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361. Outward FDI from Greece and its policy context

Author:
Aristidis P. Bitzenis and Vasileios A. Vlachos
Publication Date:
12-2011
Content Type:
Working Paper
Institution:
Columbia Center on Sustainable Investment
Abstract:
With the fall of centrally planned economies in the Balkans, their liberalization and the opening of their borders to free trade and capital movements, Greece became more active in the generation of outward foreign direct investment (OFDI). Greece's OFDI stock increased from US$ 3 billion in 1990 to US$ 6 billion in 2000 and to US$ 38 billion in 2010. The Europeanization process of Turkey and the transition of the economies in the Balkans was accompanied by a gradual rise of FDI from Greece into those economies. More than half of Greece's OFDI stock – over US$ 20 billion in 2009 (67% of total) – is located in South-East Europe: in the Balkans, Cyprus and Turkey. While Greece's early OFDI flows were directed to the secondary sector to reduce costs, the bulk of later flows was directed to the services sector, as new markets were opened. This shift signifies the rise of major corporate players. The Greek Balkan policy, which commenced through the European Union, and the upgrading of the Athens Stock Exchange have positively affected Greece's position as a key regional investor. The expectations for sustaining this leading role, however, have been weakened recently since, due to the Greek sovereign debt crisis, Greek multinational enterprises (MNEs) disinvested US$ 1.6 billion from their FDI abroad in 2010.
Topic:
Debt, Economics, Foreign Direct Investment, and Financial Crisis
Political Geography:
Europe, Turkey, Greece, Balkans, and Cyprus

362. Between Revolution and Stagnation: Perspectives for Belarus

Author:
Anna Maria Dyner
Publication Date:
08-2011
Content Type:
Policy Brief
Institution:
The Polish Institute of International Affairs
Abstract:
Belarus faces a serious economic and financial crisis, which may have a significant impact on the political transformation of that country. Because of increases in living costs, which are part of the aftermath of the devaluation of the Belarusian ruble and rapidly rising inflation, an explosion of mass public protests is forecast for the autumn. However, it is not expected that the protests will bring about a rapid (pro-European) turn in the political situation in Belarus. Moreover, the weakness of the opposition, which after the presidential election of 2010 became even more divided than before and still has no charismatic leader, is not propitious to radical, pro-European changes.
Topic:
Economics, Social Stratification, and Financial Crisis
Political Geography:
Europe and Asia

363. Oil Exporters to the Euro's Rescue?

Author:
Philip K. Verleger
Publication Date:
12-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
When a boat springs a leak far from shore, it is customary for all hands to man the pumps—be they friends or enemies, passengers or crew. Every individual's survival depends on the actions of his or her compatriots. So it is with the global economy today.
Topic:
Debt, Markets, Oil, International Monetary Fund, and Financial Crisis
Political Geography:
Europe

364. EU Federalism in Crisis

Author:
Karel Lannoo
Publication Date:
12-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
One positive effect of the euro crisis is that it has provoked Europe to engage in a profound debate on the form and degree of federalism it needs. Even if, until recently, many would have argued that Europe is not a federal state, the EU already has many elements of such a governance model in place, of which European citizens are hardly aware. Many competences are uniquely attributed to the EU. Legislation in several fields of EU competence can be adopted with a qualified majority of member states. Only in a few areas, such as taxation, is unanimity still required, even after the new Lisbon Treaty has come into effect. The same applies for changes to the EU Treaty itself.
Topic:
Economics, Regional Cooperation, Monetary Policy, Financial Crisis, and Governance
Political Geography:
Europe

365. Agreement needed on liquidity provision to restore confidence in the eurozone

Author:
Stefano Micossi
Publication Date:
11-2011
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
Some eighteen months after the first Greek rescue (May 2010), there is little doubt that the multiple attempts at crisis management in the eurozone have failed to restore confidence. Indeed, following each round of emergency measures agreed by the eurozone summits, matters have turned for the worse (see Figure 1 for the widening spreads, over the German Bund, for sovereign borrowing in the eurozone). At the time of writing, contagion has spread beyond Spain and Italy to the core sovereigns, with France close to losing its triple A rating and even Germany experiencing partial failure in a Bund auction on November 23rd. Spreads are also opening up for Austria, Belgium, Finland and even the virtuous Netherlands. Meanwhile, the banking system Europe- wide is under increasing strain, with term funding all but closed for any bank with significant exposure to distressed sovereign debtors and the interbank market close to seizing up. Deposit withdrawals have surfaced in a number of large banks from the periphery. The euro has started to weaken in foreign exchange markets, narrowing the room for a distinction between eurozone debt crisis and euro-currency crisis from which some observers were until recently drawing comfort.
Topic:
Economics, Regional Cooperation, Monetary Policy, and Financial Crisis
Political Geography:
Europe and Germany

366. Would Women Leaders Have Prevented the Global Financial Crisis? Implications for Teaching about Gender and Economics

Author:
Julie A. Nelson
Publication Date:
10-2011
Content Type:
Working Paper
Institution:
Global Development and Environment Institute at Tufts University
Abstract:
Would having more women in leadership have prevented the financial crisis? This question challenges feminist economists to once again address questions of "difference" versus "sameness" that have engaged—and often divided—academic feminists for decades. The first part of this essay argues that while some behavioral research seems to support an exaggerated "difference" view, non-simplistic behavioral research can serve feminist libratory purposes by debunking this view and revealing the immense unconscious power of stereotyping, as well as the possibility of non-dualist understandings of gender. The second part of this essay argues that the more urgently needed gender analysis of the financial industry is not concerned with (presumed) "differences" by sex, but rather with the role of gender biases in the social construction of markets. An Appendix discusses specific examples and tools that can be used when teaching about difference and similarity.
Topic:
Economics, Gender Issues, Politics, Political Theory, Financial Crisis, and Governance

367. Chinese Perspectives on International Power Shifts and Sino-EU Relations (2008–2011)

Author:
Nele Noesselt
Publication Date:
04-2011
Content Type:
Working Paper
Institution:
German Institute of Global and Area Studies
Abstract:
With the beginning of the post-Maoist era, the focus of Chinese foreign policy shifted from ideology and revolution to pragmatism and reform. Chinese scholars in the field of International Relations (IR) are now encouraged to develop abstract scientific analyses of China's international environment. This requires not only the handling of IR theories and methods of foreign policy analysis (FPA), but also a sound knowledge of the organizational structures and policy principles of other states.
Topic:
International Relations, Foreign Policy, and Financial Crisis
Political Geography:
China and Europe

368. US Lessons for the Eurozone: Restoring Confidence through Transparency

Author:
Julie Chon
Publication Date:
12-2011
Content Type:
Policy Brief
Institution:
Atlantic Council
Abstract:
When it comes to resolving financial crises, size matters, but so does transparency. In both the US and European crises, the drive for size—firing off enough public funds to plug the hole in the financial system—has proven to be self-defeating as markets raise ever higher, unrealistic, and inappropriate expectations for government policy. This strategy addresses some of the economics and none of the politics of crisis management. The race to meet the size test distracts policymakers from addressing the real impediment to restoring investor and public confidence: the inherent uncertainty and lack of transparency associated with extraordinary government actions in times of crisis. The absence of transparent decision-making inflicts a costly blow to the credibility of policymakers because markets and citizens cannot see or believe what leaders are doing to stabilize the financial system.
Topic:
Debt, Economics, International Trade and Finance, and Financial Crisis
Political Geography:
United States and Europe

369. Mapping the Economic and Financial Future

Publication Date:
07-2011
Content Type:
Working Paper
Institution:
Atlantic Council
Abstract:
In 2008 and 2009 political and business leaders scrambled to stabilize the financial system and avert a slide into world-wide depression as a financial crisis of historic proportions spread across the globe. A series of bold emergency measures succeeded in defusing the crisis, and these same leaders began searching for ways to avoid a similar breakdown in the future. At the same time, the effort to restart economic growth and job creation began in earnest.
Topic:
Economics, International Cooperation, International Trade and Finance, and Financial Crisis
Political Geography:
United States and Europe

370. Central Asia: Decay and Decline

Publication Date:
02-2011
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
Quietly but steadily Central Asia's basic human and physical infrastructure – the roads, power plants, hospitals and schools and the last generation of Soviet-trained specialists who have kept this all running – is disappearing. The equipment is wearing out, the personnel retiring or dying. Post-independence regimes made little effort to maintain or replace either, and funds allocated for this purpose have largely been eaten up by corruption. This collapse has already sparked protests and contributed to the overthrow of a government.
Topic:
Political Violence, Government, Fragile/Failed State, and Financial Crisis
Political Geography:
Central Asia