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2551. Obligations of a Global Neighbor

Author:
Joyce E. Bellous
Publication Date:
11-2003
Content Type:
Working Paper
Institution:
Institute on Globalization and the Human Condition, McMaster University
Abstract:
Globalizing processes increase the importance of developing civility both within societies and between societies. More broadly, they point to the need for global civility. Building global civility requires the development of a sense of neighborliness. Civility will result from a strong sense of neighborliness.
Topic:
International Relations, Gender Issues, Globalization, Human Welfare, and International Political Economy

2552. Work In Progress: Introducing the UNU Inter-Linkages Initiative: Focusing on the Implementation of Sustainable Development

Author:
Jerry Velasque and Uli Piest
Publication Date:
05-2003
Content Type:
Policy Brief
Institution:
United Nations University
Abstract:
Embedded in the United Nations University's Environment and Sustainable Development Programme (ESD), the Inter-linkages Initiative is an innovative approach to managing sustainable development. Based on the recognition that environmental management is strongly related to human behaviour at all levels of natural and human interaction, it promotes greater connectivity between ecosystems and societal performance. On a practical level, the inter-linkages initiative is based on the assumption that improving the implementation of existing environmental mechanisms does not necessarily require new instruments but, rather, a greater level of coherence among the tools already available. In this regard, Interlinkages represents a time- and cost-effective approach to strengthening the existing systems of managing sustainable development.
Topic:
International Relations, Development, International Cooperation, and United Nations

2553. Problem-Solving Effectiveness and Democratic Accountability in the EU

Author:
Fritz W. Scharpf
Publication Date:
02-2003
Content Type:
Working Paper
Institution:
Max Planck Institute for the Study of Societies
Abstract:
The paper begins by examining the functions of input-oriented and output-oriented legitimating arguments in liberal democracies. At the European level, input-oriented arguments remain weak, but legitimacy problems are generally avoided since the policies which can in fact be adopted under prevailing institutional conditions are still based on broad intergovernmental consensus. For a variety of new policy challenges, however, consensus on the choice of European solutions is unlikely to be reached, even though member states are unable to cope with such challenges on their own. Among the examples discussed are the notorious problems of a common foreign, security and defense policy and the spillovers of European economic integration that are challenging national welfare regimes. The resulting problem-solving gaps, which may undermine political legitimacy nationally and in the EU, could not be legitimately overcome by moving from consensual to majoritarian governing modes at the European level. What could help are modes of differentiated integration which allow groups of member states to adopt consensual European solutions applying only to members of the group.
Topic:
International Relations and Civil Society
Political Geography:
Europe

2554. Odious Debt

Author:
Michael Kremer and Seema Jayachandran
Publication Date:
07-2002
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
When the international community wants to put pressure on a government that suppresses democracy and human rights, a common approach is to impose economic sanctions. Traditional sanctions, however, are often criticized as either ineffective or inhumane. The targeted government can find ways to evade them, and the sanctions may hurt rather than help the people in the country. For example, when trade sanctions are deployed, smugglers and even some national governments will likely flout them, enticed by profits boosted by the sanction itself. When trade sanctions are not evaded, the loss of national income can impoverish citizens. This policy brief proposes a new form of sanction that avoids these shortcomings and hence could be a valuable addition to the toolkit of sanctions available to the international community and national governments.
Topic:
International Relations, Economics, and Political Economy

2555. Rebalancing United States-China Relations

Author:
Michael Swaine and Minxin Pei
Publication Date:
02-2002
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
President George W. Bush's visit to China, Japan, and South Korea in February 2002 highlights the vital importance of the Asia-Pacific region to the United States. His stop in China will be especially significant. He will arrive in Beijing on precisely the 30th anniversary of Richard Nixon's historic journey to China, and at a time of notable—if limited—improvement in relations between China and the United States after one of periodic harsh rhetoric and tense confrontation.
Topic:
International Relations and Diplomacy
Political Geography:
United States, Japan, China, and Asia

2556. Guiding Principles for U.S. Post-Conflict Policy in Iraq

Author:
Frank G. Wisner and Edward P. Djerejian
Publication Date:
12-2002
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Today's Iraq debate is understandably focused on the run-up to possible military action. However, the question of how the United States and the international community should manage post-conflict Iraq is even more consequential, as it will determine the long-term condition of Iraq and the entire Middle East. If Washington does not clearly define its goals for Iraq and build support for them domestically and with its allies and partners, future difficulties are bound to quickly overshadow any initial military success. Put simply, the United States may lose the peace, even if it wins the war.
Topic:
International Relations and Security
Political Geography:
United States, Iraq, Middle East, Arabia, and Arab Countries

2557. Key Judgments (from October 2002 NIE) - Iraq's Continuing Programs for Weapons of Mass Destruction

Publication Date:
10-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We judge that Iraq has continued its weapons of mass destruction (WMD) programs in defiance of UN resolutions and restrictions. Baghdad has chemical and biological weapons as well as missiles with ranges in excess of UN restrictions; if left unchecked, it probably will have a nuclear weapon during this decade. (See INR alternative view at the end of these Key Judgments.)
Topic:
International Relations, United Nations, and Weapons of Mass Destruction
Political Geography:
Iraq and Middle East

2558. Exchange Rate Regimes and Financial Dollarization: Does Flexibility Reduce Bank Currency Mismatches?

Author:
Carlos Ó. Arteta
Publication Date:
09-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
The dollarization of bank deposits and credit is widespread in developing countries, resulting in varying degrees of currency mismatches in domestic financial intermediation, which in turn might accentuate bank balance sheet fragility. It is widely argued that flexible exchange rate regimes encourage banks to match dollar-denominated liabilities with a corresponding amount of dollar-denominated assets, ameliorating currency mismatches. Does the behavior of dollar deposits and credit in financially dollarized economies support that presumption? A new database on deposit and credit dollarization in developing and transition countries is assembled and used to address this question. Empirical results suggest that, if anything, floating regimes seem to exacerbate, rather than ameliorate, currency mismatches in domestic financial intermediation, as those regimes seem to encourage deposit dollarization more strongly than they encourage matching via credit dollarization.
Topic:
International Relations, Economics, and International Trade and Finance
Political Geography:
United States

2559. Identifying the Role of Moral Hazard in International Financial Markets

Author:
Steven B. Kamin
Publication Date:
09-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Considerable attention has been paid to the possibility that large-scale IMF-led financing packages may have distorted incentives in international financial markets, leading private investors to provide more credit to emerging market countries, and at lower interest rates, than might otherwise have been the case. Yet, prior attempts to identify such distortions have yielded mixed evidence, at best. This paper makes three contributions to our ability to assess the empirical importance of moral hazard in international financial markets. First, it is argued that because large international "bailouts" did not commence until the 1995 Mexican crisis, financial indicators prior to that time could not have reflected a significant degree of this type of moral hazard. Therefore, one test for the existence of moral hazard is that the access of emerging markets to international credit is significantly easier than it was prior to 1995. Second, the paper argues that because private investors expect large-scale IMF-led packages to be extended primarily to economically or geo-politically important countries, moral hazard, if it exists, should lead these countries to have easier terms of access to credit than smaller, non-systemically important countries. Finally, in addition to looking at bond spreads, the focus of earlier empirical analyses of moral hazard, the paper also examines trends in capital flows to gauge the access of emerging market countries to external finance. Looking at the evidence in light of these considerations, the paper concludes that there is little support for the view that moral hazard is significantly distorting international capital markets at the present time.
Topic:
International Relations, Economics, Emerging Markets, and International Trade and Finance

2560. On the Fragility of Gains from Trade under Continuously Differentiated Bertrand Competition

Author:
Mario Marazzi
Publication Date:
09-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
One of the most widely accepted principles of economics is the existence of gains from trade for every nation under certain conditions including perfect competition. In the last twenty years, trade economists have revolutionized the field by firmly establishing the possibility of modeling imperfectly competitive international markets. Despite this development, most still agree there are good reasons to believe that gains from trade are still present. However, we show that in the absence of international redistributions the presence of a positive profit sector in a general equilibrium model can lead to a situation in which some nations may lose from the reduction of international trade barriers.
Topic:
International Relations, Economics, Emerging Markets, and International Trade and Finance