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21021. Has the financial crisis spurred demand for stronger state regulation?

Author:
Felix Roth
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This paper analyses whether the financial crisis has affected citizens' confidence in the free market economy and whether it has triggered citizens' demand for a free market economy with stronger state regulations. Using panel data, the paper confirms that citizens' confidence levels in the free market economy have decreased in most of the largest economies and demand for a free market economy with stronger state regulation has increased on both sides of the Atlantic. After analysing the determinants for citizens' confidence in the free market economy and demand for a free market economy with stronger state regulation before and after the financial crisis, the author concludes that citizens' net confidence loss in the free market economy seems to have been driven by rising unemployment rates, and citizens' demand for stronger state regulation seems to have been driven by the real economic downturn in GDP growth.
Topic:
Regional Cooperation, Monetary Policy, Financial Crisis, and Governance
Political Geography:
Europe

21022. Politicians Online! MEP Communication Strategies in the Internet Era

Author:
Stefano Braghiroli
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
The last decades have witnessed a dramatic growth of internet-based communication. This phenomenon and its still partially unexplored potential have increasingly attracted the attention of a growing number of political entrepreneurs. This paper analyses to what extent it has characterised vertical communication between politicians and voters looking at a very particular group: the Members of the European Parliament (MEPs).
Topic:
Politics, Regional Cooperation, and Science and Technology
Political Geography:
Europe

21023. Fiscal Policy Coordination and Competitiveness Surveillance: What solutions to what problems?

Author:
Daniel Gros and Cinzia Alcidi
Publication Date:
09-2010
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
In June 2010, both the European Commission and the European Central Bank published documents containing ideas for enhancing European economic governance. Both proposals stress the need for stronger surveillance on a country-by-country basis and the effective enforcement of surveillance through incentives and a wider spectrum of sanctions.
Topic:
Economics, Monetary Policy, and Financial Crisis
Political Geography:
Europe

21024. Does intangible capital affect economic growth?

Author:
Felix Roth and Anna-Elisabeth Thum
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
Using new international comparable data on intangible capital investment by business within a panel analysis from 1995-2005 in an EU-15 country sample, we detect a positive and significant relationship between intangible capital investment by business and labour productivity growth. This relationship is cross-sectional in nature and proves to be robust to a range of alterations. Our empirical analysis confirms previous findings that the inclusion of business intangible capital investment into the asset boundary of the national accounting framework increases the rate of change of output per worker more rapidly. In addition, intangible capital is able to explain a significant portion of the unexplained international variance in labour productivity growth and when incorporating business intangibles, capital deepening becomes an even more significant source of growth. The relationship is slightly stronger in the time period 1995-2000 and seems to be driven by the coordinated countries within the EU-15.
Topic:
Economics, International Trade and Finance, Regional Cooperation, Monetary Policy, and Financial Crisis
Political Geography:
Europe

21025. Do the European Union's bilateral investment treaties matter?

Author:
Selen Sarisoy Guerin
Publication Date:
07-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
Several policy-relevant issues regarding the EU's bilateral investment treaties (BITS) are addressed in this paper. First and foremost, we explore the question of whether EU's BITs have a significantly positive impact on outflows or not. Second, we ask the question which member states and which BIT partners have had a significant experience after the implementation of the BIT. In our sample we find that both OECD BITs and EU BITs have a statistically significant and positive impact on FDI outflows. This result is robust to the inclusion of variables such as privatisation proceeds that control for the level of economic reform, the level of trade linkages, the level of democratic freedom and a measure of risk of expropriation among other standard controls. We control for endogeneity in our estimations by using the fixed-effects estimator as our preferred estimator on a large panel dataset. We also test the strict exogeneity of our results by using a method suggested by Baier and Bergstrand (2007) and we find no feedback effect in our sample.
Topic:
Economics, International Trade and Finance, Monetary Policy, and Financial Crisis
Political Geography:
Europe

21026. The financial crisis and citizen trust in the European Central Bank

Author:
Daniel Gros and Felix Roth
Publication Date:
07-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
Trust in the ECB, as measured by the standard Eurobarometer (and other) surveys has fallen to an unprecedented low – especially in the larger euro area countries. The authors find that up to the start of the recession in 2008, trust in the ECB was little affected by business cycle variables such as growth and inflation. This changed radically with the recession, with trust in the ECB becoming correlated quite closely with growth. However, even the recovery of growth in 2009 was not sufficient to restore trust in the ECB to previous levels. This finding implies that European citizens seem to have placed a heavy share of the blame on the European Central Bank for the real economic downturn caused by the financial crisis.
Topic:
Economics, International Trade and Finance, and Monetary Policy
Political Geography:
Europe

21027. The Politics of Punishing Terrorists [Full Text]

Author:
Anthony F. Lang, Jr.
Publication Date:
03-2010
Content Type:
Journal Article
Institution:
Carnegie Council
Abstract:
Debates about trying and punishing terrorists reveal how the failure to construct a shared normative consensus in international criminal justice continues to bedevil the international community. The only way to achieve this consensus is to engage in the messy business of politics.
Topic:
Politics
Political Geography:
United States, New York, and Europe

21028. Introduction

Author:
Terry MacDonald and Raffaele Marchetti
Publication Date:
03-2010
Content Type:
Journal Article
Institution:
Carnegie Council
Abstract:
If global democratization is to advance beyond the current point, it is necessary to confront the practical challenge of institutional design: How might ideals of global democracy be put effectively into practice given the many constraints imposed by the existing global political order?
Topic:
Politics

21029. Democracy in a Pluralist Global Order: Corporate Power and Stakeholder Representation

Author:
Terry MacDonald and Kate Macdonald
Publication Date:
03-2010
Content Type:
Journal Article
Institution:
Carnegie Council
Abstract:
The primary task undertaken by the liberal-democratic project throughout its modern history has been that of legitimately constituting and controlling the public powers wielded by sovereign states. As such, the principal institutions of modern representative democratic systems—constitutional structures and electoral processes—have consistently been developed with state power as the target for democratic control. However, contemporary democrats concerned with the project of building democratic institutions on a global scale now confront a new and important set of questions about how far we should expect any global democratic mechanisms to resemble the familiar democratic institutions employed within states.
Topic:
Sovereignty

21030. Public Accountability and the Public Sphere of International Governance

Author:
Jens Steffek
Publication Date:
03-2010
Content Type:
Journal Article
Institution:
Carnegie Council
Abstract:
After long and awkward negotiations, on November 19, 2009, the heads of state and government of the European Union finally nominated Catherine Ashton as the Union's new High Representative for Foreign Affairs and Security. The next day an Internet user nicknamed ''hoeckt'' posted the following comment on a popular German news site: This morning I listened to an interview with [Ashton] on B5 [radio station] and was flabbergasted. She has already understood how they work at the EU level. She wants to do diplomacy the silent way, which to me means that there will be no transparency; nobody will know what she is doing, and how. And hence nobody will be able to judge success or failure of her actions.
Topic:
Security and Government
Political Geography:
Europe and Hong Kong