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2301. A Generalized Fact and Model of Long-Run Economic Growth: Kaldor Fact as a Special Case

Author:
Daniel Danxia Xie
Publication Date:
02-2011
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper provides new evidence on the long-run relationship between economic growth and labor's share in national income, based on a comprehensive panel data set for 123 countries from 1950 to 2004. Xie's primary finding is that labor's share follows a cubic relationship with real GDP per capita over the long process of development. At the beginning of the modern economic growth process, the share of labor in national income first decreases until an initial threshold is reached. After that, labor's share keeps increasing until the country's GDP per capita reaches a second threshold before falling again. Xie argues that these dynamics apply not only to the less developed countries in the postwar years, but also to the advanced countries like the United States and the United Kingdom during their early economic take-offs, starting in the late 18th and 19th century, respectively. Finally, he proposes a two-sector constant elasticity of substitution (CES)-type growth model and simulate the model to replicate and explain the possible mechanism behind such a nonlinear pattern of movements in labor's share.
Topic:
Economics, International Trade and Finance, Labor Issues, and Monetary Policy
Political Geography:
United States and United Kingdom

2302. Too Big to Fail: The Transatlantic Debate

Author:
Morris Goldstein and Nicolas Véron
Publication Date:
01-2011
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
Although the United States and the European Union were both seriously impacted by the financial crisis of 2007, resulting policy debates and regulatory responses have differed considerably on the two sides of the Atlantic. In this paper the authors examine the debates on the problem posed by "too big to fail" financial institutions. They identify variations in historical experiences, financial system structures, and political institutions that help one understand the differences of approaches between the United States, EU member states, and the EU institutions in addressing this problem. The authors then turn to possible remedies and how they may be differentially implemented in America and Europe. They conclude on which policy developments are likely in the near future.
Topic:
Economics and Financial Crisis
Political Geography:
United States, America, and Europe

2303. Current Account Imbalances Coming Back

Author:
Joseph Gagnon
Publication Date:
01-2011
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper finds statistically robust and economically important effects of fiscal policy, external financial policy, net foreign assets, and oil prices on current account balances. The statistical model builds upon and improves previous explanations of current account balances in the academic literature. A key advance is that the model captures the effect of external financial policies, including exchange rate policies, through data on net official financial flows. Based on current and expected future policies, current account imbalances in major G-20 economies are likely to widen much more in the next five years than projected by the International Monetary Fund (IMF). This paper concludes with a discussion of appropriate policies to prevent widening imbalances.
Topic:
Economics, International Trade and Finance, Markets, and Monetary Policy

2304. Security Policies of India, Brazil and South Africa – Regional Security Contexts as Constraints for a Common Agenda

Author:
Daniel Flemes and Alcides Costa Vaz
Publication Date:
02-2011
Content Type:
Working Paper
Institution:
German Institute of Global and Area Studies
Abstract:
In the course of the last decade, the IBSA states (India, Brazil, South Africa) have increased their weight in the shifting global order, particularly in economic affairs. Can the same be said about the IBSA states' position in the international security hierarchy? After locating the IBSA coalition in the shifting world order, we analyze its member states' willingness and capacity to coordinate their security policies and build a common global security agenda. In addition, we explore the state of and perspectives on bi- and trilateral collaboration initiatives on defense and armaments between India, Brazil and South Africa. A key reason for the mostly modest results of global security agenda coordination and cross-regional defense collaboration is that the prevailing security concerns of each country are located at the regional level. Therefore, the starting point of an assessment of the prospects of IBSA's security cooperation and its potential impact on the strategic global landscape has to be a comparative evaluation of the regional security environments, focusing on overlaps and potential synergies between the national security policies of the three state actors.
Topic:
Security, Defense Policy, and Economics
Political Geography:
Africa, India, and Brazil

2305. A Summary of the Liveability Ranking and Overview

Publication Date:
02-2011
Content Type:
Working Paper
Abstract:
The concept of liveability is simple: it assesses which locations around the world provide the best or the worst living conditions. Assessing liveability has a broad range of uses, from benchmarking perceptions of development levels to assigning a hardship allowance as part of expatriate relocation packages. The Economist Intelligence Unit's liveability rating quantifies the challenges that might be presented to an individual's lifestyle in any given location, and allows for direct comparison between locations. Every city is assigned a rating of relative comfort for over 30 qualitative and quantitative factors across five broad categories: stability; healthcare; culture and environment; education; and infrastructure. Each factor in a city is rated as acceptable, tolerable, uncomfortable, undesirable or intolerable. For qualitative indicators, a rating is awarded based on the judgment of in-house analysts and in-city contributors. For quantitative indicators, a rating is calculated based on the relative performance of a number of external data points. The scores are then compiled and weighted to provide a score of 1–100, where 1 is considered intolerable and 100 is considered ideal. The liveability rating is provided both as an overall score and as a score for each category. To provide points of reference, the score is also given for each category relative to New York and an overall position in the ranking of 140 cities is provided.
Topic:
Economics, Education, Environment, Health, and Infrastructure
Political Geography:
New York

2306. Popular Nationalism in China and the Sino-Japanese Relationship: The Conflict in the East China Sea

Author:
Erik Beukel
Publication Date:
02-2011
Content Type:
Working Paper
Institution:
Danish Institute for International Studies
Abstract:
The Sino-Japanese relationship is a highly complex one, marked both by Japan's aggressive wars from the 1930s on and the present economic interdependence between the two countries. Focusing on the role of the territorial conflict in the East China Sea, this DIIS Report considers how China's leaders handle anti-Japanese nationalism by adopting a Janusian stance and pursuing both China's basic interest in close economic relations with Japan and also domestic stability. After a review of Chinese and Japanese sovereignty claims in the area and of the rise of nationalism since the early 1980s, four crises over the East China Sea are examined to identify the character of and changes in China's policy. For the last ten years China's leaders have attempted to conduct a more pragmatic policy towards Japan and evade the pernicious shadow of history. But this policy faces critical problems both in a growing popular nationalism in China and in the Japanese government's lack of willingness to restrain their own nationalists and the absence of legal possibilities for them to do so.
Topic:
Conflict Resolution, Economics, and Bilateral Relations
Political Geography:
Japan, China, Israel, and Asia

2307. The Arab Revolt: Roots and Perspectives

Author:
Vicken Cheterian
Publication Date:
02-2011
Content Type:
Policy Brief
Institution:
The Geneva Centre for Security Policy
Abstract:
The Arab revolt that started in Tunisia and over¬threw the reign of Zein El-Abedeen Ben Ali is taking the form of a huge wave. The regime of Hosni Mubarak of Egypt, the central state of the Arab World, followed suit. Uprising in Libya continues, in spite of attempts by the Kaddhafi regime to kill it in blood and fire. Ali Abdallah Saleh of Yemen declared that he will not seek a new mandate, a concession which only emboldened both opposition and youth revolt. King Abdallah of Jordan sacked the unpopular government of Samir Rifai, and named Maruf Bakhit as the new prime minister and asked him to bring “true political reforms”. In a word, the entire Arab World is facing an unprecedented wave of revolt.
Topic:
Political Violence, Corruption, Economics, and Insurgency
Political Geography:
Middle East, Libya, Arabia, Egypt, and Tunisia

2308. Africa Can Feed Itself in a Generation

Author:
Calestous Juma
Publication Date:
01-2011
Content Type:
Policy Brief
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
African agriculture is at a crossroads. Persistent food shortages are now being compounded by new threats arising from climate change. But Africa also has three major opportunities that can help transform its agriculture to be a force for economic growth. First, advances in science, technology, and engineering worldwide offer Africa new tools needed to promote sustainable agriculture. Second, efforts to create regional markets will provide new incentives for agricultural production and trade. Third, a new generation of African leaders is helping the continent focus on long-term economic transformation.
Topic:
Security, Agriculture, Economics, Science and Technology, and Food
Political Geography:
Africa

2309. Popular Protest in North Africa and the Middle East (II): Yemen between Reform and Revolution

Publication Date:
03-2011
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
Even before the popular wave from Tunisia and Egypt reached Yemen, President Saleh's regime faced daunting challenges. In the north, it is battling the Huthi rebellion, in the south, an ever-growing secessionist movement. Al-Qaeda in the Arabian Peninsula is showing mounting signs of activism. Sanaa's political class is locked in a two-year battle over electoral and constitutional reforms; behind the scenes, a fierce competition for post-Saleh spoils is underway. Economic conditions for average Yemenis are dire and worsening. Now this. There is fear the protest movement could push the country to the brink and unleash broad civil strife. But it also could, and should, be a wake-up call, a catalyst for swift, far-reaching reforms leading to genuine power-sharing and accountable, representative institutions. The opposition, reformist ruling party members and civil society activists will have to work boldly together to make it happen. The international community's role is to promote national dialogue, prioritise political and economic development aid and ensure security aid is not used to suppress opposition.
Topic:
Conflict Resolution, Civil Society, Democratization, and Economics
Political Geography:
Middle East, Yemen, Arabia, North Africa, Egypt, and Tunisia

2310. Earthquake, Tsunami Hit Japan: Assessing the Economic Impact

Author:
Sheila Smith
Publication Date:
03-2011
Content Type:
Video
Institution:
Council on Foreign Relations
Abstract:
The earthquake and tsunami that hit Japan will have a severe, lasting impact on the Japanese economy, says CFR's Sheila Smith, Senior Fellow for Japan Studies.
Topic:
Economics, Energy Policy, and Natural Disasters
Political Geography:
Japan and East Asia