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81. The Outlook for Tokyo: New Opportunities or Long-term Decline for Japan's Financial Sector?

Author:
Vanessa Rossi
Publication Date:
03-2009
Content Type:
Working Paper
Institution:
Chatham House
Abstract:
Japan's economy has suffered exceptional damage because of its high level of exposure to the massive downturn in world trade and investment, notably impacting on demand for cars, consumer electronics and investment equipment. The depth of Japan's recession looks set to be far worse than that of the US and the EU. However, the recession has also radically reshaped the global financial environment in ways that suggest unexpected opportunities for Japanese financial institutions and markets. This report reviews the outlook for Tokyo as a financial centre and the role of Japan's financial sector in the light of domestic targets as well as international trends and competition.
Topic:
Globalization, International Trade and Finance, and Markets
Political Geography:
United States, Japan, Europe, Israel, Asia, and Tokyo

82. The Global Consequences of the Crisis, Session One in the Stephen C. Freidheim Symposium on Global Economics on Financial Turbulence and U.S. Power

Author:
Joseph S. Nye Jr and Philip D. Zelikow
Publication Date:
05-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Stephen C. Freidheim Symposium on Global Economics Transcript: Joseph Nye, Philip Zelikow, Sebastian Mallaby, and Richard Medley discuss the global consequences of the financial crisis This session was part of the Stephen C. Freidheim Symposium on Global Economics: Financial Turbulence and U.S. Power, which was made possible through the generous support of Stephen C. Freidheim.
Topic:
Foreign Policy, Economics, Globalization, and Political Economy
Political Geography:
United States

83. The National Interest and the Law of the Sea

Author:
Scott G. Borgerson
Publication Date:
05-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The 1982 Convention on the Law of the Sea—the instrument that created the overarching governance framework for nearly three-quarters of the earth's surface and what lies above and beneath it—has been signed and ratified by 156 countries and the European Community, but not by the United States. The Law of the Sea Convention, with annexes (hereafter in this report referred to as the “convention”), and the 1994 agreement on its implementation have been in force for more than a decade, but while the United States treats most parts of the convention as customary international law, it remains among only a handful of countries—and one of an even smaller number with coastlines, including Syria, North Korea, and Iran—to have signed but not yet acceded to the treaty.
Topic:
Economics, Globalization, International Law, International Trade and Finance, International Affairs, and Maritime Commerce
Political Geography:
United States, North Korea, and Syria

84. Travel Restrictions Not a Cure for Swine Flu Outbreak

Author:
Michael T. Osterholm
Publication Date:
04-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The outbreak of a new strain of deadly swine flu, which has killed more than one hundred people in Mexico and spread to the United States and Europe, has global health experts considering whether this may be the start of a long-feared pandemic. Michael T. Osterholm, director of the Center for Infectious Disease Research and Policy at the University of Minnesota, says there are a lot of unknowns about the new flu strain but so far it presents "a very different picture" from that of recent avian flu outbreaks and the 2003 sudden acute respiratory syndrome (SARS) outbreak. "Osterholm says it may be a matter of months before experts understand the disease. He cautions against international policy overreactions, citing some countries' travel warnings and bans on some imported foods from the United States and Mexico as "hysterical." He says the best way to deal with panics is to keep people informed and not create false expectations.
Topic:
International Relations, Globalization, Health, Human Welfare, and International Cooperation
Political Geography:
United States, Europe, and Canada

85. The G20 Meetings: No Common Framework, No Consensus

Author:
Michael Pettis
Publication Date:
05-2009
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
Participants in the recently completed G20 meeting in London agreed on a number of measures, some substantial and some merely symbolic, but they sidestepped the real issues dividing the major economic powers and, in so doing, failed to address the root causes of the global trade and investment imbalances. This was almost inevitable. China, Europe, and the United States have incompatible conceptual frameworks for understanding the causes of the global financial crisis; furthermore, their conflicting domestic political constraints make agreement on solutions hard to reach. Europeans believe that the root cause of the crisis was excessively deregulated financial systems, and they are skeptical about U.S. and Chinese calls for fiscal expansion, worrying that excessive spending would prolong the imbalances and make the ultimate adjustment more difficult. China also believes that the roots of the crisis lie within the structure of the global financial system, although Beijing insists that it was mainly the reserve status of the U.S. dollar that permitted imbalances to develop to unsustainable levels. China is particularly vulnerable to trade protection and seeks to maintain open markets for its continued export of domestic overcapacity. Like the United States, it is pushing for more aggressive, globally coordinated fiscal expansion. However, because of rigidities in its financial system and development model, its fiscal response to the crisis may exacerbate the difficult global adjustment and may, ironically, increase the chances of trade friction. In a time of contracting demand, the United States controls two-thirds of the most valuable resource in the world: net demand. Consequently, it is U.S. policies that will determine the pace and direction of the global recovery, along with the institutional framework that will govern trade and investment relationships for decades to come. The crisis puts the United States more firmly at the center of the emerging world order than ever. So far, the United States has not understood the need to consider the global outcomes of its recovery policies. Until the major powers can reach consensus about the roots of the imbalance and cooperate on policies to promote recovery, it is likely that the world economy will get worse before it gets better. The United States will drive the recovery process, but in order to do so effectively it will need to recognize its position of strength and negotiate the appropriate agreements with other major powers, especially China, on the pace and nature of the adjustment.
Topic:
Economics, Globalization, International Trade and Finance, and Monetary Policy
Political Geography:
United States, China, Europe, and London

86. The Internationalization of Chinese and Indian Firms: Trends, Motivations and Policy Implications

Author:
Sandeep Kapur and Suma Athreye
Publication Date:
01-2009
Content Type:
Policy Brief
Institution:
United Nations University
Abstract:
The last two decades have seen a significant rise in the internationalization of firms from developing economies. In addition to their growing participation in international trade, a number of leading emerging economies are contributing to growing outflows of foreign direct investment (FDI) and cross-border mergers and acquisitions. According to the 2008 World Investment Report, outward flows of FDI from developing countries rose from about US$6 billion between 1989 and 1991 to US$225 billion in 2007. As a percentage of total global outflows, the share of developing countries grew from 2.7% to nearly 13.0% during this period.
Topic:
International Relations, Economics, Globalization, International Political Economy, Markets, Foreign Direct Investment, and Financial Crisis
Political Geography:
United States, China, and India

87. Economic Writing on the Pressing Problems of the Day: The Roles of Moral Intuition and Methodological Confusion

Author:
Julie A. Nelson
Publication Date:
04-2009
Content Type:
Working Paper
Institution:
Global Development and Environment Institute at Tufts University
Abstract:
Economists are often called on to help address pressing problems of the day, yet many economists are uncomfortable about disclosing the values that they bring to this work. This essay explores how an inadequate understanding of the role of methodology, as related to ethics and human emotions of concern, underlies this reluctance and compromises the quality of economic advice. The tension between caring about the problems, on the one hand, and writing within the existing culture of the discipline, on the other, are illustrated with examples from U.S. policymaking, behavioral economics, and the economics of climate change and global poverty. Potential steps towards a more responsible, "strongly objective," and policy-useful economics are discussed.
Topic:
Climate Change, Economics, Globalization, and Poverty
Political Geography:
United States

88. Managing Strategic Competition with China

Author:
Philip C. Saunders
Publication Date:
07-2009
Content Type:
Working Paper
Institution:
Academy of Political Science
Abstract:
Officials in the Obama administration have highlighted the need for a “positive, cooperative, and comprehensive relationship” with China that can help the United States address an array of global challenges. Administration officials have not adopted the “responsible stakeholder” language that characterized recent U.S. China policy, but their overall approach appears compatible with that concept. Initial policy statements have focused on expanding U.S.-China cooperation, with particular emphasis on addressing the global economic crisis and climate change.
Topic:
Foreign Policy, Climate Change, Globalization, and Weapons of Mass Destruction
Political Geography:
United States and China

89. Expanding Study Abroad Capacity at U.S. Colleges and Universities

Author:
Peggy Blumenthal(ed.) and Robert Gutierrez(ed.)
Publication Date:
05-2009
Content Type:
Working Paper
Institution:
Institute of International Education
Abstract:
In order to explore the capacity of U.S. institutions to send more students abroad, IIE, in collaboration with the Forum on Education Abroad, administered an online snapshot survey in September 2008 among the IIE Network and Forum membership groups, two institutional membership associations that represent a large cohort of U.S. institutions deeply involved and committed to expanding study abroad and other international educational opportunities for their students. Typical members include: U.S. higher education institutions, study abroad program provider organizations, overseas institutions, and other organizations involved in international education.
Topic:
Economics, Globalization, International Cooperation, and Markets
Political Geography:
United States

90. Crisis and Consensus; America and ASEAN in a New Global Context

Author:
Donald K. Emmerson
Publication Date:
02-2009
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
No crisis is uniformly global. The suffering and the opportunity that a “global” crisis entails are always unevenly distributed across countries, and unevenly across the population inside any one country. That said, one can nevertheless argue that we—not the old royal “we” but, more presumptuously, the new global “we”—are in January 2009 experiencing the latest of four dramatic changes that major parts of the world have undergone over the last twenty years. In 1989, of course, the Berlin Wall was breached, ending the Cold War, followed by the implosion of Lenin's Soviet dystopia two years later. Nor did the 1989 massacre of proreform demonstrators in Tiananmen Square revive a command economy in China. Instead it kept the polity shut so that Deng's economy could continue to open.
Topic:
International Relations, Globalization, and International Political Economy
Political Geography:
United States, China, America, Israel, Asia, and Berlin