Freshwater scarcity, interdependence and institutionalism in Jordanian foreign policy: towards conflict or cooperation?

Freshwater scarcity is an increasingly important aspect of the international relations of the Middle East and North Africa, and is magnified when sources are shared between states. In the Jordanian, Israeli and Syrian cases, most of their freshwater sources are shared. At the same time, cooperation between these states has emerged. This paper examines inter-state cooperation by considering freshwater scarcity issues in Jordanian-Israeli-Syrian relations. This study argues that three factors help determine whether freshwater scarcity leads to conflict or cooperation between riparian states: the nature and intensity of the scarcity, the level of interdependence between the actors sharing this resource, and their level of engagement in international institutions. It concludes that cooperation is possible between states (even those with difficulties in other areas of their relationship) when the scarcity experienced is intense, they are interdependent in this and other spheres, and they engage with each other through international institutions

A review of trade liberalisation and trade between Jordan and the United States

Promoting trade is a key aspect of Jordan’s development policy. As a developing country, increasing exports and maintaining a healthy balance of trade with its trading partners are amongst the government’s most important goals. The Free Trade Agreement (FTA) signed with the United States in 2000 is a cornerstone of Jordan’s foreign economic policy and a key test case for its broader policy of trade liberalisation. Yet while there is some evidence for a positive relationship between trade liberalisation, and increased bilateral trade and economic growth, this approach to development is also criticised for opening up developing markets to competition from their more advanced counterparts. This investigation argues that FTAs do facilitate bilateral trade but that states with large and advanced economies benefit more than small developing states and markets. To explore this argument, this study examines overall levels of bilateral trade between Jordan and the United States before and after the JUSFTA came into effect. Linear trendline projections are used to offer a comparison between experienced levels of trade and projected potential levels of trade based on pre-JUSFTA era data

Growth Oriented Macroeconomic Policies for Small Islands Economies: Lessons from Singapore

Most small island economies or ?microstates? have distinctly different characteristics from larger developing economies. They are more open and vulnerable to external and environmental shocks, resulting in high output volatility. Most of them also suffer from locational disadvantages. Although a few small island economies have succeeded in generating sustained rapid growth and reducing poverty, most have dismal growth performance, resulting in high unemployment and poverty. Although macroeconomic policies play an important role in growth and poverty reduction, there has been very little work on the issue for small island economies or microstates. Most work follows the conventional framework and finds no or very little effectiveness of macroeconomic policies in stabilization. They also concentrate on short-run macroeconomic management with a focus almost entirely on either price stability or external balance. The presumption is that price stability and external balance are prerequisite for sustained rapid growth. This paper aims to provide a critical survey of the extant literature on macroeconomic policies for small island economies in light of the available evidence on their growth performance. Given the high output volatility and its impact on poverty, this paper will argue for a balance between price and output stabilization goals of macroeconomic policy mix. Drawing on the highly successful experience of Singapore, it will also outline a framework for growth promoting, pro-poor macroeconomic policies for small island economies/microstates.Caribbean, Pacific Islands, fiscal policy, small open economies

BOARD OF DIRECTORS AND THE PRICING OF INITIAL PUBLIC OFFERINGS (IPOS): DOES THE EXISTENCE OF A PROPERLY STRUCTURED BOARD MATTER? EVIDENCE FROM FRANCE

The purpose of this study is to introduce the board of directors as a signal of firm quality to abate information asymmetry. This study is based on agency theory and signaling theory to suggest that the existence of properly structured board at the time of the IPO may signal high firm quality to potential investors. To do that, I examine the association between board of directors' characteristics (including board composition, board size, leadership structure (CEO duality) and existence of an audit committee) and underpricing of 133 Initial Public Offerings (IPOs) in France between 2000 and 2004. Empirical evidence suggests that there is a positive effect of board size on underpricing and a negative association between the proportion of independent directors and underpricing. However, CEO duality as well as existence of an audit committee have no significant impact on underpricing. Overall, these results are consistent with the assumption that board attributes may be used as a signal of firm quality.Board of directors, Signaling theory, Agency theory, Initial Public Offerings, Underpricing

Microfinance as a Poverty Reduction Tool—A Critical Assessment

This paper attempts to provide a critical appraisal of the debate on the effectiveness of microfinance as a universal poverty reduction tool. It argues that while microfinance has developed some innovative management and business strategies, its impact on poverty reduction remains in doubt. Microfinance, however, certainly plays an important role in providing safety-net and consumption smoothening. The borrowers of microfinance possibly also benefit from learning-by-doing and from self-esteem. However, for any significant dent on poverty, the focus of public policy should be on growth-oriented and equity-enhancing programs, such as broad-based productive employment creation.microfinance, poverty, employment, growth