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Begin New Search Topic Political Economy Publication Year within 25 Years

761. International — Market Screening

Publication Date:
02-2002
Content Type:
Policy Brief
Institution:
Oxford Analytica
Abstract:
The largest US-based pension fund last week listed 13 emerging markets that its fund managers will be allowed to invest in. Investment firms appointed by the California Public Employees' Retirement System (CalPERS) will actively manage up to one billion dollars in equity investments in 13 countries and unwind CalPERS' equity positions in markets outside them. As a large institutional investor, CalPERS' decisions have an important signalling role for a variety of institutional funds.
Topic:
Economics, Government, International Trade and Finance, and Political Economy
Political Geography:
United States

762. Reconsidering Economic Relations and Political Citizenship in the New Iberia of the New Europe: Some Lessons from the Fifteenth Anniversary of the Accession of Portugal and Spain to the European Union

Author:
Paul Christoper Manual and Sebastián Royo
Publication Date:
11-2002
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
The purpose of this paper is to use the fifteenth anniversary of the accession of Portugal and Spain to the European Union as an opportunity to reflect on what has happened to both countries since 1986. It examines the integration process and how it has affected political, economic and social developments in Portugal and in Spain over the last fifteen years. In our view, and on balance, Spain and Portugal have benefited from accession. Since the last century, the obsession of Spanish and Portuguese reformists has been to make up the lost ground with modernized Europe. EU membership has been a critical step in this direction. The record of the past fifteen years is that this dream is becoming an economic reality. Despite impressive achievements, however, namely, since 1986, Portugal's average per capita income has grown from 56 percent of the EU average to about 74 percent, whereas Spain's has grown to 83 percent—both Iberian countries still have a long way to go to reach the EU average wealth. In addition, the question of Iberian and/or European citizenship, and its impact on the Portuguese and Spanish, remains open.
Topic:
Government, International Trade and Finance, and Political Economy
Political Geography:
Europe and Spain

763. Does the European Union Strengthen the State? Democracy, Executive Power and International Cooperation

Author:
William Phelan
Publication Date:
11-2002
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
Many observers have suggested that the strengthening of executives vis-à-vis other political actors, in particular national parliaments, has been one of the principal effects of European integration (and perhaps international cooperation more generally) on national democracies, with democracy being “perverted” and parliaments becoming “rubber stamps” Moravcsik (1994) has argued that there were four theoretical ways in which international cooperation could “strengthen the state,” by redistributing institutional power, initiative (agenda-setting), information and ideas in favor of the executive in Europe. However, consideration of domestic politics in Europe shows that elites are already – for exogenous reasons – dominant in institutions, initiative and information. In Europe, therefore, the “strong” executive is not a product of European integration, and the reverse may even be true: that the dominance of the executive in national political systems has been a prerequisite for the success of European integration – that European openness has been built on national political closure. More generally, assessments of the impact of international cooperation on democracy should measure the effect of international cooperation at the margin on the existing characteristics of particular national democratic systems.
Topic:
Government and Political Economy
Political Geography:
Europe

764. By How Much Does Conflict Reduce Financial Development?

Author:
S. Mansoob Murshed, Tony Addison, and Abdur R. Chowdhury
Publication Date:
05-2002
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
Financial development is vulnerable to social conflict. Conflict reduces the demand for domestic currency as a medium of exchange and a store of value. Conflict also leads to poor quality governance, including weak regulation of the financial system, thereby undermining the sustainability of financial institutions. Conflict therefore reduces the social return to financial liberalization and other financial-sector reforms. This paper presents a theoretical model integrating the effects of conflict and financial liberalization, and then tests the model on data for 79 countries. Using an explanatory variable that measures the intensity of conflict (from low to high) the results show that conflict significantly reduces financial development, and that this negative effect increases as conflict intensifies. The paper concludes that conflict reduction is essential if financial reform is to have its full benefit for development.
Topic:
Conflict Resolution, Development, Government, and Political Economy

765. Fiscal Policy, Growth and Poverty Reduction in Uganda

Author:
Steve Kayizzi-Mugerwa
Publication Date:
03-2002
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
After more than a decade of economic decline and civil war, Uganda was able to return to economic growth thanks to the policies pursued by Museveni's National Resistance Movement which elicited considerable donor support. They include macroeconomic reforms, public sector restructuring, privatisation and decentralization, all with emphasis on poverty reduction. The government recognises that fiscal policy is the key to success and much effort has, in the past decade, gone towards fiscal reforms and the improvement of institutional capacities. Still, in a country with limited finances and a thin tax base the competition for resources has been stiff. While the government has been able to embark on initiatives such as universal primary education, thanks to an improved revenue base and donor support, the decentralization drive is hindered by serious fiscal constraints at the local level.
Topic:
Development, Government, and Political Economy
Political Geography:
Uganda and Africa

766. Composite Indexes of Leading, Coincident, and Lagging Indicators: December 2002

Publication Date:
12-2002
Content Type:
Policy Brief
Institution:
The Conference Board
Abstract:
The Conference Board announced today that the U.S. leading index increased by 0.1 percent, the coincident index held steady, and the lagging index decreased 0.3 percent in December.After declining from May through September 2002, the leading index has now improved for three straight months, suggesting a stronger economic recovery in the first half of 2003.The negative contribution from unemployment insurance claims in December was more than offset by the positive contributions from housing permits, average manufacturing workweek, and consumer expectations. The leading index has almost regained its level in May 2002, or when it started to decline.The coincident index, a measure of current economic activity, was flat in each of the last three months of 2002. But it\'s still 0.8 percent above its cyclical low reached in November 2001.
Topic:
Economics and Political Economy
Political Geography:
United States

767. Composite Indexes of Leading, Coincident, and Lagging Indicators: November 2002

Publication Date:
11-2002
Content Type:
Policy Brief
Institution:
The Conference Board
Abstract:
The Conference Board announced today that the U.S. leading index increased by 0.7 percent, the coincident index increased by 0.1 percent, and the lagging index decreased 0.2 percent in November.This month's gain in the leading index is the largest since December of last year. With this increase, the index has now recovered its losses since May 2002, and is nearly 3.6 percent above its most recent trough in March 2001.Strength in the financial sector - coupled with a rebound in consumer expectations and a decline in unemployment insurance claims - contributed to the increase in the leading index this month.The coincident index, a measure of current economic activity, increased modestly in November. Despite this increase, the coincident index remains essentially flat since July 2002, reflecting a sluggish recovery from the last recession.
Topic:
Economics and Political Economy
Political Geography:
United States

768. Composite Indexes of Leading, Coincident, and Lagging Indicators: October 2002

Publication Date:
10-2002
Content Type:
Policy Brief
Institution:
The Conference Board
Abstract:
The Conference Board announced today that the U.S. leading, coincident and lagging indexes all held steady in October.Strong real money growth and lower unemployment claims in October offset weak consumer expectations and faster deliveries, as measured by vendor performance.The coincident index performance continues to suggest a recovering yet fragile economy. Industrial production has shed some of its gains from the first half of the year and nonagricultural employment has essentially remained unchanged. Moderate growth in personal income and manufacturing and trade sales continue to sustain economic growth.Although the leading index has been flat or declining over the past five months, it is only 0.2 percent below its level from April of this year.
Topic:
Economics and Political Economy
Political Geography:
United States

769. Composite Indexes of Leading, Coincident, and Lagging Indicators: September 2002

Publication Date:
09-2002
Content Type:
Policy Brief
Institution:
The Conference Board
Abstract:
The Conference Board announced today that the U.S. leading index decreased 0.2 percent, the coincident index held steady, and the lagging index decreased 0.6 percent in September.The leading index declined for the fourth consecutive month in September. This weakness has been primarily fueled by weak equity markets, a narrowing interest rate spread, and deteriorating consumer expectations.The six-month diffusion index of the leading index, which measures the proportion of components that are rising in a six-month span, is at 50 percent. Over the past several months, this index has continued to deteriorate, which is an indication of spreading weakness among the leading components.The coincident index continues to show a weak economic recovery. Industrial production and nonagricultural payrolls showed mild weakness in September but were offset by modest gains in income and manufacturing and trade sales.
Topic:
Economics and Political Economy
Political Geography:
United States

770. Composite Indexes of Leading, Coincident, and Lagging Indicators: August 2002

Publication Date:
08-2002
Content Type:
Policy Brief
Institution:
The Conference Board
Abstract:
The Conference Board announced today that the U.S. leading index decreased 0.2 percent, the coincident index increased 0.1 percent, and the lagging index decreased 0.1 percent in August.The leading index declined for the third month in a row in August. This was the first time in fifteen months that the six-month growth rate was negative.The weakness in the leading index was widespread, with a majority of the components showing declines.The coincident index continues to indicate a weak economic recovery. Industrial production declined for the first time this year and the other three components showed little improvement.
Topic:
Economics and Political Economy
Political Geography:
United States