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51. Jurisdiction on the Internet: From Legal Arms Race to Transnational Cooperation

Author:
Bertrand de la Chapelle and Paul Fehlinger
Publication Date:
04-2016
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
The past 20 years have witnessed a profound change in the types of non-resident investors who provide funding to emerging market economies (EMEs) and the financial instruments through which emerging market (EM) corporations borrow from abroad. Until the beginning of the new millennium, private capital flows to EMEs were mainly intermediated by large global banks, and EMEs were subjected to massive volatility in their external payments balances, exchange rates and domestic financial systems. But since the early 2000s the role of bank-intermediated credit has declined, as the base of investors willing to take on exposure to EM corporate debt has become much larger and more diverse. These structural changes have encouraged a vast growth in flows of funds, not only from the mature economies to EMEs as a group, but also among EMEs themselves.
Topic:
Debt, Economics, Emerging Markets, International Trade and Finance, and Financial Crisis
Political Geography:
Global Focus

52. Brazil’s Perception of the Visegrad Group: Not a Strategic but a Prospective Partnership

Author:
Carolina Salgado and Marek Wasinski
Publication Date:
03-2016
Content Type:
Policy Brief
Institution:
The Polish Institute of International Affairs
Abstract:
The Visegrad Group is still a new label among policy makers as well as public and private investors, scholars and media in Brazil. However, since their accession to the EU in 2004, and the financial crisis that started in 2008, the four Central European countries in this group have started to look beyond Europe in order to formulate their economic and political agenda, aiming to boost partnerships, for example among the biggest South American countries such as Brazil. V4 and Brazil should build momentum to deepen cooperation in the most promising prospective areas such as trade, military, tourism and education.
Topic:
Economics, International Trade and Finance, Politics, and Financial Crisis
Political Geography:
Brazil

53. Permanent Budget Surpluses as a Fiscal Regime

Author:
Lukas Haffert
Publication Date:
02-2016
Content Type:
Working Paper
Institution:
Max Planck Institute for the Study of Societies
Abstract:
This paper challenges the focus on budget deficits that permeates the literature on fiscal policy. It analyzes countries running budget surpluses and asks why some of them preserved these surpluses while others did not. Whereas several OECD members recorded surpluses for just a few years, balanced budgets became the norm in Australia, Canada, Denmark, Finland, New Zealand, and Sweden in the late 1990s. The paper compares the fiscal policy choices of both types of countries from a historical-institutionalist perspective. It argues that a path-dependent shift in the balance of power among fiscal policy interests explains why surpluses persisted in one group of countries but not in the other. This reconfiguration of interests was triggered by a deep fiscal crisis and an ensuing expenditure-led consolidation. It can be interpreted as creating a new “surplus regime” in which fiscal policy became structured around the goals of balancing the budget and cutting taxes.
Topic:
Economics, Financial Crisis, Budget, and Europe
Political Geography:
Finland, Denmark, Sweden, and New Zealand

54. Fiscal Sustainability: Conceptual, Institutional, and Policy Issues

Author:
Marek Dabrowski
Publication Date:
08-2016
Content Type:
Working Paper
Institution:
Center for Social and Economic Research - CASE
Abstract:
'Since 2008, the world economy has been facing the consequences of the global financial crisis. As a result, many economic policy paradigms have been revised, and this process is far from complete. The policy area, which needs a fundamental rethinking (especially in advanced economies), relates to the role of public finance and fiscal policy in ensuring economic growth and financial stability. The primary task will be to develop a new analytical approach and detailed indicators, which are necessary to provide a correct diagnosis and effective recommendations.' What are the “safe” levels of budget deficit and public debt during “normal” or “good” times? Is there a single norm of fiscal safety?
Topic:
Debt, Financial Crisis, Finance, Global Financial Crisis, Macroeconomics, Fiscal Policy, and Deficit
Political Geography:
Europe, Global Focus, and Global Markets

55. Change in Economic Policy Paradigm: Privatization and State Capture in Poland

Author:
Piotr Kozarzewski and Maciej Bałtowski
Publication Date:
07-2016
Content Type:
Working Paper
Institution:
Center for Social and Economic Research - CASE
Abstract:
Piotr Kozarzewski and Maciej Bałtowski analyse the causes and manifestations of Poland’s recent shift in economic policy towards a more active role of the state, and use privatization policy as an example. The authors examine the effects of the privatization policy and point to a large unfinished agenda in ownership transformation that has had an adverse impact on the institutional setup of the Polish state, creating grounds for rent seeking and cronyism, which, in turn, impede the pace of privatization. They find out that it is the increasing capture of the state by rent-seeking groups, and not, contrary to popular opinion, the global financial crisis, that most contributes to the growing statist trends of Poland’s economic policy. The publication is a part of a CASE Working Papers series.
Topic:
Privatization, Financial Crisis, Reform, State, Economic Policy, Institutions, and Macroeconomics
Political Geography:
Europe and Poland

56. The Greek Euro Tragedy

Author:
John Ryan
Publication Date:
11-2016
Content Type:
Commentary and Analysis
Institution:
LSE IDEAS
Abstract:
On 4 February 2015, the European Central Bank (ECB) unexpectedly and suddenly cancelled acceptance of Greek bonds as collateral for liquidity funding unless Greece obeyed the Troika agreement. The ECB’s irresponsible and incompetent actions call into question their respect for the Greek government’s attempts to resolve its debt crisis in a sustainable way. The ECB may or may not have good reasons to cut off Greece, depending on your point of view, but it is clear that such a move would be political. A central bank that is supposed to be the lender of last resort and guardian of financial stability would be taking a deliberate and calculated decision to undermine the Greek banking system. The ECB is now seen in some quarters as arrogant, unaccountable and authoritarian.1 This Strategic Update discusses the most recent problems for the Eurozone, namely the Greek crisis and the European Central Bank’s (ECB) lack of democratic accountability which has contributed to considerable difficulties for the stability of the Eurozone.
Topic:
International Trade and Finance and Financial Crisis
Political Geography:
Greece

57. Afghanistan's Continuing Fiscal Crisis: No End In Sight

Author:
William A. Byrd
Publication Date:
05-2015
Content Type:
Policy Brief
Institution:
United States Institute of Peace
Abstract:
For several years, Afghanistan’s economy and public finances have worsened, culminating in a full-blown fiscal crisis in 2014. Political uncertainties, the weakening Afghan economy, corruption in tax collection, stagnant government revenues, and increasing expenditures have contributed to the current fiscal impasse. In the absence of bold actions by the Afghan government along with proactive international support to turn around the fiscal situation, the fiscal crisis and its insidious effects will continue.
Topic:
Conflict Resolution, Corruption, Economics, and Financial Crisis
Political Geography:
Afghanistan and Central Asia

58. Venezuela: Unnatural Disaster

Publication Date:
07-2015
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
The accelerating deterioration of Venezuela’s political crisis is cause for growing concern. The collapse in 2014 of an incipient dialogue between government and opposition ushered in growing political instability. With legislative elections due in December, there are fears of renewed violence. But there is a less widely appreciated side of the drama. A sharp fall in real incomes, major shortages of essential foods, medicines and other basic goods and breakdown of the health service are elements of a looming social crisis. If not tackled decisively and soon, it will become a humanitarian disaster with a seismic impact on domestic politics and society, and on Venezuela’s neighbours. This situation results from poor policy choices, incompetence and corruption; however, its gravest consequences can still be avoided. This will not happen unless the political deadlock is overcome and a fresh consensus forged, which in turn requires strong engagement of foreign governments and multilateral bodies.
Topic:
Democratization, Development, Health, Food, and Financial Crisis
Political Geography:
Latin America

59. Cross-border Resolution of Financial Firms

Author:
Isabelle Duchane, Kateryna Dzaha, and James Supeene
Publication Date:
07-2015
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
The absence of an effective international regime for cross-border resolution of financial firms led to the disorderly failure of a number of global banks during the global financial crisis, at a high cost to taxpayers and global financial stability. Many jurisdictions still lack sufficient resolution powers and arrangements for cross-border cooperation. This brief proposes that the Financial Stability Board’s Key Attributes of Effective Resolution Regimes for Financial Institutions should be fully implemented within the Group of Twenty (G20) and expanded to include non-G20 states. The FSB should develop a series of model laws on cross-border resolution and endorse a multilateral memorandum of understanding containing reciprocal commitments among the signatories.
Topic:
International Trade and Finance, Financial Crisis, Reform, and G20
Political Geography:
Global Focus

60. Service Sector Reform in China

Author:
Ryan Rutkowski
Publication Date:
01-2015
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Faced with slowing economic growth, Chinese policymakers now recognize that the service sector of the economy—transportation, communications, finance, and health care—could spur economic activity and employment. The catch is that China must reform these and other areas to accomplish this goal. Chinese leaders have outlined an ambitious agenda for reform, but myriad vested interests could slow or block their plans. This Policy Brief evaluates the steps taken so far and the difficulties that lie ahead in implementing them. If policymakers fail to reform and open up the service sector, they run the risk of seriously impairing China's growth prospects.
Topic:
Economics, International Trade and Finance, Labor Issues, Financial Crisis, and Reform
Political Geography:
China