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3441. Does intangible capital affect economic growth?

Author:
Felix Roth and Anna-Elisabeth Thum
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
Using new international comparable data on intangible capital investment by business within a panel analysis from 1995-2005 in an EU-15 country sample, we detect a positive and significant relationship between intangible capital investment by business and labour productivity growth. This relationship is cross-sectional in nature and proves to be robust to a range of alterations. Our empirical analysis confirms previous findings that the inclusion of business intangible capital investment into the asset boundary of the national accounting framework increases the rate of change of output per worker more rapidly. In addition, intangible capital is able to explain a significant portion of the unexplained international variance in labour productivity growth and when incorporating business intangibles, capital deepening becomes an even more significant source of growth. The relationship is slightly stronger in the time period 1995-2000 and seems to be driven by the coordinated countries within the EU-15.
Topic:
Economics, International Trade and Finance, Regional Cooperation, Monetary Policy, and Financial Crisis
Political Geography:
Europe

3442. Do the European Union's bilateral investment treaties matter?

Author:
Selen Sarisoy Guerin
Publication Date:
07-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
Several policy-relevant issues regarding the EU's bilateral investment treaties (BITS) are addressed in this paper. First and foremost, we explore the question of whether EU's BITs have a significantly positive impact on outflows or not. Second, we ask the question which member states and which BIT partners have had a significant experience after the implementation of the BIT. In our sample we find that both OECD BITs and EU BITs have a statistically significant and positive impact on FDI outflows. This result is robust to the inclusion of variables such as privatisation proceeds that control for the level of economic reform, the level of trade linkages, the level of democratic freedom and a measure of risk of expropriation among other standard controls. We control for endogeneity in our estimations by using the fixed-effects estimator as our preferred estimator on a large panel dataset. We also test the strict exogeneity of our results by using a method suggested by Baier and Bergstrand (2007) and we find no feedback effect in our sample.
Topic:
Economics, International Trade and Finance, Monetary Policy, and Financial Crisis
Political Geography:
Europe

3443. The financial crisis and citizen trust in the European Central Bank

Author:
Daniel Gros and Felix Roth
Publication Date:
07-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
Trust in the ECB, as measured by the standard Eurobarometer (and other) surveys has fallen to an unprecedented low – especially in the larger euro area countries. The authors find that up to the start of the recession in 2008, trust in the ECB was little affected by business cycle variables such as growth and inflation. This changed radically with the recession, with trust in the ECB becoming correlated quite closely with growth. However, even the recovery of growth in 2009 was not sufficient to restore trust in the ECB to previous levels. This finding implies that European citizens seem to have placed a heavy share of the blame on the European Central Bank for the real economic downturn caused by the financial crisis.
Topic:
Economics, International Trade and Finance, and Monetary Policy
Political Geography:
Europe

3444. The Politics of Punishing Terrorists [Full Text]

Author:
Anthony F. Lang, Jr.
Publication Date:
03-2010
Content Type:
Journal Article
Institution:
Carnegie Council
Abstract:
Debates about trying and punishing terrorists reveal how the failure to construct a shared normative consensus in international criminal justice continues to bedevil the international community. The only way to achieve this consensus is to engage in the messy business of politics.
Topic:
Politics
Political Geography:
United States, New York, and Europe

3445. Public Accountability and the Public Sphere of International Governance

Author:
Jens Steffek
Publication Date:
03-2010
Content Type:
Journal Article
Institution:
Carnegie Council
Abstract:
After long and awkward negotiations, on November 19, 2009, the heads of state and government of the European Union finally nominated Catherine Ashton as the Union's new High Representative for Foreign Affairs and Security. The next day an Internet user nicknamed ''hoeckt'' posted the following comment on a popular German news site: This morning I listened to an interview with [Ashton] on B5 [radio station] and was flabbergasted. She has already understood how they work at the EU level. She wants to do diplomacy the silent way, which to me means that there will be no transparency; nobody will know what she is doing, and how. And hence nobody will be able to judge success or failure of her actions.
Topic:
Security and Government
Political Geography:
Europe and Hong Kong

3446. Briefly Noted

Publication Date:
03-2010
Content Type:
Journal Article
Institution:
Carnegie Council
Abstract:
This section contains a round-up of recent notable books in the field of international affairs.
Topic:
Security and Development
Political Geography:
Africa, New York, and Europe

3447. Individuals and Rights – The Sour Grapes

Publication Date:
05-2010
Content Type:
Journal Article
Abstract:
The first wave, in the 1950s and '60s, was all about Community Rights and that new legal order. In the 1970s and '80s it was, ex nihilo, Individual Human Rights. And in the 1990s and this last decade it has been Citizenship Rights, destined, according to the European Court of Justice in case after case, to become the 'fundamental' status of European Citizens. (Have you ever wondered, as I have, about the epistemic status of this most recent mantra of the ECJ? Is it a legal realist prediction? A political desideratum? A statement of judicial intent? A revolutionary manifesto – seeing that it flatly contradicts the express provisions of the Treaty which clearly assigns to European Citizenship a mere supplementary or complementary supportive role in the Citizenship arena?) Be that as it may, there can be little argument that The Individual and his or her Rights are the most common, oft cited, self-celebratory clichés in the vocabulary of European legal discourse. In celebrating the Union's 50th birthday Angela Merkel, speaking for most of us, veritably gushed about Europe's success in positioning The Individual in the centre of its construct. And so it has. Likewise, if we look for a currency which is impervious to all market vicissitudes, to derivatives, to toxic bundling, it is the currency of Rights – in all three denominations, European, Human and/or Citizenship. It is the ever ready dividend which the Union's Board of Directors is generous in showering on an ever apathetic citizenry (as evidenced by the demoralizing decline in voter turn out for Euro-Parliament elections) and which is evoked whenever a pep-talk is called for.
Political Geography:
Europe

3448. Remedying European Legal Pluralism: The FIAMM and Fedon Litigation and the Judicial Protection of International Trade Bystanders

Author:
Marco Dani
Publication Date:
05-2010
Content Type:
Journal Article
Abstract:
In FIAMM and Fedon the European Court of Justice has ruled that Community firms hit by US trade sanctions authorized by the WTO Dispute Settlement Body are not entitled to compensation from EC political institutions. The article discusses the cases in the background of current debates on the attitude of the Court of Justice towards international law and, more broadly, on European legal pluralism. From this standpoint, it provides a critical assessment of the legal issues involved in this litigation – internal status of WTO obligations, scope for manoeuvre of EC political institutions in international trade relations, liability for unlawful and lawful conduct – and offers a comparative analysis of its possible solutions, suggesting that a finding of liability for lawful conduct would have been a preferable outcome in both theoretical and substantive terms.
Topic:
International Law
Political Geography:
United States and Europe

3449. The Nile Basin Cooperative Framework Agreement Negotiations and the Adoption of a 'Water Security' Paradigm: Flight into Obscurity or a Logical Cul-de-sac?

Author:
Dereje Zeleke Mekonnen
Publication Date:
05-2010
Content Type:
Journal Article
Abstract:
The restive Nile basin which has long been identified as a flashpoint prone to conflict embarked on a new path of cooperation with the launching of the Nile Basin Initiative (NBI). Anchored in a Shared Vision 'to achieve sustainable socio-economic development through the equitable utilization of, and benefits from, the common Nile Basin water resources', the NBI has provided a convenient forum for the negotiation of a Cooperative Framework Agreement (CFA) to set up a permanent, inclusive legal and institutional framework. Negotiation of the CFA has, however, faced a serious impasse as a result of the introduction of the concept of 'water security'. The introduction of this non-legal, indeterminate, and potentially disruptive concept is, indeed, a regrettable detour to a virtual blind-alley. The justifications for this fateful decision are totally unfounded and specious. The decision rather makes sense as an unwarranted move pushing into further obscurity the already intractable Nile waters question, at best, and a logical cul-de-sac in the decade-long negotiations which have arguably fallen prey to the hegemonic compliance-producing mechanism of 'securitization' sneaked in under the veil of 'water security', at worst. Resolution of the Nile waters question should thus first be extricated from the morass of 'water security' and then be sought nowhere but within the framework of international water law.
Topic:
Development
Political Geography:
Europe

3450. Data Protection and Transborder Data Flow in the European and Global Context

Author:
Lingjie Kong
Publication Date:
05-2010
Content Type:
Journal Article
Abstract:
Very similar to trade barriers, data protection has been an obstacle to free global data flow. The European legal system on cross-border data flow set up by Directive 95/46/EC prohibits transfer of personal data to third countries which do not have an adequate data protection level. With enormous international implications, such a regionally oriented system is heavily dependent on effective monitoring of cross-border data transfer. Due to a lack of proper supervision on data transfer, it encounters many challenges, which forces the European Commission to adopt the contractual model and the corporate law model. Meanwhile, compared with issues like free trade and environmental protection, not much international consensus has been reached on cross-border data protection. As a result, bilateral, regional, and multilateral collaborations between national sovereignties are to be strengthened, to facilitate transborder data flow and to safeguard individuals' right to data protection.
Political Geography:
Europe