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This paper analyzes competing interpretations for the large increases in the hoarding of international reserves by developing countries. While the first phase of the rapid hoarding of reserves in the aftermath of the East Asian crisis has been dominated by self insurance against exposure to foreign shocks, the self insurance motive falls short of explaining the hoarding in Asia in the 2000s. These developments may be a symptom of an emerging new global financial architecture, which is manifested in the proliferation of decentralized and less cooperative arrangements. The emerging financial configuration of developing countries in the aftermath of the 1990s crises has been growing managed exchange rate flexibility, greater monetary independence, and deeper financial integration. Hoarding international reserves is a key ingredient enhancing the stability of this emerging configuration. While not a panacea, international reserves help by providing self insurance against sudden stops; mitigating REER effects of TOT shocks; smoothing overtime the adjustment to shocks by allowing more persistent current account patterns; and possibly even export promotion, though this mercantilist use of reserves remains debatable due to possible coordination issues. Countries following an export oriented growth strategy may end up with competitive hoarding, akin to competitive devaluations. The sheer size of China, and its lower sterilization costs suggests that China may be the winner of a hoarding game. Hoarding international reserves may also be motivated by a desire to deal with vulnerability to internal and external instability, which is magnified by exposure of the banking system to non performing loans. Testing the self insurance and precautionary motives in the context of China may be challenged by a version of the peso problem; Hoarding international reserves and sterilization have been complementing each other during the last ten years, as developing countries have increased the intensity of both margins.

Australia has suffered in line with other nations from the recession of the 1970s. Behind the downturn lay a major structural change in the economies of Western Nations; a change which resulted from the movement from a system of monopoly capitalism to one of global capitalism. Much attention has been paid to the rise of multinational manufacturing corporations in this process; relatively little to the fundamental revision of the world's capital markets. The process of change began with the shortcomings of the Bretton Woods system and the rise of the Eurocurrencies. A vast and undisciplined international capital market was created, the hallmarks of which were highly volatile exchange rates and a greatly expanded pool of capital which was very mobile. The power of individual governments to control the system was reduced, and the new system was organized through a group of key global cities which operated the market throughout the world on a twenty-four-hour basis. A fourfold hierarchy of centres evolved. In Australia there was an historic transition from the dominance of Melbourne to that of Sydney as a result of the changing world scene. The growth of the international markets has produced a revolution in the distribution of wealth and activities throughout the world. The problems resulting from this have called for a regulatory body to control the new system. The prospects for creating such a body are clouded by the scale of the problem and by the lack of understanding of its causes. The result is an indecisive and probably wrongly directed approach to the question of regional development.

Islamist rebels have retreated from northern Mali; however, a number of challenges for that country remain. The Islamists have gone into hiding but have not surrendered; there is a clear risk of long-term asymmetric warfare. The populations in both northern and southern Mali are divided in their views on the best way forward. The capacities of the Malian government and the Malian armed forces to contain the conflict and retain credible leadership are questionable. This article analyses the Malian crisis with an emphasis on the strategies of key actors, including the Islamist rebels. The consequences of and responses to the conflict are discussed, before the article ends with some tentative conclusions concerning the potential for security in Mali and the Sahel region.

This book examines on an analytical basis the system of international relations between 1648 and 1815. It considers the character of the states, their principal foreign policy goals and the beliefs that influences their relations. The author seeks on this basis to examine the character of the system as a whole: in particular how from the proclaimed desire to maintain the 'balance of power' it succeeded in establishing international stability in preventing the domination of particular states

The example of Zimbabwe in 2000 shows that in a context of violent election campaigning, the role of international election observation is an ambiguous one. Unlike earlier elections organised by the Zimbabwean government, international donors wanted to observe its 2000 parliamentary election amidst a deepening crisis. They noted that the elections would not be free and fair in their view. Neighbouring countries with a more positive view joined the observation exercise. The government's discriminatory invitation and accreditation policy, the observers' emphasis on the peacefulness of the polling rather than free and fair elections, and the selective publication of their reports in various media, were affected both by the political agendas of the domestic players and by the governments which sent the observers. The difference between the Western view of the government, which had changed drastically since the 1980s and early 1990s, and the view of neighbouring governments, was crucial and may become significant elsewhere in Africa.

There is not much doubt that democracy is better than other forms of governments but a theoretical debate is there on whether democracy can be enforced to all societies. The scholars, who advocate democracy as a 'universal value' believes that a country should not wait to be prepared or build a culture for 'democracy' and start running the country under this system. But the 'Rights of Democracy' is not as simple as other parts of the International Human Rights doctrine such a child rights, labour rights or anti poverty rights. If 'democracy' is counted as a 'universal value' and gets included in the International Human Rights doctrine it will seek protection against the violation of this right and the international community will get involved to enforce this right. The International concern for upholding democracy in a country may create conflicting issues with the sovereignty of that particular country. In many cases it was observed that the International concern (or it can be called as Western Concern) for 'democracy' was motivated by the economic and strategic interests. If 'democracy' is imposed from outside or forced to any society it will violate the society's right of self determination. And in some countries it had produced a 'hybrid' or an 'incompletely democratic' regime. In this perspective instead of enforcing 'democracy' to all societies the 'right of collective self-determination' might be the better choice for International Human Rights to regulate the political constitutions of the societies.

The globalisation of the economy and the increasing ease of travel have led to the internationalisation of families. Bi-national couples and families relocating from one country to another are now commonplace. The international element of family life often leads to complex legal situations – such as international parental abduction – when these families are facing a crisis. However, the scope of legal issues arising from the internationalisation of families and affecting children is wider than the abduction problem and can relate to relocation, access rights, urgent protection measures or transborder placement, to name only a few. This paper aims to present the 1996 Hague Convention on the International Protection of Children which establishes a comprehensive framework ensuring the effectiveness of the rights of children involved in a crossborder situation.