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841. Trade linkages and firm value: evidence from the 2018 US-China "trade war"

Author:
Yi Huang, Chen Lin, Sibo Liu, and Heiwai Tang
Publication Date:
04-2018
Content Type:
Working Paper
Institution:
Centre for Trade and Economic Integration, The Graduate Institute (IHEID)
Abstract:
On March 22, 2018, Trump proposed to impose tariffs on up to $50 billion of Chinese imports leading to a significant concern over the "Trade War" between the US and China. We evaluate the market responses to this event for firms in both countries, depending on their direct and indirect exposures to US-China trade. US firms that are more dependent on exports to and imports from China have lower stock and bond returns but higher default risks in the short time window around the announcement date. We also find that firms' indirect exposure to US-China trade through domestic input-output linkages affects their responses to the announcement. These findings suggest that the structure of US-China trade is much more complex than the simplistic view of global trade that engendered Trump's "Trade War" against China.
Topic:
Economics, International Cooperation, International Trade and Finance, Global Political Economy, Trade Wars, and Exports
Political Geography:
United States, China, and Asia

842. Australia and the Korean Crisis: Confronting the limits of influence

Author:
Andrew O'Neil, Brendan Taylor, and William T. Tow
Publication Date:
04-2018
Content Type:
Working Paper
Institution:
Australian National University Department of International Relations
Abstract:
In this Centre of Gravity paper, Professors O’Neil, Taylor and Tow argued that the apparent optimism surrounding the upcoming ‘season of summitry’ on the Korean Peninsula should be tempered by the fact that there are potential risks attached to engaging the North Korean leadership without preconditions. They argue these include legitimising its weapons of mass destruction (WMD) programs, alliance decoupling, and a serious deterioration in Asia’s strategic climate if the Trump-Kim summit fails to deliver concrete results. Building on a series of important policy roundtables in Australia, along with decades of experience, these three senior figures argue that Australian policy makers should look to develop a more integrated national approach to the Korean Peninsula. Policymakers should anticipate and prepare for a full range of possible outcomes. A clear definition and articulation of Australia’s considerable national interests in Northeast Asia—independent from those of the US—should be derived. Initially, the Turnbull Government should begin a whole-of-government review, managed by the Department of Foreign Affairs and Trade. This process would identify and implement policy initiatives where Australia can pursue a distinctly national approach to safeguarding its long-term interests on the Korean Peninsula, including future bilateral relations with North Korea.
Topic:
Diplomacy, International Cooperation, Nuclear Weapons, United Nations, and Military Strategy
Political Geography:
Asia, South Korea, North Korea, Australia, and Pyongyang

843. Debating the Quad

Author:
Euan Graham, Chengxin Pan, Ian Hall, Rikki Kersten, Benjamin Zala, and Sarah Percy
Publication Date:
03-2018
Content Type:
Working Paper
Institution:
Australian National University Department of International Relations
Abstract:
In this Centre of Gravity paper, six of Australia’s leading scholars and policy experts debate Australian participation in the ‘Australia-India-Japan-United States consultations on the Indo-Pacific’ - known universally as the ‘Quad’. A decade since its first iteration, the revival of the Quad presents significant questions for Australia and the regional order. Is the Quad a constructive partnership of the region’s major powers to safeguard regional stability, uphold the rules-based order and promote security cooperation? Is it a concert of democracies seeking to contain China? Or is it an emerging strategic alignment that risks precipitating the very confrontation with China it seeks to avoid? Or is it something else entirely? Euan Graham opens the debate by arguing that the Quad represents a rare second chance for Australia to cooperate with regional powers who have a shared interest is the maintenance of stability in Asia through the preservation of a balance of power. In addition to constraining China’s strategic choices beyond its maritime periphery, Dr. Graham argues that the Quad’s revival aims to send a concerted strategic signal to China along the four compass points of the Indo-Pacific region, but sufficiently restrained to avoid significant blowback from Beijing. Chengxin Pan responds that instead of forcing China to change tack, the Quad, by exacerbating China’s strategic vulnerability, will achieve precisely the opposite: prompting it to further strengthen its military capabilities. Dr. Pan argues that the nature of China’s challenge to the existing regional order is actually geoeconomic in design, as evidenced by the Belt and Road Initiative. To meet this challenge, however, the Quad’s military response is far from the right answer or an effective alternative. Ian Hall next argues that the Quad is neither a proto-alliance nor an instrument for containing China. Given that these states have so far failed to advance a coherent and coordinated line on Chinese initiatives to transform the region, Dr. Hall notes that the Quad offers something more prosaic and evolutionary: a forum for discussion and information exchange intended to lead to better policy coordination between like-minded states with a stake in the rules-based order. Rikki Kersten notes that the Japanese government wants Quad 2.0 to be seen as a Japanese initiative because it aspires to lead an ethical endeavour that reaches beyond the Asia-Pacific region. This represents a stepchange in post-war Japanese foreign and security policy thinking. Japan under Abe is seeking to harness rising insecurity to underpin its own regional leadership credentials and enhance the geographical scope of its security policy ambition. Benjamin Zala responds that the potential risks associated with sending containment-like signals to Beijing in the short-term and the potential for misperceptions over ambiguous commitments during a future crisis in the longer-term clearly outweigh the benefits of the current vague aspiration to cooperation with no clear purpose. Dr. Zala also warns against blurring the lines between formal military alliances and strategic partnerships like the Quad which increase the odds of miscalculation during times of power transition. Finally, Sarah Percy rounds out the debate by arguing that discussions of the Quad’s high politics have thus far obscured the more practical and interesting questions about how it might function and contribute to maritime security. Dr. Percy notes that that the day-to-day operations of most navies are focused on the more proximate security challenges posed by maritime crime. The Quad would yield tangible and possibly lasting benefits from such cooperation.
Topic:
Conflict Prevention, Diplomacy, Military Affairs, and Maritime
Political Geography:
United States, Japan, China, India, Asia, and Australia

844. ASEAN @ 50, Southeast Asia @ Risk: What Should Be Done?

Author:
Asia-Pacific Research Center
Publication Date:
01-2018
Content Type:
Policy Brief
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
In October 2017, twenty-two scholars from eight countries attended a workshop titled “ASEAN @ 50, Southeast Asia @ Risk: What should be done?” The workshop was designed to facilitate a frank and creative discussion of policy recommendations, with the intention of providing the resulting proposals to ASEAN member states and other regional powers. Following two days of discussion and debate, the attendees produced a series of specific policy recommendations (SPRs).
Topic:
International Affairs
Political Geography:
Asia

845. Resilience in the Face of Disruptions

Author:
NTS
Publication Date:
05-2018
Content Type:
Policy Brief
Institution:
Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
Abstract:
Human activities, technology and climate change drive changes to our environmental landscape and societal order. Marine microplastics arising from woeful human use of plastics threaten marine ecology. Excessive consumption of fossil fuels disrupts weather systems and consequently undermines food security. Unequal access between the “haves and have nots” aggravates food insecurity. Without meaningful intervention, annual deaths from food-borne diseases (FBDs) caused by anti-microbial resistant (AMR) bacteria will reach 10 million in 2050. Human displacement continues unabated across state lines as humanitarian crises require fresh responses. Ubiquitous use of information and communications technologies (ICTs) has created a new landscape where cyber-threats target both hardware and software and where truth has become its latest victim. Moreover, social media has been weaponized to breed intolerance. The Annual Conference of the Consortium of Non-Traditional Security (NTS) in Asia held in Singapore recently examined responses to these uncertainties, if not threats to humanity, arising from key disruptions. This report captures the responses and hopes touted by experts at the Conference with the view of providing policy makers and invested scholars interested in such developments with some recommendations towards building resilience within and across states.
Topic:
International Relations and International Affairs
Political Geography:
Asia

846. Dilemmas and Experiences of International Support for Inclusive Peacebuilding

Author:
Clare Castillejo
Publication Date:
02-2018
Content Type:
Working Paper
Institution:
Norwegian Centre for Conflict Resolution
Abstract:
The issue of inclusive peacebuilding has moved up the international agenda in recent years. There is now unprecedented policy-level commitment among the international community to promote inclusion in conflict-affected contexts; growing evidence of the importance of inclusion for sustainable peace and development; emerging lessons on best approaches for promoting inclusion; and a recognition among international actors of the need to learn from past weaknesses in this area. This report examines the current policy context for providing international support to inclusive peacebuilding. It identifies how international actors can strengthen their efforts to promote inclusion by learning from previous experience and drawing on new knowledge and approaches. It goes on to look at how international actors have supported inclusion in three very different conflict-affected contexts, Afghanistan, Somalia and Nepal, and asks how international actors have engaged on issues of inclusion in these contexts, what factors shaped this engagement, and what the results have been.
Topic:
Diplomacy, International Cooperation, Conflict, and Peace
Political Geography:
Afghanistan, Africa, Middle East, Asia, Nepal, and Somalia

847. Framing a Presidential Foreign Policy in a Parliamentary System: Erdoğan and Mukhtars’ Meetings

Author:
Murat Ulgul
Publication Date:
12-2018
Content Type:
Journal Article
Journal:
Turkish Journal of Middle Eastern Studies
Institution:
Turkish Journal of Middle Eastern Studies
Abstract:
During the period between his election as the Turkish president in August 2014 and the constitutional referendum that introduced a presidential system in Turkey in April 2017, Recep Tayyip Erdoğan tried to demonstrate that he would not be a symbolic political figure in Turkish politics as many former Turkish presidents had been. Instead, he would keep shaping the domestic and foreign agenda of the country, as it would happen in a presidential system. One of the main ways he did this was through a series of mukhtars’ meetings, which began in January 2015. From that point, until the desired changes to the constitution were approved through public referendum, Erdoğan held thirty-seven mukhtars’ meetings. In these meetings he gave speeches about Turkish domestic and foreign policy directly to a group of mukhtars but, more importantly, indirectly to the Turkish public and foreign actors. This article will analyze Erdoğan’s foreign policy messages through his discourse in the mukhtars’ meetings and try to answer two controversial questions regarding his foreign policy ideology: Whether he is an Islamist and whether he is shifting the foreign policy axis of Turkey.
Topic:
Foreign Policy, Military Strategy, Leadership, and Ideology
Political Geography:
Europe, Turkey, and Asia

848. When Parallel Red Lines Meet: Recent Events in Syria in Various Contexts

Author:
Assaf Orion and Amos Yadlin
Publication Date:
04-2018
Content Type:
Working Paper
Institution:
Institute for National Security Studies (INSS)
Abstract:
At the strategic level, the convergence in time and space of the events following the chemical weapons attack in Duma by the Syrian regime portend a dramatic development with substantial potential impact for Israel’s security environment. The attack on the T4 airbase, attributed to Israel, falls within the context of the last red line that Israel drew, whereby it cannot accept Iran’s military entrenchment in Syria. The attack in Duma reflects the Syrian regime’s considerable self-confidence at this time. As for Trump, the attack provides him with another opportunity to demonstrate his insistence on the red lines that he drew and take a determined stance opposite Putin. Thus, Israel’s enforcement of its red line and the United States’ enforcement of its red line have met, while Russia finds itself exerting efforts to deter both countries from taking further action that could undermine its achievements in Syria and its positioning as the dominant world power in the theater. However, the strategic convergence does not stop at Syria’s borders, and is unfolding against the backdrop of the crisis emerging around the Trump administration’s demands to improve the JCPOA, or run the risk of the re-imposition of sanctions and the US exiting the agreement. Indeed, the context is even wider, with preparations for Trump’s meeting with North Korean President Kim on the nuclear issue in the far background. Therefore, the clash between Israel and Iran in Syria on the eve of deliberations on the nuclear deal could potentially lead to a change from separate approaches to distinct issues to a broader and more comprehensive framework with interfaces and linkages between the issues.
Topic:
Arms Control and Proliferation, Diplomacy, Regional Cooperation, Military Strategy, and Hezbollah
Political Geography:
Russia, United States, Europe, Iran, Middle East, Israel, Asia, North Korea, Syria, and North America

849. China’s 40 Years of Fiscal and Tax Reform: A Basic Trajectory

Author:
Peiyong Gao
Publication Date:
05-2018
Content Type:
Working Paper
Abstract:
The present paper describes the trajectory of China’s fiscal and tax reform in thepast 40 years, which can be summarized in five phases. The reform commenced with“decentralizing power and transferring benefits.” Then, under great fiscal pressure,institutional reform was instigated, which aimed to establish a new fiscal and tax system.To regulate the government revenue and expenditure beyond the fiscal and tax system,reforms were put in place to build an institutional framework for public finance. As thefiscal and tax reform had gradually entered the more sophisticated phases, China took aseries of measures to further improve the public finance system. Since 2012, based on theoverall plan of comprehensively deepening reform, China has embarked on establishinga modern public finance system. The present paper characterizes China’s fiscal and taxreform as gradually moving toward a system that aligns with the overall reform andcomplements the goal of marketization and modernization of state governance.
Topic:
Government, Governance, Finance, Economy, Tax Systems, and Fiscal Policy
Political Geography:
China and Asia

850. The three stages of China’s ODI development

Author:
Bijang Wang and Kailin Gao
Publication Date:
11-2018
Content Type:
Policy Brief
Abstract:
In 2016, China became the world’s second-largest outward investor after the United States, with US$196.2 billion of outward direct investment (ODI) flows. China’s foray into ODI developed in three stages, moving from a ‘restricted’ to a ‘relaxed’ and most recently to a ‘regulated’ approach. Today’s strengthened ODI regulations correct imbalanced ODI practices of earlier eras, but some challenges remain. Before 2000, capital shortages prompted China to invite capital inflows and restrict capital outflows. Chinese enterprises had to apply for approval to invest overseas on a case-by-case basis, which minimised overseas investment. By the end of 1999, China ranked 23rd in the world for outward investment with an ODI stock of US$27 billion, representing 0.4 per cent of the global total.
Topic:
Foreign Direct Investment, Investment, and Economic Development
Political Geography:
China and Asia