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442. Back to the Nest? Europe's Relations with the African, Caribbean and Pacific Group of Countries
- Author:
- John Ravenhill
- Publication Date:
- 12-2002
- Content Type:
- Working Paper
- Institution:
- Institute of European Studies
- Abstract:
- Europe's association with African, Caribbean and Pacific (ACP) countries was the first of its interregional relationships. In the nearly half century since the signature of the Treaty of Rome, it developed into Europe's most institutionalized and multidimensional interregional relationship. It embraces not only trade and investment issues but also a development "partnership" that includes what has traditionally been the EU's largest single aid program, a joint parliamentary assembly, meetings of organizations representing civil society, and a dialogue on human rights. This chapter examines the factors that have shaped this relationship over the last four decades. The principal focus is on the trade regime, not just for consistency with the other contributions to this volume but also because it is in its trade dimension that the relationship has changed most dramatically over time.
- Topic:
- International Political Economy and International Trade and Finance
- Political Geography:
- Africa, Europe, Caribbean, and Rome
443. Lessons of the Euro for the Rest of the World
- Author:
- Barry Eichengreen
- Publication Date:
- 12-2002
- Content Type:
- Working Paper
- Institution:
- Institute of European Studies
- Abstract:
- Europe's single currency is widely invoked as a potential solution to the monetary and exchange rate problems of other regions, including Asia, Latin America, North America and even Africa. This lecture asks whether the Europe's experience in creating the euro is exportable. It argues that the single currency is the result of a larger integrationist project that has political as well as economic dimensions. The appetite for political integration being less in other parts of the world, the euro will not be easily emulated. Other regions will have to find different means of addressing the tension between domestic monetary autonomy and regional integration. Harmonized inflation targeting may be the best available solution.
- Topic:
- Economics, International Trade and Finance, and Political Economy
- Political Geography:
- Africa, Europe, Asia, and Latin America
444. The Development of Europe's Linkages with East Asia: Hybrid Trans-Regionalism?
- Author:
- Julie Gilson
- Publication Date:
- 12-2002
- Content Type:
- Working Paper
- Institution:
- Institute of European Studies
- Abstract:
- This chapter argues that the EU-Asia trans-regional relationship is still very hard to measure but that there is developing both a notion of economic Asia, a desire to collectivise responses in the face of differentiated resource allocation and a growing dominance of the form of regionalism demonstrated by the EU.
- Topic:
- International Political Economy and International Trade and Finance
- Political Geography:
- Europe and Asia
445. The European Union and North America
- Author:
- Edward A. Fogarty
- Publication Date:
- 10-2002
- Content Type:
- Working Paper
- Institution:
- Institute of European Studies
- Abstract:
- This paper assesses the past, present, and future of transatlantic commercial relations in terms of EU trade strategies. After surveying the medium-term trajectories of the relationships with the United States, Mexico, and Canada-both separately and as a group-it will consider several possible sources of European Union trade preferences vis-à-vis NAFTA, including interest groups' incentives to seek to capture national and European governing institutions, the balance between the European Commission and the Council of Ministers, European leaders' desire to balance against overweening American power, and possible attempts to construct either a common Western identity or, alternatively, a European identity in contradistinction what the United States seems to represent. The hope is that these different approaches provide a contrasting set of interpretations whose comparison side-by-side allows new insights into the dynamics governing EU-North American trade relations.
- Topic:
- International Trade and Finance
- Political Geography:
- United States, Europe, Canada, North America, and Mexico
446. Home Bias, Transactions Costs, And Prospects For The Euro: A More Detailed Analysis
- Author:
- Catherine L. Mann and Ellen E. Meade
- Publication Date:
- 07-2002
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- This paper brings together the literature on determination of home bias in equity holdings and the portfolio balance model of exchange rates to consider whether the dollar might be affected by a change in transactions costs that alters international portfolio allocations. Our empirical findings lend support to the view that transactions costs have a significant influence on US portfolio holdings, even after accounting for float market share. In addition, new survey evidence on the equity holdings of European firms indicates home bias for European investors, and points to a reduction in the magnitude of this home bias since 1997.
- Topic:
- Economics and International Trade and Finance
- Political Geography:
- United States and Europe
447. Mortgage Default Insurance in the U.S.: Implications for Russia
- Author:
- Raymond Struyk and Douglas E. Whiteley
- Publication Date:
- 03-2002
- Content Type:
- Working Paper
- Institution:
- Urban Institute
- Abstract:
- The objective of this paper is to introduce the concept of mortgage default insurance as developed in the United States into the context of Russian mortgage lending. The first part of the paper discusses the broad principles and operations of mortgage default insurance offered by private companies as it works in the United States. The pricing of this product and the preconditions for offering such insurance are highlighted. The second section outlines the operation of the U.S. government-supported default insurance offered by the Federal Housing Administration (FHA). The final part applies the foregoing information to the situation in Russia today and concludes that the conditions necessary for launching mortgage default insurance do not currently exist in the country. Nevertheless, there are a number of essential actions that can and should be taken over the next several months to put Russia on the road to establishing such insurance in a few years. The paper finishes with a possible action plan for the next two years.
- Topic:
- Development, Government, and International Trade and Finance
- Political Geography:
- Russia, United States, Europe, and Asia
448. Regulatory Europeanization, National Autonomy and Regulatory Effectiveness: Marketing Authorization for Pharmaceuticals
- Author:
- Jürgen Feick
- Publication Date:
- 11-2002
- Content Type:
- Working Paper
- Institution:
- Max Planck Institute for the Study of Societies
- Abstract:
- The EC harmonized market entry regulation for pharmaceuticals from the early sixties on, but it achieved neither its goal of uniform national regulatory decisions nor that of automatic mutual recognition. Subsequent attempts to Europeanize the procedures themselves resulted in two alternatives in 1995: a Centralized Procedure for innovative pharmaceutical products implemented at the EU level, and a Decentralized Procedure which tries to assure mutual recognition. First, the paper analyzes the distinctive modes of Europeanization employed in these regulatory alternatives, examining both their impact on the effectiveness of European governing and the balance they strike between European interventionism, national participation and national autonomy. Second, it tries to assess whether Europeanization furthers the goals of pharmaceutical market entry policy as defined in European regulations – public health protection, creation of a single market and the reduction of regulatory costs to industry. There is little evidence that the public's health is less well protected when regulation is Europeanized. Only the Centralized Procedure contributes significantly to the goal of establishing a single market. Regulatory costs in terms of approval time did go down especially for pharmaceutical firms using the Centralized Procedure, mainly because of efficiency-enhancing legal provisions and institutionally induced regulatory competition between national authorities.
- Topic:
- Economics, International Trade and Finance, and Science and Technology
- Political Geography:
- Europe
449. Business Interest Representation and European Commission Fora: A Game Theoretic Investigation
- Author:
- Andreas Broscheid and David Coen
- Publication Date:
- 07-2002
- Content Type:
- Working Paper
- Institution:
- Max Planck Institute for the Study of Societies
- Abstract:
- The relationship between business and the EU institutions has evolved from its corporatist origins into a complex elite pluralist arrangement centered around industrial fora and policy committees. We view the growth of forum politics as the direct consequence of the unprecedented boom in economic and public interest lobbying in the early 1990s: While the increase in European interest representation provided greater legitimacy for the European integration program, it put a strain on the existing open pluralist European business-government relationship. One of the European Commission's (EC) informal solutions was to create restricted-entry policy fora and select committees, which it hoped would provide fast and reliable decision-making. Employing a formal model of industrial fora and committees, we specify the mechanisms that we believe caused the establishment of the current elite pluralist system of interest representation in the EU. We argue that in the process of establishing selective-entry fora for interest representation, the European Commission acted not only as policy entrepreneur, but also as a political entrepreneur, fostering collective action.
- Topic:
- Government, International Trade and Finance, and Political Economy
- Political Geography:
- Europe
450. The Declining Use of Unskilled Labour in Italian Manufacturing: Is Trade to Blame?
- Author:
- Paul Brenton and Anna Maria Pinna
- Publication Date:
- 12-2001
- Content Type:
- Working Paper
- Institution:
- Centre for European Policy Studies
- Abstract:
- As in other industrialised countries, the manufacturing sector in Italy has recently experienced a substantial increase in the use of skilled relative to unskilled workers — skill upgrading. In this paper we estimate a model, based upon the notion of outsourcing, of the relative demand for skilled labour which allows identification of the roles of technological change and trade, the two main culprits, in skill upgrading. Compared to previous studies of Italy the model is applied to highly disaggregated industrial data and in addition the impact of trade is more precisely measured through the separate identification of import flows from low-wage labour abundant countries and those from OECD partners. Furthermore we also introduce a measure of trade variability. Our results show firstly that economic variables played little or no role in determining the relative demand for unskilled workers in the 1970s in Italy, reflecting the nature of Italian labour market institutions in the period. Subsequently, in the 1980s and 1990s, following some labour market reforms, we find that international competition, in terms of import penetration and the variability of trade prices, had a significant effect on the relative demand for blue-collar workers in Italy in skilled intensive sectors. In unskilled intensive sectors, such as textiles and clothing, where the impact of imports from low-wage countries might be expected to be more pronounced, we do not find a significant effect from imports but rather that the most important role has been played by technological change. The result is consistent with previous studies that indicate that Italian textile and clothing firms have remained internationally competitive by increasingly switching to high quality segments of the industry.
- Topic:
- Economics, Government, Human Rights, International Trade and Finance, Migration, and Political Economy
- Political Geography:
- Europe and Italy