institute for National Strategic Studies (INSS), National Defense University
Abstract:
The global financial crisis triggered by the fall of Lehman Brothers in 2008 and its aftermath in the subsequent five years has made visible and telling two new realities of the 21st century. First, the United States and its western allies no longer represent the single canonical example of the economic and political model of a free market democracy that other countries ought to strive to imitate. The crisis was triggered in the United States in part by a failure of monetary and financial regulatory policy; many emerging market economies, including China, India and Brazil, recovered relatively quickly from the global crisis in part due to so-called heterodox policies inconsistent with the U.S. model. Second, the global economy is no longer dependent on growth in the traditional western democracies; it is growth in China and other emerging market economies that has fueled the global recovery. For the first time in over 100 years, there is convergence between the per capita incomes of the richest and at least some large developing countries.
Topic:
War and Financial Crisis
Political Geography:
United States, China, and India

1230. THE ARAB SPRING: IMPLICATIONS FOR CHINESE POLICY

Author:
Mordechai Chaziza
Publication Date:
12-2013
Content Type:
Journal Article
Journal:
Middle East Review of International Affairs
Institution:
Global Research in International Affairs Center, Interdisciplinary Center
Abstract:
The Arab Spring has created a completely new situation, and with it new centers of instability in the Middle East-North Africa (MENA). The ramifications of these changes are unpredictable, as the process does not seem to be nearing an end. The new situation finds China itself confronting a complex situation, forcing it to alter attitudes and tactics and seek new opportunities. As a permanent member of the UN Security Council, China should act as a responsible power to help maintain regional stability, but in effect is not actively making efforts in this direction. Furthermore, the turmoil in the MENA region shows that China's policy toward the region does not come at a low cost, as Beijing might have thought.
Political Geography:
China, Middle East, and North Africa