Search

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

871. The corporate benefits of the euro: Finnish companies cannot live without a common currency

Author:
Timo korkeamäki
Publication Date:
04-2012
Content Type:
Policy Brief
Institution:
Finnish Institute of International Affairs
Abstract:
The costs of euro membership have been a topic of lively political debate in recent years, and they have received ample media attention. In contrast, numerical estimates on the benefits of the euro have been practically non-existent. While the corporate benefits of the euro have been widely documented in the academic literature, the practical value of those publications has suffered from their technical complexity. Several experts have linked the fast growth of corporate bond markets in Europe since 1999 to the introduction of the euro. With growing arm's length credit markets in Europe, companies' access to financing has improved significantly. Companies from countries with small and unstable legacy currencies, such as Finland, have benefited comparably more from the widened financial markets. The cost savings due to the lowered cost of debt are non-trivial. For a set of large Finnish companies alone, the narrowing spread between their interest expenses and those of their German counterparties has resulted in after-tax cost savings of over €400 million each year. Sweden, Norway, and Denmark may have received some free-rider benefits while staying outside the currency union. However, it is difficult to estimate whether such benefits would have been obtainable had Finland chosen to keep its own currency. Reductions in the cost of financing should increase companies' ability to invest, and thus these savings are likely to have multiplicative effects on the economy for years to come.
Topic:
Economics, International Trade and Finance, Markets, and Monetary Policy
Political Geography:
Europe

872. Watching a dragon's egg hatch: The makings of a Sinocentric world?

Author:
Jyrki Kallio
Publication Date:
04-2012
Content Type:
Working Paper
Institution:
Finnish Institute of International Affairs
Abstract:
As China's hard power is growing, the Party-state is keen to construct a new narrative which legitimizes China's position as a world leader also from the soft power perspective. It has even been suggested that a Chinese international relations theory or model will inevitably emerge as a consequence of China's growing role on the world stage on the one hand and the rise of traditional values in China on the other.
Topic:
Foreign Policy, Development, Economics, International Trade and Finance, Power Politics, and Culture
Political Geography:
China and Israel

873. Capital Requirements under Basel III in Latin America: The Cases of Bolivia, Colombia, Ecuador and Peru

Author:
Liliana Rojas-Suarez, Arturo J. Galindo, and Marielle del Valle
Publication Date:
05-2012
Content Type:
Working Paper
Institution:
Center for Global Development
Abstract:
A number of banks in developed countries argue that the new capital requirements under Basel III are too stringent and that implementing the proposed regulation would require raising large amounts of capital, with adverse consequences on credit and the cost of finance. In contrast, many emerging market economies claim that their systems are adequately capitalized and that they have no problems with implementing the new capital requirements. This paper conducts a detailed calculation of capital held by the banks in four Latin American countries—known as the Andean countries: Bolivia, Colombia, Ecuador and Peru—and assesses the potential effects of full compliance with the capital requirements under Basel III. The conclusions are positive and show that while capital would decline somewhat in these countries after they make adjustments to comply with the new definition of capital under Basel III, they would still meet the Basel III recommendations on capital requirements. More importantly, these countries would hold Tier capital to risk-weighted-asset ratios significantly above the 8.5 percent requirement under Basel III. That is, not only the quantity, but also the quality of capital is adequate in the countries under study. While encouraging, these results should not be taken as a panacea since the new regulations are only effective if coupled with appropriate risk management and supervision mechanisms to control the build-up of excessive risk-taking by banks. Further research into these areas is needed for a complete assessment of the strength of banks in the Andean countries.
Topic:
Debt, Economics, International Trade and Finance, and Monetary Policy
Political Geography:
Colombia, Latin America, Peru, Ecuador, and Bolivia

874. Maritime Security Sector Reform

Author:
John F. Sandoz
Publication Date:
05-2012
Content Type:
Working Paper
Institution:
United States Institute of Peace
Abstract:
Maritime security sector reform (MSSR) is a component of security sector reform (SSR). SSR is the complex task of transforming the institutions and organizations that deal directly with security threats to the state and its citizens. MSSR applies the same concepts to the maritime domain. It consists of comprehensive actions taken by littoral countries and a range of partners to improve the security, safety, and economic viability of maritime spaces by improving governance, infrastructure, and law enforcement capacity, creating a broader approach to SSR on the global stage. The globally connected economy relies on the oceans and adjoining littorals for fishing, access to natural resources, and the movement of much of the world's commerce. Effective governance of maritime spaces has become essential for both economic growth and regional security. Continued population growth in the coastal regions, or littorals, strains the maritime infrastructure and the capacity to govern, resulting in unmet security challenges from competing countries, transnational criminal organizations, and insurgent and terrorist groups that exploit instability in the maritime domain. MSSR may be undertaken to strengthen existing maritime governance, respond to specific instability or threats, or restore governance following conflict or natural disasters. MSSR involves a whole-of-government process to identify and address specific problems through collaborative approaches that coordinate the contributions of internal and external organizations. The MSSR process begins with a multidisciplinary assessment, ideally performed by representatives from private and public institutions. It must take into account a country's history, culture, and the aspirations of its citizens and government. MSSR is not the imposition of external organizations, plans, or processes. The U.S. government's role in MSSR, while often significant, must be closely coordinated with efforts by the United Nations, donor nations, nongovernmental organizations (NGOs), and the private sector. Achieving this level of coordination may be the most challenging aspect of successful MSSR.
Topic:
Security, International Trade and Finance, Terrorism, Weapons of Mass Destruction, and Maritime Commerce
Political Geography:
United States and United Nations

875. Protecting Malaysia's Marine Biodiversity for Future Generations: Issues, Challenges and The Way Forward

Author:
Cheryl Rita Kaur
Publication Date:
06-2012
Content Type:
Policy Brief
Institution:
Maritime Institute of Malaysia
Abstract:
International Day for Biological Diversity (IDB) was celebrated on 22 May 2012 with the theme Marine Biodiversity. The IDB provides Parties to the Convention on Biological Diversity (CBD) and other interested stakeholders an opportunity to raise awareness of the issues and increase practical actions towards protecting and promoting biodiversity. This article describes the status of marine biodiversity conservation, achievements, and major challenges involved in safeguarding Malaysia's marine ecosystems and environment.
Topic:
Development, Environment, International Trade and Finance, and Maritime Commerce
Political Geography:
Southeast Asia

876. Malaysia's got talent: Developing a 21st century maritime workforce

Author:
Nazery Khalid
Publication Date:
05-2012
Content Type:
Policy Brief
Institution:
Maritime Institute of Malaysia
Abstract:
Working hard behind the scenes amid the dazzling array of behemoth ships, towering port cranes, stacks of containers and huge cargo loads, workers in the maritime sector and along the maritime supply chain play a key role in ensuring good and raw materials are transported from producers to consumers smoothly and in a cost competitive manner.
Topic:
Development, Economics, International Trade and Finance, and Natural Resources
Political Geography:
Southeast Asia

877. Much ado about rocks

Author:
Melda Malek
Publication Date:
04-2012
Content Type:
Policy Brief
Institution:
Maritime Institute of Malaysia
Abstract:
The United Nations Convention on the Law of the Sea 1982 (UNCLOS) was the culmination of almost a decade of active negotiations between states on how the oceans should be navigated, explored, exploited and governed. Naturally, as in any negotiations, compromises were often sought when parties could not quite see eye to eye on certain issues.
Topic:
International Trade and Finance, Treaties and Agreements, United Nations, Maritime Commerce, Natural Resources, and Governance

878. Global Warming's Unfinished Debate: The Post-Kyoto (2008-2012) Era

Author:
Cheryl Rita Kaur
Publication Date:
03-2012
Content Type:
Policy Brief
Institution:
Maritime Institute of Malaysia
Abstract:
The Copenhagen Climate Summit in 2009 was aimed at building on an international agreement through a new environmental accord for the post-Kyoto period (2008-2012), including new targets for greenhouse gas emissions. Although various options have been suggested since then, no definite agreement has yet been achieved. The recent United Nations Climate Change Conference in Durban, South Africa further negotiated the implementation of the Convention visa- vis the Kyoto Protocol, the Bali Action Plan, and the Cancun Agreements. The main outcome included the decision to adopt a universal legal agreement on climate change as soon as possible and no later than 2015. This commentary looks at the strengths and problems faced with the Protocol and what will constitute a fair differentiation of commitments among countries to address the issue more effectively post-Kyoto.
Topic:
Climate Change, Environment, International Trade and Finance, Treaties and Agreements, and Maritime Commerce
Political Geography:
New Delhi and United Nations

879. Propelling Malaysia's OSV sector ahead

Author:
Nazery Khalid
Publication Date:
03-2012
Content Type:
Policy Brief
Institution:
Maritime Institute of Malaysia
Abstract:
The launching of the Malaysian Offshore Support Vessels Owners Association (OSV Malaysia) in February 2012 brings to attention the issues and challenges faced by the local offshore support vessels (OSV) sector. The contribution and importance of this sector in facilitating the offshore oil and gas industry cannot be overemphasized. These vessels enable a host of activities such as prospecting, exploring, commercializing, producing, storing, offloading and transporting of oil and gas and construction and decommissioning of offshore structures to be carried out.
Topic:
Economics, International Trade and Finance, Oil, Maritime Commerce, and Natural Resources
Political Geography:
Malaysia

880. All Roads Lead to the Indian Ocean

Author:
Sumathy Permal
Publication Date:
01-2012
Content Type:
Policy Brief
Institution:
Maritime Institute of Malaysia
Abstract:
The Indian Ocean (IO) is the world’s third largest ocean with an area of 73.5 million sq. km or 28.5 million sq. miles. It is strategically located adjacent to Asia in the North, Australia to the East, Antarctica to the South, and Africa to the West. IO forms two large indentations in South Asia, the Arabian Sea and the Bay of Bengal. The ocean can be accessed through several chokepoints i.e., from the West via Cape of Good Hope and the Straits of Madagascar, from the North via the Bab el-Mandeb at the end of the Red Sea; the Sunda and Lombok-Straits and the Ombai-Wetar-Straits and the Straits of Hormuz at the exit of the Persian Gulf, from the East via the Straits of Malacca and, by way of geographical extension, to the South China Sea.
Topic:
Security, International Law, International Trade and Finance, and Maritime Commerce
Political Geography:
Africa, China, Malaysia, Asia, Arabia, and Kobani