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2. Monetary Effects of Global Stablecoins
- Author:
- Dong He
- Publication Date:
- 06-2021
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- The globalized economy now moves at the speed of electrons — and the future of money is inexorably going digital, too. New forms of digital money, such as central bank digital currencies (CBDCs) and so‐called global stablecoins, are shaping the future of money and payments. CBDCs are a digital form of fiat currency issued by a central bank. Some central banks started exploring CBDCs a few years ago, and those explorations have gathered momentum since Facebook and its partners announced their intention to launch the Libra stablecoin in June 2019. Because the stablecoins issued by large technological companies or platforms (Big Techs) have the potential to be adopted by businesses and households everywhere, they are called “global stablecoins,” or GSCs, in shorthand.
- Topic:
- Geopolitics, Global Political Economy, Money, Currency, and Trade
- Political Geography:
- Global Focus
3. Post-American Moments in Global Financial Governance in the New Millennium
- Author:
- Ilene Grabel
- Publication Date:
- 01-2021
- Content Type:
- Working Paper
- Institution:
- Political Economy Research Institute (PERI), University of Massachusetts Amherst
- Abstract:
- It is difficult to find much to celebrate about the current conjuncture, marked as it is by deeply destructive incoherence. The best that can be said is that we are in an interregnum. But I suggest that today’s incoherence also includes productive and even transformative moments. I argue that incoherence in global financial governance should be understood as productive in several respects. It is creating and widening alternative spaces in which some of the values, practices, tools, objectives, and goals associated with embedded liberalism can be rearticulated in a world in which there is no “order,” American-led or otherwise. The silver lining of incoherence is that it creates space for experimentation and innovation unconstrained by an overarching “ism.” Incoherence is creating exits or leakages from noxious national and global policy environments, rendering it less poisonous than it would be in the absence of ideational aperture and contestation, competing policies, institutions, networks, and poles of power. The abdication by the US of its traditional role of global coordination and discipline, as exerted under the post-war embedded liberal or the neoliberal American-led orders, is creating opportunities for more permissive and varied “reembededness” and diverse forms of economic integration. The emerging regime reflects neither your grandmother’s American-led order 1.0 or 2.0. In this morbid post-American interregnum there is no singular “ism” or “alternative order,” a fact that I do not mourn.
- Topic:
- Governance, Finance, Global Political Economy, and Neoliberalism
- Political Geography:
- Global Focus and United States of America
4. Capital Account Regulation and National Autonomy: The Political Economy of the New Welfare Economics
- Author:
- Luiza Peruffo, Pedro Perfeito da Silva, and Andre Moreira Cunha
- Publication Date:
- 01-2021
- Content Type:
- Journal Article
- Journal:
- Contexto Internacional
- Institution:
- Institute of International Relations, Pontifical Catholic University of Rio de Janeiro
- Abstract:
- The 2007-2009 Global Financial Crisis (GFC) eroded the consensus around the benefits of capital mobility within mainstream economics. Against this background, this paper discusses to what extent the new mainstream position on capital flow management measures, based on the New Welfare Economics, expands the policy space of developing and emerging economies (DEEs). This paper argues that the new position can be classified as an embedded neoliberal one, given that it keeps liberalization as its ultimate goal, while nonetheless accepting to mitigate some of its harmful consequences. After comparing the capital account policies of China and Brazil, this paper concludes that the policy prescriptions of the New Welfare Economics do not lead to higher levels of national autonomy for DEEs and are likewise unable to curb financial instability in these countries.
- Topic:
- Global Political Economy, Neoliberalism, Autonomy, and Capital
- Political Geography:
- Global Focus
5. Coronavirus Crisis Accelerating Reconsideration of Supply Chains
- Author:
- Yoshiaki Takayama
- Publication Date:
- 05-2020
- Content Type:
- Commentary and Analysis
- Institution:
- Japan Institute Of International Affairs (JIIA)
- Abstract:
- Amid the COVID-19 pandemic, international interdependence is changing. The current international political situation, characterized by harsh power politics, and the current state of the international economy, in which states with different values are economically connected, are leading to reconsideration of international supply chains. Understanding international supply chains is extremely important in looking at the prospects for the global political economy. The purpose of this comment is to explore the trends and implications of reconsidering supply chains.
- Topic:
- Politics, Global Political Economy, COVID-19, and Supply Chains
- Political Geography:
- Global Focus
6. Growth Models and the Footprint of Transnational Capital
- Author:
- Patrick Kaczmarczyk
- Publication Date:
- 06-2020
- Content Type:
- Research Paper
- Institution:
- Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
- Abstract:
- The definition of various growth models is the latest innovation of comparative capitalism (CC) research. Yet, the literature has its weaknesses in explaining the dynamics within and the interdependencies between different growth models. I argue that this weakness stems inter alia from an inadequate conceptualization of transnational corporations (TNCs). I provide empirical evidence on the footprint of international capital in the global economy and outline how including TNCs as a unit of analysis can help us to better understand economic outcomes. This leads to several implications for the growth models literature, which I conclude my argument with.
- Topic:
- Economics, International Political Economy, Global Political Economy, Economic Growth, Transnational Actors, Multinational Corporations, and Macroeconomics
- Political Geography:
- Global Focus
7. Forecasting exchange rates of major currencies with long maturity forward rates
- Author:
- Zsolt Darvas and Zoltan Schepp
- Publication Date:
- 04-2020
- Content Type:
- Working Paper
- Institution:
- Bruegel
- Abstract:
- This paper presents unprecedented exchange rate forecasting results based upon a new model which approximates the gap between the fundamental equilibrium exchange rate and the actual exchange rate with the long-maturity forward exchange rate.
- Topic:
- Economics, Governance, Global Political Economy, and Exchange Rate Policy
- Political Geography:
- Global Focus
8. How ‘demos’ met ‘cracy’: debt, inequality, money
- Author:
- Andreas Antoniades and Ugo Panizza
- Publication Date:
- 03-2020
- Content Type:
- Working Paper
- Institution:
- Centre for Global Political Economy, University of Sussex
- Abstract:
- The recurrence of ever more destructive economic crises and patterns of pervasive indebtedness and inequality threaten the social fabric of our societies. Our main responses to these trends have been partial, focusing on symptoms rather than causes, often exacerbating rather than improving the underlying socio-economic dynamics. To reflect on these conditions and on ‘what needs to be done’ this paper turns to a similar socio-economic malaise faced by the city-state of Athens in the 6th century BC. Most historical studies dealing with this crisis focus on the comprehensive debt relief policy (seisachteia) implemented by Solon. We argue that this debt relief, although necessary, was the least important of Solon’s reforms. Solon read the problem of debt as a problem of money so he went on to reform the monetary and exchange system. But he did not think that these reforms alone could restore socioeconomic sustainability. For this, a redefinition of what was counted as valuable economic activity and as income had also to take place. And for all these to work, citizens had to be involved more in the commons. Far from only achieving socioeconomic sustainability, these reforms gave rise gradually to the demos that we meet in the golden age of Democracy. It is indeed interesting that Democracy, in its ideal type of the 5th century BC, finds its origin in the way in which a society responded to a major socioeconomic crisis, characterised by pervasive indebtedness and destabilising inequalities. Such a broader historical horizon may help us grasp better the problems, stakes and challenges of our times.
- Topic:
- Debt, Political Economy, History, Democracy, and Global Political Economy
- Political Geography:
- Greece and Global Focus
9. 5G Technological Leadership
- Author:
- Hudson Institute
- Publication Date:
- 12-2020
- Content Type:
- Special Report
- Institution:
- Hudson Institute
- Abstract:
- As the promise of the next-generation mobile communications technology becomes clearer, policymakers are increasingly focusing on the technological and policy foundations of 5G leadership. The mobile revolution has already delivered unimagined benefits the world over from innovative apps delivering healthcare services to remote villages in developing countries to the equally innovative development of the “sharing economy” with Uber and Airbnb. 5G promises to go even further. It will not be merely a marginal improvement over the previous generations of cellular standards but will instead bring what many have called the “next industrial revolution.”1 5G will make everything more interconnected and efficient—from financial services to national defense to power grids to basic utilities provided in smart cities. Estimates predict that by 2035 5G will contribute over $13.2 trillion to the global economy.2 Given the importance that 5G will have for the US innovation economy, policymakers have focused on promoting and securing 5G leadership. They have also become concerned about the national security implications of 5G leadership for at least two reasons. First, they are concerned about economic and other vulnerabilities being exploited by potential adversaries via foreign entities manufacturing or owning the underlying physical infrastructure.3 Second, they are concerned about the national security implications of simply falling behind in technological leadership as such.4 In sum, 5G technological leadership matters both for economic growth and for national security. The policy discussion about 5G leadership, though, has been mired in confusion. 5G represents a complex technological and commercial ecosystem, and commentary about 5G leadership has been misdirected by mistaken assumptions. In the interest of promoting policy discussions grounded in the proper technological and economic evidence, this Statement highlights two essential facts that must inform all discussions about 5G leadership: (1) 5G hardware and infrastructure is only one of the many layers of a much larger 5G ecosystem, and (2) patent counting is an unreliable methodology to identify the leading 5G technological innovators.
- Topic:
- Science and Technology, Communications, Leadership, Global Political Economy, and 5G
- Political Geography:
- Global Focus
10. The Aid Effectiveness Agenda: Past experiences and future prospects
- Author:
- Erik Lundsgaarde and Lars Engberg-Pedersen
- Publication Date:
- 06-2019
- Content Type:
- Special Report
- Institution:
- Danish Institute for International Studies (DIIS)
- Abstract:
- The 2005 Paris Declaration on Aid Effectiveness provided an important framework for encouraging donor and partner countries to adapt aid management practices to make development cooperation more effective. The agenda it advanced has since lost visibility, even among aid providers that were once its strongest advocates. This DIIS report, written by Senior Researcher Erik Lundsgaarde and Senior Researcher Lars Engberg-Pedersen, indicates that there are several explanations for the declining attention to Paris Declaration principles. Implementation of the agenda was challenging from the outset due to different starting points among countries, the tension between a universal approach and the need to adapt cooperation approaches to varied contexts, and the tradeoffs involved in implementing prescriptions such as increasing partner ownership, strengthening donor coordination, and improving results management. In spite of these challenges, the authors argue that core ideas from the Paris Declaration remain valid today. In particular, the importance of fostering partner ownership and measuring results has not faded. Improving the consistency of how donors pursue these objectives in practice is essential in carrying lessons from decades of development cooperation experience forward.
- Topic:
- Development, Diplomacy, Environment, International Organization, Treaties and Agreements, Natural Resources, and Global Political Economy
- Political Geography:
- Global Focus