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101. The Changing Landscape of Global Health Diplomacy

Author:
Katherine Bliss (ed) and Victor D. Cha
Publication Date:
05-2013
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies (CSIS)
Abstract:
In the fall of 2012 the Center for Strategic and International Studies (CSIS) Global Health Policy Center organized a working group to analyze progress on diplomatic outreach to advance global health during the first four years of the Barack Obama administration. Over three sessions the working group members, who included health policy researchers, former diplomats, and an ex- officio group of current government officials, met to discuss emerging trends related to global health diplomacy and to develop a set of recommendations to enhance U.S. diplomatic outreach on global health for the next four years. Much of the working group's effort focused on the important role played by the secretary of state in raising the visibility of global health challenges on the world stage and on the Department of State's potential to promote greater coherence and integration of U.S. overseas health programs in the next presidential term.
Topic:
Foreign Policy, Diplomacy, Emerging Markets, Globalization, Health, and Health Care Policy
Political Geography:
United States

102. Development

Author:
David M. Malone and Rohinton P. Medhora
Publication Date:
11-2013
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
Notions of development have varied over time, and so an account of the international organizations concerned with its advancement must be accordingly elastic. The roots of international organizations concerned with development lie in two aspects of global inter-connectedness. The first is the propagation and management of a nascent technology for the global good. Thus were born the International Telegraph Union (ITU, now the International Telecommunication Union) in 1865 and the General Postal Union (GPU, now the Universal Postal Union) in 1874.
Topic:
Development, Economics, Emerging Markets, International Cooperation, International Organization, and Post Colonialism

103. 2013 Index of Global Philanthropy and Remittances With a Special Report on Emerging Economies

Author:
Carol Adelman, Yulya Spantchak, Jeremiah Norris, and Kacie Marano
Publication Date:
11-2013
Content Type:
Working Paper
Institution:
Hudson Institute
Abstract:
The Center for Global Prosperity (CGP) at Hudson Institute is pleased to present the 2013 Index of Global Philanthropy and Remittances. This edition, our eighth Index, continues to show the growth in philanthropy, remittances and private investment throughout the world. It continues to show how private financial flows have surpassed government aid, and how new forms of giving are redefining foreign assistance and economic growth.
Topic:
Economics, Emerging Markets, Government, Humanitarian Aid, and Foreign Direct Investment

104. A Theory of Rollover Risk, Sudden Stops, and Foreign Reserves

Author:
Sewon Hur and Illenin O. Kondo
Publication Date:
02-2013
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Emerging economies, unlike advanced economies, have accumulated large foreign reserve holdings. We argue that this policy is an optimal response to an increase in foreign debt rollover risk. In our model, reserves play a key role in reducing debt rollover crises ("sudden stops"), akin to the role of bank reserves in preventing bank runs. We find that a small, unexpected, and permanent increase in rollover risk accounts for the outburst of sudden stops in the late 1990s, the subsequent increase in foreign reserves holdings, and the salient resilience of emerging economies to sudden stops ever since. Finally, we show that a policy of pooling reserves can substantially reduce the reserves needed by emerging economies.
Topic:
Economics, Emerging Markets, Risk, and Foreign Reserves
Political Geography:
Global Focus

105. Capital Flows to Emerging Market Economies: A Brave New World?

Author:
Shaghil Ahmed and Andrei Zlate
Publication Date:
06-2013
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We examine the determinants of net private capital inflows to emerging market economies. These inflows are computed from quarterly balance-of-payments data from 2002:Q1 to 2012:Q2. Our main findings are: First, growth and interest rate differentials between EMEs and advanced economies and global risk appetite are statistically and economically important determinants of net private capital inflows. Second, there have been significant changes in the behavior of net inflows from the period before the recent global financial crisis to the post-crisis period, especially for portfolio inflows, partly explained by the greater sensitivity of such .flows to interest rate differentials and risk aversion. Third, capital control measures introduced in recent years do appear to have discouraged both total and portfolio inflows. Fourth, in the pre-crisis period, there is some evidence that greater foreign exchange intervention to curb currency appreciation pressures brought more capital inflows down the line, but we cannot identify such an effect in the post-crisis period. Finally, we do not find statistically significant positive effects of unconventional U.S. monetary expansion on total net EME inflows, although there does seem to be a change in composition toward portfolio flows. Even for portfolio flows, U.S. unconventional policy is only one among several important factors.
Topic:
Emerging Markets, Monetary Policy, Economic Growth, Interest Rates, and Capital
Political Geography:
North America and United States of America

106. Global Financial Conditions, Country Spreads and Macroeconomic Fluctuations in Emerging Countries

Author:
Ozge Akinci
Publication Date:
08-2013
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper uses a panel structural vector autoregressive (VAR) model to investigate the extent to which global financial conditions, i.e., a global risk-free interest rate and global financial risk, and country spreads contribute to macroeconomic fluctuations in emerging countries. The main findings are: (1) Global financial risk shocks explain about 20 percent of movements both in the country spread and in the aggregate activity in emerging economies. (2) The contribution of global risk-free interest rate shocks to macroeconomic fluctuations in emerging economies is negligible. Its role, which was emphasized in the literature, is taken up by global financial risk shocks. (3) Country spread shocks explain about 15 percent of the business cycles in emerging economies. (4) Interdependence between economic activity and the country spread is a key mechanism through which global financial shocks are transmitted to emerging economies.
Topic:
Development, Emerging Markets, International Cooperation, Financial Crisis, and Global Financial Crisis
Political Geography:
Global Focus

107. Trust, Engagement, and Technology Transfer: Underpinnings for U.S.-Brazil Defense Cooperation

Author:
E. Richard Downes
Publication Date:
06-2012
Content Type:
Working Paper
Abstract:
On the eve of the January 1, 2011, inauguration of Brazilian President Dilma Rousseff, the State Department noted that the United States “is committed to deepening our relationship on a wide range of bilateral, regional and global issues with Brazil's government and people.” President Rousseff herself declared shortly thereafter, “We will preserve and deepen the relationship with the United States.” During President Barack Obama's March 2011 visit to Brazil, both leaders cited “the progress achieved on defense issues in 2010” and stated their commitment to “follow up on the established dialogue in this area, primarily on new opportunities for cooperation.” While these rhetorical commitments are important, will they lead to greater cooperation on defense issues and improve U.S.-Brazil ties?
Topic:
Foreign Policy, Defense Policy, Emerging Markets, and Bilateral Relations
Political Geography:
United States, Brazil, and Latin America

108. Filling the Values Vacuum: The Role of Western Business in Emerging Markets

Author:
James P. Cain
Publication Date:
05-2012
Content Type:
Working Paper
Abstract:
Dubai markets itself as the place where “the developed world and the emerging world meet”. Judging by the diversity amongst the almost 500,000 visitors to the Dubai Mall one recent April Saturday, the label appears to fit. Teeming with Asians, Indians, Eastern and Western Europeans, West Africans, neighbors from the Gulf and even a few Americans, the mostly under-30 crowds displayed the commercial frenzy that has been in short supply in the West in recent years. Exploring the ground level of the Mall, just across from the famous Dubai fountains and the 163-story Burj Khalifa, I was delighted to discover that the most popular and packed restaurant concept did not showcase a Mediterranean, Italian, or French moniker but a uniquely American one—Texas Roadhouse. Hand-cut steaks, Texas-size rib combos, and country dinners filled patron’s plates while the line-dancing wait staff that propelled this Kentucky-based chain to popularity in the U.S. a few years ago delighted hungry customers this April afternoon. As growth, urbanization, and megacity development proceed in Asia, Latin America, the former Soviet states, the Middle East and even Africa, Western consumer and retail brands are being met with surprisingly robust popularity. At the recent Gulf Food show not far from the Dubai Mall, a medium-sized U.S. company was awarded “World’s Best New Halal Food”. There is an immensely important lesson here: as Western governments curb spending on foreign aid, development assistance and commercial programs, a “values vacuum” is developing into which institutions, cultures and governments are stepping to promote their own ideologies and cultural values, or lack thereof. Already the largest trading partner in many South American countries, China built and paid for a $105 million soccer stadium in Costa Rica, but only after government officials waived the country’s tough labor laws. Russian companies are gobbling up natural resources in Africa as well as energy, infrastructure and telecommunications assets in Ukraine and Kazakhstan. With influence from Venezuela and its ally Iran, the newly formed “Community of Latin American and Caribbean States” proudly excludes America and Canada.
Topic:
Emerging Markets, International Trade and Finance, Markets, and Finance
Political Geography:
Global Focus

109. Drivers of Strategic Contestation in South America

Author:
Daniel Flemes and Leslie Wehner
Publication Date:
10-2012
Content Type:
Working Paper
Institution:
German Institute of Global and Area Studies
Abstract:
The politics of contestation on the part of secondary regional powers such as Argentina, Chile, Colombia and Venezuela towards Brazil as the regional leader oscillate between competition and cooperation, inasmuch as the South American region has one regional power and is a zone of negative peace without aggressive rivalries. The secondary powers use different tactics, which constitute their respective foreign policy strategies, to soft balance Brazil. These tactics include alliance building, entangling diplomacy, binding, and omni‐enmeshment. This paper identifies, first, the specific drivers of contestation towards Brazil and, second, why the secondary powers' foreign policy strategies vary in how they directly or indirectly contest the rise of Brazil at the regional and international levels. The paper demonstrates that in a regional order such as that of South America, which is characterized by relative stability, domestic drivers of contestation are key to explaining secondary powers' varied strategic responses to the regional power.
Topic:
Development, Emerging Markets, Globalization, International Trade and Finance, Markets, Regional Cooperation, and Foreign Direct Investment
Political Geography:
Japan and South America

110. Nation states and nationality of MNEs

Author:
Seev Hirsch
Publication Date:
01-2012
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
The purpose of this Perspective is to explore the relationship between multinational enterprises (MNEs) and their home countries. I use the term “nationality” when discussing a home country, to stress the contrast with “multinationality” which refers to business enterprises. The question I seek to address is whether, ceteris paribus, nation states have an economic interest in becoming home countries to MNEs. This is not a trivial question, bearing in mind that in many countries -- especially those with emerging markets -- outward foreign direct investment (FDI) has been frowned upon long after incoming FDI was generally welcome by local governments and academic scholars.
Topic:
Development, Economics, Emerging Markets, International Trade and Finance, Political Economy, and Foreign Direct Investment