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51. Emerging economies need safeguards to tackle currency crisis

Author:
Gao Haihong
Publication Date:
08-2018
Content Type:
Policy Brief
Abstract:
The recent appreciation of the US dollar and the uneven pace of monetary policy normalization in many countries have become a headwind for emerging economies. This month, the Turkish lira has sharply depreciated against the US dollar, followed by a jump in Turkish bond yield for fear of high inflation. Earlier this year, after failing to stabilize its currency, Argentina sought the International Monetary Fund's support to stabilize the peso. The IMF agreed to give a $50 billion standby line of credit but on conditions that required necessary domestic fiscal and structural adjustment. These developments reaffirmed the eminent risks facing the emerging economies. A strong dollar and tightened monetary policy in the US are prompting capital flight from countries that have high domestic public debt, huge external liability, and a weak current account balance and relatively open capital account. For example, Turkey’s total external debt to GDP was at 53.5% and its current account deficit was 7.1% to GDP.
Topic:
Economy, Inflation, Fiscal Policy, and Economic Development
Political Geography:
China, Turkey, Asia, Argentina, and United States of America

52. “Triple punch” policies to bring years of trade tensions

Author:
Su Qingyi
Publication Date:
07-2018
Content Type:
Policy Brief
Abstract:
US President Donald Trump has adopted a hard-line trade policy and recklessly instigated the trade conflict with China. This is the result of a combination of adjustments to his trade, foreign, and fiscal policies. These intertwined policies will likely stretch China-US trade frictions throughout Trump's presidency. First of all, the adjustment to the trade policy includes a shift from multilateral free trade to regional free trade and pressuring other countries to open their markets.
Topic:
International Trade and Finance, Markets, Trade Wars, Trade, and Economic Development
Political Geography:
China, Asia, North America, and United States of America

53. Digital Fiat Currency, SDR and New Cross-Border Payment System

Author:
Liu Dongmin and Song Shuang
Publication Date:
03-2018
Content Type:
Policy Brief
Abstract:
Emerging economies have played more and more important roles in the world, and have become a significant drive in the reform of global financial governance to push it towards the direction of inclusiveness and resilience. As a key part of the international financial architecture, the dollarized cross-border payment system has not been changed correspondingly. Along with the rapid development of digital currency, the digital fiat currency (DFC) endorsed by national credit shows great potential in improving the current cross-border payment system. We propose that the new system based on DFC can be done in three patterns and the third one is most feasible: IMF-leading pattern, countries-leading pattern and the coexisting pattern. The new system will effectively reduce the transmission time and cost of cross-border payment services due to DFC’s peer-to-peer mode. Moreover, as the new system becomes more open, more flexible and more inclusive, all the developing countries will get fair and easy access to these services.
Topic:
Finance, Currency, and Economic Development
Political Geography:
China, Global Focus, and Global Markets

54. The Power of More Foreign-Born Workers: How Raising Immigration Levels Can Boost US Economic Growth

Author:
Research and Policy Committee of the Committee for Economic Development
Publication Date:
01-2018
Content Type:
Policy Brief
Institution:
The Conference Board
Abstract:
The future growth prospects of the US economy are severely constrained by a lack of working-age population growth. Fewer workers means less output without increases in productivity so large as to be highly unlikely. Increased immigration alone directly addresses the problem of fewer workers contributing to the US economy. Sound policy can help boost both the quality and quantity of available workers while ensuring that increased immigration serves to broaden rather than diminish opportunities for native-born workers.
Topic:
Immigration, Economic growth, Labor Policies, and Economic Development
Political Geography:
North America and United States of America

55. Competitiveness-of ACP Sugar Exports in Global Markets

Author:
Tebogo Seleka and Thula Dlamini
Publication Date:
03-2018
Content Type:
Working Paper
Institution:
Botswana Institute for Development Policy Analysis
Abstract:
We employ the Normalized Revealed Comparative Advantage (NRCA) index on data for the period 1961-2013 to examine the competitiveness of the African, Caribbean and Pacific (ACP) countries in the global sugar market. Results indicate that the majority of the ACP states had comparative advantage in the global sugar market during the period 1961-2013. However, most of these countries also experienced declining comparative advantage, except for a few African countries that emerged from initial states of extreme comparative disadvantage to marginal comparative (dis)advantage. This occurred despite the fact that these countries enjoyed tariff free access to the highly protected EU market. Mauritius, followed by Fiji, Guyana and Jamaica, recorded the strongest comparative advantage among the ACP countries. However, it recorded weaker comparative advantage than the leading comparator non-ACP countries of Australia, Brazil and Thailand, which experienced considerable increases in comparative advantage over the considered period. Overall, there has been convergence in comparative advantage among ACP states since the signing of the Lomé convention in 1975.
Topic:
Development, Economics, Exports, Macroeconomics, and Economic Development
Political Geography:
Africa and Botswana

56. Belt and Road Initiative: Regional and Global Dimensions

Author:
Muhammad Iqbal Chawla
Publication Date:
01-2018
Content Type:
Journal Article
Journal:
Journal of Political Studies
Institution:
Department of Political Science, University of the Punjab
Abstract:
This paper is an attempt to explore the regional significance and global dimensions of the Chinese President Xi Jin Ping’s vision and initiative regarding Belt and Road which can transform adjacent countries like Afghanistan, Central Asian Republican States (CARS), India, Iran, Nepal and Pakistan into a real economic hub in coming time. Belt and road initiative is a mega project which includes; massive road connectivity, geographical linkages, rail and road transportation system, people to people contacts, development of understanding through cultural, academic, business and professional exchanges for the progress and prosperity of this vast region. In fact, the initiative of China Pakistan Economic Corridor is one of the mega projects which focuses; the creation of new regional connectivity through Gwadar Sea Port, giving direct access to Chinese goods from Kashgar (China) towards Gwadar (Pakistan). Hence, this development of faster infrastructure of rail, roads, towards maritime transportation and communication is an important project which can connect the countries of the area like Afghanistan, India, Nepal, Central Asia as well as Iran. Thus, the Gwadar Port will connect China, Russia, Middle East, Central Asia and South East Asia. The OBOR and CPEC are a burning issue and much debated topic in today’s Pakistan and world at large. In Pakistan mostly people believe that the CPEC will be a major source of economic development, peace and prosperity. On the one hand, US and India nexus, is trying to develop negative image about the project of CPEC by creating the impression of another colonial domination on the Pakistan territory in the form of Chinese presence. India is making all efforts, to sabotage and to damage the credibility of the CPEC project. This paper by delving and investigating the OBOR and CPEC connections will try to encapsulate the regional importance, dimensions of the project of Belt and Road initiative.
Topic:
Infrastructure, Soft Power, Belt and Road Initiative (BRI), and Economic Development
Political Geography:
Pakistan, China, South Asia, Central Asia, India, and United States of America

57. Youth Unemployment in Africa: Capacity Building and Innovative Strategies

Publication Date:
12-2017
Content Type:
Special Report
Institution:
The African Capacity Building Foundation (ACBF)
Abstract:
The aim of this Occasional Paper produced by the African Capacity Building Foundation is to provoke evidence-based discussion, and encourage further investigation on the critical capacity challenges to be addressed to tackle youth unemployment in Africa. The paper assesses the causes and impacts of youth unemployment in Botswana, Namibia, South Africa, and Swaziland. It profiles and characterizes the status and nature of youth unemployment as well as the strategies and programs—and identifies the challenges, implications, and gaps—to find ways to address it. Stakeholder and expert consultations with development partners, government, the private sector, and nongovernmental organizations in addressing youth unemployment were carried out, as such research is crucial for identifying capacity gaps and key policy aspects to address it. The consultations were complemented with a review of success stories and best practices to inform strategies and capacity development interventions aimed to tackle youth unemployment and refine policy approaches toward inclusive, employment-creating, and sustainable economic growth.
Topic:
Development, Economic growth, Youth, Capacity, Unemployment, Economic Development, and Sustainability
Political Geography:
Africa, South Africa, Swaziland, Namibia, and Botswana

58. Drivers of Economic Growth in Africa

Publication Date:
10-2017
Content Type:
Special Report
Institution:
The African Capacity Building Foundation (ACBF)
Abstract:
The paper produced by the African Capacity Building Foundation (ACBF) shows that investment, human capital formation, debt, and overseas development assistance drive Africa’s economic growth. It recommends paying attention to capacity, which is critical to making Africa’s growth sustainable and inclusive. Continental, regional, and national long-term growth plans require stronger capacities to improve economic governance, align national and subnational institutions, coordinate planning and financing ministries, and cultivate a culture of committed leadership to stir economies when times are hard and execute recovery plans without policy reversals. The paper provokes discussion, encourages further investigation, and defines the critical capacity challenges to tackling the growth-equality disconnect in Africa.
Topic:
Economics, Economic growth, Capacity, and Economic Development
Political Geography:
Africa and Global Focus

59. Accessing Funds for Development: Required Capacities for Resource Mobilization and Absorption

Publication Date:
09-2017
Content Type:
Special Report
Institution:
The African Capacity Building Foundation (ACBF)
Abstract:
African countries are now implementing the Agenda 2063 and Agenda 2030 (also known as Sustainable Development Goals – SDGs), both requiring huge financial resources. Globally, large amounts of investable resources, mostly private, are available in advanced and emerging economies while domestic public resources, even in low-income countries, can be increased when the relevant capacities are in place. To efficiently mobilize the available resources, therefore, countries need to tackle the binding capacity constraints. These include human and institutional capacity to effectively manage tax exemptions, tax evasion, capital flight, illicit financial flows; constraints to accessing private resources particularly blended finance offered by public private partnership (PPP) avenues; and constraints relating to underdeveloped capital markets in most Africa countries. This Issues Paper produced by the African Capacity Building Foundation (ACBF) for the 26th Annual Meeting of its Board of Governors considers the capacity dimensions related to the mobilization and absorption of funds by responding to the following questions (1) What are the domestic and external resources available for Africa’s development? (2) How can the resources be effectively mobilized? (3) What are some of the good practices employed by countries to ensure that the available resources are effectively utilized and fully absorbed? (4) What have been the capacities required to effectively access and absorb the mobilized resources?
Topic:
Economics, Economic growth, Public Sector, Capacity, Capital Flight, Economic Development, and Private Sector
Political Geography:
Africa

60. Which Inequalities Matter for Africa's Sustained Growth and Poverty Reduction?

Publication Date:
08-2017
Content Type:
Special Report
Institution:
The African Capacity Building Foundation (ACBF)
Abstract:
This paper produced by the African Capacity Building Foundation (ACBF) examines the growth, poverty, and inequality dynamics. The findings suggest that policy efforts should target class inequality, especially gender and age related. Among other recommendations, this paper suggests that countries like South Africa should shift focus from interracial inequality to inter-class inequality broadly, which is affecting its economic performance. The aim is to provoke discussion, encourage further investigation, and lay bare for action the critical capacity challenges at the center of Africa’s observed inequality.
Topic:
Political Economy, Inequality, Economic Inequality, Capacity, and Economic Development
Political Geography:
Africa and South Africa