Search

You searched for:
Number of results to display per page

Search Results

  • Author: Edwin M. Truman
  • Publication Date: 03-2018
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Once again, the United States and other members of the International Monetary Fund (IMF) have been asked to address the adequacy of IMF financial resources and the distribution of voting power in the Fund. Observers are justified in thinking that they just witnessed this drama. IMF members completed an agreement on the size of IMF quota resources and governance—or voting power—reform in November 2010. As part of that agreement on the 14th general review of IMF quotas, members committed to bring forward the completion of the 15th general review of quotas to January 2014. The target was not met because the United States delayed approving the 2010 agreement until December 2015, which was necessary for the implementation of the 14th review. As a result, in December 2016, the governors of the IMF freshly resolved to complete the 15th review by the spring of 2019 or the fall of 2019 at the latest.
  • Topic: International Affairs
  • Political Geography: Global Focus
  • Author: Gary Clyde Hufbauer , Euijin Jung, (Lucy) Lu Zhiyao
  • Publication Date: 03-2018
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: The fraught negotiations over revising the North American Free Trade Agreement (NAFTA) have focused largely on US demands to limit imports from Canada and Mexico. But one little discussed step could help the United States increase exports to Canada and Mexico in a way the Trump administration ought to support. US express shipments to its NAFTA partners are far below potential, partly due to what are called low de minimis thresholds in those countries. The de minimis threshold refers to the value of imported goods below which no duty or tax is collected, and the customs declaration is very simple.
  • Topic: International Affairs
  • Political Geography: Global Focus
  • Author: Joseph Gagnon
  • Publication Date: 03-2018
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Many countries have squandered their natural resource endowments. The International Monetary Fund and the World Bank routinely hector developing economies to save and invest more of their revenues from resources such as oil and gold for the benefit of future generations after the resources run out. But, can a country save too much of its resource revenues? Gagnon argues that since the first capital transfers to its Government Pension Fund Global in 1996, Norway has saved more than was needed to raise consumption of all generations equally. Norway’s excess saving imposes a cost on the rest of the world during periods of weak aggregate demand and ultralow interest rates. Gagnon proposes a counterfactual saving policy that would have increased Norway’s household consumption by nearly 9 percent on average from 1996 through 2017. The proposed policy would have reduced Norway’s current account surplus by more than one-third, or $13 billion per year on average, from 1996 through 2017. Even now, Norway could raise current consumption by more than US$2,000 per capita, while keeping the contribution of oil wealth to future generations equally large.
  • Topic: International Affairs
  • Political Geography: Norway
  • Author: Robert Z. Lawrence
  • Publication Date: 03-2018
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: President Trump has asserted that trade balances are a key measure of a nation’s commercial success and that large US trade deficits prove that past trade approaches have been flawed. But trade deficits are not in fact a good measure of how well a country is doing with respect to its trade policies. Many of the assumptions on which the administration’s beliefs rest are not supported by the evidence. This Policy Brief argues that trade deficits are not necessarily bad, do not necessarily cost jobs or reduce growth, and are not a measure of whether foreign trade policies or agreements with other countries are fair or unfair. Efforts to use trade policy and agreements to reduce either bilateral or overall trade deficits are also unlikely to produce the effects the administration claims they will and instead lead to friction with US trading partners, harming the people the policies claim to help
  • Topic: International Political Economy
  • Political Geography: Global Focus
  • Author: Tetyana Payosova, Gary Clyde Hufbauer , Jeffrey Schott
  • Publication Date: 03-2018
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Since its inception in 1995, the World Trade Organization’s (WTO) dispute settlement mechanism has resolved an impressive number of trade disputes and has earned a reputation as the “crown jewel” of the global trading system. Today, however, the mechanism is in crisis. WTO members have failed to negotiate updates to the rulebook, including rules on dispute settlement itself. As a result, the WTO Appellate Body increasingly is asked to render decisions on ambiguous or incomplete WTO rules. Its interpretations of such provisions have provoked charges by the United States and others that binding Appellate Body rulings, which establish precedents for future cases, effectively circumvent the prerogative of member countries to revise the WTO rulebook and thus undercut the national sovereignty of WTO members. For the past few years, US officials have blocked appointments of Appellate Body members to force WTO members to negotiate new rules that address US concerns and limit the scope for judicial overreach. If this problem is not resolved, the Appellate Body soon will not have enough members to review cases and the vaunted WTO dispute settlement system will grind to a halt.
  • Topic: International Affairs
  • Political Geography: Global Focus
  • Author: Olivier Blanchard, Christopher G. Collins, Mohammad R Jahan-Parvar, Thomas Pellet
  • Publication Date: 03-2018
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Immediately following the US presidential election in November 2016, many economists were concerned that increased uncertainty over economic policy would lead to a decline in the US stock market. From the time of the election to the end of 2017, however, the stock market, as measured by the Standard and Poor's (S&P) 500 index, increased by about 25 percent. Price swings since then have led investors and economists to increasingly ask: Was the stock market rise justified by an increase in actual and expected future dividends, or did it reflect unhealthy price developments, which may reverse in the future?
  • Topic: International Political Economy
  • Political Geography: Global Markets
  • Author: William R Cline
  • Publication Date: 02-2018
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: The centerpiece of the Tax Cuts and Jobs Act (TCJA) of 2017 is the reduction in the corporate tax rate from 35 percent to 21 percent. The Joint Committee on Taxation has estimated the net revenue loss from the tax overhaul at $1 trillion over the next decade. The underlying premise of the legislation is that lower corporate taxes will spur growth, with trickle-down wage benefits that spread the resulting economic gains.
  • Topic: International Affairs
  • Political Geography: Global Focus
  • Author: Martin Chorzempa
  • Publication Date: 02-2018
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Formidable barriers stand between the modern financial system and the hundreds of millions of Chinese citizens still using costly informal credit. For many, the financial data that could be used to give them a credit score that would lead to a fair priced loan exist but are not being used. This analysis finds that the most difficult barriers cutting these data off from their potential use for greater financial inclusion are the legal and political restrictions on data sharing and use, economic and competitive concerns from data holders, and the technical difficulty of integrating disparate systems. Policies that encourage coordination between public authorities and private actors in finance and technology can go a long way towards making these data available and driving access to credit in China. This shift would not only help borrowers: It would also encourage the needed economic rebalancing towards consumption, increase competition in the financial sector, raise efficiency through better credit allocation, and contribute to sustainable economic growth and social welfare.
  • Topic: International Political Economy
  • Political Geography: Global Focus
  • Author: Jacob Funk Kirkegaard
  • Publication Date: 02-2018
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Few challenges facing the European Union—immigration pressures, the need to decrease security dependence on an increasingly erratic United States, and the United Kingdom's exit from the European Union (Brexit)—are compelling EU leaders to consider overhauling the revenue side of the European Union’s existing budget. To deal with these challenges in the future, the European Union will need resources—at a time when Europeans are increasingly skeptical about the effectiveness of budget-making in Brussels. Longstanding US budgetary procedures of trust fund accounting and earmarking government revenue towards specific priorities can provide a template for European policymakers. Shifting the EU budget towards more earmarked resources would reduce distrust among taxpayers by limiting Brussels’ spending discretion while focusing expenditures on specific challenges facing the European project.
  • Topic: International Political Economy, International Affairs
  • Political Geography: Europe
  • Author: Wojciech Lorenz
  • Publication Date: 04-2018
  • Content Type: Policy Brief
  • Institution: The Polish Institute of International Affairs
  • Abstract: Russia’s annexation of Crimea triggered a shift in NATO’s policy towards Georgia. NATO moved from mainly political support for Georgia’s NATO membership aspirations to enhanced practical military cooperation. Although it might be more difficult for Russia to coerce its small neighbour, the lack of visible progress on the path to NATO membership may weaken Georgian morale and lead to a reversal of democratic gains. Hence, it is important that during the 2018 NATO Summit in Brussels the Allies offer additional support to help Georgia increase its resilience.
  • Topic: International Affairs
  • Political Geography: Georgia
  • Author: Łukasz Ogrodnik
  • Publication Date: 03-2018
  • Content Type: Policy Brief
  • Institution: The Polish Institute of International Affairs
  • Abstract: Austria’s government has declared it will be a bridge-builder in the European Union between its western and eastern members. This is in fact rather more an endorsement of the Union cohesion on the eve of Austria’s presidency of the EU Council than a genuine offer to represent the Visegrad states’ interests in the EU. Vienna is also trying to strengthen its position in Central Europe using regional cooperation initiatives such as the Slavkov Triangle, Three Seas Initiative, and the V4+ format. However, Austria’s pro-Russia stances and economic conflicts of interest have burdened relations with regional partners. Common goals remain limited but include the development of transport infrastructure, an endorsement of the European integration of the Western Balkans and strengthening the EU’s external borders.
  • Topic: International Affairs
  • Political Geography: Austria
  • Author: Justyna Szczudlik
  • Publication Date: 03-2018
  • Content Type: Policy Brief
  • Institution: The Polish Institute of International Affairs
  • Abstract: In his first term, Chinese leader Xi Jinping abandoned Deng Xiaoping’s foreign policy dictum of “keeping a low profile.” But China’s activism in the middle of Xi’s first term was still more reactive than creative. However, in the last two years a new phase of diplomacy has emerged, in which all actions are subordinated to China’s unchanging strategic foreign policy goal of regaining its superpower status. This means that China strives to enforce change in the global system, which is dominated by the West.[1] The PRC is already trying to introduce new standards for international relations and promotes its values and principles more aggressively worldwide. There are already examples that Xi is effectively implementing his ideas.
  • Topic: International Affairs
  • Political Geography: China
  • Author: Johannes Lang, Robin May Schott, Rens van Munster
  • Publication Date: 03-2018
  • Content Type: Policy Brief
  • Institution: Danish Institute for International Studies
  • Abstract: Formal UN discussions have begun to address how the international community should regulate the development and use of lethal autonomous weapons – also known as ‘killer robots’. Denmark has so far chosen not to participate in these discussions, but there are good reasons to get involved.
  • Topic: International Affairs, Weapons
  • Political Geography: Global Focus
  • Author: Peter Albrecht
  • Publication Date: 03-2018
  • Content Type: Policy Brief
  • Institution: Danish Institute for International Studies
  • Abstract: Elections in Sierra Leone will not change the circumstances that have led to war in the country – and already marginalized citizens stand to lose. The greatest concern is not the election, but the deep-seated patronage networks that govern the country.
  • Topic: International Affairs
  • Political Geography: Sierra Leone
  • Author: Johannes Lang, Rens van Munster, Robin May Schott
  • Publication Date: 02-2018
  • Content Type: Policy Brief
  • Institution: Danish Institute for International Studies
  • Abstract: Disagreements on how to define “autonomy” are stalling formal UN discussions on the compliance of autonomous weapons with international humanitarian law. A pragmatic approach that focuses on the weapon’s critical functions, such as target selection and firing, can help move discussions forward in the future.
  • Topic: International Affairs
  • Political Geography: Global Focus
  • Author: Jairo Munive, Finn Stepputat
  • Publication Date: 01-2018
  • Content Type: Policy Brief
  • Institution: Danish Institute for International Studies
  • Abstract: Armed non-state actors are significant players in most conflicts. The international community is often forced to engage with them in order to secure humanitarian aid for civilians or to end armed political conflicts. The question of when and how to engage is being debated. We sug­gest a more pragmatic approach.
  • Topic: International Affairs
  • Political Geography: Global Focus
  • Author: Chad Michael Briggs
  • Publication Date: 07-2018
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Paid parental leave can provide important health and educational benefits to children while enabling mothers to remain attached to their prior jobs, which can increase earnings substantially once the mother returns to work
  • Topic: Finance, Domestic politics
  • Political Geography: America
  • Author: Derek Scissors
  • Publication Date: 07-2018
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: China is investing much less in the US than it did just a year ago. It has never invested much in the Belt and Road. Yet China’s global investment spending remains healthy, with impressive diversification across countries and the reemergence of private firms.
  • Topic: International Political Economy, International Affairs
  • Political Geography: China
  • Author: Michael Bohnet, Stephan Klingebiel, Paul Marschall
  • Publication Date: 07-2018
  • Content Type: Policy Brief
  • Institution: German Development Institute (DIE)
  • Abstract: The structure of German Official Development Assistance (ODA) is in a state of transition. Germany’s growing international role, the increasing importance of climate issues as well as the refugee crisis are contributing greatly to a significant increase in German ODA, which has more than doubled since 2012 and amounted to around EUR 22 billion in 2017. The coalition agreement between the CDU/CSU and the SPD in 2018 has prioritised ODA-eligible expenditures and views development policy as a priority area. Significant changes can also be seen with regard to the scope and pattern of ODA expenditures
  • Topic: International Affairs
  • Political Geography: Germany
  • Author: Max Otto Baumann, Silke Weinlich
  • Publication Date: 06-2018
  • Content Type: Policy Brief
  • Institution: German Development Institute (DIE)
  • Abstract: Can the United Nations Development System (UNDS) become a resourceful, well-organised partner for member states in implementing the 2030 Agenda? The UNDS is the biggest multilateral development actor, accounting for $18.4 billion, or 33 per cent, of multilateral aid in 2015. Its functions range from providing a forum for dialogue, decision-making and norm-setting, to research, advocacy, technical assistance and humanitarian aid. Numerous governments, including those of high-income countries, are counting on the UN’s assistance for advancing their development in a sustainable way. More than any other development organisation, the UNDS needs to adjust in order to fulfil these expectations. In May 2018, UN member states set the course for reforming the UNDS by agreeing on a draft resolution. The resolution contains five potentially transformative decisions that will bring the UNDS a step closer to being “fit for purpose”, the term under which the reform process was initiated more than three years ago. The global structures of the UNDS are to be strengthened, making the system more strategic and accountable; Resident Coordinators are to coordinate more effectively and objectively; their funding will be guaranteed by a new 1 per cent levy on tightly earmarked contributions; common business operations are to be advanced, with potential efficiency gains of $380 million per year; and the UN’s vast network of country offices is to be consolidated for more efficiency and effectiveness.
  • Topic: International Affairs
  • Political Geography: Global Focus