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751. South China Sea: Core Interest Extraordinaire

Author:
Martin A Sebastian
Publication Date:
07-2012
Content Type:
Policy Brief
Institution:
Maritime Institute of Malaysia
Abstract:
China's powerful Central Military Commission has approved the formal establishment of a military garrison for the disputed South China Sea, the state media has announced, a move which could further boost tensions in already fractious region. This news comes after China established the city of Sansha, on 21 June as a rhetoric to Vietnam's Maritime Law announcement on the same day. Vietnam's Maritime Law which reportedly takes effect early 2013, forms a legal framework to serve the utilisation, management and protection of Vietnam's sea and islands, including the Paracels and Spratlys, as well as the development of sea-borne economy, so as to facilitate it's international integration and boost cooperation with other countries.
Topic:
Development, International Law, International Trade and Finance, Maritime Commerce, and Territorial Disputes
Political Geography:
China

752. Implementing Deep Free Trade between EU and Ukraine – Time for a new approach

Author:
Julia Langbein
Publication Date:
03-2012
Content Type:
Policy Brief
Institution:
The Kolleg-Forschergruppe (KFG)
Abstract:
In December 2011, the European Union (EU) and Ukraine completed their negotiations on an Association Agreement (AA), including a Deep and Comprehensive Free Trade Agreement (DCFTA). The DCFTA does not only foresee the reduction of custom tariffs but seeks to foster regulatory convergence through which Ukraine is expected to unilaterally converge its national regulatory practices and government arrangements to the EU model in a number of areas such as technical standards, food safety, state aid, and company law. Up to now, the EU did not sign the AA as a reaction to the deteriorating political rights and the rule of law, exemplified by the increasing politicization of Ukraine's judiciary system during the trail against ex-Prime Minister Yulia Timoshenko. It is in the hands of the Ukrainian government to change the domestic situation so that the AA and the DCFTA can be signed. However, once the DCFTA will be set in force, the EU is well advised not to leave Ukraine alone with the challenge to implement all its provisions. The EU needs to develop a new approach to ensure the successful implementation of the agreement and to maximize the effectiveness of the EU's impact on regulatory convergence in Ukraine. It is necessary for the EU to flank the incentive of market access with capacity-building measures that do not predominantly target state authorities but also increase regulatory capacities of private stakeholders such as firms and business associations.
Topic:
Security, Health, International Trade and Finance, Bilateral Relations, Food, and Law
Political Geography:
Ukraine

753. Industries in 2013: A special report from the Economist Intelligence Unit

Publication Date:
12-2012
Content Type:
Working Paper
Abstract:
Last year we published Industries in 2012 and made a number of predictions about developments in our six key industries – Automotive, Consumer Goods and Retail, Energy, Financial Services, Healthcare and Telecommunications. Some of our predictions were prescient, others were premature.
Topic:
Economics, Emerging Markets, Industrial Policy, International Trade and Finance, Markets, and Global Recession

754. Updated Estimates of Fundamental Equilibrium Exchange Rates

Author:
William R. Cline and John Williamson
Publication Date:
11-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
In 2008 we introduced a semiannual series providing estimates of fundamental equilibrium exchange rates, or FEERs (Cline and Williamson 2008a). The economic concept of FEERs was first set forth by Williamson (1983). An operational method for arriving at multilaterally consistent estimates of FEERs was developed by Cline (2008) and has been applied over the past five years in this series of estimates. This issue marks the valedictory round of the series for Williamson, who is retiring.
Topic:
Economics, International Trade and Finance, Markets, and Monetary Policy
Political Geography:
Europe and Lisbon

755. Hyperinflations Are Rare, but a Breakup of the Euro Area Could Prompt One

Author:
Anders Åslund
Publication Date:
11-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Hyperinflation is one of the most misused words in the English language. Two years ago, I heard a prominent American investor say that we were about to get hyperinflation, “not 15 percent a year as under Jimmy Carter but perhaps 5 percent a year.” Hyperinflation is usually 1,000 percent or more a year. The standard definition by Philip Cagan (1956) is that hyperinflation starts when inflation reaches 50 percent a month, and then the economy is in hyperinflation for one year until monthly inflation falls and stays below 50 percent.
Topic:
Economics, International Trade and Finance, Markets, Regional Cooperation, and Monetary Policy
Political Geography:
Europe

756. How Can Trade Policy Help America Compete?

Author:
Robert Z. Lawrence
Publication Date:
10-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
America deserves credit for not having succumbed to the global financial crisis by repeating the protectionist mistakes of the 1930s. Nonetheless, since 2007, although lip service has been paid to boosting US exports, its trade policy accomplishments have been modest. This is unfortunate because active trade policies can promote American living standards and facilitate America's return to full employment and sustained growth. These policies can also help to create a global trade order that advances American interests. This policy brief argues that the United States needs new initiatives that discipline foreign practices, increase access to foreign markets, revitalize the World Trade Organization (WTO), improve the administrative and regulatory environment for trade, and assist workers and communities adversely affected by change.
Topic:
Economics, Globalization, International Trade and Finance, Markets, Global Recession, Monetary Policy, and Financial Crisis
Political Geography:
United States and America

757. Why a Breakup of the Euro Area Must Be Avoided: Lessons from Previous Breakups

Author:
Anders Åslund
Publication Date:
08-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
One of the big questions of our time is whether the Economic and Monetary Union (EMU) will survive. Too often, analysts discuss a possible departure of one or several countries from the euro area as little more than a devaluation, but I argue that any country's exit from the euro area would be a far greater event with potentially odious consequences. Exit from the EMU cannot be selective: It is either none or all.
Topic:
Economics, International Trade and Finance, and Monetary Policy
Political Geography:
Europe

758. Combating Widespread Currency Manipulation

Author:
Joseph E. Gagnon Gagnon
Publication Date:
07-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Widespread currency manipulation, mainly in developing and newly industrialized economies, is the most important development of the past decade in international financial markets. In an attempt to hold down the values of their currencies, governments are distorting capital flows by around $1.5 trillion per year. The result is a net drain on aggregate demand in the United States and the euro area by an amount roughly equal to the large output gaps in the United States and the euro area. In other words, millions more Americans and Europeans would be employed if other countries did not manipulate their currencies and instead achieved sustainable growth through higher domestic demand.
Topic:
Economics, International Trade and Finance, Markets, and Monetary Policy
Political Geography:
United States, America, and Europe

759. The Coming Resolution of the European Crisis: An Update

Author:
C. Fred Bergsten and Jacob Funk Kirkegaard
Publication Date:
06-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Getting the diagnosis right is a prerequisite for understanding the euro area predicament and evaluating key decisions taken since early 2010. As we laid out in Bergsten and Kirkegaard (2012), while the euro area faces multiple overlapping and mutually reinforcing elements of fiscal (Greece), banking (Ireland/Spain), and competitiveness (Southern periphery) crises, it is first and foremost facing a crisis of institutional design. The common currency as designed in the Maastricht Treaty of 1992 is a half-built house without the critical components of banking and fiscal union necessary to sustain it through the type of crushing economic and financial down- turn witnessed since October 2008.
Topic:
Economics, International Trade and Finance, Monetary Policy, and Financial Crisis
Political Geography:
Europe

760. Le golfe de Guinée : la nouvelle zone à haut risque

Publication Date:
12-2012
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
En l'espace d'une décennie, le golfe de Guinée est devenu l'une des zones mar itimes les plus dangereuses du monde. L'insécurité maritime est un véritable problème régional qui menace, à court terme, le commerce et, à long terme, la stabilité des pays riverains en compromettant le déve- loppement de cette zone éc onomique stratégique. Initia- lement pris au dépourvu, les Etats de la région ont pris conscience du problème et un sommet international sur ce sujet doit être prochainement organisé. Afin d'éviter que, comme sur les côtes est-africaines, cette criminalité trans- nationale ne prenne une ampleur déstabilisatrice, les gou- vernements concernés doivent mettre fin au vide sécuritaire et apporter une réponse collective à ce danger. Grâce à une coopération dynamique en tre la Communauté écono- mique des Etats d'Afrique centrale (CEEAC) et la Commu- nauté économique des Etats de l'Afrique de l'Ouest (Ce- deao), les pays du golfe de Guinée doivent devenir les premiers acteurs de leur sécurité et mettre en œuvre une nouvelle approche fondée sur l'amélioration de leur sécuri- té maritime mais aussi de leur gouvernance économique.
Topic:
Conflict Resolution, Crime, Development, International Trade and Finance, Maritime Commerce, Fragile/Failed State, and Piracy
Political Geography:
Africa