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Begin New Search Topic International Trade and Finance Publication Year within 25 Years

1451. Bribe Payers Index 2008

Author:
Juanita Riaño and Robin Hodess
Publication Date:
12-2008
Content Type:
Working Paper
Institution:
Transparency International
Abstract:
Corruption and bribery are complex transactions that involve both someone who offers a benefit, often a bribe, and someone who accepts, as well as a variety of specialists or intermediaries to facilitate the transaction. By perpetuating the 'abuse of entrusted power for private gain' – Transparency International's (TI) definition of corruption – both the bribe payer and bribe taker cause damage in a number of ways. Ultimately, their corrupt dealings create extreme inequity – both in markets and in societies.
Topic:
Corruption, International Trade and Finance, International Affairs, and Governance

1452. Promoting Revenue Transparency: 2008 Report on Revenue Transparency of Oil and Gas Companies

Publication Date:
04-2008
Content Type:
Working Paper
Institution:
Transparency International
Abstract:
In this report, Transparency International (TI) evaluates 42 leading oil and gas companies on their current policies, management systems and performance in areas relevant to revenue transparency in their upstream operations. Revenue transparency in this report includes three areas of corporate action where disclosure can contribute to improved accountability in the management of extractive revenues: payments to host governments, operations and corporate anti-corruption programmes. The companies are evaluated in a total of 21 countries of operation. This report is a featured product of TI's Promoting Revenue Transparency Project and attempts to characterise current levels of company revenue transparency, to point to best practices, and to suggest areas for improvement.
Topic:
Corruption, International Trade and Finance, International Affairs, Natural Resources, and Governance

1453. China's Economic Fluctuations: Implications for its Rural Economy

Author:
Albert Keidel
Publication Date:
01-2008
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
Since market reforms began in 1978, China's economy has shown cyclical fluctuations. These cycles of change appear in obvious statistical patterns-faster growth and then slower growth, higher price inflation and then lower inflation, stronger investment flows and then weaker investment-and all are accompanied by other cyclical fluctuations in a range of variables and policy initiatives. Most of these fluctuations tend to move together. Their beauty is that they allow analysis of which fluctuations influence others and, by extension, which policies might make a difference in managing China's economy. In this regard, the cyclical interaction between China's formal urban economy and its rural economy is particularly relevant for the issues facing Chinese policy makers today.
Topic:
Economics, International Trade and Finance, and Governance
Political Geography:
China and Asia

1454. India's Trade Policy Choices

Author:
Sherman Robinson, Sandra Polaski, Scott McDonald, Manoj Panda, and A. Ganesh-Kumar
Publication Date:
01-2008
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
India's economic growth has accelerated in recent years, and its share of world trade has expanded. These are welcome developments for the country and, given India's large share of the world's population, for the global economy. Yet, despite these recent positive trends, India faces daunting challenges and policy decisions if it is to maintain high economic growth rates, employ its burgeoning population, and raise incomes across the full range of households, skill levels, sectors, and regions. India remains the largest reservoir of poverty in the world. Its recent high growth has been driven mainly by its modern services sector, which accounts for only a small proportion of overall employment and household incomes. Its agricultural sector is in a deep crisis, whether measured by slow growth rates, persistent rural poverty, or widespread farmer suicides.
Topic:
Agriculture, Economics, International Trade and Finance, and Treaties and Agreements
Political Geography:
India

1455. Globalization and the Great Divergence: Terms of Trade Booms and Volatility in the Poor Periphery 1782-1913

Author:
Jeffrey G. Williamson
Publication Date:
02-2008
Content Type:
Working Paper
Institution:
Weatherhead Center for International Affairs, Harvard University
Abstract:
W. Arthur Lewis argued that a new international economic order emerged between 1870 and 1913, and that global terms of trade forces produced rising primary product specialization and de-industrialization in the poor periphery. More recently, modern economists argue that volatility reduces growth in the poor periphery. This paper assess these de-industrialization and volatility forces between 1782 and 1913 during the Great Divergence. First, it argues that the new economic order had been firmly established by 1870, and that the transition took place in the century before, not after. Second, based on econometric evidence from 1870-1939, we know that while a terms of trade improvement raised long run growth in the rich core, it did not do so in the poor periphery. Given that the secular terms of trade boom in the poor periphery was much bigger over the century before 1870 than after, it seems plausible to infer that it might help explain the great 19th century divergence between core and periphery. Third, the boom and its de-industrialization impact was only part of the story; growth-reducing terms of trade volatility was the other. Between 1820 and 1870, terms of trade volatility was much greater in the poor periphery than the core. It was still very big after 1870, certainly far bigger than in the core. Based on econometric evidence from 1870-2000, we know that terms of trade volatility lowers long run growth in the poor periphery, and that the negative impact is big. Given that terms of trade volatility in the poor periphery was even bigger during the century before 1870, it seems plausible to infer that it also helps explain the great 19th century divergence between core and periphery.
Topic:
Economics, Globalization, International Trade and Finance, and Poverty
Political Geography:
Global Focus

1456. Globalization and Smallholders: The Adoption, Diffusion, and Welfare Impact of Non-traditional Export Crops in Guatemala

Author:
Paul Winters, Angeli Kirk, Benjamim Davis, and Calogero Carletto
Publication Date:
02-2008
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
As developing countries continue on the path of economic liberalization, there is a compelling need to ensure that the benefits of globalization reach poor rural communities. Increased commercialization of agriculture and diversification into nontraditional exports (NTXs) is one strategy that has often been advocated as a way for developing countries to use their comparative advantage in lower labor costs and to achieve growth in the agricultural sector. Given the predominantly rural nature of most developing countries and the preponderance of poor people in these areas, high-value agricultural production is considered the ideal mechanism to extend the benefits of globalization directly to the rural poor:1 Allowing poor farmers to shift into the export sector and take advantage of internationally demand driven prices that are higher relative to traditional crops may reduce inequality while fostering overall economic growth (Nissanke and Thorbecke 2007).
Topic:
Agriculture, Development, Globalization, International Trade and Finance, and Poverty
Political Geography:
Global Focus

1457. Trafficking Networks for Chemical Weapons Precursors: Lessons from the Iran-Iraq War of the 1980s

Author:
Jonathan B. Tucker
Publication Date:
11-2008
Content Type:
Working Paper
Institution:
James Martin Center for Nonproliferation Studies
Abstract:
States seeking to produce chemical weapons (CW) typically rely on the importation of intermediate chemicals called “precursors,” which have legitimate industrial applications but can also be converted into military-grade CW agents, such as mustard gas or sarin. The dual-use nature of precursor chemicals poses challenges for policy makers seeking to prevent CW proliferation. Under U.S. Department of Commerce regulations, manufacturers planning to export CW precursors to certain countries must obtain prior government authorization in the form of an export license. Yet despite significant improvements over the past decade in the export-control systems of the United States and other industrialized countries, trafficking in precursors and other dual-use items relevant to CW production has continued.
Topic:
Crime, International Law, International Trade and Finance, and Weapons of Mass Destruction
Political Geography:
United States, Iraq, and Iran

1458. Friends or Foes? The Stock Price Impact of Sovereign Wealth Fund Investments and the Price of Keeping Secrets

Author:
Jason Kotter and Uger Lel
Publication Date:
08-2008
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper examines the stock price impact of 163 announcements of Sovereign Wealth Fund (SWF) investments. We document an average positive risk-adjusted return of 2.1 percent for target firms during two days surrounding SWF acquisition announcements. The announcement effect is both statistically and economically significant. A multivariate analysis shows that the degree of transparency of SWF activities is an important determinant of the market reaction, and both the SWF and the existing shareholders of the target firm benefit from improved SWF disclosure. In addition, target firms’ profitability, growth, and governance do not change significantly in the three-year period following the SWF investment relative to a control sample. These results are robust to a battery of tests. Overall, our findings suggest that SWF investments convey a positive signal to market participants about the target firm, increased SWF transparency
Topic:
International Trade and Finance, Global Markets, Financial Markets, and Investment
Political Geography:
Global Focus

1459. Escape from New York: The Market Impact of SEC Rule 12h-6

Author:
Nuno Fernandes, Uger Lel, and Darius P. Miller
Publication Date:
09-2008
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We examine the stock market impact of SEC Rule 12h-6 which eased the ability of foreign firms to deregister with the SEC and as a result terminate their U.S. disclosure obligations under the 1934 Securities Exchange Act. We document that the market reacted negatively to the ability of firms from weak disclosure and governance countries to more easily opt out of the stringent U.S. reporting and legal environment. Our findings suggest that shareholders of non-U.S firms place significant value on U.S. securities regulations, especially when the home country investor protections are weak.
Topic:
International Trade and Finance, Regulation, Legal Theory, and SEC
Political Geography:
United States and North America

1460. Current Account Sustainability and Relative Reliability

Author:
Stephanie E. Curcuru and Charles P. Thomas
Publication Date:
09-2008
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
The sustainability of the large and persistent U.S. current account deficits is one of the biggest issues currently being confronted by international macroeconomists. Some very plausible theories suggest that the substantial global imbalances can continue in a benign manner, other equally plausible theories predict a disorderly resolution, and in general it is very difficult to discern between competing theories. To inform the debates, we view competing theories through the perspective of the relative reliability of the data the theories rely on. Our analysis of the dark matter theory is cursory; from a relative reliability perspective, it fails as it is built on the assumption that an item that is largely unmeasured is the most accurate component of the entire set of international accounts. Similarly, the best data currently available suggest that U.S. returns differentials are much smaller than implied by the exorbitant privilege theory. Our analysis opens up questions about potential inconsistencies in the international accounts, which we address by providing rough estimates of various holes in the accounts.
Topic:
International Trade and Finance, Markets, and Investment
Political Geography:
United States and North America