Number of results to display per page
Search Results
62. Framework for the International Services Agreement
- Author:
- Gary Clyde Hufbauer and J. Bradford Jensen
- Publication Date:
- 04-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Services trade continues to be the most dynamic part of world trade, and service sectors have long been the largest destination of foreign direct investment (FDI) flows. Higher GDP growth goes hand-in-hand with service sector growth. Yet, despite these positive attributes, little progress has been achieved in multilateral talks to liberalize services trade and investment. There is something very wrong about this picture—the disjuncture between stalled service negotiations in Geneva, the excessive focus on other components of the Doha Round to the neglect of services, and the rapid expansion of services trade and investment across borders. The time has come for an International Services Agreement (ISA) in which self-selected World Trade Organization (WTO) members voluntarily agree to new rules and market access commitments. The ISA would be distinct from a multilateral undertaking, like the Doha Round, that must gain the consent of all WTO members. Instead, it would be akin to the Agreement on Government Procurement, in which the market access benefits are confined to the agreement's members, but the agreement itself is open to all WTO members that are willing to accept its disciplines and commitments.
- Topic:
- Economics, Emerging Markets, International Trade and Finance, Markets, and World Trade Organization
63. US Tire Tariffs: Saving Few Jobs at High Cost
- Author:
- Gary Clyde Hufbauer and Sean Lowry
- Publication Date:
- 04-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In his 2012 State of the Union address, President Obama claimed that "over a thousand Americans are working today because we stopped a surge in Chinese tires." The tire tariff case, decided by the president in September 2009, exemplifies his efforts to get China to "play by the rules" and serves as a plank in his larger platform of insourcing jobs to America.
- Topic:
- Economics, Industrial Policy, International Trade and Finance, and Governance
- Political Geography:
- United States, China, and America
64. Projecting China's Current Account Surplus
- Author:
- William R. Cline
- Publication Date:
- 04-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- For several years China has run persistent current account surpluses that have been widely seen as the most serious single source of global imbalances on the surplus side, and mirrored by persistent systemically large US current account deficits on the other side. In recent years, however, both imbalances have shown moderation (figure 1). China's surpluses have posed questions of international policy rules, because they have reflected in part an unwillingness to allow the exchange rate to appreciate sufficiently to act as an effective equilibrating mechanism. Exchange rate intervention resulted in a massive buildup of international reserves, which rose from $615 billion at the end of 2004 to $3.2 trillion at the end of 2011 (IMF 2012a).
- Topic:
- Economics, Emerging Markets, Foreign Exchange, and International Trade and Finance
- Political Geography:
- United States, China, and Israel
65. Another Shot at Protection by Stealth: Using the Tax Law to Penalize Foreign Insurance Companies
- Author:
- Gary Clyde Hufbauer
- Publication Date:
- 01-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The United States suffers from a severe self-inflicted wound. Together, federal and state governments impose almost the highest corporate tax rate found among advanced countries, 39 percent. Only Japan is fractionally higher. The high US rate has adverse consequences—lost investment, lost jobs, and less innovation—and goes a long way to explain slipping US competitiveness in the world economy.
- Topic:
- Economics, Industrial Policy, International Trade and Finance, and Markets
- Political Geography:
- United States and Japan
66. Japan Post: Retreat or Advance?
- Author:
- Gary Clyde Hufbauer and Julia Muir
- Publication Date:
- 01-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Legislation to reform Japan Post is again gathering steam in Tokyo. The real question is whether the latest act in this long- running drama will represent true reform or in fact will camouflage an entrenchment of Japan Post's formidable monopoly powers. Antireform proposals being lined up for consideration in the Diet would indefinitely extend effective government control of Japan Post's financial arms (thereby reversing the Koizumi era reforms). On the other hand, reform forces in the Japanese government want new legislation to guarantee a level playing field in banking and insurance between Japan Post and private firms, whether domestic or foreign.
- Topic:
- Economics, Government, International Trade and Finance, and Natural Disasters
- Political Geography:
- Japan and Israel
67. The Coming Resolution of the European Crisis
- Author:
- C. Fred Bergsten and Jacob Funk Kirkegaard
- Publication Date:
- 01-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Doom and gloom about the euro abounds. An increasing number of commentators and economists, including here at the Peterson Institute, have begun to question whether the common currency can survive.
- Topic:
- Economics, International Trade and Finance, Political Economy, Regional Cooperation, and Financial Crisis
- Political Geography:
- Europe
68. Using US Strategic Reserves to Moderate Potential Oil Price Increases from Sanctions on Iran
- Author:
- Philip K. Verleger
- Publication Date:
- 02-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The United States has initiated new sanctions against Iran aimed at preventing it from collecting revenue from exports of crude oil. The European Union has followed, embargoing all imports of Iranian crude from July 1, 2012 and preventing any firms from entering into new contracts to import Iranian oil after January 23, 2012. The new US and EU sanctions could be the most draconian in many years. If implemented fully, US sanctions would force trading partners to choose between the United States and Iran. EU sanctions would cut Iran off from an important market. These sanctions, while reducing Iranian income, could pose a very serious economic threat to countries that have significant trade with the United States and/or import significant quantities of oil from Iran.
- Topic:
- Conflict Resolution, Foreign Policy, International Trade and Finance, Markets, Oil, and Sanctions
- Political Geography:
- United States, Europe, Iran, and Middle East
69. Logistics Reform for Low-Value Shipments
- Author:
- Gary Clyde Hufbauer and Yee Wong
- Publication Date:
- 06-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Facilitating trade is essential for countries that aspire to compete in the global economy. Low transactions costs, speed, and predictability are all ingredients of a good logistics system. The payoff is large. According to a World Bank (2010) evaluation of nearly 155 countries, improving logistics for countries at the same level of per capita income can increase GDP by 1 percent and two-way merchandise trade by 2 percent.
- Topic:
- Economics, Emerging Markets, Globalization, and International Trade and Finance
70. Revitalizing the Export-Import Bank
- Author:
- Gary Clyde Hufbauer, Meera Fickling, and Woan Foong Wong
- Publication Date:
- 05-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The United States has experienced persistent trade deficits for decades, and thoughtful observers have concluded that deficits cannot be sustained at levels much exceeding 4 percent of GDP annually. There are only two ways to decrease the trade deficit: reduce imports or increase exports. For global economic health, increased exports are a far better proposition.
- Topic:
- Economics, International Trade and Finance, and Monetary Policy
- Political Geography:
- United States
71. The Outlook for International Monetary System Reform in 2011: A Preliminary Report Card
- Author:
- Edwin M. Truman
- Publication Date:
- 05-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Reform of the international monetary system was placed on the agenda of the Group of 20 (G-20) a year ago at the initiative of the incoming French leadership of the G-20. On November 4, 2011 in Cannes, France, the G-20 leaders will announce their conclusions and agreements after a year and half of intense dialogue and debate. This policy brief summarizes my preliminary rating of the expected results based on the evidence to date: a barely passing grade on substance but an A for effort. Neither final grade is locked in stone, however.
- Topic:
- Economics, International Cooperation, International Trade and Finance, International Monetary Fund, Monetary Policy, and Financial Crisis
- Political Geography:
- France
72. The Elephant in the "Green Room": China and the Doha Round
- Author:
- Arvind Subramanian, Aaditya Mattoo, and Francis Ng
- Publication Date:
- 05-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The puzzle about the Doha Round of multilateral trade negotiations in the World Trade Organization (WTO) is not why it is on life support now but how it has survived as a viable multilateral initiative for so long. From the very beginning, it was clear that the Round suffered from a lack of private-sector interest, the engine that had driven previous rounds of successful trade negotiations. At most, Doha promised to deliver some security of access for unilateral liberalization previously undertaken by countries and some modest incremental market opening (Martin and Mattoo 2009; Hufbauer, Schott, and Wong 2010). That the Round had much to be modest about was reflected in the failure of even antiglobalization protesters to show up for the more recent meetings of the Doha Round.
- Topic:
- Economics, Globalization, International Trade and Finance, and Markets
- Political Geography:
- China
73. Corporate Tax Reform for a New Century
- Author:
- Gary Clyde Hufbauer and Woan Foong Wong
- Publication Date:
- 04-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In his State of the Union address, President Barack Obama stressed four ingredients of American prosperity: faster innovation, better education, less deficit, and more jobs. As the president recognized in his address, the US free enterprise system drives the private sector to innovate, invest, and create jobs. This policy brief concentrates on how reforming the corporate tax system can strengthen the private sector, thereby spurring both innovation and job.
- Topic:
- Economics, Globalization, International Trade and Finance, Monetary Policy, and Financial Crisis
- Political Geography:
- United States
74. Getting Surplus Countries to Adjust
- Author:
- John Williamson
- Publication Date:
- 01-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The world has witnessed two distinct attempts to build a multilateral mechanism to discipline surplus countries that declined to adjust their surpluses, and several proposals are currently on the table to do the same. On the two previous occasions the major surplus country of the day defeated attempts to create such a mechanism, and today China (not to mention Japan or Germany) exhibits no enthusiasm for the idea. Despite the importance of the issue, there has been remarkably little discussion of these proposals.
- Topic:
- Economics, International Trade and Finance, International Monetary Fund, and Monetary Policy
- Political Geography:
- Japan, China, and Germany
75. IFSWF Report on Compliance with the Santiago Principles: Admirable but Flawed Transparency
- Author:
- Edwin M. Truman and Sarah Bagnall
- Publication Date:
- 08-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- On July 7, 2011 the International Forum of Sovereign Wealth Funds (IFSWF) released a report on IFSWF Members' Experience in the Application of the Santiago Principles. The report is a self-assessment of the voluntary compliance of 21 member sovereign wealth funds (SWFs) with the Generally Accepted Principles and Practices of SWFs, issued in October 2008. We commend the IFSWF for undertaking the surveys on which the report is based, for the later decision to publish the results, and for the detail included in the report. However, as with many self-assessments, the report has some flaws. The principal flaw is that the characterization of the extent of compliance with the Santiago Principles is exaggerated.
- Topic:
- Economics, International Trade and Finance, Markets, and Sovereign Wealth Funds
- Political Geography:
- Santiago
76. Markets vs. Malthus: Food Security and the Global Economy
- Author:
- Cullen S. Hendrix
- Publication Date:
- 07-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In the past four years, rising world food prices and the global economic downturn increased the ranks of the world's food insecure1 from 848 million to 925 million by September 2010, reversing decades of slow yet steady progress in reducing hunger (WFP and FAO 2010). While the human costs have been considerable, the political consequences have been significant as well. Food prices sparked demonstrations and riots in 48 countries 2007–08. While prices receded in 2009, they reached historic highs in February 2011—and were once again implicated in political turmoil. High food and fuel prices were among the grievances motivating the demonstrations that led to the ouster of Tunisian President Zine El Abidine Ben Ali and Egyptian President Hosni Mubarak.
- Topic:
- Agriculture, Economics, International Trade and Finance, Poverty, and Food
- Political Geography:
- Ethiopia and Egypt
77. What Should the United States Do about Doha?
- Author:
- Jeffrey J. Schott
- Publication Date:
- 06-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The Doha Round of multilateral trade negotiations in the World Trade Organization (WTO) remains stalled despite the political impetus provided by the Seoul G-20 Summit in November 2010. The major trading nations have not revised their positions enough to propel new negotiations on agriculture, manufactures, and services. There is now little chance to complete an agreement this year and little indication that current efforts could succeed next year.
- Topic:
- Economics, International Cooperation, and International Trade and Finance
- Political Geography:
- United States
78. US Tax Discrimination Against Large Corporations Should Be Discarded
- Author:
- Gary Clyde Hufbauer and Martin Vieiro
- Publication Date:
- 10-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The United States holds contradictory views about large corporations. When Americans speak of breakthroughs in research and engineering, they are justly proud of large firms that pioneered railroads and steam engines in the 19th century, automobiles, electric power, and oil exploration in the 20th century, and computers, software, and biotechnology in the 21st century. Yet when talk turns to paying taxes, public opinion holds that large corporations should pay a higher statutory tax rate than other business firms, and enjoy fewer deductions in computing their taxable income. Despite common sense and the teachings of economics, tax discrimination is alive and well.
- Topic:
- Economics, Globalization, International Trade and Finance, Markets, and Financial Crisis
- Political Geography:
- United States and America
79. What Can and Cannot Be Done about Rating Agencies
- Author:
- Nicolas Véron
- Publication Date:
- 11-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Credit Rating Agencies (CRAs) are prominent participants in the assessment of credit risk by financial markets. They determine and publish credit ratings, which represent the CRA's opinions on issuers' relative probability of default. The market for credit ratings is currently dominated in most western countries by three players: n Standard Poor's (S) is a division of the McGraw- Hill Companies, a US-based media group whose ownership is dispersed (the largest shareholder is Capital Group, with 12 percent of shares); n Moody's Corporation is an autonomous US-based listed company with dispersed ownership (the largest shareholder is Berkshire Hathaway, with 12.5 percent of shares); n Fitch Ratings is a division of the Fitch Group which is jointly owned by Fimalac, a Paris-based listed investment vehicle (60 percent of shares), and the US-based Hearst Corporation (40 percent of shares).
- Topic:
- Debt, Economics, Globalization, International Trade and Finance, and Markets
- Political Geography:
- United States
80. The United States Should Establish Permanent Normal Trade Relations with Russia
- Author:
- Gary Clyde Hufbauer and Anders Åslund
- Publication Date:
- 11-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- After 18 years, Russia is finally on the verge of acceding to the World Trade Organization (WTO). No country has struggled for so long to become a member of this important organization. The last impediment was removed on November 9, when Russia and Georgia concluded an agreement on monitoring trade flows across their disputed border. The WTO Working Party, which oversaw the negotiations, then approved Russian accession on November 10, clearing the way for formal membership to be adopted at the WTO ministerial conference to be held December 15–17, 2011 (WTO 2011).
- Topic:
- Conflict Resolution, Economics, International Trade and Finance, Markets, and Bilateral Relations
- Political Geography:
- Russia, United States, and Georgia