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391. Capital Flows and Capital Account Management in Selected Asian Economies

Author:
Rajeswari Sengupta and Abhuit Sen Gupta
Publication Date:
04-2015
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
Gross capital inflows and outflows to and from emerging market economies have witnessed a significant increase since the early 2000s. This rapid increase in the volume of flows, accompanied by sharp swings in volatility, has amplified the complexity of macroeconomic management in emerging economies. This paper focuses on capital flows in selected emerging Asian economies, analyzing surge and stop episodes as well as changes in the composition of flows across these episodes, then evaluating the policy measures undertaken by these economies in response to the surge and stop of capital flows. This kind of analysis is highly relevant, especially at a time when emerging economies around the world are facing the repercussions of a potential monetary policy normalization in the United States and continuing quantitative easing measures by the European Central Bank, either of which could once again heighten the volatility of cross-border capital flows, thereby posing renewed macroeconomic challenges for major EMEs.
Topic:
Economics, Emerging Markets, International Trade and Finance, and Monetary Policy
Political Geography:
Asia

392. Double Remedies in Double Courts

Author:
Sungjoon Cho and Thomas H. Lee
Publication Date:
04-2015
Content Type:
Journal Article
Abstract:
This article uses an ongoing trade controversy litigated in US courts and the World Trade Organization dispute resolution system as a vehicle for exploring different models to deal with parallel adjudications in different legal systems between the same or related parties on the same issue. In lieu of more traditional models of subordination or first-to-decide sequencing, the article proposes an engagement model as a solution to the double-courts, single-issue problem.
Topic:
International Law, International Trade and Finance, World Trade Organization, and Courts
Political Geography:
China, Europe, and United States of America

393. Arnaud de Nanteuil. Droit International de l'investissement

Author:
Eric De Brabandere
Publication Date:
04-2015
Content Type:
Journal Article
Abstract:
There clearly is no dearth in publications dealing with the burgeoning field of international investment law. And one might wonder whether another handbook is needed on the subject. Yet Arnaud de Nanteuil’s Droit International de l’investissement has certain features that make the book of particular interest. Notably, it constitutes the first francophone handbook exclusively dedicated to international investment law.
Topic:
International Law, International Trade and Finance, Treaties and Agreements, and Courts
Political Geography:
Europe and France

394. Who Wants What? – Final Offer Arbitration in the World Trade Organization

Author:
Jaime Tijmes
Publication Date:
07-2015
Content Type:
Journal Article
Abstract:
The World Trade Organization’s (WTO) Dispute Settlement Understanding (DSU) favours negotiated settlements for disputes. However, arbitrations according to Article 22.6 of the DSU have been carried out as compulsory conventional arbitrations, even though such arbitrations do not offer strong incentives for the parties to reach a settlement. For quite some time, scholars have studied other forms of arbitration that may encourage settlements more strongly, such as final offer arbitration. Yet this form of arbitration has received rather limited attention in the academic discussion about dispute settlement under the WTO. This article explores to what extent final offer arbitration might make sense for settling WTO disputes and concludes that it would be suitable for arbitrations pursuant to Article 22.6 of the DSU, specifically for setting the level of suspension of obligations and, under certain circumstances, for deciding on so-called cross-retaliation pursuant to Article 22.3 of the DSU. Before negotiations start, parties to a dispute should agree on final offer arbitration if arbitration should be deemed necessary. Such an agreement might be expressed in a pre-emptive joint proposal on procedural aspects. Amendment of the DSU would then be unnecessary.
Topic:
International Law, International Trade and Finance, Treaties and Agreements, and World Trade Organization
Political Geography:
Europe and Global Focus

395. Michael Fakhri. Sugar and the Making of International Trade Law

Author:
Anna Chadwick
Publication Date:
07-2015
Content Type:
Journal Article
Abstract:
Michael Fakhri in his book Sugar and the Making of International Law takes inspiration from Antony Anghie, a scholar who famously disrupted prevalent conceptions of public international law. Using sugar as a ‘trace element’, Fakhri follows Anghie’s lead in retracing the historical origins of international trade law in order to challenge pervasive perceptions about this legal regime. What he is keen to demonstrate is that free trade, like state sovereignty, is not something that international institutions are merely officiating. Rather, the meaning of this concept has shifted over time as it has been applied by different institutions and actors within the international legal order to differential effect. It has been both conditioned by, and received the conditioning of, broader political, economic and social forces. Critically, it is as much the product of international institutions governing trade as it is their purpose.
Topic:
Agriculture, Imperialism, International Law, International Trade and Finance, History, World Trade Organization, and Economy
Political Geography:
Britain, Europe, and Global Focus

396. Exposition industrielle, production de réseaux et construction d’imaginaires : la Foire internationale du Müsiad et les représentations de l’Etat turc (Industrial Exhibition, Network Production and Construction of Imaginaries : the International Müsiad Fair and Representations of the Turkish State )

Author:
Dilek Yankaya
Publication Date:
11-2015
Content Type:
Case Study
Institution:
Centre d'Etudes et de Recherches Internationales
Abstract:
Müsiad International Fair held in Istanbul in 2014 aroused great public interest due to the strong presence of political elites as well as to the mobilization of a large network of institutions, firms and media partners. International exhibitions are relevant fields to explore the formation of trade circuits and the creation of sociabilities, as well as to question the political and international issues central to the construction of trade networks and markets. This event appears as the representation of the Turkish state as it is formed under the AKP power. We witness a double trend of reconfiguration and of internationalization of the state constituting processes through the phenomena of increased interactions between private enterprise and public action on one side and the shrinkage of patronage networks on the other. Participating to this event therefore becomes a question of legitimization and delegitimization for private actors regarding these networks of power, the production of which is based on the presentation of economic and industrial productions and goes together with the creation of Imaginaries. The ethnographic study of the fair shows how industrial, cultural and symbolic representations bring about the production of two types of Imaginary, one related to the reinvention of the idea of the ummah across merchant networks and the other referring to the supremacy of Turkey as the carrier of this project.
Topic:
International Trade and Finance, Sociology, Political Science, Networks, State, and Ethnography
Political Geography:
Europe, Turkey, Asia, and Istanbul

397. L’insécurité énergétique en Amérique du Sud : développement des réseaux et intégration sectorielle entre le Pérou et le Chili (Energy Insecurity in South America : Network Development and Sectoral Integration in Chile and Peru)

Author:
Alvaro Artigas
Publication Date:
10-2015
Content Type:
Special Report
Institution:
Centre d'Etudes et de Recherches Internationales
Abstract:
The South American continent has experienced a robust economic growth presently overshadowed by an uneven energy integration that fails to meet both an ever-growing industrial and metropolitan demand. Several integration mechanisms co-exist, but a poor integration layout threatens the energy security of the region and individual countries. Several factors contribute to this. Firstly, the very template of regional integration has failed to deliver a valid set of supranational coordination mechanisms aimed at coordinating and sorting out disputes among individual countries. Secondly, national States tie security to self-sufficiency in the face of mutual distrust, thus rendering potential advantages of market and networks integration a less desirable choice. The example of Chile and Peru integration drive reveals many of these dynamics while showing at the same time the windfalls of a transversal sectoral coordination over diplomatic exchange by individual states. What is the potential for an alternative template where the State will play a less intrusive role while consigning territorial disagreements backstage?
Topic:
Economics, International Trade and Finance, Political Economy, Natural Resources, and Regional Integration
Political Geography:
South America, Latin America, Chile, and Peru

398. Rio de Janeiro as a Global Financial Center

Author:
Virgílio Gibbon
Publication Date:
10-2015
Content Type:
Special Report
Institution:
Brazilian Center for International Relations (CEBRI)
Abstract:
Situational crises tend to concentrate economic activity in centers where such activity already is historically more significant. As a result, financial markets — especially the organized markets — tend to coalesce around these same centers because they benefit from the higher level of liquidity that concentrated economic activity offers. This undoubtedly was one of the major causes of the waning of the financial market in Rio de Janeiro, and the hegemony conquered by São Paulo as of the 1980s.
Topic:
International Political Economy, International Trade and Finance, Financial Crisis, and Financial Markets
Political Geography:
Brazil

399. Aligning Incentives, Accelerating Impact

Author:
Rachel Silverman, Mead Over, and Sebastian Bauhoff
Publication Date:
12-2015
Content Type:
Special Report
Institution:
Center for Global Development
Abstract:
Founded in 2002, the Global Fund to Fight AIDS, Tuberculosis and Malaria (the Global Fund) is one of the world’s largest multilateral health funders, disbursing $3–$4 billion a year across 100-plus countries. Many of these countries rely on Global Fund monies to finance their respective disease responses—and for their citizens, the efficient and effective use of Global Fund monies can be the difference between life and death. Many researchers and policymakers have hypothesized that models tying grant payments to achieved and verified results—referred to in this report as next generation financing models—offer an opportunity for the Global Fund to push forward its strategic interests and accelerate the impact of its investments. Free from year-to-year disbursement pressure (like government agencies) and rigid allocation policies (like the World Bank’s International Development Association), the Global Fund is also uniquely equipped to push forward innovative financing models. But despite interest, the how of new grant designs remains a challenge. Realizing their potential requires technical know-how and careful, strategic decisionmaking that responds to specific country and epidemiological contexts—all with little evidence or experience to guide the way. This report thus addresses the how of next generation financing models—that is, the concrete steps needed to change the basis of payment from expenses to something else: outputs, outcomes, or impact. For example, when and why is changing the basis of payment a good idea? What are the right indicators and results to purchase from grantees? How much and how should grantees be remunerated for their achievements? How can the Global Fund verify that the basis of payment is sound—that the reported results are accurate and reliable and represent real progress against disease control goals? And what is needed to protect communities against coercion or other human rights abuses, ensuring that these new incentives do not drive unintended consequences?
Topic:
International Trade and Finance and Global Political Economy
Political Geography:
Global Focus

400. Power to the States: Making Fiscal Transfers Work for Better Health

Author:
Center for Global Development
Publication Date:
12-2015
Content Type:
Special Report
Institution:
Center for Global Development
Abstract:
Most money and responsibility for health in large federal countries like India rests with subnational governments — states, provinces, districts, and municipalities. The policies and spending at the subnational level affect the pace, scale, and equity of health improvements in countries that account for much of the world’s disease burden: India, Indonesia, Nigeria, and Pakistan. Fiscal transfers between levels of government can — but do not always — play an important role in turning money into outcomes at the subnational level. Well designed, transfers can help put states on a level financial playing field by equalizing spending across states and adjusting allocations for the health risks of each state’s population. Transfers can increase accountability and create incentives for greater spending or effectiveness in service delivery. But transfers are rarely designed with attention to their desired outcomes. To get to better outcomes, international experience suggests that transfers need to be reexamined and reformed along three dimensions. First, central government’s allocation of national revenues to subnational governments should respond to needs and population size. Second, transfers should generate incentives to improve subnational governments’ spending quality and performance on outcomes. Third, independent systems to monitor, evaluate, and provide feedback data on subnational performance can generate greater accountability to the central government, parliaments, and legislatures as well as to citizens. These insights are seemingly simple and suggestive, but each country starts from its own unique history that requires careful technical analysis and political savvy to define reforms with genuine potential to improve health.
Topic:
International Political Economy, International Trade and Finance, and Financial Markets
Political Geography:
Global Focus