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141. Regional Blocs, Transnational Actors and Interest Mediation: The Cases of Mexico and Turkey

Author:
Isik Özel
Publication Date:
11-2013
Content Type:
Working Paper
Institution:
The Kolleg-Forschergruppe (KFG)
Abstract:
This working paper explores the processes in which accession to different regional blocs has affected the ways the state interacts with societal actors, along with the interest representation and mediation models in both member and accession countries. Focusing on Turkey and Mexico, two upper-middle-income countries situated on the fringes of major powers and integrated into the regional blocs led by those, the paper examines the differential impact of the European Union (EU) and the North American Free Trade Agreement (NAFTA) on the organization and mediation of business interests; the ways in which these interests are incorporated into policy-making; and the processes of social dialogue. Taking into consideration the fundamental differences between these two regionalisms, it looks into both direct and indirect mechanisms with respect to the influence of regional-level actors on domestic actors and institutions. Maintaining that the impact of regional blocs cannot be easily isolated from that of international, transnational actors and processes, the paper scrutinizes the respective roles of international actors and transnational networks which, at times, have become more influential than the regional blocs in bringing about major institutional changes at the domestic level. Thus, it sheds light on processes of comparative regionalization and their varying influences on distinct polities, which is usually combined and even furthered or, rather, obstructed by the influences of transnational, international and global forces, along with domestic actors and institutions.
Topic:
Economics and International Trade and Finance
Political Geography:
Europe, India, and Mexico

142. The Hyperglobalization of Trade and Its Future

Author:
Arvind Subramanian and Martin Kessler
Publication Date:
07-2013
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper describes seven salient features of trade integration in the 21st century: Trade integration has been more rapid than ever (hyperglobalization); it is dematerialized, with the growing importance of services trade; it is democratic, because openness has been embraced widely; it is criss-crossing because similar goods and investment flows now go from South to North as well as the reverse; it has witnessed the emergence of a mega-trader (China), the first since Imperial Britain; it has involved the proliferation of regional and preferential trade agreements and is on the cusp of mega-regionalism as the world's largest traders pursue such agreements with each other; and it is impeded by the continued existence of high barriers to trade in services. Going forward, the trading system will have to tackle three fundamental challenges: In developed countries, the domestic support for globalization needs to be sustained in the face of economic weakness and the reduced ability to maintain social insurance mechanisms. Second, China has become the world's largest trader and a major beneficiary of the current rules of the game. It will be called upon to shoulder more of the responsibilities of maintaining an open system. The third challenge will be to prevent the rise of mega-regionalism from leading to discrimination and becoming a source of trade conflicts. We suggest a way forward—including new areas of cooperation such as taxes—to maintain the open multilateral trading system and ensure that it benefits all countries.
Topic:
Economics, Emerging Markets, Globalization, and International Trade and Finance
Political Geography:
Europe, Asia, and North America

143. Asian and European Financial Crises Compared

Author:
Edwin M. Truman
Publication Date:
10-2013
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
The European and Asian financial crises are the two most recent major regional crises. This paper compares their origins and evolution. The origins of the two sets of crises were different in some respects, but broadly similar. The two sets of crises also shared similarities in their evolution, but here the differences were more significant. The European crisis countries received more external financial support, despite the fact that they involved more solvency issues while the Asian crises involved more liquidity issues. On balance, the reform programs in the European crises were less demanding and rigorous than in the Asian crises. Partly as a consequence, the negative impacts on the global economy have been larger. I draw three lessons from this analysis: First, history will repeat itself; there will be other external financial crises. Second, other countries have a stake in appropriate crisis management. Third, the IMF and other countries were mistaken in treating the European crises as individual country crises rather than as a crisis for the euro area as a whole that demanded policy conditionality on all members of the euro area.
Topic:
Economics, International Trade and Finance, International Monetary Fund, and Financial Crisis
Political Geography:
Europe and Asia

144. An Economic NATO: A New Alliance for a New Global Order

Author:
C. Boyden Gray
Publication Date:
02-2013
Content Type:
Policy Brief
Institution:
Atlantic Council
Abstract:
In the aftermath of World War II, the greatest concern facing the United States and its European allies was restraining the Soviet Union and preventing the spread of communism. Cooperation on military security was paramount, and the United States and Europe rose to the challenge by creating NATO, a new type of multilateral defense agreement. Once again, the transatlantic relationship is at a new and perilous crossroads. But now it is economic, rather than military security that is at risk. Crisis grips the economies of Europe, just as the United States, mired in historic levels of unemployment in the wake of the 2008 recession, is rethinking its strategic priorities and place in the world. As before, fears mount concerning the future of liberal democracy and Western capitalism. The question is whether transatlantic cooperation will again rise to the challenge.
Topic:
NATO, Economics, International Trade and Finance, Treaties and Agreements, Financial Crisis, and Reform
Political Geography:
United States, Europe, and North America

145. Lowering the Price of Russian Gas: A Challenge for European Energy Security

Author:
Adnan Vatansever and David Koranyi
Publication Date:
03-2013
Content Type:
Policy Brief
Institution:
Atlantic Council
Abstract:
Europe's energy discourse has been unjustifiably preoccupied with concerns about potential physical disruptions of Russian gas. Yet, the real challenge for European-Russian energy relations, and in fact, for European energy security, lies in settling on a price that leaves both sides content. While Europe will come under increasing pressure to acquire affordable energy resources to enhance its competitiveness, Gazprom may find it increasingly difficult to deliver gas at lower prices in the coming years.
Topic:
Economics, Energy Policy, International Trade and Finance, Oil, and Bilateral Relations
Political Geography:
Russia and Europe

146. The Trilateral Bond: Mapping a New Era for Latin America, the United States, and Europe

Publication Date:
05-2013
Content Type:
Working Paper
Institution:
Atlantic Council
Abstract:
For too long, the United States and Europe have failed to embrace Latin America as a partner in a broader transatlantic community. Modern Latin America, like the United States, springs from a common European heritage and shares the historical, political, and philosophical roots that bind the West so closely together. The region is of growing strategic importance, with its expanding markets, energy resources, and global economic reach. But while Latin America is changing rapidly, the United States and Europe have been slow to sufficiently recognize and embrace this new world, missing crucial policy and business opportunities.
Topic:
Economics, International Cooperation, and International Trade and Finance
Political Geography:
United States, Europe, and Latin America

147. Europe's Strategic Future: Implications of the Eurozone Crisis

Publication Date:
05-2013
Content Type:
Working Paper
Institution:
Atlantic Council
Abstract:
The analysis of the eurozone crisis is often limited to an assessment of its impact on the political and economic future of the European Union. Far less attention is given to how the crisis will shape Europe's role in the world and how other corners of the globe perceive Europe as a strategic actor. The economic crisis that began in 2008 has now become a multidimensional political crisis for both the northern and southern countries of Europe, and the trends do not all go in the same direction.
Topic:
Economics, International Trade and Finance, and Financial Crisis
Political Geography:
Europe

148. The Transatlantic Trade and Investment Partnership: Ambitious but Achievable

Author:
Garrett Workman and Tyson Barker
Publication Date:
04-2013
Content Type:
Working Paper
Institution:
Atlantic Council
Abstract:
As leaders in the United States and Europe prepare for the formal launch of Transatlantic Trade and Investment Partnership (TTIP) talks, the Bertelsmann Foundation and the Atlantic Council have conducted a survey of trade policy experts from the public and private sectors on both sides of the Atlantic to gauge their expectations for the results of negotiations. This policy brief examines the results of this survey and analyzes its policy implications in three possible scenarios. The United States and Europe have discussed a transatlantic free trade area in various guises for decades. But as negotiations for a new Transatlantic Trade and Investment Partnership (TTIP) begin, this time seems different. Both sides recognize the need to stimulate their stagnant economies in the aftermath of the financial and Eurozone crises. In an age of austerity, as debt and deficit problems have led to a major loss of market confidence in the United States and Europe's ability to recover in a sustainable manner, a deepened trade relationship marks a path forward without adding to national debt levels. Furthermore, the rise of the emerging markets—particularly China—which often subscribe to a different economic model focused on state-owned enterprises and government directed investment decisions, marks a historic decision-point for the transatlantic community.
Topic:
Debt, International Trade and Finance, and Reform
Political Geography:
United States, Europe, and Atlantic Ocean

149. NATO Global Partnerships: Strategic Opportunities and Imperatives in a Globalized World

Author:
Franklin D. Kramer
Publication Date:
03-2013
Content Type:
Working Paper
Institution:
Atlantic Council
Abstract:
International security in today's globalized world demands a framework responsive to interconnectedness, multiple power centers, shared vulnerabilities, and dramatic change. To meet these diverse challenges that affect the security of its members, NATO, as the West's premier security organization, must reach beyond the transatlantic arena. It must link with other nations whose world views are comparable and whose capacities complement NATO's strengths. NATO's global partnerships are critical elements in providing an effective international security framework and, therefore, are a vital key to generating a stable and secure international system.
Topic:
NATO, Globalization, International Trade and Finance, and International Security
Political Geography:
Japan, Europe, South Korea, Libya, and Australia

150. A simple model of multiple equilibria and sovereign default

Author:
Daniel Gros
Publication Date:
07-2012
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This paper presents a simple model that incorporates two types of sovereign default cost: first, a lump-sum cost due to the fact that the country does not service its debt fully and is recognised as being in default status, by ratings agencies, for example. Second, a cost that increases with the size of the losses (or haircut) imposed on creditors whose resistance to a haircut increases with the proportional loss inflicted upon them.
Topic:
Debt, Economics, International Trade and Finance, Markets, and Financial Crisis
Political Geography:
Europe