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1731. The U.S. Draft Treaty For Syria-Israel Peace: A Textual Analysis

Author:
Patrick Clawson and Robert Satloff
Publication Date:
01-2000
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
After more than a week of negotiations in Shepherdstown, W.Va., the "working draft" of the Syria-Israel peace treaty reported in yesterday's Ha'aretz notes only one area of seemingly irreconcilable difference between the two parties—over the scope of the demilitarized zone separating the two sides. As currently worded, the text neither rules in nor rules out an Israeli withdrawal to the "June 4, 1967, lines." The draft reflects a document much more detailed than a Camp David-style framework accord or an Oslo-type Declaration of Principles but still far short of a full-blown peace treaty. In tone and wording, it is a throwback to the Egypt-Israel peace treaty, with few improvements and even several drawbacks from that two-decade-old document.
Topic:
Conflict Resolution, Security, and Diplomacy
Political Geography:
United States, Middle East, Israel, Arab Countries, Syria, and Egypt

1732. Special Policy Forum Report: A Syria-Israel Summit -- Prospects For Peace

Author:
Raghida Dergham and Joel Singer
Publication Date:
01-2000
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
On January 4, 2000, Raghida Dergham, the senior diplomatic correspondent for Al-Hayat newspaper, and Joel Singer, a principal architect of the Oslo Accords and an Israeli participant in the 1996 Wye Plantation negotiations with Syria, addressed the Washington Institute's Policy Forum to discuss the prospects of Syrian-Israeli peace talks in Shepherdstown. The following is a rapporteur's summary of their remarks.
Topic:
Conflict Resolution, Security, and Diplomacy
Political Geography:
Middle East, Israel, Arab Countries, and Syria

1733. The South Lebanon Army And Syria-Israel Talks

Author:
Gal Luft
Publication Date:
01-2000
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
While Israeli Prime Minister Ehud Barak and Syrian Foreign Minister Faruq al-Shara are talking peace at Shepherdstown, the fighting in south Lebanon still goes on. Last time the two leaders met in Washington in December, the party was almost spoiled after a stray shell fired by South Lebanese Army (SLA) gunners hit an elementary school in the Lebanese village of Arab Salim, wounding twenty-four children. Residents of Israel's northern settlements anticipating Hizballah's wrath had to spend the night in their bomb shelters. Only after Israel's prompt apology, describing the incident as "an unfortunate mistake," did Hizballah, breaking with its usual pattern, agree not to retaliate by firing katyusha rockets at Israel's north.
Topic:
Conflict Resolution, Security, and Diplomacy
Political Geography:
Washington, Middle East, Israel, Arab Countries, Lebanon, and Syria

1734. Removing Syria From The List Of State Sponsors Of Terrorism: Between Peace And Counterterrorism

Author:
David Schenker
Publication Date:
01-2000
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
With Syrian-Israeli peace talks underway in Shepherdstown, W.Va., media attention has focused on the shape of a possible peace agreement and the potential for U.S. financial assistance to the parties. Virtually no attention, however, has been paid to the principal legal obstacle in the way of U.S. aid to one of the two putative peacemakers: Syria's place on the State Department's list of countries recognized as "state sponsors of terrorism." It is generally assumed that Syria will "do what it takes" within the context of making peace with Israel to earn its removal from the State Department's list, or that Washington will, in the framework of peace, find enough in Syrian efforts to merit Damascus's decertification as a terrorist-supporting state. In this environment, the potential rises that U.S. antiterrorism efforts will be blurred to fit an emerging Syria-Israel political reality.
Topic:
Conflict Resolution, Security, and Diplomacy
Political Geography:
Middle East, Israel, Arab Countries, and Syria

1735. The Crisis in Asia: An Empirical Assessment

Author:
Warwick McKibbin
Publication Date:
12-1999
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
The economies of South East Asia and Korea have been shaken by a financial and economic crisis that has enveloped the region since mid 1997. There are competing explanations for the cause of the crisis however most commentators would agree that a major shock that impacted on the countries has been a dramatic increase in the perceived risks of investing in these economies. This paper explores the impact of a re-evaluation of the risk in the Asian economies focussing on the differential real consequences of a temporary versus more permanent rise in risk. It contributes to our understanding of the possible consequences of the Asia crisis by applying a global simulation model that captures both the flow of goods as well as international capital flows between countries. The real impacts on the Asian economies of a rise in risk perceptions in the model are large and consistent with observed adjustment. However the spillovers to the rest of the world are relatively small because the loss in export demand that accompanies the crisis in Asia is offset by a fall in long term interest rates as capital flows out of Asia into the non-Asian OECD economies. Thus strong domestic demand in economies such as the US induced by the general equilibrium effects of the reallocation of financial capital can more than offset the consequences of lower export growth. The analysis also highlights the impacts on global trade balances reflecting the movements of global capital and points to both potential problems and lesson for policymakers over the coming years.
Topic:
Economics, Emerging Markets, and Globalization
Political Geography:
China, Israel, East Asia, and Asia

1736. The Global Economic Impacts of Trade and Financial Reform in China

Author:
Warwick McKibbin and KK Tang
Publication Date:
12-1999
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
Despite the setbacks from the recent Asian currency crisis, the ascendancy of Asia as an economic centre of world economic activity is likely to continue into the 21st century. A key issue that will shape the role of Asia, and indeed the shape of the world economy in the 21st century, is the economic development of China. To date China has successfully weathered the currency storm in Asia and continues on a program of economic reform. If anything, the problems of Japan and Korea provide powerful lessons for other countries undergoing rapid economic growth and structural change. These lessons include the importance of a well developed financial sector with lending and investment decisions based on market signals rather than government directives. Whether China can further integrate smoothly into global markets and sustain the fast growth of the last few decades will be a crucial development in the world economy. In this paper, we explore the impacts of continued Chinese economic reform with a focus on the role of international financial flows both in the adjustment within China as well as in the transmission of Chinese reforms to the rest of the world.
Topic:
Economics, Emerging Markets, and Globalization
Political Geography:
China, Israel, East Asia, and Asia

1737. Regional and Multilateral Trade Liberalization: The Effects on Trade, Investment and Welfare

Author:
Warwick McKibbin
Publication Date:
12-1999
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
This paper explores the impact on economies of trade liberalization under alternative regional and multilateral arrangements: unilateral liberalization; liberalization as part of the ASEAN regional grouping; liberalization as part of the APEC regional grouping; or liberalization as part of a multilateral trade liberalization regime. The paper is based on a Dynamic Intertemporal General Equilibrium model (DIGEM) called the Asia-Pacific G-Cubed Model. It is shown that the long run gains from a country's own liberalization tend to be large relative to the gains from other countries liberalizing although this varies across countries. It is also shown that there is a significant difference between the effects on GDP (production location) and the effects on consumption per capita of the alternative liberalization approaches across countries. The timing of liberalization is also shown to matter. With open capital markets the gains from credibly announced trade liberalization are realized before the reforms are put in place because there is a rise in global investment which raises the global capital stock. In addition there is a reallocation of capital via financial market adjustment. This paper also demonstrates that for some economies, there can be short run adjustment costs to trade liberalization because resources cannot be instantly reallocated across sectors in an economy. These adjustment costs from own liberalization can be reduced if more countries also liberalize. The nature of the dynamic adjustment suggests that other macroeconomic policies may play an important role during the early period of phased-in trade liberalization.
Topic:
Economics, Emerging Markets, and Globalization
Political Geography:
China, Israel, East Asia, and Asia

1738. Rapid Economic Growth in China: Implications for the World Economy

Author:
Warwick McKibbin and Yiping Huang
Publication Date:
12-1999
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
Rapid growth of the Chinese economy in the past decade and its potential for strong growth into the foreseeable future have caused anxieties in the rest of the world. Some commentators see Chinese growth wholly in terms of competition for trade and investment opportunities with other developing economies and a major cause of structural adjustments in the advanced industrialized economies. In particular there have been warnings of severe consequences for international agricultural markets. In this paper we use a dynamic general equilibrium model called the G-CUBED model (developed by McKibbin and Wilcoxen) to explore possible future paths of the Chinese economy based on projections of population growth, sectoral productivity growth, energy efficiency and technical change in the Chinese economy. This model captures not only the composition of the direct trade impacts of developments in the Chinese economy but also the implications of the endogenous flows of financial capital on macroeconomic adjustment in the world economy. The study focuses on the period from 1990 to 2020. Rather than being a problem for the world economy, we find strong growth in China is beneficial for the world economy directly through raising world incomes.
Topic:
Economics, Emerging Markets, and Globalization
Political Geography:
China, Israel, East Asia, and Asia

1739. The Transmission of Productivity and Investment Shocks in the Asia Pacific Region

Author:
Warwick McKibbin
Publication Date:
12-1999
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
An important aspect of macroeconomic interdependence in the Asia Pacific region is the adjustment of trade and current account balances in response to changes in saving and investment rates in individual economies. Greater trade flows, reliance on imported intermediate goods as well as more integrated capital markets imply that shifts in private or public saving and investment rates in an economy in the region can potentially have large impacts on other economies. This paper explores the quantitative nature of these linkages by focusing on a number of shocks within the context of a new dynamic multi-sector global model called the Asia-Pacific G-Cubed Model (AP-GCUBED). This model integrates sectoral adjustment with macroeconomic interdependence including explicit treatment of capital flows to explore the implications of a variety of productivity and investment shocks in the Asia Pacific Region. The first shock considered is a permanent decline in private investment in Japan. The second shock is a temporary rise in total factor productivity growth in China. The fall in Japanese investment is found to have a significant effect on trade flows and financial flows in the region whereas the rise in Chinese productivity has a quite different effect on the region.
Topic:
Economics, Emerging Markets, and Globalization
Political Geography:
China, Israel, East Asia, and Asia

1740. North Korea: How Much Reform and Whose Characteristics?

Author:
Heather Smith
Publication Date:
12-1999
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
This paper is the first of a three part project on economic reform on the Korean Peninsula. In this first paper, I focus on the question which has been subject to considerable recent debate, namely whether collapse of North Korea is imminent. In accessing this question the paper discusses the three structural bottlenecks now thought to be severely constraining the North Korean economy following a series of external shocks in the late 1980s, food shortages, energy constraints and a limited capacity to earn foreign exchange. Much speculation has focused on the deterioration in the food economy and that a prolongation of current food shortages will see North Korea collapse. One contribution of this paper lies in its attempt to analyze North Korean agricultural production and food consumption patterns using data made available by North Korea to the United Nations Food and Agricultural Organization. Several anomalies are found between this data and recent World Food Program assessments of food conditions and estimates of nutritional requirements which suggest caution in drawing a too deterministic link between current food shortages and collapse. The paper then discusses the role of international and regional players in prolonging North Korea's economic survival. In particular, the terms under which North Korea signed onto the 1994 Agreed Framework, a return to favorable trading terms with China, and North Korea's attempts aimed at expanding economic ties with the international community, could sustain North Korea at subsistence levels for the next 5 years at least. If collapse is not imminent in the short to medium term, then the policy implications that emerge from such a scenario are clear: that the international community will need to continue to pursue a policy approach of managing tension reduction and the integration of North Korea into the international community. Whether the North Korea regime will embrace fundamental reforms needed to ensure longer term survival remains difficult to judge. In the final section of the paper, several reasons are advanced as to why the window of opportunity for North Korea to embrace reform is now greater than at any time in the past.
Topic:
International Relations and Economics
Political Geography:
Israel and East Asia