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101. Financial Integration and Foreign Banks in Latin America: Do They Amplify External Financial Shocks?

Author:
Liliana Rojas-Suarez, Arturo J. Galindo, and Alejandro Izquierdo
Publication Date:
02-2010
Content Type:
Working Paper
Institution:
Center for Global Development
Abstract:
This paper explores the impact of international financial integration on credit markets in Latin America. Using a cross-country dataset covering 17 Latin American countries between 1996 and 2008, the authors find that financial integration amplifies the impact of international financial shocks on aggregate credit and interestrate fluctuations. Despite this pernicious effect, the net impact of integration on deepening credit markets is positive and dominates for the large majority of states of nature. The paper also uses a detailed bank-level dataset covering more than 500 banks in Latin America for a similar time period to explore the role of financial integration—captured through the participation of foreign banks—in propagating external shocks. The authors find that interest rates charged and loans supplied by foreign-owned banks respond more to external financial shocks than those supplied by domestically owned banks. However, this result does not hold for all foreign banks: Spanish banks in the sample behave more like domestic banks and do not amplify the impact of foreign shocks on credit and interest rates. Important policy recommendations to avoid foreign banks' amplification of external financial shocks include the establishment of ring-fencing mechanisms, the development of early-warning systems, and the incorporation for agreements between domestic and foreign supervisors.
Topic:
Economics and Markets
Political Geography:
Latin America and Spain

102. US Hamas policy blocks Middle East peace

Author:
Henry Siegman
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Norwegian Centre for Conflict Resolution
Abstract:
Failed bilateral talks over these past 16 years have shown that a Middle East peace accord can never be reached by the parties themselves. Israeli governments believe they can defy international condemnation of their illegal colonial project in the West Bank because they can count on the US to oppose international sanctions.
Topic:
Peacekeeping
Political Geography:
United States, Middle East, Israel, Greece, Spain, Italy, and Ireland

103. Adjustment Difficulties in the GIPSY Club

Author:
Daniel Gros
Publication Date:
03-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This paper describes the key economic variables and mechanisms that will determine the adjustment process in those euro area countries now under financial market pressure. (Greece, Ireland, Portugal, Spain and Italy = GIPSY) The key finding is that the adjustment will be particularly difficult for Greece (and Portugal) because these are two relatively closed economies with low savings rates. Both of these countries are facing a solvency problem because they combine high debt levels with low growth and high interest rates. Fiscal and external adjustment is thus required for sustainability, not just to satisfy the Stability Pact. By contrast, Ireland and Spain face more of a liquidity than a solvency problem. Italy seems to have a much better starting position on all accounts. Fiscal adjustment alone will not be sufficient to ensure sustainability. Without significant reductions in labour costs, these economies will face years of stagnation at best. Especially in the case of Greece, it is imperative that the cuts in public sector wages are transmitted to the entire economy in order to restore competitiveness, and thus ensure that export growth can become a vital safety valve. Without an adjustment of wages in the private sector, the adjustment will become so difficult that failure cannot be excluded.
Topic:
Debt, Economics, Monetary Policy, and Financial Crisis
Political Geography:
Europe, Greece, Spain, Italy, Portugal, and Ireland

104. Guest Editor's Note

Author:
Talip Küçükcan
Publication Date:
03-2010
Content Type:
Journal Article
Journal:
Insight Turkey
Institution:
SETA Foundation for Political, Economic and Social Research
Abstract:
Migration and settlement of Turks and Muslims in Europe since the 1960s irrevocably changed the social, cultural, religious and demographic landscape of European societies by transforming them into ethnically more heterogeneous and diverse political communities. It is estimated that Muslims currently constitute approximately 5.2 per cent of Europe's total inhabitants, which is home to 38 million Muslims. Of these, 13million live within the European Union, but they are spread out over the continent. There are about 4.5 million Muslims in France, Germany hosts almost 4 million Muslims, and the United Kingdom is home to 1.6 million Muslims. Italy, the Netherlands and Spain each have just over half a million Muslims, while smaller countries such as Austria, Sweden and Belgium have less than half a million. Turks constitute the largest Muslim immigrant community in Europe with an estimated number of 4.6million.
Topic:
Migration
Political Geography:
Europe, France, Germany, Belgium, Spain, Italy, Sweden, Netherlands, and Austria

105. Spain-United States: A Strong Partnership

Author:
Jorge Dezcallar
Publication Date:
05-2010
Content Type:
Journal Article
Institution:
Council of American Ambassadors
Abstract:
Relations between Spain and the United States are rooted in historical ties that date back to 1778, when Spain provided military and financial assistance to the fledgling nation during the American War of Independence. Since that time and following several historical developments, Spain and the United States have become friends and allies. We share the same values; we deal with the same threats. Our strategic vision of the world is similar, and we work together to meet today's global challenges.
Topic:
Government and War
Political Geography:
United States, America, and Spain

106. EU-India strategic partnership: Taking the stock

Author:
Alok Rashmi Mukhopadhyay
Publication Date:
08-2010
Content Type:
Working Paper
Institution:
Institute of Foreign Policy Studies, University of Calcutta
Abstract:
The prevalent perception of the European Union (EU) in India is predominantly constructed by the British and American media. At the time of a global economic downturn, its ripple effects on the continent especially on the 'PIIGS' (Portugal, Ireland, Italy, Greece and Spain) and an imminent crack in the Eurozone have been the debate of the day. In a recent article in The National Interest, James Joyner, has however examined this genre of 'Europe's obituary'. Making a comparison with EU's transatlantic sibling, he identifies three errors in this type of analyses, 'treating the EU as if it were a nation-state, regarding anything less than utopia as a failure, and projecting short-term trends long into the future'. However Joyner is also right when he describes the EU as 'a confusing array of overlapping treaty commitments'.
Topic:
Foreign Policy, Diplomacy, Economics, International Trade and Finance, and Bilateral Relations
Political Geography:
United Kingdom, America, Europe, India, Greece, Spain, Italy, Portugal, and Ireland

107. Sovereignty on Borrowed Territory: Sahrawi Identity in Algeria

Author:
Randa Farah
Publication Date:
09-2010
Content Type:
Journal Article
Journal:
Georgetown Journal of International Affairs
Institution:
Georgetown Journal of International Affairs
Abstract:
Sahrawi refugees have been able to establish a sense of united sovereignty in Algerian camps, despite obstruction from neighboring Morocco.
Political Geography:
Algeria, Spain, and Morocco

108. From Kosovo to Catalonia: Separatism and Integration in Europe

Author:
Christopher Borgen
Publication Date:
12-2010
Content Type:
Journal Article
Journal:
The Goettingen Journal of International Law
Institution:
The Goettingen Journal of International Law
Abstract:
In July 2010 the International Court of Justice rendered its Advisory Opinion on the legality of Kosovo's declaration of independence and the Constitutional Court of Spain rendered an opinion concerning the autonomy of Catalonia. Two very different cases, from very different places, decided by very different courts. Nonetheless, they each provide insights on the issue of separatism in the midst of European integration. Does the Kosovo opinion open the door for other separatist groups? Does the process of European integration increase or undercut separatism? In addressing these questions, this article proceeds in three main parts. Part A briefly recaps the legal issues involved in the Kosovo Advisory Opinion. Part B discusses the relationship between self - determination and EU institutions and practices with a particular focus on Catalonia and the Basque country. Finally, part C assesses the seemingly contradictory impulses of separatism and European integration.
Political Geography:
Europe, Kosovo, and Spain

109. The Politics of Adjustment and Coordination at the Regional Level: The Basque Country

Author:
Sebastian Royo
Publication Date:
01-2009
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
Is globalization forcing non-“Coordinated Market Economies” such as Spain to converge on an Anglo-American model? This paper seeks to build on the hypotheses generated by the literature on “Varieties of Capitalism” to analyze the challenges of developing and sustaining coordination while adjusting for economic change. In particular it seeks to explore ways in which subnational factors promote the ability of socioeconomic actors to develop public-private institutions. By focusing on a particular autonomous region of Spain, the Basque Country, this paper will explore the role of institutional arrangements at the regional level in determining national adjustment. In the Basque Country the relative power and the particular interests of the regional state have been central factors in promoting distinctive patterns of coordination. At the same time, actors' preferences and policy outcomes have been constrained by the differences in the quality and configuration of institutional frameworks, political deals, and the existing economic structure.
Topic:
Economics and Markets
Political Geography:
America, Europe, and Spain

110. Implications of Kosovo, Abkhazia and South Ossetia for International Law: The Conduct of the Community of States in Current Secession Conflicts

Author:
Heiko Krueger
Publication Date:
04-2009
Content Type:
Journal Article
Journal:
The Caucasian Review of International Affairs
Institution:
The Caucasian Review of International Affairs
Abstract:
The objective of this article is to examine whether the current conduct of the community of states in the cases of Kosovo, Abkhazia and South Ossetia has any implications on international law. This question arises particularly in the case of Kosovo, since many states have recognised its separation from Serbia. Can the conduct of the community of states be used as a legal precedent by other groups seeking separation, e.g. in Azerbaijan, China, Georgia, Moldova, Spain or Ukraine? What if more states were to recognise Kosovo in the future? The focus of this paper will be to consider the implications of the conduct of the community of states on the interpretation of international treaties and customary international law. In this respect, the conduct of states in the cases of Abkhazia and South Ossetia in August 2008 will also be taken into account.
Topic:
International Law
Political Geography:
China, Ukraine, Moldova, Kosovo, Azerbaijan, Serbia, Georgia, Spain, South Ossetia, and Abkhazia