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831. Sustainable Development A Dubious Solution in Search of a Problem

Author:
Jerry Taylor
Publication Date:
08-2002
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
From August 26 through September 4, 2002, approximately 100 heads of state and 60,000 delegates will gather in Johannesburg, South Africa, to attend a “World Summit on Sustainable Development.” The conference—convened on the 10th anniversary of the Earth Summit in Rio de Janeiro and expected to be the largest U.N. summit in history— will explore domestic and international policy options to promote the hottest environmental buzzwords to enter the public policy debate in decades.
Topic:
Economics, Environment, Globalization, and Poverty
Political Geography:
South Africa

832. The Globalization of Human Well-Being

Author:
Indur M. Goklany
Publication Date:
08-2002
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
Controversy over globalization has focused mainly on whether it exacerbates income inequality between the rich and the poor. But, as opponents of globalization frequently note, human well-being is not synonymous with wealth. The central issue, therefore, is not whether income gaps are growing but whether globalization advances well-being and, if inequalities in well-being have expanded, whether that is because the rich have advanced at the expense of the poor.
Topic:
Economics, Globalization, and Human Welfare

833. Fixing Argentina

Author:
Kurt Schuler
Publication Date:
07-2002
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
Argentina's currency crisis and economic depression have been caused by the bad policies of its government—not by banks, speculators, the International Monetary Fund (despite the bad advice it has given), or other scapegoats. The De la Rúa and Duhalde governments have made several gigantic blunders, namely, increasing tax rates, freezing bank deposits, devaluing the peso, and forcibly converting dollar bank deposits and contracts into pesos (“pesofication”).
Topic:
Economics, Globalization, and Political Economy
Political Geography:
Argentina, South America, and Latin America

834. Threats to Democracy: Prevention and Response

Author:
Elizabeth Frawley Bagley and Morton H. Halperin
Publication Date:
11-2002
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Threats to democracy—erosions of democracy and democratic institutions and unconstitutional interruptions to the democratic process—continue to plague countries on the path to democracy. Democratic governments, both individually and in their capacity as members of the Community of Democracies, regional and international organizations, and international financial institutions, must secure more effective international action against threats to democracy in states that have chosen the democratic path.
Topic:
Democratization, Development, Globalization, and Government

835. Terrorist Financing

Author:
Maurice R. Greenberg, Lee S. Wolosky, and William F. Wechsler
Publication Date:
10-2002
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Unlike other terrorist leaders, Osama bin Laden is not a military hero, a religious authority, or an obvious representative of the downtrodden and disillusioned. He is a rich financier. He built al- Qaeda's financial network from the foundation of a system originally designed to channel resources to the mujahideen fighting the Soviets.
Topic:
Security, Globalization, International Trade and Finance, and Terrorism
Political Geography:
Soviet Union

836. To What Extent Will the Banking Industry be Globalized? A Study of Bank Nationality and Reach in 20 European Nations

Author:
David C. Smith, Allen N. Berger, Qinglei Dai, and Steven Ongena
Publication Date:
05-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We model two dimensions of bank globalization – bank nationality (a bank from the firm's host nation, its home nation, or a third nation) and bank reach (a global, regional, or local bank) using a two-stage nested multinomial logit model. Our data set includes over 2,000 foreign affiliates of multinational corporations operating in 20 European nations. We find that these firms frequently use host nation banks for cash management services, and that bank reach may be strongly influenced by this choice of bank nationality. Our results suggest limits to the degree of future bank globalization.
Topic:
Economics, Globalization, and International Trade and Finance
Political Geography:
United States

837. Equity Prices, Household Wealth, and Consumption Growth in Foreign Industrial Countries: Wealth Effects in the 1990s

Author:
Carol C. Bertaut
Publication Date:
04-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Although most recent empirical research regarding the size and significance of the impact of changes in wealth on consumption has looked for such effects in the United States, equity prices in the 1990s rose considerably in most other industrial countries as well. This paper investigates the strength of the wealth effect across countries. Using a variety of methods, I find evidence of significant wealth effects in the United Kingdom and Canada of a size comparable to that in the United States, reflecting the importance of equities in aggregate household wealth in these countries. A significant wealth effect is also evident in Japan, but because household wealth has changed little on balance in Japan in recent years, this channel has been less important in explaining Japanese consumption growth in the second half of the 1990s. Despite a rapid appreciation in equity prices and an increase in equity ownership in the major continental European countries since 1995, equities remain a less important form of household wealth in most of these countries, and the consumption response to changes in wealth remains limited. However, in some smaller European countries where equity issuance is more common, the emerging evidence suggests that wealth effects may be more important.
Topic:
International Relations, Economics, Globalization, and International Trade and Finance
Political Geography:
United States, United Kingdom, Europe, and Canada

838. International Coordination of Macroeconomic Policies: Still Alive in the New Millennium?

Author:
Joseph E. Gagnon, Dale W. Henderson, Brian M. Doyle, and Laurence H. Meyer
Publication Date:
04-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
In this paper we provide two building blocks for an analysis of international policy coordination: (1) a survey of models of policy coordination, and (2) an account of experience with policy coordination among the G-7 countries and within Europe since the breakdown of the Bretton Woods System. Using these building blocks, we investigate the correspondence between the models and experience and attempt to draw lessons for both the modelers and the practitioners. We find that the correspondence is close enough that the models help in analyzing several instances of actual policy coordination, but that the correspondence could be even closer. As for lessons for modelers, we suggest that they devote more attention to the analysis of information exchange, a key feature of practical policy coordination; to the coordination of different types of policies; to the ramifications of political divisions within countries; and to the implications of market irrationality and speculative bubbles. As for lessons for policy makers, we suggest that they give more consideration to the choice of their ultimate objectives, in particular to whether the current account should always be close to balance; to achieving better internal policies; and to the greater use of fiscal policy as a stabilization tool.
Topic:
International Relations, Economics, Globalization, and International Trade and Finance
Political Geography:
Europe

839. Postmodern Power and Transnational Policing: Democracy, the Constabulary Ethic and the Response to Global (In)Security

Author:
James Sheptycki
Publication Date:
04-2002
Content Type:
Working Paper
Institution:
Geneva Centre for Security Sector Governance (DCAF)
Abstract:
This paper argues that democratic control of policing, transnational and otherwise, is problematic in the contemporary period because of the nature of the postmodern power system. It describes the parameters of the policing field and notes that its separate sectors have different ways of being accountable to different sets of interests. Further is describes the transnational policing regime as a global polycentric power system and argues that there is no point from which the policing field could be governed. The paper then describes policing at the 'hard edge of postmodernity' showing what is at stake. The paper advances a normative conception termed the 'constabulary ethic' and argues that this might provide a moral compass for the nascent transnational subculture of policing. The minimum social conditions necessary for the emergence of the constabulary ethic are described and the principles that provides its 'normative glue' are elucidated. The paper ends by citing some practical examples where something like the constabulary ethic has been achieved.
Topic:
Security, Democratization, Globalization, and International Law
Political Geography:
United States

840. The Labor Movement in Democratic Chile, 1990-2000

Author:
Frank K. Volker
Publication Date:
06-2002
Content Type:
Working Paper
Institution:
Kellogg Institute for International Studies
Abstract:
This article examines the experience of the Chilean labor movement during the first decade of democracy. In so doing, it calls attention to the need for further study of how institutional variables, such as labor legislations, influence labor movement strategies across different political regimes (authoritarian and democratic). Evidence from the Chilean case demonstrates that while important, exogenous variables such as new democratic governments and new labor legislations have only limited explanatory power with regard to labor movement strategies. This warrants a closer look at internal organizational aspects.
Topic:
Globalization, Industrial Policy, and Political Economy
Political Geography:
South America, Latin America, and Chile