Multi-National Implementation

2022 ◽  
pp. 171-188
Keyword(s):  
Exchange Rates ◽  
International System ◽  
Commodity Markets ◽  
Single Currency ◽  
Mutual Exchange ◽  
National Implementation ◽  
Do So

It is an extremely important feature of Grondona's system that, just as any country implementing it would do so independently on a scale appropriate to their economy, many different countries could establish a CRD without any need for coordination and without in any way hindering each other. On the contrary, as the number of CRDs increased, their collective stabilizing influence on commodity markets would increase proportionately. Moreover, the stabilizing influence on their mutual exchange rates would increase more than proportionately as the number of their mutual exchange rates grew. This contrasts sharply with the proposed international system of buffer stocks which could stabilize no more than a single currency and would become increasingly cumbersome as the number of participating countries increased.

Historical Contingencies in the Evolution of States and Their Militaries

2018 ◽  
Vol 71 (1) ◽  
pp. 126-161
Author(s):  
Jonathan Bendor ◽  
Jacob N. Shapiro
Keyword(s):  
International Relations ◽  
Law Of Large Numbers ◽  
International System ◽  
Critical Role ◽  
Selection Environment ◽  
Large Numbers ◽  
Key Players ◽  
Chance Events ◽  
The Impact ◽  
Do So

AbstractHistorians and some scholars of international relations have long argued that historical contingencies play a critical role in the evolution of the international system, but have not explained whether they do so to a greater extent than in other domains or why such differences may exist. The authors address these lacunae by identifying stable differences between war and other policy domains that render the evolution of the international system more subject to chance events than those other domains. The selection environment of international politics has produced tightly integrated organizations (militaries) as the domain’s key players to a much greater degree than other policy domains. Because there are few players, no law of large numbers holds, and because militaries are tightly integrated, microshocks can reverberate up to macro-organizational levels. The anarchic character of the international system amplifies the impact of these shocks. The authors explore these phenomena in a range of historical examples.

scholarly journals Climate governance in an international system under conservative hegemony: the role of major powers

2012 ◽  
Vol 55 (spe) ◽  
pp. 9-29 ◽  
Author(s):  
Eduardo Viola ◽  
Matías Franchini ◽  
Thaís Lemos Ribeiro
Keyword(s):  
Climate Change ◽  
International Relations ◽  
Global Climate ◽  
International System ◽  
Exploratory Research ◽  
Climate Governance ◽  
Major Powers ◽  
Common Character ◽  
Do So

In the last five years, climate change has been established as a central civilizational driver of our time. As a result of this development, the most diversified social processes - as well as the fields of science which study them - have had their dynamics altered. In International Relations, this double challenge could be explained as follows: 1) in empirical terms, climate change imposes a deepening of cooperation levels on the international community, considering the global common character of the atmosphere; and 2) to International Relations as a discipline, climate change demands from the scientific community a conceptual review of the categories designed to approach the development of global climate governance. The goal of this article is to discuss in both conceptual and empirical terms the structure of global climate change governance, through an exploratory research, aiming at identifying the key elements that allow understanding its dynamics. To do so, we rely on the concept of climate powers. This discussion is grounded in the following framework: we now live in an international system under conservative hegemony that is unable to properly respond to the problems of interdependence, among which - and mainly -, the climate issue.

Rebel Primary Commodity Markets, Price Shocks, and Supplier Victimization

2021 ◽  
Author(s):  
Chelsea L Estancona
Keyword(s):  
Commodity Price ◽  
Commodity Markets ◽  
Price Shocks ◽  
Supplier Relationships ◽  
Primary Commodity ◽  
Level Data ◽  
Commodity Price Shocks ◽  
Reputational Costs ◽  
Municipal Level ◽  
Do So

Abstract Rebel organizations often benefit from the sale of primary commodities. However, producing these commodities may require labor from noncombatants. Rebels provide security and payment to civilian suppliers, but their ability to do so depends on consistent profits. How, then, do price shocks to labor-intensive primary commodities undermine rebel–supplier relationships? I hypothesize that negative commodity price shocks lead cash-strapped rebels to ensure suppliers’ loyalty by substituting coercion for positive incentives. Conversely, states seek to limit rapid increases in rebels’ profit while avoiding the reputational costs of civilian victimization. Thus, victimization of rebel suppliers from groups such as pro-government paramilitaries is hypothesized to increase after positive commodity price shocks. I test these hypotheses with a new dataset covering 1999–2007 that combines monthly US STRIDE (System to Retrieve Information from Drug Evidence) data on cocaine price with municipal-level data from the Colombian Centro Nacional de Memoria Histórica about the FARC (Fuerzas Armadas Revolucionarias de Colombia) and paramilitary groups’ use of civilian victimization.

4. Single market, single currency

2018 ◽  
pp. 56-68
Author(s):  
Simon Usherwood ◽  
John Pinder
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Financial Crises ◽  
Single Market ◽  
Political Commitment ◽  
Single Currency ◽  
Exchange Rate Mechanism ◽  
Legislative Framework ◽  
Competitive Behaviour ◽  
Rate Mechanism

Monetary union requires that money in all its forms be able to move freely across frontiers between member states and that exchange rates changes between them be abolished. ‘Single market, single currency’ explains how the single market programme went far towards fulfilling the first requirement and the Exchange Rate Mechanism prepared the ground for the second. The legislative framework guarantees producers an extensive market and consumers a reasonable assurance of competitive behaviour between them. The euro was initially acclaimed as marking a new stage in European integration, but recent financial crises have exposed the flipside of this, with the euro as the crucible of political commitment to the EU.

scholarly journals International Monetary Relations: Taking Finance Seriously

2017 ◽  
Vol 31 (3) ◽  
pp. 3-28 ◽  
Author(s):  
Maurice Obstfeld ◽  
Alan M. Taylor
Keyword(s):  
Exchange Rates ◽  
International System ◽  
Current System ◽  
International Monetary System ◽  
Balance Of Payments ◽  
Minimal Risk ◽  
International Liquidity ◽  
Monetary System ◽  
Financial Conditions ◽  
Monetary Relations

In this essay, we highlight the interactions of the international monetary system with financial conditions, not just with the output, inflation, and balance of payments goals usually discussed. We review how financial conditions and outright financial crises have posed difficulties for each of the main international monetary systems in the last 150 years or so: the gold standard, the interwar period, the Bretton Woods system, and the current system of floating exchange rates. We argue that even as the world economy has evolved and sentiments have shifted among widely different policy regimes, there remain three fundamental challenges for any international monetary and financial system: How should exchange rates between national currencies be determined? How can countries with balance of payments deficits reduce these without sharply contracting their economies and with minimal risk of possible negative spillovers abroad? How can the international system ensure that countries have access to an adequate supply of international liquidity—financial resources generally acceptable to foreigners in all circumstances? In concluding, we evaluate how the current international monetary system answers these questions.

scholarly journals O BRICS E O REORDENAMENTO DE PODER NA GEOPOLÍTICA MUNDIAL

2021 ◽  
Vol 9 (18) ◽  
Author(s):  
Charles Pennaforte ◽  
Ricardo Luigi
Keyword(s):  
United States ◽  
World War Ii ◽  
International System ◽  
The United States ◽  
World Systems ◽  
World War ◽  
Systems Perspective ◽  
Relative Decline ◽  
Immanuel Wallerstein ◽  
Do So

The two first decades of the 21 st Century were marked by the recrudescence of two powerhouses, Russia and China. Given their important role on global geopolitics, these two countries took advantage of the gaps resulted from yet another crisis on the structure of global capitalism, which influenced the relative decline of the United States capacity to impose its will on the international system as they had been able to do so since the end of World War II. This article’s objective is to analyze the global geopolitical rearrangement due to a weakened United States which opened the possibility for the BRICS nations to emerge as possible sources of power. To reinforce this analysis, the world-systems perspective, (here on referred to as WSP) elaborated mainly by Immanuel Wallerstein and Giovanni Arrighi is used, as well as a geopolitical approach to provide a link to international relations theories. Therefore, this paper is divided on to four sections. The first one interrelates the geopolitical theories and those of the WSP. The second section is guided towards understanding the origins and fundamentals of the WSP. On the third section, an approach is made towards the motivations and the effects of the rearrangement of power on the world’s geopolitics. Finally, on the last section, the roles and opportunities that have arisen from the emergence of the BRICS nations on the international system are presented.

scholarly journals Revisiting spillover effect: An empirical evidence from GARCH-ARMA approach

Industrija ◽  
2021 ◽  
Vol 49 (1) ◽  
pp. 67-80
Author(s):  
Huruta Dolfriandra ◽  
Andreas Hananto ◽  
Roberto Forestal ◽  
Anboli Elangovan ◽  
John Diaz
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Empirical Evidence ◽  
Stock Prices ◽  
Stock Price ◽  
Spillover Effect ◽  
Commodity Markets ◽  
Commodity Exchange ◽  
Daily Data ◽  
Positive Spillover

This study analyzes the spillover effect of markets' commodity, exchange rate, and stock price. Starting from July 1, 2009, the daily data to December 31, 2019, are conducted in our study. The GARCH-ARMA approach has been undertaken in this study. The results show that four pairs experience the unidirectional (positive) spillover effect of return. Yet, the spillover effect of volatility shows a two-way relationship (both positive and negative) between commodity markets, stock prices, and exchange rates. To conclude, both stock prices and gold are volatility's net transmitters to other markets, while the EURUSD market is some markets' net receiver of volatility.

scholarly journals Imagining Union: European Cultural Identity in the Pre-Federal Future Perfect

2005 ◽  
Vol 2 (2) ◽  
Author(s):  
Murray Pratt
Keyword(s):  
National Identity ◽  
Cultural Identity ◽  
Detailed Analysis ◽  
Single Currency ◽  
European Project ◽  
The Moment ◽  
Opening Up ◽  
The Eu ◽  
Do So ◽  
Draft Constitution

Rather than offering a detailed analysis of the contents of the draft constitution, a consideration of the extent to which the EU is hampered in its ability to posit a counter-balance to the USAn Empire, or indeed a reflection on the economic and political ramifications of the document’s proposals, the aim of this article is to take a step back from the construction that is Europe, and pause to consider the Utopian assumptions about cultural identity which subtend the notion of union, as expressed within the draft constitution and more broadly across discourses about ‘Europeanness’ as shared destiny which underpin the European project. In order to do so, I draw on theories of national identity and belonging, at the same time interrogating the applicability of the national paradigm to that strange locality, the transnational, pan-regional, post-state, and potentially pre-federal entity which the EU is becoming. In the process, I offer readings of both the constitution, and a less official EU text, namely an online comic entitled ‘Captain Euro’ which was used to promote the single currency. I am particularly interested in investigating the narrativisation of culture and identity as a process of unification or union, and in opening up a space to consider the ideological imperatives which suture this master(ful) narrative. Slavoj Žižek’s theorisation of the moment of narrative possibility as one which occludes its own foundational basis is then considered as one which applies to a form of status denial inherent within the official European narrative of union, and through suggesting a queer reading of the Euroseminal myth of Zeus and Europa, I trace this Žižekian moment of ‘inherent transgression’ as a counter force undermining European cultural unification—paradoxically, perhaps queerly or strangely, a concomitant desire for the discrete and the separate, a drive towards distinction and difference which arises as a necessary complement to its signaled togetherness.

Contesting the “Corrupt Elites,” Creating the “Pure People,” and Renegotiating the Hierarchies of the International Order? Populism and Foreign Policy-Making in Turkey and Hungary

2021 ◽  
Author(s):  
Fulya Hisarlıoğlu ◽  
Lerna K Yanık ◽  
Umut Korkut ◽  
İlke Civelekoğlu
Keyword(s):  
Foreign Policy ◽  
International Relations ◽  
Policy Making ◽  
International System ◽  
International Order ◽  
Vertical Stratification ◽  
International Level ◽  
Foreign Policies ◽  
The Creation ◽  
Do So

Abstract This article explores the link between populism and hierarchies in international relations by examining the recent foreign policy-making in Turkey and Hungary—two countries run by populist leaders. We argue that when populists bring populism into foreign policy, they do so by contesting the “corrupt elites” of the international order and, simultaneously, attempt to create the “pure people” transnationally. The populists contest the “eliteness” and leadership status of these “elites” and the international order and its institutions, that is, the “establishment,” that these “elites” have come to represent by challenging them both in discourse and in action. The creation of the “pure people” happens by discursively demarcating the “underprivileged” of the international order as a subcategory based on religion and supplementing them with aid, thus mimicking the distributive strategies of populism, this time at the international level. We illustrate that when populist leaders, insert populism into foreign policies of their respective states, through contesting the “corrupt elites” and creating the “pure people,” the built-in vertical stratification mechanisms of populism that stems from the antagonistic binaries inherent to populism provide them with the necessary superiority and inferiority labels allowing them to renegotiate hierarchies in the international system in an attempt to modify the existing ones or to create new ones.

Conditional Currency Convertibility Based on Primary Commodities

2020 ◽  
pp. 61-84
Author(s):  
Jameel Ahmed ◽  
Patrick Collins ◽  
Ahamed Kameel Mydin Meera
Keyword(s):  
Exchange Rates ◽  
Financial Crises ◽  
World Economy ◽  
World Wide ◽  
National Currency ◽  
Market Forces ◽  
External Shocks ◽  
Mutual Exchange ◽  
Economic Instability ◽  
The World

Practical policies are urgently needed to enable countries to reduce their vulnerability to the damaging influence of the world-wide, debt-based money system, which is the underlying cause of economic instability and financial crises in the world economy. Due to its flexibility in response to market forces, the Grondona system of conditional currency convertibility based on primary commodities can be safely implemented independently by individual countries in terms of their national currency. This chapter introduces the Grondona system and describes simulations of how it might have operated over recent years in some countries, which show the stabilizing influence that it would have on the economy of implementing countries. It also explains how implementation by each of the D-8 countries would exert a stabilizing influence on their mutual exchange-rates, thereby facilitating their collective evolution into a currency “bloc”, and so strengthening them collectively against destabilization by external shocks.

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