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1. Regional Financial Arrangements and the International Monetary Fund: Sustaining Coherence in Global Financial Governance

Author:
C. Randall Henning
Publication Date:
01-2020
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
Cooperation and competition among regional financial arrangements (RFAs) and the International Monetary Fund (IMF) increasingly determine the effectiveness of the global financial safety net (GFSN), which many observers fear is becoming fragmented. Overlap among these crisis-fighting institutions has important benefits but also pitfalls, including with respect to competition, moral hazard, independence, institutional conflict, creditor seniority and non-transparency. The study reviews the RFAs in Latin America, East Asia and Europe to assess their relationships with the IMF and address these problems. Among other things, it concludes: institutional competition, while harmful in program conditionality, can be beneficial in economic analysis and surveillance; moral hazard depends critically on institutional governance and varies substantially from one regional arrangement to the next; secretariats should be independent in economic analysis, but lending programs should be decided by bodies with political responsibility; and conflicts among institutions are often resolved by key member states through informal mechanisms that should be protected and developed. Findings of other recent studies on the GFSN are critiqued. Architects of financial governance should maintain the IMF at the centre of the safety net but also develop regional arrangements as insurance against the possibility that any one institution could be immobilized in a crisis, thereby safeguarding both coherence and resilience of the institutional complex.
Topic:
Governance, Surveillance, Strategic Competition, and IMF
Political Geography:
Europe, Middle East, Asia, South America, Australia, North America, and Global Focus

2. China’s Belt and Road Initiative and Its Energy-Security Dimensions

Author:
Frank Umbach
Publication Date:
01-2019
Content Type:
Working Paper
Institution:
Centre for Non-Traditional Security Studies (NTS)
Abstract:
China’s Belt and Road Initiative (BRI) is officially neither a Chinese “Marshall Plan” nor a geopolitical master strategy. At present, it involves 84 countries, rising from 65 countries in 2015, and 15 Chinese provinces. Over the last year, the number of countries being concerned or ambivalent about China’s motivations and strategic objectives behind the BRI have increased. Despite officially supporting China’s BRI, the International Monetary Fund (IMF) also warned last April, that China is supporting unneeded and unsustainable projects in many countries, leading to heavy and unpayable debt burdens. In ASEAN, Chinese investments are welcomed but there are also misgivings about the BRI’s strategic objectives which may constrain ASEAN’s policy options. As China is presently and will remain the single most influential country in global energy markets in the next decades, it is not surprising that its infrastructure plans of building railways, highways and ports are often interlinked with China’s energy and raw materials projects abroad and its domestic energy policies. This paper analyses the energy dimensions of the BRI and its strategic implications for its wider economic, foreign and security policies in Southeast Asia, South Asia, Central Asia and the Middle East.
Topic:
Security, Foreign Policy, Energy Policy, Military Strategy, ASEAN, and IMF
Political Geography:
China, South Asia, Central Asia, Middle East, Asia, and Southeast Asia

3. President el-Sisi's Second Term: The Challenge of Legitimacy

Author:
Ofir Winter and Khander Sawaed
Publication Date:
05-2018
Content Type:
Working Paper
Institution:
Institute for National Security Studies (INSS)
Abstract:
As expected, Abdel Fattah el-Sisi was reelected Egyptian president in late March 2018, this time, with 97.08 percent of the vote. More than affording an electoral mandate, the recent elections highlighted the incumbent president's challenge of legitimacy, which is reflected in two spheres. The first is the exacerbation of the internal splits within the ruling military establishment. The second is growing alienation between the ruling establishment and the general Egyptian public and civilian elements. The precarious state of the regime's legitimacy is a cause for regional and international concern. It may detract from the regime's ability to carry out the next stages of the economic reform sponsored by the International Monetary Fund, and will complicate efforts to obtain the cooperation in the war against terrorism by the local civilian population in the Sinai Peninsula. In the medium and long terms, the enhanced internal friction in the military and tension between the ruling establishment and civilian forces may jeopardize the country's stability. The legitimacy challenge also affects Egypt's relations with Israel. The regime needs broad public legitimacy in order to incur political risks, such as controversial decisions in favor of bilateral or regional cooperation with Israel. In addition, a regime with unsteady legitimacy might be tempted to adopt a populist anti-Israel line in order to strengthen its public standing. At the same time, the political situation in Egypt also provides an opportunity for increasing bilateral cooperation with Israel in areas contributing to the regime's legitimacy: the economy, security, energy, water, agriculture, and tourism.
Topic:
Elections, Democracy, Legitimacy, and IMF
Political Geography:
Africa, Middle East, Israel, and Egypt