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31. Making Basel III Work for Emerging Markets and Developing Economies

Author:
Thorsten Beck and Liliana Rojas-Suarez
Publication Date:
04-2019
Content Type:
Working Paper
Institution:
Center for Global Development
Abstract:
A sound financial regulatory framework is critical for minimizing the risk imposed by financial system fra­gility. In the world’s emerging markets and developing economies (EMDEs), such regulation is also essential to support economic development and poverty reduc­tion. Meanwhile, it is increasingly recognized that global financial stability is a global public good: recent decades have seen the development of new inter­national financial regulatory standards, to serve as benchmarks for gauging regulation across countries, facilitate cooperation among financial supervisors from different countries, and create a level playing field for financial institutions wherever they operate. For the worldwide banking industry, the international regulatory standards promulgated by the Basel Com­mittee on Banking Supervision (BCBS) stand out for their wide-ranging scope and detail. Even though the latest Basel recommendations, adopted in late 2017 and known as Basel III, are, like their predecessors, calibrated primarily for advanced countries, many EMDEs are in the process of adopting and adapting them, and many others are considering it. They do so because they see it as in their long-term interest, but at the same time the new standards pose for them new risks and challenges. This report assesses the implica­tions of Basel III for EMDEs and provides recommen­dations for both international and local policymakers to make Basel III work for these economies.
Topic:
Development, Economics, Emerging Markets, and Markets
Political Geography:
Global Focus

32. Integration within the European Single Market: accounting, computer, and construction services

Author:
Anna Malinowska, Krzysztof Głowacki, Malgorzata McKenzie, and Przemysław Kowalski
Publication Date:
05-2019
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
This report analyses the extent of integration within the European Single Market in three services sectors, (1) construction, (2) IT/computer services, and (3) accounting and auditing services, and draws key conclusions in the context of future Single Market services liberalisation efforts. The main body of the report provides a comparative analysis of trade integration and recent trade developments within the three sectors, focusing on Poland’s stakes in the agenda regarding liberalisation of trading in services. It assesses the still existing trade barriers, both for Polish services providers operating in the European Single Market and for foreign firms from other Single Market member states selling to customers in Poland. The discussion of potential benefits from further liberalisation of trade in these sectors for Poland is set in the broader context of the offensive and defensive interests in these sectors of three of Poland’s EU partners: Germany, Hungary and Sweden. The main body of the report is organised into three parts. The first one serves as the background for subsequent analyses, providing general information on trade in services in the EU and modes of the provision of services across borders, as well as presenting statistics on export competitiveness in the sectors of interest. The second part discusses the Services Directive and relevant liberalisation efforts within the Single Market. This is followed by a detailed analysis of the remaining barriers in the three sectors within the Single Market. The last section concludes and provides key policy recommendations. The Annexes present additional sectoral statistics and information on economic characteristics, trade integration, and the remaining trade barriers identified in Poland and the three selected EU partners (Germany, Hungary and Sweden). Additional information on the OECD Services Trade Restrictiveness Index methodology used to assess the significance and implications of remaining trade barriers is also included. The study “Integration within the European Single Market: accounting, computer and construction services” was commissioned by the Ministry of Foreign Affairs (in consultation with the Ministry of Entrepreneurship and Technology) and prepared by CASE – Center for Social and Economic Research. It is intended as a Polish contribution to the ongoing discussion on the future of the Single Market at the highest political level as well as in the context of upcoming programming of the agenda of the next European Commission.
Topic:
Markets, European Union, Economic growth, and Trade
Political Geography:
Europe and Poland

33. EuroPACE Market Analysis

Author:
Grzegorz Poniatowski, Izabela Styczynska, Karolina Beaumont, and Karolina Zubel
Publication Date:
10-2019
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
EuroPACE is an innovative tool designed to make home renovation simple, affordable and reliable for all Europeans by combining affordable financing with people-centric technical assistance. EuroPACE offers 100% up-front financing that can be repaid over a long term of up to 25 years. The innovation lies in the collection and repayment mechanism – financing is attached to the property and is repaid regularly with charges linked to a property. Homeowners are offered logistical and technical support throughout the process and access to trained and qualified con-tractors. Thus, EuroPACE overcomes the main barriers to home renovation – lack of financing, technical knowledge and complexity of the works. The concept of EuroPACE is inspired by the success of a financing model called Property Assessed Clean Energy (PACE), launched in California in 2008. In the United States (US), the PACE market reached over USD 6 billion in funded projects, including the retrofit of over 220,000 homes, which resulted in more than 50,000 new local jobs and the creation of hundreds new companies.
Topic:
Energy Policy, Markets, Climate Finance, Fiscal Policy, and Innovation
Political Geography:
Europe

34. Beyond International Standards: Mapping the Future of Capital Markets Regulation

Author:
Cally Jordan
Publication Date:
09-2018
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
As a response to multiple financial shocks, international standards have disappointed. Consensus seeking has stifled innovation, perpetuating outdated regulatory concepts at a time of rapid market change. Markets are complex and idiosyncratic; they may not be receptive to efforts toward producing regulatory harmonization and convergence. Alternatives to international standard setting should be explored. Possibilities include fora for experimentation in capital markets regulation, the creation of a set of variegated model capital markets laws and a “restatement”-like treatise.
Topic:
Markets, Financial Crisis, Regulation, and Capitalism
Political Geography:
Global Focus

35. Egypt, a future gas supplier to the European Union?

Author:
Jan Mazač and Lukáš Tichý
Publication Date:
04-2018
Content Type:
Working Paper
Institution:
Institute of International Relations Prague
Abstract:
The main objective of the external dimension of the EU energy policy in line with the Energy Union strategy is primarily to ensure energy security by diversifying external energy supplies, transport routes and suppliers, mainly in the gas domain. Egypt’s recent offshore and onshore gas discoveries increased its natural gas reserves estimate. Its natural gas production is thus expected to double in 2020 and transform the country back into a gas supplier in the eastern Mediterranean region. The European Union (EU) should thus strengthen its relations with Egypt to allow its gas production to reach European markets.
Topic:
Energy Policy, Markets, Oil, European Union, and Gas
Political Geography:
Europe, Middle East, North America, and Egypt

36. The Stupendous US Record Gets Suppressed

Author:
Amity Shlaes
Publication Date:
03-2018
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
In recent years, the consensus regarding the American past has slipped leftward, and then leftward again. No longer is American history a story of opportunity, or of military or domestic triumph. America’s has become, rather, a story of wrongs, racial and social. Today, any historical figure who failed at any time to support abolition, or, worse, took the Confederate side in the Civil War, must be expunged from history. Wrongs must be righted, and equality of result enforced. The equality campaign spills over into a less obvious field, one that might otherwise provide a useful check upon the non-empirical claims of the humanities: economics. In a discipline that once showcased the power of markets, an axiom is taking hold: equal incomes lead to general prosperity, and point toward utopia. Teachers, book club presidents, and especially professors withhold any evidence to the contrary. Universities lead the shift, and the population follows. Today, millennials, those born between 1982 and 2000, outnumber baby boomers by the millions, and polls suggest that they support redistribution specifically, and government action generally, more than their predecessors. A 2014 Reason/Rupe poll found 48 percent of millennials agreeing that government should “do more” to solve problems, whereas 37 percent said that government was doing “too many things.” A full 58 percent of the youngest of millennials, those 18-24 when surveyed, held a “positive” view of socialism, in dramatic contrast with their parents: only 23 percent of those aged 55 to 64 viewed socialism positively.
Topic:
Government, Markets, History, Economy, Economic growth, Tax Systems, Free Trade, and Welfare
Political Geography:
North America and United States of America

37. Coal Exit or Coal Expansion? A Review of Coal Market Trends and Policies in 2017

Author:
Sylvie Cornot-Gandolphe
Publication Date:
05-2018
Content Type:
Special Report
Institution:
Institut français des relations internationales (IFRI)
Abstract:
Coal in the power sector is the principal focus of climate-related policies due to its high carbon intensity, making CO2 emissions from coal a leading contributor to climate change. While 38% of global power generation come from coal (in 2017), coal-related CO2 emissions represent more than 70% of power sector emissions. Coal-fired power plants are also the leading source of all primary air pollutants within the power sector, causing respiratory diseases and premature deaths. Structural changes are fast sweeping through global electricity markets. A key driver is the fast deployment of renewable energy sources and their falling costs, making renewables increasingly competitive with coal. Coal is also becoming less competitive than other sources of electricity in several regions, due to the fall in gas prices, the rising cost of the carbon price and higher coal import prices. Pressures against investment in coal activities increasingly create challenges for financing coal projects. Global coal power investment has passed an all-time peak and has contracted over the past two years. Investment in greenfield coal mines is also at a standstill in all major coal exporting countries. Nevertheless, while the future of coal is dark, 2017 has been a good year for the sector. World coal production increased after three consecutive years of decline. Global coal demand and international trade rose again, and high coal prices (above $80/tonne since summer 2016) boosted the financial results of coal-mining companies. As a result of growing fossil fuel demand, global energy-related CO2 emissions rose again in 2017. These short-term results do not call into question global decarbonization trends but demonstrate that current efforts are insufficient to meet the objectives of the Paris Agreement. The world is still divided about the future role of coal. A major change came in 2015 with the Paris Agreement, which prompted many nations across the world to accelerate their efforts to reduce coal consumption. Since then, several governments and power utilities have decided to phase out coal from their electricity mixes and joined the “Powering Past Coal Alliance”. Coal reduction or phase-out policies are being adopted or considered by more and more countries, and the reduction in the share of coal power generation goes faster than expected in several coal-consuming countries. But South and Southeast Asia remains a region for short to medium term growth in coal demand and Africa is a potential area for new growth. In this, new coal markets can also develop thanks to the support of countries eager to export their coal combustion technologies, led by China and Japan, and by the desire of coal exporters to find new outlets. Despite this growth, the sustainability of the relative good performance of the coal sector in 2017 is far from being ensured.
Topic:
Climate Change, Energy Policy, Markets, Treaties and Agreements, Electricity, Renewable Energy, and Coal
Political Geography:
Global Focus

38. American Constitutional Theory and History: Implications for European Constitutionalism

Author:
Roger Pilon
Publication Date:
10-2018
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
It is perhaps not impertinent to suggest that American constitutional theory and history, owing to the longevity of the document that is their subject, hold lessons for constitutionalism everywhere, but especially for European constitutionalism—the more recent and ever evolving treaties that serve as a “Constitutional Charter” for the European Union. An American constitutionalist looking east today, seeing everything from Brexit to Grexit plus the reactions in European capitals, must be struck by the tension in the EU between exclusion and inclusion in its many forms, including individualism and collectivism. Those themes underpin my discussion here. The issues surrounding them are universal. They are at the heart of the human condition.
Topic:
Markets, History, European Union, and Constitution
Political Geography:
Europe, North America, and United States of America

39. China's plans and direction for further opening-up

Author:
Yang Panpan
Publication Date:
08-2018
Content Type:
Working Paper
Abstract:
This year marks the 40th anniversary of China's reform and opening-up, and will be the first year for China to hold the international import expo. This signals that China is further opening up its domestic market and striving to be more integrated with the world. Meanwhile, China is enduring the external uncertainties mainly from its biggest trade partner -- the U.S. One question should be asked: What is China's plan and direction for further opening-up? Since China is shifting from a mid-high-income country to a high-income country, the trajectory of other major developed countries may be a reference for China's further opening-up process. With this in mind, it's necessary to compare the opening-up pattern of these countries with China. One variable might fit this kind of observation -- the foreign value added in one country's final demand. This represent the amount of foreign input used in a country's consumption and investment. Examples include final goods consumed by households, capital goods invested by firms, or intermediate goods used to make products.
Topic:
Markets, Reform, Finance, and Economy
Political Geography:
China and Asia

40. “Triple punch” policies to bring years of trade tensions

Author:
Su Qingyi
Publication Date:
07-2018
Content Type:
Policy Brief
Abstract:
US President Donald Trump has adopted a hard-line trade policy and recklessly instigated the trade conflict with China. This is the result of a combination of adjustments to his trade, foreign, and fiscal policies. These intertwined policies will likely stretch China-US trade frictions throughout Trump's presidency. First of all, the adjustment to the trade policy includes a shift from multilateral free trade to regional free trade and pressuring other countries to open their markets.
Topic:
International Trade and Finance, Markets, Trade Wars, Trade, and Economic Development
Political Geography:
China, Asia, North America, and United States of America