Governments and markets have thus far failed to adequately address the growing global threat to climate stability from human activity. Some businesses are emerging as active leaders in the mitigation of this threat, but they are hampered by incentives that work against their efforts to reduce greenhouse gas emissions. This paper argues that businesses may best protect climate stability, a common-pool resource, when their collaboration is organized by a set of design principles that was developed for collective action to govern our commons. Allowing businesses to cooperate for the purpose of mitigating climate risks may not be anti-competitive, and may enhance long-term business performance. Additionally, collective climate action may create spillover effects that advance United Nations Sustainable Development Goals beyond those directly related to climate and environmental issues.
{"title":"Polycentric Business Governance and Climate Risk Mitigation","authors":"Carolin D. Schellhorn","doi":"10.2139/ssrn.3262295","DOIUrl":"https://doi.org/10.2139/ssrn.3262295","url":null,"abstract":"Governments and markets have thus far failed to adequately address the growing global threat to climate stability from human activity. Some businesses are emerging as active leaders in the mitigation of this threat, but they are hampered by incentives that work against their efforts to reduce greenhouse gas emissions. This paper argues that businesses may best protect climate stability, a common-pool resource, when their collaboration is organized by a set of design principles that was developed for collective action to govern our commons. Allowing businesses to cooperate for the purpose of mitigating climate risks may not be anti-competitive, and may enhance long-term business performance. Additionally, collective climate action may create spillover effects that advance United Nations Sustainable Development Goals beyond those directly related to climate and environmental issues.","PeriodicalId":118088,"journal":{"name":"SRPN: International Affairs Issues (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132236011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We provide novel empirical models of the arms trade and focus on the role of energy dependence, in particular of oil, in explaining the trade of weapons between countries. Dramatic geopolitical events such as wars can cause significant disruptions in the supply of oil and increase oil prices. Oil-dependent economies have therefore incentives to provide security by selling or giving away arms to oil-rich countries and reduce the risk of instability. We find strong empirical support for this claim using data on international transfers of major weapons and information on global and local oil dependence, oil reserves and oil discoveries.
{"title":"Energy (In)Security and the Arms Trade","authors":"V. Bove, C. Deiana, R. Nisticò","doi":"10.2139/ssrn.2856426","DOIUrl":"https://doi.org/10.2139/ssrn.2856426","url":null,"abstract":"We provide novel empirical models of the arms trade and focus on the role of energy dependence, in particular of oil, in explaining the trade of weapons between countries. Dramatic geopolitical events such as wars can cause significant disruptions in the supply of oil and increase oil prices. Oil-dependent economies have therefore incentives to provide security by selling or giving away arms to oil-rich countries and reduce the risk of instability. We find strong empirical support for this claim using data on international transfers of major weapons and information on global and local oil dependence, oil reserves and oil discoveries.","PeriodicalId":118088,"journal":{"name":"SRPN: International Affairs Issues (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122760189","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This chapter argues that the WTO Appellate Body has not been consistent in applying Article 31 of the VCLT and considering the context of the relevant treaty text in light of its object and purpose. It has instead either been overly mechanistic in its textual interpretation or has strayed from the text, sometimes with the appearance of preferring an outcome-based result. Part I of the chapter discusses the appropriate role context should play in interpreting the WTO agreements. Parts II through IV critique aspects of the Appellate Body’s jurisprudence in the zeroing cases; the 1916 Act dispute; and the early safeguards cases, as generating interpretive difficulties by failing to give enough attention to real-world context and object and purpose. Part V explores possible reasons for these departures by the Appellate Body from a contextualised textual analysis, and identify some systemic implications of these decisions.
{"title":"When Popular Decisions Rest on Shaky Foundations: Implications of Selected WTO Appellate Body Jurisprudence","authors":"M. Lewis","doi":"10.2139/SSRN.2785823","DOIUrl":"https://doi.org/10.2139/SSRN.2785823","url":null,"abstract":"This chapter argues that the WTO Appellate Body has not been consistent in applying Article 31 of the VCLT and considering the context of the relevant treaty text in light of its object and purpose. It has instead either been overly mechanistic in its textual interpretation or has strayed from the text, sometimes with the appearance of preferring an outcome-based result. Part I of the chapter discusses the appropriate role context should play in interpreting the WTO agreements. Parts II through IV critique aspects of the Appellate Body’s jurisprudence in the zeroing cases; the 1916 Act dispute; and the early safeguards cases, as generating interpretive difficulties by failing to give enough attention to real-world context and object and purpose. Part V explores possible reasons for these departures by the Appellate Body from a contextualised textual analysis, and identify some systemic implications of these decisions.","PeriodicalId":118088,"journal":{"name":"SRPN: International Affairs Issues (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115156901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
J. Cuaresma, G. Doppelhofer, Martin Feldkircher, Florian Huber
We analyze the interaction between monetary policy in the US and the global economy, using a global vector autoregressive model with time-varying parameters and stochastic volatility (TVP-SV-GVAR). We find that a contractionary US monetary policy shock leads to a persistent fall in international output, a drop in global inflation rates, a rise in international interest rates and a strengthening of the US dollar in real terms, with heterogeneous transmission effects across countries and over time. US short-term rates decrease significantly in response to a monetary policy tightening abroad or a negative shock to foreign real GDP growth.
{"title":"US Monetary Policy in a Globalized World","authors":"J. Cuaresma, G. Doppelhofer, Martin Feldkircher, Florian Huber","doi":"10.2139/ssrn.2767401","DOIUrl":"https://doi.org/10.2139/ssrn.2767401","url":null,"abstract":"We analyze the interaction between monetary policy in the US and the global economy, using a global vector autoregressive model with time-varying parameters and stochastic volatility (TVP-SV-GVAR). We find that a contractionary US monetary policy shock leads to a persistent fall in international output, a drop in global inflation rates, a rise in international interest rates and a strengthening of the US dollar in real terms, with heterogeneous transmission effects across countries and over time. US short-term rates decrease significantly in response to a monetary policy tightening abroad or a negative shock to foreign real GDP growth.","PeriodicalId":118088,"journal":{"name":"SRPN: International Affairs Issues (Topic)","volume":"108 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126621758","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this study, we argue that an approach which will reconcile the two opposing camps in Sino-African relations and bring the most progress is a “middle passage” that greases contradictions and offers an accommodative, balanced and pragmatic vision on which Africans can unite. We present a case under which countries can substantially enhance the prospect of development if an African consensus builds on a merger between the Western and Chinese models. We balance national interest with human rights, sovereign authority with individual rights and economic goals with political rights. The chapter presents arguments on the need for a development paradigm in Africa that reconciles the Washington Consensus with the Beijing Model. The analytical framework is organised in three main strands, notably: (i) historical perspectives and contemporary views; (ii) reconciliation of dominant schools of thought and paradigms surrounding Sino-African relations and (iii) practical and contemporary implications. Reconciled schools of thought are engaged in four main categories: optimists versus (vs.) pessimists; preferences in rights (human vs. national, idiosyncratic vs. sovereign and political vs. economic) and the Beijing model vs. the Washington Consensus.
{"title":"Reconciliation of the Washington Consensus with the Beijing Model in Africa","authors":"S. Asongu, Jacinta C. Nwachukwu","doi":"10.2139/ssrn.2786244","DOIUrl":"https://doi.org/10.2139/ssrn.2786244","url":null,"abstract":"In this study, we argue that an approach which will reconcile the two opposing camps in Sino-African relations and bring the most progress is a “middle passage” that greases contradictions and offers an accommodative, balanced and pragmatic vision on which Africans can unite. We present a case under which countries can substantially enhance the prospect of development if an African consensus builds on a merger between the Western and Chinese models. We balance national interest with human rights, sovereign authority with individual rights and economic goals with political rights. The chapter presents arguments on the need for a development paradigm in Africa that reconciles the Washington Consensus with the Beijing Model. The analytical framework is organised in three main strands, notably: (i) historical perspectives and contemporary views; (ii) reconciliation of dominant schools of thought and paradigms surrounding Sino-African relations and (iii) practical and contemporary implications. Reconciled schools of thought are engaged in four main categories: optimists versus (vs.) pessimists; preferences in rights (human vs. national, idiosyncratic vs. sovereign and political vs. economic) and the Beijing model vs. the Washington Consensus.","PeriodicalId":118088,"journal":{"name":"SRPN: International Affairs Issues (Topic)","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126638748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2016-03-01DOI: 10.1007/978-981-10-5882-0_11
M. Feldman, Rodrigo Monardes, Cristián Rodríguez-Chiffelle
{"title":"The Role of Pacific Rim FTAs in the Harmonisation of International Investment Law: Towards a Free Trade Area of the Asia-Pacific","authors":"M. Feldman, Rodrigo Monardes, Cristián Rodríguez-Chiffelle","doi":"10.1007/978-981-10-5882-0_11","DOIUrl":"https://doi.org/10.1007/978-981-10-5882-0_11","url":null,"abstract":"","PeriodicalId":118088,"journal":{"name":"SRPN: International Affairs Issues (Topic)","volume":"107 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122692608","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Purpose of the war is to degrade the enemy's will and economic capacity. It may sound surprising but wealth destruction through a market attack can be more effective than taking out enemy's ship/aircraft, when it comes to disabling an opponent. Just to narrate China has over trillions of investment denominated is US dollar and every percentage of devaluation of dollar obviously engineered by "FED" represents a billons of real wealth transfer from China to US. Surely any country can take it up to certain extend and recent intervention by PBOC in managing its own currency is only tip of the iceberg reply to US."Currency/Financial" war is the future of boundaryless warfare.Such war can clamp down countries or even global banking system: When Banking stops, Credit stops, and when Credit stops, Trade stops and when Trade stops, ECONOMY CRUMBLES. Resultant impact of which was felt on commodities across sectors/segment wherein prices tanked to the lows witnessed during recessionary period of 2008-2009. Palm Oil nor Palm Oil producing centres are insulated from such global events. So, is the War ON??? Recent events does hint towards the same but it’s too early to conclude. Paper will explore the relationship between currency & its direct impact on commodities, as a result of current tectonic shift. Even though palm oil prices has been significantly impacted in turn making health of exporting countries to ponder upon but has there been any impact on food demand of importing countries or has importing countries stopped consuming or has it started to produce on its own??? It will be explored in detail (consumption centres).Further to that paper will explore on how exporting centres can use such crisis to its advantage (taking some quick bites from event witnessed 18years back "Asian Financial Crisis") by exploring terms of trade with importing centres, by exploring currency of trade (breaking US hegemony), etc. Finally concluding with events to watchful about and analysing the market structure of palm oil and thereafter estimating the palm price forecasts for 2016.
{"title":"Future of Palm Oil: During the Time of War (Currency War)","authors":"Ali Muhammad Lakdawala","doi":"10.2139/SSRN.2706989","DOIUrl":"https://doi.org/10.2139/SSRN.2706989","url":null,"abstract":"Purpose of the war is to degrade the enemy's will and economic capacity. It may sound surprising but wealth destruction through a market attack can be more effective than taking out enemy's ship/aircraft, when it comes to disabling an opponent. Just to narrate China has over trillions of investment denominated is US dollar and every percentage of devaluation of dollar obviously engineered by \"FED\" represents a billons of real wealth transfer from China to US. Surely any country can take it up to certain extend and recent intervention by PBOC in managing its own currency is only tip of the iceberg reply to US.\"Currency/Financial\" war is the future of boundaryless warfare.Such war can clamp down countries or even global banking system: When Banking stops, Credit stops, and when Credit stops, Trade stops and when Trade stops, ECONOMY CRUMBLES. Resultant impact of which was felt on commodities across sectors/segment wherein prices tanked to the lows witnessed during recessionary period of 2008-2009. Palm Oil nor Palm Oil producing centres are insulated from such global events. So, is the War ON??? Recent events does hint towards the same but it’s too early to conclude. Paper will explore the relationship between currency & its direct impact on commodities, as a result of current tectonic shift. Even though palm oil prices has been significantly impacted in turn making health of exporting countries to ponder upon but has there been any impact on food demand of importing countries or has importing countries stopped consuming or has it started to produce on its own??? It will be explored in detail (consumption centres).Further to that paper will explore on how exporting centres can use such crisis to its advantage (taking some quick bites from event witnessed 18years back \"Asian Financial Crisis\") by exploring terms of trade with importing centres, by exploring currency of trade (breaking US hegemony), etc. Finally concluding with events to watchful about and analysing the market structure of palm oil and thereafter estimating the palm price forecasts for 2016.","PeriodicalId":118088,"journal":{"name":"SRPN: International Affairs Issues (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116854998","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We investigate the trade-offs between price stability and the sustainability of sovereign debt, using a small open economy model where the government issues nominal defaultable debt and chooses fiscal and monetary policy under discretion. Inflation reduces the real value of outstanding debt, thus making it more sustainable; but it also raises nominal yields and entails direct welfare costs. We compare this scenario with a situation in which the government gives up the ability to deflate debt away, e.g. by issuing foreign currency debt or joining a monetary union with an anti-inflationary stance. We find that the benefits of giving up this adjustment margin outweigh the costs, both for our preferred calibration and for a wide range of parameter values.
{"title":"Monetary Policy and Sovereign Debt Vulnerability","authors":"Galo Nũno, Carlos Thomas","doi":"10.2139/ssrn.2622463","DOIUrl":"https://doi.org/10.2139/ssrn.2622463","url":null,"abstract":"We investigate the trade-offs between price stability and the sustainability of sovereign debt, using a small open economy model where the government issues nominal defaultable debt and chooses fiscal and monetary policy under discretion. Inflation reduces the real value of outstanding debt, thus making it more sustainable; but it also raises nominal yields and entails direct welfare costs. We compare this scenario with a situation in which the government gives up the ability to deflate debt away, e.g. by issuing foreign currency debt or joining a monetary union with an anti-inflationary stance. We find that the benefits of giving up this adjustment margin outweigh the costs, both for our preferred calibration and for a wide range of parameter values.","PeriodicalId":118088,"journal":{"name":"SRPN: International Affairs Issues (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132350170","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We investigate whether global cooperation for emission abatement can be improved if asymmetric countries can sign different parallel environmental agreements. The analysis assumes a two-stage game theoretical model. Conditions for self-enforcing sets of agreements and the resulting total emission abatement are determined. We allow for multiple coalitions with multiple types of asymmetric countries. We then analyze the effect of multiple coalitions for the case of increasing marginal costs of abatement as well as for decreasing marginal benefits of abatement more generally. The results are sensitive to the assumptions on the benefits from abatement. For constant marginal benefits, the possibility of multiple agreements increases the number of cooperating countries and total abatement (compared to the standard case with a single agreement). For decreasing marginal benefits, total emissions are independent of the number of admitted agreements. The paper thus contributes to the emerging discussion on the scope and limits of climate clubs.
{"title":"International Environmental Agreements with Asymmetric Countries: Climate Clubs vs. Global Cooperation","authors":"Achim Hagen, K. Eisenack","doi":"10.2139/ssrn.2621328","DOIUrl":"https://doi.org/10.2139/ssrn.2621328","url":null,"abstract":"We investigate whether global cooperation for emission abatement can be improved if asymmetric countries can sign different parallel environmental agreements. The analysis assumes a two-stage game theoretical model. Conditions for self-enforcing sets of agreements and the resulting total emission abatement are determined. We allow for multiple coalitions with multiple types of asymmetric countries. We then analyze the effect of multiple coalitions for the case of increasing marginal costs of abatement as well as for decreasing marginal benefits of abatement more generally. The results are sensitive to the assumptions on the benefits from abatement. For constant marginal benefits, the possibility of multiple agreements increases the number of cooperating countries and total abatement (compared to the standard case with a single agreement). For decreasing marginal benefits, total emissions are independent of the number of admitted agreements. The paper thus contributes to the emerging discussion on the scope and limits of climate clubs.","PeriodicalId":118088,"journal":{"name":"SRPN: International Affairs Issues (Topic)","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133535791","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2015-05-12DOI: 10.1504/IJBE.2015.069013
A. Mohamed
International business environment (IBE) literature is characterised by the lack of a holistic analytical framework. Drawing on a wide range of perspectives, this study aspires to fill the lacuna by offering a holistic, dynamic analytical framework for the systematic study of the IBE. The IBE is broadly conceived as a spatial-temporally multilayered, multi-actor context imbued and stitched up with ideas, institutions and non-institutional structures wherein international business (IB) actors, activities and processes are constituted and occur. Application of the proposed framework will potentially ensure a better understanding of the IBE, support endeavours that focus attention on the IBE as an object of inquiry in its own right, and ultimately foster better managerial and public policy decision-making.
{"title":"The International Business Environment: A Proposed Analytical Framework","authors":"A. Mohamed","doi":"10.1504/IJBE.2015.069013","DOIUrl":"https://doi.org/10.1504/IJBE.2015.069013","url":null,"abstract":"International business environment (IBE) literature is characterised by the lack of a holistic analytical framework. Drawing on a wide range of perspectives, this study aspires to fill the lacuna by offering a holistic, dynamic analytical framework for the systematic study of the IBE. The IBE is broadly conceived as a spatial-temporally multilayered, multi-actor context imbued and stitched up with ideas, institutions and non-institutional structures wherein international business (IB) actors, activities and processes are constituted and occur. Application of the proposed framework will potentially ensure a better understanding of the IBE, support endeavours that focus attention on the IBE as an object of inquiry in its own right, and ultimately foster better managerial and public policy decision-making.","PeriodicalId":118088,"journal":{"name":"SRPN: International Affairs Issues (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127662742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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