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51. On What Terms Is the IMF Worth Funding?

Author:
Edwin M. Truman
Publication Date:
12-2008
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
In the first decade of the 21st century the International Monetary Fund (IMF) faced crises of legitimacy, relevance, and budgetary finance. It now confronts what likely will be the worst global recession since World War II, potentially huge demands for its financial assistance with limited resources, and calls for it to play a more central role in the international financial and regulatory systems. At the same time, the incoming Barack Obama administration must decide what to do about the modest package of IMF reforms that was completed in the spring of 2008. The package requires US congressional approval to go into effect. This paper reviews the recent, slow progress on IMF reform and makes recommendations to the Obama administration against the background of that record, the emerging global recession, and continuing financial turmoil. I recommend that the IMF package be reopened to include a doubling of IMF quotas and an amendment that will permit the Fund to swap special drawing rights (SDR) with major central banks to finance its short-term lending facility. I also recommend a special allocation of 50 billion SDR. If these proposals are turned down by the G-20 at its meeting in April 2009, I reluctantly recommend that the Obama administration seek congressional approval of the IMF package as it now stands because a failure to do so would seriously undermine the Fund as a central multilateral institution.
Topic:
Development, International Organization, International Political Economy, International Trade and Finance, and Global Recession
Political Geography:
United States

52. Der kollektive "Buddenbrooks-Effekt"

Author:
Christoph Deutschmann
Publication Date:
05-2008
Content Type:
Working Paper
Institution:
Max Planck Institute for the Study of Societies
Abstract:
The paper views the current financial crisis in light of long-term structural socioeconomic changes in advanced industrial societies. In Western Europe, the United States and Japan, the period of economic prosperity after the Second World War led to a remarkable accumulation of wealth among the middle class that had surprisingly little effect on the substantial fortunes of the wealthiest upper class. This affluence gave rise to pension and investment funds emerging as a new type of collective actor in global financial markets, while the economy was marked by increasing instability, declining growth rates and financial crises. The paper tries to clarify the interconnections between these phenomena using the framework of a multilevel analysis that culminates in a model I call the “collective Buddenbrooks effect” (“Buddenbrooks” being a family saga by Thomas Mann): Structural upward social mobility will lead to an increasing imbalance in capital markets, since the volume of financial assets looking for profitable investment will rise as the social reservoir of solvent debtors and promising investment opportunities decline. Advanced industrial economies are thus characterized by a bias towards capital export and excessive financial liquidity, with the well-known consequences of low economic growth rates and the danger of speculative bubbles on global capital markets. The middle class that originally benefitted from postwar prosperity is negatively affected, too. I argue that the current crisis cannot be understood sufficiently without taking this structural socioeconomic background into account.
Topic:
Economics, International Political Economy, International Trade and Finance, Political Economy, and Political Theory
Political Geography:
United States, Japan, and Europe

53. Globalization and Global Governance in the 21st Century

Author:
Jeffrey Hart and Joan Edelman Spero
Publication Date:
01-2008
Content Type:
Working Paper
Institution:
Centre for International Peace and Security Studies
Abstract:
An examination of international economic relations in the six decades since World War II reveals many ways in which political factors have shaped economic outcomes. The postwar security system significantly affected the postwar economic system. The creation of a bipolar security system following the outbreak of the Cold War led to the separation of the Eastern and Western economic systems and provided a basis for the dominant role of the United States in the Western system and of the Soviet Union in the Eastern system. The end of the Cold War led in turn to the end of the East-West economic divide and to the integration of the formerly Communist countries and China into the global capitalist economy.
Topic:
Cold War, Globalization, Government, International Cooperation, International Political Economy, International Security, and International Affairs
Political Geography:
United States and China

54. Georgia: Breakdown of Vision the West Had for a New Europe

Author:
Robert E. Hunter
Publication Date:
09-2008
Content Type:
Journal Article
Journal:
European Affairs
Institution:
The European Institute
Abstract:
The post-cold war vision proffered by the U.S. and its allies in NATO was an inclusive model of security for all the countries in Europe and for Russia and its neighbors to the south. Russia's leadership has turned away from it, but the vision remains sound and open to Moscow – if the Kremlin thinks wisely about the future.
Topic:
Security, NATO, and International Political Economy
Political Geography:
Russia, United States, Europe, and Georgia

55. SWF's Are Making Political Waves in the U.S. and EU

Author:
Thomas J. Karol
Publication Date:
09-2008
Content Type:
Journal Article
Journal:
European Affairs
Institution:
The European Institute
Abstract:
Western countries need and largely welcome the fresh capital that can be injected by SWFs. But these funds are liable to arouse controversy, often because they are run by countries disliked in the West. Their tax-free status (as government-owned entities) may offer politicians a handle on these funds.
Topic:
Economics, Globalization, Government, and International Political Economy
Political Geography:
United States

56. The Chinese Meaning of Just War and Its Impact on the Foreign Policy of the People's Republic of China

Author:
Nadine Godehardt
Publication Date:
09-2008
Content Type:
Working Paper
Institution:
German Institute of Global and Area Studies
Abstract:
The image of China's peaceful rise, which the Chinese government is keen to enforce in the world, stands in contrast to the view of China's ascent as a threat. China's economic and military growth is perceived as a potential threat to the (East) Asian security structure and as a challenge to the preponderance of the United States. Even though the PRC is more active in international and regional organizations­and better integrated in the international community­than ever before, the ambiguity of China's true political intentions is still dominant.
Topic:
Civil Society and International Political Economy
Political Geography:
United States, China, Israel, East Asia, and Asia

57. The Emerging Structure of International Politics

Author:
Kenneth Waltz
Publication Date:
03-2008
Content Type:
Journal Article
Journal:
Uluslararasi Iliskiler
Institution:
Uluslararasi Iliskiler
Abstract:
During the Cold War, the bipolar structure od international system and the nuclear weaponry avaliable to some states combined to perpetuate a troubled peace. As the bipolar era draws to a close, one has to question the likely structural changes in prospect. Following the dissolution of the Soviet Union, bipolarity endures, albeit in an altered state, because Russia stil takes care of itself and no great powers have emerged yet. With the waning of Russian power, the United States is no longer held in check by any other country. Balance of power theory leads one to assume that other powers, alone or in concert, will bring American power into balance. Considing the likely changes in the structure of international system, one can presuppose that three political units may rise to great-power rank: Germany or a West European state, Japan and China. Despite all the progress achieved by these countries, for some years to come, the United States will be the leading counrty economically as well as militarily.
Topic:
Cold War, International Political Economy, Nuclear Weapons, Politics, and Political Theory
Political Geography:
Russia, United States, Japan, China, Europe, and Germany

58. Causes for Participation in Hegemonic Governance

Author:
Cornelia Beyer
Publication Date:
04-2008
Content Type:
Journal Article
Journal:
Alternatives: Turkish Journal of International Relations
Institution:
Center for International Conflict Resolution at Yalova University
Abstract:
This article argues that the causes for participation in Global Governance are to be found in part in the mere structure of it. In the debate about Global Governance, largely, the issue of power is neglected. However, we certainly deal with a hegemonic constellation. Therefore, the power is present and exerted in Global Governance. It is argued here, that the exertion of power in Global Governance by the United States is causal for participation in it. The study looks at the Global Governance of Counterterrorism, i.e. the Global War on Terrorism, and the regional organizations of ASEAN and the EU.
Topic:
International Organization, International Political Economy, and Political Theory
Political Geography:
United States

59. Poland's New Government Seeks Solidarity, Not Provocation

Publication Date:
01-2008
Content Type:
Journal Article
Journal:
European Affairs
Institution:
The European Institute
Abstract:
European Affairs traces the path that has brought a new, more statesmanlike tone to Polish foreign policy. As both Warsaw (and Prague) proceed with plans to accept the U.S. missile defense system, Sikorski sets the initiative in broader NATO context.
Topic:
International Relations, Defense Policy, Government, and International Political Economy
Political Geography:
United States, Europe, and Poland

60. Can America Still Lead in the Global Economy?

Author:
Lael Brainard and David Lipton
Publication Date:
08-2008
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
From the vantage point of 2008, some of the most memorable initiatives of U.S. international economic leadership—the Paris and Louvre Accords, the support for Poland and Russia after the fall of communism, the Uruguay Round, and the Mexican Financing Loan—seem like quaint reminders of a simpler time. In the coming years, the exercise of international economic leadership will surely prove more complex than in the past. The very success of the American vision of a global spread of vibrant and competitive markets has created a huge, rapidly integrating private economy of trade and finance much less amenable to guidance, let alone control, by governments. Unlike in diplomacy and defense, where non state actors are growing in importance but still a side show, in inter- national economics, households, corporations, labor unions, and non-profits are now the dominant players in most parts of the world. While they respond to national laws and policies, their interests are varied and their operations often span borders.
Topic:
Economics, International Political Economy, International Trade and Finance, and Markets
Political Geography:
Russia, United States, Paris, Poland, Uruguay, and Mexico