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552. Not All Financial Regulation Is Global
- Author:
- Nicolas Véron and Stéphane Rottier
- Publication Date:
- 09-2010
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- “All politics is local,” as the saying goes, but all economics is global, and regulation is one area where these two realities meet and conflict. This has been particularly true for financial regulation in the wake of the unprecedented financial crisis.
- Topic:
- Economics, Genocide, International Cooperation, International Trade and Finance, and Monetary Policy
- Political Geography:
- Europe
553. GDP Now Matters More Than Force
- Author:
- Leslie H. Gelb
- Publication Date:
- 11-2010
- Content Type:
- Journal Article
- Journal:
- Foreign Affairs
- Institution:
- Council on Foreign Relations
- Abstract:
- Most nations have adjusted their foreign policies to focus on economic security, but the United States has not. Today's leaders should adapt to an economic-centric world and look to Presidents Harry Truman and Dwight Eisenhower for guidance.
- Topic:
- Security and Economics
- Political Geography:
- United States, Europe, and Washington
554. Managing the Challenge of Russian Energy Policies
- Author:
- Keith C. Smith
- Publication Date:
- 12-2010
- Content Type:
- Working Paper
- Institution:
- Center for Strategic and International Studies
- Abstract:
- Following the breakup of the Soviet Union and the Warsaw Pact, the leaders of Russia, including then-President Boris Yeltsin, searched for new methods of continuing to exert influence over the former Soviet-controlled region. The Kremlin at first used an energy blockade to the Baltic States in 1990 in an attempt to prevent their breakaway from the Soviet Union. After that failed, it then focused on the growing opposition in the former republics of the Soviet Union and in East Central Europe to its foreign and economic policies, and in particular on demands that Russian military forces withdraw from the newly independent states. The Kremlin leadership quickly recognized that short of military action, its major foreign policy tool was the denial or threat of denial of access to Russia's vast oil and gas resources. The economies of East European and Central Asian countries, and especially their rail and pipeline infrastructures, had been hardwired by Soviet leaders to assure total dependency on Moscow for their raw materials, including oil, gas, coal, and nuclear fuel.
- Topic:
- Cold War, Economics, Emerging Markets, Energy Policy, and Oil
- Political Geography:
- Russia, Europe, Central Asia, and Soviet Union
555. The Transformational Impact of EMU and the Global Financial Crisis
- Author:
- Francesco Paolo Mongelli
- Publication Date:
- 12-2010
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies
- Abstract:
- The headwinds facing the euro area are many and substantial: there is no pretence of denial. While most attention is correctly devoted to the size of rescue packages for some countries and the terms of crisis management and resolution mechanisms, we argue that these challenges must also be met from within the euro area. We are aided by a simple framework illustrating how the benefits the euro can generate depend on the degree of openness, flexibility and income correlation among euro area countries. Sharing the euro has steadily transformed euro area economies that are now deeply interconnected. This is generating largely benign effects that represent the intrinsic value of the euro area: it is a shared asset. Yet, such integration has provided the ground for the transmission of the sovereign crisis: through financial exposure, trade linkages and cross-country asset ownership.
- Topic:
- Economics, Global Recession, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe
556. A Renewed Political Deal for Sustainable Growth within the Eurozone and the EU: An Open Letter to the President of the European Council
- Author:
- Daniel Gros, Stefano Micossi, Richard Baldwin, Giuliano Amato, and Pier Carlo Padoan
- Publication Date:
- 12-2010
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies
- Abstract:
- Under current policies, the European Union will only be able to pull itself out of low growth and high unemployment very slowly – too slowly to exclude dangerous economic and political assaults on the Union's continuing cohesion and viability. What is needed is a substantial increase in the EU output growth rate, which has been persistently low for too long a time. With low growth, sovereign debt sustainability in a number of member states will remain uncertain, possibly leading to renewed strains in financial markets and rising spreads that will aggravate the costs of budgetary consolidation. The divergences in productivity and competitiveness and the current external imbalances they engendered can be unwound at an acceptable cost only if growth accelerates in the core and the periphery. On present trends, the adjustment burden might be unbearable for peripheral countries and generate strains that may eventually undermine the euro.
- Topic:
- Economics, Regional Cooperation, Monetary Policy, and Governance
- Political Geography:
- Europe
557. The European Council Summit and the Political Economics of the EMU Crisis
- Author:
- Christian Fahrholz and Cezary Wójcik
- Publication Date:
- 11-2010
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies
- Abstract:
- Roger Ailes, a former advisor to Ronald Reagan, recalls in his book an intriguing practice of the ancient Romans: when they finished building a bridge or an arch, they enforced accountability by placing the engineer in charge beneath the construction when the scaffolding was removed. If the edifice did not hold, he was the first to know. We do not follow such drastic practices these days in Europe, but with some European economies shaking and the Greek sovereign debt crisis still not over, the architecture of the euro area has been certainly come under severe stress. Unfortunately, the 28-29 October 2010 European Council Summit has not made this architecture much safer.
- Topic:
- Economics, Regional Cooperation, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe
558. Living Standards in an Ageing, Greener, Knowledge Economy: Towards a period of lean cows?
- Author:
- Jørgen Mortensen
- Publication Date:
- 12-2010
- Content Type:
- Working Paper
- Institution:
- Centre for European Policy Studies
- Abstract:
- This paper provides evidence on past growth of productivity, analysing the evolution of labour productivity, capital deepening and multi-factor productivity. Based on a literature review of recent studies, it shows that economic growth is increasingly attributable to the accumulation of intangible capital and that consequently, an increasing share of conventionally measured rise in labour productivity has, in fact, been ploughed back into the economy as intangible capital formation. In addition, it shows that on average for the developed countries examined, the growth of total factor productivity has been the main determinant of the increase in living standards over the 50 years from 1960 to 2010. It also demonstrates a striking slowdown in the growth of both productivity and living standards during this period. Looking ahead, it argues that the period 2010 to 2030 is likely to see a considerable expansion of tangible and intangible capital formation and lower growth of multi-factor productivity. The paper therefore concludes that over the next 20 years the scope for growth in living standards in the developed economies will be very limited, on average around half a percent per annum, with serious consequences for social conditions and a likely aggravation of inequalities.
- Topic:
- Economics, Globalization, Human Welfare, and Labor Issues
- Political Geography:
- Europe
559. Carbon Capture, Transport and Storage in Europe: A problematic energy bridge to nowhere?
- Author:
- Christian von Hirschhausen, Johannes Herold, and Sophia Rüster
- Publication Date:
- 11-2010
- Content Type:
- Working Paper
- Institution:
- Centre for European Policy Studies
- Abstract:
- This paper summarises the findings of work package 5.3 of the SECURE project, with regard to the role of carbon capture, transport and storage (CCTS) for the future European supply security of coal. The real issue in European supply security with respect to coal is the absence of an economically and politically sustainable use of coal for electricity, liquefaction, gasification, etc. Whereas earlier papers delivered for work package 5.3 on the coal sector indicated that there are few risks to the European energy supply of (steam) coal, there is an implicit supply security threat, i.e. that coal will no longer be an essential element of European energy supply because the CCTS rollout will be delayed or not be carried out at all. This thesis is substantiated in this subsequent paper, with more technical details and some case study evidence.
- Topic:
- Security, Economics, and Energy Policy
- Political Geography:
- Europe
560. Five Surprises of the Great Recession
- Author:
- Uri Dadush and Vera Eidelman
- Publication Date:
- 11-2010
- Content Type:
- Policy Brief
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- The Great Recession included five major surprises: (1) the severity of the global trade and output collapse, (2) the United States suffered a milder than expected recession, (3) Europe saw the onset of a severe sovereign debt crisis, (4) China grew at an extraordinary rate even though it's greatly dependent on exports, and (5) Latin America showed remarkable resilience.
- Topic:
- Economics, Globalization, Global Recession, and Financial Crisis
- Political Geography:
- United States, China, Europe, and Latin America