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402. Financial Diplomacy and the Credit Crunch: The Rise of Central Banks
- Author:
- Nicholas Bayne
- Publication Date:
- 06-2009
- Content Type:
- Journal Article
- Journal:
- Journal of International Affairs
- Institution:
- School of International and Public Affairs, Columbia University
- Abstract:
- Economic diplomacy can be defined as the method by which states conduct their external economic relations. It embraces how they make decisions domestically, how they negotiate internationally and how the two processes interact. Economic diplomacy has been transformed in the last two decades with the end of the Cold War and the advance of globalization. Its subject matter has become much wider and more varied and it has penetrated more deeply into domestic politics—no longer being limited to measures imposed at the border. Internationally, it engages a far larger range of countries, including new rising powers like China, India and Brazil. Yet the relative power and resources of governments have been shrinking, so that they often seem to be trying to do more with less.
- Topic:
- Cold War and Economics
- Political Geography:
- China, India, and Brazil
403. Crossing Borders, Changing Landscapes: Land-Use Dynamics in the Golden Triangle
- Author:
- Jefferson Fox
- Publication Date:
- 12-2009
- Content Type:
- Policy Brief
- Institution:
- East-West Center
- Abstract:
- Over the last half-century, public policy has affected land-use practices across the borders linking China, Thailand, and Laos. Political and economic reforms have facilitated labor mobility and a shift in agricultural practices away from staple grains and toward a diverse array of cash crops, rubber being one of the foremost. China has promoted the conversion of forests to rubber agroforestry in southern Yunnan--profitable for farmers, but a concern in terms of biodiversity and long-term viability. In Thailand, the response is at the other end of the spectrum as the government's concerns about land-use practices and watershed management have led to policies that dramatically constrain land-use practices and limit tenure rights. In Laos the future is not yet clear. Government policies provide weak support for both private land ownership and protected areas. In a global environment where national policy has such a dramatic effect on land use and land cover, the factors behind land-use change merit close examination.
- Topic:
- Agriculture, Economics, Migration, and Labor Issues
- Political Geography:
- China, Asia, Thailand, and Southeast Asia
404. German Companies Engaging in China: Decision-Making Processes at Home and Management Practices in Chinese Subsidiaries
- Author:
- Geny Piotti
- Publication Date:
- 11-2009
- Content Type:
- Working Paper
- Institution:
- Max Planck Institute for the Study of Societies
- Abstract:
- This paper attempts to explain why internationalization processes to China are growing despite the significant difficulties that foreign direct investments into China encounter. The answer to this question can be found in the processes of decision-making on internationalization at the company level and how these affect management practices in Chinese subsidiaries. The argument I put forward in this paper is that for the small and medium-sized enterprises the study focuses on, the decisions concerning investment in China are mainly the product of structural and legitimation pressure. Structural pressure can encourage cognitive mechanisms and behavioral consequences similar to those occurring when individuals (and organizations) cope with threat. Legitimation pressure can foster wishful thinking, which pushes actors to believe that desired options are good despite evidence to the contrary. These pressures have an impact on how well companies are prepared when they internationalize and can particularly affect some crucial management practices, leading to inefficiencies and problems in subsidiaries.
- Topic:
- Economics and International Trade and Finance
- Political Geography:
- China, Europe, Asia, and Germany
405. China: Bogus Boom?
- Author:
- John H. Makin
- Publication Date:
- 08-2009
- Content Type:
- Policy Brief
- Institution:
- American Enterprise Institute for Public Policy Research
- Abstract:
- China's economic statistics have become the envy of the world. On July 15, China reported a 7.9 percent growth rate for the second quarter of 2009 compared to the same period a year earlier. Meanwhile, China's stock markets are on fire, and its property markets are heating up fast as well. Shanghai's two stock markets are up 75 percent and 95 percent respectively so far this year. The more widely traded Hong Kong Index is up 27 percent, a stellar performance compared to largely flat stock markets in the United States, Europe, and Japan. In even stronger contrast, Russia, which is one of China's emerging-market peers, has seen its economy drop by 10.1 percent during the first half of this year, while its stock market has struggled as well.
- Topic:
- Economics, Emerging Markets, and International Political Economy
- Political Geography:
- Russia, United States, Japan, China, Europe, and Hong Kong
406. Can China Keep Growing?
- Author:
- John H. Makin
- Publication Date:
- 05-2009
- Content Type:
- Policy Brief
- Institution:
- American Enterprise Institute for Public Policy Research
- Abstract:
- Governor Zhou Xiaochuan's comment is an open acknowledgement that the “adverse feedback loop,” in which financial-sector problems hurt the real economy, which in turn intensifies negative conditions in finance, has hit China hard. China's real growth rate, which peaked at 13 percent in 2007 and is heavily dependent on exports, plunged to 6.1 percent on a year-over-year basis in the first quarter of 2009. Nominal growth, a measure of the current money value of goods and services, fell even more sharply, from 21.4 percent in 2007 to 3.6 percent in the first quarter of this year. The fact that the nominal growth rate is 2.5 percent below the real growth rate suggests that, at least as far as output is concerned, deflation has taken hold at a 2.5 percent rate in China.
- Topic:
- Economics, Emerging Markets, and International Political Economy
- Political Geography:
- China
407. Inflation Scare: Crazy but Real
- Author:
- John H. Makin
- Publication Date:
- 07-2009
- Content Type:
- Policy Brief
- Institution:
- American Enterprise Institute for Public Policy Research
- Abstract:
- The recent steps by the Federal Reserve to preempt deflation have—ironically and unexpectedly— prompted a surge in inflation fears both inside the United States and abroad, especially in China. Specifically, the Fed's measures to go beyond the stimulus inherent in a zero percent federal funds rate by purchasing Treasury and mortgage securities has conjured visions—especially in the eyes of major buyers of Treasury securities, China foremost— of massive money printing to underwrite trillions of dollars of additional government borrowing at low interest rates. As markets have shown, if that were the Fed's intention—which it decidedly is not—the effort would fail because excessive money printing—creating a money supply larger than the quantity of money demanded— would push up interest rates as inflation expectations rose.
- Topic:
- Economics, International Political Economy, International Trade and Finance, and Monetary Policy
- Political Geography:
- United States and China
408. Three Lessons from the Financial Crisis
- Author:
- John H. Makin
- Publication Date:
- 09-2009
- Content Type:
- Policy Brief
- Institution:
- American Enterprise Institute for Public Policy Research
- Abstract:
- More than two years have passed since the U.S. housing bubble burst. That event ushered in a financial crisis that was not only intense but also stunning. So stunning in fact, that in August of last year, just a month before the collapse of Lehman Brothers, the global economy was close to a crisis worthy of comparison with the Great Depression, yet neither the markets nor the Federal Reserve had much of an inkling of what was to come. The Standard and Poor's (S) 500 Index had come down to about 1,300 from its October 2007 high of 1,576. Positive growth had just been reported for the U.S. economy during the second quarter of 2008 at an annual rate of 2.8 percent (later revised down to 1.5 percent). Almost one percentage point of that growth came from U.S. consumption, and government spending also contributed. The wave of relief after the Bear Stearns scare in March 2008 had provided a nice boost to the economy and to markets. That boost was further enhanced by the substantial contribution to growth from net exports (2.9 percentage points) thanks to what was, then, continuing strength in the global economy, especially in China, which had reported blistering 10.1 percent year-over-year growth in the second quarter of 2008. These and other positive components more than offset a drag from inventories and residential investment. In short, the real economy had not shown much evidence of damage emanating from the chaos that was churning in the financial sector.
- Topic:
- Economics, International Political Economy, International Trade and Finance, Markets, Monetary Policy, and Financial Crisis
- Political Geography:
- United States and China
409. Brazil's Rise as an Emerging Power: Implications for the U.S. and Europe
- Author:
- Stefan A. Schirm
- Publication Date:
- 06-2009
- Content Type:
- Working Paper
- Institution:
- Center for Transatlantic Relations
- Abstract:
- The last 20 years have witnessed the economic emergence of several countries, which are considered today to be “pivotal states”, “regional powers”, and “emerging powers” in world politics. These emerging powers encompass countries such as China, India, Brazil and Russia, (the BRICs), which have in common both that they have experienced rapid economic growth and that they seek to influence the global economy and world politics to a greater degree than they did before their rise. The BRICs have become leading exporters and lenders (especially China to the US) as well as holders of currency reserves, and they (plus Mexico) are expected to surpass the GNP of the G7 industrialized countries by the year 2040. The reasons for the assignment of a new role, and often of increased power, to these states are their demographic and geographic size, their economic and military capacities, and their political aspirations.
- Topic:
- Economics, Emerging Markets, and Globalization
- Political Geography:
- Russia, United States, China, Europe, India, Brazil, and Latin America
410. U.S.-China Cooperation on Low-Emissions Coal
- Publication Date:
- 10-2009
- Content Type:
- Working Paper
- Institution:
- Atlantic Council
- Abstract:
- The Atlantic Council of the United States (the Council) and the U.S./China Energy and Environmental Technology Center (EETC) at Tsinghua and Tulane Universities cosponsored a Dialogue, “U.S.-China Cooperation on Low-Emissions Coal Technologies” in Beijing from June 24-26, 2009. This report synthesizes and summarizes the information presented during the Dialogue to allow for an ongoing exchange of information and ideas between the meeting participants and key stakeholders in the effort to lower emissions from the use of coal.
- Topic:
- International Relations, Foreign Policy, Diplomacy, Economics, Energy Policy, Environment, and Bilateral Relations
- Political Geography:
- United States, China, and Atlantic Ocean