An Exorbitant Privilege in the First Age of International Financial Integration

The exorbitant privilege literature analyzes the positive differential returns on net foreign assets enjoyed by the United States in the last quarter of the twentieth century as the issuer of the global reserve currency. In the first age of international financial integration (1870-1914), the global reserve currency of the period was the British pound sterling. Whether the United Kingdom enjoyed a similar privilege is analyzed with a new dataset, encompassing microdata on railroad and government financial securities. The use of microdata avoids the flaws that have plagued the US studies, particularly the use of incompatible aggregate variables. New measures of Britain’s net external position provide estimates on capital gains and dividend yields. As the issuer of the global reserve currency, Britain received average revenues of 13.4% of GDP from its international investment position. The country satisfied the necessary condition for the existence of an exorbitant privilege. Nonetheless, Britain’s case is slightly different from the American one. British external assets received higher returns than were paid on external liabilities for each class, but British invested mostly in securities with low profile of risk. The low return on its net external position meant that, for most of the time, Britain would not receive positive revenues from the rest of the world if it were a net debtor country, but this pattern changed after 1900. The finding supports the claim that, at least partially, exorbitant privilege is a general characteristic of the issuer of the global reserve currency and not unique to the late twentieth century US.

Economic Development in Latin America and the regional integrations in the twentieth century

This paper discusses some economic integrations in Latin America, which have become an expression of governance in the neoliberalist context -- These integrations are also the results of second-generation adjustments in terms of trade openness, sale of state assets, free short-term capital mobility and Asian and European integrations that preceded the regional ones -- In addition to this, this paper provides answers to the following questions: Are integrations aiming to achieve development? Would North-countries integrations take the same endangering course as in South America? Who should benefit from the integrations? Is there a link between development and demographics?

The Road to Bali: ERIA Perspectives on the WTO Ministerial and Asian Integration

The World Trade Organization’s (WTO) forthcoming Ninth Ministerial Conference in Bali comes at a critical juncture for the multilateral trade body, long mired in the Doha Round stalemate. Beyond offering a critical first test at consensus-building and institutional renewal, the Bali Ministerial affords a unique opportunity to gauge contrasting perceptions across ASEAN and East Asian countries of the continued relevance of the WTO to trade and economic governance within the region and beyond. Resulting from the collaborative efforts of the Economic Research Institute for ASEAN and East Asia (ERIA), the Universitas Pelita Harapan (UPH) and the World Trade Institute at the University of Bern (WTI), this policy research initiative offers comparative scholarship on some of the key questions arising from the forthcoming WTO Ministerial gathering from an East Asian perspective. Specifically, it explores what scholars in the region expect the Bali Ministerial to produce by way of tangible outcomes and whether the Ministerial will restore the momentum needed to bring the Doha Round to a successful conclusion. Contributors also investigate how relevant the WTO remains to the multiple processes of deepening economic integration in ASEAN and East Asia (e.g. AEC, TPP, RCEP) and, importantly, what lessons in rule-design and market opening WTO Members could usefully draw from the ongoing march towards the establishment of an ASEAN Economic Community.

More legislative traffic on the 'Doi Moi' superhighway : technology transfer, IP and competition law in Vietnam

Since 1986 Vietnam has been engaged in the transition from a centrally-controlled economy to a socialist-oriented market economy (the 'doi moi' renovation). The process for global economic integration has been slow given the magnitude of necessary reforms. Consequently technology entrepreneurs often discount Vietnam as a possible commercialization base which means that it is not realising its economic potential as a hub of technology transfer in the Asia-Pacific region. Three significant factors in the current uncertainty are Vietnam's laws on competition, intellectual property and technology transfer. Another problem is the lack of literature on these laws. This article first discusses the conceptual relationship between competition, intellectual property and technology transfer. Hopefully the article will provide some guidance for the technology entrepreneur considering foreign direct investment (FDI) in Vietnam. The bottom line is that these laws still need further reform to bolster entrepreneurial confidence.

A distributional analysis of the native-immigrant wage gap : the importance of employment discrimination

It is well documented that immigrants earn less than natives in the United States, and various attempts have been made to determine whether these earnings differentials reflect underlying differences in skill or ethnic discrimination in the labor market. The earnings of immigrants and ethnic minorities is an extensively studied area focusing on the economic integration of immigrants (e.g., Chiswick (1978), Lalonde and Topel (1993), Borjas (1995)). Yet, the role of occupational segregation as a mechanism for discrimination is yet to be addressed (to our knowledge). Discrimination can be effective at either of two stages in the earnings process – in the assignment of earnings to people within occupational groups (henceforth referred to as wage discrimination) or in the allocation of people to occupations (henceforth referred to as employment discrimination). While it would be premature to attribute the underlying cause to discriminatory hiring policies of employers, it would be of social-political and economic interest to investigate the possibility.

Rossijskaja Karelija i karely v imperskoi politike Rossii, 1905-1917

Russian Karelians were one of the small peasant nations of the Russian Empire that began to identify themselves as nations during the late imperial period. At that historical moment Russian Karelia fell between an economically undeveloped empire and the rapidly modernizing borderland of Finland. The economic and cultural lure of Finland drew Karelians into the Finnish camp. This attraction was seen as a challenge to Russia and influenced the straggle between Russia and Finland for the Karelians. This struggle was waged from 1905 to 1917. This work is focused on the beginning stage of the struggle, its various phases, and their results. The confrontation extended into different dimensions (economic, political, ideological, church and cultural politics) and occurred on two levels: central and regional. Countermeasures against local nationalisms developed much earlier both in Russia and in other empires for use were also used in the Russian Karelian case. Economic policies were deployed to try to make relations with Russia more alluring for Karelians and to improve their economic condition. However, these efforts produced only minimal results due to the economic weakness of the empire and a lack of finances. Fear of the economic integration of the Karelians and Finns, which would have stimulated the economy of the Karelia, also hindered these attempts. The further development of the Orthodox Church, the schools and the zemstvos in Karelia yielded fewer results than expected due to the economic underdevelopment of the region and the avoidance of the Finnish language. Policizing measures were the most successfull, as all activities in Russian Karelia by the Finns were entirely halted in practice. However, the aspiration of Russian Karelians to integrate their home districts with Finland remained a latent force that just waited for an opportunity to push to the surface again. Such a chance materialized with the Russian revolution. The Karelian question was also a part of Russian domestic political confrontation. At the and of the 1800s, the Russian nationalist right had grown strong and increasingly gained the favor of the autocracy. The right political forces exploited the Karelian question in its anti-Finnish ideology and in its general resistance to the national emancipation of the minority peoples of Russia. A separate ideology was developed, focusing on the closeness of Karelians to the "great Russian people." Simultaneously, this concept found a place in the ultramonarchist myth of the particularly close connection between the people and tsar that was prominent in the era of Nicholas II. This myth assigned the Karelians a place amongst the "simple people" faithful to the tsar.

Elementos para a eficácia jurídica da pluralidade contratual

A presente tese de doutorado procura mostrar que a coligação contratual, entendida como sendo a possibilidade de interferências recíprocas entre contratos, dá-se por força da conjunção do ordenamento jurídico com os fatos, não bastando a simples integração econômica entre negócios subjacentes para caracterizar a coligação do ponto de vista jurídico. A primeira das fontes da coligação contratual é a vontade das partes, através de cláusulas contratuais. As partes, por meio de acordos privados podem fazer com que efeitos decorrentes de um contrato produzam efeitos em outro. A segunda fonte é a lei. Muitas vezes o legislador quer que dois ou mais contratos se conectem de modo a que produzam alguns efeitos entre si. Nestes casos afasta-se a vontade das partes e prevalece a determinação do legislador. Por último, a coligação contratual pode ser uma aplicação do princípio da boa-fé. A confiança despertada, nas relações onde haja uma elevada integração econômica deve ser protegida.

A Constitution of Social Governance for the European Union

This chapter considers the EU’s socio-economic constitution under the lens of humaneness. It argues that the EU’s unique socio-economic constitution demands equilibrium of socio-economic integration instead of widening the gap between economic integration at EU levels and social integration at national levels. While the EU lacks the legislative competences to achieve this equilibrium, the constitutional principle still prevails. Indeed, the EU competences reflect its own values as well as the socio-economic constitutions of its constituent Member States. These frequently do not allow for total state-governance of social spheres such as working life, education, care or other social services. Instead, societal actors are given scope to (co-)govern these spheres at national levels. Accordingly, the apparent tension between the EU’s socio-economic values and principles and its limited competences in the social policy field can be resolved through a dynamic interpretation of the EU Treaties towards a “constitution of social governance”. This interpretation reads the Treaties as authorising governance by societal actors. The chapter connects the idea of humanness to the ideals of social governance at EU level and proposes two options for practical application of the concept. These are rules for trans-national labour markets based on European collective labour agreements and a European higher education sector developed by agreements between universities.

EU Social and Labour Rights and EU Internal Market Law: Study for the EMPL Committee

EU Social and Labour Rights have developed incrementally, originally through a set of legislative initiatives creating selective employment rights, followed by a non-binding Charter of Social Rights. Only in 2009, social and labour rights became legally binding through the Charter of Fundamental Rights for the European Union (CFREU). By contrast, the EU Internal Market - an area without frontiers where goods, persons, services and capital can circulate freely – has been enshrined in legally enforceable Treaty provisions from 1958. These comprise the economic freedoms guaranteeing said free circulation and a system ensuring that competition is not distorted within the Internal Market (Protocol 27 to the Treaty of Lisbon). Tensions between Internal Market law and social and labour rights have been observed in analyses of EU case law and legislation. This study explores responses by socio-economic and political actors at national and EU levels to such tensions, focusing on collective labour rights, rights to fair working conditions and rights to social security and social assistance (Articles 12, 28, 31, 34 Charter of Fundamental Rights for the European Union). On the basis of the current Treaties and the CFREU, the constitutionally conditioned Internal Market emerges as a way to overcome the perception that social and labour rights limit Internal Market law, or vice versa. On this basis, alternative responses to perceived tensions are proposed, focused on posting of workers, furthering fair employment conditions through public procurement and enabling effective collective bargaining and industrial action in the Internal Market.

A Constitution of Social Governance for the European Union

his chapter considers the EU’s socio-economic constitution under the lens of humaneness. It argues that the EU’s unique socio-economic constitution demands equilibrium of socio-economic integration instead of widening the gap between economic integration at EU levels and social integration at national levels. While the EU lacks the legislative competences to achieve this equilibrium, the constitutional principle still prevails. Indeed, the EU competences reflect its own values as well as the socio-economic constitutions of its constituent Member States. These frequently do not allow for total state-governance of social spheres such as working life, education, care or other social services. Instead, societal actors are given scope to (co-)govern these spheres at national levels. Accordingly, the apparent tension between the EU’s socio-economic values and principles and its limited competences in the social policy field can be resolved through a dynamic interpretation of the EU Treaties towards a “constitution of social governance”. This interpretation reads the Treaties as authorising governance by societal actors. The chapter connects the idea of humanness to the ideals of social governance at EU level and proposes two options for practical application of the concept. These are rules for trans-national labour markets based on European collective labour agreements and a European higher education sector developed by agreements between universities.

Ensaios sobre o crescimento económico regional e a dinâmica do processo de convergência

The research is centred on economic growth and it adopts a regional view focused on European regions (NUTS 2). Under analysis is the undergoing convergence process in Europe to evaluate if there is an increase in regional economic growth and a simultaneous decrease in regional disparities. The empirical evidence shows signs of transience on the regional convergence process, along with the formation of several clusters of regions. Considering this evidence it is of interest to assess the profiles of such clusters, and evaluate the homogeneousness of its regions and their spread across European space. As suggested in the literature, space is a relevant factor in the spread of clusters, according to the different variables (regions profiles, diversity measures and growth indicators). Regional disparities across Europe are, on average, large and persistent, with a high degree of stability among the relative rankings of European regions. Such results cast shadows about the impact of European structural funding in diminishing regional disparities. Such an approach is of interest due to the growing need to evaluate the effectiveness and efficiency of public policies implemented. The fact that there is an undergoing process of economic integration in Europe increases the usefulness of such an analysis, especially in a context in which European public funds are negotiated and granted.

O papel da propriedade intelectual na integração económica regional : lições para a SADC

Tese de doutoramento, Direito (Ciências Jurídico-Económicas), Universidade de Lisboa, Faculdade de Direito, 2014