Beyond weaponry and socialist internationalism: Soviet engagement with postcolonial state-building in the Arab Middle East, 1954-1966

This research investigates the Soviet Union’s role in guiding state-building processes of postcolonial Arab countries of the Middle East, leading them to adopt economic and political elements of the socialist-Leninist models of development. The widespread narrative depicts the Soviets as having failed to export communism in those states and, therefore, as having failed to bring them closer to Moscow’s sphere of influence and values. However, various Soviet archives suggest a different reality. As the Cold War burst forth, between the mid-1950s and mid-1960s, contacts between Soviet and Arab officials were not just incredibly frequent but they went to the core of all main issues of socio-economic development of these transforming countries: party politics, institution building, agrarian reforms, industrialisation, security sector reforms, etc. The research focuses on a period that may be labelled as ‘the launching phase’ of the Soviet Middle East policy, which established a long-lasting framework for the Soviet-Arab dialogue. It also places significant attention on the ‘personal dimension’ of such a dialogue, showing how Moscow’s influence went hand in hand with the ability of Soviet leaders and diplomats to establish relations of personal trust with postcolonial Arab élites. A selected number of Arab countries are examined: Egypt, Iraq and Syria. For each of these countries, a limited period of time will be taken into consideration, when Soviet influence reached its peak and state-building policies might have drawn from the Soviet model (for Egypt 1954-1958; for Iraq 1958-1963; for Syria 1961-1966). On the one hand, the analysis of specific case-studies will allow to investigate the relationship between Moscow and each of these new Arab regimes; on the other, such a large geographical scope will permit to grasp the elements and the objectives of the broader Soviet policy towards the Middle East region.

Credit-Default-Swaps and the 2008 Financial Crisis: An Inquiry into the Underlying Legal Origins and the European Union’s Regulatory Reforms

After the 2008 financial crisis, the financial innovation product Credit-Default-Swap (CDS) was widely blamed as the main cause of this crisis. CDS is one type of over-the-counter (OTC) traded derivatives. Before the crisis, the trading of CDS was very popular among the financial institutions. But meanwhile, excessive speculative CDSs transactions in a legal environment of scant regulation accumulated huge risks in the financial system. This dissertation is divided into three parts. In Part I, we discussed the primers of the CDSs and its market development, then we analyzed in detail the roles CDSs had played in this crisis based on economic studies. It is advanced that CDSs not just promoted the eruption of the crisis in 2007 but also exacerbated it in 2008. In part II, we asked ourselves what are the legal origins of this crisis in relation with CDSs, as we believe that financial instruments could only function, positive or negative, under certain legal institutional environment. After an in-depth inquiry, we observed that at least three traditional legal doctrines were eroded or circumvented by OTC derivatives. It is argued that the malfunction of these doctrines, on the one hand, facilitated the proliferation of speculative CDSs transactions; on the other hand, eroded the original risk-control legal mechanism. Therefore, the 2008 crisis could escalate rapidly into a global financial tsunami, which was out of control of the regulators. In Part III, we focused on the European Union’s regulatory reform towards the OTC derivatives market. In specific, EU introduced mandatory central counterparty clearing obligation for qualified OTC derivatives, and requires that all OTC derivatives shall be reported to a trade repository. It is observable that EU’s approach in re-regulating the derivatives market is different with the traditional administrative regulation, but aiming at constructing a new market infrastructure for OTC derivatives.