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141. Tableau de bord des pays d’Europe centrale et orientale et d’Eurasie 2014 (Volume 2 : Eurasie)

Author:
Jean-Pierre Pagé, Anne De Tinguy, Jacques Sapir, Julien Vercueil, Vitaly Denysyuk, Raphaël Jozan, David Teurtrie, and Faruk Ülgen
Publication Date:
12-2014
Content Type:
Special Report
Institution:
Centre d'Etudes et de Recherches Internationales
Abstract:
Le lecteur ne s’étonnera pas de ce que, en 2014, le conflit en Ukraine soit au cœur des préoccupations des pays d'Europe centrale, orientale et de l'Eurasie, même si ses incidences sont diversement ressenties selon les régions considérées. Les pays d’Europe centrale et orientale sont divisés dans leur appréhension politique des événements, et leurs économies ne sont pas directement concernées par les retombées du conflit en Ukraine. On pouvait craindre en revanche qu’elles subissent l’atonie de la zone euro, et son incapacité à retrouver des taux de croissance stimulant la demande extérieure. Cependant – et c’est là une heureuse surprise –, plusieurs d’entre elles ont trouvé la parade en tirant parti des fonds que l’Union européenne leur destine généreusement pour relancer leur demande domestique. Et les effets positifs de cette tactique portent des fruits spectaculaires, d’autant qu’elle se combine avec les incidences de la faible hausse des prix sur le pouvoir d’achat des consommateurs. Il y a là des enseignements à tirer pour la politique économique de l’Europe Occidentale ! Les pays de l’espace eurasiatique sont eux directement aux prises avec les développements du conflit ukrainien. Les incidences en sont multiples : les sanctions et contre-sanctions entre la Russie et l’Union européenne influent grandement sur les économies périphériques, de grands projets comme le gazoduc South Stream sont annulés, les relations des pays d’Asie centrale et du Caucase avec l’Union européenne sont observées avec vigilance par la Russie… La crise ukrainienne, c’est un fait, porte son ombre sur le grand projet de Vladimir Poutine d’instauration d’une Union économique eurasiatique.
Topic:
Economics, Energy Policy, International Organization, Markets, Political Economy, War, Natural Resources, Finance, Regional Integration, Transnational Actors, and Emerging States
Political Geography:
Russia, Central Asia, Ukraine, Caucasus, Moldova, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Armenia, Azerbaijan, Turkmenistan, Georgia, and Belarus

142. Tableau de bord des pays d'Europe centrale et orientale et d'Eurasie 2014 (Volume 1 : Europe centrale et orientale)

Author:
Jean-Pierre Pagé, Jacques Rupnik, Céline Bayou, Edith Lhomel, and Catherine Samary
Publication Date:
12-2014
Content Type:
Special Report
Institution:
Centre d'Etudes et de Recherches Internationales
Abstract:
Le lecteur ne s’étonnera pas de ce que, en 2014, le conflit en Ukraine soit au cœur des préoccupations des pays d'Europe centrale, orientale et de l'Eurasie, même si ses incidences sont diversement ressenties selon les régions considérées. Les pays d’Europe centrale et orientale sont divisés dans leur appréhension politique des événements, et leurs économies ne sont pas directement concernées par les retombées du conflit en Ukraine. On pouvait craindre en revanche qu’elles subissent l’atonie de la zone euro, et son incapacité à retrouver des taux de croissance stimulant la demande extérieure. Cependant – et c’est là une heureuse surprise –, plusieurs d’entre elles ont trouvé la parade en tirant parti des fonds que l’Union européenne leur destine généreusement pour relancer leur demande domestique. Et les effets positifs de cette tactique portent des fruits spectaculaires, d’autant qu’elle se combine avec les incidences de la faible hausse des prix sur le pouvoir d’achat des consommateurs. Il y a là des enseignements à tirer pour la politique économique de l’Europe Occidentale ! Les pays de l’espace eurasiatique sont eux directement aux prises avec les développements du conflit ukrainien. Les incidences en sont multiples : les sanctions et contre-sanctions entre la Russie et l’Union européenne influent grandement sur les économies périphériques, de grands projets comme le gazoduc South Stream sont annulés, les relations des pays d’Asie centrale et du Caucase avec l’Union européenne sont observées avec vigilance par la Russie… La crise ukrainienne, c’est un fait, porte son ombre sur le grand projet de Vladimir Poutine d’instauration d’une Union économique eurasiatique.
Topic:
Economics, International Trade and Finance, Markets, Political Economy, War, Diaspora, Finance, Europeanization, and Regional Integration
Political Geography:
Moldova, Eastern Europe, Poland, Lithuania, Kosovo, Estonia, Serbia, Romania, Macedonia, Hungary, Albania, Croatia, Latvia, Montenegro, Czech Republic, Central Europe, Slovenia, Slovakia, and European Union

143. Labor Market Slack in the United Kingdom

Author:
David G. Blanchflower and David N. F. Bell
Publication Date:
07-2014
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper examines the amount of slack in the UK labor market and finds the downward adjustments made by the Monetary Policy Committee (MPC) to both unemployment and underemployment invalid. Without evidence to support its assessment of the output gap, the MPC reduces the level of unemployment based on its claim that long-term unemployment does not affect wages. The authors produce evidence to the contrary and present arguments on why the MPC's halving of the level of underemployment in the United Kingdom is inappropriate. Bell and Blanchflower set out arguments on why they believe the level of slack is greater than the MPC calibrates. Consistent with that is the fact that real wages in the United Kingdom continue to fall.
Topic:
Economics, Markets, and Labor Issues
Political Geography:
United Kingdom and Europe

144. Licensing Afghan Opium for Medicinal Use: Why It Won't Work

Author:
David Mansfield and William A. Byrd
Publication Date:
09-2014
Content Type:
Policy Brief
Institution:
United States Institute of Peace
Abstract:
With large increases in Afghan opium cultivation and production in 2013 and 2014, there is a risk that resulting frustration may give rise to a search for extreme but unproductive solutions. There are no easy solutions to the illegal narcotics problem. The proposal that Afghanistan could shift to licensed production of opium for pain medications will not work. Due to severe problems with governance, rule of law and security, opium licensing in Afghanistan would be subject to extremely high leakages. Afghanistan's comparative advantage in supplying the illicit market means that it would likely expand cultivation to meet demand in both markets. Afghanistan is a high-cost producer of opium, and prices for licensed opium are much lower than on the illegal market, so profits might well be marginal or even negative. Existing producers of licensed opiates— Australia, Turkey, India, France and others—would strongly oppose any move to let Afghanistan become a competitor on the licensed market. Even if a more liberalized market for opiates is envisioned, technological advances and modern techniques in other countries mean that Afghanistan could not be a competitive producer.
Topic:
Conflict Resolution, International Trade and Finance, Markets, and Narcotics Trafficking
Political Geography:
Afghanistan, Turkey, India, France, and Australia

145. Wages and Labor Market Slack: Making the Dual Mandate Operational

Author:
Adam S. Posen and David G. Blanchflower
Publication Date:
09-2014
Content Type:
Working Paper
Institution:
Oxfam Publishing
Abstract:
In this paper we examine the impact of rises in inactivity on wages in the US economy and find evidence of a statistically significant negative effect. These nonparticipants exert additional downward pressure on wages over and above the impact of the unemployment rate itself. This pattern holds across recent decades in the US data, and the relationship strengthens in recent years when variation in participation increases. We also examine the impact of long-term unemployment on wages and find it has no different effect from that of short-term unemployment. Our analysis provides strong empirical support, we argue, for the assessment that continuing labor market slack is a key reason for the persistent shortfall in inflation relative to the Federal Open Market Committee's (FOMC) 2 percent inflation goal. Further, we suggest our results point towards using wage inflation as an additional intermediate target for monetary policy by the FOMC.
Topic:
Economics, Markets, and Labor Issues
Political Geography:
United States and Middle East

146. TSG IntelBrief: The U.S.-India Relationship Reinvigorated

Publication Date:
10-2014
Content Type:
Policy Brief
Institution:
The Soufan Group
Abstract:
Indian Prime Minister Narendra Modi's September visit to the United States allowed for the "soft reset" of a strategic partnership that has been in search of greater focus in recent years The smiles and handshakes served to ease the anxieties that had been building on both sides and had contributed to increased squabbling in the bilateral relationship Mutual frustrations are likely to continue in areas such as intellectual property rights and multilateral trade negotiations, where there has been no reconciliation in the two countries' largely incompatible points of view The U.S. and India share clearly convergent interests in both combating Islamist militancy and in balancing against a rising China Although the partnership's full potential is far from realized, these two geostrategic issues are sufficient to keep the trajectory positive and to sustain widely-held hopes that ties between the world's two largest democracies will continue to deepen.
Topic:
Foreign Policy, Diplomacy, Economics, International Trade and Finance, Markets, and Bilateral Relations
Political Geography:
United States, South Asia, and India

147. Cloud Computing: From Scarcity to Abundance

Author:
John Zysman, Kenji Kushida, and Jonathan Murray
Publication Date:
09-2014
Content Type:
Working Paper
Institution:
Berkeley Roundtable on the International Economy
Abstract:
Cloud Computing is a revolution in computing architecture, transforming not only the “where” (location) of computing, but also the “how” (the manner in which software is produced and the tools available for the automation of business processes). Cloud Computing emerged as we transitioned from an era in which underlying computing resources were both scarce and expensive to an era in which the same resources were cheap and abundant. There are many ways to implement Cloud architectures, and most people are familiar with public cloud services such as Gmail or Facebook. However, much of the impact of Cloud Computing on the economy will be driven by how large enterprises implement Cloud architectures for their own private use. Lead users are already combining private and public computing resources into new hybrid delivery models. Cloud architectures are also poised to disrupt the Information Technology (IT) industry, broadly conceived, with a new wave of commoditization. Offerings optimized for high performance in an era of scarcity are giving way to loosely coupled, elastically managed architectures making use of cheap, abundant computing resources today.
Topic:
Markets, Science and Technology, and Infrastructure

148. The Weightless Marketplace: Coming to Terms with Innovative Payment Systems, Digital Currencies and Online Labor Markets

Author:
David Bollier
Publication Date:
04-2014
Content Type:
Working Paper
Institution:
Aspen Institute
Abstract:
The structure and character of commerce has changed dramatically since the arrival of the World Wide Web and various digital technologies, particularly mobile phones and large, interconnected databases. Consumers now have much greater market power and choice. Markets can more easily scale, often globally. Co-production and fluid producer/consumer interactions are routine. Transactions themselves have become far cheaper and more easily consummated.
Topic:
Foreign Exchange, International Trade and Finance, Markets, Science and Technology, Communications, and Monetary Policy
Political Geography:
United States and Europe

149. From Catching Up to Forging Ahead? China's Prospects in Semiconductors

Author:
Dieter Ernst
Publication Date:
10-2014
Content Type:
Working Paper
Institution:
East-West Center
Abstract:
China's new strategy to upgrade its semiconductor industry (outlined in the "Guidelines to Promote National Integrated Circuit Industry Development," June 24, 2014), seeks to move from catching-up to forging ahead in semiconductors, by strengthening simultaneously China's integrated circuit (IC) design industry and domestic IC foundry services.
Topic:
Economics, Globalization, Industrial Policy, Markets, and Science and Technology
Political Geography:
China and Asia

150. Why Bail-In Securities Are Fool's Gold

Author:
Avinash D. Persaud
Publication Date:
11-2014
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Bailouts and bail-ins of failing financial institutions have been hotly disputed in the global financial crisis of the last five years. At the height of the crisis, several failing banks were bailed out with taxpayer money so they could service their debts, but as public outrage mounts, policymakers are increasingly looking at bailing in these institutions before using taxpayer funds. Bail-ins, also called haircuts, require the troubled institution's creditors to write off some of the debt or agree to a restructuring of the debt, which reduces their holdings. The public has demanded the imposition of these costs on creditors and bond - holders, arguing that if bad lending as well as bad borrowing went unpunished it would be encouraged. Additionally, the yawning fiscal deficits that have followed bailouts have led to unpopular fiscal retrenchment.
Topic:
Debt, Economics, Markets, Financial Crisis, and Reform
Political Geography:
United States