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411. La Rebelión de los Náufragos by Mirtha Rivero

Author:
Howard LaFranchi
Publication Date:
06-2011
Content Type:
Journal Article
Journal:
Americas Quarterly
Institution:
Council of the Americas
Abstract:
The modern tragic political figure is not just endemic to Latin America. The ignominious fall of Egyptian President Hosni Mubarak—once a war hero to his countrymen—is the latest proof of this. But in her book, La Rebelión de los Náufragos (The Revolt of the Castaways), Venezuelan journalist Mirtha Rivero takes us back to the tragic story of a man who was once one of Latin America's most promising leaders, and who fell from power (like his modern counterparts) from a combination of pride and the failure to understand the yearnings of his compatriots. Carlos Andrés Pérez, re-elected in 1989 to a second term as Venezuela's president, embodied one of Latin America's first modern political tragedies. He was a democrat who was confident that his country (along with much of his region) had conquered its ghosts and was finally ready for governance by first-world standards such as fair elections, a competitive market-based economy and political parties focused more on national interests than on self-preservation.
Topic:
Markets
Political Geography:
Latin America

412. State of the union Can the euro zone survive its debt crisis?

Publication Date:
04-2011
Content Type:
Working Paper
Abstract:
In the run-up to the global financial crisis, the euro area looked very much like a microcosm of the world economy. The region as a whole grew in line with its long-term trend, and its trade position with the outside world was broadly in balance. However, the euro area's aggregate position masked large variations across the member states. In some parts of the region (notably countries on the geographical periphery), demand grew consistently faster than output; in others (like Germany), the reverse was the case. Profligacy in the periphery was funded by thrift in the "core". This arrangement suited both sides.for a time at least. While countries in the periphery enjoyed debt-fuelled booms, countries such as Germany, where domestic demand was weak, could rely on exports to keep growing.
Topic:
Debt, International Trade and Finance, Markets, and Financial Crisis
Political Geography:
Europe and Germany

413. Honduras: Zelaya's return may spark instability

Publication Date:
07-2011
Content Type:
Video
Abstract:
José Manuel Zelaya, former president of Honduras, returned to his country in May after the coup that ousted him in 2009. Since coming back, he has reentered politics and this has raised concerns that he may once again try and change the constitution. This could have severe implications for the operating environment in Honduras.
Topic:
Democratization, Development, International Trade and Finance, Markets, and Governance
Political Geography:
Latin America

414. FDI stocks are a biased measure of foreign affiliate activity

Author:
Sjoerd Beugelsdijk, Jean-François Hennart, Arjen Slangen, and Roger Smeets
Publication Date:
08-2011
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
Researchers often call the value added (VA) in a host country by firms based in another country foreign direct investment (FDI) and use FDI stocks and flows from a country's balance of payments to measure it. What FDI stocks and flows actually measure, however, is narrower, since they record long term financial transactions by which domestic firms exert control over foreign firms. French FDI stocks in Australia, for example, measure the value of shares and reinvested earnings of Australian firms owned by French firms and the net indebtedness of these Australian firms to their French parents.
Topic:
Economics, Markets, Foreign Direct Investment, and Financial Crisis
Political Geography:
France and Australia

415. The world economic crisis as a changed circumstance

Author:
Hermann Ferré and Kabir Duggal
Publication Date:
08-2011
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
In September 2008, the bankruptcy of Lehman Brothers sent financial markets in the United States into a spin. Credit markets froze as banks began to mistrust counterparties, not knowing the extent of toxic assets in loan portfolios that could lead to another major bank collapse. The crisis quickly spread around the world. Governments were urged to take drastic measures. Experts discussed the possible nationalization of portions of the U.S. banking industry and other sectors. Other countries also considered measures to save key industries.
Topic:
Economics, International Trade and Finance, Markets, and Financial Crisis
Political Geography:
United States

416. Matching the Market and the Model: The Business of Independent News Media

Author:
Michelle J. Foster
Publication Date:
08-2011
Content Type:
Working Paper
Institution:
National Endowment for Democracy
Abstract:
The audience for, and access to, news media has grown across the globe. Economic development in formerly impoverished countries, the spread of mobile and Internet technologies, and the loosening of censorship have fueled this expansion. However, many media businesses are unable to take full advantage of this growth because of their lack of management skills and inexperience in developing effective business models. Compounding this is a lack of media development assistance targeted to media managers, the expansion of economic constraints on media businesses, and a lack of access to investment capital.
Topic:
Markets, International Affairs, and Mass Media

417. Cloud Computing: Policy Challenges for a Globally Integrated Innovation, Production and Market Platform

Author:
John Zysman and Jonathan Murray
Publication Date:
07-2011
Content Type:
Working Paper
Institution:
Berkeley Roundtable on the International Economy
Abstract:
“Cloud computing” is much more than simply a new set of technologies and business models. It is rapidly emerging as the platform that will underpin the next generation of digital products and services. Cloud Computing is transforming how consumers, companies, and governments store information, how they process and exchange that information, and how they utilize computing power. Consequently, it opens a new set of policy discussions while at the same time underling the importance of old debates.
Topic:
Government, Intelligence, Markets, and Science and Technology

418. The Impact of Russia's 2010 Grain Export Ban

Author:
George Welton
Publication Date:
06-2011
Content Type:
Working Paper
Institution:
Oxfam Publishing
Abstract:
One of the key factors in global food price volatility is the way that states react to disruptions in supply. There is a strong inclination for exporters to impose export bans in reaction to potential food price increases in their own country. This reaction, however, is a poor strategy for managing food prices at home and has a range of unintended consequences for the domestic and international economy. In general, export bans exacerbate problems created by interruptions in food production and may damage incentives to increase production at home long - term.
Topic:
Agriculture, Markets, and Food
Political Geography:
Russia

419. The Liquidation of Government Debt

Author:
Carmen M. Reinhart
Publication Date:
04-2011
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
Historically, periods of high indebtedness have been associated with a rising incidence of default or restructuring of public and private debts. A subtle type of debt restructuring takes the form of "financial repression." Financial repression includes directed lending to government by captive domestic audiences (such as pension funds), explicit or implicit caps on interest rates, regulation of cross-border capital movements, and (generally) a tighter connection between government and banks. In this paper, the authors describe some of the regulatory measures and policy actions that characterized the heyday of the financial repression era. In the heavily regulated financial markets of the Bretton Woods system, several restrictions facilitated a sharp and rapid reduction in public debt/GDP ratios from the late 1940s to the 1970s. Low nominal interest rates help reduce debt servicing costs while a high incidence of negative real interest rates liquidates or erodes the real value of government debt. Thus, financial repression is most successful in liquidating debts when accompanied by a steady dose of inflation. Inflation need not take market participants entirely by surprise and, in effect, it need not be very high (by historical standards). For the advanced economies in Reinhart and Sbrancia's sample, real interest rates were negative roughly half of the time during 1945–80. For the United States and the United Kingdom, their estimates of the annual liquidation of debt via negative real interest rates amounted on average to 3 to 4 percent of GDP a year. For Australia and Italy, which recorded higher inflation rates, the liquidation effect was larger (around 5 percent per annum).
Topic:
Debt, Economics, International Trade and Finance, and Markets
Political Geography:
United States and United Kingdom

420. IFSWF Report on Compliance with the Santiago Principles: Admirable but Flawed Transparency

Author:
Edwin M. Truman and Sarah Bagnall
Publication Date:
08-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
On July 7, 2011 the International Forum of Sovereign Wealth Funds (IFSWF) released a report on IFSWF Members' Experience in the Application of the Santiago Principles. The report is a self-assessment of the voluntary compliance of 21 member sovereign wealth funds (SWFs) with the Generally Accepted Principles and Practices of SWFs, issued in October 2008. We commend the IFSWF for undertaking the surveys on which the report is based, for the later decision to publish the results, and for the detail included in the report. However, as with many self-assessments, the report has some flaws. The principal flaw is that the characterization of the extent of compliance with the Santiago Principles is exaggerated.
Topic:
Economics, International Trade and Finance, Markets, and Sovereign Wealth Funds
Political Geography:
Santiago