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3251. Why Are Saving Rates of Urban Households in China Rising?

Author:
Eswar Prasad and Marcos Chamon
Publication Date:
12-2008
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
From 1995 to 2005, the average urban household saving rate in China rose by 7 percentage points, to about one quarter of disposable income. We use household-level data to explain why households are postponing consumption despite rapid income growth. Tracing cohorts over time indicates a virtual absence of consumption smoothing over the life cycle. Saving rates have increased across all demographic groups although the age profile of savings has an unusual pattern in recent years, with younger and older households having relatively high saving rates. We argue that these patterns are best explained by the rising private burden of expenditures on housing, education, and health care. These effects and precautionary motives may have been amplified by financial underdevelopment, as reflected in constraints on borrowing against future income and low returns on financial assets.
Topic:
Economics, Education, Emerging Markets, and Health
Political Geography:
China and Israel

3252. The Diversification Challenge in Africa's Resource-Rich Economies

Author:
John Page
Publication Date:
12-2008
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
For a growing number of countries in Africa the current commodity boom is a huge opportunity. But if the economic history of resource-rich, poor countries-especially in Africa-is any guide, rather than bringing prosperity, the resource boom may drive them into what Paul Collier (2007) in his influential book The Bottom Billion terms the "Natural Resources Trap." In Africa, countries dependent on oil, gas, and mining have tended to have weaker long-run growth, higher rates of poverty, and higher inequality than Non mineral-dependent economies at similar levels of income.
Topic:
Development, Economics, Political Economy, and Poverty
Political Geography:
Africa

3253. The Post-2010 Lisbon Process: The Key Role of Education in Employment and Competitiveness

Author:
Daniel Gros and Felix Roth
Publication Date:
12-2008
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This paper points out that education should be the central objective of the post-2010 Lisbon Process. Compared to other OECD countries, the member states of the European Union perform poorly when it comes to key indicators of innovative potential, such as the percentage of students enrolled in tertiary education and the educational quality of Europe's students. Education makes a three-fold contribution to a country's economic health. First it is beneficial for employment rates, second it is a key driver for long-term economic growth and third it appears to be beneficial for social cohesion. It will be crucial for European countries to attain higher levels of tertiary education and increase the quality of their education.
Topic:
Economics, Education, and Regional Cooperation
Political Geography:
Europe and Lisbon

3254. The Coming Oil Supply Crunch

Author:
Paul Stevens
Publication Date:
08-2008
Content Type:
Working Paper
Institution:
Chatham House
Abstract:
This report argues that unless there is a collapse in oil demand within the next five to ten years, there will be serious oil 'supply crunch'–not because of below-ground resource constraints but because of inadequate investment by international oil companies (IOCs) and national oil companies (NOCs). An oil supply crunch is where excess crude producing capacity falls to low levels and is followed by a crude 'outage' leading to a price spike. If this happens then the resulting price spike will carry serious policy implications with long-lasting effects on the global energy picture.
Topic:
Security, Economics, Energy Policy, Markets, and International Security

3255. After the Doha Débâcle: What Next for the Global Trade System?

Author:
Guy de Jonquières
Publication Date:
09-2008
Content Type:
Policy Brief
Institution:
Chatham House
Abstract:
The troubled history of the Doha trade talks, which suffered their latest breakdown in July 2008, is due to more than differences between members' negotiating positions. It is a symptom of deeper institutional problems in the WTO, as it struggles to adjust to global economic change. At stake are not only prospects for a further push to open world markets, but the primacy of the WTO as the maker and enforcer of the multilateral rules that underpin the international economic order. Although reforms of WTO procedures may be desirable, they will not be enough to restore momentum. WTO members need also to develop a new model of leadership, define a clearer mission for the organization and pursue domestic policies that buttress its role. It is unclear whether governments possess the political energy or commitment required to undertake that effort. But continued drift risks weakening the organization and could, in the longer term, undermine the integrity of the rules-based trade system.
Topic:
International Relations, Economics, Globalization, International Political Economy, and International Trade and Finance

3256. Synchronized Dive into Recession: Focus on Damage Limitation

Author:
Vanessa Rossi
Publication Date:
10-2008
Content Type:
Policy Brief
Institution:
Chatham House
Abstract:
The global financial system has suffered a once-in-a-century meltdown that almost brought the world economy to a halt in late September. Confidence and trust have been shattered. In spite of concerted and extraordinary efforts on the part of central banks and political leaders, including recapitalizing the banks, it is not yet certain that the waves of panic and destruction have been halted. Many of the repercussions have yet to emerge, including possible legal action as well as economic damage. Even before this latest explosion, the leading OECD economies were plunging into an unusually synchronized recession, driven by the simultaneous collapse in consumer and business spending. This will now get worse.
Topic:
Debt, Economics, Globalization, International Political Economy, and Markets

3257. The Nordic Path of Spain's Mediterranean Welfare

Author:
Luis Moreno
Publication Date:
01-2008
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
Despite the fact that the Nordic welfare model has become less exceptional in recent times, it continues to offer numerous examples for “best practices” in social policy provision, together with a high degree of welfare political legitimacy. This paper explores Nordic “benchmarking” as reference to the case of welfare development in Spain. In the general process of convergence of the European welfare states towards the middle, the Spanish case stands out as the one Mediterranean EU country which has gone further in incorporating inputs and traits of the social-democratic Nordic world of welfare capitalism. While Spain's welfare state has become more liberal in macroeconomic policies, and social policymaking has followed a pattern of universalization of welfare entitlements and provision, there has been a detachment from the Bismarckian principle of income maintenance. This paper deals with Spain's evolution in two main areas, which have distinctively characterized Nordic welfare in contemporary times: fiscal resources, and female employment. The analytical purpose of the first section is to ponder the claim as to whether or not Spanish welfare has intensified a socioeconomic path in the direction of the Nordic model. Subsequently, Spain's societal changes and welfare reforms are reviewed with relation to the two areas identified as having the greatest impact in the future evolution of Spain's welfare: conciliation of work and family life, and the territorial politics of welfare provision. Concluding remarks speculate on the hypothesis that countries with fragmented political institutions and a decentralized state organization, such as Spain, may move faster and be more responsive in the development of new welfare Polices. Likewise, the emergence of gender and family issues into the political arena is also regarded as generating pressure for major changes in Spain's Mediterranean welfare, and possibly intensifying its Nordic path or component.
Topic:
Security, Economics, Markets, Migration, and Poverty
Political Geography:
Europe and Spain

3258. Hawk and handsaws: What can France learn from the "Nordic Model"?

Author:
Éloi Laurent and Jean-Paul Fitoussi
Publication Date:
01-2008
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
In this paper, we try to point out some important weaknesses of the contemporary French social-economic model, focusing on relevant elements of comparison with Nordic countries. In doing so, we rely on the idea that large and small countries differ in terms of growth and governance strategies. Hence, while a look at the “Nordic model” can be a good way to reveal of some of France's major problems, it is also an ambiguous template for reform. The paper starts by examining the question of growth strategy (macroeconomic management and structural reforms), then goes on to investigate governance strategy (trust, confidence, governance quality) and finally explores the issues of diversity and integration policy.
Topic:
Economics, Markets, Political Economy, and Political Theory
Political Geography:
Europe

3259. D6. Pres. George W. Bush, Address to the World Economic Forum, Sharm al-Shaykh, Egypt, 18 May 2008 (excerpts)

Publication Date:
06-2008
Content Type:
Journal Article
Journal:
Journal of Palestine Studies
Institution:
Institute for Palestine Studies
Abstract:
Following his visit to Israel, George W. Bush made stops in Saudi Arabia and Egypt to visit with Saudi King Abdallah and Egyptian pres. Husni Mubarak and to attend the World Economic Forum. The full speech is available at www.whitehouse.gov.
Topic:
Economics
Political Geography:
Israel, Saudi Arabia, and Egypt

3260. Educational Exchange between the United States and China

Publication Date:
07-2008
Content Type:
Policy Brief
Institution:
Institute of International Education
Abstract:
Few countries have seen such rapid economic and educational change in so short a time period as China. Since 1978, when Deng Xiaoping began to send students and scholars to study abroad in large numbers as part of his broad modernization efforts, some 800,000 Chinese students and scholars have studied outside their home country. These numbers make China the overall largest supplier of international students to countries around the world over the past decade. The liberalization of the education sector, which accompanied China's entry into the World Trade Organization in 2001, has also permitted more students from outside China to enter the Chinese educational system. The number of Americans studying abroad in China increased by over 500% in the past ten years, making China one of the top 10 study abroad destination countries for U.S. students, and one of the top 10 host countries for all internationally mobile students.
Topic:
Foreign Policy, Economics, Education, and International Affairs
Political Geography:
United States and China