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2191. Continental Shift: New Trends in Private U.S. Funding for Media Development

Author:
Anne Nelson
Publication Date:
12-2011
Content Type:
Working Paper
Institution:
National Endowment for Democracy
Abstract:
The field of private sector funding of independent media abroad has continued to undergo a massive upheaval over the past two years. Two major factors have driven the change. The first is economic: The 2008 recession sharply reduced the portfolios of most traditional foundations and media philanthropies, many of them by 20-30 percent. They were still recovering when the aftershock of 2011 struck. These institutions, many of them based on the East Coast, had formerly led the way in funding international media development activities, with an emphasis on journalism training and support for freedom of expression. Now they are in a period of retrenchment, struggling to maintain existing commitments and with few resources to pursue new initiatives.
Topic:
Development, Economics, Communications, Mass Media, Foreign Aid, and Financial Crisis
Political Geography:
United States

2192. South Korea: The Shifting Sands of Security Policy

Publication Date:
12-2011
Content Type:
Policy Brief
Institution:
International Crisis Group
Abstract:
A year after North Korea shelled an island in the South, killing four people, relations on the peninsula remain tense. South Korea has stepped up its warnings of tough retaliation in the case of further attacks and has frozen most political and economic ties. While Pyongyang has made some efforts to restart talks, it has refused to apologise for the attack and has kept up a torrent of abuse against President Lee Myung-bak, who in turn has maintained his tough line. But the political atmosphere in the South is changing as it enters an election season, with the mood shifting towards a more conciliatory position, including renewed interest in a peace zone in the Yellow Sea.
Topic:
Conflict Resolution, Defense Policy, Diplomacy, Economics, Bilateral Relations, and Sanctions
Political Geography:
Israel, South Korea, North Korea, and Pyongyang

2193. Timor-Leste's Veterans: An Unfinished Struggle?

Publication Date:
11-2011
Content Type:
Policy Brief
Institution:
International Crisis Group
Abstract:
More than ten years after the formation of Timor-Leste's army and the demobilisation of the guerrilla force that fought for independence, the struggle continues about how to pay tribute to the veterans. The increasingly wealthy state has bought off the threat once posed by most dissidents with an expensive cash benefits scheme and succeeded in engaging most veterans' voices in mainstream politics. This approach has created a heavy financial burden and a complicated process of determining who is eligible that will create new tensions even as it resolves others. A greater challenge lies in containing pressures to give them disproportionate political influence and a formal security role. A careful balance will need to be struck between paying homage to heroes while allowing a younger generation of leaders to grow up to replace them. Failure could block the generational transfer of power necessary for the state's long-term stability.
Topic:
Conflict Resolution, Security, Democratization, Economics, and Insurgency
Political Geography:
Southeast Asia

2194. What Can and Cannot Be Done about Rating Agencies

Author:
Nicolas Véron
Publication Date:
11-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Credit Rating Agencies (CRAs) are prominent participants in the assessment of credit risk by financial markets. They determine and publish credit ratings, which represent the CRA's opinions on issuers' relative probability of default. The market for credit ratings is currently dominated in most western countries by three players: n Standard Poor's (S) is a division of the McGraw- Hill Companies, a US-based media group whose ownership is dispersed (the largest shareholder is Capital Group, with 12 percent of shares); n Moody's Corporation is an autonomous US-based listed company with dispersed ownership (the largest shareholder is Berkshire Hathaway, with 12.5 percent of shares); n Fitch Ratings is a division of the Fitch Group which is jointly owned by Fimalac, a Paris-based listed investment vehicle (60 percent of shares), and the US-based Hearst Corporation (40 percent of shares).
Topic:
Debt, Economics, Globalization, International Trade and Finance, and Markets
Political Geography:
United States

2195. The United States Should Establish Permanent Normal Trade Relations with Russia

Author:
Gary Clyde Hufbauer and Anders Åslund
Publication Date:
11-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
After 18 years, Russia is finally on the verge of acceding to the World Trade Organization (WTO). No country has struggled for so long to become a member of this important organization. The last impediment was removed on November 9, when Russia and Georgia concluded an agreement on monitoring trade flows across their disputed border. The WTO Working Party, which oversaw the negotiations, then approved Russian accession on November 10, clearing the way for formal membership to be adopted at the WTO ministerial conference to be held December 15–17, 2011 (WTO 2011).
Topic:
Conflict Resolution, Economics, International Trade and Finance, Markets, and Bilateral Relations
Political Geography:
Russia, United States, and Georgia

2196. G-20 Reforms of the International Monetary System: An Evaluation

Author:
Edwin M. Truman
Publication Date:
11-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
With great French fanfare the G-20 committed itself in Seoul, Korea a year ago “to build a more stable and resilient international monetary system (IMS), including by further strengthening global financial safety nets.” As subsequently elaborated by French President Sarkozy and other French government officials, the agenda for IMS reform included five elements: surveillance of the global economy and financial system, the international lender-of-last-resort mechanisms (global financial safety nets), the management of global capital flows, reserve assets and reserve currencies, and IMS governance.
Topic:
Economics, Globalization, International Trade and Finance, Markets, and International Monetary Fund
Political Geography:
Korea

2197. The Current Currency Situation

Author:
William R. Cline and John Williamson
Publication Date:
11-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
The currency markets have been extremely disturbed for the last three months. The period witnessed a major strengthening of the US dollar in September, then the European currency crisis, a recovery of the euro when the markets believed that the crisis was being controlled, and then a rebound of the dollar. In view of these developments, those who follow currency movements need a new guide as to how the current values of currencies compare to our estimates of fundamental equilibrium exchange rates (FEERs). That is the main object of this paper.
Topic:
Economics, Globalization, International Political Economy, and Monetary Policy
Political Geography:
United States and Europe

2198. Debt Relief for Egypt?

Author:
John Williamson and Mohsin S. Khan
Publication Date:
11-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
The current government of Egypt has frequently stated that external financial assistance is necessary in the present economic situation and has expressed a strong preference for receiving it in part via debt relief. The question asked in this policy brief is whether there is a case for debt relief and if so what form this relief should take. This policy brief reviews a number of cases in which debt relief has been granted to draw out the lessons and implications for Egypt.
Topic:
Debt, Economics, Regime Change, and Popular Revolt
Political Geography:
Arabia, Arab Countries, North Africa, and Egypt

2199. The Broken Contract: Inequality and American Decline

Author:
George Packer
Publication Date:
11-2011
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
Like an odorless gas, economic inequality pervades every corner of the United States and saps the strength of its democracy. Over the past three decades, Washington has consistently favored the rich -- and the more wealth accumulates in a few hands at the top, the more influence and favor the rich acquire, making it easier for them and their political allies to cast off restraint without paying a social price.
Topic:
Economics and Education
Political Geography:
United States, Iraq, Washington, and Baghdad

2200. Can Europe's Divided House Stand?

Author:
Hugo Nixon
Publication Date:
11-2011
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
Conventional wisdom has it that the eurozone cannot have a monetary union without also having a fiscal union. Euro-enthusiasts see the single currency as the first steppingstone toward a broader economic union, which is their dream. Euroskeptics do, too, but they see that endgame as hell -- and would prefer the single currency to be dismantled. The euro crisis has, for many observers, validated these notions. Both camps argue that the eurozone countries' lopsided efforts to construct a monetary union without a fiscal counterpart explain why the union has become such a mess. Many of the enthusiasts say that the way forward is for the 17 eurozone countries to issue euro bonds, which they would all guarantee (one of several variations on the fiscal-union theme). Even the German government, which is reluctant to bail out economies weaker than its own, thinks that some sort of pooling of budgets may be needed once the current debt problems have been solved. A fiscal union would not come anytime soon, and certainly not soon enough to solve the current crisis. It would require a new treaty, and that would require unanimous approval. It is difficult to imagine how such an agreement could be reached quickly given the fierce opposition from politicians and the public in the eurozone's relatively healthy economies (led by Finland, Germany, and the Netherlands) to repeated bailouts of their weaker brethren (Greece, Ireland, Italy, Portugal, and Spain). Moreover, once the crisis is solved, the enthusiasm for a fiscal union may wane. Even if Germany is still prepared to pool some budgetary functions, it will insist on imposing strict discipline on what other countries can spend and borrow. The weaker countries, meanwhile, may not wish to submit to a Teutonic straitjacket once the immediate fear of going bust has passed.
Topic:
Economics and Government
Political Geography:
Europe, Finland, Greece, Germany, Spain, Italy, Netherlands, Portugal, and Ireland