International Economic Organizations Research Articles

КОНТУРЫ ФОРМИРУЮЩЕЙСЯ ВНЕШНЕЭКОНОМИЧЕСКОЙ ПРОГРАММЫ США

The article analyses the key points of the emerging economic strategy of the D. Trump administration. The authors believe that the most provocative U.S. initiatives for reforming the American foreign economic relations (radicalization of the trade policy, “rebalancing” foreign trade in favor of the United States, and especially isolationism as opposed to globalization) may harm the international trading system. In his own country, Trump’s reforms are meeting unprecedented political opposition, led by both democrats and neo-conservatives. So, Trump’ abilities to transform the American economy now are less evident than those of R. Reagan or even B. Obama. In any case, the process of reforming international economic system, initiated by President Trump will most likely continue after expiration of the term of his administration. Some of his ideas meet cool reception even among the closest U.S. trade partners. The emerging new economic actors (China, India, Brazil and others) generally support the idea of modernization of the world trade rules and regulations, but their expectations not necessary correlate with those of Mr. Trump. Fortunately, many Trump`s practical actions, in contrast to some of his pre- and post-election public statements, contain few immediate threats that might trigger an open trade war. There is a chance that we shall see a sort of more close U.S.-China partnership in the near future, though it does not exclude the possibility of aggravated conflicts in some areas (cyber-security, intellectual property, technology transfer and so on). The relations with Russia are not in the forefront of Trump`s economic policy. Nevertheless, we believe that the success of Trump’s reforms will make the USA more interested in increasing exports to Russia and may even open possibilities for closer economic cooperation. Some of his administration’s radical initiatives, such as orientation on national priorities, protection of domestic manufacturers, and preference in some cases of bilateral cooperation instead of multilateral may prove to be worth a special study. Trump’s critics of the international economic organizations and even COP2 also have certain objective reasons. Russia may only gain from transition to priority of domestic market and some additional protectionism, which at the same time should not be harmful for its imports of innovative machinery and technologies.&nbsp

The application of 3D fruit fly optimization algorithm to the keywords analysis of Macau’s international relations

AbstractIn order to comprehend the new policy directions regarding Macau’s participation in international organizations, this paper made the depth interviews and applied the text mining analysis to the interviewer’s responses. Through applying the 3D fruit fly optimization algorithm (3D FOA) and our modified 3D FOA model to make the classification analysis of interviewees’ keywords. The study concluded the modified 3D FOA model has the better performance in the optimization process, and the key points for our interviewees regarding Macau’s participation in international organizations include the Basic Law’s regularization and Macau’s participation in international economic organization.

The Company States Keep: International Economic Organizations and Investor Perceptions. By Julia Gray. New York: Cambridge University Press, 2013. 250p. $110.00 cloth, $29.99 paper.

The Company States Keep: International Economic Organizations and Investor Perceptions. By Julia Gray. New York: Cambridge University Press, 2013. 250p. $110.00 cloth, $29.99 paper.

Research of the strategic prospects for development of Ukraine integration into the global system of international trade

Strategic forecasting method has disadvantages because it can become ineffective with fluctuations in market conditions, socio-economic instability of member states of international economic organizations, the deepening global financial crisis and the resulting decline in international trade between countries. Disadvantages may be addressing through the deepening of strategic forecasting in subsequent studies based on trade and economic disparities. The contents and a list of basic trade-economic features of countries that form the basis for comparative and further detailed economic analyzes of Ukraine's foreign integration policy in the global system of international trade are considered. The performance is improved, which reflects the level of trade and economic development. It is not only reflects the state of trade and economic relations, but also to characterize the foreign policy that is aimed at integration into the international integration space. The equation for the forecast of growth curves for defined indicators is obtained that makes it possible to find comparative assessment of countries in the process of global integration in dynamics and develop predictive scenarios of the member countries of integration processes in the long-term period. These indicators also allow determining a single integrated indicator that shows the condition of integration process and evaluate the potential for their development. Methodical maintenance of definition of the strategic positioning of major trading partners of Ukraine is performed on the basis of definition of integral index, based on forecast trends in the development of integration processes in the field of foreign trade and identifying the most promising ones. Based on the forecast scenarios of development for Ukraine and countries that are major trading partners of Ukraine, priority scenarios of their integration into the global system of international trade are specified. Theoretical logic and quantitative analysis of the strategic positioning for three promising forecast periods gives recommendations on areas of foreign policy priorities of Ukraine and the development of integration in the field of trade and economic relations with member states of international integration associations.

RETHINKING ECONOMICS IN RESPONSE TO CURRENT CRISIS PHENOMENA

In seven years from the eruption of a global economic crisis, a noticeable change has taken place in the approach of economists, as well as international economic organisations (i.e. IMF and the World Bank), to analysing the occurring crisis phenomena. A purpose of the article is to present transformation of views and positions of the abovementioned communities in the context of experiences in overcoming crisis and of the modern challenges of post-crisis economy. In this scope, the article shows changes in economic theory and policy and proposals for the new state role, especially emphasizing the significance of institutional environment for socio-economic development. The assumed research task, performed on the basis of a critical analysis of subject’s literature, serves to verify an initial hypothesis of gradual formation of new rules of the game, i.e. institutional order, in the post-crisis world, of which Poland is a part. The postulated institutional order would constitute a connection of social, economic and political aspects. The analysis conducted in the article proved an influence of occurring crisis phenomena on evolution of economic science and policy. In this area, in order to increase explanatory and predictive power of macroeconomics, it is recommended to make use of a more heterodox approach which includes taking into account the financial markets’ behavior and macroeconomic effects of income inequalities. In general, it can be stated that current revaluations in thinking about economy, although being the prerequisites for institutional change, are not of a breakthrough character, so they do not constitute critical junctures in economic development and theory. In this regard, the significance of governments’ political will is emphasized as a basic factor in resolving problems resulting from global economic crisis.

Interdepartamental Interaction Issues Interfere with Russia's Participation in International Economic Organizations

The issues of interaction between state departments in Russia weaken the efficiency of Russia’s participation in international economic organizations such as the WTO, OECD, BRICS, APEC, etc. By introducing a well-defined delineation of powers of ministries and departments in charge of Russia’s cooperation with these organizations and embedding respective measures into the state programs and performance plans of government bodies, Russia will be able to strengthen its external economic positions by enhancing its role in the key international organizations.

THE ECONOMIC CO-OPERATION ORGANISATION (ECO): REALITY OR UTOPY?

Turkey is fully integrated into the world economy. It has close bilateral and multilateral relations with many countries within the framework of international economic organisations. In other words, Turkey has always put emphasis on becoming part ofregional economic organisations in order to develop its foreign trade and accelarate its economic growth. In particular, the disintegration of the Soviet Union created new opportunities for Turkey. Independent countries emerged in the southern part of the former Soviet Union which were receptive to the reactivation ofbonds with Turkey rooted in their Muslim cultural tradition and, to a great extent, their affiliation to the family ofTurkic peoples. The Economic Co-operation organisation (ECO) in whose establishment Turkey played an important role is a good example for that. The European Union (EU) also has an interest in the ECO region. A market with 355 million people, vast natural resources and a strong labour force makes the ECO o f special interest to the EU. The integration o f the ECO is significant for the EU not only economically but also for reasons of security.

Austerity versus Stimulus? Understanding Fiscal Policy Change at the International Monetary Fund Since the Great Recession

Since 2008, the International Monetary Fund (IMF) has become more open to the use of discretionary fiscal stimulus packages to deal with recessions, while changing its doctrine on the timing and content of fiscal consolidation. The article traces this evolution of the Fund's doctrine to staff politics, more diverse thinking in mainstream economics, and a careful framing of the message through the use of mainstream macroeconomic models. To map the changing contours of institutional views on fiscal policy through 2008–2013, the article undertakes a detailed content analysis of official publications from the Fiscal Affairs Department and the Research Department. The connection between these shifts and significant personnel shake‐ups is demonstrated through an extensive biographical analysis of the authors of all IMF studies cited in the official reports of the two departments. The findings contribute to the emerging debate on the sources of intellectual and policy change in international economic organizations.

The Bases of Harmonization of Regulations on Food Production and Labeling in the Customs Union within the Eurasian Economic Community

Abstract The Eurasian Economic Community (EurAsEC) is an international economic organization created to effectively advance the process of forming a Customs Union and Common Economic Space by member states and also to implement other goals and objectives connected with the enhancement of integration in the economic and humanitarian spheres. One of the major challenges for the successful functioning of the common customs space of the members of the Customs Union, is the harmonization and unification of the legislation, including food legislation of the countries - members of the Customs Union. Unification of the legislation related to the labeling of food products will promote the trade and will ensure the awareness of the consumers.

The Legitimacy of the G20 - A Critique Under International Law

The G20 has become the preeminent international economic and financial policy making body in the aftermath of the global financial crisis of 2007-2009. In the early phase of the financial crisis, the G20 made considerable progress with its measures to stabilize the global economy (London Summit of 2009). However, its subsequent initiatives have not kept pace with the challenges of a weakening global economy and the need for effective international financial regulatory reforms. This lack of success can be attributed in part to the G20’s unaccountable institutional structure that lacks legitimacy under international law. The G20's current institutional structure fails to respect the principle of a democratic and equitable international order as set forth in various United Nations instruments. To overcome these institutional shortcomings, this article considers a number of proposals to reform the G20 and to enhance international economic governance. This would lead to a redefined and broader mandate for the G20, allowing non-G20 countries to participate in a meaningful way in G20 policy formulation. It also suggests that the G20 integrate its operations more durably to existing international economic organisations, such as the UN ECOSOC, IMF, World Bank and WTO, in order to build a more effective and complementary global economic governance structure. By doing so, the G20 would enhance its effectiveness and credibility in addressing the important challenges facing the global economy.

Julia Gray. 2013. The Company States Keep: International Economic Organizations and Investor Perceptions (New York: Cambridge University Press)

Book Review of Julia Gray. 2013. The Company States Keep: International Economic Organizations and Investor Perceptions (New York: Cambridge University Press) J. Lawrence Broz The Review of International Organizations. Published online 10 April 2014 This excellent book is about the impact of membership in international economic organizations (IEOs) on sovereign credit risk. Gray’s key intuition is that membership changes in organizations like the European Union (EU) and Mercosur are public events; therefore, when the professional investment community observes such changes, they reassess the creditworthiness of sovereign borrowers. When, for example, a high risk country joins an organization composed primarily of low risk members, the entrant will be viewed more favorably by the investment community. In Gray’s terms, the entrant has joined a more prestigious “peer group” and is rewarded for this status upgrade with a lower interest rate. By the same token, the existing members of the organization, having added a riskier member into their ranks, will see an increase in their costs of borrowing, as investors sense that the peer group has been “diluted” by the new member. Sovereign credit risk is thus affected by “The Company States Keep.” There’s more to it that, however. Gray’s most remarkable claim is that the effect of membership on sovereign risk is independent of anything that the organization does or demands of its members. Organizations like the EU have rigorous accession requirements that aspiring entrants must meet. Such organizations also have laws and institutions that constrain their members’ policy flexibility, as well as enforcement mechanisms to ensure that members stay within the rules. Scholars of international organizations have studied these features in depth under the “legalism” and “rational design” frameworks. But Gray argues that institutional factors matter less to investor perceptions than the reputations of the national governments that populate international institutions. In this sense, Gray brings “the state” into the study of international organizations for the first time. To support the claim that the character of member states affects sovereign risk independently of institutional or other factors, Gray addresses a host of alternative arguments in her regressions. She controls for prior domestic reforms enacted as part of the requirements for entry, as well as for policy reforms made after a nation enters an organization. She also addresses selection bias and endogeneity, as well as the institutional features of IEOs that are commonly associated with rule enforcement and constraints on behavior. Remarkably, Gray finds that state membership matters above and beyond these other covariates. Her results imply that membership in international economic organizations is something like a brand name. If two countries were identical in every way except that one of them is a member of a “high-quality” international organization and the other is not, the former country would enjoy a lower interest rate than the other. Importantly, “high quality” refers not to the norms, laws, and institutions of the international economic organization. In the limit, the organization could be nothing but a meaningless placeholder. Instead, “high quality” refers to the reputations of the other members of the organization.

Inter-cities Relationships in the Process of “Global Economy’ Urbanization”

Cities play a key role in the modern global economy. They became full -fledged (together with states, multinational corporations and international econo mic organizations) subjects of international economy relationships; concentrated financial and commodity markets, enormous productive and innovative potential of humanity. Due to these institutional and infrastructural transformations now we can consider a gradual process ofglobal economyurbanization � (term was offered by author) �concentration of global economical relationships, activities and power within a global net of cities. The main reasons of transformation of economic importance of cities are their advantages in comparison with State economic systems. Labor and capital in urban economy systems is more mobile and productive; cities are more predisposed to create and commercialize innovations. Moreover, cities are easier to connect with international markets and world trade, are able to reduce transport costs, to increase own investment attractiveness, and to rapidly form new types of business activities and forms of manufacturing organization. This study analyzes a current system of global cities, an intensity of inter -cities relationships, a potential of global urban system transformations in a future. Original methodology of inter-cities economic collaborationevaluation allowed to classify modern urban economies for few types depends ontheir role and meaning in globalizing economy. Further interactions within a global cities hierarchy (including inter -cities competitions, inter -cities consumption and labor division and so on) will mostly identify trends and patterns of the world economydevelopment in the nearest future. Some

Прощание с эпохой: ИМЭМО накануне распада СССР

The article is dedicated to IMEMO activities at the final stage of the USSR (1990–1991), when two main phenomena manifested: the society’s disappointment in Perestroika, which evolved into a wave of anti-communism, and the rise of nationalist and separatist trends. Gorbachev's attempts to carry out profound economic transformation under conditions of the Soviet republics sovereignization failed, encountering resistance of national and regional elites which hankered for monopoly ownership and uncontrolled power in their regions. IMEMO took an active part in drafting of economic and political reforms in the country. This work was carried out both with the central power and the Russian government bodies. Representatives of IMEMO (V.A .Martynov, L.M. Grigoriev, etc.) participated in development of the economic stabilization program ("Program 500 days "). IMEMO experts analyzed economic and social problems of the USSR military-industrial complex conversion – switching over from military to peacetime production. IMEMO prepared a number of proposals on the reduction of strategic offensive arms, on cooperation with international economic organizations; recommendations on strengthening of regional and international security, on foreign policy of the Soviet republics, on possibilities to reduce Soviet military activities abroad, etc.

Give Me a Paradigm Shift, But Not Yet: Research and Fiscal Policy at the IMF

Soon after the Lehman crisis, the International Monetary Fund surprised its critics with a recalibration of its research and advice on fiscal policy. But the selective incorporation of Keynesian ideas and rejection of some elements of neoclassical economics that this paper uncovers are very limited and could be seen as part of an effort to reprogram the instruments and settings of neoliberalism for the context of the Great Recession. This paper argues that this limited change was facilitated by the convergence of two factors: growing divisions in mainstream macroeconomics and internal entrepreneurship at the Fund, with the latter process bringing to the fore the importance of staff reshuffles, conceptual layering and methodological framing in both the success and the limits of this revisionist thinking. These findings contribute to the emerging debate on the internal sources of intellectual and policy change in international economic organizations.

The IMF and civil society

This article gauges the influence of transnational advocacy networks on the activities of the International Monetary Fund (IMF) throughout the 1990s. In assessing civil society's advocacy work, this article makes two main contributions. From a theoretical perspective, our case-study lends credit to the emergent literature discussing the gray zone between rational choice theory and constructivism. Indeed, as we show, IMF's changes were not due to civil society's pressures but rather to the working of the mechanism of reputation – which combined aspects of socialization and coercion. From an empirical perspective, our findings suggest that civil society's influence on the policies of an international economic organization might be easily overstated.

The recent and projected public health and economic benefits of cigarette taxation in Greece

ObjectivesGreece is in an economic crisis compounded by the costs caused by smoking. The present investigation estimates the economic and public health benefits ensuing from the recent cigarette excise tax...

Міжнародний валютний фонд у системі міжнародних економічних організацій

The factors of creation and role of international economic organizations, and also place of IMF, are examined in their classification in the article. The main role of IMF is underlined in the system of the international economic organizations.

WTO – Redesigning the World Trade Organization for the Twenty-first Century (review)

Reviewed by: WTO – Redesigning the World Trade Organization for the Twenty-first Century Anna Lanoszka (bio) Debra P. Steger, editor. WTO – Redesigning the World Trade Organization for the Twenty-first Century. Wilfrid Laurier University Press. xv, 475. $44.95 The editor, Debra P. Steger, begins this new volume on the WTO by arguing that institutional reform of the organization is necessary because we are facing a transformative moment in the global economy. The emergence of new economic powerhouses (such as Brazil, China, and India – but no mention of Russia) is fundamentally altering global power structures. International economic organizations such as the WTO, the International Monetary Fund (IMF), and the World Bank (WB) are, therefore, in trouble. As Steger notes, ‘[These] organizations [End Page 683] face major legitimacy and accountability crises because their internal voting and decision-making structures do not reflect the realities of the new power relationships in the global economy.’ Unfortunately, despite the importance of this statement, it remains largely unexamined because the focus of the book is almost entirely on the WTO. This is the biggest weakness of this volume. Despite the presence of very substantive chapters, the whole book misses the global context responsible for many of the problems facing the WTO. Instead, the volume’s contributors spend a lot of time describing the debate on WTO reform (contained in a limited literature review chapter by Carolyn Deere Birkbeck), examining the operational structures of the IMF and WB (an excellent though largely descriptive chapter by Alberto Alvarez-Jimenez), and contemplating a more substantial role for the WTO Secretariat (a chapter by Manfred Elsig) and nongovernmental organizations (chapters by Peter Van den Bossche and Yves Bonzon). These chapters are useful because they synthesize diverse arguments recently articulated in academic and trade policy circles. However, they do not offer anything original. What is worse, some of the arguments can be considered non-starters. Van den Bossche, for example, admits that most NGOs are considered ‘Western’ and hence laden with agendas that make them unacceptable in the eyes of developing countries. The term ‘developing countries’ is itself problematic when we consider how emerging economies are now rewriting the rules of the game. The chapter on the WTO Secretariat serves only as a reminder of things long known to those who have worked in the organization. The idea that the Secretariat can play a strengthened role in the decision-making processes is an academic dream. Member countries emphasize that the WTO is a member-driven organization and that the WTO Secretariat should always remain a place where politically neutral public servants are expected to politely exchange information and simply coordinate activities among its members. To be sure, the WTO is a complex entity and an important first step is to thoughtfully analyze the existing tensions within the organization. To this effect, several chapters offer valuable suggestions. Thomas Cottier is very persuasive in arguing for a two-tier approach to WTO decision-making. I also like the radical proposal by Debra Steger and Natalia Shpilkovskaya that would see establishment of a management board in the WTO. Professor Steger promoted this idea before in one of her articles. If implemented, such reforms could improve efficiency of the decision-making processes in the WTO. But they would also most likely mean doing away with the ‘take it all or nothing’ burden of the single undertaking and removing the inherently democratic but increasingly impractical consensus principle. [End Page 684] Unfortunately, these suggestions for a more structured decision-making processes seem only theoretically possible. Above all, the consensus principle ensures that the traditionally powerful trading nations cannot dominate the decision-making processes. One could ask the question: who would be best served if the efficiency of the decision-making processes is improved? I am afraid that a majority of less-powerful members of the WTO will conclude that such reforms would structurally disadvantage them. I enjoyed reading this important book. It presents a good overview of the critical issues facing the WTO and discusses most of the recently proposed reforms of the organization. However, my suggestion for the editor is to contemplate a more comprehensive volume in the future. Instead of looking at the world...

The european union as subjects of law

At the international level it is recognized that development and progress of the new and unique international organization – European Union – is one of the appropriate form of the international organization’s integration. Although European Union was establish as international economic organization, it has gradually integrated the various “best practices” ideas from different governmental systems. Encouragement and motives for cooperation of Member states indicate that member states give more competences of government to the international organization’s institutes. Wherewith, it is observed that the economic and political internationalization has led to disappearance of integrity of territory of member states. The above mentioned opinion is not based on research of the European Union as international organization from standpoint of international law, but from standpoint of theory law – could give juridical estimate regarding executive power in European Union and who could define particular source and entity of administrative law of European Union.

Speeches at the Seventh Forum of the World Association for Political Economy

Opening Speech-May 26, 2012We gather today here, in Mexico City, the largest city of the world, at the Metropolitan Autonomous University in Xochimilco, a renowned academic institution in Latin America, to celebrate the opening of the Seventh forum of WAPE, with the theme State, Market, the Public and Human Development in the 21st Century. On behalf of WAPE, I wish to extend the warmest welcome to about 120 scholars from more than 30 countries around the world, and my sincerest gratitude to the president, professors, students, and staffof the Metropolitan Autonomous University in Xochimilco!WAPE is an international academic organization founded by Marxist and other critical economists from around the world. The mission of WAPE is to utilize modern Marxist economics to analyze the world economy, reveal its laws of development, and offer policy suggestions to promote economic and social progress on the national and global level, and to better serve the purpose of rapidly improving human wellbeing.The last six WAPE forums were successively held in Shanghai, Shimane (Japan), Beijing, Paris, Suzhou (China), and Amherst (USA) between 2006 and 2011, winning our association significant authority and influence around the world.The topic for the Seventh WAPE Forum is State, Market, the Public and Human Development in the 21st Century. Under this general theme, viewed from the perspective of Marxism and general critical thinking, we will discuss the following chief issues:1. The relationship between state, market, and the public under globalization.2. The status, role, and forms of organization of the public in the process of economic globalization.3. Marxism and human development in the 21st century.4. The new forms of imperialism and its many negative influences on human development.5. The economic, political, and military roots of the fiscal crises in the US and Europe.6. Employment and income distribution under the failures of the state and the market.7. The global and international polarization of wealth, and its negative effects.8. The reform of international economic organizations and the development of human society.9. The BRICS (Brazil, Russia, India, China, and South Africa) and the South-South Cooperation movement.10. The Occupy movements and the critique of Capitalism.11. Other topics in Political Economy.I believe that with your enthusiastic participation, this forum will be a very productive and fruitful one in terms of the discussions on the topics listed above.The market practices in the past few hundred years have proved that a dual system and mechanism is necessary, which is based on market but with state playing a dominant role in terms of the overall relationship between the market and the state. Markets coordinate economic process through the operation of the law of value, which is seen in the interaction between key market categories, such as price, supply and demand, and competition. This so-called market-based coordination mechanism plays basic roles in the utilization of resources in the short-term and at the micro level, as well as performing the functions of inducing signal-transmission, technological innovation, and individual and enterprise self-interest. However, the strength of the market adjustment cannot hide its inherent functional weaknesses. (1) It often leads to deviations from the goal of the overall development of the national economy. (2) It has a limited effect on such areas as infrastructures, public goods, the husbandry of scarce resources, low-profit basic industries, education, health care, basic research, and national defense. (3) It adjusts to changes after the fact and slowly, particularly in terms of inducing the structural industrial transformation of the economy. (4) Its overall social cost is high.On the other hand, the state coordinates overall economic processes through economic, legal, administrative, and persuasive means, consciously following the general goal in the distribution of total social labor. …