Search

Begin New Search Publishing Institution Council on Foreign Relations

481. A New Information Infrastructure for Financial Markets

Publication Date:
02-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Information about prices and quantities of assets lies at the heart of well-functioning capital markets. In the current financial crisis, it has become clear that many important actors-both firms and regulatory agencies-have not had sufficient information. Distributed by the Center for Geoeconomic Studies, this Working Paper proposes a new regulatory regime for gathering and disseminating financial market information. The authors argue that government regulators need a new infrastructure to collect and analyze adequate information from large (systemically important) financial institutions. This new information framework would bolster the government's ability to foresee, contain, and, ideally, prevent disruptions to the overall financial services industry.
Topic:
Economics, Government, Industrial Policy, International Trade and Finance, and Markets
Political Geography:
United States

482. The Future of Foreign Assistance Amid Global Economic and Financial Crisis

Author:
Laurie A. Garrett
Publication Date:
01-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Though the United States of America faces its toughest budgetary and economic challenges since the Great Depression, it cannot afford to eliminate, or even reduce, its foreign assistance spending. For clear reasons of political influence, national security, global stability, and humanitarian concern the United States must, at a minimum, stay the course in its commitments to global health and development, as well as basic humanitarian relief. The Bush administration sought not only to increase some aspects of foreign assistance, targeting key countries (Iraq and Afghanistan) and specific health targets, such as the President's Emergency Plan for AIDS Relief and the President's Malaria Initiative, but also executed an array of programmatic and structural changes in U.S. aid efforts. By 2008, it was obvious to most participants and observers that too many agencies were engaged in foreign assistance, and that programs lacked coherence and strategy. Well before the financial crisis of fall 20 08, there was a strong bipartisan call for foreign assistance reform, allowing greater efficiency and credibility to U.S. efforts, enhancing engagement in multilateral institutions and programs, and improving institutional relations between U.S. agencies and their partners, including nongovernmental organizations (NGOs), recipient governments, corporate and business sector stakeholders, faith-based organizations (FBOs), academic-based implementers and researchers, foundations and private donors, United Nations (UN) agencies, and other donor nations.
Topic:
Foreign Policy, Debt, Development, Economics, Health, and United Nations
Political Geography:
United States

483. China's $1.7 Trillion Bet: China's External Portfolio and Dollar Reserves

Author:
Brad W. Setser and Arpana Pandey
Publication Date:
01-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
China reported $1.95 trillion in foreign exchange reserves at the end of 2008. This is by far the largest stockpile of foreign exchange in the world: China holds roughly two times more reserves than Japan, and four times more than either Russia or Saudi Arabia. Moreover, China's true foreign port- folio exceeds its disclosed foreign exchange reserves. At the end of December, the State Administration of Foreign Exchange (SAFE)—part of the People's Bank of China (PBoC) managed close to $2.1 trillion: $1.95 trillion in formal reserves and between $108 and $158 billion in “other foreign assets.” China's state banks and the China Investment Corporation (CIC), China's sovereign wealth fund, together manage another $250 billion or so. This puts China's total holdings of foreign assets at over $2.3 trillion. That is over 50 percent of China's gross domestic product (GDP), or roughly $2,000 per Chinese inhabitant.
Topic:
International Relations, Debt, Economics, Emerging Markets, and International Trade and Finance
Political Geography:
Russia, United States, China, Israel, Asia, and Saudi Arabia

484. A Global Education Fund: Toward a True Global Compact on Universal Education

Author:
Gene B. Sperling
Publication Date:
01-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
One of the most compelling—yet most unrealized—global development challenges is ensuring that all children can pursue their right to a quality basic education. Seventy-two million young children around the world will not attend primary school this year, and, if we include those adolescents who could be enrolled in secondary school, the number of out-of-school children rises to over 300 million. To some degree, global awareness of both the silent crisis of education in developing nations and the individual and societal benefits of moving toward a quality education for all children has grown over the last decade. In recent years, more policymakers and foundations have gained greater knowledge of the high economic, health, and social returns of educating girls, while foreign policy specialists increasingly recognize a connection between educational opportunities and encouraging young people to resist opting for more destructive or violent futures. A new global effort on education—the Education for All Fast Track Initiative (FTI)—has been started, and increased civil society advocacy for schooling opportunities for girls and boys, as well as those affected by HIV/AIDS, conflict, disability, and child labor, have all raised the profile of education among the broader public.
Topic:
Debt, Education, Globalization, Health, and Poverty
Political Geography:
United States

485. Lessons of the Financial Crisis

Author:
Benn Steil
Publication Date:
03-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The story of the financial crisis will be retold endlessly as one of widespread greed, corruption, and incompetence, enabled by a policy agenda dominated by an ideology of deregulation. Yet even if the marketplace had been populated by more ethical and intelligent individuals, and even if their activities had been more carefully scrutinized by more diligent regulators, there would almost surely still have been a major financial boom and bust—such is the power, as history attests, of cheap money.
Topic:
Economics, International Political Economy, International Trade and Finance, Markets, and Political Economy

486. Understanding the Armed Groups of the Niger Delta

Author:
Judith Burdin Asuni
Publication Date:
09-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
When a group of Western oil workers was kidnapped in the Niger Delta in January 2006, the immediate hike in prices at gas stations around the world served as a timely reminder of the importance of this unstable region to international oil supplies. A previously unknown group announced it was holding the workers. It called itself the Movement for the Emancipation of the Niger Delta (MEND) and quickly sparked panic within the oil industry with a second set of kidnappings and a series of attacks on oil facilities. Anxiety reached new heights when, in an email sent to journalists, MEND claimed responsibility for an attack on an offshore facility, Bonga, in mid-2008. The installation, located a full seventy-five miles from the mainland, had previously been considered too ambitious a target for the militants. By the summer of 2008, oil was trading at $147 a barrel and oil production in the Delta was down by a quarter. Who was this mysterious group, whose members—armed with little more than a few AK-47s and speedboats—were able to massively disrupt oil supplies and wreak havoc on world commodity prices? Where did it come from, and what does it want? Is it a coherent group with clearly defined aims and political ambitions? Or is it merely a disparate ragtag of disillusioned youths, with powerful backers, intent on little more than petty criminality?
Topic:
Conflict Resolution, Arms Control and Proliferation, Corruption, Crime, and Oil
Political Geography:
Africa

487. The Gloomy Prospects for World Growth

Author:
Steven Dunaway
Publication Date:
09-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The seeds of the current economic and financial crisis were sown by economic policies of the major countries that fostered the growth of global imbalances during the 2000s. Consequently, an essential element in any assessment of prospects for world economic recovery and the pace of future growth has to factor in exactly how these imbalances are likely to unwind—or fail to be resolved—in the period immediately ahead.
Topic:
Economics, Markets, and Financial Crisis
Political Geography:
United States

488. Global Imbalances, National Rebalancing, and the Political Economy of Recovery

Author:
Jeffry A. Frieden
Publication Date:
10-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
When the leaders of the Group of 20 (G20) major economies met in Pittsburgh at the end of September 2009, the topic of “rebalancing” the world economy was high on the agenda. The final com- muniqué's first substantive commitment was “to work together as we manage the transition to a more balanced patter n of global growth.” There were good reasons for this focus. Global macroeconomic imbalances—massive borrowing by some countries and massive lending by others—drove the financial boom and bubble that eventually burs t into the current crisis. There is now nearly universal agreement that such imbalances cannot be sustained, and that the former deficit and surplus nations need to move toward macroeconomic balance.
Topic:
Economics, International Trade and Finance, Markets, Political Economy, and Financial Crisis

489. The Tragedy of Palestinian Divisions (Interview with Rashid Khalidi)

Author:
Rashid Khalidi
Publication Date:
10-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
A leading expert on Palestinian affairs, Rashid Khalidi, says it is crucial for the Palestinian rivals, Hamas, in Gaza, and Fatah, in the West Bank, to reconcile and create a unified negotiating position with Israel. "This is not something that's impossible," he says. "Fatah and Hamas have agreed three times in the past, only to have those agreements collapse." Khalidi also urges the Obama administration to change its policy of isolating Hamas, which he says is counterproductive to the Mideast peace mission it has vowed to pursue. Khalidi says, despite his frustration, he has not given up on Obama's peace efforts. "I don't think that the moment has entirely passed when something can be done," he says. "I do not believe that it is too late to bring about a two-state solution."
Topic:
Conflict Resolution and Peace Studies
Political Geography:
Middle East, Palestine, Arabia, Gaza, and Egypt

490. Obama's Address to the Nation on the Way Forward in Afghanistan and Pakistan, December 2009

Author:
Barack Obama
Publication Date:
12-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
President Obama gave this address on December 1, 2009 at the U.S. Military Academy at West Point, New York.
Topic:
Conflict Resolution, Foreign Policy, Arms Control and Proliferation, War, Armed Struggle, and Fragile/Failed State
Political Geography:
Pakistan, Afghanistan, United States, and New York