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2162. Fostering Growth and Development in Small States through Disruptive Change: A Case Study of the Caribbean
- Author:
- Avinash D. Persaud
- Publication Date:
- 10-2011
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The desks of civil servants in small states are stacked with yellowing consultancy reports from multilateral agencies on the need to generate sustainable jobs and growth, attract investment, bolster infrastructure and institutions, and improve the efficiency and reduce the expense of government. The real question is not what, but why? Why, in spite of everything we know, are many small states, especially those in the Caribbean, trapped in a zone of low growth, stagnation or relative decline? Policy makers face physical and financial constraints and implementation deficiencies, but the overriding constraint, even more so than in other countries, is political economy.
- Topic:
- Development, Economics, International Trade and Finance, Poverty, and Maritime Commerce
- Political Geography:
- Caribbean
2163. Herbert Hoover: Father of the New Deal
- Author:
- Steven Horwitz
- Publication Date:
- 09-2011
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Politicians and pundits portray Herbert Hoover as a defender of laissez faire governance whose dogmatic commitment to small government led him to stand by and do nothing while the economy collapsed in the wake of the stock market crash in 1929. In fact, Hoover had long been a critic of laissez faire. As president, he doubled federal spending in real terms in four years. He also used government to prop up wages, restricted immigration, signed the Smoot-Hawley tariff, raised taxes, and created the Reconstruction Finance Corporation-all interventionist measures and not laissez faire. Unlike many Democrats today, President Franklin D. Roosevelt's advisers knew that Hoover had started the New Deal. One of them wrote, "When we all burst into Washington ... we found every essential idea [of the New Deal] enacted in the 100-day Congress in the Hoover administration itself."
- Topic:
- Economics, Markets, Political Economy, Financial Crisis, and Governance
- Political Geography:
- United States and Washington
2164. Social Security's Financial Outlook and Reforms: An Independent Evaluation
- Author:
- Jagadeesh Gokhale
- Publication Date:
- 10-2011
- Content Type:
- Working Paper
- Institution:
- The Cato Institute
- Abstract:
- Social Security is often described as a "foundational" element of the nation's social safety net. Almost all Americans are directly affected by the program and many millions primarily depend on its benefits for supporting themselves during retirement. But the program's financial condition has worsened considerably since the last recession, which began in 2007. In that year, the Social Security trustees estimated that the program's trust fund would be exhausted by 2042. The trustees' annual report for 2011 brings the trust fund exhaustion date forward to 2038. Indeed, the programs revenues fell short of its benefit expenditures in 2010 and it appears unlikely that significant surpluses will emerge again under the program's current rules. If the program's finances continue to worsen at this rate, it won't be long before the debate on reforming the program assumes an urgency and intensity similar to that during 1982-83, when imminent insolvency forced lawmakers to implement payroll tax increases and scale back its benefits.
- Topic:
- Economics, Government, and Human Welfare
- Political Geography:
- America and Ethiopia
2165. MOVING BEYOND EASY WINS: COLOMBIA'S BORDERS
- Publication Date:
- 10-2011
- Content Type:
- Working Paper
- Institution:
- International Crisis Group
- Abstract:
- Improved relations between Colombia and its neighbours have not alleviated the plight of border communities. For fifteen years, porous borders that offer strategic advantages to illegal armed groups and facilitate extensive illicit economies have exposed them to an intense armed conflict that is made worse by the widespread absence of public institutions. The warfare triggered a humanitarian emergency and worsened relations especially with Ecuador and Venezuela, the most affected neighbours. Spurring development in the periphery and reconstructing diplomatic ties are priorities for President Juan Manuel Santos. A little over a year into his term, his new policies have paid undoubted diplomatic and some security dividends. But the hard part is still ahead. Efforts to improve the humanitarian situation and build civilian state capacity must be scaled up, tasks that, amid what is again a partially worsening conflict, have been neglected. Otherwise, pacifying the troubled border regions will remain a chimera, and their dynamics will continue to fuel Colombia's conflict.
- Topic:
- Economics
- Political Geography:
- Colombia
2166. The G20: Engine of Asian Regionalism?
- Author:
- Hugo Dobson
- Publication Date:
- 11-2011
- Content Type:
- Working Paper
- Institution:
- German Institute of Global and Area Studies
- Abstract:
- As a result of the emergence of the G20 as the self‐appointed “premier forum for international economic cooperation”, Asia's expanded participation in G‐summitry has attracted considerable attention. As original G7 member Japan is joined by Australia, China, Indonesia, India and South Korea, this has given rise to another alphanumeric configuration of the Asian 6 (A6). Resulting expectations are that membership in the G20 will impact Asian regionalism as the A6 are forced into coordination and cooperation in response to the G20's agenda and commitments. However, by highlighting the concrete behaviours and motivations of the individual A6 in the G20 summits so far, this paper stands in contrast to the majority of the predominantly normative extant literature. It highlights divergent agendas amongst the A6 as regards the future of the G20 and discusses the high degree of competition over their identities and roles therein. This divergence and competition can be seen across a range of other behaviours including responding to the norm of internationalism in promoting global governance and maintaining the status quo and national interest, in addition to claiming a regional leadership role and managing bilateral relationships with the US.
- Topic:
- Economics, Emerging Markets, Globalization, International Trade and Finance, Regional Cooperation, and Governance
- Political Geography:
- United States, Japan, China, Indonesia, India, Asia, South Korea, and Australia
2167. After €urogeddon? Frequently asked questions about the break-up of the euro zone
- Publication Date:
- 11-2011
- Content Type:
- Working Paper
- Abstract:
- Thirteen years since its launch, Europe's common currency is in crisis. A Greek debt restructuring is inevitable, and concern is now focusing on contagion among the larger euro area economies. The prospect of a cascade of disorderly sovereign defaults is chilling investors, and the departure of some members from the common currency is increasingly being discussed. The Economist Intelligence Unit's central forecast is that the currency area will survive, but the odds of failure are too high to ignore. To help clients anticipate the implications for their operations of a collapse in the euro zone, we have compiled a list of frequently asked questions (FAQ), exploring the potential scope and impact of a euro-area break-up. We look at what “break-up” could mean, although in practice numerous possible permutations exist between the extremes of departure by a single country and the exit of all 17 members.
- Topic:
- Economics, International Trade and Finance, Markets, Regional Cooperation, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe
2168. Chinese FDI in the United States is taking off: How to maximize its benefits?
- Author:
- Daniel H. Rosen and Thilo Hanemann
- Publication Date:
- 10-2011
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- China's outward foreign direct investment (OFDI) grew rapidly in the past decade, but flows to developed economies have been limited. Now China's direct investment flows to the United States are poised to rise substantially. This new trend offers tremendous opportunities for the U. S., provided policymakers take steps to keep the investment environment open and utilize China's new interest productively.
- Topic:
- Climate Change and Economics
- Political Geography:
- United States and China
2169. Engaging in productive sector development: Comparisons between Mozambique and Ghana
- Author:
- Lars Buur and Lindsay Whitfield
- Publication Date:
- 10-2011
- Content Type:
- Working Paper
- Institution:
- Danish Institute for International Studies
- Abstract:
- Through a comparison of sector cases in Mozambique and Ghana, the paper analyzes why and how African states engage in developing productive sectors and with what success. It argues that successful state interventions depend on four factors: (1) sustained political support by the government leadership; (2) the existence of an embedded and mediating bureaucracy; (3) changing the 'rules of the game' which govern the distribution of economic benefits and resources; and (4) the organisation of industry actors and institutionalised interaction between industry actors and state actors.
- Topic:
- Economics and Industrial Policy
- Political Geography:
- Africa and Ghana
2170. The Impact of Global Crises, Trade Finance and Aid on Export Flows: A Developing Country Perspective
- Author:
- Jose Brambila-Macias, Isabella Massa, and Matthew J. Salois
- Publication Date:
- 11-2011
- Content Type:
- Working Paper
- Institution:
- Danish Institute for International Studies
- Abstract:
- In this paper, we use a mixed-effects trade gravity model on a sample of 83 developing countries over the period 1990-2007 to assess the impact of trade finance and foreign aid on bilateral export flows. In addition to traditional variables, we also include a banking crises variable and a global economic downturns variable among the regressors. Differences across developing regions are taken into account. Our results suggest that: (i) trade finance has a positive and significant impact on bilateral export flows in all developing regions except Latin America; (ii) foreign aid matters in all regions; (iii) global economic downturns exert a negative and significant impact on export flows in all developing countries, and especially in Latin American and Sub-Saharan African economies; (iv) banking crises appear to have no significant impact in most developing regions.
- Topic:
- Economics, Globalization, International Trade and Finance, Foreign Aid, and Financial Crisis
- Political Geography:
- Africa and Latin America