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481. A Global Lottery and a Global Premium Bond

Author:
Tony Addison and Abdur R. Chowdhury
Publication Date:
12-2003
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
The world lottery market now amounts to at least US$126 billion in sales. World market sales for all gaming products (public, charitable and commercial) total some US$1 trillion, of which Internet gambling accounts for US$32 billion. This paper assesses the prospects for harnessing this large and growing market for the purposes of development finance by means of a global lottery and a global premium bond (with the successful UK scheme providing a model for the latter). Each has different strengths: the global lottery can add to the supply of grant finance for development, while the global premium bond could be an attractive savings instrument for ethical investors. The paper concludes that global versions of both a lottery and a premium bond are viable and complementary in mobilizing more development finance.
Topic:
Development, Economics, International Cooperation, and International Trade and Finance
Political Geography:
United Kingdom

482. The International Finance Facility: The UK HM Treasury-DFID Proposal to Increase External Finance to Developing Countries

Author:
George Mavrotas
Publication Date:
12-2003
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
The paper discusses the International Finance Facility (IFF), a joint HM Treasury-DFID proposal to increase development aid substantially for the Millennium Development Goals to be achieved by 2015. The main conclusion of the paper is that the proposed IFF is a promising, forward-looking and creative proposal for it implies a substantial increase in fresh, predictable and stable aid as well as a robust financial structure. However, there are a number of concerns about potential shortcomings of the proposal, namely its underlying assumptions about continuous commitment on behalf of the donor community towards the implementation of the IFF during the life of the Facility and most importantly its heavy reliance on political coordination among donor countries participating in the proposed scheme. Potential absorptive capacity constraints in IFF aid-recipient countries may be also relevant. Achieving its huge political task as well as alleviating the crucial constraints regarding its successful implementation seem to be the main challenges this innovative proposal needs to deal with in the near future.
Topic:
Development, International Cooperation, and International Trade and Finance
Political Geography:
United Kingdom and Europe

483. Outsourcing and Inequality

Author:
Paul Brenton, Bob Anderton, and Eva Oscarsson
Publication Date:
10-2002
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This paper brings together and analyses the results of empirical analyses which, in contrast to most other studies, find that trade has been a significant cause of labour market inequality in various industrialised countries. The approach is based upon the concept of outsourcing – whereby the low-skill parts of the production chain are 'outsourced' to low-wage countries. A distinguishing feature of the empirical work is the use of highly detailed trade data, which allow imports from high- and low-wage countries to be separately identified at the industry level. Using cost minimisation framework, we show that imports from low-wage countries have made a significant contribution to the decline in the wage-bill share and/or relative employment of less-skilled workers in the UK, the USA, Sweden and Italy. We also show how the country-specific characteristics of outsourcing can lead to quite different inequality outcomes in different countries. In line with other studies, we also find that technology has played an important role in causing the increase in inequality in many countries. However, there is also some evidence that some of the rapid increase in the application of new technologies in recent decades has been trade-induced through mechanisms such as 'defensive innovation'.
Topic:
Economics, Industrial Policy, International Trade and Finance, and Science and Technology
Political Geography:
United States and United Kingdom

484. Telos or Brick Wall? British Nuclear Posture and European Defence Integration

Author:
Toby Archer
Publication Date:
01-2002
Content Type:
Working Paper
Institution:
Finnish Institute of International Affairs
Abstract:
Somewhere, at this very moment under one of the world's oceans, there is a Royal Navy 'Vanguard' class nuclear powered and armed submarine (SSBN) on patrol. Before it returns to port, another one of the four Vanguard class boats will head out into the deep ocean, meaning that no matter what occurs, Britain will always have an unreachable nuclear counter-strike facility. That one submarine, always out at sea and submerged, is now Britain's whole nuclear deterrent; all other nuclear weapons that Britain held during the Cold War, both land based and air-launched, have been decommissioned and dismantled over the last decade. The UK has the smallest nuclear arsenal of all the five nuclear-armed permanent members of the UN Security Council (it is even believed that Israel – undeclared as a nuclear power – now actually possesses more warheads than the UK does). The number of warheads quoted by the Ministry of Defence is now “fewer than 200”, and estimated by independent sources as likely to be around 160.
Topic:
Defense Policy and Nuclear Weapons
Political Geography:
Britain, United States, United Kingdom, and Europe

485. Equity Prices, Household Wealth, and Consumption Growth in Foreign Industrial Countries: Wealth Effects in the 1990s

Author:
Carol C. Bertaut
Publication Date:
04-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Although most recent empirical research regarding the size and significance of the impact of changes in wealth on consumption has looked for such effects in the United States, equity prices in the 1990s rose considerably in most other industrial countries as well. This paper investigates the strength of the wealth effect across countries. Using a variety of methods, I find evidence of significant wealth effects in the United Kingdom and Canada of a size comparable to that in the United States, reflecting the importance of equities in aggregate household wealth in these countries. A significant wealth effect is also evident in Japan, but because household wealth has changed little on balance in Japan in recent years, this channel has been less important in explaining Japanese consumption growth in the second half of the 1990s. Despite a rapid appreciation in equity prices and an increase in equity ownership in the major continental European countries since 1995, equities remain a less important form of household wealth in most of these countries, and the consumption response to changes in wealth remains limited. However, in some smaller European countries where equity issuance is more common, the emerging evidence suggests that wealth effects may be more important.
Topic:
International Relations, Economics, Globalization, and International Trade and Finance
Political Geography:
United States, United Kingdom, Europe, and Canada

486. French, UK, and US Policies to Support Peacekeeping in Africa: Current Status and Future Prospects

Author:
Eric G. Berman
Publication Date:
02-2002
Content Type:
Working Paper
Institution:
Norwegian Institute of International Affairs
Abstract:
In May 1997, France, the United Kingdom, and the United States announced their joint “P-3 Initiative”, to harmonize their peacekeeping capacity-building programs in Africa and foster an open dialogue between donors and recipients. The capacity-building programs of France, the UK and the US have since undergone numerous transformations. The centerpiece of French policy, the Renforcement des capacités Africaines de maintien de la paix (RECAMP) has had comparatively few changes to its basic structure, but has been scaled down. The UK African Peacekeeping Training Support Programme has given way to a much larger and more ambitious initiative. The US African Crisis Response Initiative (ACRI) has evolved significantly and will undergo a more fundamental change in 2002, including shedding its name. Moreover, Washington initiated a new capacity-building policy in 2001, which dwarfed ACRI in terms of resources and introduced the provision of lethal equipment.
Topic:
Peace Studies
Political Geography:
Africa, United States, United Kingdom, Europe, and France

487. Continuity as the Path to Change: Institutional Innovation in the 1976 British Race Relations Act

Author:
Erik Bleich
Publication Date:
03-2002
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
Institutional innovation can, paradoxically, be a product of institutional continuity. New institutions often emerge in a bifurcated manner in which formal institutions (such as laws and written rules) are accompanied by informal institutions (such as ideas that motivate and help determine the precise nature of specific policies). When informal institutions include ideas that track policy developments in other spheres or other countries, they can influence innovations in formal institutions. The development of the 1976 British Race Relations Act illustrates this dynamic. When British race institutions were established in the 1960s, they reflected the prevailing idea that British policies should incorporate lessons learned from North America. When Britain revisited its anti-racism provisions in 1976, policy experts looked again to North America and found that much had changed there in the interim. They subsequently altered Britain's formal institutions to include U.S.-inspired “race-conscious” measures.
Topic:
Government and Human Rights
Political Geography:
United States, United Kingdom, Europe, and North America

488. Non-Financial Corporate Risk Management and Exchange Rate Volatility in Latin America

Author:
Graciela Moguillansky
Publication Date:
03-2002
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
This article studies the currency risk management of multinational companies with investments in Latin American countries. The analysis is centred on episodes of currency or financial shocks, searching into the behaviour of the financial management of a firm expecting a significant devaluation. This allowed us to explore the interaction and transmission mechanisms between the microeconomic behaviour and the macroeconomic impact on the foreign exchange market. The analysis was carried out interviewing financial managers of multinational companies from different sectors with headquarters in the United Kingdom and Spain, by reviewing literature on business and currency risk management, and by analysing some surveys on financial risk management in developed countries.
Topic:
Economics and International Trade and Finance
Political Geography:
United Kingdom, South America, Latin America, and Spain

489. The Year of Enlargement

Author:
Simon Serfaty and Christina V. Balis
Publication Date:
01-2002
Content Type:
Policy Brief
Institution:
Center for Strategic and International Studies
Abstract:
Preparations for EU enlargement, combined with more of the unfolding debate on the constitutional future of Europe, will dominate Europe's institutional agenda in 2002. The three Baltic countries and all four countries in central Europe, plus Slovenia, Malta, and Cyprus should be able to conclude their bilateral access negotiations by December 2002, and even, in a few cases, on time for the European Council of June 21–22, in Seville, Spain. Expect, therefore, the enlargement of the EU to 25 members—one that might start as early as January 2004 and end, possibly, no later than June 30, 2007. What follows is a 17-step primer on the process and pattern, the various timetables, and the possible outcomes of an enlargement that will begin to emerge, at last, in 2002.
Topic:
NATO, Economics, and Politics
Political Geography:
United Kingdom, Europe, and France

490. Measuring Unemployment Benefit Recipiency in New Zealand

Author:
Wayne Vroman
Publication Date:
07-2002
Content Type:
Working Paper
Institution:
Urban Institute
Abstract:
This is a paper about measurement. It originated within a project that is examining the performance of unemployment compensation (UC) programs from a cross-national perspective. At the current time the larger project has assembled data on the UC programs of more than 20 countries along with supporting labor market data. Within the set of OECD countries, the project has singled out for particular attention six English speaking countries: Australia, Canada, Ireland, New Zealand, the United Kingdom and the United States. An analysis of the unemployment protection systems in these six countries was recently completed by Brusentsev (2002).
Topic:
Economics, Government, and Human Welfare
Political Geography:
United States, United Kingdom, Canada, Australia, Ireland, and New Zealand