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241. U.S.-Korea Economic Relations and the Next U.S. Administration

Author:
Troy Stangarone
Publication Date:
04-2016
Content Type:
Journal Article
Journal:
International Journal of Korean Studies
Institution:
International Council on Korean Studies
Abstract:
When the next United States president is inaugurated on January 20, 2017, he or she may face one of the more challenging domestic political environments for international trade in the modern political era; at that time, the U.S. will need to make significant decisions regarding its economic relationship with East Asia, including South Korea. The most significant decision facing the next administration will be handling the Trans-Pacific Partnership (TPP). While there is still time for the U.S. Congress to pass the TPP prior to the next administration taking office, it is increasingly likely that the next administration will have to grapple with either passing or renegotiating the Asia-Pacific-wide agreement, as well as determining how to bring South Korea into the region wide agreement. Bringing Korea into the TPP will further solidify the U.S.’ economic relationship with South Korea, enhancing efforts to move toward a free trade area within the Asia-Pacific. While South Korea’s accession to the TPP will likely be the next administration’s major economic objective, they should also work to strengthen the economic relationship with South Korea by deepening cooperation on small and medium sized enterprises (SMEs), cyber security, the digital economy, energy, and New Frontier issues.
Topic:
Energy Policy, Politics, Partnerships, Digital Economy, Trans-Pacific Partnership, Trade, and Economic Cooperation
Political Geography:
East Asia, South Korea, and United States of America

242. The United States and the European Union: Essential Partners in a Turbulent World

Author:
Anthony Luzzatto Gardner
Publication Date:
03-2016
Content Type:
Journal Article
Journal:
The Ambassador's Review
Institution:
Council of American Ambassadors
Abstract:
Four years ago the European Union won the Nobel Peace Prize for the “over six decades [in which it has] contributed to the advancement of peace and reconciliation, democracy, and human rights in Europe.” How quickly the mood has changed. While it has become fashionable to charge that the European Union is on the verge of collapse in the face of dire current challenges, rumors of the European Union’s demise would appear premature. The successes achieved in 2015, as well as the potential future areas of good news, are frequently underappreciated. The United States is firmly committed to investing in its relationship with the European Union. This is a partner­ship that delivers, as it will bring dividends to both the United States and the European Union for the long term. The aphorism of Jean Monnet, the key Founding Father of the European Union, that “Europe will be forged in crises, and will be the sum of the solutions adopted for those crises” has proven to be correct. The serious strains put on the European Union during this past year because of multiple terrorist attacks—most recently in Brussels on March 22—and the unprecedented migrant flow is already resulting in significant pooling of sovereignty by member states, like in the fields of law enforcement and border protection. Europe’s unity has countered Russia’s violation of the post-War norm against changing borders by force, and the United States and the European Union are working intensively on many regional and global challenges. First and foremost, the United States and the European Union are focused on creating more economic opportunities on both sides of the Atlantic with a comprehensive trade deal, the Transatlantic Trade and Investment Partnership (TTIP). The United States and the European Union already have a broad and deep economic partnership, the largest trade relationship in the world, accounting for almost one third of global trade and supporting about 14 million jobs. We have invested over $4 trillion in each other’s economies (which combined account for almost half of world GDP). TTIP is an opportunity to fine tune that relationship in a common-sense way to unlock opportunities to support jobs and fuel growth on both sides of the Atlantic, while maintaining our high standards for protection of health, safety, labor conditions, and the environment. Through TTIP, the United States and the European Union can strengthen our respective economies and extend our strategic influence if we choose to lead on global trade rather than be left on the sidelines. There really is no other choice. Since last Fall, we have exchanged second tariff-eliminating market access offers (removing all but three percent of tariffs) and proposals for services market access and government procurement. We have made significant progress in tabling text in almost all chapters and hope to have consolidated text for the entire agreement by July, which would line up the most difficult issues for negotiation and decision through the Fall. Despite some of the more pessimistic predictions, it remains an achievable goal to reach a high standard comprehensive agreement under the Obama administration (although ratification in Europe and passage into law in the United States would take place under the next US President). Working with member states, the European Commission has also made significant contributions to the creation of an integrated energy market—a requirement for healthy economies—in which gas and electricity flow more freely among the member states. The European Commission has also tabled its first proposals to deepen and broaden Europe’s capital markets and to stimulate investment in critical infrastructure. To address one of the Eurozone’s fundamental structural weaknesses, the Commission has nearly completed the creation of a banking union. And looking to the future, the European Commission has launched an ambitious Digital Single Market strategy aimed at reducing national barriers to the creation of a true single market for the delivery of digital services. We are supportive of all of these critical initiatives because they enhance European security and growth potential, as well as provide opportunities for transatlantic investment and collaboration. At the same time, we have made great strides to modernize and reform our relationship in other areas related to data, the most recent example being the conclusion of the US-EU Privacy Shield, which replaces the fifteen-year-old Safe Harbor framework with a new set of robust and enforceable protections for the personal data of EU individuals. The Privacy Shield provides transparency regarding how participating com­panies use personal data, strong US government oversight, and increased cooperation with EU data protection authorities (DPAs). While the United States and the European Union are working closely together to reinforce economic and commercial ties, coordination on political efforts is as robust—and as necessary—as ever. For example, the European Union played a vital role in close collaboration with US leaders to produce the historic agreement limiting Iran’s nuclear ambitions and the historic agreement in Paris on climate change. Moreover, the European Union quickly announced and repeatedly renewed, in close partnership with the United States, a set of extensive sanctions against Russia in response to Russia’s occupation and attempted illegal annexation of Crimea and aggression in the Donbas region of Eastern Ukraine. Even a few years ago, few would have considered that possible because of the radically different historical perspectives and economic ties that the 28 member states have with Russia. Despite occasional talk of engaging Russia with conciliatory gestures, Europe has thus far resisted the Kremlin’s efforts to divide the member states or to split Europe from the United States. Like the United States, the European Union continues to support reformists in the Government of Ukraine and Ukrainian civil society. Our diplomatic missions in Kyiv and in Brussels cooperate closely on providing financial support, in-kind assistance and training, and exposing and countering disinformation. The United States and the European Union both support independent media and nongovernmental organizations; both support the aspiration of the Ukrainian people to live free in a stable, prosperous, and independent state governed by the rule of law rather than by lawless oligarchs. For over a year, challenges in developing a comprehensive European response to unprecedented, irregular refugee and migration flows have been the European Union’s most serious concern. The European Union is well aware that it must manage this issue in order to demonstrate its effectiveness and relevance. As a country of immigrants that has also taken in many refugees, the United States is supporting the European Union’s efforts by providing humanitarian assistance and sharing its experience in areas such as border control and the identification, resettlement, and integration of refugees. If Europe manages to support the integration of refugees and open its labor markets, the positive economic impact could prove substantial. The European Commission estimates that overall migrant inflows will add additional regional growth of 0.2 to 0.3 percent of GDP by 2020. According to the estimates, Germany could see an increase of GDP of about 0.4 percent in 2016 and 0.7 percent by 2020. Many economists believe that, if assimilated well, the refugee and migrant inflow could be a critical antidote to Europe’s looming demographic time bomb—a rapid inversion of the age pyramid whereby working age people are supporting greater numbers of retirees on pensions. By mid-century the ratio will have shrunk by half to 2:1, endangering the stability of social security systems. We are also collaborating closely on terrorism and countering violent extremism (CVE), including the fight against Daesh and the threat posed by foreign fighters who travel to and from Syria and Iraq. The United States welcomes the European Union’s development of a common EU Passenger Name Record system and looks forward to its approval in the European Parliament soon. The United States has engaged the European Union in helping border security officials get access to the information they need to prevent acts of terrorism by foreign terrorist fighters. As the United States has introduced new security enhancements in its Visa Waiver Program (VWP), a key counterterrorism tool, we are working closely with both the European Union and member states partici­pating in VWP to insure that our travelers and citizens are safe from terrorist threats. Similarly, we have increased law enforcement cooperation with the European Union to enhance security and decrease crime for our citizens on both sides of the Atlantic. Far from weakening the European Union or transatlantic cooperation, the threat of terrorism has encouraged stepped-up joint CVE efforts. The March 22 attacks on the Brussels Airport and metro and the November 2015 attacks in Paris struck not only the residents of those cities, but also international victims and were carried out by multinational terrorists. Along with attacks in Denmark, Turkey, and other parts of Europe, they prompted greater intra-European and transatlantic law enforcement and security cooperation, and demonstrated starkly why such cooperation is essential. Whether sharing infor­mation on the movement and activities of suspected terrorists or combating illicit financial transactions by these and other criminals, we have a shared desire to protect our citizens and strengthen key institutions like Europol. In cases like rescuing children from child sexual exploitation rings, where it’s important to seek the shortest possible interval between discovering the crime and putting an end to it, we have seen good results. Operations that once took years to organize can now take mere months or less through the working relationship US law enforcement has developed with European authorities. After being forced by the Inquisition to recant his view that the earth rotates around the sun, Galileo Galilei allegedly whispered: “Eppur si muove” (and yet it moves). To many observers the European Union may appear immobile; and yet it moves. If it struggles to meet some of the challenges it currently faces, this is a reflection of the scope and number of those challenges, not the resilience of the Union. The United States stands shoulder to shoulder with the European Union as a partner, ready to face together the many regional and global challenges that we share. In preparing for future challenges, we continue to work together to ensure a better future for people on both continents (and elsewhere), whether in pursuing nuclear nonproliferation, combating climate change, terrorism, and military aggression, or in furthering trade rules that set high standards and rule of law for all. This is a partnership that delivers on a number of fronts; the European Union will continue to be an essential partner for the United States in an increasingly turbulent world.
Topic:
Diplomacy, International Cooperation, European Union, and Trade
Political Geography:
United States, Europe, and North America

243. Study and Reports on the VAT Gap in the EU-28 Member States: 2016 Final Report

Author:
Grzegorz Poniatowski, Mikhail Bonch-Osmolovsky, and Misha V. Belkindas
Publication Date:
09-2016
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
The analysis serves as the Final Report for the DG TAXUD Project 2015/CC/131, “Study and Reports on the VAT Gap in the EU-28 Member States”, which is a follow up to the reports published in 2013, 2014, and 2015. In this report, estimates of the VAT Gap and the Policy Gap for the year 2014 are presented, as well as revised estimates for the years 2010–2013 “due to the transmission” of Eurostat national accounts from the ESA95 to the ESA10. This update covers Croatia, which was not included in the previous updates. While it was hoped that the update would also cover Cyprus, it has not been possible due to incomplete national accounts data. The VAT Gap is a measure of VAT compliance and enforcement that provides an estimate of revenue loss due to fraud and evasion, tax avoidance, bankruptcies, financial insolvencies, as well as miscalculations. It is defined as the difference between the amount of VAT collected and the VAT Total Tax Liability (VTTL), which is expressed in the report in bothabsolute and relative terms. The VTTL is the theoretical tax liability according to tax law, and is estimated using a “top-down” approach.
Topic:
Economic growth, Tax Systems, Macroeconomics, Fiscal Policy, Innovation, VAT, and Trade
Political Geography:
Europe, Poland, Croatia, and European Union

244. Interaction between monetary policy and bank regulation: lessons for the ECB

Author:
Marek Dabrowski
Publication Date:
02-2016
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
The European Central Bank (ECB) recently became engaged in macro-prudential policies and the micro-prudential supervision of the largest Euro area banks. These new tasks should help complete financial integration, and make the Euro area more resilient to financial instability risks. However, the multiplicity of mandates and instruments involves a risk of their inconsistency which could compromise the ECB’s core price-stability mandate as well as its independence. The experience of central banks during the recent global financial crisis confirms that such risks are not purely hypothetical.
Topic:
Monetary Policy, Economic growth, Banks, Macroeconomics, Innovation, Trade, and European Central Bank
Political Geography:
Europe and European Union

245. On Economic Growth in Europe, or, The Uncertain Growth Prospects of Western Countries

Author:
Aleksander Łaszek, Andrzej Rzońca, and Andrzej Halesiak
Publication Date:
11-2016
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
Growth in the European Union since the outbreak of the global financial crisis is slower (1) than before the crisis, (2) than the trend would indicate, (3) than forecast and (4) than in the United States. The factors driving its weakness lie more on the supply side than the demand side. The loss of potential output after the crisis was exacerbated by inequalities from before the crisis; fiscal stimulus from 2007-2009, increasing public expenditure despite the lack of fiscal space; excessive liquidity support for banks; and inflexibility of the market for goods at the moment the crisis broke out. The problems with growth may deepen and become permanent if social support for anti-market parties continues to grow. Extremist parties are supported by divergence among the countries of the “old” EU and the slowdown of convergence in the new member states, as well as tendencies related to inequality, in particular the reduction of households’ mobility between income groups. The 144th mBank - CASE Seminar Proceedings consist of the main paper "On Economic Growth in Europe, or, The Uncertain Growth Prospects of Western Countries" by Andrzej Rzońca and Aleksander Łaszek and the commentary "Economic Growth in Western Europe: The Investment Perspective" by Andrzej Halesiak.
Topic:
Economic growth, Investment, Economic Policy, Macroeconomics, and Trade
Political Geography:
Europe, Western Europe, and European Union

246. The condition of and prospects for the private equity funds market in Poland

Author:
Barbara Nowakowska, Piotr Noceń, Michał Surowski, and Michał Popiołek
Publication Date:
02-2016
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
In the publication, Barabara Nowakowska and Piotr Noceń discuss 'Poland’s Private Equity Market: Current Conditions and Development Prospects', and Michał Surowski and Michał Popiołek describe 'Private Equity From a Bank’s Perspective'.
Topic:
Development, Markets, Financial Markets, Economic growth, Banks, Innovation, and Trade
Political Geography:
Europe, Poland, and European Union

247. Quo vadis, Ukraine? Is there a chance for success?

Author:
Ivan Mikloš
Publication Date:
01-2016
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
"If I were to say just one thing about Ukraine, I think I would have to stress it is the most underperforming country of all the countries I know. Ukraine has had, and indeed still does have, a lot of potential. In the beginning of 1990s, in 1992 to be precise, Deutsche Bank prepared an analysis of the chances for the former Soviet Union states to be reformed and developed successfully, and according to this analysis, Ukraine had the best chance among them all to be successful. We know that in reality the opposite happened, and Ukraine is in a very difficult situation now. The main reason for this situation is that when at the beginning of 1990s communist countries collapsed, the old system in Ukraine was not replaced by a new one, one of functioning market economy. It was eroded, but not exactly replaced the way it happened for example in Poland, Czechoslovakia, Hungary, and the Baltic states. The country was captured by oligarchs, and a very strange, dysfunctional, and corrupted system was created instead."
Topic:
Development, Economies, Finance, Economic growth, Trade, and Post-Socialist Economies
Political Geography:
Europe, Central Asia, Ukraine, Caucasus, Eastern Europe, and Poland

248. CP ALL and the Case of Value Web Creation

Author:
Bryane Michael, Christopher Hartwell, and Vladimir Korovkin
Publication Date:
11-2016
Content Type:
Special Report
Institution:
Center for Social and Economic Research - CASE
Abstract:
How should convenience store operators like Thailand’s CP-ALL construct its value chains? What does economic theory teach us about an under – modelled area of management theory (namely value chains)? In this paper, Bryane Michael, Christopher Hartwell and Vladimir Korovkin use a seemingly unrelated economic model analysing Vietnam to tell something about the conglomerates running convenience stores licenses like CP-ALL. They find that convenience stores may not want to raise capital from Thai banks and the Bangkok stock market when labour productivity exceeds capital’s. They also find that inefficiencies inherent in Thai markets may significantly reduce the optimal size of a convenience store operator like CP ALL. These operators may also (counter-intuitively) need to give up a significant share of their profits to “value service providers” when the cost of capital falls. As such, counter to the usual World Bank nostrums, improvements in Bangkok’s stock market and banks may actually hurt firms like CP ALL.
Topic:
Development, Economic growth, Innovation, and Trade
Political Geography:
Asia and Thailand

249. Romanian–British Commercial Exchanges at the Lower Danube: The Consular Report of Percy Sanderson on the Year 1883

Author:
Cristian Constantin
Publication Date:
07-2016
Content Type:
Journal Article
Journal:
Hiperboreea
Institution:
Balkan History Association
Abstract:
Researchers consider that the slight increase in commerce through Brăila and Galaţi after 1883 was mainly due to the reorientation of Romanian foreign trade by the dualist monarchy towards other European states. The Danube route-way regained some of its importance, although the port of Galaţi still suffered after the loss of the rich region of Southern Bessarabia and because of the inconvenient manner by which the town was linked to the Romanian railway system. Thus, the paper insists on the quantity and value of commercial exchanges (exports, imports), the grains, the main economic partners and the specific character of Brăila, Galaţi and Sulina in the Romanian economy. This study analyses the results of this fact upon the foreign commerce of the ports, as there are opinions that it had positive consequences for development of commerce and navigation at the Maritime Danube. The text proper is preceded by a short historical comment on the activity of the International Trade in the Lower Danube region.
Topic:
Regional Cooperation, Maritime Commerce, and Trade
Political Geography:
Britain, Europe, Balkans, and Romania

250. The EU Commission and the Fragmentation of International Law: Speaking European in a Foreign Land

Author:
Avidan Kent
Publication Date:
11-2016
Content Type:
Journal Article
Journal:
The Goettingen Journal of International Law
Abstract:
The debate on the fragmentation of International Law has been relatively dormant in recent years. However, recent events demonstrate not only that this debate should be re-awoken, but also that some key elements of this debate must be reconsidered. Notably, while the fragmentation of International Law has often been discussed from the perspective of courts and judges, this article examines the view and the impact of a different institutional actor – the Commission of the European Union. This contribution analyzes a series of amicus briefs that were submitted in a number of investment treaties-based cases. These briefs, which were recently disclosed to the author, reflect a certain radicalization of the European Court of Justice’s view concerning the place and the role of the EU’s legal system within the international legal order. This article discusses the problematic implications that the Commission’s approach may have on the international legal order, as well as possible future pathways.
Topic:
Environment, Human Rights, International Cooperation, International Law, European Union, and Trade
Political Geography:
Europe