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611. Who can be trusted after the financial crisis?

Author:
Felix Roth
Publication Date:
11-2009
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
The financial crisis has damaged citizens' trust in public institutions, especially the confidence that European citizens invest in the European institutions. The results of major public opinion surveys show a severe decrease in citizens' trust in the immediate aftermath of the financial crisis with a slight recovery nine month later. In particular, citizens' net trust in the European Central Bank hit an historical low point in the aftermath of the financial crisis with a majority of people distrusting that institution. A variety of other surveys also show that confidence levels in the free market economy have decreased in most of the largest economies and demand for stronger state regulation has increased on both sides of the Atlantic. The key question now is whether this loss of confidence is a temporary or permanent phenomenon, which would have important consequences for the economy and for the proper working of the European institutions.
Topic:
Economics, Markets, and Financial Crisis
Political Geography:
Europe

612. German Companies Engaging in China: Decision-Making Processes at Home and Management Practices in Chinese Subsidiaries

Author:
Geny Piotti
Publication Date:
11-2009
Content Type:
Working Paper
Institution:
Max Planck Institute for the Study of Societies
Abstract:
This paper attempts to explain why internationalization processes to China are growing despite the significant difficulties that foreign direct investments into China encounter. The answer to this question can be found in the processes of decision-making on internationalization at the company level and how these affect management practices in Chinese subsidiaries. The argument I put forward in this paper is that for the small and medium-sized enterprises the study focuses on, the decisions concerning investment in China are mainly the product of structural and legitimation pressure. Structural pressure can encourage cognitive mechanisms and behavioral consequences similar to those occurring when individuals (and organizations) cope with threat. Legitimation pressure can foster wishful thinking, which pushes actors to believe that desired options are good despite evidence to the contrary. These pressures have an impact on how well companies are prepared when they internationalize and can particularly affect some crucial management practices, leading to inefficiencies and problems in subsidiaries.
Topic:
Economics and International Trade and Finance
Political Geography:
China, Europe, Asia, and Germany

613. China: Bogus Boom?

Author:
John H. Makin
Publication Date:
08-2009
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
China's economic statistics have become the envy of the world. On July 15, China reported a 7.9 percent growth rate for the second quarter of 2009 compared to the same period a year earlier. Meanwhile, China's stock markets are on fire, and its property markets are heating up fast as well. Shanghai's two stock markets are up 75 percent and 95 percent respectively so far this year. The more widely traded Hong Kong Index is up 27 percent, a stellar performance compared to largely flat stock markets in the United States, Europe, and Japan. In even stronger contrast, Russia, which is one of China's emerging-market peers, has seen its economy drop by 10.1 percent during the first half of this year, while its stock market has struggled as well.
Topic:
Economics, Emerging Markets, and International Political Economy
Political Geography:
Russia, United States, Japan, China, Europe, and Hong Kong

614. From London to L'Aquila: Building a Bridge between the G20 and the G8

Author:
Paola Subacchi and Eric Helleiner
Publication Date:
06-2009
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
From many perspectives, the London Summit of the G20 leaders at the beginning of April 2009 was a success – and a hard act to follow. The discussion was framed around crisis resolution and the strengthening of the international financial architecture. Beyond any concrete achievement, the success of the London Summit is that it morphed into an ongoing process with a rolling agenda, rather than remaining a one-off event. Undoubtedly the Italian Presidency of the G8 has a hard task, being caught between the success of London and the decreasing relevance of the G8. But there is also scope for building a meaningful bridge between London and the G8 meeting in L'Aquila in July 2009, and continuing and strengthening the economic governance reform process. There is an urgent need to continue to push for progress on a number of key items that were not adequately addressed at the London Summit and where progress can be made in L'Aquila – fostering clarity for the G20 agenda for the next meeting in Pittsburgh in September 2009. With regard, in particular, to the reform of the International Monetary Fund, the Italian Presidency should use its G8 chair to initiate a dialogue on reform of the European representation, taking advantage of having all the key players gathered together in L'Aquila.
Topic:
Economics, International Cooperation, International Trade and Finance, Treaties and Agreements, and International Monetary Fund
Political Geography:
Europe, London, and Italy

615. Evaluating and Comparing the Innovative Performance of the United States and the European Union

Author:
Malgorzata Runiewicz-Wardyn
Publication Date:
09-2009
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
There are significant differences in the innovative capacities between the economies of the United States and European Union. The US was able to gain and maintain technological leadership, whereas most of the EU member states (with the exception of some Scandinavian economies) still lag behind in the competitiveness and innovation rankings.
Topic:
Economics and International Affairs
Political Geography:
United States and Europe

616. Brazil's Rise as an Emerging Power: Implications for the U.S. and Europe

Author:
Stefan A. Schirm
Publication Date:
06-2009
Content Type:
Working Paper
Institution:
Center for Transatlantic Relations
Abstract:
The last 20 years have witnessed the economic emergence of several countries, which are considered today to be “pivotal states”, “regional powers”, and “emerging powers” in world politics. These emerging powers encompass countries such as China, India, Brazil and Russia, (the BRICs), which have in common both that they have experienced rapid economic growth and that they seek to influence the global economy and world politics to a greater degree than they did before their rise. The BRICs have become leading exporters and lenders (especially China to the US) as well as holders of currency reserves, and they (plus Mexico) are expected to surpass the GNP of the G7 industrialized countries by the year 2040. The reasons for the assignment of a new role, and often of increased power, to these states are their demographic and geographic size, their economic and military capacities, and their political aspirations.
Topic:
Economics, Emerging Markets, and Globalization
Political Geography:
Russia, United States, China, Europe, India, Brazil, and Latin America

617. Recovery: The Global Financial Crisis and Middle-Income Countries

Author:
Alejandro Foxley
Publication Date:
07-2009
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
No country has proved immune to the devastating effects of the current global financial crisis. But the middle-income countries of Eastern Europe, Latin America, and East Asia, which previously had achieved significant progress—economically and socially—have shown themselves to be particularly vulnerable. The crisis has highlighted important lessons for these countries, which inhabit a twilight zone between the developed and developing worlds?and those that aspire to join their ranks—as they rebuild.
Topic:
Economics, International Trade and Finance, Monetary Policy, and Financial Crisis
Political Geography:
Europe, East Asia, and Latin America

618. U.S.-EU Smart Grid Deployment

Publication Date:
11-2009
Content Type:
Working Paper
Institution:
Atlantic Council
Abstract:
This report, based on the September 11, 2009 workshop on “U.S.-EU Cooperation toward Smart Grid Deployment” recommends that U.S. and EU leaders work in concert with the private sector to enhance the development and deployment of smart grid technologies across the Atlantic. The need for undertaking a holistic approach requires transatlantic cooperation in a number of complex areas, which warrant the establishment of specific public-private working groups focused on creating a common architecture with compatible standards, including those for cyber security, that can be applied in the transatlantic community and rolled out globally.
Topic:
Economics, Foreign Exchange, International Trade and Finance, and Treaties and Agreements
Political Geography:
United States and Europe

619. Forging a Strategic U.S.-EU Partnership

Publication Date:
12-2009
Content Type:
Working Paper
Institution:
Atlantic Council
Abstract:
The world that created the transatlantic partnership is fading fast. The United States and Europe must urgently reposition and recast their relationship as a more effective and strategic partnership. It is a moment of opportunity -- to use or to lose. With the Cold War over and new powers rising, some say the transatlantic partnership has had its day. We disagree. Our achievements may not always match our aspirations, but the common body of accumulated principles, norms, rules and procedures we have built and accumulated together -- in essence, an acquis Atlantique -- affirms basic expectations we have for ourselves and for each other. In this new world of global connections, the transatlantic relationship is the thickest weave in the web. The deep integration of our democratic societies and economies is unparalleled and transcends neat “foreign” and “domestic” distinctions. We are literally in each other's business. North America's relationship with Europe enables each of us to achieve goals together that neither can alone -- for ourselves and for the world. When we agree, we are usually the core of any effective global coalition. When we disagree, no global coalition is likely to be very effective. The transatlantic partnership, while indispensable, is also insufficient. Only by banding together with others are we likely to advance our values, protect our interests, and extend our influence. Our partnership remains as vital as in the past. But now we must focus on a new agenda. Together, Europe and America must surmount immediate economic challenges while positioning their economies for the future; build transatlantic resilience -- protect our societies, not just our territory; continue work toward a Europe whole, free, and at peace; address conflicts more effectively; redouble efforts to halt proliferation of agents of mass destruction; reinvigorate efforts to preserve a habitable planet. Unfortunately, there is a growing mismatch between the nature of our challenges, the capacity of our institutions, and the tools at our disposal. Strong bilateral relations between the U.S. and European countries are still essential. NATO remains vital to our security. We offer views on NATO's future in a companion volume, Alliance Reborn. But we must also recast and reposition the U.S.-EU relationship. That is the subject of this report. The U.S.-EU relationship is important but not strategic. Such a partnership is possible, but it is not the partnership we have today. Given the challenges we face, such a partnership is urgent. It will require a new type of politics, not simply new kinds of process. Our central challenge is to mobilize political leadership behind a set of ambitious goals, tied to pragmatic steps forward.
Topic:
Economics, International Cooperation, and International Security
Political Geography:
United States and Europe

620. The Asymmetry of European Integration or why the EU cannot be a "Social Market Economy"

Author:
Fritz W. Scharpf
Publication Date:
09-2009
Content Type:
Working Paper
Institution:
The Kolleg-Forschergruppe (KFG)
Abstract:
Judge-made law has played a crucial role in the process of European integration. In the vertical dimension, it has greatly reduced the range of autonomous policy choices in the member states, and it has helped to expand the reach of European competences. At the same time, however, “Integration through Law” does have a liberalizing and deregulatory impact on the socio-economic regimes of EU member states. This effect is generally compatible with the status quo in “Liberal Market Economies”, but it tends to undermine the institutions and policy legacies of Continental and Scandinavian “Social Market Economies”. Given the high consensus requirements of European legislation, this structural asymmetry cannot be corrected through political action at the European level.
Topic:
Economics, Markets, and Law
Political Geography:
Europe