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1081. The Effect of House Prices on Household Borrowing: A New Approach

Author:
James Cloyne
Publication Date:
09-2017
Content Type:
Working Paper
Institution:
Woodrow Wilson School of Public and International Affairs, Princeton University
Abstract:
We investigate the effect of house prices on household borrowing using administrative mortgage data from the UK and a new empirical approach. The data contain household-level information on house prices and borrowing in a panel of homeowners, who refinance at regular and quasi-exogenous intervals. The data and setting allow us to develop an empirical approach that exploits house price variation coming from idiosyncratic and exogenous timing of refinance events around the Great Recession. We present two main results. First, there is a clear and robust effect of house prices on borrowing, but the responsiveness is smaller than recent US estimates. Second, the effect of house prices on borrowing can be explained largely by collateral effects. We study the collateral channel in two ways: through a multivariate and non-parametric heterogeneity analysis of proxies for collateral and wealth effects, and through a test that exploits interest rate notches that depend on housing collateral.
Topic:
International Affairs
Political Geography:
Global Focus

1082. From Polar Sea to Straight Baselines: Arctic Policy in the Mulroney Era

Author:
Adam Lajeunesse and Robert Huebert
Publication Date:
09-2017
Content Type:
Special Report
Institution:
Centre for Military, Security and Strategic Studies
Abstract:
In 1985, the government of Prime Minister Brian Mulroney announced the drawing of straight baselines around the Canadian Arctic Archipelago, defining the full extent of the country’s Arctic maritime sovereignty and enshrining that sovereignty in legislation for the first time. This decision was a reaction to the voyage of the US Coast Guard icebreaker Polar Sea through the Northwest Passage that summer, an expedition that both sparked a political crisis and led to years of negotiations between Canada and the United States to settle the precise status of the northern waters. This volume contains documents surrounding that policy shift and the subsequent negotiations, which students, academics, and policy makers can use to chart the development of Canadian policy and Canadian-American relations in the Arctic. From this, readers can gain a greater understanding – not only of Canadian history – but of the nature of Canadian Arctic policy, and why it exists in its present form.
Topic:
International Affairs
Political Geography:
Global Focus

1083. Northern Skytrails: Perspectives on the Royal Canadian Air Force in the Arctic from the Pages of The Roundel, 1949-65

Author:
Richard Goette and P. Whitney Lackenbauer
Publication Date:
09-2017
Content Type:
Special Report
Institution:
Centre for Military, Security and Strategic Studies
Abstract:
This volume examines the role of the Royal Canadian Air Force (RCAF) in the Arctic through the pages of The Roundel, the service magazine that ran from 1949-65. Readers will gain a deeper appreciation of the air force’s efforts to develop a greater sense of Arctic “air-mindedness” in the early Cold War through articles explaining the history of the RCAF’s engagement in the Arctic and Subarctic, lessons observed during postwar operations, life at isolated stations, and roles in continental defence. Access to these insights (which span from resupply missions to social relations with host communities and indigenous peoples) remains important today, when the RCAF is being called upon to prepare to respond to safety and security challenges in an increasingly complex Arctic region.
Topic:
Cold War and International Affairs
Political Geography:
Canada

1084. Arctic Show Trial: The Trial of Alikomiak and Tatamigana, 1923

Author:
P. Whitney Lackenbauer and Kristopher Kinsinger
Publication Date:
09-2017
Content Type:
Special Report
Institution:
Centre for Military, Security and Strategic Studies
Abstract:
This volume brings together archival documents and newspaper reports related to the landmark 1923 trial of Alikomiak and Tatamigana, the first Inuit tried and executed for murder under Canadian law. This show trial, designed by the federal government to show the Inuit that authorities would no longer tolerate acts of violence, was meant also to demonstrate Canada’s Arctic sovereignty to the world. The conviction and execution of Alikomiak and Tatamigana caused controversy at the time, and this volume encourages further discussion and debate about the legal aspects of the case, the media coverage of it, and the interactions between the legal cultures of Inuit and the Canadian state.
Topic:
International Affairs
Political Geography:
Canada

1085. Errors Exposed: Inuit Relocations to the High Arctic, 1953-1960

Author:
Shelagh Grant
Publication Date:
09-2017
Content Type:
Special Report
Institution:
Centre for Military, Security and Strategic Studies
Abstract:
In 1953, the Government of Canada announced plans to resettle Inuit from areas of dwindling food resources to the High Arctic where game and fur animals were reported in abundant supply. That August, seven families from the Inukjuak (Port Harrison) area in northern Quebec and three families from Pond Inlet were resettled in communities at Resolute Bay on Cornwallis Island and at Grise Fiord, near the Craig Harbour police post on Ellesmere Island. This volume makes Shelagh Grant’s important interpretations and research on these controversial relocations available to the public and provides essential background to understand the Government of Canada’s 2010 official apology for the Inuit High Arctic relocation.
Topic:
International Affairs
Political Geography:
Arctic

1086. Turkey and the OIC: Greater Economic Cooperation, Opportunities and Challenges

Author:
Bilal Bağış and Çağlar Yurtseven
Publication Date:
05-2017
Content Type:
Special Report
Institution:
Center for Strategic Research (CSR)
Abstract:
This paper aims to analyze potential future areas of greater cooperation between Turkey and the other OIC member economies. It then provides some specific policy recommendations. In particular, the paper aims to contribute to economic policymaking efforts in terms of the potential future areas of increased cooperation. Broadly speaking, the Muslim world has immense savings-holding accumulated over the past few decades. Human and physical capital potentials are extremely high. Yet, there are also huge economic disparities and extremely diverse demographic dynamics. This paper is built on the idea that a crucial strategy to boost economic development and social prosperity is an intense economic, financial and strategic integraton of the OIC members. In particular, countries with common historical, cultural and even religious backgrounds have much to gain from such specific collaboration efforts. In that line, this paper deals with opportunities and challenges regarding the strategic position of Turkey. It focuses on sectors in which Turkey has a comparative advantage within the OIC league. It further analyzes the reasons Turkey and the other OIC economies must cooperate and build stronger economic ties. The paper suggests that such a modern economic cooperation or a strategic union that is strengthened by historical, social and cultural roots is both inevitable and to the benefit of all parties.
Topic:
International Relations and International Affairs
Political Geography:
Turkey

1087. Enhancing Decision Making in Foreign and Security Policy

Author:
LSE Ideas
Publication Date:
02-2017
Content Type:
Special Report
Institution:
LSE IDEAS
Abstract:
In late 2016 thirty British politicians, officials and former officials, officers, and experts met to discuss ways in which the UK foreign policmaking leaves the country vulnerable to strategic errors.
Topic:
Security and International Affairs
Political Geography:
Global Focus

1088. Hybrid Warfare in the Middle East

Author:
LSE Ideas
Publication Date:
02-2017
Content Type:
Special Report
Institution:
LSE IDEAS
Abstract:
This report considers the hybrid warfare techniques of Daesh, Al Qaeda, the Taleban, and Iran, and makes specific suggestions on how the UK and other Western countries can better counter this threat. The report is sistilled from discussions with senior British officials, academics, and current practitioners in the media, strategic communications, and cyber security
Topic:
Security and International Affairs
Political Geography:
Middle East

1089. The Pentagon’s Pivot: How Lead Users Are Transforming Defense Product Development

Author:
Adam Jay Harrison
Publication Date:
02-2017
Content Type:
Special Report
Institution:
Institute for National Strategic Studies (INSS), National Defense University
Abstract:
Historically, the Department of Defense (DOD) has relied on strategic forecasting to determine specifications for new military products. These specifications are codified in formal product requirements that drive new product development (NPD). The rapid rate of technology change combined with increasing uncertainty in the global security environment challenges the ability of DOD to make accurate longterm predictions about future military product needs. To improve the efficacy of capability development, many DOD agencies and the Defense Industrial Base are exploring NPD strategies based on the insights of lead users with direct exposure to emerging military-technology problems. This paper details emerging approaches to military NPD that incorporate lead users; that is, practitioners who experience and proactively solve needs ahead of the market.
Topic:
International Affairs
Political Geography:
Global Focus

1090. Developing an Innovation- Based Ecosystem at the U.S. Department of Defense: Challenges and Opportunities

Author:
Adam Jay Harrison, Bharat Rao, and Bala Mulloth
Publication Date:
02-2017
Content Type:
Special Report
Institution:
Institute for National Strategic Studies (INSS), National Defense University
Abstract:
The U.S. Department of Defense (DOD) is looking at new ways to spur entrepreneurship and innovation among its stakeholders and related constituencies.
Topic:
International Affairs
Political Geography:
Global Focus