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1. A vision from China on Artificial Intelligence. Implications for Soft Power in Global Cultural Exchange

Author:
Sonia Valle, Yi Wang, and Deng Lian
Publication Date:
01-2025
Content Type:
Journal Article
Journal:
Revista UNISCI/UNISCI Journal
Institution:
Unidad de investigación sobre seguridad y cooperación (UNISCI)
Abstract:
This article examines China's vision of AI, its efforts to use it as a tool to promote its soft power, and the implications this has for digital diplomacy and global cultural exchange. As key findings, we highlight that through AI-powered platforms and digital diplomacy, China can adjust global narratives on sensitive issues such as human rights, economic development, and its role in global trade. China's AI expansion on the world stage serves not only as a tool for economic growth, but also as a strategic tool for enhancing its soft power. By offering technological solutions to global challenges and fostering meaningful partnerships, China is enhancing its global image as a responsible, innovative and forwardlooking actor in the international community.
Topic:
Foreign Exchange, Global South, Soft Power, Belt and Road Initiative (BRI), Artificial Intelligence, and Digital Diplomacy
Political Geography:
China and Asia

2. Dismantling the License Raj: The Long Road to India’s 1991 Trade Reforms

Author:
Douglas A. Irwin
Publication Date:
01-2025
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
In July 1991, India began to dismantle its long-standing, highly restrictive import control regime and move toward a more open economy. How were policymakers able to dislodge and replace an entrenched system with powerful vested interests behind it? Standard explanations for policy change—pressure from domestic producer interests, shifts in political power, or conditionality by international financial institutions—do not explain the dramatic transformation that took place. Instead, reform-minded technocrats persuaded political leaders to reject what had been a standard response to balance of payments pressure (import repression to avoid a devaluation) and embrace a new approach (exchange rate adjustment and a reduction of import restrictions). This paper explores the economic and political context behind the country’s dramatic policy transformation. India’s experience highlights the crucial link between exchange rate policy and trade policy
Topic:
Foreign Exchange, Reform, Tariffs, Trade, Imports, and Exchange Rates
Political Geography:
South Asia and India

3. Egypt’s 2023–24 Economic Crisis: Will This Time Be Different?

Author:
Ruchir Agarwal and Adnan Mazarei
Publication Date:
08-2024
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
Egypt narrowly averted a full-blown economic crisis in early 2024 when the International Monetary Fund (IMF) and others gave Egypt a financial lifeline to curb its losses of foreign exchange reserves. This Policy Brief traces the origins and developments of the current crisis, and the country's history of repeated balance of payments crises. The 2023-24 crisis is one of eight such events in Egypt since 1952, driven by governance and policy deficiencies. The COVID-19 pandemic and the war in Ukraine have exacerbated Egypt's problems. Egypt's strategic importance in the Middle East, underscored by the Gaza conflict, has ensured continued international financial support, allowing Egypt to bet on its "too strategic to fail" position and avoid reforms. Entrenched military dominance and cronyism have obstructed necessary economic reforms. The authors conclude that Egypt needs to address these challenges and undertake major reforms to break free from its recurring cycle of crises and stop relying on international bailouts.
Topic:
Foreign Exchange, Currency, COVID-19, and Economic Crisis
Political Geography:
North Africa and Egypt

4. The structural improvement for Korea's foreign exchange market and its implications on Korean economy

Author:
Hyo Sang Kim, Sungbae An, and Young Sik Jeong
Publication Date:
12-2023
Content Type:
Policy Brief
Institution:
Korea Institute for International Economic Policy (KIEP)
Abstract:
The Korean government recognizes the imperative to improve the structure of the foreign exchange market to align with global standards, aiming for increased openness and competitiveness. The plan involves a twofold approach. One is a comprehensive reform of foreign exchange laws and regulations, notably the Foreign Exchange Transaction Act enacted in 1999, to adapt to evolving economic environments. The other is the systematic improvement of the foreign exchange market infrastructure to make the market more accessible to foreign investors. Through this procedure, Korea desires to develop a deeper and more market-oriented foreign exchange market, thereby improving the convenience and efficiency of participants. Also, it helps to internationalize the Korean won in the longer term. Amidst Korea's export-led growth and aging population, improving the foreign exchange market becomes pivotal for supporting the positioning of the Korean financial market, fostering financial openness, and sustaining long-term economic growth.
Topic:
Foreign Exchange, Markets, Economy, and Economic Growth
Political Geography:
Asia and South Korea

5. Leaning-against-the-wind intervention and the “carry-trade” view of the cost of reserves

Author:
Eduardo Levy-Yeyati and Juan Francisco Gómez
Publication Date:
10-2022
Content Type:
Working Paper
Institution:
The John F. Kennedy School of Government at Harvard University
Abstract:
For a sample of emerging economies, we estimate the quasi-fiscal costs of sterilized foreign exchange interventions as the P&L of an inverse carry trade. We show that these costs can be substantial when intervention has a neo-mercantilist motive (preserving an undervalued currency) or a stabilization motive (appreciating the exchange rate as a nominal anchor) but are rather small when interventions follow a countercyclical, leaning-against-the-wind (LAW) pattern to contain exchange rate volatility. We document that under LAW, central banks outperform a constant size carry trade, as they additionally benefit from buying against cyclical deviations, and that the cost of reserves under the carry-trade view is generally lower than the one obtained from the credit-risk view (which equals the marginal cost to the country´s sovereign spread).
Topic:
Foreign Exchange, Economy, International Reserves, Trade, and Exchange Rates
Political Geography:
Global Focus

6. Restarting Educational Exchanges with China after the Cultural Revolution

Author:
John C. Thomson
Publication Date:
08-2022
Content Type:
Journal Article
Journal:
American Diplomacy
Institution:
American Diplomacy
Abstract:
When I arrived in Beijing in June 1978, foreign diplomats were forbidden to visit any schools or universities and they had minimal contact with government organizations. Although both the U.S. and China were interested in resuming academic exchanges, the obstacles were daunting. I was assigned to the U.S. Liaison Office (USLO), an unofficial organization representing U.S interests in the People’s Republic of China (PRC) in the absence of an official embassy. After establishment of formal diplomatic relations between the two countries in January 1979, I became part of the newly opened U.S. embassy in China, the successor to the Liaison Office. I am pleased to have worked directly on the restoration of U.S.-PRC educational exchanges after a hiatus of 30 years that followed the communist take-over in 1949.
Topic:
Foreign Policy, Diplomacy, Education, Foreign Exchange, and Cultural Revolution
Political Geography:
China, Asia, and United States of America

7. Beyond the ‘Tissue of Clichés’?: The Purposes of the Fulbright Programme and New Pathways of Analysis

Author:
Giles Scott-Smith
Publication Date:
07-2022
Content Type:
Journal Article
Journal:
All Azimuth: A Journal of Foreign Policy and Peace
Institution:
Centre for Feminist Foreign Policy
Abstract:
This article critically explores some of the evaluative perspectives and models developed by social science scholars in order to further critical thinking on the function of exchange programmes, and particularly Fulbright, within international relations. It takes the concept of ‘educational exchange’ to mean the movement of individuals or groups between nations for the purpose of training of some kind, ranging from high school visits to professional skills. The Fulbright programme covers both student and scholar exchange and has the added element that academics are moving also to teach, taking their expertise with them. While there are many studies of bilateral exchange programmes, there is more to explore in terms of the function of educational exchange as a vector of transfer (be it of knowledge, material, people, or all three) in transnational or international history. The article first surveys the literature on the Fulbright programme to assess how its purposes in international relations have been presented. It then explores potentially innovative ways to conceptualise exchanges in international and transnational interactions: ‘geographies of exchange,’ ‘brain circulation,’ ‘centres of calculation,’ ‘enlightened nationalism,’ and ‘parapublics’.
Topic:
Education, Foreign Exchange, Fulbright Foundation, and Knowledge Transfer
Political Geography:
Global Focus

8. Policy Papers by Women of Color: Young Ambassadors Journal of Global Affairs

Author:
Shanel Wilson, Kyla Denwood, Mari Faines, Alonna Williams, and Mia Veal
Publication Date:
04-2022
Content Type:
Policy Brief
Institution:
Women of Color Advancing Peace, Security and Conflict Transformation (WCAPS)
Abstract:
The WCAPS Young Ambassadors Board presents to you the premiere version of the Young Ambassadors Journal of Global Affairs. The culmination of these five policy recommendations written by women of color covers a variety of issue areas that are relevant and researched and most importantly the passion areas for our members. These women are emerging experts and professionals in their fields of international development, national security, peace, and technology. Their contributions are representative of the areas of the world they want to improve and fortify the skills to do just that.
Topic:
Education, Foreign Exchange, Law Enforcement, Food Security, Internet, Police, Militarization, and Suburbanization
Political Geography:
Africa, Latin America, Nicaragua, North America, and United States of America

9. Analysis of Determinants of Foreign Capital Flow: Focused on Interest Rate and Exchange

Author:
Deok Ryong Yoon, Wongho Song, and Jinhee Lee
Publication Date:
05-2021
Content Type:
Policy Brief
Institution:
Korea Institute for International Economic Policy (KIEP)
Abstract:
As the linkage between domestic and foreign financial markets grows stronger, concerns have been raised about the inflow and outflow of foreign investment capital as a source of financial instability whenever the financial market becomes unstable. Considering that opening the capital market is not an option, it becomes essential to examine the determinants of foreign investment to maximize the benefits of foreign capital inflows and outflows for sound growth in the real sector as well as the financial sector. Accordingly, this study attempts to produce evidence-based policy implications by empirically analyzing the determinants of the inflow and outflow of foreign investment funds.
Topic:
Foreign Exchange, Markets, Capital Flows, Investment, and Interest Rates
Political Geography:
Global Focus

10. From hermit kingdom to miracle on the Han

Author:
Douglas A. Irwin
Publication Date:
09-2021
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
In 1960, South Korea’s exports were about 1 percent of GDP, and the country’s ability to import depended almost entirely on US aid. After changing its foreign exchange and trade policies in the mid-1960s, Korea saw a surge in exports to more than 10 percent of GDP by the end of the decade. What factors account for the shift in policy that enabled this dramatic export growth to occur? The United States helped initiate the process by withholding financial assistance, pressuring Korea to devalue its currency and reform its foreign exchange regime. Initially, the Korean government resisted taking these steps, but in 1964 it became firmly committed to an export promotion strategy to boost foreign exchange earnings and end its dependence on American aid.
Topic:
Economics, Foreign Exchange, Reform, Exports, and Trade
Political Geography:
Asia and South Korea