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13452. Hazards and Precautions: Tales of International Finance
- Author:
- Gary Clyde Hufbauer and Erika Wada
- Publication Date:
- 09-1999
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In the wake of financial crises in Mexico (1994-95), Asia (1997-98), Russia (1998) and Brazil (1998-99), respected observers have questioned the benefits of wide-open international capital markets (Bhagwati, 1998; Krugman, 1998; Rodrik, 1998; Eichengreen, 1999). Our purpose is to identify true hazards and suggest appropriate precautions.
- Topic:
- Economics, International Trade and Finance, and Political Economy
- Political Geography:
- Russia, Asia, Brazil, and Mexico
13453. Does Talk Matter After All? Inflation Targeting And Central Bank Behavior
- Author:
- Adam S. Posen and Kenneth N. Kuttner
- Publication Date:
- 09-1999
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Since 1990, a number of countries have adopted inflation targeting as their declared monetary strategy. Interpretations of the significance of this movement, however, have differed widely. To some, inflation targeting mandates the single-minded, rule-like pursuit of price stability without regard for other policy objectives; to others, inflation targeting represents nothing more than the latest version of cheap talk by central banks unable to sustain monetary commitments. Advocates of inflation targeting, including the adopting central banks themselves, have expressed the view that the transparency and communication of the inflation targeting framework grant the central bank greater short-run flexibility in pursuit of its long-run inflation goal.
- Topic:
- Economics, International Organization, International Trade and Finance, and Political Economy
13454. Modeling Korean Unification
- Author:
- Marcus Noland, Sherman Robinson, and Tao Wang
- Publication Date:
- 07-1999
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- For North Korea, product market integration would generate large welfare gains, sufficient to end the famine. Additional gains could be had through military demobilization. For the South, the impact of product market integration would be trivial, but the impact of factor market integration would be considerable, affecting the composition of output, distribution of income, and rate of growth.
- Topic:
- Economics, International Trade and Finance, and Political Economy
- Political Geography:
- Israel, East Asia, and Korea
13455. Sovereign Liquidity Crisis: The Strategic Case For A Payments Standstill
- Author:
- Marcus Miller and Lei Zhang
- Publication Date:
- 05-1999
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Is sovereign borrowing so different from corporate debt that there is no need for bankruptcy-style procedures to protect debtors? With the waiver of immunity, sovereign debtors who already face severe disruption from short-term creditors grabbing their currency reserves are also exposed to litigious creditors trying to seize what assets they can in a 'race of the vultures'.
- Topic:
- Economics, International Trade and Finance, and Political Economy
13456. Private Governance and Democracy in International Finance
- Author:
- William D. Coleman
- Publication Date:
- 07-1999
- Content Type:
- Working Paper
- Institution:
- Institute on Globalization and the Human Condition, McMaster University
- Abstract:
- The governance arrangements in international finance mirror, in part, those found domestically by featuring a partnership between relatively autonomous state agencies and private actors. Where they depart from domestic arrangements is in the relatively stronger position of private actors, particularly global financial conglomerates, in decision-making. Given the importance of the governance arrangements in international finance for the welfare of individuals and firms throughout the world, it is important to ask whether these arrangements conform to accepted criteria for democratic decision-making. Five criteria are identified that might be applied to international sites of governance. These criteria are then applied to three groups of institutions, the Bank for International Settlements (BIS), the International Organisation of Securities Commissions (IOSCO), and “private regimes” especially predominant in the derivatives subsector. Based on this analysis, important gaps are found when these governance institutions are held up to democratic principles.
- Topic:
- Globalization, Government, International Cooperation, and International Trade and Finance
- Political Geography:
- United States
13457. State Power and the Asian Crisis
- Author:
- Linda Weiss
- Publication Date:
- 11-1999
- Content Type:
- Working Paper
- Institution:
- Institute on Globalization and the Human Condition, McMaster University
- Abstract:
- The Asian financial crisis has re-opened the debate about the role of the state in the region's industrialisation. Just when there seemed to be growing acknowledgment across the economic and political disciplines that certain kinds of state involvement were vital to the rapid upgrading of the Northeast Asian economies and that understanding what made states effective or ineffective was a crucial issue, along came the financial hurricane. Profound disarray of an economic and social nature has been the most immediate and important consequence of this watershed event. Theoretical disarray has followed closely in its path. This paper seeks to inject some theoretical rigour into the discussion of the Asian crisis. State power in the Asian setting - whether and in what way the state's transformative capacity is weak or robust - and how it relates to the impact of international markets is central to the argument that follows.
- Topic:
- Development, Economics, and Government
- Political Geography:
- Asia and Northeast Asia
13458. Coming to Terms with Globalisation: Non State Actors and Agenda for Justice and Governance in the Next Century
- Author:
- Richard Higgott
- Publication Date:
- 02-1999
- Content Type:
- Working Paper
- Institution:
- Institute on Globalization and the Human Condition, McMaster University
- Abstract:
- Globalisation is now a near ubiquitous phenomenon. Indeed, it is the most over used and under specified term in the international policy sciences since the passing of the Cold War. However, as most actors in the international policy domain recognise, it is a term that is not going to go away. Policy responses--of state and non state actors alike--are increasingly coming to terms with globalisation, however defined.
- Topic:
- Democratization, Globalization, Government, Non-Governmental Organization, and Political Theory
- Political Geography:
- Europe
13459. International Institutions, Globalisation and Democray: Assessing the Challenges
- Author:
- Tony Porter and William D. Coleman
- Publication Date:
- 07-1999
- Content Type:
- Working Paper
- Institution:
- Institute on Globalization and the Human Condition, McMaster University
- Abstract:
- The advance of globalization has involved additional governance capacity at supranational levels and thereby raised concerns about democracy, which has traditionally been based on the nationstate. For the most part, these governance arrangements take the form of intergovernmental fora, where nation-states are the principal players. In some policy areas where globalization is more pronounced, such as international finance, governance appears to feature some autonomous institutional development. Autonomy may come in the form of a relatively strong international organization with a mandate anchored in international law such as the World Trade Organization (WTO), or of the institutionalization of norms and values that give the intergovernmental forum an autonomous and distinct global perspective. As Held (1995) has observed, democratic theory has assumed that the nation-state is the relevant decision-making unit. The migration of political authority to supranational levels thus has the potential to undermine long-standing democratic arrangements.
- Topic:
- Globalization, Government, International Law, International Organization, International Political Economy, and Political Theory
13460. Civil Society, the Public Sector, and Poor Communities
- Author:
- Kingsley G. Thomas and James Gibson
- Publication Date:
- 08-1999
- Content Type:
- Working Paper
- Institution:
- Urban Institute
- Abstract:
- The current devolution debate has focused on shifting responsibilities from the federal level to the states. A byproduct of this shift has been renewed attention to an often neglected element of the policy mix—the costs and benefits of different local institutionalarrangement—and to the potential roles of civil society and community-based initiatives in that mix. The local tableau has recently been rediscovered as a vital leg on which the performance of the public sector is dependent. Students of government are only beginning to understand this play between civil society and the public sector. Here we focus especially on the dynamics within poor communities, where simple assistance is no longer considered adequate to solve problems without the necessary institutional infrastructure that is sometimes included under the label “civil society.”
- Topic:
- Civil Society, Human Welfare, and Poverty
- Political Geography:
- United States