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35051. Patience, Persistence, and Welfare Costs of Incomplete Markets in Open Economies

Author:
Jinill Kim, Andrew Levin, and Sunghyun Henry Kim
Publication Date:
02-2001
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
In this paper, we investigate the welfare implications of alternative financial market structures in a two-country endowment economy model. In particular, we obtain an analytic expression for the expected lifetime utility of the representative household when sovereign bonds are the only internationally traded asset, and we compare this welfare level with that obtained under complete asset markets. The welfare cost of incomplete markets is negligible if agents are very patient and shocks are not very persistent, but this cost is dramatically larger if agents are relatively impatient and shocks are highly persistent. For realistic cases in which agents are very patient and shocks are highly persistent (that is, the discount factor and the first-order autocorrelation are both near unity), the welfare cost of incomplete markets is highly sensitive to the specific values of these parameters. Finally, using a non-linear solution algorithm, we confirm that a two-country production economy with endogenous labor supply has qualitatively similar welfare properties.
Topic:
Economics, Human Welfare, and International Trade and Finance
Political Geography:
United States

35052. North Korea's Engagement—Perspectives, Outlook, and Implications

Author:
Mitchell B. Reiss
Publication Date:
02-2001
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
The National Intelligence Council (NIC) held a conference on 23 February 2001 in cooperation with the Federal Research Division of the Library of Congress on "North Korea's Engagement—Perspectives, Outlook and Implications." The conference featured discussion of seven commissioned papers that are published in this report. Sixty government and nongovernment specialists participated in the conference. Following is a brief summary of the views of the specialists.
Topic:
International Relations and Nuclear Weapons
Political Geography:
United States, Asia, and North Korea

35053. Report of the Defense Science Board Task Force on Options for Acquisition of the Advanced Targeting Pod and Advanced Targeting FLIR Pod

Publication Date:
02-2001
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
The Under Secretary of Defense (AT) requested that the DSB form a brief study of ongoing Navy and Air Force programs aimed at developing advanced laser guided weapon targeting pods for their tactical aircraft. This request for a DSB Task Force was occasioned by Congressional interest in the possibilities of a Joint development and production program for these pods.
Topic:
Defense Policy, Development, and Science and Technology
Political Geography:
United States

35054. Protecting the Homeland: Report of the Defense Science Board Task Force on Defensive Information Operations 2000 Summer Study Volume I

Publication Date:
02-2001
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
The task forces see a spectrum of threats to the homeland emerging. The 2000 summer study begins a series of studies byt he Defense Science Board aimed at assisting the Department of Defense and the Intelligence Community in defining their roles in protecting the nation from unconventional attacks on the United States. Other studies now planned as part of this series of studies include Defense Against Chemical Warfare Attack: Countering the Strategic Nuclear Threat in the 21st century; a follow-up study on Intelligence on Threats to the Homeland; and a second study on the issues associated with Defense Against Biological Warfare Attack. The focus of all these DSB studies is on identifying the technology and operational capability needed to protect the homeland. It is not on the assignment of roles and missions for employing said capabilities. Significant recommendations are made in these reports including suggestions for implementation.
Topic:
Defense Policy, Development, and Science and Technology
Political Geography:
United States

35055. Report of the Defense Science Board Task Force on Improving Fuel Efficiency of Weapons Platforms

Publication Date:
01-2001
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
The Under Secretary of Defense (Acquisition, Technology and Logistics), recognizing the crucial importance of weapons platform fuel usage to U.S. military capability, requested that the Defense Science Board form a task force on Improving Fuel Efficiency of Weapons Platforms. Asked to consider existing or emerging technologies that could significantly improve platform efficiency, the task force also examined institutional barriers that exist and must be overcome to understand and capture the full advantages of more efficient military systems.
Topic:
Defense Policy, Environment, and Science and Technology
Political Geography:
United States

35056. Report of the Defense Science Board Task Force on Training Superiority Training Surprise

Author:
Ralph Chatham and Joe Braddock
Publication Date:
01-2001
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
In late 1998 the Undersecretary of Defense (Personnel Readiness), the Director, Defense Research and Engineering, and the Joint Chiefs of Staff requested the Defense Science Board to create a task force on training and education. Drs. Joe Braddock and Ralph Chatham were appointed co-chairmen. The task force met periodically throughout 1999 and early 2000. This document is the report of our deliberations.
Topic:
Defense Policy, Development, and Science and Technology
Political Geography:
United States

35057. The Third Yugoslavia, 1992 - 2001

Author:
Sabrina P. Ramet
Publication Date:
06-2001
Content Type:
Working Paper
Institution:
The Wilson Center
Abstract:
The Milosevic regime was a classic example of what has been called a “democradura,” i.e., a system which combined some of the mechanisms of democracy (with the result that Milosevic's Socialists were, at one point, forced to enter into a coalition with Seselj's Radicals, in order to form a government) with many overtly authoritarian features (among which one might mention the constriction of press freedom, the use of the police against the political opposition, and systematic violations of human rights). It was also a regime which drew its energy from the manipulation of Serbian nationalism, even if, as has been argued, Milosevic himself was not an ideological nationalist. To the extent that xenophobia lay at the heart of Serbian nationalism, the regime found itself relying on an ideology which consisted of an explicit repudiation of such values as tolerance, equality of peoples, respect for the harm principle, and individual rights.
Topic:
International Relations, Democratization, and Politics
Political Geography:
Europe and Yugoslavia

35058. The Poles and Their Past: Society, Historiography and the Legislation Process

Author:
Andrzej Paczkowski
Publication Date:
05-2001
Content Type:
Working Paper
Institution:
The Wilson Center
Abstract:
The Polish nation had experienced both Nazism and communism. These were not equal experiences, and social memory about them differs to a considerable degree. In order to perform such an operation, it would be necessary to halt history in June 1941. Since it is impossible to stop history in order to examine the period from mid-September 1939 to June 1941, it is helpful to study Polish recollections of their experiences so as to understand their continued impact on national history and memory.
Topic:
Civil Society, Human Welfare, and Politics
Political Geography:
Europe

35059. Violence Against Women in Post-communist Societies: Benefits and Changes

Author:
Vesna Nikolic-Ristanovic
Publication Date:
05-2001
Content Type:
Working Paper
Institution:
The Wilson Center
Abstract:
Social changes, which recently occurred in post-communist countries, brought new opportunities for positive developments and offered the possibility of choice. In most countries, the social transition brought an opening of borders, enabling an influx of positive as well as negative influences. However, even the general positive impact of social changes is typically followed by more negative consequences in the everyday life of the people. The most dramatic consequences of social transition, manifested in a significant rise of unemployment and the loss of many social benefits. These developments are directly related to the replacement of planned, centralized economies by the market and the privatization of state property. Most people lost their previous social security benefits and, despite the fact that the general character of communism was “equality in poverty,” the social transition was a source of serious stress and numerous existential problems. This was further intensified by the fact that, at the same time, the growing import of both material goods and the American way of thinking, i.e. consumerism spirit of the West, urged people to achieve their “American dreams” at any cost.
Topic:
Conflict Prevention, Civil Society, Human Welfare, and Privatization
Political Geography:
America and Europe

35060. Decentralization and Regionalization after Communism: Lessons from Administrative and Territorial Reform in Poland and the Czech Republic

Author:
Jennifer Yoder
Publication Date:
04-2001
Content Type:
Working Paper
Institution:
The Wilson Center
Abstract:
While the regional level of authority has gained much attention in recent years in Western Europe, Eastern Europe is still emerging from decades of centralization and homogenization under communism. Several post-communist countries, however, have taken steps toward administrative decentralization and territorial regionalization. This article explores possible reasons for taking these steps and traces the progress of administrative and territorial reform in two post-communist cases: Poland and the Czech Republic. The conclusion considers several implications of these reforms for domestic politics and foreign relations.
Topic:
International Relations, Government, and Politics
Political Geography:
Europe