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1121. What Drove the Mid-2000s' Explosiveness in Alternative Energy Stock Prices? Evidence from US, European and Global Indices

Author:
Pierre Siklos, Martin T. Bohl, and Philipp Kaufmann
Publication Date:
07-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
Soaring prices in European alternative energy stocks and their subsequent tumble have attracted attention from both investors and academics. This paper extends recent research to an international setting and analyzes whether the explosive price behaviour of the mid-2000s was driven by rising crude oil prices and an overall bullish market sentiment. Inflation-adjusted US alternative energy stock prices do not exhibit signs of explosiveness. By contrast, we find strong evidence of explosive price behaviour for European and global sector indices, even after controlling for a set of explanatory variables. Interestingly, while the sector indices plunged with the outbreak of the global financial crisis, idiosyncratic components continued to rise and did not start to decline until after world equity markets had already begun to recover in 2009. This finding suggests a substantial revaluation of alternative energy stock prices in light of intensifying sector competition and shrinking sales margins, and casts some doubts on the existence of a speculative bubble. Nevertheless, this paper observes temporary episodes of explosiveness between 2005 and 2007 followed by rapid collapses, indicating the presence of some irrational exuberance among investors.
Topic:
Economics, Energy Policy, Oil, and Natural Resources
Political Geography:
United States and Europe

1122. The Northwest Territories and Arctic Maritime Development in the Beaufort Area

Author:
John Higginbotham and Marina Grosu
Publication Date:
05-2014
Content Type:
Policy Brief
Institution:
Centre for International Governance Innovation
Abstract:
The Arctic is facing remarkable climatic and oceanic change that is triggering unprecedented opportunities and challenges for Arctic nations, as well as for countries that do not have Arctic territory but are eager to engage and invest in the region. For Canada and the United States, the Beaufort basin offers unique opportunities for Alaska and Canada's Arctic territories.
Topic:
Economics, International Trade and Finance, and Bilateral Relations
Political Geography:
United States, Canada, North America, and Arctic

1123. High Stakes for Young Lives: Examining Strategies to Stop Child Marriage

Author:
Gayle Tzemach Lemmon
Publication Date:
04-2014
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
An estimated one-third of girls around the globe become brides before the age of eighteen and one in nine do so before the age of fifteen. In recent decades, the issue of child marriage has grown in profile and priority for many policymakers. The Elders, a group of global leaders including former United Nations (UN) secretary-general Kofi Anna n and former U.S. president Jimmy Carter, have taken on the issue and opted to use their platform to speak out against the practice, as have other prominent international organizations. The UN estimated that in 2011, nearly seventy million women ages twenty to twenty-four had married before they turned eighteen. If current trends continue without pause, in the next ten years, more than 140 million girls will be married before their eighteenth birthdays. In order to design interventions that can scale to match the level of the challenge, it is critical to understand the drivers of child marriage and the factors that can curb it.
Topic:
Globalization, Human Rights, Human Welfare, and Reform
Political Geography:
United States

1124. Women and Girls in the Afghanistan Transition

Author:
Catherine Powell
Publication Date:
06-2014
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The significant gains that Afghan women and girls have made since the 2001 U.S.-led military invasion and overthrow of the Taliban are endangered. Presidential elections and possible peace efforts with the Taliban raise uncertainties about whether the future leadership in Afghanistan will protect gender equality. Further, President Barack Obama's plan to completely draw down U.S. troops in the country by the end of 2016 risks withdrawing critical security protection, which has provided Afghan women and girls with increased safety and opportunities to participate in education, employment, the health system, politics, and civil society. With these political and security transitions underway, the United States should act now, in coordination with Afghanistan and its partners, to cement and extend the gains and prevent reversal.
Topic:
Development, Education, Human Rights, Islam, Culture, and Reform
Political Geography:
Afghanistan, United States, and Central Asia

1125. Japan's New Politics and the U.S.-Japan Alliance

Author:
Sheila A. Smith
Publication Date:
07-2014
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Electoral reform in the early 1990s ended single-party dominance in Japan and promised an era of new politics in which political parties would alternate control of the government. In the two decades that followed, Japan's foreign and domestic policy priorities were subjected to greater scrutiny and debate as Japan, like so many other nations around the globe, sought to reorient itself in a new post-Cold War world. The U.S.-Japan alliance that anchored Japan's postwar foreign policy was not immune to these domestic political reforms. For half a century, the conservative Liberal Democratic Party (LDP) prided itself on managing the relationship with Washington. But its ouster in 2009 by the reformist Democratic Party of Japan (DPJ) led many to expect that even Japan's alliance with the United States would be subject to serious review.
Topic:
Government and Bilateral Relations
Political Geography:
United States, Japan, and Asia

1126. How to Make Fuel Subsidy Reform Succeed

Author:
Isobel Coleman
Publication Date:
08-2014
Content Type:
Policy Brief
Institution:
Council on Foreign Relations
Abstract:
Fossil fuel subsidies are a global scourge. They distort markets, strain government budgets, encourage overconsumption, foster corruption, and harm the environment while doing little to remedy inequality or stimulate development. Yet despite compelling arguments for reform, fossil fuel subsidies remain deeply entrenched. Citizens have yet to be convinced that fuel subsidies can and should be replaced with more efficient poverty alleviation programs. As a result, governments refrain from phasing out fuel subsidies for fear of triggering a public backlash, and even civil unrest. To bolster the prospects for subsidy reform, the United States should support the creation of a new public-private partnership within the World Bank, the Global Subsidy Elimination Campaign (GSEC), to work with governments to execute country-specific communication programs that would build the case for fossil fuel subsidy reform among citizens. The GSEC would start with pilot programs in select countries, and on the basis of these efforts, expand its work to other countries interested in fuel subsidy reform. If the GSEC help s generate just a 5 percent reduction in the more than half a trillion dollars that governments now spend on fossil fuel subsidies, it would free up billions of dollars for more effective anti-poverty initiatives.
Topic:
Economics, International Cooperation, International Political Economy, International Trade and Finance, and Natural Resources
Political Geography:
United States

1127. Crimea: A New 9/11 for the United States

Author:
Paul A. Goble
Publication Date:
03-2014
Content Type:
Journal Article
Institution:
Council of American Ambassadors
Abstract:
In 1991, with the end of the Cold War, the disappearance of the Soviet bloc, and the disintegration of the USSR, many Americans—policymakers among them—believed that we had reached the end of history. They believed that we had entered a new period in which cooperation among countries on the basis of shared commitment to democratic values and free market economics would not only be possible but would become the central feature of the international system.
Political Geography:
United States

1128. Building Networks of Diplomatic Cooperation: Opportunities for U.S.-Venezuela Science Cooperation

Author:
Daniel F. Runde and Amasia Zargarian
Publication Date:
08-2014
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
The United States currently maintains formal diplomatic relations with all but five United Nations member-states. In addition to these five countries, there are states—including Venezuela—with which U.S. relations continue to be strained. In most such relationships, cooperation across societies is challenging, hampered by seemingly insurmountable political differences between governments. When official cooperation at the higher levels of government proves infeasible, it is often in the interest of both countries to pursue alternative, more informal approaches, sometimes referred to as "Track II diplomacy" Such forms of diplomacy allow for exchanges of people and ideas to build confidence between the two sides. Ideally, the modest gains in trust from Track II diplomacy will translate into a broader opening for political rapprochement.
Topic:
International Relations, Diplomacy, International Cooperation, and Bilateral Relations
Political Geography:
United States, South America, and Venezuela

1129. Geneva Action Plan: Its Nature and Implications

Author:
Nasser Saghafi-Ameri and Pirooz Izadi
Publication Date:
12-2014
Content Type:
Journal Article
Journal:
Iranian Review of Foreign Affairs
Institution:
Center for Strategic Research (CSR)
Abstract:
The adoption of the Geneva Accord between Iran and the P5+1 (the US, UK, France, Russia, China plus Germany) to resolve issues related to Iran's nuclear program on November 24, 2013, brought about a series of debates in political circles. In many ways, it could be considered a historic event with international and regional implications and also ushered in a new chapter in Iran-U.S. relations. At the international level, it could have a great impact on the ways in which world affairs are managed. In fact, it was a victory for diplomacy, multilateralism and a thrust towards a multi-polar international system after more than a decade of unilateralism and military interventionist policies with all its catastrophic consequences. At the regional level, by fostering new alignments, it may have a positive impact on current problems; be it elimination of weapons of mass destruction or countering terrorism and extremism that is now expanding beyond the region. The Accord in Geneva also fosters hope for solid and productive relations between Iran and the U.S. after more than three decades of estrangement. Considering that a new geostrategic situation is unfolding in the region, this article tries to answer the questions related to its international and regional implications, as well as its impact on the very delicate issue of Iran-U.S. relations. At the end, some of the major challenges that lay ahead in the implementation of the Accord are examined.
Topic:
Foreign Policy, Politics, Terrorism, and Weapons of Mass Destruction
Political Geography:
Geneva, Russia, United States, China, United Kingdom, Iran, East Asia, France, and Germany

1130. The Saudi Factor in Pakistan-Iran Relations

Author:
Muhammad Salman Khan
Publication Date:
12-2014
Content Type:
Journal Article
Journal:
Iranian Review of Foreign Affairs
Institution:
Center for Strategic Research (CSR)
Abstract:
National interest often forms the core of bilateral ties between states. No matter how much idealism is peddled to explain the unassailability of the State's bilateral relations, the national interests and related diplomatic preferences spawn abrasion in these ties. The change of leadership is a consequence of elections results in a national reassessment of foreign policy. This paper attempts to highlight Pakistan's foreign policy dilemma regarding the walking of a tightrope between Tehran and Riyadh. It is argued that the balancing act of Islamabad in this triad is further complicated in the aftermath of 2013 general elections in Pakistan. The new Nawaz Sharif administration's unveiled connection with the Saudi Kingdom, the current tides in the Saudi-Iran-U.S. triangle, and the impending and complex drawdown of international forces from Afghanistan further confounds the trajectory of Pakistan's foreign policy, especially in the zero sum dynamics of Saudi-Iran rivalry.
Topic:
Foreign Policy
Political Geography:
Pakistan, Afghanistan, United States, Iran, East Asia, Tehran, Saudi Arabia, and Riyadh