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961. Mobilizing Talent for Global Development

Author:
Andrs Solimano
Publication Date:
08-2006
Content Type:
Policy Brief
Institution:
United Nations University
Abstract:
The generation of new ideas and their application for productive uses is an important engine for growth and development. This is an area in which developing countries usually lag behind developed countries and is where development gaps are more evident. Behind the generation of ideas, innovations, and new technologies there is 'human talent': an inner capacity of individuals to develop ideas and objects, some of them with a high economic value. The 'human factor' is critical to the success or failure of many endeavours. Several countries, particularly China and India, followed by Russia, Poland, and some Latin American countries, are becoming an important source of talented people with PhDs and degrees in science, engineering, and other areas that can lead to change in the international patterns of comparative advantages and reduce development gaps. Part of the new talent formed in developing countries goes to live and work to developed countries, typically the USA, UK, and other OECD nations. At the same time multinational corporations are outsourcing several of their productive and service activities, including research and development, to developing countries (China and India are main destinations) to take advantage of the (less expensive) talent being developed there. Today, therefore, we see a double movement of talent and capital around the globe: on the one hand talent from developing countries is moving north seeking better opportunities where people are equipped with more capital, technologies, and effective organizations. On the hand capital from the north pursues talent in the south; a process largely led by multinational corporations.
Topic:
Development, Economics, Human Welfare, and Migration
Political Geography:
United States, China, United Kingdom, and India

962. Open Source and Open Standards: A New Frontier for Economic Development?

Author:
Philip Schmidt and Rishab Aiyer Ghosh
Publication Date:
03-2006
Content Type:
Policy Brief
Institution:
United Nations University
Abstract:
Free software (also called open source software or libre software) has become one of the most talked about phenomena in the ICT world in recent years. This is remarkable, not only for the usual reasons—that open source has been around for many years as a volunteer driven success story before being discovered by big business and now government— but also because it has largely developed quietly on its own without the headline coverage and glare of international attention that it now receives.
Topic:
Development, Economics, Science and Technology, and Third World
Political Geography:
United States

963. China and the Depreciating U.S. Dollar

Author:
Richard C. K. Burdekin
Publication Date:
01-2006
Content Type:
Policy Brief
Institution:
East-West Center
Abstract:
Over the past five years, U.S. exports to China have been dwarfed by imports from that country, with the resulting trade deficit igniting a bout of China bashing reminiscent of the Japan bashing of the 1980s. A major culprit in the trade imbalance, according to many U.S. analysts and policymakers, is China's currency: the renminbi, they say, is too cheap relative to the dollar. Some are calling for high tariffs on Chinese goods or for further exchange-rate adjustment that would revalue the renminbi significantly upward, making Chinese goods less competitive. But with just 10.4 percent of total U.S. trade attributed to China in the first half of 2005, it is unrealistic that any renminbi exchange-rate adjustment could rein in the burgeoning U.S. trade deficit. And if the adjustment were drastic the United States could be the big loser: driving China out of the market for U.S. treasuries would most likely have calamitous consequences, not only for the dollar but for U.S. credit markets and for the U.S. economy in general.
Topic:
Economics and International Trade and Finance
Political Geography:
United States, Asia, and North America

964. Strategic Partnership or Strategic Competition

Author:
Bonnie Glaser and James Nolt
Publication Date:
12-2006
Content Type:
Policy Brief
Institution:
Foreign Policy In Focus
Abstract:
As part of our China Focus, we asked two leading scholars to reflect on the tensions and possibilities in U.S.-China relations. Bonnie Glaser is a senior associate at the Center for Strategic and International Studies. James Nolt is a senior fellow at the World Policy Institute. We asked them first about the potential for a strategic security partnership between the United States and China, then about their economic relationship.
Topic:
Security, Economics, and International Cooperation
Political Geography:
United States, China, and Asia

965. Oil Trip

Author:
Emira Woods
Publication Date:
10-2006
Content Type:
Policy Brief
Institution:
Foreign Policy In Focus
Abstract:
It is almost impossible to imagine, as we sit in a well-lit, fully functioning gas station on Main Street, USA, that a community blessed with oil riches under its soil could look as impoverished as Yenagoa in the Nigerian state of Bayelsa.
Topic:
International Relations, Economics, Energy Policy, and Politics
Political Geography:
United States

966. The Economic Impact of Tourism and the I Love New York Campaign

Publication Date:
11-2006
Content Type:
Working Paper
Institution:
Oxford Economics
Abstract:
Tourism directly gen e rates 4.5% of the state's employment base. With the inclusion of indirect and induced impacts, tourism is the catalyst for 707,266 jobs, or 6.7% of all non-farm employment.
Topic:
Economics
Political Geography:
United States and New York

967. Globalization, Private Security, and Democratic Processes: Implications for the Democratic Peace?

Author:
Deborah Avant
Publication Date:
11-2006
Content Type:
Working Paper
Institution:
Centre for International Peace and Security Studies
Abstract:
During the 1990s and into this century, a robust market for force emerged alongside and intertwined with state military forces. The rise of stateless forces associated with globalization is often seen as breaking down barriers between states and enhancing the prospects for peace, particularly among advanced democracies. Stateless forces, in particular marketbased security, may also, however, alter the functioning of democracies. A widely held, albeit often implicit, assumption of much theory and research in international relations, especially in the literature on the democratic peace, is that states rely on their own military organizations rather than hired guns to project force. The question addressed here is whether the attributes that have been identified as promoting trust among democracies remain strong when states rely on private forces instead of, or in addition to, public ones. If greater reliance on the market to satisfy security needs affects the transparency, constitutionalism and public consent of their foreign policy processes, the market for force could have implications for trust among democracies – and at the extreme, perhaps even for the democratic peace. Overall, we conclude that the use of private security by the US threatens to weaken key institutional mechanisms taken to enhance trust between it and other democracies.
Topic:
Democratization, Economics, Globalization, and Markets
Political Geography:
United States

968. Real-Time Price Discovery in Global Stock, Bond and Foreign Exchange Markets

Author:
Torben G. Andersen, Tim Bollerslev, Francis X. Diebold, and Clara Vega
Publication Date:
09-2006
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Using a unique high-frequency futures dataset, we characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. We find that news produces conditional mean jumps; hence high-frequency stock, bond and exchange rate dynamics are linked to fundamentals. Equity markets, moreover, react differently to news depending on the stage of the business cycle, which explains the low correlation between stock and bond returns when averaged over the cycle. Hence our results qualify earlier work suggesting that bond markets react most strongly to macroeconomic news; in particular, when conditioning on the state of the economy, the equity and foreign exchange markets appear equally responsive. Finally, we also document important contemporaneous links across all markets and countries, even after controlling for the effects of macroeconomic news.
Topic:
Economics, Foreign Exchange, International Trade and Finance, and Markets
Political Geography:
United States

969. The U.S. Current Account Deficit and the Expected Share of World Output

Author:
John H. Rogers and Charles Engel
Publication Date:
04-2006
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We investigate the possibility that the large current account deficits of the U.S. are the outcome of optimizing behavior. We develop a simple long-run world equilibrium model in which a country's current account is determined by the expected discounted present value of its future share of world GDP relative to its current share of world GDP. The model suggests that under some reasonable assumptions about future U.S. GDP growth relative to the rest of the advanced countries – more modest than the growth over the past 20 years – the current account deficit is near optimal levels. We then explore the implications for the real exchange rate. Under some plausible assumptions, the model implies little change in the real exchange rate over the adjustment path, though the conclusion is sensitive to assumptions about tastes and technology. Then we turn to empirical evidence. Two empirical analyses of current account sustainability using actual data suggest that the U.S. is not keeping on a long-run sustainable path. One is a direct test of our model, which finds that the dynamics of the U.S. current account – the increasing deficits over the past decade – are difficult to explain under a particular statistical model (Markov-switching) of expectations of future U.S. growth. But, if we use survey data on forecasted GDP growth in the G7, our very simple model appears to explain the evolution of the U.S. current account remarkably well. We conclude that expectations of robust performance of the U.S. economy relative to the rest of the advanced countries is a contender – though not the only legitimate contender – for explaining the U.S. current account deficit.
Topic:
Economics, Foreign Exchange, International Trade and Finance, and Markets
Political Geography:
United States

970. Corporate Governance in Canada and the United States: A Comparative View

Author:
Edward J. Waitzer and Jay W. Lorsch
Publication Date:
04-2006
Content Type:
Working Paper
Institution:
The Wilson Center
Abstract:
Drawing on expertise from both sides of the Canada-U.S. border, the One Issue,Two Voices series is designed to stimulate dialogue on policy issues that have a significant impact on the bilateral relationship. This fifth issue in the series provides an up-to-date snapshot of how corporate governance practices differ between Canada and the United States. Authors Jay Lorsch of the Harvard Business School and Edward Waitzer of the Canadian law firm Stikeman Elliott are leading experts on corporate governance.Together they give us a comparison of the way our countries have responded to changes mandated by the Sarbanes-Oxley Act (SOX) passed by the U.S. government in 2002.
Topic:
Civil Society, Economics, and Politics
Political Geography:
United States, Canada, and North America