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471. The role of the European Union in the world

Author:
Eneko Landaburu
Publication Date:
03-2014
Content Type:
Policy Brief
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
Despite the hopes raised by the most recent Treaties, the Lisbon Treaty in particular, the European Union has been unable to strengthen, let alone develop its role on the international stage. A couple of weeks away from the European Parliament elections, we need to ask ourselves what can reasonably be done by the upcoming Parliament to ensure that significant progress is made with respect to the EU's foreign policy.
Topic:
Security, Foreign Policy, International Trade and Finance, Regional Cooperation, and Reform
Political Geography:
Europe

472. Is the EMU ready for future shocks? An overview of available backstops

Author:
Xavier Vanden Bosch
Publication Date:
03-2014
Content Type:
Policy Brief
Institution:
EGMONT - The Royal Institute for International Relations
Abstract:
In recent years much has been accomplished to make the EMU more resilient to banking crises, sovereign-debt crises or balance-of-payment crises. Several 'backstops' or financial safety nets were progressively put in place to absorb the shocks that could have otherwise broken the EMU as a system. These substantial advances reflected a gradual, trial-and-error approach rather than a grand design that would have completely overhauled the EMU architecture. While flexibility and realism have advantages, complacency is a clear risk. With no roadmap to follow, efforts to complete the architecture of the EMU may fade with time. Maintaining a sense of direction is crucial while potential vulnerabilities remain.
Topic:
Economics, International Trade and Finance, and Financial Crisis
Political Geography:
Europe

473. High Tech: The Next Wave of Chinese Investment in America

Author:
Daniel H. Rosen and Thilo Hanemann
Publication Date:
04-2014
Content Type:
Working Paper
Institution:
Asia Society
Abstract:
WHILE CHINA STARTED INVESTING AROUND THE WORLD in the early 2000s, the first waves of Chinese overseas investment targeted mostly extractive mining activities in developing countries and resource-rich advanced economies such as Australia and Canada. Over the past five years, however, Chinese capital has begun to flow into non-extractive sectors in advanced economies, increasingly targeting technology- and innovation-intensive industries. Initially, the surge of Chinese outward foreign direct investment (OFDI) in the United States largely responded to opportunities in energy and real estate, but access to technology and innovation is now becoming an important driver. In the first quarter of 2014 alone, Chinese investors announced high-tech deals worth more than $6 billion, including the takeovers of Motorola Mobility, IBM's x86 server unit, and electric carmaker Fisker.
Topic:
Economics, International Trade and Finance, and Foreign Direct Investment
Political Geography:
China, America, Canada, Asia, and Australia

474. The rise of FDI income, and what it means for the balance of payments of developing countries

Author:
Miguel Pérez Ludeña
Publication Date:
05-2014
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
Multinational enterprises (MNEs) multiplied their profits made in developing countries by four between 2002 and 2011 (at current prices). In Latin America and the Caribbean, they rose from US$20 billion in 2002 to US$113 billion in 2011. The growth rate has been even higher in Africa and China, but much lower in developed countries. This rise is explained by an increase in FDI stock in developing economies and the higher average profitability of MNEs.
Topic:
Economics, International Trade and Finance, and Foreign Direct Investment
Political Geography:
Africa, China, and Latin America

475. Government-held equity in foreign investment projects: Good for host countries?

Author:
Louis T. Wells
Publication Date:
02-2014
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
A recent Perspective concluded that, in countries given to sudden shifts in policy, "a host country government equity stake in a project may decrease project risk by giving the state a reason not to demand a renegotiation." An investor may benefit, but does the host country? In my experience, rarely.
Topic:
Development, Economics, International Trade and Finance, and Foreign Direct Investment

476. Sovereign Debt Restructuring: Old Debates, New Challenges

Author:
James A. Haley
Publication Date:
05-2014
Content Type:
Working Paper
Institution:
Centre for International Governance Innovation
Abstract:
Ten years ago, in the wake of the Asian financial crisis and subsequent Argentine default, the international community debated how to best promote the timely, effective restructuring of sovereign debt. The debate then focused largely on the relative merits of a so-called statutory approach for sovereign restructurings, with features of domestic bankruptcy regimes, versus the voluntary use of contractual terms designed to facilitate restructurings. At the time, the statutory approach did not have the support necessary to move from proposal to policy and efforts to improve the framework of sovereign debt restructuring rested on the contractual approach.
Topic:
Economics, International Trade and Finance, and Financial Crisis
Political Geography:
Asia

477. Uranium from Niger: A key resource of diminishing importance for France

Author:
Bruno Tertrais
Publication Date:
03-2014
Content Type:
Policy Brief
Institution:
Danish Institute for International Studies
Abstract:
In France, natural uranium is immediately associated with the relationship to African countries. Uranium has always fed rumours, fantasies and conspiracy theories set against the background of all the colourful stories of what is known in France as the "Françafrique"; the web of personal and economic relations between Paris and its former colonies.
Topic:
Economics, International Trade and Finance, and Nuclear Power
Political Geography:
Africa, Europe, and France

478. Cost allocation in investment arbitration: Forward toward incentivization

Author:
John Gaffney and James Nicholson
Publication Date:
06-2014
Content Type:
Working Paper
Institution:
Columbia Center on Sustainable Investment
Abstract:
In their contribution to the FDI Perspectives series, Baiju Vasani and Anastasiya Ugale drew attention to an emerging trend in favor of the so-called "costs follow the event" (CFtE) (or loser pays) approach, which is in contrast to the more "traditional" approach under which parties share the costs of arbitration equally, with each party covering its own legal fees.
Topic:
Economics, Human Rights, International Trade and Finance, Governance, and Reform

479. Going Beyond Economic Engagement: Why South Korea Should Press the North on Labor Standards and Practices

Author:
Marcus Noland
Publication Date:
04-2014
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
In recent years, despite a history of enmity and armed conflict that never really ended after the Korean War more than 60 years ago, South Korea has been a major investor in North Korea, and South Korean firms have employed more than 50,000 North Korean workers. South Korea's stated goal has been to encourage sufficient economic progress by North Korea, emboldening it toward establishing a meaningful basis for reconciliation and, ultimately, national unification. The expectation, or at least the hope, has been to use economic engagement to lessen the North's direct state control over the economy and to encourage the development of a middle class that might demand greater internal opening. The goal, as enunciated by former South Korean President Kim Dae-jung, has also been to foster a rise of interest groups with an enhanced stake in peaceable external relations.
Topic:
Economics, Human Rights, International Trade and Finance, and Bilateral Relations
Political Geography:
Asia, South Korea, and North Korea

480. Alternatives to Currency Manipulation: What Switzerland, Singapore, and Hong Kong Can Do

Author:
Joseph E. Gagnon
Publication Date:
06-2014
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
For the major advanced economies and the world as a whole, insufficient aggregate demand—that is, too little spending—impeded recovery from the Great Recession of 2008-09. By manipulating their currencies to boost their net exports, many countries made a bad situation worse for their trading partners, which saw demand shifted away. The world needs policies that increase total demand rather than policies that fight over the allocation of the existing amount of demand.
Topic:
Economics, International Trade and Finance, and International Monetary Fund
Political Geography:
Europe, Asia, Switzerland, and Singapore