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International regime uncertainty 国际制度的不确定性
IF 6.8 2区 经济学 Q2 ECONOMICS Pub Date : 2024-06-12 DOI: 10.1093/oxrep/grae007
Helen V Milner, Erik Voeten
: Questions about the future of US supremacy, the global spread of liberal democracy, and liberal international economic institutions create what we call ‘international regime uncertainty’: doubts about the fundamental principles, rules, norms, and decision-making procedures that govern areas of international affairs. This includes both probabilistic assessments of the risk that prevailing principles and institutions cease to function but also fundamental uncertainty over what alternative institutional arrangements and governing principles may emerge. Irrespective of actual systemic change, international regime uncertainty can affect transnational economic and political activities by increasing structural policy uncertainty and the probability of bargaining failures. The political uproar over energy transition policies that seemingly violate core principles of the international trade regime illustrates these points.
对美国霸权的未来、自由民主在全球的传播以及自由国际经济体制的质疑,造成了我们所说的 "国际制度的不确定性":对管理国际事务领域的基本原则、规则、规范和决策程序的怀疑。这既包括对现行原则和制度停止运作风险的概率评估,也包括对可能出现的替代制度安排和管理原则的根本不确定性。无论实际的制度变革如何,国际制度的不确定性都会增加结构性政策的不确定性和谈判失败的可能性,从而影响跨国经济和政治活动。能源转型政策似乎违反了国际贸易制度的核心原则,由此引发的政治骚动说明了这些问题。
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引用次数: 0
Classical realism and the challenge of global economic governance 经典现实主义与全球经济治理的挑战
IF 6.8 2区 经济学 Q2 ECONOMICS Pub Date : 2024-06-12 DOI: 10.1093/oxrep/grae010
Jonathan Kirshner
This paper considers the prospects for global economic governance from the perspective of classical realism. It explains why, from this perspective, the American-led liberal international order, is over—and is not coming back. Classical realism anticipates a US renunciation of the orchestration of global governance, one rooted principally in shifts in its purpose, rather than by changes to its relative capabilities. This transformation of American purpose is a consequence of its domestic politics—in particular, the rise in economic inequality, the emergence of plutocracy, and the dysfunctional political polarization stimulated by those trends—a predictable result of a tectonic shift in the culture of capitalism from one associated with the ‘compromise of embedded liberalism’ towards the exaltation of ‘shareholder value’. This yields pessimistic conclusions not only about American foreign policy, which is likely to be more short-sighted, mercurial, and transactionalist, but also regarding the prospects for global economic governance. Realism sees international cooperation as challenging to establish and maintain, given the consequences of anarchy. In the coming years, episodes of cooperation will surely emerge, but they will likely be ad-hoc, mini-lateral, and fragile. Orchestrating ambitious schemes of global economic governance is less likely when a predominant power has lost interest in such things.
本文从古典现实主义的角度探讨了全球经济治理的前景。它解释了为什么从这个角度看,美国主导的自由主义国际秩序已经结束,而且不会再回来。古典现实主义预示着美国将放弃对全球治理的协调,这种放弃主要源于其目的的转变,而非其相对能力的变化。美国目标的转变是其国内政治的结果,特别是经济不平等的加剧、财阀的出现以及由这些趋势引发的功能失调的政治两极分化,这是资本主义文化从 "嵌入式自由主义的妥协 "向 "股东价值 "转变的可预见的结果。这不仅对美国的外交政策产生了悲观的结论--美国的外交政策可能更加短视、多变和交易主义,而且对全球经济治理的前景也产生了悲观的结论。现实主义认为,鉴于无政府状态的后果,建立和维持国际合作具有挑战性。在未来几年里,合作事件肯定会出现,但它们很可能是临时的、小型的、脆弱的。当霸权国家对全球经济治理失去兴趣时,就不太可能制定雄心勃勃的全球经济治理计划了。
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引用次数: 0
How to construct a new global order 如何构建全球新秩序
IF 6.8 2区 经济学 Q2 ECONOMICS Pub Date : 2024-06-12 DOI: 10.1093/oxrep/grae011
Dani Rodrik, Stephen Walt
: We advance principles for the construction of a stable and broadly beneficial world order that does not require significant commonality in interests and values among states. In particular, we propose a ‘meta-regime’ as a device for structuring a conversation around the relevant issues, and facilitating either agreement or accommodation. Participating in this meta-regime would impose few constraints on states, yet in favourable circumstances could facilitate significant cooperation. It could also encourage increased cooperation over time even among adversaries, as participation in the meta-regime builds trust. We apply these ideas to several issue areas, including US–China competition.
:我们提出了构建稳定和广泛受益的世界秩序的原则,这种秩序不需要各国在利益和价值观上有很大的共同点。特别是,我们提出了一种 "元制度",作为围绕相关问题展开对话的一种手段,并促进达成一致或互谅互让。参与这一元制度对各国的限制很少,但在有利的情况下却能促进重要的合作。随着时间的推移,它还能鼓励加强合作,即使是在对手之间,因为参与元制度能建立信任。我们将这些观点应用于几个问题领域,包括中美竞争。
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引用次数: 0
The new world order and the Global South 世界新秩序与全球南部
IF 6.8 2区 经济学 Q2 ECONOMICS Pub Date : 2024-06-12 DOI: 10.1093/oxrep/grae008
Oliver Della Costa Stuenkel
The shift of power away from the West is often seen as a key element of the crisis of liberal international order. The reluctance by most non-Western powers to side with the West vis-à-vis Russia’s invasion of Ukraine has contributed to the notion that the emerging order will be shaped by a contested system of spheres of influence, geopolitical tensions, and a much smaller common denominator vis-à-vis the normative elements of global order. Yet views across the Global South vis-à-vis the liberal order are far more nuanced, and pointing to non-Western powers as a culprit for the crisis of global order would be simplistic. Indeed, many countries in the Global South tend to be less opposed to the values themselves that undergird liberal order but question the Western-centric ways in which the rules and norms are applied and the in-built hierarchies and inequalities of liberal order. The main challenge of existing structures of global governance thus does not seem to be non-Western countries’ rejection of the underlying rules, but the question of whether today’s system is capable of functioning in a genuinely multipolar order, where power and privilege are less concentrated than in the past. The recent ‘geopoliticization’ of the global economy and the emerging ‘tech war’ suggest this process of adaptation will be enormously difficult. At the same time, while specific subgroups are explicitly opposed to a rules-based order, there are few signs that the Global South—a concept of little analytical usefulness beyond denoting the non-West—would be interested or capable of articulating a genuinely novel or alternative approach sufficiently attractive to garner broad support.
权力从西方转移往往被视为自由国际秩序危机的关键因素。在俄罗斯入侵乌克兰问题上,大多数非西方大国不愿站在西方一边,这促使人们认为,新兴秩序将由有争议的势力范围体系、地缘政治紧张局势以及全球秩序规范要素中更小的共同标准所塑造。然而,全球南方国家对自由秩序的看法要细微得多,将非西方大国视为全球秩序危机的罪魁祸首未免过于简单化。事实上,全球南部的许多国家往往不太反对支撑自由秩序的价值观本身,而是质疑以西方为中心的规则和规范的应用方式,以及自由秩序中固有的等级制度和不平等。因此,现有全球治理结构面临的主要挑战似乎并不是非西方国家对基本规则的反对,而是当今的体系能否在一个真正的多极秩序中发挥作用的问题,在这种秩序中,权力和特权的集中程度不如过去。近期全球经济的 "地缘政治化 "和新出现的 "科技战争 "表明,这一适应过程将非常艰难。与此同时,虽然一些特定的小团体明确反对以规则为基础的秩序,但几乎没有迹象表明,全球南方--这个除了表示非西方国家之外几乎没有任何分析作用的概念--会有兴趣或有能力阐明一种真正新颖或替代性的方法,这种方法具有足够的吸引力以赢得广泛的支持。
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引用次数: 0
Economic multilateralism 80 years after Bretton Woods 布雷顿森林体系建立 80 年后的多边经济体系
IF 6.8 2区 经济学 Q2 ECONOMICS Pub Date : 2024-06-12 DOI: 10.1093/oxrep/grae009
Maurice Obstfeld
The global economic institutions that grew from the Bretton Woods conference of 1944 aimed to create a cooperative policy environment conducive to recovery, development, continuing prosperity, social stability, and democracy. Prominent in the minds of the architects were the macroeconomic and trade policy coordination failures of the 1930s, which accompanied a world depression and the march towards the Second World War. The assumption of ‘embedded liberalism’ underlying Bretton Woods gave way to a much more market-oriented system by the early 1990s, fuelling strong growth in several large emerging markets and a period of hyperglobalization—but also social tensions in advanced economies. The result has been a changed geopolitical balance in the world as well as a backlash against aspects of globalization in many richer countries, notably the main sponsor of post-war international cooperation, the United States. At the same time, global cooperation is threatened despite the emergence of a broader range of shared global threats requiring joint action. The rich industrial countries that dominate the existing multilateral institutions should recognize them as being instrumental for channelling superpower competition into positive-sum outcomes that can also attract broad-based international support. However, leveraging those institutions will require buy-in from middle- and low-income countries, as well as from domestic political constituencies in advanced economies. The future of multilateralism depends on reconciling these potentially conflicting imperatives.
从 1944 年布雷顿森林会议发展起来的全球经济机构旨在创造一个有利于复苏、发展、持续繁荣、社会稳定和民主的合作政策环境。20世纪30年代,伴随着世界经济大萧条和第二次世界大战的来临,宏观经济和贸易政策协调失败,这一点在设计者的脑海中尤为突出。到 20 世纪 90 年代初,布雷顿森林体系所依据的 "嵌入式自由主义 "假设让位于一个更加以市场为导向的体系,从而推动了几个大型新兴市场的强劲增长和一个高度全球化的时期,但同时也加剧了发达经济体的社会紧张局势。其结果是,世界地缘政治平衡发生了变化,许多较富裕的国家,特别是战后国际合作的主要发起国美国,对全球化的某些方面产生了反感。与此同时,尽管出现了需要采取联合行动的更广泛的全球共同威胁,但全球合作受到了威胁。主导现有多边机构的富裕工业国家应认识到,这些机构有助于将超级大国的竞争转化为正和结果,并能吸引基础广泛的国际支持。然而,利用这些机构需要中低收入国家以及发达经济体国内政治支持者的支持。多边主义的未来取决于如何调和这些可能相互冲突的当务之急。
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引用次数: 0
Innovations in the repayment structure of microcredit contracts 小额信贷合同还款结构的创新
IF 6.8 2区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2024-03-18 DOI: 10.1093/oxrep/grae002
Giorgia Barboni
Microfinance contracts typically require a fixed repayment schedule that, while ensuring repayment discipline, may inhibit entrepreneurship and business growth. In this article, I review the recent developments in the literature studying innovations in the repayment structure of microcredit contracts. Introducing flexible repayment schedules improves business outcomes by allowing microcredit borrowers to increase investment and to respond to income fluctuations to a higher extent. Although financial innovations hold the promise to foster business growth, and evidence suggests that their demand appears concentrated among financially sophisticated borrowers, they are feared to increase credit risk and hence their adoption among microfinance institutions is very limited. I explore potential challenges lenders face in offering these innovations and outline pathways towards a profitable implementation of such contracts.
小额信贷合同通常要求固定的还款时间表,这虽然能确保还款纪律,但可能会抑制创业和业务增长。在本文中,我将回顾研究小额信贷合同还款结构创新的文献的最新进展。引入灵活的还款计划可使小额信贷借款人增加投资,并在更大程度上应对收入波动,从而改善经营成果。尽管金融创新有望促进业务增长,而且有证据表明,对金融创新的需求似乎集中在财务成熟的借款人身上,但人们担心金融创新会增加信贷风险,因此小额信贷机构对金融创新的采用非常有限。我探讨了贷款人在提供这些创新时面临的潜在挑战,并概述了实施此类合同的盈利途径。
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引用次数: 0
Net zero electricity: the UK 2035 target 净零电力:英国2035年目标
IF 6.8 2区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2023-11-22 DOI: 10.1093/oxrep/grad037
Dieter Helm
The UK is, like its peers in the EU, just under 80% dependent on fossil fuels. This figure has come down just over 10% since the 1970s, a period when the UK had major energy-intensive industries, most of which are now gone. The government is committed to achieving net zero for the electricity sector by 2035 on the pathway to net zero for the whole economy by 2050.. The Labour opposition has set 2030 as its electricity target. Setting out the scale of this challenge, this paper demonstrates how implausible the 2035 target is. On present policies there is little prospect that the 2035 target will be met (and virtually none for the Labour 2030 target). This paper reviews the multiple current policies and the capacity objectives and explores what would have to happen to meet the target. It sets out some of the consequences of failure to deliver, and the expectation of that failure.
与欧盟其他国家一样,英国对化石燃料的依赖不到80%。自20世纪70年代以来,这一数字下降了10%多一点,当时英国拥有主要的能源密集型产业,其中大部分现在已经消失了。政府承诺到2035年实现电力部门的净零排放,到2050年实现整个经济的净零排放。反对党工党将2030年定为电力目标。本文阐述了这一挑战的规模,证明了2035年的目标是多么不可能。按照目前的政策,2035年目标实现的可能性很小(工党2030年目标几乎没有实现的可能)。本文回顾了当前的多项政策和能力目标,并探讨了实现这些目标必须采取的措施。它列出了未能交付的一些后果,以及对这种失败的预期。
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引用次数: 1
Climate change, complexity, and policy design 气候变化、复杂性和政策设计
IF 6.8 2区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2023-11-22 DOI: 10.1093/oxrep/grad047
Pontus Braunerhjelm, Cameron Hepburn
The challenges of combatting climate change are unprecedented and now very urgent. Current approaches are not working fast enough. This paper, and this journal issue, conceive of the challenge as one of non-marginal structural and institutional change. Several different conceptual frameworks and pluralist theories are considered, emanating from complexity theory, economics, natural sciences, political economy, and strategy. These are deployed to identify potential accelerators, including synergies between climate action and other key political issues, and beneficial non-linear dynamics such as shifts in consumer preferences and technology learning curves. The delays in action also mean that removing carbon dioxide from the atmosphere is now necessary, and even unconventional geoengineering approaches may need to be considered. A pluralist and practical approach to climate action, accounting for different institutional and social contexts across countries, is argued to be required to accelerate action.
应对气候变化的挑战前所未有,现在非常紧迫。目前的方法还不够快。这篇论文和这期杂志将挑战视为一种非边际结构和制度变革。从复杂性理论、经济学、自然科学、政治经济学和战略出发,考虑了几种不同的概念框架和多元主义理论。部署这些工具是为了确定潜在的加速因素,包括气候行动与其他关键政治问题之间的协同作用,以及有益的非线性动态,如消费者偏好和技术学习曲线的变化。行动的延迟也意味着现在必须从大气中去除二氧化碳,甚至可能需要考虑非常规的地球工程方法。有人认为,要加快行动,就需要考虑到各国不同的制度和社会背景,采取多元化和务实的气候行动方法。
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引用次数: 0
Double dividend? Transnational initiatives and governance innovation for climate change and biodiversity 双重红利?应对气候变化和生物多样性的跨国倡议和治理创新
IF 6.8 2区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2023-11-22 DOI: 10.1093/oxrep/grad046
Harriet Bulkeley, Michele Betsill, Anouk Fransen, Stacy VanDeveer
Growing recognition of the need to tackle climate change and biodiversity loss together is leading to shifts in the global environmental governance landscape such that these two traditionally separate domains are increasingly interlinked. This process is taking place not at the level of the international policy regimes but rather through the work of transnational governance initiatives (TGIs) that connect state and non-state actors and which form an increasingly formalized part of the hybrid regime complexes through which global environmental governance is conducted. Central to these dynamics are ‘nature-based solutions’, interventions designed to work with nature to achieve multiple sustainability goals. In this paper, we demonstrate the ways in which TGIs frame and implement nature-based solutions. We show how this is leading to an evolution in market and asset-based responses to addressing these twin challenges and consider the wider consequences for how we understand what effective responses to the interlinked problems of climate and biodiversity entail.
人们日益认识到需要共同应对气候变化和生物多样性丧失,这正在导致全球环境治理格局发生变化,使这两个传统上独立的领域日益相互联系。这一过程不是在国际政策制度层面上发生的,而是通过跨国治理倡议(TGIs)的工作进行的,这些倡议将国家和非国家行为体联系起来,并在全球环境治理的混合制度复合体中形成越来越正式的一部分。这些动态的核心是“基于自然的解决方案”,旨在与自然合作以实现多重可持续性目标的干预措施。在本文中,我们展示了TGIs框架和实现基于自然的解决方案的方法。我们展示了这如何导致市场和基于资产的应对措施的演变,以应对这些双重挑战,并考虑了我们如何理解对气候和生物多样性相互关联的问题采取有效应对措施的更广泛后果。
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引用次数: 1
Green bonds and carbon emissions 绿色债券和碳排放
IF 6.8 2区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2023-11-22 DOI: 10.1093/oxrep/grad040
Caroline Flammer
This paper examines the relationship between green bonds (that is, bonds whose proceeds are committed to financing green projects) and carbon emissions at the aggregate level. Using data for US states, I find that the issuance of $1,000 of green bonds per capita is associated with a subsequent decrease in state-level emissions by 0.9–1.4 per cent. I obtain similar magnitudes using cross-country data. These results are stronger for green bonds that are certified by independent third parties, suggesting that certification is an important governance mechanism in the green bond market.
本文研究了绿色债券(即其收益承诺为绿色项目融资的债券)与碳排放总量之间的关系。利用美国各州的数据,我发现,人均发行1000美元的绿色债券,各州的排放量随后会下降0.9%至1.4%。我利用跨国数据得出了类似的降幅。这些结果对于经过独立第三方认证的绿色债券更为明显,表明认证是绿色债券市场的重要治理机制。
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引用次数: 3
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Oxford Review of Economic Policy
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