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2941. CIAO: Romania — Far-Right Ascendant

Author:
Caspar Fithin
Publication Date:
11-2000
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
Leftist Ion Iliescu and far-right leader Corneliu Vadim Tudor will contest the second round of the presidential election on December 10. Tudor has a real chance of defeating Iliescu. He came a strong second in the first round, owing to disgust with the outgoing coalition, a popular anti-corruption platform and a shift away from extremist rhetoric. The PRM is an unpredictable, potentially destructive force with links to the Ceausescu era and dubious security circles and, now, the ability to obstruct reforms in parliament. Iliescu's weak credentials on reform and minority questions may hinder his attempts to form a common front against Tudor.
Topic:
Government and Politics
Political Geography:
Eastern Europe and Romania

2942. CIAO: United States — 'Plan Colombia'

Author:
Caspar Fithin
Publication Date:
11-2000
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
Congressional criticism of 'Plan Colombia's' military component, and the advent of a new administration in Washington, are likely to lead to a strategic review of US policy. The outcome may be a policy that is less military focused, more regionally oriented, and based on closer cooperation with other aid donors. It has become increasingly clear that Plan Colombia can only be implemented if the EU and its member states are prepared to increase their financial contribution. This will give the Europeans considerable leverage, and they are likely to use it to insist on a less militarised approach. However, even with a change in policy emphasis, the prospects of success will remain poor.
Topic:
Government and Politics
Political Geography:
United States, Europe, Washington, and Colombia

2943. CIAO: Ghana — Vulnerable Economy

Author:
Caspar Fithin
Publication Date:
11-2000
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
Government spending is increasing in the run-up to general elections next month and attempts to liberalise the cocoa trade appear half-hearted. The effectiveness of liberal economic reforms will be constrained as long as Ghana remains vulnerable to fluctuations in the prices of a narrow range of exports. Moreover, anti-corruption measures will lose their bite if they are seen to be directed in part against the government's opponents.
Topic:
Economics, Government, Politics, and Reform
Political Geography:
Africa and Ghana

2944. CIAO: China — Market Manipulation

Author:
Caspar Fithin
Publication Date:
11-2000
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
A leaked Shanghai Stock Exchange report has detailed the extent of trading irregularities within China's domestic equity markets. In the primary market, a series of companies have falsified records on profits, assets and even entire businesses in order to publicly issue and list shares. In the secondary markets, insider trading, the spreading of false information, coordinated stock purchases, price ramping and sales of stocks by large institutional investors are common practice. The extent of trading irregularities reflects the government's preference for market growth over regulatory standardisation. This approach is undermining the CSRC's credibility. Unless regulatory practices are tightened, institutional investors will not have the maturing effect on markets and stabilising impact on prices the government seeks.
Topic:
Economics, Government, and Markets
Political Geography:
China

2945. CIAO: Canada — Pre-Election Budget

Author:
Caspar Fithin
Publication Date:
10-2000
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
Finance Minister Paul Martin announced new tax reductions in his annual economic statement this week. The mini-budget is part of the Liberal government's preparations for a general election that is expected to be called later this week. In order to secure another majority in the House of Commons, the federal Liberals will need to maintain their popularity in Ontario and increase their support in Atlantic Canada. If the Liberals fail to regain their majority, they will probably rely on the support of New Democratic legislators. If this happens, the new government would place less emphasis on tax cuts and debt reduction, and more stress on spending, than would otherwise have been the case.
Topic:
Economics, Government, and Politics
Political Geography:
Canada

2946. Iran — Investor Inhibitions

Author:
Caspar Fithin
Publication Date:
10-2000
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
This week, the Majlis approved a government bill authorising immediate use of the 2000-01 budget surplus. The windfall surplus, largely the result of increased oil revenues, should amount to 6-10 billion dollars by the end of the fiscal year in March. It will certainly transform Iran's external finances, but its impact on the domestic economy will be less immediate, and it will do little to ease investor concerns. Khatami's efforts to attract greater foreign investment depend on reform of the judiciary and other key changes to the regulatory climate. In the meantime, continuing political turmoil will deter all but those investors prepared to take a long-term view of Iran's economic potential.
Topic:
Economics, Government, International Trade and Finance, and Politics
Political Geography:
Iran and Middle East

2947. Mexico — Overheating Arguments

Author:
Caspar Fithin
Publication Date:
10-2000
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
The recommendation reflects a conflict between the bank and the finance ministry over whether or not the economy is overheating. Increasingly, the conflict is being fought in public circles after months of low-key clashes. The uncharacteristic rift between the monetary and fiscal authorities is likely to widen over the final two months of the Zedillo administration, as signs of overheating continue to accumulate. While pressure for a substantial fiscal adjustment is likely to be irresistible when Fox takes over on December 1, concerns are growing regarding his capacity to execute such a policy.
Topic:
Economics, Government, Political Economy, and Politics
Political Geography:
North America and Mexico

2948. Nigeria — Rapacious Corruption

Author:
Caspar Fithin
Publication Date:
09-2000
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
Corruption deters foreign lending and investment. Except in the oil and gas sector, Nigeria's economic advantages are not sufficiently countervailing. The national reputation for corruption encourages further abuse since no one's reputation suffers through acting dishonesty. Despite reforming efforts, grand corruption is likely to persist because of the continuing large flows through official hands of unearned income from natural resources.
Topic:
Economics, Government, and International Trade and Finance
Political Geography:
Africa and Nigeria

2949. South Africa — Mbeki Leadership

Author:
Caspar Fithin
Publication Date:
09-2000
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
Although the transition from Nelson Mandela's to Thabo Mbeki's presidency has been marked by continued political stability and conservative economic management, Mbeki's political judgement is increasingly being questioned in several key policy areas. Unless Mbeki succeeds in allaying concerns about his leadership, the stability of South Africa's present political arrangements will be undermined.
Topic:
Economics, Government, and Politics
Political Geography:
Africa and South Africa

2950. International — Capital Flight

Author:
Caspar Fithin
Publication Date:
09-2000
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
Not all capital outflows from developing countries should be characterised as capital flight; some are simply the analogues of outward FDI and portfolio diversification in the more advanced economies. Nonetheless, a substantial proportion is classic flight capital, linked to tax evasion or criminal activity, and transferred abroad via misinvoicing and complex financial transactions. Capital flight leads to a significant loss of investment in the most affluent developing countries, and a crippling one in the poorest. However, staunching the flow is likely to prove extremely difficult. It will require greater economic stability and institutional certainty in the source countries, and more rigorous tax enforcement and cooperation in the destination states.
Topic:
Economics, Emerging Markets, Government, International Trade and Finance, and Third World