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2061. What Made the Financial Crisis Systemic?

Author:
Patric H. Hendershott and Kevin Villani
Publication Date:
03-2012
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
The current narrative regarding the 2008 systemic financial system collapse is that numerous seemingly unrelated events occurred in unregulated or underregulated markets, requiring widespread bailouts of actors across the financial spectrum, from mortgage borrowers to investors in money market funds. The Financial Crisis Inquiry Commission, created by the U.S. Congress to investigate the causes of the crisis, promotes this politically convenient narrative, and the 2010 Dodd-Frank Act operationalizes it by completing the progressive extension of federal protection and regulation of banking and finance that began in the 1930s so that it now covers virtually all financial activities, including hedge funds and proprietary trading. The Dodd-Frank Act further charges the newly created Financial Stability Oversight Council, made up of politicians, bureaucrats, and university professors, with preventing a subsequent systemic crisis.
Topic:
Economics, Government, Markets, Global Recession, and Financial Crisis
Political Geography:
United States

2062. The War on Terror from Bush to Obama: On Power and Path Dependency

Author:
Hilde Eliassen Restad
Publication Date:
04-2012
Content Type:
Working Paper
Institution:
Norwegian Institute of International Affairs
Abstract:
James Madison famously stated in 1793: “War is in fact the true nurse of executive aggrandizement.” By this, Madison meant that, when confronted with a grave threat to national security, the instinct of a state is to concentrate power at the very top. This can lead – and has led – to abuse of power. For instance, President Franklin D. Roosevelt's signing of Executive Order 9066 on February 19, 1942 resulted in the forcible internment of Japanese Americans (two thirds of whom were U.S. citizens), an episode widely seen as regrettable later, after history had removed Americans from the anxiety of war. But by no means do we have to look as far back as to World War II. We can note Cold War incidents such as the Iran-Contra scandal (1985–87), when the Reagan administration took it upon itself to bypass Congress – and specific laws – in order to support the controversial Nicaraguan Contras with money acquired by selling arms to Iran.
Topic:
Foreign Policy, Defense Policy, Government, Terrorism, and Counterinsurgency
Political Geography:
United States and Iran

2063. EIU: Global outlook summary

Publication Date:
06-2012
Content Type:
Policy Brief
Abstract:
The global economy remains in precarious shape. Europe's debt crisis rages on, and although the euro appears to have survived its most recent test in the form of the Greek election on June 17th, austerity and financial-market uncertainty are depressing economic activity in Europe and, by extension, in much of the rest of the world. The Economist Intelligence Unit continues to expect global GDP growth to slow in 2012, and while our forecasts for the G3 economies—the US, euro zone and China—are essentially unchanged this month, we have cut our projections for Brazil and India.
Topic:
Debt, Economics, International Trade and Finance, Markets, and Financial Crisis
Political Geography:
United States, China, Europe, India, and Brazil

2064. Incentives for Life: Cash-on-Delivery Aid for Tobacco Control in Developing Countries

Author:
Amanda Glassman and Thomas J. Bollyky
Publication Date:
04-2012
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Fewer people are smoking in the United States, Europe, and most of the developing world. Excise taxes, bans on smoking in public places, and graphic health warnings are achieving such dramatic reductions in tobacco use in developed countries that a recent Citigroup Bank investment analysis speculated that smoking could virtually disappear in wealthy countries over the next thirty to fifty years.
Topic:
Health and Human Welfare
Political Geography:
United States and Europe

2065. Entrepreneurship in Postconflict Zones

Author:
Gayle Tzemach Lemmon
Publication Date:
05-2012
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Economic development is a critical component of promoting stability and U.S. security interests, particularly in conflict and postconflict zones. Reviving institutions and rebuilding an economic base are among the first priorities after fighting ends and reconstruction begins. According to the U.S. Agency for International Development (USAID), negative economic shocks of just 5 percent can increase the risk of a civil war by as much as 50 percent in fragile environments. Additionally, donor assistance, which can account for 20 percent to as much as 97 percent of a country's GDP, is unsustainable in the long term. Building local business capacity and supporting homegrown entrepreneurs can help curb this risk. Research from Iraq has found that labor-generating reconstruction programs can reduce violence during insurgencies, with a 10 percent increase in labor-related spending associated with a 10 percent decrease in violence. And as Shari Berenbach, director of the Office of Microenterprise Development at USAID, argues, the development of “private enterprise is an important stabilizing force,” particularly for countries suffering from the political uncertainty and civil unrest that often characterizes the postconflict period.
Topic:
Security, Development, Economics, Emerging Markets, Foreign Aid, and Foreign Direct Investment
Political Geography:
United States

2066. What It Will Take to Secure Afghanistan

Author:
Max Boot
Publication Date:
06-2012
Content Type:
Policy Brief
Institution:
Council on Foreign Relations
Abstract:
Afghanistan is approaching a major inflection point in its long and turbulent history. In 2014 most of the foreign military forces are due to pull out. With them will go the bulk of foreign financing that has accounted for almost all of the state's budget. Twenty fourteen is also the year that Afghanistan is due to hold presidential elections. Hamid Karzai, the only president the country has known since the fall of the Taliban, has said he will not seek another term in office. Thus Afghanistan is likely to have a new president to lead it into a new era. This era will be shaped by many factors, principally decisions made by Afghans themselves, but the United States has the ability to affect the outcome if it makes a sustained commitment to maintain security, improve the political process, and reduce Pakistani interference so as to build on the tenuous gains achieved by the U.S. troop surge since 2010.
Topic:
Conflict Resolution, Foreign Policy, Democratization, Islam, Terrorism, War, and Counterinsurgency
Political Geography:
Pakistan, Afghanistan, United States, and Taliban

2067. Armed Clash in the South China Sea

Author:
Bonnie S. Glaser
Publication Date:
04-2012
Content Type:
Policy Brief
Institution:
Council on Foreign Relations
Abstract:
The risk of conflict in the South China Sea is significant. China, Taiwan, Vietnam, Malaysia, Brunei, and the Philippines have competing territorial and jurisdictional claims, particularly over rights to exploit the region's possibly extensive reserves of oil and gas. Freedom of navigation in the region is also a contentious issue, especially between the United States and China over the right of U.S. military vessels to operate in China's two-hundred-mile exclusive economic zone (EEZ). These tensions are shaping—and being shaped by—rising apprehensions about the growth of China's military power and its regional intentions. China has embarked on a substantial modernization of its maritime paramilitary forces as well as naval capabilities to enforce its sovereignty and jurisdiction claims by force if necessary. At the same time, it is developing capabilities that would put U.S. forces in the region at risk in a conflict, thus potentially denying access to the U.S. Navy in the western Pacific.
Topic:
Conflict Prevention, Security, Arms Control and Proliferation, Oil, Natural Resources, and Territorial Disputes
Political Geography:
United States, China, Malaysia, Israel, Taiwan, Vietnam, Southeast Asia, and Brunei

2068. Aid and Conflict in Pakistan

Publication Date:
06-2012
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
International, particularly U.S., military and civilian aid has failed to improve Pakistan's performance against jihadi groups operating on its soil or to help stabilise its nascent democracy. Lopsided focus on security aid after the 11 September 2001 attacks has not delivered counterterrorism dividends, but entrenched the military's control over state institutions and policy, delaying reforms and aggravating Pakistani public perceptions that the U.S. is only interested in investing in a security client. Almost two-thirds of U.S. funding since 2002 ($15.8 billion) has been security-related, double the $7.8 billion of economic aid. Under an elected government, and with civilian aid levels at their highest in decades, the U.S. and other donors can still play a major part in improving service delivery, supporting key reforms and strengthening a fragile political transition vital to internal and regional stability. Re-orientation of funding from military security purposes to long-term democracy and capacity building support is the best way to guarantee the West's and Pakistan's longterm interests in a dangerous region. But aid policies must be better targeted, designed and executed.
Topic:
Democratization, Terrorism, Foreign Aid, and Counterinsurgency
Political Geography:
Pakistan, United States, and South Asia

2069. Bahrain and the global balance of power after the Arab Spring

Author:
Lars Erslev Andersen
Publication Date:
06-2012
Content Type:
Working Paper
Institution:
Danish Institute for International Studies
Abstract:
The global balance of power is changing, and the role of the US as the only superpower is being challenged by emerging new powers and a still more powerful China. Nowhere is this more apparent than in the Persian Gulf. This Working Paper by DIIS researcher Lars Erslev Andersen argues that if we are fully to understand the developments in the Persian Gulf we need to analyze the Persian Gulf as a regional security complex in its own right. The argument is developed empirically with reference to the case of Bahrain.
Topic:
Foreign Policy, International Trade and Finance, International Affairs, and Power Politics
Political Geography:
United States, China, Middle East, Arabia, and Bahrain

2070. The Last Living Fossil of the Cold War The two Koreas, the Dragon and the Eagle: towards a new regional security complex in East Asia?

Author:
Erik Beukel
Publication Date:
07-2012
Content Type:
Working Paper
Institution:
Danish Institute for International Studies
Abstract:
The divided Korean peninsula is a flashpoint in the regional security complex in East Asia. The central issue is the threat posed by North Korea and how to meet it. After a review of North Korea as an international actor and of two important incidents in 2010 (the sinking of the South Korean naval ship Cheonan and North Korea's shelling of the South Korean coastal island of Yeonpyeong), the rationality underlying the country's military efforts is considered. South Korea's Nordpolitik is reviewed and the rise and decline of its sunshine policy and the role of its alliance with the United States is described. Two non-Korean great powers, China and the United States, are important actors in the region, and their relations with North Korea, goals and priorities, and implementation strategies are outlined. The report concludes with reflections on the potential for changing the present security complex, which is marked by a fear of war, into a restrained security regime, based on agreed and observed rules of conduct.
Topic:
Conflict Resolution, Security, Foreign Policy, Cold War, Communism, Weapons of Mass Destruction, and Bilateral Relations
Political Geography:
United States, China, Israel, East Asia, Korea, and Island