Search

Begin New Search Topic Economic growth Political Geography Europe

1. Resisting deglobalisation: the case of Europe

Author:
Zsolt Darvas
Publication Date:
02-2020
Content Type:
Working Paper
Institution:
Bruegel
Abstract:
Global trade and finance data indicates that the pre-2008 pace of economic globalisation has stalled or even reversed. The European Union has defied this trend, with trade flows and financial claims continuing to grow after the recovery from the 2008 global economic and financial crisis. Immigration, including intra-EU mobility, has also continued to increase.
Topic:
Globalization, Immigration, European Union, Finance, Economic growth, Global Financial Crisis, and Trade
Political Geography:
Europe

2. Tariffs and Monetary Policy: A Toxic Mix

Author:
Michael D Bordo and Mickey D. Levy
Publication Date:
01-2020
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
The ratcheting up of tariffs and the Fed’s discretionary conduct of monetary policy are a toxic mix for economic performance. Escalating tariffs and President Trump’s erratic and unpredictable trade policy and threats are harming global economic performance, distorting monetary policy, and undermining the Fed’s credibility and independence. President Trump’s objectives to force China to open access to its markets for international trade, reduce capital controls, modify unfair treatment of intellectual property, and address cybersecurity issues and other U.S. national security issues are laudable goals with sizable benefits. However, the costs of escalating tariffs are mounting, and the tactic of relying exclusively on barriers to trade and protectionism is misguided and potentially dangerous. The economic costs to the United States so far have been relatively modest, dampening exports, industrial production, and business investment. However, the tariffs and policy uncertainties have had a significantly larger impact on China, accentuating its structural economic slowdown, and are disrupting and distorting global supply chains. This is harming other nations that have significant exposure to international trade and investment overseas, particularly Japan, South Korea, and Germany. As a result, global trade volumes and industrial production are falling. Weaker global growth is reflected in a combination of a reduction in aggregate demand and constraints on aggregate supply.
Topic:
International Trade and Finance, Monetary Policy, Economic growth, Tariffs, and Industry
Political Geography:
Japan, China, Europe, Asia, South Korea, Germany, North America, and United States of America

3. Turkey’s Refugee Resilience: Expanding and Improving Solutions for the Economic Inclusion of Syrians in Turkey

Author:
Bastien Revel
Publication Date:
07-2020
Content Type:
Special Report
Institution:
Atlantic Council
Abstract:
Since 2014, Turkey has not only hosted the world’s largest refugee population but has also modeled a best practice for the global refugee policy discussion. Turkey’s experience on the key issues such as jobs and employment should be examined as lessons for both refugee hosting countries and donor countries alike. The country has provided Syrians under Temporary Protection the right to access work permits and formal employment. Facilitating self-reliance for such a large number of refugees’ households remains a challenging task, even in the medium to long-term. This is especially the case in a context where increasing levels of unemployment in Turkey compounded by the socio-economic impact of the COVID-19 pandemic have posed a serious challenge to job creation and increased competition for available opportunities. Many Syrians living in Turkey experiencing partial or complete loss of income while incurring higher expenses, which is compounded for most households by a lack of savings. Addressing these challenges requires to draw lessons learnt at both policy and operational level to effectively support access to livelihoods opportunities. This notably involves fostering greater engagement and partnership with the private sector, on the one hand, and exploring innovative solutions such as e-work and online livelihoods opportunities on the other. The COVID-19 pandemic is proving to be an important test on the government’s and their international partners’ relevance and flexibility and their ability to quickly step up efforts in that direction. In this context, UNDP Turkey—a longstanding development partner and the co-lead of the Refugee and Resilience Response Plan (3RP)—joined hands with the Atlantic Council’s program on Turkey—”Atlantic Council IN TURKEY”—to explore policy options to foster socioeconomic inclusion among Syrians under Temporary Protection. Building on the experience and expertise of both organizations, our joint policy report : “Turkey’s Refugee Resilience: Expanding and Improving Solutions for the Economic Inclusion of Syrians in Turkey” aims at outlining pragmatic and innovative options to facilitate refugees’ access to decent employment so as to contribute to our common objective to #leavenoonebehind.
Topic:
Migration, Science and Technology, United Nations, Women, Refugees, Economic growth, Youth, Conflict, Syrian War, Crisis Management, and Resilience
Political Geography:
Europe, Eurasia, Turkey, Middle East, and Syria

4. Has the “External Constraint” Contributed to Italy’s Stagnation? A Critical Event Analysis

Author:
Lucio Baccaro and Massimo D'Antoni
Publication Date:
07-2020
Content Type:
Working Paper
Institution:
Max Planck Institute for the Study of Societies
Abstract:
Has the strategy of the “external constraint” (voluntarily limiting the country’s policy-mak- ing discretion by tying it to the European mast) contributed to Italy’s stagnation over the past twenty-five years? The existing literature is divided on this question. The dominant in- terpretation is that Italy’s stagnation is due to insufficient liberalization, and that the exter- nal constraint has had no negative and even a positive influence. An alternative interpreta- tion emphasizes the demand compression and supply-side effects of the external constraint. Based on three case studies of public debt management, privatization, and labor market policy, this paper reconstructs the process by which the external constraint has affected out- comes. It argues that it has had a negative impact, but more as a necessary condition than as a sufficient one. In other words, it would probably have been possible to manage the exter- nal constraint differently to produce better outcomes, but without the external constraint, the stagnation would likely have been less deep.
Topic:
Political Economy, European Union, Economic growth, and Liberalism
Political Geography:
Europe, Italy, and Southern Europe

5. EU MONITOR: Has the time come for a Czech Regional Policy?

Author:
Vít Havelka
Publication Date:
01-2020
Content Type:
Special Report
Institution:
Europeum Institute for European Policy
Abstract:
Over the past 5 years, the Czech Republic has experienced unprecedented GDP growth, moving the country from 83% of EU average GDP in 2013 to 91% of the EU average GDP in 2019. At the same time, the Czech wage increased by more than 7% in 2013 in the last three years. This phenomenon is addressed by our Vít Havelka in the latest issue of the EU Monitor. The following decade will likely be determining for the future success of the Czech Republic. The global economy and its supply chains are undergoing a significant shift; Asian states are slowly becoming innovative leaders rather than being a cheap labour pool. Furthermore, the Czech Republic is heavily dependent on the automotive industry3, which is under pressure not only by stricter emission regulation, but also disruptive market change such as autonomous systems, digitalization and electrification. It is likely that old market strategies will prove obsolete as it happened in case of cell phones. Along with the changing global economy, the Czech Republic is nearing to a point where it will not be fully able to rely on the EU Cohesion Policy anymore. The country has reached the threshold of 90% EU ́s average GDP, and if the current economic development remains the same, the Czech Republic will not have access to Cohesion Funds after the coming MFF, and it will receive significantly less money from the EU budget. The problem is that regional disparities within the Czech Republic remain high, especially between the capital city Prague and the rest of the country. Simultaneously, since the EU accession in 2004, the Czech Republic relied mainly on the EU Cohesion Policy in terms of providing funding for regions, supplementing the EU ́s activity only with minor national contributions. As a result, the country does not have a well-developed culture of regional policy that would be nationally funded, and there is not even a discussion in the media about national solidarity with disadvantaged regions. The following paper aims at discussing a possible way forward for the Czech Republic, especially in the context of expected changes in global economy and simultaneous decrease of EU Funding that could help mitigate the impact of economic disruptions. The focus will be laid on possible If the whole automotive left the Czech Republic, Deloitte estimates that the Czech GDP would decrease by 25% and 1,4 million Czechs would lose their reaction to lower income from the EU, as it is presumed that a solid regional policy is crucial in maintaining internal cohesion and contributes to mitigation of economic turbulences.
Topic:
European Union, GDP, Global Political Economy, and Economic growth
Political Geography:
Europe and Czech Republic

6. It’s Time for a New Deal

Author:
Constantine Michalopoulos
Publication Date:
01-2020
Content Type:
Policy Brief
Institution:
Hellenic Foundation for European and Foreign Policy (ELIAMEP)
Abstract:
The prospects of the Greek economy are mostly good with growth continuing for the fourth straight year. But there is a sense of disappointment, as the recovery has not been very strong and pre-crisis income levels will not be regained for another decade. There are two main reasons for the sluggish recovery: The European creditors have imposed on Greece the requirement to run a primary budget surplus of 3.5% of GDP for five years to ensure that they get repaid—a requirement that constricts growth of the Greek private sector—through heavy taxation of consumers and business. And domestic investment is sluggish, although there are plenty of unutilized resources, such as those provided by the European Structural Funds. There is a need for a new deal with the European Institutions: the Europeans should be more relaxed about getting repaid because of Greece’s much improved access to the European capital markets and be willing to accept a Greek government commitment to a significantly lower primary budget surplus for the next several years. In exchange the Greek government should commit to a commensurate increase in domestic investment through reforms of the banking sector as well as greater public sector investment spending.
Topic:
Government, Financial Crisis, Economy, Economic growth, and Public Spending
Political Geography:
Europe and Greece

7. The Future is Green, Digital and Social: Europe’s new growth model and its Recovery Plan

Author:
Christina Kattami
Publication Date:
07-2020
Content Type:
Policy Brief
Institution:
Hellenic Foundation for European and Foreign Policy (ELIAMEP)
Abstract:
The policy brief* outlines the agenda of the new Commission before the outbreak of the coronavirus pandemic, and aims to analyse the ways in which the crisis has reinforced and strengthened key points of that agenda. It further outlines the Commission’s Recovery Plan proposal, and examines its links to the aspiring green and digital transition. Finally, it showcases the legal base and timeline of the Recovery Plan proposal and highlights the main points of agreement and contention across the Member States, outlining the July deal of the European Council and the ensuing resolution of the European Parliament. It overall argues for the need of a holistic recovery, that takes into account the unprecedented policy window brought by public and private funding, and ensures that the eventual indebtedness of the next generation is at least compatible with the aspirations and goals of an economy and society of the future.
Topic:
Science and Technology, European Union, Economic growth, Institutions, Coronavirus, and Sustainability
Political Geography:
Europe

8. What role for health in the new Commission?

Author:
Simona Guagliardo
Publication Date:
02-2020
Content Type:
Policy Brief
Institution:
European Policy Centre
Abstract:
As the Juncker Presidency hands over its mandate baton to Ursula von der Leyen, all eyes are on the energised new President and her ambitions bestowed upon her cabinet. Despite some progress, more efforts to improve Europe’s health policy is still needed if it is to tackle unprecedented challenges like demographic changes, environmental degradation and the rapidly changing world of work. Newly-appointed Health Commissioner Stella Kyriakides has been entrusted with a considerable portfolio, indicating an arduous yet promising five years ahead of her. In this Policy Brief, policy analyst Simona Guagliardo argues that von der Leyen’s agenda for a “Union that strives for more” offers a unique opportunity to build a strong case for placing health and well-being at the centre of her policy triad: economic growth fuelled by technological innovation and environmental protection. The EU and its member states must recognise the centrality of people’s health and well-being vis-à-vis economic growth; ensure that health is a constant factor in all policymaking; and deliver on their promises of social fairness, equality and inclusion.
Topic:
Environment, Health, Science and Technology, European Union, and Economic growth
Political Geography:
Europe

9. Turning away from globalization? Trade wars and the rules of competition in global trade: Implications for the EU

Author:
Jan J. Michałek and Przemyslaw Wozniak
Publication Date:
03-2020
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
The trade war between the U.S. and China began in March 2018. The American side raised import duties on aluminum and steel from China, which were later extended to other countries, including Canada, Mexico and the EU member states. This drew a negative reaction from those countries and bilateral negotiations with the U.S. In June 2018 America, referring to Section 301 of its 1974 Trade Act, raised tariffs to 25% on 818 groups of products imported from China, arguing that the tariff increase was a response to years of theft of American intellectual property and dishonest trade practices, which has caused the U.S. trade deficit. Will this trade war mean the collapse of the multilateral trading system and a transition to bilateral relationships? What are the possibilities for increasing tariffs in light of World Trade Organization rules? Can the conflict be resolved using the WTO dispute-resolution mechanism? What are the consequences of the trade war for American consumers and producers, and for suppliers from other countries? How high will tariffs climb as a result of a global trade war? How far can trade volumes and GDP fall if the worst-case scenario comes to pass? Professor Jan J. Michałek and Dr. Przemysław Woźniak give answers to these questions in the mBank-CASE Seminar Proceeding No. 161.
Topic:
Globalization, European Union, Economic growth, and Trade
Political Geography:
China, Europe, and United States of America

10. Our Europe: 15 Years of Poland in the European Union

Author:
Jerzy Wilkin, Joanna Konieczna-Sałamatin, Mirosława Marody, Maja Sawicka, Paweł Kaczmarczyk, Jan J. Michałek, Andrzej Halesiak, Stanisława Golinowska, Irena Topińska, Anna Fornalczyk, Richard Woodward, Grzegorz Gorzelak, Andrzej Kwieciński, Katarzyna Zawalińska, Przemysław Kowalski, Anna Malinowska, Wiesława Kozek, Magdalena Kąkol, Maciej Nowicki, Grzegorz Wiśniewski, Andrzej Cylwik, Tomasz Komornicki, Urszula Sztanderska, Jacek Liwiński, Dorota Ilczuk, Anna Karpińska, Przemysław Kowalski, Mateusz Szczurek, Stanisław Gomułka, and Paweł Wojciechowski
Publication Date:
02-2020
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
This report is the result of the joint work of a number of experts from various fields who have been - for many years – analysing the multidimensional effects of EU institutions and cooperation with Member States pursuant to European values and mechanisms. The authors summarise the benefits of Poland’s membership in the EU based on facts; however, they do not hide their own views and reflections. They also demonstrate the barriers and challenges to further European integration. This report was prepared by CASE, one of the oldest independent think tanks in Central and Eastern Europe, utilising its nearly 30 years of experience in providing objective analyses and recommendations with respect to socioeconomic topics. It is both an expression of concern about Poland’s future in the EU, as well as the authors’ contribution to the debate on further European integration.
Topic:
Climate Change, Demographics, Energy Policy, Labor Issues, Economic growth, Regional Integration, Social Policy, Fiscal Policy, Innovation, and Trade
Political Geography:
Europe, Eastern Europe, and Poland