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6351. The International Financial Architecture

Author:
Jeffrey A. Frankel
Publication Date:
06-1999
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
The recent financial crises in many emerging market economies have raised anew questions about the appropriate exchange-rate regime and the use of capital controls as policy instruments. The use of both mechanisms should be tailored to each country's unique circumstances. Fixed exchange-rate mechanisms, such as dollarization (adopting the dollar as legal tender in place of the national currency), are suited to small open economies or those desperate to import monetary stability. Larger economies, such as the European Union (EU) and the United States, should allow their currencies to float. Intermediate regimes that fall between fixed- and floating-rate regimes—such as bands, baskets, and crawls (See Figure 1 for definitions)—are still appropriate for some countries. Certain well-targeted restrictions on the composition of capital flows might be appropriate for some emerging-market countries as temporary measures when inflows are particularly high.
Topic:
Economics and International Trade and Finance
Political Geography:
United States and Europe

6352. NATO at 50: The Summit Beyond

Author:
Ivo H. Daalder
Publication Date:
04-1999
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
At the threshold of a new century, NATO needs a new purpose. A NATO maintained solely as a hedge against an uncertain future (including a possibly resurgent Russia) will become increasingly marginal to the interests of its members. A shift in emphasis to defending common global interests risks magnifying discord among Alliance members. Instead, NATO's purpose should now be to extend security and stability to all of Europe. This will require placing more emphasis on the ability to conduct crisis management operations in the region and taking practical, visible steps to keep the door to NATO membership wide open.
Topic:
Security, NATO, and International Organization
Political Geography:
Europe

6353. Financing Nuclear Security

Author:
Todd Sechser
Publication Date:
12-1999
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
The United States has spent over $3 billion addressing the nuclear proliferation threat from Russia since the Soviet Union collapsed in 1991. Programs managed by the Departments of Defense, Energy, and State have helped safeguard Russia's enormous stockpiles of nuclear material, dismantle nuclear-tipped missiles, and keep nuclear scientists employed in Russia and out of other nations' nuclear programs.
Topic:
Security and Nuclear Weapons
Political Geography:
Russia, United States, Europe, and Asia

6354. Rep. Tauscher on Winning the Post-Cold War

Author:
Jon B. Wolfsthal
Publication Date:
10-1999
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
Russia's nuclear weapons complex is spread across 10 remote, closed and formerly secret “nuclear cities,” which employ almost 1 million scientists, engineers and technicians. Moscow's economic collapse has left these former “jewels” in the Russian nuclear crown struggling to survive, and workers with access to nuclear materials and expertise routinely go for months without getting paid. The U.S. Department of Energy, as part of the Clinton Administration's cooperative threat reduction efforts, has launched the Nuclear Cities Initiative (NCI) to reduce the proliferation risks created by the poor economic conditions in these closed cities. By promoting the development of private industry in these cities, NCI seeks to prevent a brain drain of Russian nuclear experts to would-be nuclear-weapon states.
Topic:
Arms Control and Proliferation, International Cooperation, and Nuclear Weapons
Political Geography:
Russia, United States, Europe, and Asia

6355. Replacing Potemkin Capitalism: Russia's Need for a Free-Market Financial System

Author:
Kurt Schuler and George A. Selgin
Publication Date:
06-1999
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
On August 17, 1998, Russia devalued the ruble and stopped payment on its government debt, creating a financial crisis that continues today. Some observers have blamed the financial crisis, and the poor performance of the Russian economy generally, on government policies that they claim are rigidly laissez faire. However, a closer look at the Russian financial system reveals that it remains fundamentally socialist, though it has superficial capitalist features.
Topic:
Debt, Economics, Government, and Financial Crisis
Political Geography:
Russia, Europe, and Asia

6356. Blunder in the Balkans: The Clinton Administration's Bungled War against Serbia

Author:
Christopher Layne
Publication Date:
05-1999
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
The Clinton administration has made one miscalculation after another in dealing with the Kosovo crisis. U.S. officials and their NATO colleagues never understood the historical and emotional importance of Kosovo to the Serbia n people, believing instead that Belgrade's harsh repression of the ethnic Albanian secessionist movement in Kosovo merely reflected the will of President Slobodan Milosevic of Yugoslavia. The administration's foreign policy team mistakenly concluded that, under a threat of air strikes, the Yugoslav government would sign a dictate d peace accord (the Rambouillet agreement) to be implemented by a NATO peacekeeping force in Kosovo. Even if Milosevic initially refused to sign the Rambouillet agreement, administration leaders believed that Belgrade would relent after a brief “demonstration” bombing campaign. Those calculations proved to be disastrously wrong.
Topic:
Conflict Resolution, International Relations, Foreign Policy, NATO, and Ethnic Conflict
Political Geography:
Russia, United States, China, Europe, Eastern Europe, Asia, Kosovo, Yugoslavia, Serbia, Balkans, and Albania

6357. Independent Task Force Report: Reconstructing the Balkans

Author:
Charles A. Kupchan, Morton I. Abramowitz, and Albert Fishlow
Publication Date:
07-1999
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The last of the six Balkan Wars of the twentieth century is over. But it is by no means certain that a durable peace is at hand. After vast death, destruction, and savagery lasting almost a decade can the peoples of the former Yugoslavia live together again in peace? If so, the region will require sustained help and support from the West. The United States and its European partners are in the midst of mustering the necessary resources and political will. There are numerous uncertainties complicating efforts to proceed with the reconstruction of the area. Whatever the international community may proclaim, the borders of Serbia, Kosovo, Bosnia, and Croatia could well change. The management of Kosovo's status and its relationship to Serbia is likely to produce serious tensions within the Alliance and between NATO and Russia. What politically will emerge from a beaten and traumatized Serbia no one can predict. Nor is it clear that Montenegro will remain as part of Yugoslavia, particularly if Milosevic continues to rule. An ethically fragile Macedonia has been badly weakened by the war and the inflow of three hundred thousand Kosovar deportees. Albania barely hangs together as a state. Neighboring Rumania and Bulgaria have avoided violence and begun to remake their societies, but they have suffered economically from the wars. The area of reconstruction is small and the population limited; the task at hand certainly is not of the dimensions of restoring post-war Europe. But the problems are daunting. Without security there will be no development. NATO forces will be needed indefinitely to keep the peace in Bosnia and Kosovo. Much more must be done to promote political and economic reform in the region, requiring vision and planning. The states of the region will first need urgent help to stabilize their economies and manage enormous humanitarian problems. They must also be able to envisage a better future, one that holds out the prospect of bringing them into Europe's political and economic mainstream. Realizing that goal will require profound changes in their economies and institutions as well as in their relationships with each other. Faced with these challenges, Western countries and a host of international institutions have begun to address how to foster the broad reconstruction of the area. The EU-sponsored stability pact, adopted in Cologne in June, is the beginning attempt at a multifaceted, coordinated approach to the problem. The G-8 has agreed on a broad program of financial assistance, and the EU has pledged 1.5 billion dollars for aid to Kosovo alone. Numerous follow-up conferences are already planned. Much more work has to be done to give reality and coherence to such efforts. Balkan reconstruction will be a protracted undertaking. It will require extremely difficult commodities – a comprehensive approach and the will, resources, and mechanisms to implement the effort. It is mostly to such a long term approach that this preliminary working paper addresses itself. It does not deal with the immediate requirements of refugee return and humanitarian assistance nor the urgent repair of human and material infrastructure. The World Bank and the IMF in cooperation with many other international organizations and interested countries are coordinating the assessment of needs and costs and have issued preliminary reports. The purpose of this working paper is to provide a broad political approach and to highlight the three key components of a comprehensive, long-term strategy: building security, integrating the region into the European Union, and fostering economic and political reform. For the purposes of this paper, we consider the region to be Serbia, Kosovo, Montenegro, Bosnia, Bulgaria, Macedonia, Albania, Croatia, and Rumania. This is somewhat arbitrary and these states are at different stages of political and economic development. The problems of Rumania and Bulgaria are quite different than Serbia's and Kosovo's; Croatia is much further advanced than next door Serbia and Bosnia. They all have to be dealt with separately, and no single state should hold back the progress of others in entering Europe. But they also face a collective future and the region will enjoy a lasting peace only if all its states leave the past behind and move decidedly to join the wider community.
Topic:
NATO, Ethnic Conflict, International Cooperation, International Political Economy, and World Bank
Political Geography:
Russia, United States, Europe, Bosnia, Kosovo, Yugoslavia, Serbia, Bulgaria, Balkans, Macedonia, Albania, and Croatia

6358. Independent Task Force Report: U.S. Policy Toward Northeastern Europe

Author:
Zbigniew Brzezinski, Council on Foreign Relations, and F. Stephen Larrabee
Publication Date:
04-1999
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The Independent Task Force on U.S. Policy Toward Northeastern Europe sponsored by the Council on Foreign Relations was formed to examine the policy challenges confronting the United States in northeastern Europe and recommend measures to advance U.S. interests in the region. The Task Force felt that northeastern Europe deserves special attention for several reasons. First, during the Cold War, northeastern Europe was a strategic backwater and received relatively little attention in U.S. policy. However, since the end of the Cold War, the region has become an important focal point of U.S. policy. The Clinton administration has given northeastern Europe high priority and viewed the region as a laboratory for promoting closer regional cooperation and reknitting Europe—both eastern and western—into a more cohesive economic and political unit. As Secretary of State Madeleine Albright noted in her speech in Vilnius, Lithuania, in July 1997, “Our challenge is to build a fully integrated Europe that includes every European democracy willing to meet its responsibilities. That goal embraces the Baltic nations.” Thus, to some extent, northeastern Europe can be seen as a test case for the Clinton administration's general approach toward post-Cold War Europe. Second, northeastern Europe is also a test case for the administration's policy toward Russia. One of the key elements of the administration's policy has been its effort to reach out to Russia and to include Russia in regional cooperation arrangements in northeastern Europe. This effort has been designed to integrate Russia gradually into a broader European framework as well as to defuse Russian concerns about the integration of the Baltic states into Euro-Atlantic institutions, especially NATO. This policy is seen by the administration as a litmus test of its effort to overcome the old zero-sum Cold War paradigm and demonstrate that greater regional cooperation can bring benefits to all, including Russia. Thus, how well this policy succeeds will have broader implications for the administration's policy toward Russia as a whole. Third, three critical areas of U.S. policy interest—the Baltics, the Nordics, and Russia—intersect in northeastern Europe. Instability in the region would affect all three interests. Moreover, the Baltic region is the one region in Europe where a U.S.-Russian confrontation is still conceivable. Thus, the United States has a strong stake in defusing the potential for conflict in the region and promoting its stable economic and political development. Fourth, the United States faces a number of critical challenges in the region. One of the most important is managing the security aspirations of the Baltic states. The Baltic states are tied to Europe historically and culturally. They share Western values and aspirations. Having thrown off the shackles of communism and Soviet domination, the Baltic states, like their counterparts in Central Europe, want to join Europe and Euro-Atlantic institutions. How the United States seeks to accommodate their security aspirations will be a major test of the U.S. commitment to creating a “Europe whole and free” and its ability to overcome the zero-sum logic of the Cold War. Fifth, the policy challenges in northeastern Europe—particularly those in the Baltic subregion—directly touch on Russia's security interests and have important implications for U.S.-Russian relations. Top Russian officials have reiterated on numerous occasions that Baltic membership in NATO could have serious repercussions for Russia's relations with NATO and the newly established Russia-NATO Council in particular. Although such statements should not necessarily be taken at face value, they highlight the sensitivity of the Baltic issue among the Russian policy elite and ensure that it will remain a highly contentious issue in U.S. relations with Russia. Sixth, the issue of security in northeastern Europe directly affects U.S. relations with the Nordic states, especially Sweden and Finland: the Baltic states are in the Nordic states' strategic backyard. Thus, how the Baltic issue is handled has direct implications for Nordic security—and especially for relations of the Nordic states with Russia. Neither Sweden nor Finland wants to see the Baltic or Nordic region become a gray zone or flash point. At the same time, neither wants to assume the primary responsibility for the security of the Baltic states, which would overburden the capability of either nation. Finally, security issues in northeastern Europe pose important dilemmas for U.S. policy toward NATO. The Baltic issue is the trickiest and most sensitive part of the enlargement puzzle. The Clinton administration has committed itself to helping the Baltic states gain membership in NATO. But many senators have reservations about further enlargement, especially to the Baltic states. So do many of America's NATO allies. Thus, gaining support for Baltic membership could be difficult and will require the administration to build a consensus for its policy both in the U.S. Senate and within the alliance.
Topic:
Cold War and Communism
Political Geography:
Russia, United States, Europe, and Eastern Europe

6359. The Future of Transatlantic Relations

Author:
Ted Galen Carpenter, Mark Falcoff, Adrian Karatnycky, Gary C. Hufbauer, Robert D. Blackwill, Leslie H. Gelb, Allen R. Adler, Mario L. Baeza, Philip Peters, Bernard W. Aronson, Jeffrey L. Bewkes, Rodolfo O. De La Garza, Daniel W. Fisk, Craig Fuller, M. Farooq Kathwari, Franklin W. Knight, Susan Kaufman Purcell, Peter W. Rodman, Riordan Roett, William D. Rogers, and Alexander F. Watson
Publication Date:
01-1999
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
This report addresses the current state and the future prospects for the transatlantic relationship. The broad challenge the U.S.-European partnership faces in the period ahead is threefold: to persuade others around the world in post-Cold War conditions to abide by internationally accepted norms and patterns of behavior and the rules of the international institutions that embody them; to deal skillfully with the emerging new power centers, of which China and India are the most prominent; and to meet the current serious threats to Western interests, especially in the Middle East, when these threats often seem to ordinary citizens more remote, abstract, and complex than during the Cold War. This daunting effort will clearly require transatlantic policies that involve a delicate and flexible combination of incentives and disincentives applied to these other countries in a highly discriminating manner in widely differing circumstances. Designing and sustaining such policies will be no easy task for Western governments with compelling domestic preoccupations in the full glare of the media spotlight.
Topic:
Security, Cold War, and International Political Economy
Political Geography:
United States, Europe, and Middle East

6360. Economic Stability and the World Economy

Author:
Gordon Brown
Publication Date:
09-1999
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Only a year ago, an increasingly turbulent and inadequately supervised financial system threatened global instability.Since the height of the financial instability last september, the world has taken rapid and decisive action and the world has started to put in place new long term disciplines to promote greater stability.
Topic:
Economics, International Cooperation, and International Political Economy
Political Geography:
United Kingdom, America, and Europe