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4881. Social and Economic Decline as Factors in Conflict in the Caucasus

Author:
Svetlana Glinkina and Dorothy Rosenberg
Publication Date:
02-2003
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
We argue that the conflicts in the Caucasus are the result of the abrogation by the elite of the earlier, Soviet era, social contract. This process was accompanied by the collapse of the formal economy; evidenced by huge national income compression, falling public goods provision, and growing inequality and poverty. In the absence of state provision of basic amenities and governance, ordinary people are compelled to fall back on kinship ties. Declining standards of governance facilitate state-sponsored corruption and criminality in a setting where the shadow economic activity is increasingly important to individual survival strategies. Oil pipelines and the right to control the transit of goods both legal and illegal also underlie conflict in the region. Criminality has replaced ethnicity as the major motivation for conflict and conflict per se has become a lucrative source of income.
Topic:
Economics, Ethnic Conflict, and Poverty
Political Geography:
Russia, Europe, Asia, and Soviet Union

4882. Economic and Theological Approaches to Debt Cancellation

Author:
Robbie Mochrie
Publication Date:
02-2003
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
Differences in economic and theological approaches to debt cancellation result from differences in disciplinary assumptions in respect of purpose, method, and argument. We argue that they provide alternative commentaries upon the need for debt cancellation, but that it is not possible to demonstrate the superiority of one over the other, so practitioners in one are likely to continue to find it difficult to respond meaningfully to arguments from the other.
Topic:
Debt, Economics, Non-Governmental Organization, and Religion

4883. Aid Disaggregation, Endogenous Aid and the Public Sector in Aid-Recipient Economies: Evidence from Côte d'Ivoire

Author:
George Mavrotas and Bazoumana Ouattara
Publication Date:
02-2003
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
The present paper examines the impact of different aid types, namely project aid, programme aid, technical assistance and food aid on the fiscal sector of the aid-recipient economy by using time-series data for Côte d'Ivoire over the period 1975–99. Empirical results obtained by estimating correctly the solution of the theoretical model show that when a single value (or aggregated) for aid is used, foreign aid is fully consumed in the case of Côte d'Ivoire. However, results obtained under the assumption of aid heterogeneity clearly suggest that the government responds differently according to the nature of the aid inflows. Our approach sheds plenty of light on how the aid-recipient government reacts to different categories of foreign aid inflows and the empirical findings clearly demonstrate the importance of the aid disaggregation approach for delving deeper into aid effectiveness issues.
Topic:
Development, Economics, Emerging Markets, and Non-Governmental Organization
Political Geography:
Africa

4884. Financial Sector Development — Futile or Fruitful? An Examination of the Determinants of Savings in Sri Lanka

Author:
George Mavrotas and Roger Kelly
Publication Date:
02-2003
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
This paper documents the financial and institutional developments of China during the past two decades, when China was successfully transformed from a rigid centralplanning economy to a dynamic market economy following its unique path. We empirically examine the relationship between financial development and economic growth in China by employing a panel sample covering 31 Chinese provinces during the important transition period 1986-2002. Our evidence suggests that the development of financial markets, institutions, and instruments have been robustly associated with economic growth in China.
Topic:
Development, Economics, Emerging Markets, and International Trade and Finance
Political Geography:
South Asia

4885. Financial Sector Reforms and Savings Mobilization in Zambia

Author:
George Mavrotas and Samuel Manzele Maimbo
Publication Date:
02-2003
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
The paper explores the relationship between financial sector reforms and savings mobilization in Zambia. Although there exists an extensive literature on financial sector development and savings levels in developing countries, there does not seem to exist satisfactory work on the above nexus for sub-Saharan African countries, particularly Zambia. Along these lines, the paper examines the linkages between the financial reforms of the early 1990s and savings mobilization. It considers the characteristics of banks and non-bank financial institutions, especially micro finance institutions, and savings levels and identifies problems associated with the relatively poor performance of savings in recent years and concludes with a set of policy guidelines for strengthening savings mobilization, highlighting the expected effect on povertyreducing growth.
Topic:
Development, Economics, Emerging Markets, and International Trade and Finance
Political Geography:
Africa and Nordic Nations

4886. Savings and Financial Sector Development: Panel Cointegration Evidence from Africa

Author:
George Mavrotas and Roger Kelly
Publication Date:
02-2003
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
The paper uses different measures of financial sector development for a dynamic heterogeneous panel of 17 African countries to examine the impact of financial sector development on private savings. An innovative econometric methodology is also employed related to a series of cointegration tests within a panel. This is an important contribution since traditional panel data analysis adopted in previous studies suffers from serious heterogeneity bias problems. The empirical results obtained vary considerably among countries in the panel, thus highlighting the importance of using different measures of financial sector development rather than a single indicator. The evidence is rather inconclusive, although in most of the countries in the sample a positive relationship between financial sector development and private savings seems to hold. The empirical analysis also suggests that a change in government savings is offset by an opposite change in private savings in most of the countries in the panel, thus confirming the Ricardian equivalence hypothesis. Liquidity constraints do not seem to play a vital role in most of the African countries in the group, since the relevant coefficient is negative and significant in only a small group of countries
Topic:
Development, Economics, Emerging Markets, and Poverty
Political Geography:
Africa

4887. The Composition of Aid and the Fiscal Sector in an Aid-Recipient Economy: A Model

Author:
George Mavrotas and Bazoumana Ouattara
Publication Date:
02-2003
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
Building on recent work in the fiscal response literature, the present paper develops a new fiscal response model, which, for the first time in the relevant literature, combines the ideas of both endogenous and disaggregated aid. We endogenized aid on the grounds that the recipient government has some influence over aid disbursements. Regarding aid disaggregation, it is argued that each of the main four categories of aid, namely project aid, programme aid, technical assistance and food aid may exert different effects on the recipient economy. Furthermore, in case the preferences of the aid-recipient government are higher for some of these types of aid, neglecting aid disaggregation would lead to aggregation bias in the results and conclusions. The model adds an important new dimension to the vast aid effectiveness literature and calls for further modelling as well as empirical work in this promising research area so that significant policy implications can be derived.
Topic:
Development, Economics, Emerging Markets, Non-Governmental Organization, and Poverty

4888. A Holistic Perception of Foreign Financing of Developing Countries' Private Sectors: Analysis and Description of Structure and Trends

Author:
Matthew Odedokun
Publication Date:
03-2003
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
The study seeks to identify donor-specific factors that cause donors to delay aid disbursement, and to apply a double standard in dealing with the non-compliance of a recipient with regard to aid conditionalities, a practice that promotes uncertainty in the receipt of aid. Annual panel data over 1970-2000 for the 22 members of OECD's DAC donor group are employed in the empirical study. Our findings suggest that the proportion of pledged aid being disbursed, which shows an increasing trend, is positively affected by the extent to which aid is procurement-tied and by the size of the donor government's expenditure in relation to GDP. On the other hand, the proportion of aid commitments being disbursed, which appears lower for the G7 countries, is negatively influenced by factors such as abundant donor generosity, the predominance of grants in total aid, the specific targeting of aid to lower-income recipients, high growth in donor economy, as well as high level of checks and balances, and polarization between the executive and legislative branches of government in the donor country.
Topic:
Development, Economics, Emerging Markets, International Trade and Finance, and Non-Governmental Organization

4889. EU-U.S. Relations beyond Iraq: Setting the Terms of Complementarity

Author:
Simon Serfaty
Publication Date:
04-2003
Content Type:
Policy Brief
Institution:
Center for Strategic and International Studies
Abstract:
The North Atlantic Treaty Organization (NATO) and the European Union (EU) have been significant institutional casualties of the war in Iraq. European heads of state and government who joined the coalition of the willing organized by President George W. Bush (with a decisive assist from Prime Minister Tony Blair) often did so in spite of significant opposition from their general public. States that gathered, vocally or passively, in the coalition of the unwilling (and even resentful) organized by President Jacques Chirac (with a decisive assist from Chancellor Gerhard Schroeder) did so at the expense of a Euro-Atlantic structure within which the states of Europe have gained unprecedented security, stability, and prosperity. As the first phase of the coalition's military action in Iraq comes to an end, the prevailing view in the United States is that the EU is a troubled and troubling union: troubled in terms of its internal divisions, and troubling in terms of the motivation that seems to underline the actions of its older members. As for NATO, the prevailing view is that it is a fading organization with a blocking minority of members who are not only unwilling but also broadly incapable and frankly irrelevant.
Topic:
Economics and Politics
Political Geography:
United States, Europe, and Middle East

4890. The Future of the Transatlantic Defense Community

Author:
Felix G. Rohatyn and Jean-Paul Béchat
Publication Date:
02-2003
Content Type:
Policy Brief
Institution:
Center for Strategic and International Studies
Abstract:
On January 24, 2003, the CSIS Commission on Transatlantic Security and Industrial Cooperation in the Twenty-First Century, under the leadership of CSIS president and CEO John J. Hamre, released its final report, The Future of the Transatlantic Defense Community. Cochaired by Jean-Paul Béchat, chairman and CEO of SNECMA and president (in 2001-2002) of the European Association of Aerospace Industries (AECMA), and former U. S. ambassador to France Felix G. Rohatyn, this Commission consisted of 22 senior business leaders and former policymakers from both sides of the Atlantic. An Experts Group, directed by CSIS Europe Program director Simon Serfaty and composed of several representatives from the private and public sectors and academia, assisted the Commission in its work.
Topic:
Economics and Politics
Political Geography:
United States, Europe, and Middle East