Category: Uncategorized

James McCann Appointed Visiting Distinguished Professor

May 30th, 2012 in 2012, News, Uncategorized

Pardee Center Director ad interim James McCann has been appointed Visiting Distinguished Professor at Universität Hamburg‘s Hiob Ludolf Zentrum für Äthiopistik (Center for the Study of Ethiopia). In residence in Hamburg through early July, he is conducting research for his project on malaria landscape history and teaching a six-week seminar titled “African Environmental History: The Blue Nile Basin.” His seminar has attracted 25 students from various fields, including linguistics, biology, anthropology, and history (normal enrollment for such visiting guest seminars is 2-3 students). In the seminar’s final week he will deliver a public lecture titled “Deposing the Malevolent Spirit: Mindscapes of Malaria, Landscapes of History.” The audience for that public lecture will include seminar students, graduate staff, and colleagues from the Ludol Zentrum and the Universität Hamburg School for Tropical Medicine. From July 6-7 Prof. McCann will attend and chair two panels for a conference on “The Architecture of Power in the Horn of Africa” at the Center.

Pardee Podcast: Food in the City: Issues on the Horizon

April 25th, 2012 in Uncategorized

Food in the City


Note: This podcast may not be visible on certain web browsers.

“Food and the City: Issues on the Horizon” was the panel organized by The Frederick S. Pardee Center for the Study of the Longer-Range Future at the Food and the City Conference in February 2012, sponsored by the Boston University History Department.

Pardee Center Director, ad interim Prof. Jim McCann chaired the session. Other panelists include Pardee Faculty Fellows Prof. Sarah Phillips (History), Paul McManus (School of Management) and Prof. Nathan Phillips (Geography and Environment).

Pardee Center Welcomes Visiting Doctoral Scholar, Isabella Wedl

March 20th, 2012 in 2012, News, Uncategorized

Isabella WedlThe Frederick S. Pardee Center for the Study of the Longer-Range Future welcomes Isabella Wedl as a Visiting Doctoral Scholar.  She comes to the Pardee Center from the Leuphana University of Lüneburg, Germany where she is affiliated with the faculty of Sustainability Sciences, and a member of the Institute of Environmental and Sustainability Communication (INFU).

Her research looks at sustainable business practices on national and international levels, focusing on the policy instruments used to regulate these practices. Her studies include analysis of political approaches used to mitigate negative social and ecological effects of business activities. She is conducting an international survey of policy instruments dealing with issues of corporate sustainability and corporate social responsibility, and comparing the national governance patterns of Germany, India and the USA in order to determine their effects on the sustainability management of transnational corporations (TNCs) and their subsidiaries.

She will be working at the Pardee Center through June 2012.

Pardee Center Task Force Report, March 2012

March 7th, 2012 in Uncategorized

CapitalTF Cover imageRegulating Global Capital Flows for Long-Run Development

March 2012 (142 pages)
ISBN: 978-1-936727-04-9
Download PDF version
Download PDF version in Spanish
produced by the Center for the Study of State and Society, Buenos Aires.
Download PDF version in Chinese produced by the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, Beijing.

This report is the product of the Pardee Center Task Force on Regulating Global Capital Flows for Long-Run Development convened in September 2011 on behalf of the Pardee Center’s Global Economic Governance Initiative led by Kevin P. Gallagher, Associate Professor of International Relations at Boston University.  Gallagher co-chaired the Task Force along with Stephany Griffith-Jones and José Antonio Ocampo of the Initiative for Policy Dialogue (IPD) at Columbia University.

With contributions from a dozen prominent scholars and practitioners in the field of global finance and development, the report is intended to contribute expert knowledge to an important and very timely debate concerning whether and how nations can use what have been traditionally referred to as capital controls (classified in the report as ‘capital account regulations’ or CARs) to prevent and mitigate financial crises caused by short-term speculative capital flows in developing countries.

Based on discussions among members at the September 2011 meeting, the report posits that there is a clear rationale for capital account regulations in the wake of the 2008 financial crisis, that the design and monitoring of such regulations is essential for their effectiveness, and that a limited amount of global and regional cooperation would be useful to ensure that CARs can form an effective part of the macroeconomic policy toolkit. The protocol for deploying capital account regulations in developing countries that is put forth here stands in stark contrast to a set of guidelines for the use of capital controls endorsed by the board of the International Monetary Fund (IMF) in March 2011. However the Task Force’s recommendations are more in sync with the set of “coherent conclusions” on capital account regulations endorsed by the G-20 in November 2011. Our hope is that this Pardee Center Task Force Report will help inform the discussions and decisions of policymakers and the IMF as they move forward on this issue under the rubric of the G-20 recommendations.

The Task Force was co-sponsored by the BU Pardee Center, the Initiative for Policy Dialogue at Columbia University, and the Global Development and Environment Institute at Tufts University, and it met at Boston University in September 2011.

The Task Force Co-Chairs authored an Issues In Brief on this subject in November 2011 published by the Pardee Center.

Task Force Members

Amar Bhattacharya

Mark Blyth

Leonardo Burlamaqui

Gerald Epstein

Kevin P. Gallagher

Ilene Grabel

Stephany Griffith-Jones

Rakesh Mohan

José Antonio Ocampo

Dani Rodrik

Shari Spiegel

Arvind Subramanian

Shinji Takagi

Ming Zhang

The Global Economic Governance Initiative Main Page

A video of task Force Members presenting the report is available here.

Next Pardee Seminar (March 8): Regulating Global Capital Flows for Long-Run Development

March 7th, 2012 in 2012, News, Uncategorized

 

IMPORTANT NOTE: Because of the large response, the venue for this event has been changed since the original announcement.  It will take place at the BU Metcalf Trustee Ballroom at One Silber Way, 9th Floor from 3:30 to 5 p.m.

The Frederick S. Pardee Center for the Study of the Longer-Range Future will hold its next Pardee House Seminar on Thursday, March 8, 2012, from 3:30 to 5 p.m.  Titled “Regulating Global Capital Flows for Long-Run Development,” the seminar will mark the Boston University launch of a new Pardee Center Task Force Report with the same title.  The featured speakers will be Task Force co-chair Prof.  José Antonio Ocampo (Initiative for Policy Dialogue, Columbia University) and Task Force member Prof. Ilene Grabel (Korbel School of International Studies, University of Denver). Pardee Faculty Fellow, Prof. Kevin Gallagher, (International Relations, BU), also a Task Force co-chair, will moderate the session.

The Pardee Center Task Force was convened at Boston University last September by the Pardee Center and the Initiative for Policy Dialogue specifically to address whether and how capital investments between developed and developing countries should be Regulating Global Capital Flows“regulated” or “managed” so that speculative capital investments in developing countries don’t disrupt the long-term development prospects for those countries.

The report includes essays by 14 leading scholars and economists who participated in the Task Force meeting and who suggest that in the wake of the 2008 financial crisis, some form of capital account management or regulation is both necessary and desirable. The authors examine the experience of countries that have already employed various forms of controls on capital flowing into and out of their economies, and call on international financial institutions to support the expanded use of such tools by developing countries.

The seminar will present highlights of the report by the three contributors.

Prof. José Antonio Ocampo is Director of the Economic and Political Development Program in the School of International and Public Affairs, and Fellow of the Committee on Global Thought at Columbia University. He has held numerous positions at the United Nations and his native Colombia, including UN Under-Secretary-General for Economic and Social Affairs, Executive Secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC), and Minister of Finance of Colombia. He has received many distinguished awards, including the 2008 Leontief Prize for Advancing the Frontiers of Economic Thought and the 1988 Alejandro Angel Escobar National Science Award of Colombia. He has published extensively, and his latest books include Growth and Policy in Developing Countries: A Structuralist Approach, with Lance Taylor and Codrina Rada (2009), and Time for a Visible Hand: Lessons from the 2008 World Financial Crisis, edited with Stephany Griffith-Jones and Joseph E. Stiglitz (2010).

Prof. Ilene Grabel is Co-Director of the master’s program in Global Finance, Trade and Economic Integration at the Josef Korbel School of International Studies, University of Denver. She has been a Research Scholar at the Political Economy Research Institute of the University of Massachusetts since 2007, and was a lecturer at the Cambridge University Advanced Programme on Rethinking Development Economics since its founding. She has worked as a consultant to UNDP/International Poverty Centre, UNCTAD/G-24, UNU WIDER, and with ActionAid and the NGO coalition, “New Rules for Global Finance.” She has published widely on financial policy and crises, the political economy of international capital flows to the developing world, the relationship between financial liberalization and macroeconomic performance in developing countries, central banking, exchange rate regimes, the political economy of remittances and, most recently on the normalization of capital controls and the effect of the global financial crisis on policy space for development. Prof. Grabel is co-author (with Ha-Joon Chang) of Reclaiming Development: An Alternative Policy Manual (Zed Books, 2004). Grabel also blogs for the TripleCrisis (www.triplecrisis.com).

Prof. Kevin P. Gallagher is Associate Professor of International Relations, Boston University and a Pardee Center Faculty Fellow. He is the author of The Dragon in the Room: China and the Future of Latin American Industrialization (with Roberto Porzecanski), The Enclave Economy: Foreign Investment and Sustainable Development in Mexico’s Silicon Valley (with Lyuba Zarsky), and Free Trade and the Environment: Mexico, NAFTA, and Beyond. He has been the editor or co-editor for a number of books, including Putting Development First: the Importance of Policy Space in the WTO and IFIs, and Rethinking Foreign Investment for Development: Lessons from Latin America. Prof. Gallagher is also a Research Associate at the Global Development and Environment Institute at Tufts University. In 2009 he served on the U.S. Department of States Advisory Committee on International Economic Policy.

The Seminar will be held at the Metcalf Trustee Ballroom, One Silber Way, 9th Floor, on Thursday, March 8, 2012 from 3:30 to 5 p.m.  Please RSVP to pardee@bu.edu by Monday, March 5, 2012.

Pardee Director ad interim, James McCann to give a talk, “Africa’s Malarial Landscapes: History, Complexity and Silver Bullets” at York University

March 5th, 2012 in 2012, News, Uncategorized

Pardee Director ad interim, James McCann, is selected to give the annual Melville-Nelles-Hoffmann Lecture James-McCann-middle-homein Environmental History at York University in Toronto, Canada on March 7, 2012.

The title of his talk is, “Africa’s Malarial Landscapes: History, Complexity, and Silver Bullets.” It will begin at 4:30 in the Schulich School of Business Executive Dining room.

More information is available here.

Task Force On Regulating Global Capital Flows

March 2nd, 2012 in Uncategorized

taskforce9-16

In the wake of the global financial crisis, nations, regions and global institutions are engaged in significant reform of their financial systems. This research effort analyzes the extent to which such efforts are consistent with the goals of financial stability, the generation of economic growth, and human development.

The Pardee Center Task Force on Regulating Global Capital Flows addresses important questions concerning whether and how capital investments between developed and developing countries should be “regulated” or “managed.” While investment is essential for the development process, a growing proportion of foreign investment in developing countries is in the form of short-term “hot” money that has been shown to be extremely volatile and leaves developing country financial systems very vulnerable.

In the wake of the global financial crisis and in the absence of subsequent global cooperation it is becoming increasingly understood that national governments need to deploy regulations to manage the flow of speculative capital such that it does not disrupt their long-run development prospects.

Although international institutions such as the International Monetary Fund are beginning to recognize this need, there currently are no set guidelines to help national governments respond to speculative capital and to consider the extent to which there should be global cooperation to manage capital flows.

The explicit goal of the Pardee Center Task Force is to put the concerns of developing countries and the process of economic development at center stage. The central question the Task Force addresses is: to what extent can capital account regulations be deployed by developing countries and coordinated at a global level so that they can enable financial stability for economic development?

Publications

Capital Flow Management and the Trans-Pacific Partnership Agreement

Financial Stability and the Trans-Pacific Partnership: Lessons from Chile and Malaysia

Safeguarding United States’ Trade and Investment Treaties for Financial Stability

Post-Crisis Capital Account Regulation in South Korea and South Africa

Task Force Report: Capital Account Regulations and the Trading System: A Compatibility Review

Task Force Report: Regulating Global Capital Flows for Long-Run Development

Issues in Brief No. 22: Capital Account Regulations for Stability and Development: A New Approach

Issues in Brief No. 24: Global Financial Reform and Trade Rules: The Need for Reconciliation

Navigating Volatile Capital Flows in Brazil and Chile

Opinion articles/Media

TPP Pact Requires Regulated Financing, Kevin P. Gallagher, Bangkok Post, October 7, 2013

Cons of Deregulating Finance, Kevin P. Gallagher, China Daily, August 6, 2013

China Should Rethink Deregulation, Kevin P. Gallagher, The Business Times Singapore, July 31, 2013

The U.S. as a Global Risk Generator, Kevin P. Gallagher, The Globalist, June 27, 2013.

IMF’s New View on Capital Controls, Kevin P. Gallagher and Jose Antonio Ocampo, Economic and Political Weekly, March 23, 2013.

“Everyone But China” Agreement Prevents Regulation of Hot Money and Speculation, Kevin P. Gallagher, TheRealNews.com, March 18, 2013.

Don’t trade away financial stability in the Trans-Pacific Partnership, Kevin P. Gallagher, Financial Times, March 6, 2013.

The IMF’s New Transfer Policy and the Trading System, Kevin P. Gallagher, Investment Treaty News, January 14, 2013.

Kevin P. Gallagher Quoted in Bloomberg Businessweek, December 4, 2012

Pardee Task Force member appointed to be the Executive Director of the IMF for India, India Times, Nov 4. 2012

The Silent Revolution Inside the IMF, Kevin P. Gallagher, The Globalist, October 30, 2012

Capital Controls: Counting the Costs, Sean Farrell, Emerging Markets, October 10, 2012

Trade rules should not constrain fixing global finance, Kevin P. Gallagher, Al Jazeera, September 26, 2012

Let’s not get carried away by Bernanke’s latest twist, Kevin P. Gallagher, Financial Times, September 25, 2012

Brazil: Emerging Markets Can Regulate Global Finance, Kevin P. Gallagher, Financial Times, July 10, 2012

Capital controls can stabilize developing nations, Thomas Kostigen, Wall Street Journal, June 22, 2012

Tired of Waiting for a 21st Century Trade Agreement: Developing Countries, the TPP, and Regulating Cross Border Finance, Kevin Gallagher, Triple Crisis, June 13, 2012

Historic Moment for the IMF, Kevin Gallagher, Stephany Griffith-Jones, and Jose Ocampo, Financial Times, May 29, 2012

House Democrats Urge Geithner To Permit Capital Controls By Trade Partners, Kevin Gallagher, Wall Street Journal, May 23, 2012

PolicyTalk: International Economic Development and Speculative Capital Flows, Kevin Gallagher, Global Policy TV, April 23, 2012

Cross-boarder financial regulation is justified now more than ever, Kevin Gallagher, The Guardian, April 19, 2012

Close the flood gates of speculative capital flows, Kevin Gallagher, Aljazeera, April 11, 2012

Currency surge sparks calls for tough capital controls, Sid Verma and John Rumsey, Emerging Markets, March 17, 2012

Not a Great Deal for Asia, Kevin P. Gallagher, The American Prospect, March 13, 2012.

At 65, the IMF is changing – for the better, Kevin P. Gallagher, Aljazeera, March 12, 2012.

Taming the liquidity tide, by Kevin P. Gallagher, Financial Times, March 8, 2012.

Malaysia needs to maintain capital regulation tools, by Michael Lim Mah Hui and Kevin P. Gallagher, The Edge, Malaysia, March 5, 2012

Capital controls are not beggar thy neighbour, by Kevin P. Gallagher, Financial Times, January 23, 2012.

The Myth of Financial Protectionism Kevin P. Gallagher on Global Policy TV, January, 2012.

The IMF must heed G20 decisions, by Kevin P. Gallagher, The Guardian, November 29, 2011.

The G-20′s Helpful Silence on Capital Controls, by Jose Antonio Ocampo, Stephany Griffith-Jones and Kevin P. Gallagher, Project Syndicate, October 2011.

Will the G-20 Control Hot Money?  Task Force Members Kevin Gallagher and Irene Grabel on the Real News Network, October 2011.

The Pros and Cons of Capital Controls, Federal Reserve Bank interview with Kevin Gallagher on EconSouth, September, 2011.

Events/Multimedia

CAFRAL-IPD Conference on “Capital Account Management and Macro-Prudential Regulation for Financial Stability and Growth,” January 13 – 14, 2014

UNCTAD-GEGI Workshop on Regulating Capital Flows, October 3 – 4, 2013

New Thinking on Capital Controls for Financial Stability: Implications for the Trade Regime, May 28 2013

Capital Account Regulations and the Trading System: A Compatibility Review, Pardee Podcast, April 23, 2013

Pardee House Seminar on Global Finance and Trade, April 12, 2013

Pardee House Seminar on Asia-Latin America Relationship, November 7, 2012

PowerPoint PDF from Pardee Center Seminar on Asia-Latin America Relationship, November 7, 2012

Pardee Center Co-Sponsors Workshop in Buenos Aires, June 29, 2012

Faculty Fellow Kevin Gallagher Presents Pardee Task Force Report to Brookings Institute, April 20, 2012

Faculty Fellow Kevin Gallagher Presents Pardee Task Force Report to the IMF, March 27, 2012

Task Force Members Discuss Task Force on Capital Controls at Pardee House Seminar, March 8, 2012

Report Launch for Task Force Report: Regulating Global Capital Flows for Long-Run Development, March 8, 2012

Kevin Gallagher Discusses Capital Controls on EconSouth Now, October 4, 2011

Pardee Center Luncheon with Featured Speaker, Paulo Nogueira Batista, Junior, September 16, 2011

Task Force on “Managing Capital Flows for Long-Run Development, September 16, 2011

Luncheon with, Paulo Nogueira Batista Junior, September 16, 2011

Related Publications

Navigating Volatile Capital Flows in Brazil and Chile, Initiative for Policy Dialogue, Columbia University, Brittany Baumann and Kevin P. Gallagher, June, 2012

The Global Governance of Capital Flows: New Opportunities, Enduring Challenges, PERI, UMass Amherst, Kevin Gallagher, April 31, 2012

Policy Brief: Regulating Global Capital Flows, G-24,  Kevin P. Gallagher, April 7, 2012

The Myth of Financial Protectionism: The New (and old) Economics of Capital Controls, PERI, UMass Amherst, Kevin P. Gallagher, January 2012.

Regaining Control? Capital Controls and the Global Financial Crisis, GDAE, Tufts University, Kevin Gallagher, February 2011

The overall aim of these efforts will be to enable developing nations to govern their financial systems in order to maintain financial stability for economic growth and development.  This project is a formal collaboration between the Pardee Center, the Global Development and Environment Institute at Tufts University (GDAE), the Initiative for Policy Dialogue at Columbia University, and the Center for the Study of State and Society (CEDES) in Argentina. This work is supported in part by the Ford Foundation.

The Global Economic Governance Initiative Main Page

China’s Global Reach Archive

February 28th, 2012 in Uncategorized

This work traces the rise of China in the global economy and examines the extent to which other developing countries are impacted, drawing lessons about the choice of development strategies and global economic governance for the 21st century. Particular emphasis is on China and Latin America.

 

Publications

Profiting-from-Precaution_100x125Profiting from Precaution: How China’s Policy Banks Can Enhance Social and Environmental Standards
By Kevin Gallagher
July 2013

 

 

The Dragon in the RoomThe Dragon in the Room: China and the Future of Latin American Industrialization,
By Kevin Gallagher and Roberto Porzecanski

 

 

 

 

18-IIB coverChina and the Future of Latin American Industrialization, Issues in Brief No. 18, By Kevin Gallagher

 

 

 

Latin-America-2060-wLatin America 2060: Consolidation or Crisis (See Chapter 8 by Kevin Gallagher)

 

 

 

 


Opinion/Media

China’s Easy Money Flows Abroad as Credit Squeeze Hurts
Bloomberg Business
Kevin P. Gallagher quoted
July 18, 2013

China’s development banks need to clean up their act, Kevin P. Gallagher
The Guardian

U.S. Running out of time to reset Latin American approach, Kevin P. Gallagher, The Globe and Mail

Time for the US to rethink its LatAm strategy, Kevin Gallagher, Financial Times, May 31 2013

Latin America playing a risky game by welcoming in the Chinese dragon, Kevin Gallagher op-ed in The Guardian, May 30 2013

China: ¿el nuevo acreedor de Sudamérica? Maria Lorena Castellanos Vasconez, May 2013

The dragon’s tango: China’s growing engagement in Latin America, Kevin Gallagher Interviewed in Up Close, April 25, 2013

China’s Investments, Kevin P. Gallagher interviewed in the Associated Press, February 13, 2013

China’s Caribbean Spending Spree, Kevin P. Gallagher interviewed in the CNN, April 7, 2012

China Buys Inroads in the Caribbean, Catching U.S. Notice, Kevin P. Gallagher quoted in the New York Times, April 7, 2012

Yuan Diplomacy, Kevin P. Gallagher, Al-Jazeera, February 29, 2012

No “sweetheart deals” from China in Latin America, Kevin P. Gallagher op-ed in Financial Times, February, 23, 2012

Chinese Finance in Latin America, Kevin P. Gallagher on Global Policy TV, February 2012

China Lends $75 billion to Latin America, Financial Times, February 15, 2012

Additional Publications

Inter-American Dialogue, The Inter-American Dialogue is the leading U.S. center for policy analysis, exchange, and communication on issues in Western Hemisphere affairs.

Capitalizing of the China Cycle: Time is Running Out for Latin America, Kevin P. Gallagher, Economics Brief, December 2012

The New Banks in Town: Chinese Finance in Latin America, Kevin P. Gallagher, Amos Irwin and Katherine Koleski for Inter-American Dialogue, February 2012.

Events and Video

Faculty Fellow Kevin Gallagher Speaks at Inter-American Development Bank, November 26, 2012

Development Strategy and Policy Analysis Development Policy Seminar, New banks in town: Chinese finance in Latin America; Kevin P. Gallagher, 13 April 2012

Pardee House Seminar, China’s New Five Year Plan: Implications for Latin America, Margaret Meyers, Kevin P. Gallagher, Edward Cunningham, February 29, 2012.

The Global Economic Governance Initiative Main Page

Financial Reform and Economic Governance

February 28th, 2012 in Uncategorized

In the wake of the global financial crisis, nations, regions and global institutions are engaged in significant reform of their financial systems. This research effort analyzes the extent to which such efforts are consistent with the goals of financial stability, the generation of economic growth, and human development.

Publications

22-IIB-coverCapital Account Regulations for Stability and Development: A New Approach
Issues in Brief No. 22,
By Kevin P. Gallagher, Stephany Griffith-Jones and José Antonio Ocampo

 

 

 

Media

1. Kevin Gallagher Discusses Capital Controls on EconSouth Now

 

Events & Video

BU Pardee Center Seeks Post-DocsTask Force on “Managing Capital Flows for Long-Run Development”

 

 

 

 

Poster091611final2_smallPardee Center Luncheon with Featured Speaker, Paulo Nogueira Batista, Junior

 

 

 

 

The Global Economic Governance Initiative Main Page

The Future of the World Trading System

February 28th, 2012 in Uncategorized

This work consists of a series of research and outreach efforts that examine the extent to which current and proposed trade and investment rules enhance the ability of developing country governments to deploy effective policies for longer-range development.  To date, this program has consisted of a Pardee Task Force on the Future of North American Trade and a series of publications aimed to help scholars and policy-makers take a longer-run view of the trading system through a development lens.

Publications

PP-002-Trade-cover21st Century Trade Agreements: Implications for Long-Run Development Policy, Pardee Paper No. 2, By Rachel Thrasher and Kevin Gallagher

 

 

 

 

Pardee-Report-NAFTA-coverThe Future of North American Trade Policy: Lessons from NAFTA, Pardee Task Force Report

 

 

 

 

iib-001-coverThe Future of the WTO, Issues in Brief No. 1, By Kevin Gallagher

 

 

 

 

Opinion articles/Media 

Next W.T.O. Head Wants a New Look at Body’s Role, Kevin P. Gallagher quoted, New York Times, May 9, 2013.

Brazilian WTO Chief Has Leverage on BRICS in Global Trade Talks, Kevin P. Gallagher quoted, Bloomberg News, May 8, 2013.

The Global Economic Governance Initiative Main Page