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1. U.S. Trade Policy toward China: Learning the Right Lessons

Author:
Scott Lincicome
Publication Date:
01-2021
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Labor market and cultural disruptions in the United States are real and important, as is China’s current and unfortunate turn toward illiberalism and empire. But pretending today that there was a better trade policy choice in 2000—when Congress granted China “permanent normal trade relations” (PNTR) status and paved the way for broader engagement—is misguided. It assumes too much, ignores too much, and demands too much. Worse, it could lead to truly bad governance: increasing U.S. protectionism; forgiving the real and important failures of our policymakers, CEOs, and unions over the last two decades; and preventing a political consensus for real policy solutions. Indeed, that is happening now.
Topic:
International Relations, Economics, Markets, Bilateral Relations, Trade, and Protectionism
Political Geography:
China, Asia, North America, and United States of America

2. Financial Development in Hong Kong and China: A Hayekian Perspective

Author:
Kam Hon Chu
Publication Date:
01-2021
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
In addition to foreign investment absorption, Hong Kong plays a pioneering role in the internationalization of the renminbi (RMB). Despite the lack of comprehensive statistics on the volume of offshore RMB transactions, Hong Kong is for sure one of the largest, if not the largest, global centers for offshore RMB businesses. According to the Triennial Central Bank Survey (BIS 2019), for instance, Hong Kong was the largest global offshore RMB foreign exchange market, with an average daily turnover of US$107.6 billion as of April 2019, considerably higher than the US$56.7 billion for London and the US$42.6 billion for Singapore.
Topic:
Economics, Markets, Investment, and Financial Development
Political Geography:
China, Asia, and Hong Kong

3. Polish FDI in Central Asian Countries

Author:
Krystyna Gomółka
Publication Date:
01-2018
Content Type:
Journal Article
Journal:
Polish Political Science Yearbook
Institution:
Polish Political Science Association (PPSA)
Abstract:
Since gaining independence, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan gradually opened their markets to foreign investors. Before Poland’s acces- sion to the European Union, the activities of Polish investors in Kazakhstan, Kyrgyzstan, Ta- jikistan, Turkmenistan and Uzbekistan were based on bilateral treaties concluded by Poland with those countries. Later, except Turkmenistan, they were governed by the partnership and cooperation agreements between the European Communities and their Member States. Despite the ample investment opportunities and favourable conditions for access to the mar- ket, the activity of Polish companies in these markets has not produced a significant effect. Poland invested with more considerable success on the markets in Kazakhstan and Kyrgyz- stan. It made investment attempts in Tajikistan and Uzbekistan, leaving out Turkmenistan. The reason why Poland has a weak position in these markets is the distance between the partners and inability of Polish companies to efficiently compete with large multinational companies which have been operating there for years. In the Kazakh market, good invest- ment prospects are available for waste management, petrochemical, mining and road con- struction companies. In Kyrgyzstan, there are cooperation possibilities in the area of modern agricultural and processing technologies and establishment of fruit and vegetable process- ing enterprises. In Tajikistan, enterprises can invest in petroleum and natural gas extraction and exploitation, the fuel market, processing of precious metals and construction of conven- tional and hydroelectric power plants. In Turkmenistan, Polish companies can compete for road, railway and housing construction contracts, whereas in Uzbekistan they can invest in businesses covered by government tax reductions.
Topic:
Markets, Infrastructure, Governance, and Investment
Political Geography:
Europe, Central Asia, Kazakhstan, Asia, Kyrgyzstan, Tajikistan, Uzbekistan, and Turkmenistan

4. From “Cardinal Sin” to Policy Agenda? The Role of Capital Controls in Emerging Market Economies

Author:
June Park
Publication Date:
04-2012
Content Type:
Journal Article
Journal:
Joint U.S.-Korea Academic Studies
Institution:
Korea Economic Institute of America (KEI)
Abstract:
Korea’s economic development since the 1980s has occurred in the context of capital controls and a strong governmental role in achieving sustained growth. The experiences of two financial crises—the Asian financial crisis (1997–98) and the global financial crisis (2008–09)—confirm the impression of a highly responsive state, although different pictures emerge as to how the Korean government sought to abolish or deploy capital controls in accordance with global consensus and intellectual trends in international political economy. Contrary to the policies of financial liberalization by the Korean government in the aftermath of the Asian financial crisis, the Korean government shifted to a policy direction favoring capital controls following the global financial crisis, as seen in recent Group of 20 proclamations. However, given the necessity of capital inflows for an outward-oriented economy such as Korea’s, which is heavily dependent on foreign capital inflows for investment, it is questionable to what extent Korea can effectively take advantage of capital controls, what the goals of such controls should be, whether there will be strong political backing for implementation of such policies, and what political risks the current government faces in implementing new capital controls. This paper seeks to provide answers to these questions by examining Korea’s initiatives for capital controls in light of its history and the surge of capital inflows to emerging market economies since the global financial crisis.
Topic:
Development, Economics, Markets, and Domestic Policy
Political Geography:
Asia and South Korea

5. Monetary and financial cooperation in Asia: taking stock of recent ongoings

Author:
Ramkishen S. Rajan
Publication Date:
01-2008
Content Type:
Journal Article
Journal:
International Relations of the Asia-Pacific
Institution:
Japan Association of International Relations
Abstract:
Ever since the currency crisis of 1997–98, there has been a great deal of interest in enhancing regional economic cooperation in Asia. It is important to keep in mind that economic regionalism is of multidimensional nature. The focus of this paper is on policy initiatives underway in Asia to enhance monetary and financial regionalism and the analytical bases for these initiatives, rather than on examining the de facto level of financial and monetary links that already exists (which may or may not have been facilitated via regional policy mechanisms). There are many gradations of monetary and financial regionalism, ranging from the weak form involving regional policy dialog and surveillance, on the one hand, to exchange rate and monetary coordination, on the other. To maintain focus, this paper concentrates more narrowly on 'medium forms' of monetary and financial regionalism, broadly defined as the development of regional liquidity arrangements and regional financial markets.
Topic:
Markets
Political Geography:
Asia