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6721. Moral Hazard and the U.S. Stock Market: Analyzing the “Greenspan Put”?

Author:
Marcus Miller, Paul Weller, and Lei Zhang
Publication Date:
01-2002
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
When the risk premium in the US stock market fell far below its historic level, Shiller (2000) attributed this to a bubble driven by psychological factors. As an alternative explanation, we point out that the observed risk premium may be reduced by one-sided intervention policy on the part of the Federal Reserve, which leads investors into the erroneous belief that they are insured against downside risk. By allowing for partial credibility and state dependent risk aversion, we show that this 'insurance'—referred to as the Greenspan put—is consistent with the observation that implied volatility rises as the market falls. Our bubble, like Shiller's, involves market psychology, but what we describe is not so much 'irrational exuberance' as exaggerated faith in the stabilizing power of Mr. Greenspan.
Topic:
Economics, Government, International Trade and Finance, and Political Economy
Political Geography:
United States

6722. Enhancing the Turkish-American Alliance: The Campaign for Iraq and Other Possibilities

Author:
Soner Cagaptay
Publication Date:
10-2002
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
Assistant Secretary of State Elizabeth Jones was in Ankara Monday to discuss foreign policy issues including Iraq with her Turkish counterparts. Interestingly, Iraq's vice premier Tariq Aziz visited Ankara yesterday for the same purpose. These trips come at a crucial time as Washington prepares for a confrontation with Saddam Husayn. While prepared to stand with its close NATO ally the United States, Turkey remains uneasy about several issues.
Topic:
Security, Foreign Policy, NATO, and Religion
Political Geography:
United States, Iraq, America, Turkey, Middle East, and Arab Countries

6723. Shaping a New UN Draft Resolution on Iraq

Author:
Patrick Clawson
Publication Date:
09-2002
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
The United States and Britain are consulting with the other three permanent members of the UN Security Council (Russia, France, and China) before introducing a new draft resolution on Iraq. Much attention has been given to whether the resolution will explicitly authorize the use of force. At least as important will be whether the resolution reverses the long, slow erosion of Iraq's UN-mandated obligations. For all their seemingly tough language, recent Security Council resolutions on Iraq have been ambiguous at best about the issues on which Saddam Husayn has been allowed to cheat in the past.
Topic:
Security, Religion, and United Nations
Political Geography:
Russia, United States, Iraq, Middle East, and Arab Countries

6724. November Elections in Turkey: Assessing the Ban on Justice and Development Party Leader Tayyip Erdogan

Author:
Soner Cagaptay
Publication Date:
09-2002
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
As the United States considers a possible military campaign in Iraq, Turkey is preoccupied with its upcoming elections. Although a party with roots in Islamism will be a major contender in the November 3 elections, it is unlikely that Turkey's approach to the Iraq issue will change much, regardless of which party wins. That said, continuing political uncertainty at home could preoccupy Turkish leaders, reducing Turkey's contribution to solving the Iraq problem.
Topic:
Security and Religion
Political Geography:
United States, Iraq, Turkey, and Middle East

6725. Special Policy Forum Report: Battling for the 'Hearts and Minds' of Middle Easterners, Post-September 11: A Year-End Assessment

Author:
Martin Kramer and Mouafac Harb
Publication Date:
09-2002
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
Public diplomacy in the Middle Eastern context is not a new problem. Every non-Muslim state that has projected its power into the Middle East has had to win over the "hearts and minds" of the Muslim population under its control. Muslim Middle Easterners have always viewed the projection of non-Muslim power into the region with suspicion. Nevertheless, America does not have to reinvent the public diplomacy wheel. The United States should learn from the history of the European experience in the Middle East and from its own successful public diplomacy efforts in the Cold War era.
Topic:
Security, Cold War, and Religion
Political Geography:
United States, America, Europe, Middle East, and Arab Countries

6726. Special Policy Forum Report: U.S.-Turkish Interests: Convergence and Divergence

Author:
Seyfi Tashan and Heath Lowry
Publication Date:
09-2002
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
The U.S.-Turkish security relationship is becoming increasingly important to the stability of the Middle East. The two countries have long enjoyed a friendship based on mutual economic and military interests. Many perceive this to be an ideal relationship between the West and the Islamic world. Americans certainly have an interest in encouraging Muslim countries to develop more democratic societies. Yet, the secular structure of Muslim Turkey may not necessarily be the right model for the entire Muslim world. Any externally imposed model is a recipe for failure; individual countries must possess structures of their own that will allow them to develop secular institutions.
Topic:
Security, Religion, and War
Political Geography:
United States, Iraq, America, Turkey, Middle East, and Arab Countries

6727. Special Policy Forum Report: Battling for the Hearts and Minds in the Middle East: A Critique of U.S. Public Diplomacy, Post-September 11

Author:
Robert Satloff
Publication Date:
09-2002
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
In terms of public diplomacy (PD), the U.S. government's record since September 11 is poor. This failing grade is due to a combination of factors: faulty strategic direction from PD policymakers, who have put a premium on a well-intentioned but highly counterproductive effort "to be liked" at the expense of policy advocacy; flawed tactical decisions that have lent an aura of endorsement to some of the most virulent critics (and critiques) of U.S. interests and policy; a lack of speed and creativity in taking advantage of the post-September 11 window to develop and implement new PD projects and initiatives (some of which are actually resurrected old projects that were prematurely terminated); and over-reliance on the powers of broadcasting and a concomitant lack of attention and adequate funding to medium- and long-term aspects of the "hearts and minds" campaign. An assessment of the past year suggests that the heart of the problem lies in Washington, not in the field, where most PD professionals toil with woefully inadequate resources and poor policy direction. Even in the field, however, some are reluctant to press the case for U.S. policy, preferring instead to focus efforts on winning admiration for and sympathy with U.S. values.
Topic:
Security and Religion
Political Geography:
United States, Middle East, and Arabia

6728. WMD Inspections in Iraq: A Trap or an Opportunity?

Author:
Patrick Clawson
Publication Date:
09-2002
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
President George W. Bush's speech to the UN General Assembly on September 12 is expected to lay out U.S. policy on Iraq. There are strong arguments against raising the issue of arms inspections at all during this speech, and even stronger arguments for proposing a specific deadline for resuming inspections.
Topic:
Security and Religion
Political Geography:
United States, Iraq, Middle East, and Arabia

6729. A Roadmap from Crawford to Baghdad

Author:
Raymond Tanter
Publication Date:
08-2002
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
An uninvited guest – Saddam Husayn – may dominate the August 21 military planning session at President George W. Bush's ranch in Crawford, Texas. The publicized agenda for this session does not mention Iraq, but then again, neither did the Bush speech at West Point in June 2002. Nevertheless, the doctrine Bush set out in that speech – the doctrine of preventive war – will receive its first test case with Iraq. Bush's argument in June was that the United States must be prepared to take preemptive action against rogue states that acquire weapons of mass destruction (WMD), which could be transferred to terrorists if not used directly by such states.
Topic:
Security and Religion
Political Geography:
United States, Iraq, Middle East, South Africa, Baghdad, and Arabia

6730. Special Policy Forum Report: Where is Iran – and U.S. Iran Policy – Headed?

Author:
Zalmay Khalilzad
Publication Date:
08-2002
Content Type:
Policy Brief
Institution:
The Washington Institute for Near East Policy
Abstract:
"On January 29, the President in his State of the Union address laid the foundation for the policy we are pursuing today for Iran. It's a dual track policy based on moral clarity: tell the world specifically what is destructive and unacceptable about Iran's behavior – sponsorship of terror, pursuit of weapons of mass destruction and repression of the clearly expressed desires of the Iranian people for freedom and democracy – while laying out a positive vision of partnership and support for the Iranian people. This dual track approach reflects two fundamental principles and beliefs of the President more broadly: first, that September 11 taught us that we need to deal with threats before they manifest [themselves], and, second, that there is an essential truth that must be emphasized: when given the choice, people will choose freedom. . . ."
Topic:
Security and Religion
Political Geography:
United States, Iran, Middle East, and Arabia