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12. The Long Search for Stability: Financial Cooperation to Address Global Risks in the East Asian Region
- Author:
- C. P. Chandrasekhar
- Publication Date:
- 03-2021
- Content Type:
- Working Paper
- Institution:
- Institute for New Economic Thinking (INET)
- Abstract:
- Forced by the 1997 Southeast Asian crisis to recognize the external vulnerabilities that openness to volatile capital flows result in and upset over the post-crisis policy responses imposed by the IMF, countries in the sub-region saw the need for a regional financial safety net that can pre-empt or mitigate future crises. At the outset, the aim of the initiative, then led by Japan, was to create a facility or design a mechanism that was independent of the United States and the IMF, since the former was less concerned with vulnerabilities in Asia than it was in Latin America and that the latter’s recommendations proved damaging for countries in the region. But US opposition and inherited geopolitical tensions in the region blocked Japan’s initial proposal to establish an Asian Monetary Fund, a kind of regional IMF. As an alternative, the ASEAN+3 grouping (ASEAN members plus China, Japan and South Korea) opted for more flexible arrangements, at the core of which was a network of multilateral and bilateral central bank swap agreements. While central bank swap agreements have played a role in crisis management, the effort to make them the central instruments of a cooperatively established regional safety net, the Chiang Mai Initiative, failed. During the crises of 2008 and 2020 countries covered by the Initiative chose not to rely on the facility, preferring to turn to multilateral institutions such as the ADB, World Bank and IMF or enter into bilateral agreements within and outside the region for assistance. The fundamental problem was that because of an effort to appease the US and the IMF and the use of the IMF as a foil against the dominance of a regional power like Japan, the regional arrangement was not a real alternative to traditional sources of balance of payments support. In particular, access to significant financial assistance under the arrangement required a country to be supported first by an IMF program and be subject to the IMF’s conditions and surveillance. The failure of the multilateral effort meant that a specifically Asian safety net independent of the US and the IMF had to be one constructed by a regional power involving support for a network of bilateral agreements. Japan was the first regional power to seek to build such a network through it post-1997 Miyazawa Initiative. But its own complex relationship with the US meant that its intervention could not be sustained, more so because of the crisis that engulfed Japan in 1990. But the prospect of regional independence in crisis resolution has revived with the rise of China as a regional and global power. This time both economics and China’s independence from the US seem to improve prospects of successful regional cooperation to address financial vulnerability. A history of tensions between China and its neighbours and the fear of Chinese dominance may yet lead to one more failure. But, as of now, the Belt and Road Initiative, China’s support for a large number of bilateral swap arrangements and its participation in the Regional Comprehensive Economic Partnership seem to suggest that Asian countries may finally come into their own.
- Topic:
- Regional Cooperation, Bilateral Relations, Financial Crisis, Central Bank, IMF, Liberalization, Financial Globalization, and Financial Integration
- Political Geography:
- China, Asia, and United States of America
13. The EU-Turkey Visa Liberalization Saga: Lessons from the European Neighborhood
- Author:
- Ioannis N. Grigoriadis and Ayşe Tuba Uslu
- Publication Date:
- 06-2021
- Content Type:
- Working Paper
- Institution:
- Hellenic Foundation for European and Foreign Policy (ELIAMEP)
- Abstract:
- This policy paper co-authored by Ioannis Grigoriadis, Senior Research Fellow of ELIAMEP and Head of its Turkey Programme, and Ayşe Tuba Uslu, Senior at the Department of International Relations of Bilkent University, lays out the main challenges for the successful conclusion of the Visa Liberalization Dialogue (VLD) between the European Union and Turkey. It examines the impact of democratic backsliding, the decline of the rule of law, fundamental rights and divergence in the legal framework regarding organized crime and anti-terrorism on the VLD and highlights the mistrust that has developed between the parties. Through a comparison between Ukrainian, Georgian, Moldovan and Turkish VLDs, it aims to highlight how the VLD could come to a successful conclusion.
- Topic:
- Human Rights, Migration, Rule of Law, Visa, and Liberalization
- Political Geography:
- Europe, Turkey, Ukraine, Moldova, Middle East, Georgia, and Mediterranean
14. Muhammad Bin Salman’s Vision 2030: Strategy of the Kingdom in the Facade of Modernization
- Author:
- Sadia Rafique and Khalid Manzoor Butt
- Publication Date:
- 12-2021
- Content Type:
- Journal Article
- Journal:
- Journal of Political Studies
- Institution:
- Department of Political Science, University of the Punjab
- Abstract:
- In the aftermath of Arab Spring, the Middle East (ME) by and large underwent various political upheavals. This change was palpable in some countries particularly where it resulted in a new political dispensation. However, in Kingdom of Saudi Arabia (KSA), the state opted to placate the antagonists by some economic concessions and social flexibility. Under the leadership of Muhammad bin Salman, the Crown Prince of KSA, the country is now following an approach of modernization which has two dimensions: first, moving towards social liberalization and secondly, initiating new sources of revenue and reducing dependence on oil revenue. Behind all initiatives, there is a long-term strategy to maintain loyalty of their people and enhance influence of KSA in the ME particularly. This article evaluates goals of Muhammad Bin Salman’s Vision or Saudi Vision 2030 and strategies which require substantial changes in social setup and developments to the Kingdom’s fiscal and budgetary measures and policies. This study reflects the political, religious, family and institutional challenges that can antagonize the Vision and its probability of accomplishment. While theorizing the study, it will be evaluated that a re-drawing of the ‘social contract’ in the Kingdom seems necessary. This means not only more effective strategic communication and consultation with the stakeholders, but also a greater focus on inclusive growth and social safety.
- Topic:
- Reform, Arab Spring, Institutions, Fiscal Policy, Modernization, Liberalization, and Muhammad bin Salman (MBS)
- Political Geography:
- Middle East, Saudi Arabia, and Gulf Nations
15. Trade liberalization, employment, and gender in Ethiopia
- Author:
- Giorgia Giovannetti, Marco Sanfilippo, and Arianna Vivoli
- Publication Date:
- 03-2021
- Content Type:
- Working Paper
- Institution:
- United Nations University
- Abstract:
- This paper analyses the impact of trade liberalization on local labour markets in Ethiopia, with a focus on the gender dimension of employment. By exploiting rich micro-level data on Ethiopian workers, we evaluate the effect of the Ethiopian trade reforms on the changes and composition of employment, adopting as unit of analysis Ethiopian districts. We find that districts more exposed to trade liberalization experienced reductions in their employment levels, especially in female employment. We also show that reductions in (agricultural) input tariffs triggers a process of sectoral reallocation from agriculture to services and that this process is particularly pronounced for women. This in turns contributes to increase sectoral segregation.
- Topic:
- Gender Issues, Employment, Trade, and Liberalization
- Political Geography:
- Africa and Ethiopia
16. Dawn: Marxism and National Liberation
- Author:
- Tricontinental: Institute for Social Research
- Publication Date:
- 02-2021
- Content Type:
- Working Paper
- Institution:
- Tricontinental: Institute for Social Research
- Abstract:
- Dossier no. 37 is an invitation to a dialogue, a conversation about the entangled tradition of Marxism and national liberation – a tradition that emerges out of the October Revolution and that deepens its roots in the anti-colonial conflicts of the twentieth and twenty-first centuries. This is an introduction to a wide-ranging conversation that includes many different revolutionary movements, mostly rooted in the continents of Africa, Asia, and Latin America.
- Topic:
- Socialism/Marxism, Colonialism, Revolution, Liberalization, and Anti-Colonialism
- Political Geography:
- Africa, Asia, South America, Latin America, and North America
17. The Impact of the European Union-Mercosur Association Agreement on Gender Inequality: A Global South Perspective
- Author:
- Carolina Pavese
- Publication Date:
- 08-2021
- Content Type:
- Journal Article
- Journal:
- Conjuntura Austral: Journal of the Global South
- Institution:
- Conjuntura Austral: Journal of the Global South
- Abstract:
- Globalization and trade liberalization have wide-ranging effects on employment, labor security, the environment, leading to processes with uneven gender consequences. Departing from a feminist approach, this study analyzes the potential impact of the latest EU-Mercosur Agreement on gender inequality. This research conducts a qualitative case-study focusing on the Mercosur, where women face already strong structural economic inequality . It argues that the adoption of a gender mainstreaming approach is essential for promotion of an interregional trade instrument that contributes to women’s economic empowerment. The main findings reveal that the sectors affected by trade liberalization are sensitive to female participation. Yet, the analysis has shown that the draft text negotiated is blind the unequal opportunities that interregional trade liberalization poses to men and women, at least in the case of the Mercosur. As the document is pending ratification, it can be modified. Therefore, the EU and Mercosur still could adopt provisions that account for the uneven gender impact of the agreement, fostering gender equality in the global South.Keywords: Trade liberalization;Gender inequality;EU-Mercosur agreement;ResumoGlobalização e liberalização comercial têm consequências abrangentes para o emprego, segurança do trabalho, meio ambiente, levando a processos com impactos de gênero desiguais. Partindo de uma abordagem feminista, este artigo analisa o potencial impacto do último Acordo UE-Mercosul na desigualdade de gênero. Esta pesquisa realiza um estudo de caso qualitativo com foco no Mercosul, onde as mulheres enfrentam já fortes desigualdade s econômicas estruturais. Este artigo argumenta que a adoção de uma abordagem de integração de gênero é essencial para a promoção de um instrumen to comercial inter-regional que contribua com o empoderamento econômico das mulheres. As principais conclusões revelam que os setores afetados pela liberalização do comércio são sensíveis à participação feminina. Ainda assim, a análise mostrou que o texto negociado é cego no que tange às oportunidades e desafiosque a liberalização do comércio inter-regional representa para homens e mulheres, pelo menos no caso do Mercosul. Como o documento está pendente de ratificação, ele pode ser modificado. Portanto, a UE e o Mercosul ainda poderiam adotar disposições que considerem o impacto desigual de gênero do acordo, fortalecendo a igualdade de gênero no Sul global.Palavras-chave:Liberalização comercial;Desigualdade de gênero;Acordo UE-Mercosul;Received: May 17,2021Accepted: August 20,2021Conflicts of interest: The author did not report potential conflicts of interests
- Topic:
- European Union, Employment, Inequality, Trade, Liberalization, and Gender
- Political Geography:
- Europe and Global South
18. Economic Liberalizations Around the World Since 1970: Shock Therapy Versus Gradualism
- Author:
- Kerianne N. Lawson and Robert A. Lawson
- Publication Date:
- 10-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- This article examines 77 countries with the most significant economic liberalizations since 1970, as measured by changes in the Economic Freedom of the World (EFW) index. Measures of both the speed and comprehensiveness of the reforms are presented. Our empirical evidence suggests that faster reforming nations economically outperformed slower reformers. We do not find evidence that more comprehensive reforms, as opposed to more narrowly targeted reforms, had much of an impact on ensuing economic growth.
- Topic:
- Economics, Reform, Economic Growth, and Liberalization
- Political Geography:
- Global Focus
19. Never-Ending Reformism from Above and Dissatisfaction from Below: The Paradox of Moroccan Post-Spring Politics
- Author:
- Francesco Cavatorta and Fabio Merone
- Publication Date:
- 01-2020
- Content Type:
- Working Paper
- Institution:
- German Institute of Development and Sustainability (IDOS)
- Abstract:
- In recent years, Morocco has implemented far-reaching political reforms of modernisation and liberalisation but these have never reached the stage of a systemic change. The country's political regime is still authoritarian in nature.
- Topic:
- Politics, Authoritarianism, Reform, Arab Spring, and Liberalization
- Political Geography:
- North Africa and Morocco
20. Enhancing Mediterranean Integration
- Author:
- Blanca Moreno-Dodson
- Publication Date:
- 06-2020
- Content Type:
- Journal Article
- Journal:
- Cairo Review of Global Affairs
- Institution:
- School of Global Affairs and Public Policy, American University in Cairo
- Abstract:
- Trade liberalization, human capital development, and sectoral reforms can bring Mediterranean countries closer together.
- Topic:
- Development, Globalization, International Trade and Finance, Reform, Human Capital, and Liberalization
- Political Geography:
- Africa, Europe, Middle East, and Mediterranean
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