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241. An Analysis of the Legal Framework for Public Debt Management in Zambia

Author:
Florence Banda-Muleya, Mbewe Kalikeka, Zambwe Shingwele, Philip Ngongo, and Shebo Nalishebo
Publication Date:
04-2020
Content Type:
Working Paper
Institution:
Zambia Institute for Policy Analysis and Research (ZIPAR)
Abstract:
Zambia’s current legal framework for public debt management is inadequate. The high level of external debt standing at US$11.2 billion and domestic debt at K80.2 billion due to fast pace of debt contraction; the resulting heightened risk of debt distress; and the weak implementation of the 2017-2019 Medium Term Debt Strategy (MTDS), raise questions on the adequacy of the laws that govern public debt management. Now more than ever, with Zambia quickly headed to its first bullet repayment on its Eurobond debt, the country needs to enhance its legal framework on Public Debt Management (PDM).
Topic:
Debt, Government, Economy, and Public Debt
Political Geography:
Africa and Zambia

242. Corona Politics: The cost of mismanaging pandemics

Author:
Helios Herrera, Maximilian Konradt, Guillermo Ordoñez, and Christoph Trebesch
Publication Date:
09-2020
Content Type:
Working Paper
Institution:
Kiel Institute for the World Economy (IfW)
Abstract:
The Covid-19 pandemic is a major test for governments around the world. We study the political consequences of (mis-)managing the Covid crisis by constructing a highfrequency dataset of government approval for 35 countries. In the first weeks after the outbreak, approval rates for incumbents increase strongly, consistent with a global “rally around the flag” effect. Approval, however, drops again in countries where Covid cases continue to grow. This is especially true for governments that do not implement stringent policies to control the number of infections. Overall, the evidence suggests that loose pandemic policies are politically costly. Governments that placed more weight on health rather than short-term economic outcomes obtained higher approval.
Topic:
Government, Health, International Political Economy, Health Care Policy, Pandemic, and COVID-19
Political Geography:
Global Focus

243. Institutional design and spatial (in)equality: the Janus face of economic integration

Author:
Ingrid Ott and Susanne Soretz
Publication Date:
08-2020
Content Type:
Working Paper
Institution:
Kiel Institute for the World Economy (IfW)
Abstract:
This paper analyzes within a spatial endogenous growth setting the impact of public policy coordination on agglomeration. Governments in each of the two symmetric regions provide a local public input that becomes globally effective due to integration. Micro-foundation of governmental behavior is based on three different coordination schemes: autarky, full or partial coordination. Scale effects act as agglomeration force and in addition to private capital agglomeration increase the concentration of the public input. Integration promotes dispersion forces with respect to the distribution of physical capital which are based on decreasing private returns. However, within the governments’ decision on the concentration of the public input, increasing integration reinforces agglomeration because it promotes the interregional productive use of the public input. Taking feedback effects between the private and the public sector into account leads to mutual reinforcement, hence agglomeration forces almost always dominate and the spreading equilibrium becomes unstable. If convergence is a separate (additional) political objective, it needs sustained additional political effort.
Topic:
Government, International Political Economy, Economic Growth, Public Policy, Private Sector, and Capital
Political Geography:
Global Focus

244. Lebanon as a Test Case for the EU’s Logic of Governmentality in Refugee Challenges

Author:
Tamirace Fakhoury
Publication Date:
12-2020
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
Prior to 2011, Lebanon was no traditional gatekeeper in managing migrant and refugee flows to the EU. Following mass refugee influx from Syria, the small Middle Eastern state acquired key importance in the EU’s architecture of externalisation, alternatively framed as the set of norms and practices that the EU crafts to govern migration from a distance. Lebanon currently hosts more than 1.5 million Syrian refugees and since 2012 the EU has been the key funding power seeking to help the refugee-hosting state cope with the spillover effects that mass displacement brought about on the country. The EU’s recently published New Pact on Migration and Asylum reiterates support to refugees and refugee-hosting countries – including those in Syria’s neighbourhood – as one of the central elements of cooperation with third countries on migration and displacement. After nearly a decade of cooperation between the EU and Lebanon in this area, and ahead of the EU’s new budgetary and policy-planning cycle (2021–27), now is a key moment to critically assess EU-Lebanon cooperation on displacement from Syria.
Topic:
Government, Foreign Aid, European Union, Refugees, Economy, and Syrian War
Political Geography:
Europe, Middle East, Lebanon, and Syria

245. How Chinese Local Governments are Expanding Foreign Economic Cooperation

Author:
Sanghun Lee, Hongwon Kim, Joohye Kim, Jiwon Choi, and Jaehee Choi
Publication Date:
10-2020
Content Type:
Policy Brief
Institution:
Korea Institute for International Economic Policy (KIEP)
Abstract:
As the Chinese economy becomes more advanced and the internal and external economic environment surrounding China changes, so too does China’s strategy for external openness and economic cooperation. Accordingly, specific policies are diversifying from the past focus on manufacturing and foreign direct investment to services, overseas investment, bilateral and multilateral FTAs, and bilateral investment treaties (BITs). As the central government’s policy stance changes, China’s local governments are also promoting external openness and cooperation based on regional development stages, industrial structure, and regional development policies, reflecting the central government’s strategy. In particular, after the 19th Party Congress, the central government showed a strategic stance expanding external openness. In response, local governments have moved away from the traditional method of cooperation in the manufacturing sector centered on industrial complexes, and in recent years various cooperative methods have been promoted, including regional economic integration, service and investment, the use of FTAs, and innovations in institutions to expand external openness. Along with the shift in China’s foreign economic strategy, the economic cooperation environment surrounding Korea and China is changing as well, including the strengthening of protectionism, structural changes in the Chinese economy, the Korea-China FTA coming into effect, and the launch of follow-up negotiations. Therefore Korea needs to find new strategies and measures for economic cooperation with China, making it time to find new ways to expand cooperation with China’s central and local governments. Against this backdrop, this study aims to analyze the strategies, detailed policies and major cases of China’s central and local governments’ external openness and economic cooperation, and to draw policy implications for strengthening economic cooperation between Korea and China in the future.
Topic:
Government, Foreign Direct Investment, Economy, and Economic Cooperation
Political Geography:
China and Asia

246. Special Commentary: “Hole” of Government: What COVID-19 Reveals about American Security Planning

Author:
Isaiah Wilson III
Publication Date:
05-2020
Content Type:
Commentary and Analysis
Institution:
The Strategic Studies Institute of the U.S. Army War College
Abstract:
Almost no more need be said. This is not the traditional “monster” America prepared to destroy. But, it is the monster we face. The coronavirus, COVID-19, typifies the “compound” nature of today’s security threats. This deadly adversary is inimical to accepted international laws and conventions regarding warfare and human security protections. It is a true omnivore, respecting no borders and consuming all classes, genders, races, and faiths. This adversary has driven mass societal disruption and managed in about four months’ time to infect over 1.2 million (confirmed cases) with nearly 72,000 deaths, in the United States alone. Worldwide economic recession, even depression, seems likely and national publics now question their governments’ capacity and will to contain the adversary. Should governments fail to do so (most experts agree that the opportunity to contain COVID-19 is lost), big-data computer projections predict as many as 173,000 could die in the United States by the end of May 2020. The yet untold damage from such a toll across all sectors—political, economic, and societal—is incalculable. The potential for a global paradigm shift in the way we should perceive these threats is real. Some may ask, why speak of combatting a global pandemic as though we are waging an epochal war? This moment takes the popular fashion of war rhetoric beyond the metaphorical: We are at war against this virus…or at least we should be. We should regard this threat and its compounded implications as the security issue it is. COVID-19 is indicative of the changed nature of many of today’s threats.
Topic:
Security, Government, Pandemic, and COVID-19
Political Geography:
United States of America

247. The Challenges Facing the Philippines’ Bangsamoro Autonomous Region at One Year

Author:
Zachary Abuza and Luke Lischin
Publication Date:
06-2020
Content Type:
Special Report
Institution:
United States Institute of Peace
Abstract:
Just over a year ago, the Bangsamoro Autonomous Region of Muslim Mindanao (BARMM) was formally established as part of a peace agreement to end nearly five decades of conflict between the Philippine government and Moro secessionists. This report discusses the many notable achievements of the BARMM government during its first year while cautioning that these accomplishments are not irreversible, and that the BARMM will need international support—including from the United States—to confront future challenges.
Topic:
Government, Separatism, Peace, and Autonomy
Political Geography:
Philippines and United States of America

248. India’s Kashmir Conundrum: Before and After the Abrogation of Article 370

Author:
Sameer P. Lalwani and Gillian Gayner
Publication Date:
08-2020
Content Type:
Special Report
Institution:
United States Institute of Peace
Abstract:
On August 5, 2019, the government of India revoked the constitutional autonomy of its Muslim-majority state of Jammu and Kashmir. This report—based on field interviews, new data collection, and extensive research— focuses on the revitalized insurgency and mass uprising between 2013 and 2019, explains how the Kashmir conflict evolved to a point that contributed to India’s extraordinary political gambit, and lays out both New Delhi’s strategy and the challenges the government faces going forward.
Topic:
Conflict Prevention, Government, Insurgency, Territorial Disputes, and Conflict
Political Geography:
South Asia, India, and Kashmir

249. Migration Trends in Eastern Europe during COVID-19

Author:
Iulia Joja, Gonul Tol, Adam Eberhardt, and Holger Fabian Sahl
Publication Date:
05-2020
Content Type:
Video
Institution:
Middle East Institute (MEI)
Abstract:
COVID-19 has highlighted the vulnerabilities of refugees and migrants around the world, many of whom have been caught in transit as governments shut down borders. The virus is also placing increasing strain on migration pressure points, while enabling new migration trends to emerge. This has been particularly evident in Eastern Europe. Thousands of refugees gathered at the Turkey-Greece border at the beginning of the crisis, hoping to cross European Union borders. Meanwhile, many Ukrainian migrants living and working in Poland are leaving the EU to reach their homes and families. The Middle East Institute (MEI) is pleased to host a virtual panel in collaboration with the Centre for Eastern Studies (OSW) in Poland. The event will focus on the challenges facing refugees and migrants in Eastern Europe during COVID-19, as well as the response of governments and the European Union. What are the economic, political and security implications for the region? Are policymakers considering refugees in their COVID-19 preparations? Is the pandemic fueling anti-refugee sentiment in countries like Poland and Turkey? What is the role of the European Union in coordinating a regional response, and is it delivering?
Topic:
Government, Migration, European Union, Refugees, Displacement, and COVID-19
Political Geography:
Turkey, Middle East, Eastern Europe, Greece, and Poland

250. Unintended and Undesired Consequences: The Impact of OECD Pillar I and II Proposals on Small Open Economies

Author:
Matthias Bauer
Publication Date:
07-2020
Content Type:
Research Paper
Institution:
European Centre for International Political Economy (ECIPE)
Abstract:
Corporate tax laws vary significantly between different jurisdictions. Over the past four decades, governments globally competed for business activity by lowering statutory and effective corporate tax rates. Many governments provide special tax incentives for businesses to invest and expand employment. Special economic zones often grant full corporate tax exemptions to stimulate commercial development. Corporate income tax incentives for research and development activities are common across countries’ corporate tax codes reflecting governments’ desire to stimulate innovation and business development. While corporate tax competition is common government practice in the world economy, the OECD currently aims to curb international corporate tax competition. The OECD’s corporate tax reform proposals officially aim to address “corporate tax avoidance” and “unfairness in taxation”. The policy debate is driven by some governments’ motivation to increase revenues from taxes on corporate income. Economic impact assessments of the OECD’s current Pillar I and II proposals are still scarce. Individual governments have so far failed to conduct impact assessments or are hesitant to make their assessments available to the general public. The OECD’s secretariat expects additional tax revenues of 100bn USD annually, which are said to be evenly distributed among the 137 countries comprising the Inclusive Framework. The narrow focus on changes in governments’ revenues and the static nature of the OECD’s analysis is in various respects misleading. This paper highlights that the proposed reforms would shift taxing powers (tax sovereignty) and economic activity away from small open economies to the world’s largest countries, of which most (currently) apply very high statutory corporate tax rates. The implementation of Pillar I and II proposals would pave the way for a global tax redistribution framework transferring financial funds away from governments that embrace free international trade and investment to the many of the world’s worst-performing governments with respect to economic openness, acceptance of the rule of law, corruption, state interventionism, and the recognition of basic human rights (e.g. Argentina, Brazil, China, India, Indonesia and Russia). Conversely, the OECD’s proposed corporate tax reforms would punish the world’s best performing economies with regard to economic freedoms, trade and investment openness and the rule of law (e.g. Estonia, the Czech Republic, Ireland, the Netherlands, Slovakia, Slovenia, Switzerland, including small city and island states, such as Hong Kong, Luxembourg and Singapore). The reforms proposed by the OECD would have a significant impact on how much and where multinational enterprises would have to pay corporate income tax in the future. The proposed measures would therefore impact where large companies produce and invest in the future. Continued tax competition would contribute to a narrowing of international corporate tax rate differentials up to the 12.5% minimum tax threshold level proposed by the OCED. The narrowing of tax rate differentials between today’s high-tax jurisdictions, of which most are very large countries, and today’s low-tax jurisdictions would direct international and domestic investments and investment-induced tax revenues away from small countries. Estimates show that inward FDI in today’s high-tax countries would increase and outward FDI would decrease. In a symmetrical way, inward FDI in today’s low-tax countries would decrease and outward FDI would increase. Overall, the shift in effective taxing powers would undermine small countries’ relative attractiveness to international businesses and, on top of that, would induce domestic businesses to relocate to larger countries with the gravity of larger markets. Contrary to claims made by the OECD, the implementation of Pillar I and II proposals would not improve the global allocation of capital. Global trade and investment flows would still be subject to tax competition and prevalent trade and investment barriers. The OECD’s current proposals would likely incentivise the governments of large countries to maintain long-standing barriers to trade and investment. The economic gravity of large countries may even incentivise large country governments to erect additional barriers that would restrict market access for companies from small open economies. For small open economies that are home to research- and knowledge-intensive multinational companies, the OECD’s proposed tax reforms would undermine future investments in R&D, innovation and business model development, with adverse implications for existing research clusters, education systems and high value-added jobs. Policymakers should reconsider whether taxes on corporate income actually contribute to governments’ overall social and economic policy objectives, such as economic development, redistribution and fairness in taxation. Replacing tax systems that include taxes on corporate income by systems that rely more or exclusively on direct taxes on labour income, capital income and consumption (VAT/sales taxes) would increase transparency about the distributional effects of taxation and significantly improve governments’ tax manoeuvrability in response to citizens’ preferences for fairer taxation. A regime change towards greater use of VAT/sales taxes would also have a positive impact on global capital allocation. Companies would no longer have to pay attention to corporate tax rate differentials, while governments would have additional invectives to embrace foreign trade and investment, materialising in lower barriers to trade and investment and a more efficient allocation of global capital respectively.
Topic:
Government, International Political Economy, Business, Tax Systems, R&D, Corporate Tax, and OECD
Political Geography:
Global Focus