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22. Why Bail-In Securities Are Fool's Gold
- Author:
- Avinash D. Persaud
- Publication Date:
- 11-2014
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Bailouts and bail-ins of failing financial institutions have been hotly disputed in the global financial crisis of the last five years. At the height of the crisis, several failing banks were bailed out with taxpayer money so they could service their debts, but as public outrage mounts, policymakers are increasingly looking at bailing in these institutions before using taxpayer funds. Bail-ins, also called haircuts, require the troubled institution's creditors to write off some of the debt or agree to a restructuring of the debt, which reduces their holdings. The public has demanded the imposition of these costs on creditors and bond - holders, arguing that if bad lending as well as bad borrowing went unpunished it would be encouraged. Additionally, the yawning fiscal deficits that have followed bailouts have led to unpopular fiscal retrenchment.
- Topic:
- Debt, Economics, Markets, Financial Crisis, and Reform
- Political Geography:
- United States
23. Reforming the Global Architecture of Financial Regulation: The G20, the IMF and the FSB
- Author:
- Malcolm D. Knight
- Publication Date:
- 09-2014
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- The global financial crisis that began in 2007 and deepened in 2008 exposed major weaknesses in financial and macroeconomic policy coordination, and profound flaws in financial risk management and regulation in a number of advanced countries. The severity of the crisis led global leaders to recognize that they must find a way to reform the global regulatory architecture to ensure that the financial system can absorb shocks while continuing to function efficiently.
- Topic:
- International Trade and Finance, Markets, International Monetary Fund, Financial Crisis, and Reform
- Political Geography:
- United States, United Kingdom, and Europe
24. The Arab Spring: Safeguarding U.S. Interests for the Long-Term
- Author:
- James A. Larocco and William L. Goodyear
- Publication Date:
- 12-2013
- Content Type:
- Journal Article
- Journal:
- PRISM
- Institution:
- Institute for National Strategic Studies (INSS), National Defense University
- Abstract:
- The “arab Springs” that are underway throughout the region share some common features, including the yearning and visible desires for a variety of “Freedoms From”: freedom from the oppression of dictators and their stooges, freedom from economic exploitation, and freedom from censorship, to name a few. at the same time, these countries have not even begun the national dialogue on what they want “Freedom For.” Do the peoples of this region want democratic competition or the replacement of one oligarchy for another, market or statist economies, full freedom of expression, or limited national and individual discourse? In our view, as the united States looks at the region, we need to acknowledge several realities:
- Topic:
- Markets
- Political Geography:
- United States
25. A Markov Switching Approach to Herding
- Author:
- Pierre Siklos, Martin T. Bohl, and Arne C. Klein
- Publication Date:
- 12-2013
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Existing models of market herding suffer from several drawbacks. Measures that assume herd behaviour is constant over time or independent of the economy are not only economically unreasonable, but describe the data poorly. First, if returns are stationary, then a two-regime model is required to describe the data. Second, existing models of time-varying herding cannot be estimated from daily or weekly data, and are unable to accommodate factors that explain changes in this behaviour. To overcome these deficiencies, this paper proposes a Markov switching herding model. By means of time-varying transition probabilities, the model is able to link variations in herding behaviour to proxies for sentiment or the macroeconomic environment. The evidence for the US stock market reveals that during periods of high volatility, investors disproportionately rely on fundamentals rather than on market consensus.
- Topic:
- Economics, Globalization, International Trade and Finance, Markets, and Financial Crisis
- Political Geography:
- United States and Canada
26. Crucial Collaborators or Petty Players? The Globalization of R and the Rise of China and India
- Author:
- Andrew B. Kennedy
- Publication Date:
- 11-2013
- Content Type:
- Course Pack
- Institution:
- Center for the Advanced Study of India
- Abstract:
- In recent decades, research and development has become a key new arena of globalization. Whereas multinational corporations once conducted R primarily in their home countries, it is now often dispersed across multiple locations around the world. Has this process transformed economic ties between the world's dominant state and its would-be rising powers in ways that imply an important power shift? Focusing on China and India's growing collaboration with the U.S., this paper argues that it has not. China and India remain considerably more reliant on the globalization of R than the U.S. does, and this remains a potential source of leverage for Washington. This vulnerability mainly reflects the fact that U.S. R investments in China and India are far more important for these two Asian countries than they are for the U.S. These investments loom larger in the Chinese and Indian innovation systems than they do in their American counterpart, and it is difficult to imagine any country substituting for the U.S. in this regard. In contrast, the U.S. cannot derive a great deal of leverage as a platform for R Both China and India are considerably less dependent on the U.S. in this respect.
- Topic:
- Development, Economics, Globalization, International Trade and Finance, and Markets
- Political Geography:
- United States, China, and India
27. Financial Services and the Transatlantic Trade and Investment Partnership
- Author:
- Karel Lannoo
- Publication Date:
- 11-2013
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies
- Abstract:
- It is still an unresolved question whether a process for financial services regulatory cooperation and convergence will be included in the Transatlantic Trade and Investment Partnership (TTIP).From a n end-user's perspective, it could be argued that its inclusion could be an opportunity not only as regards product choice, but also to improve the consumer or investor protection regulatory environment on both sides of the Atlantic. The inclusion would also be in line with the assessments made by both the EU and the US that the G-20 agenda has been incorporated in local legislation and that both regimes are thus 'equivalent'.
- Topic:
- Economics, International Trade and Finance, and Markets
- Political Geography:
- United States and Europe
28. Ripping into TTIP? Debates Surrounding the Upcoming EU–U.S. Negotiations
- Author:
- Maya Rostowska
- Publication Date:
- 07-2013
- Content Type:
- Policy Brief
- Institution:
- The Polish Institute of International Affairs
- Abstract:
- The outcome of negotiations for a transatlantic trade deal depends largely on the stance of politicians and stakeholders in the EU and the U.S. An overview of the debate on either side of the Atlantic reveals both sides' respective interests and suggests which areas will prove particularly difficult to negotiate. These include public procurement provisions, data privacy, agricultural issues, and the financial services sector.
- Topic:
- Agriculture, International Trade and Finance, Markets, and Treaties and Agreements
- Political Geography:
- United States
29. Five factors plaguing Pentagon procurement
- Author:
- William C. Greenwalt
- Publication Date:
- 12-2013
- Content Type:
- Policy Brief
- Institution:
- American Enterprise Institute for Public Policy Research
- Abstract:
- The Pentagon has been undergoing major procurement reform since 1984, but hoped-for results have not been achieved. Bipartisan acquisition reform legislation was passed in the 1990s, but these positive changes did not hold. At the heart of the current procurement dilemma is too much faith in central planning and too little faith in the free market. Policymakers must first remedy the incentives underlying reform, and five overarching categories are driving the misplaced incentives: trust in central planning leading to increased bureaucracy, preference for defense-unique versus commercial solutions, distrust of the defense industry and profit motives, fear that the workforce is incapable of exercising discretion, and finally, preoccupation with cost certainty and maintaining low prices over achieving results and value. By reaching out to and incentivizing the private sector, the Pentagon can help reform the procurement system by lowering costs, restoring competition, and delivering taxpayers the best value for their money.
- Topic:
- Defense Policy, Economics, Markets, and Reform
- Political Geography:
- United States
30. Five Challenges for Janet Yellen at the Federal Reserve
- Author:
- David J. Stockton
- Publication Date:
- 12-2013
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Janet Yellen, who will serve as the 15th chair of the Board of Governors of the Federal Reserve System after her likely confirmation in December 2013, has the experience, intelligence, and judgment to be an excellent successor to Ben S. Bernanke. But she will need to employ all those strengths, and then some, to deal with the challenges facing the nation's central bank. Her success in confronting these challenges will profoundly affect the United States and world economies. Five key challenges await her.
- Topic:
- Economics, International Trade and Finance, Markets, and Monetary Policy
- Political Geography:
- United States