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171. How the rest of the world responds to the US-China split

Author:
Hung Tran
Publication Date:
01-2021
Content Type:
Policy Brief
Institution:
Atlantic Council
Abstract:
The election of Joe Biden as the forty-sixth US president is not expected to change the list of substantive issues dividing the United States and China, such as trade, investment, technology, geopolitical competition, national security, and human rights—except that the priority among them may change, with human rights concerns moving more to the forefront. However, the tone and modality of the unfolding of the US-China competition will change from Donald Trump’s unilateralism to Biden’s efforts to build alliances with “likeminded” countries in Europe, Asia, and elsewhere to deal with the challenges China has posed. In a way, Biden’s alliance-building approach may intensify pressure on the rest of the world to take sides. How countries respond to this challenge, unwelcome by most, depends on whether they see themselves as competitors to China, or as “price takers” in the international economic system.
Topic:
Global Markets, Regulation, Finance, Economy, Trade, and Digital Policy
Political Geography:
China, Europe, Asia, North America, United States of America, and Indo-Pacific

172. Transatlantic tools: Harmonizing US and EU approaches to China

Author:
David Barkin and Agatha Kratz
Publication Date:
11-2021
Content Type:
Special Report
Institution:
Atlantic Council
Abstract:
Close cooperation between the United States and the European Union is essential if advanced economies are to develop effective responses to the array of challenges presented by China. Washington and Brussels share concerns regarding competitive distortions arising through the state’s role in the Chinese economy, the use of advanced technologies to repress ethnic minorities and fuel its military, and the spread of authoritarian influence through the Belt and Road Initiative (BRI). However, there has been a lack of coordination and cooperation in recent years between the US and EU when it comes to responding to China’s policies and behaviors. Washington’s focus on risks to US economic and national security contrasts with an emphasis in Brussels on ensuring reciprocity and leveling the economic playing field. But, with the transatlantic relationship back on a better footing under the Biden administration, new structures for transatlantic dialogue being put in place, and a greater focus on the Indo-Pacific in both Washington and Brussels, this paper argues there is now an opportunity for the United States and Europe to learn from each other and harmonize some of their China-related efforts.
Topic:
Human Rights, Markets, Sanctions, European Union, Regulation, Trade, and Transatlantic Relations
Political Geography:
China, Europe, and United States of America

173. The GameStop Episode: What Happened and What Does It Mean?

Author:
Allan M. Malz
Publication Date:
10-2021
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
The GameStop stock trading episode that began in January 2021 has been unprecedented in some ways, especially in the ability of market participants to organize collective action openly yet anonymously. In other ways, it’s been an unsurprising repetition of past experience. Financial markets are imperfect, they display many frictions, and the imperfect alignment of interests is a perpetual dilemma in designing both contracts and public policy.
Topic:
Regulation, Economy, Public Policy, and Stock Markets
Political Geography:
United States of America

174. Common‐​Sense Policy Reforms for California Housing

Author:
Lee E. Ohanian
Publication Date:
08-2021
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
California housing has become unaffordable. As of February 2021, the median California home price was nearly $700,000 and the median condominium price was $515,000. The median rent for the same month was $1,733. Based on industry mortgage financing and renting standards, this means that both homebuyers and renters require household incomes of nearly $100,000 to qualify for housing.
Topic:
History, Reform, Regulation, and Housing
Political Geography:
North America and United States of America

175. The Intended and Unintended Consequences of Disposable Bag Regulation

Author:
Tatiana Homonoff, Lee-Sien Kao, Javiera Selman, and Christina Seybolt
Publication Date:
11-2021
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
Many recent government and corporate policies aimed at reducing a variety of negative externalities include regulations that ban the provision of externality‐​generating products. However, these policies often ban only a narrow subset of products associated with the underlying externality. For example, the U.S. Department of Justice banned bump stocks, which assist in rapid‐​fire shooting, after a Las Vegas mass shooting rather than placing stricter regulations on all assault weapons. Similarly, Starbucks recently banned the distribution of plastic straws at its stores to reduce environmental waste, and New York City attempted to pass a restaurant ban on sugar‐​sweetened beverages over 16 ounces to curb obesity.
Topic:
Environment, Government, Regulation, and Corporations
Political Geography:
Global Focus

176. A Rising "Cyber China"

Author:
Jonathan Sullivan, Sarah Jeu, and Weixiang Wang
Publication Date:
12-2021
Content Type:
Journal Article
Journal:
Turkish Policy Quarterly (TPQ)
Institution:
Transatlantic Policy Quarterly (TPQ)
Abstract:
As Xi Jinping prepares to secure an unprecedented third term as party leader, observers will find that the PRC has become increasingly assertive in its regulation of the internet and its infrastructure. The techniques honed in the treatment of China’s domestic cybersphere are increasing in presence in international cyberspace, as domestic propaganda effectively suppresses dissenting voices and nurtures cyber nationalism. The CPC’s promotion of “cyber sovereignty” and “self-reliance” in technological innovation and manufacturing further demonstrate a concerted effort to carve out a “Chinese cyberspace” different from the current free and open model. Understanding both domestic and international aspects of China’s internet is the key to addressing a more proactive and confident “Cyber China.”
Topic:
Infrastructure, Regulation, Internet, and Cyberspace
Political Geography:
China and Asia

177. Strengthening India’s Ambient Air Quality Standard-Setting Process

Author:
Bhargav Krishna
Publication Date:
12-2021
Content Type:
Working Paper
Institution:
Centre for Policy Research, India
Abstract:
The National Ambient Air Quality Standards (NAAQS) provide the basis for assessing air quality nationally, determining pollution control priorities, and defining what we consider to be acceptable air quality to protect public health. They are framed and issued by the Central Pollution Control Board (CPCB) under the Air Act (1981). In August 2021, the CPCB announced that a revision of the NAAQS would be undertaken over the next year under the leadership of faculty from IIT Kanpur, with representatives from other institutions. The wide-ranging remit for this committee includes revisiting the existing standards for criteria pollutants, potentially expanding the base of pollutants being measured, determining the effects of air pollution on human health and vegetation, designing, and setting up of monitoring networks, and reviewing the air quality index. These revisions to the NAAQS will serve to define the discussion around air pollution for the next decade in India. Making the standards more ambitious will be based on our understanding of risk associated with exposure and how that has evolved over time. It will have implications for how that risk is communicated by the government to citizens through the Air Quality Index (AQI) and will provide a basis for regulating certain point sources. More ambitious standards can also provide a useful benchmark against which to measure the progress of our initiatives to improve air quality. Given the import of these standards as a means of protecting public health, engaging in risk communication, and tracking progress against our air quality goals, it is essential that the process followed by the NAAQS revision committee is clearly laid out and guided by a series of fundamental principles. These include ensuring their relevance by committing to predefined periodic reviews, basing policy decisions on a solid foundation of science by engaging a broad range of experts, centering health in air quality policy making, and building trust with civil society and other stakeholders. Reinforcing institutional processes are a long-term challenge, and we recognize that significantly altering the parameters of work of a committee whose work is already underway may not be possible. The principles and actions laid out in this framing note can form the basis for future work in this area by the CPCB. In our recommendations, we also outline several immediate actions that can be taken by the CPCB and the NAAQS committee as they proceed with the revision of the NAAQS.
Topic:
Regulation, Public Health, and Air Pollution
Political Geography:
South Asia and India

178. Ups and Downs in Finance, Ups without Downs in Inequality

Author:
Olivier Godechot, Nils Neumann, Paula Apascaritei, István Boza, and Martin Hällsten
Publication Date:
11-2021
Content Type:
Working Paper
Institution:
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:
The upswing in finance over the past several decades has led to rising inequality, but do downswings in finance lead to a symmetric decline in inequality? In this paper, we analyze the asymmetry of the effect of ups and downs in financial markets, as well as the effect of increased capital requirements and the bonus cap on national earnings inequality. We use administrative employer–employee linked data on earnings from 1990 to 2017 for twelve countries. Additionally, we use data on earnings from bank reports, from 2009 to 2017 in thirteen European countries. We find a strong asymmetry in the effects of financial ups and downs on earnings inequality, a mitigating effect of rising capital requirements on the contribution of finance to inequality, and a restructuring effect of the bonus cap for the earnings of financiers, while neither policy affects absolute levels of earnings inequality.
Topic:
Financial Crisis, Regulation, Inequality, and Finance
Political Geography:
Europe

179. Labour Reforms in the Indian State of Rajasthan: a boon or a bane?

Author:
Sourabh Paul and Diti Goswami
Publication Date:
01-2021
Content Type:
Working Paper
Institution:
Centre for Sustainable Employment, Azim Premji University
Abstract:
The authors examine the impact of labour law deregulations in the Indian state of Rajasthan on plant employment and performance. In 2014, after a long time, Rajasthan was the first Indian state that introduced labour reforms in the Industrial Disputes Act (1947), the Factories Act (1948), the Contract Labour (Regulation and Abolition) Act (1970), and the Apprentices Act (1961). Exploiting this unique quasi-natural experiment, the authors apply a difference-in-difference framework using the Annual Survey of Industries longitudinal data of India’s manufacturing establishments. Their results show that reforms had an unintended consequence of the decline in labour use. Also, worryingly, the flexibility resulted in a disproportionate decline in the directly employed worker. Evidence suggests that the reforms positively impact the value-added and productivity of the establishments. The strength of these effects varies depending on the underlying industry and reform structure. These findings prove robust to a set of specifications.
Topic:
Economics, Labor Issues, Reform, Employment, and Regulation
Political Geography:
India

180. The New Geo-Economic Environment and the EU’s Capacity to Act

Author:
Claudia Schmucker
Publication Date:
06-2021
Content Type:
Special Report
Institution:
German Council on Foreign Relations (DGAP)
Abstract:
The European Union must position itself in a new geo-economic environment in which the United States and China are increasingly using their economies to shape international relations, as well as regional and global regulatory structures. Although the EU has a good grasp of the challenges that this new environment poses, it does have vulnerabilities in its bilateral and multilateral channels that require attention.
Topic:
International Relations, Economics, Environment, Bilateral Relations, European Union, Geopolitics, Regulation, and Multilateralism
Political Geography:
China and United States of America