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12. Currency Undervaluation and Sovereign Wealth Funds: A New Role for the World Trade Organization
- Author:
- Arvind Subramanian and Aaditya Mattoo
- Publication Date:
- 02-2008
- Content Type:
- Working Paper
- Institution:
- Center for Global Development
- Abstract:
- Two aspects of global imbalances—undervalued exchange rates and sovereign wealth funds (SWFs)—require a multilateral response. For reasons of inadequate leverage and eroding legitimacy, the International Monetary Fund (IMF) has not been effective in dealing with undervalued exchange rates. We propose new rules in the World Trade Organization (WTO) to discipline cases of significant undervaluation that are clearly attributable to government action. The rationale for WTO involvement is that there are large trade consequences of undervalued exchange rates, which act as both import tariffs and export subsidies, and that the WTO's enforcement mechanism is credible and effective. The WTO would not be involved in exchange rate management, and our proposals do not entail the WTO displacing the IMF: Rather, they would harness the comparative advantage of the two institutions, with the IMF providing the essential technical expertise in the WTO enforcement process. On SWFs, there is a bargain to be struck between countries with SWFs, which want secure and liberal access for their capital, and capital-importing countries that have concerns about the objectives and operations of SWFs. The WTO is the natural place to strike this bargain. Its services agreement, the General Agreement on Trade in Services (GATS), already covers investments by SWFs, and other agreements offer a precedent for designing disciplines for SWFs. Placing exchange rates and SWFs on the trade negotiating agenda may help revive the Doha Round by rekindling the interest of a wide variety of groups, many of whom are currently disengaged from the round.
- Topic:
- Foreign Exchange, International Organization, International Trade and Finance, and Markets
13. Multilateralism Beyond Doha
- Author:
- Arvind Subramanian and Aaditya Mattoo
- Publication Date:
- 10-2008
- Content Type:
- Working Paper
- Institution:
- Center for Global Development
- Abstract:
- There is a fundamental shift taking place in the world economy to which the multilateral trading system has failed to adapt. The Doha process focused on issues of limited significance while the burning issues of the day were not even on the negotiating agenda. The paper advances five propositions: the traditional negotiating dynamic, driven by private sector interests largely in the rich countries, is running out of steam; the world economy is moving broadly from conditions of relative abundance to relative scarcity, and so economic security has become a paramount concern for consumers, workers, and ordinary citizens; international economic integration can contribute to enhanced security; addressing these new concerns–relating to food, energy and economic security-requires a wider agenda of multilateral cooperation, involving not just the WTO but other multilateral institutions; and despite shifts in economic power across countries, the commonality of interests and scope for give-and-take on these new issues make multilateral cooperation worth attempting.
- Topic:
- International Relations, Economics, Globalization, International Political Economy, International Trade and Finance, Markets, and Privatization
- Political Geography:
- Middle East
14. Multilateralism beyond Doha
- Author:
- Arvind Subramanian and Aaditya Mattoo
- Publication Date:
- 10-2008
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- A fundamental shift is taking place in the world economy to which the multilateral trading system has failed to adapt. The Doha process focused on issues of limited significance while the burning issues of the day were not even on the negotiating agenda. The paper advances five propositions: (1) the traditional negotiating dynamic, driven by private-sector interests largely in the rich countries, is running out of steam; (2) the world economy is moving broadly from conditions of relative abundance to relative scarcity, and so economic security has become a paramount concern for consumers, workers, and ordinary citizens; (3) international economic integration can contribute to enhanced security; (4) addressing these new concerns-relating to food, energy, and economic security-requires a wider agenda of multilateral cooperation, involving not just the World Trade Organization but other multilateral institutions as well; and (5) despite shifts in economic power across countries, the commonality of interests and scope for give-and-take on these new issues make multilateral cooperation worth attempting.
- Topic:
- Security, Economics, International Trade and Finance, Treaties and Agreements, and World Trade Organization
- Political Geography:
- United States, China, and Europe
15. Preempting Protectionism in Services: The GATS and Outsourcing
- Author:
- Aaditya Mattoo and Sacha Wunsch
- Publication Date:
- 01-2004
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Cross-border trade in services is growing rapidly, with both developed and developing countries among the most dynamic exporters. Despite the substantial global benefits from such trade, the adjustment pressures created in importing countries could provoke a protectionist backlash - some signs of which are already visible in procurement and regulatory restrictions. The current negotiations under the Doha Development Agenda offer an opportunity to lock in current openness and preempt protectionism. This note describes how a bold initiative under the General Agreement on Trade in Services (GATS) can help secure openness.
- Topic:
- Emerging Markets, Globalization, International Trade and Finance, and Treaties and Agreements