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51. The Economic Outlook for London

Publication Date:
10-2009
Content Type:
Working Paper
Institution:
Oxford Economics
Abstract:
The present recession, which had its origins in the global financial crisis that began to unfold in mid-2007, has hit London's economy hard. And in the face of ongoing financial sector constraints, a debt overhang and rising unemployment, a strong bounce in the immediate future – of the kind seen in the wake of the early1990s recession – cannot be realistically expected. Nevertheless, Oxford Economics' forecasts show the recovery in the capital gaining traction by 2011, with growth into the medium term matching the robust performance of the decade prior to the recession. We expect growth over the period 2011-2019 to outstrip that of the rest of the UK and of most comparable cities across the western world.
Topic:
Economics and Financial Crisis
Political Geography:
United Kingdom, Europe, and London

52. Combating illicit financial flows from poor countries. Estimating the possible gains

Author:
Jakob Vestergaard and Martin Højland
Publication Date:
11-2009
Content Type:
Policy Brief
Institution:
Danish Institute for International Studies
Abstract:
If the UN Millennium Development Goals are to be reached by 2015, development aid needs to be tripled – which is most unlikely. Instead, countries should unite in a concerted multilateral effort to combat illicit financial flows: for every dollar poor countries receive in development assistance, more than eight dollars are illegally transferred back to rich countries, most of it in order avoid local taxation. Effectively combating these illicit financial flows would generate more financial resources for development than foreign aid is likely to ever do – and help build a sustainable tax base in developing countries for the benefit of future development efforts.
Topic:
Corruption, Crime, and Economics
Political Geography:
United States, United Kingdom, Europe, London, Belgium, Switzerland, Ireland, and Luxembourg

53. The global financial crisis: will state emergency measures trigger international investment disputes?

Author:
Anne Van Aaken and Jürgen Kurtz
Publication Date:
03-2009
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
Several developed countries have introduced emergency measures to mitigate the effects of the Global Financial Crisis, including Australia, Germany, Ireland, the United Kingdom, and the United States. Although the measures taken are still undergoing changes by the executive branch and are thus a “moving target”, our survey reveals early evidence of differentiation between foreign and domestic actors in the emergency plans adopted by this sample grouping. It is this differentiation that may give rise to liability as breaching guarantees against discrimination of foreign investors under international investment law.
Topic:
Economics, International Trade and Finance, Markets, International Affairs, Foreign Direct Investment, and Financial Crisis
Political Geography:
United States, United Kingdom, Germany, Australia, and Ireland

54. NATO and the Economic and Financial Crisis

Author:
Keith Hartley and Binyam Solomon
Publication Date:
10-2009
Content Type:
Working Paper
Institution:
NATO Defense College
Abstract:
These is some consensus among economic forecasters and international economic organizations that the world economy is stabilizing after the worst global contraction since the end of the Second World War. While it is difficult to ascertain empirically whether the massive fiscal policy support played a role or not, the improving credit conditions and the return of demand in the housing market in North America and the UK point to some evidence that the stimulus is providing the necessary short-term boost. Nonetheless, there remain significant challenges that may constrain a quick recovery including the decline in household wealth (debt-laden consumers rebuilding their savings), persistent unemployment and deleveraging (decreasing the amount of debt a firm holds by paying it off) in the financial system together with future long-term prospects of inflation.
Topic:
Economics, International Trade and Finance, and Financial Crisis
Political Geography:
United Kingdom and North America

55. Financial Impacts of Climate Change: Implications for the EU Budget

Author:
Christian Egenhofer, Arno Behrens, and Jorge Núñez Ferrer
Publication Date:
08-2008
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This study focuses on the financial resources needed to fight global climate change and the implications for the EU budget. The authors apply four different methodologies to estimate global financing requirements and attempt to determine the resources that will be needed at the EU level to meet the EU's climate change objectives. The study analyses current climate change spending of the EU budget, identifies shortcomings and indicates possibilities for correcting them. It also assesses the potential of the EU emissions trading scheme to raise additional resources to finance coordinated actions at the EU level aimed at fighting climate change. Finally, it provides three case studies of national public expenditure related to climate change in Germany, the United Kingdom and the United States.
Topic:
Climate Change, Economics, and Environment
Political Geography:
United States, United Kingdom, and Europe

56. From South Asian to Diaspora: Missing Women and Migration

Author:
Matthew McCartney and Aisha Gill
Publication Date:
11-2007
Content Type:
Working Paper
Institution:
School of Oriental and African Studies - University of London
Abstract:
The modernisation paradigm is here tested and found wanting in a very particular context; the experience of the migrant. Women in South Asia have a biologically abnormal chance of mortality from conception until their mid-30s. This phenomenon is thought to be related to a range of economic and cultural factors, which include sex selective abortion and gender-biased allocations of health care and nutrition. There is scant research on the manifestation of this phenomenon after migration to developed countries. The modernisation paradigm suggests that migrants will quickly adopt the norms of the host developed country. Some of the proximate causes that generate the excess mortality of females in South Asia are, indeed, not likely to be operational in a developed country; namely, female infanticide and deprivation of nutrition and health care for girls. However, the cultural preference for sons in South Asia has persisted following migration, while the specific way in which this preference is satisfied has changed: sex-selective abortion is replacing post-natal neglect of, and harm done to, girls and women. In some cases, further empirical work is required if the issue of how South Asian practices of gender discrimination might be manifest in the behaviour of migrants to the UK.
Topic:
Demographics, Economics, Gender Issues, Migration, and Poverty
Political Geography:
United Kingdom and South Asia

57. Exchange Rate Pass-Through to Export Prices: Assessing Some Cross-Country Evidence

Author:
Robert Vigfusson, Nathan Sheets, and Joseph Gagnon
Publication Date:
09-2007
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
A growing body of empirical work has found evidence of a decline in exchange rate pass-through to import prices in a number of industrial countries. Our paper complements this work by examining pass-through from the other side of the transaction; that is, we assess the exchange rate sensitivity of export prices (denominated in the exporter's currency). We first sketch out a streamlined analytical model that highlights some key factors that determine pass-through. Using this model as reference, we find that the prices charged on exports to the United States are more responsive to the exchange rate than is the case for export prices to other destinations, which is consistent with results in the literature suggesting that import price pass-through in the U.S. market is relatively low. We also find that moves in the exchange rate sensitivity of export prices over time have been significantly affected by country and region-specific factors, including the Asian financial crisis (for emerging Asia), deepening integration with the United States (for Canada), and the effects of the 1992 ERM crisis (for the United Kingdom).
Topic:
Economics, Foreign Exchange, International Trade and Finance, and Markets
Political Geography:
United States, United Kingdom, Canada, and Asia

58. Global Rebalancing

Author:
John H. Makin
Publication Date:
10-2007
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
The global economic and financial picture is changing rapidly. A review of some of the key elements is in order, as the U.S. economy has slowed rapidly and the Federal Reserve has responded aggressively with rate cuts, while the Bank of England's tough policies pushed one of the United Kingdom's largest mortgage lenders, Northern Rock, to the brink of collapse as a bank run on that suddenly beleaguered institution ensued. Meanwhile, Japan, still the world's second-largest economy—though perhaps the least dynamic of the major ones—slipped into negative growth at a 1.2 percent annual rate in the second quarter after having initially reported growth over 2 percent. The rate-boost-obsessed Bank of Japan finally decided to stop raising rates, and, to add to the complexity of the picture, Japan's relatively new prime minister Shinzo Abe resigned, unable to provide the leadership sorely needed in a nation lacking economic and political direction.
Topic:
Economics, International Trade and Finance, and Markets
Political Geography:
United States, Japan, United Kingdom, and England

59. The State of American Cities

Author:
Bruce Katz and Alan Berube
Publication Date:
11-2006
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
This summary report provides an overview of The State of American Cities. It addresses four major questions that are explored in further detail in the topic report: What are the current trends and drivers of change in US cities? What factors measure and explain city success in the U.S? What policies have promoted the success of US cities? What can English cities learn from this? The report argues that whilst the US and England are marked by significant cultural and political differences in their views on cities, the two nations are undergoing similar economic and demographic transitions that pave the way for a useful comparative policy dialogue on urban areas.
Topic:
Civil Society and Economics
Political Geography:
United States, United Kingdom, America, Europe, and England

60. Natural Unemployment, the Role of Monetary Policy and Wage Bargaining: A Theoretical Perspective

Author:
Stefan Collignon
Publication Date:
05-2006
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
This paper models unemployment as a general equilibrium solution in labor and capital markets, while the natural rate hypothesis explains unemployment simply as a partial equilibrium in the labor market. It is shown that monetary policy can have long-run effects by affecting required returns on capital and investment. If monetary policy is primarily concerned with maintaining price stability, the interaction between wage bargaining and the central bank's credibility as an inflation fighter becomes a crucial factor in determining employment. Different labor market institutions condition different monetary policy reactions. With centralized wage bargaining, a central bank mandate focusing primarily on price stability is sufficient. With an atomistic labor market, the central bank must also consider output as a policy objective.
Topic:
Civil Society, Development, Economics, and Markets
Political Geography:
United States, United Kingdom, and Europe