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232. The Central Banker's Case for Doing More
- Author:
- Adam S. Posen
- Publication Date:
- 10-2010
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In this policy brief I present my view on the role of monetary policy in our recovery and whether the major central banks in the United Kingdom and beyond should be doing more in the coming months. Of course, every central bank's policysetting committee has to make its own assessment of the right policy measures for its economy, based on its own forecastand the mandate legally set for it. Thus, I am not presuming to offer a “one size fits all” prescription for central bankers beyond the United Kingdom. I would like, however, to try to give some general assessment of the common challenges we face, and what I believe to be the appropriate monetary policy response, barring special circumstances. Not that there will be any doubt about it, but for the record, these are solely my own personal views.
- Topic:
- Economics, Globalization, Global Recession, Monetary Policy, and Financial Crisis
- Political Geography:
- United Kingdom
233. Not All Financial Regulation Is Global
- Author:
- Nicolas Véron and Stéphane Rottier
- Publication Date:
- 09-2010
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- “All politics is local,” as the saying goes, but all economics is global, and regulation is one area where these two realities meet and conflict. This has been particularly true for financial regulation in the wake of the unprecedented financial crisis.
- Topic:
- Economics, Genocide, International Cooperation, International Trade and Finance, and Monetary Policy
- Political Geography:
- Europe
234. Sovereign Bankruptcy in the European Union in the Comparative Perspective
- Author:
- Leszek Balcerowicz
- Publication Date:
- 12-2010
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- This paper distinguishes four alternative sovereign debt resolution mechanisms: pure market solutions, modified market solutions, crisis lending by the IMF and other institutions, and the proposed Sovereign Debt Restructuring Mechanism (SDRM). It is hard to find—at the general level of analysis—the unique advantages of SDRM. The assessment of the European Stabilization Mechanism will ultimately depend on its operation, especially whether it will be a tool of subsidizing countries in debt distress or an instrument of fiscal crisis lending. The present fiscal problems in the eurozone are due to the erosion of fiscal discipline and not to the lack of strong compensatory transfers within the eurozone. The right model to look at the conditions for the stability of the eurozone is not a single state but the gold standard–type system, a system of sovereign states with a (de facto) single currency. Based on this analogy and considering modern developments, three types of measures are needed to safeguard the stability of the eurozone: (1) measures that would reduce the procyclicality of the macroeconomic policies and of the economy; (2) reforms that would help the eurozone economies grow out of increased public debt; and (3) steps to increase the flexibility of the economy so that it can deal with the future shocks in a better way.
- Topic:
- Debt, Economics, Markets, Monetary Policy, and Financial Crisis
- Political Geography:
- Europe
235. Trade Disputes Between China and the United States: Growing Pains so Far, Worse Ahead?
- Author:
- Gary Clyde Hufbauer and Jared C. Woollacott
- Publication Date:
- 12-2010
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- This study covers the history of Sino-US trade relations with a particular focus on the past decade, during which time each has been a member of the World Trade Organization (WTO). Providing a brief history of 19th and 20th century economic relations, this paper examines in detail the trade disputes that have arisen between China and the United States over the past decade, giving dollar estimates for the trade flows at issue. Each country has partaken in their share of protectionist measures, however, US measures have been characteristically defensive, protecting declining industries, while Chinese measures have been characteristically offensive, promoting nascent industries. We also cover administrative and legislation actions within each country that have yet to be the subject of formal complaint at the WTO. This includes an original and comprehensive quantitative summary of US Section 337 intellectual property rights cases. While we view the frictions in Sino-US trade a logical consequence of the rapid increase in flows between the two countries, we caution that each country work within the WTO framework and respect any adverse decisions it delivers so that a protracted protectionist conflict does not emerge. We see the current currency battle as one potential catalyst for such conflict if US and Chinese policymakers fail to manage it judiciously.
- Topic:
- Economics, International Trade and Finance, Markets, and Bilateral Relations
- Political Geography:
- United States and China
236. The GCC Monetary Union: Choice of Exchange Rate Regime
- Author:
- Mohsin S. Khan
- Publication Date:
- 04-2009
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The creation of a monetary union has been the primary objective of the Gulf Cooperation Council (GCC) members since the early 1980s. Significant progress has already been made in regional economic integration: The GCC countries have largely unrestricted intraregional mobility of goods, labor, and capital; regulation of the banking sector is being harmonized; and in 2008 the countries established a common market. Further, most of the convergence criteria established for entry into a monetary union have already been achieved. In establishing a monetary union, however, the GCC countries must decide on the exchange rate regime for the single currency. The countries' use of a US dollar peg as an external anchor for monetary policy has so far served them well, but rising inflation and differing economic cycles from the United States in recent years have raised the question of whether the dollar peg remains the best policy.
- Topic:
- Economics, Foreign Exchange, and Regional Cooperation
- Political Geography:
- United States
237. US Taxation of Multinational Corporations: What Makes Sense, What Doesn't
- Author:
- Gary Clyde Hufbauer and Jisun Kim
- Publication Date:
- 03-2009
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- As the administration and Congress catch their breath from rescuing the economy, their thoughts are quickly turning to other issues—including the structure of the US tax system. Everyone agrees that the US tax system inflicts enormous complexity on the American public. But reform is never easy. Who pays the tax burden ranks among the most contentious issues that Congress has historically faced, and this time around will be no different.
- Topic:
- Economics, International Trade and Finance, and Financial Crisis
- Political Geography:
- United States
238. Pressing the "Reset Button" on US-Russia Relations
- Author:
- Anders Åslund and Andrew Kuchins
- Publication Date:
- 03-2009
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Whither Russia? Russia's economic circumstances as well as its articulated goals hold the answer to this eternal question. Drawing on our analysis in the forthcoming book The Russia Balance Sheet, we outline here a policy approach for the Barack Obama administration. We believe our views reflect to some degree an emerging consensus for the new administration's Russia policy. Russia is important for US foreign policy in many ways. The United States needs a more constructive relationship with Russia to address many core global security issues including nuclear security and nonproliferation, terrorism, energy, and climate change.
- Topic:
- International Relations, Foreign Policy, and Economics
- Political Geography:
- Russia and United States
239. Setting the NAFTA Agenda on Climate Change
- Author:
- Jeffrey J. Schott and Meera Fickling
- Publication Date:
- 08-2009
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- When the North American Free Trade Agreement (NAFTA) entered into force 15 years ago, environmental issues were an afterthought appended to a side accord, the North American Agreement on Environmental Cooperation (NAAEC). Today, environmental problems loom large on the global agenda, and climate change, in particular, ranks among the top issues on the North American agenda as the leaders of the United States, Canada, and Mexico convene in Guadalajara in August 2009. This policy brief examines the implications for NAFTA of national policies in the three countries to reduce greenhouse gas (GHG) emissions and suggests steps that the partner countries can take together to further both their economic and environmental goals.
- Topic:
- Climate Change, Economics, Globalization, and International Trade and Finance
- Political Geography:
- Canada, North America, and Mexico
240. The Economics of Energy Efficiency in Buildings
- Author:
- Trevor Houser
- Publication Date:
- 08-2009
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- At the 2008 summit in Hokkaido, Japan, and again in 2009 in L'Aquila, Italy, G-8 leaders called for a 50 percent global reduction in greenhouse gas (GHG) emissions below current levels by 2050 to avoid “the most serious consequences of climate change.” Meeting this goal will require transforming the way energy is produced, delivered, and consumed across all sectors of the economy and regions of the world. Buildings, which account for nearly 40 percent of global energy demand today and 30 percent of projected growth in energy demand between now and 2050, will play a critical role in this process (IEA 200).
- Topic:
- Climate Change, Economics, and Energy Policy
- Political Geography:
- Japan and Italy