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1031. American Unilaterism, Foreign Economic Policy and the 'Securitisation' of Globalisation

Author:
Richard Higgott
Publication Date:
10-2003
Content Type:
Working Paper
Institution:
Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
Abstract:
This paper traces the 'securitisation' of US foreign economic policy since the advent of the Bush administration. It does so with reference to US economic policy in East Asia. It argues that in the context of US economic and military preponderance in the world order, the US has been able to resist the temptation to link foreign economic and security policy. While there was evidence of the securitisation of economic globalisation in US policy from day one of the Bush administration, it was 9/11 that firmed up this trend. For the key members of the Bush foreign policy team, globalisation is now seen not simply in neo-liberal economic terms, but also through the lenses of the national security agenda of the United States. Economic globalisation is now not only a benefit, but also a 'security problem'. 9/11 offered the opportunity for what we might call the 'unilateralist-idealists', in the Bush administration, to set in train their project for a post-sovereign approach to American foreign policy. The paper identifies some intellectual contradictions in current US strategy and raises a series of question about the implication for world order of the consolidation of the trends identified in the paper.
Topic:
Security, Economics, and Globalization
Political Geography:
United States, America, and East Asia

1032. Contagion: An Empirical Test

Author:
Jon Wongswan
Publication Date:
09-2003
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Using the conditional Capital Asset Pricing Model (CAPM), this paper tests for the existence and pattern of contagion and capital market integration in global equity markets. Contagion is defined as significant excess conditional correlation among different countries' asset returns above what could be explained by economic fundamentals (systematic risks). Capital market integration is defined as the situation in which only systematic risks are priced. The paper uses a panel of sixteen countries, divided into three blocs: Asia, Latin America, and Germany-U.K.-U.S., for the period from 1990 through 1999. The results show evidence of contagion and capital market integration. In addition, contagion is found to be a regional phenomenon.
Topic:
International Relations, Economics, Globalization, and International Trade and Finance
Political Geography:
United States, United Kingdom, Asia, Germany, and Latin America

1033. The Dignity of Difference: A Salute to Jonathan Sacks

Author:
Fred Dallmayr
Publication Date:
12-2003
Content Type:
Working Paper
Institution:
Kroc Institute for International Peace Studies, University of Notre Dame
Abstract:
In the teeth of its modern despisers, religion has made a comeback in our time — for good or ill. Too often, the negative side is in the limelight. What Gilles Kepel has called the “revenge of God” on inspection usually turns out to be the ill will and vengefulness of religious communities and their leaders. The litany of contemporary religious clashes — or conflicts in good part spawned by religious motives — is long and depressing: Christians pitted against Muslims in Africa and the Balkans; Jews against Palestinians in the Near East; Hindus against Muslims in India and Kashmir; Hindus against Buddhists in Sri Lank, not to forget the old feud between Catholics and Protestants in Northern Ireland.
Topic:
Conflict Prevention, Globalization, Peace Studies, and Religion
Political Geography:
Africa, India, Kashmir, Sri Lanka, Palestine, Balkans, and North Ireland

1034. The Changing Landscape of Financial Services in Latin America's Large Emerging Markets

Author:
Jerry Haar
Publication Date:
07-2003
Content Type:
Working Paper
Institution:
The North-South Center, University of Miami
Abstract:
The Latin American financial services sector has been profoundly affected by the sweeping economic, legal, and regulatory reforms of the 1990s. Conversely, the sector has extensively impacted the economic liberalization process that has been the hallmark of Latin American development from the late 1980s through the present. This paper highlights trends in the financial services sector; discusses the key drivers of change, both globally and regionally; illustrates how three of those drivers — mergers and acquisitions (M), technology, and customer demand — are revolutionizing this sector; and reviews the organizational and strategic responses by financial firms to an increasingly competitive environment.
Topic:
Economics, Emerging Markets, and Globalization
Political Geography:
Latin America

1035. A Global Race for Free Trade Agreements

Author:
Arne Melchior
Publication Date:
11-2003
Content Type:
Working Paper
Institution:
Norwegian Institute of International Affairs
Abstract:
The article examines the currently expanding worldwide network of bilateral free trade agreements. Following regional integration in Europe and later the Americas, the process if East Asia has accelerated from 2002. A Distinctive feature of the current stage in the expansion of FTAs beyond geographical regions and into global space, hence challenging WTOs supremacy on inter-continental trade rules. Setbacks in the WTO Doha Round may stimulate a further move towards «global bilateralism». The more such agreements in place, the greater is the incentive for new ones. Even if political obstacles hinder some agreements, the process is currently accelerating. While it is rational for countries to pursue such agreements, they should in parallel work for multilateral trade liberalisation in order to reduce the discriminatory impact of FTAs. This is needed if we are to avoid that «Most Favoured Nation» treatment under the WTO actually becomes «Least Favoured Nation» treatment: Rules that only apply to countries that are left outside the «free trade race».
Topic:
Economics, Globalization, International Trade and Finance, and Politics
Political Geography:
America, Europe, and East Asia

1036. The Intangible Globalization: Explaining the Patterns of International Trade in Services

Author:
Leo A. Grünfeld and Andreas Moxnes
Publication Date:
06-2003
Content Type:
Working Paper
Institution:
Norwegian Institute of International Affairs
Abstract:
We identify the determinants of service trade and foreign affiliate sales in a gravity model, using recently collected bilateral data for the OECD countries and their trading partners, as well as new indicators for barriers to service imports and foreign affiliate sales. We emphasize the strong links between service FDI and trade, since a large proportion of trade is facilitated through foreign affiliate sales. Trade barriers and corruption in the importing country have a strong negative impact on service trade and foreign affiliate sales. We find a strong home market effect in service trade, and rich countries do not tend to import more, which may indicate that rich countries have a competitive advantage in service trade. Free trade agreements do not contribute to increased service trade. A full liberalization of international trade in services in our model, lifts exports by as much as 50% for some countries, and no less than 30%.
Topic:
Economics, Globalization, and Science and Technology

1037. Revenue Potential of the Currency Transaction Tax for Development Finance: A Critical Appraisal

Author:
Machiko Nissanke
Publication Date:
12-2003
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
The paper assesses the potential of currency transaction taxes (CTT, widely known as the Tobin tax), to raise revenue for global development. Though Tobin proposed and others assessed CTTs in terms of reducing exchange rate volatility and improving macroeconomic policy environments, this paper considers the CTT first and foremost from the standpoint of revenue. With a view of establishing a 'permissible' range of tax rates to obtain realistic estimates of revenue potential, it first reviews the debate over the effects of CTT on market liquidity and the efficiency of foreign exchange markets, and assesses the Spahn proposal for a two-tier currency tax. It then moves to a discussion of the technical and political feasibility of CTT, followed by an evaluation of several new proposals, such as those advanced by Schmidt and Mendez. The paper presents revenue estimates from CTT in light of recent changes in the composition and structure of foreign exchange markets.
Topic:
Development, Economics, Globalization, and International Trade and Finance

1038. Measurement of a Multidimentional Index of Globalization and its Impact on Income Inequality

Author:
Almas Heshmati
Publication Date:
09-2003
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
In this paper we present two composite indices of globalization. The first is based on the Kearney/Foreign Policy magazine and the second is obtained from principal component analysis. They indicate which countries have become most globalized and show how globalization has developed over time. The indices are composed of four components: economic integration, personal contact, technology and political engagement, each generated from a number of variables. A breakdown of the index into major components provides possibilities to identify sources of globalization and associate it with economic policy measures. The empirical results show that a low rank in the globalization process is due to political and personal factors with limited possibility for the developing countries to affect. The high ranked developed countries share similar patterns in distribution of various components. The indices were also used in a regression analysis to study the causal relationship between income inequality and globalization. Globalization indices explain only 7 to 11 per cent of the variations in income inequality among countries.
Topic:
Development, Economics, and Globalization

1039. Love Us Not, Just Follow Us

Author:
Ehsan Ahrari
Publication Date:
03-2003
Content Type:
Working Paper
Institution:
Columbia International Affairs Online
Abstract:
The lone superpower has become the sole recipient of world criticism as well as praise and envy. According to a recent survey issued by the Pew Research Center, “Images of the United States have been tarnished in all types of nations: among longtime NATO allies, in developing countries, in Eastern Europe, and, most dramatically in Muslim societies.” That is the price of excellence. If others cannot be as good as you, the least they can do is admire and emulate you. The United States is criticized, and even hated in some regions, but the overriding variable is the global feeling of envy toward it. The survey underscores that the leadership of the superpower is an established phenomenon, at least for now, while its negative image continues to linger.
Topic:
Foreign Policy and Globalization
Political Geography:
United States and Middle East

1040. Globalization and the Development of Welfare States in Post-Communist Europe

Author:
Mitchell Orenstein and Martine R. Hass
Publication Date:
02-2002
Content Type:
Working Paper
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
How has globalization influenced welfare state development in postcommunist Europe? We focus on the leading East-Central European accession states, Poland, the Czech Republic, and Hungary, and show that these states have experienced radically different welfare state developments since 1989 from their neighbors in the former Soviet Union. The first pa rt of the paper proposes that these divergent paths can be explained by a “Europe effect”. We argue that the effects of globalization have differed greatly, depending on a country's position in the international economy and geopolitical relations. We demonstrate that countries closer to the European Union have used welfare state programs to compensate citizens for the traumas of system transition and economic openness, while the welfare systems in the former Soviet states have collapsed to a far greater extent, in terms of spending and effectivness.
Topic:
Communism, Globalization, and Government
Political Geography:
Europe, Eastern Europe, Poland, Soviet Union, Hungary, and Czech Republic