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552. Dilemmas of Brazilian Grand Strategy
- Author:
- Hal Brands
- Publication Date:
- 08-2010
- Content Type:
- Working Paper
- Institution:
- The Strategic Studies Institute of the U.S. Army War College
- Abstract:
- This monograph analyzes Brazilian grand strategy under President Luiz Inácio Lula da Silva. During Lula's nearly 8 years in office, he has pursued a multipronged grand strategy aimed at hastening the transition from unipolarity and Western economic hegemony to a multipolar order in which international rules, norms, and institutions are more favorable to Brazilian interests. Lula has done so by emphasizing three diplomatic strategies: soft balancing against the United States, building coalitions to magnify Brazilian negotiating power, and seeking to position Brazil as the leader of a more united South America.
- Topic:
- Economics, Globalization, International Trade and Finance, and Regional Cooperation
- Political Geography:
- United States, Brazil, South America, and Latin America
553. Making Choices: Prospects for a Canada-EU Free Trade Agreement.
- Author:
- Joseph Blomeley
- Publication Date:
- 05-2010
- Content Type:
- Journal Article
- Journal:
- Journal of Public and International Affairs (JPIA)
- Institution:
- School of Public and International Affairs (SPIA), Princeton University
- Abstract:
- With a population of over 500 million, the European Union (EU) is Canada's second-largest trading partner. In 2006, two-way merchandise trade between Canada and the EU was approximately $78 billion and two-way investment reached $263 billion. While these figures are far from marginal, they pale in comparison to the $626 billion in two-way merchandise trade and $497 billion in two-way investment with the United States. In light of these numbers, analysts have argued that there is room for improvement in the economic relationship between Canada and the EU. They believe that the relationship has been significantly under-traded and under-valued. In an attempt to bolster this claim, a Canada-EU Joint Trade Study commissioned by the European Commission and the Government of Canada (GoC) recently noted that Canada is the EU's 11th-largest merchandise trading partner, with only 1.8 percent of external EU trade in this category (GoC, 2008). In light of the financial crisis in the United States, discussions to revive talks of a Canada-EU Free Trade Agreement (FTA) have begun to garner attention.
- Topic:
- Economics, Government, and Financial Crisis
- Political Geography:
- United States, Europe, and Canada
554. Improving International Policy Coordination in the Wake of the Financial Crisis.
- Author:
- Jonathan Burks
- Publication Date:
- 05-2010
- Content Type:
- Journal Article
- Journal:
- Journal of Public and International Affairs (JPIA)
- Institution:
- School of Public and International Affairs (SPIA), Princeton University
- Abstract:
- The on going financial crisis has exposed the weaknesses of the risk management practices pervasive in the financial industry and the limitations of a domestic regulatory structure that fails to provide any federal regulator with the responsibility and authority to comprehensively oversee the financial system. Of course these problems have not been limited to the United States, as banks based abroad, like UBS, and economies around the world have also been shaken by the crisis. The crisis has also exposed the shortcomings of the international regime for economic and financial policy coordination.
- Topic:
- Economics and Financial Crisis
- Political Geography:
- United States
555. Managing Credit Booms and Busts: A Pigouvian Taxation Approach
- Author:
- Olivier Jeanne and Anton Korinek
- Publication Date:
- 09-2010
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics (PIIE)
- Abstract:
- We study a dynamic model in which the interaction between debt accumulation and asset prices magnifies credit booms and busts. We find that borrowers do not internalize these feedback effects and therefore suffer from excessively large booms and busts in both credit flows and asset prices. We show that a Pigouvian tax on borrowing may induce borrowers to internalize these externalities and increase welfare. We calibrate the model with reference to (1) the US small and medium-sized enterprise sector and (2) the household sector and find the optimal tax to be countercy - clical in both cases, dropping to zero in busts and rising to approximately half a percentage point of the amount of debt outstanding during booms.
- Topic:
- Debt, Economics, Global Recession, and Financial Crisis
- Political Geography:
- United States
556. US-China Relations
- Author:
- Bonnie Glases
- Publication Date:
- 01-2010
- Content Type:
- Journal Article
- Journal:
- Comparative Connections
- Institution:
- Center for Strategic and International Studies (CSIS)
- Abstract:
- President Obama's first-ever trip to China was the main attraction of the fourth quarter. In addition to meeting Chinese leaders, Obama held a town hall-style assembly with Chinese students in Shanghai. The two sides signed a joint statement, the first in 12 years, which highlighted the depth and breadth of the relationship and promised greater cooperation. Nevertheless, the US media mostly faulted the president for not making sufficiently concrete progress on a number of problems. The Copenhagen climate talks garnered much attention in December. As the two largest emitters of CO2, negotiations between China and the US not only occupied the meeting's spotlight, but also ultimately decided its outcome. Trade friction continued to intensify with both countries launching new investigations and imposing duties on several products. The bilateral military relationship took a step forward with the visit to the US by Xu Caihou, vice chairman of China's powerful Central Military Commission.
- Topic:
- Economics
- Political Geography:
- Afghanistan, United States, and China
557. Regional Overview
- Author:
- Ralph A. Cossa and Brad Glosserman
- Publication Date:
- 03-2010
- Content Type:
- Journal Article
- Journal:
- Comparative Connections
- Institution:
- Center for Strategic and International Studies (CSIS)
- Abstract:
- Last quarter we focused on remarks by US President Barack Obama and Secretary of State Hillary Clinton proclaiming that “America is back in Asia,” an obvious dig at real and perceived neglect of Asia by the previous administration. This quarter, both were forced to postpone planned trips to Asia although, in Secretary Clinton's case, not before giving a major Asia policy address in Honolulu. This quarter also ended the same as last, amid hints that Pyongyang really would, at some not too distant point (but not this past quarter), return to six-party deliberations. On a more positive note, it looks like arms control agreements are on the way back, following the announcement that the US and Russia had finally come to terms on a new strategic arms agreement, to be signed by both presidents in April. Speculation about the “changing balance of power” in Asia also continues as a result of China's economic resilience and apparent newfound confidence, although it still seems premature to announce that the Middle Kingdom is back, given the challenges highlighted at this year's National Peoples' Congress. Political normalcy also appears to be a long way from returning to Bangkok where the “red shirts” have once again taken to the street, prompting the government to declare a state of emergency.
- Topic:
- Economics and Government
- Political Geography:
- Russia, United States, China, America, Asia, and Bangkok
558. US-Japan Relations
- Author:
- Michael J. Green and Nicholas Szechenyi
- Publication Date:
- 03-2010
- Content Type:
- Journal Article
- Journal:
- Comparative Connections
- Institution:
- Center for Strategic and International Studies (CSIS)
- Abstract:
- Prime Minister Hatoyama Yukio moved to implement his domestic policy agenda with an eye toward the Upper House elections this summer but watched his approval rating fall as he and members of his ruling Democratic Party of Japan (DPJ) were beset by political fundraising scandals. The impasse over the relocation of Marine Air Station Futenma continued to dominate the bilateral agenda and alternative proposals put forth by the Hatoyama government failed to advance the discussion. Concerns about barriers to US exports and the restructuring of Japan Post emerged in commentary by the Obama administration and congressional leaders but a joint statement highlighting cooperation on the Asia-Pacific Economic Cooperation forum (APEC) reinforced the economic pillar of the relationship. The Toyota hearings in Congress were covered extensively by media in both countries but did not have an immediate impact on US-Japan relations. However, the recall issue and other developments point to potentially negative perceptions that could cloud official efforts to build a comprehensive framework for the alliance over the course of the year, the 50th anniversary of the 1960 US-Japan Security Treaty.
- Topic:
- Security and Economics
- Political Geography:
- United States, Japan, and Asia
559. US-China Relations
- Author:
- Bonnie Glaser and David Szerlip
- Publication Date:
- 03-2010
- Content Type:
- Journal Article
- Journal:
- Comparative Connections
- Institution:
- Center for Strategic and International Studies (CSIS)
- Abstract:
- After a relatively smooth period in US-China relations through the first year of the Obama administration, the “honeymoon” ended in the first quarter of 2010. The new year brought new frictions and returned to the spotlight many problem areas. The quarter began with an unexpected announcement from an unlikely player in China-US relations: Google, the internet giant, reported extensive hacking of its networks traced back to China and then redirected Google.cn users to its Hong Kong site to evade Chinese censorship. Tensions were further stoked by the administration's notification to Congress of a major weapons sale to Taiwan and President Obama's meeting with the Dalai Lama. Throughout the quarter, economic frictions intensified, particularly over the valuation of China's currency. Despite these numerous difficulties, the quarter closed with the pendulum swinging back toward the center. At the end of March, President Obama and Deputy Secretary of State James Steinberg both reaffirmed the US commitment to a positive relationship with China; Beijing announced that President Hu would attend a major international nuclear security summit in the US in April 2010; and Obama and Hu, in a friendly phone call, renewed their determination to sustain healthy and stable ties.
- Topic:
- Economics and Health
- Political Geography:
- United States, China, and Hong Kong
560. China-Taiwan Relations
- Author:
- David G. Brown
- Publication Date:
- 03-2010
- Content Type:
- Journal Article
- Journal:
- Comparative Connections
- Institution:
- Center for Strategic and International Studies (CSIS)
- Abstract:
- The interaction between economic negotiations and Taiwan domestic politics will dominate cross-Strait relations this year. Formal negotiation of an Economic Cooperation Framework Agreement (ECFA) began in January and both sides now talk hopefully of completing the negotiations by June. On Taiwan, recent election losses make timely conclusion of the ECFA on terms welcomed by Taiwan voters important for President Ma Ying-jeou and the Kuomintang (KMT) party's political fortunes. The announcement of a US arms sales package in January was welcomed by Ma, but predictably created tensions in US-China relations – tensions that raise the stakes when the Obama administration considers Taiwan's request for F-16 C/D aircraft.
- Topic:
- Economics
- Political Geography:
- United States, China, and Taiwan