Publishing Institution: Peterson Institute for International Economics / Topic: Economics

Author:: Catherine L. Mann
Publication Date:: 03-2000
Content Type:: Working Paper
Institution:: Peterson Institute for International Economics
Abstract:: Electronic commerce and its related activities over the internet can be the engines that improve domestic economic well-being through liberalization of domestic services, more rapid integration into globalization of production, and leap-frogging of available technology. Since electronic commerce integrates the domestic and global markets from its very inception, negotiating on trade issues related to electronic commerce will, even more than trade negotiations have in the past, demand self-inspection of key domestic policies, particularly in telecommunications, financial services, and distribution and delivery. Because these sectors are fundamental to the workings of a modern economy, liberalization here will rebound to greater economic well-being than comparable liberalization in more narrowly focussed sectors. Thus, the desire to be part of the e-commerce wave can be a powerful force to erode domestic vested interests that have slowed the liberalization of these sectors.
Topic:: Development, Economics, Government, International Trade and Finance, and Political Economy

Author:: Richard M. Goodman and John M. Frost
Publication Date:: 02-2000
Content Type:: Working Paper
Institution:: Peterson Institute for International Economics
Abstract:: International agreements, such as the General Agreement on Tariffs and Trade (GATT) and the North American Free Trade Agreement (NAFTA), generally aim to facilitate the free flow of goods and services among nations. The U.S. Supreme Court has developed a jurisprudence similarly aiming to facilitate the free flow of goods and services among the several states. That jurisprudence has developed from litigation challenging the constitutionality of state actions on the basis of the Commerce and Supremacy Clauses of the Constitution (art. I, § 8, cl. 3, and art. VI, cl. 2). In some subject areas, Commerce Clause decisions closely align with international agreements. In other areas, either or both fall short of achieving economic integration.
Topic:: Economics, Government, International Trade and Finance, and Political Economy
Political Geography:: United States and North America

Author:: Gary Hufbauer and Tony Warren
Publication Date:: 10-1999
Content Type:: Working Paper
Institution:: Peterson Institute for International Economics
Abstract:: Globalization has affected all facets of the world economy. This includes services, which in most economies are the single largest contributor to economic growth and employment. However, despite its importance to national output, the impact of globalization on services is only recently receiving the attention of researchers and policy-makers.
Topic:: Economics, International Trade and Finance, and Political Economy

Author:: Gary Clyde Hufbauer and Erika Wada
Publication Date:: 09-1999
Content Type:: Working Paper
Institution:: Peterson Institute for International Economics
Abstract:: In the wake of financial crises in Mexico (1994-95), Asia (1997-98), Russia (1998) and Brazil (1998-99), respected observers have questioned the benefits of wide-open international capital markets (Bhagwati, 1998; Krugman, 1998; Rodrik, 1998; Eichengreen, 1999). Our purpose is to identify true hazards and suggest appropriate precautions.
Topic:: Economics, International Trade and Finance, and Political Economy
Political Geography:: Russia, Asia, Brazil, and Mexico

Author:: Adam S. Posen and Kenneth N. Kuttner
Publication Date:: 09-1999
Content Type:: Working Paper
Institution:: Peterson Institute for International Economics
Abstract:: Since 1990, a number of countries have adopted inflation targeting as their declared monetary strategy. Interpretations of the significance of this movement, however, have differed widely. To some, inflation targeting mandates the single-minded, rule-like pursuit of price stability without regard for other policy objectives; to others, inflation targeting represents nothing more than the latest version of cheap talk by central banks unable to sustain monetary commitments. Advocates of inflation targeting, including the adopting central banks themselves, have expressed the view that the transparency and communication of the inflation targeting framework grant the central bank greater short-run flexibility in pursuit of its long-run inflation goal.
Topic:: Economics, International Organization, International Trade and Finance, and Political Economy

Author:: Marcus Noland, Sherman Robinson, and Tao Wang
Publication Date:: 07-1999
Content Type:: Working Paper
Institution:: Peterson Institute for International Economics
Abstract:: For North Korea, product market integration would generate large welfare gains, sufficient to end the famine. Additional gains could be had through military demobilization. For the South, the impact of product market integration would be trivial, but the impact of factor market integration would be considerable, affecting the composition of output, distribution of income, and rate of growth.
Topic:: Economics, International Trade and Finance, and Political Economy
Political Geography:: Israel, East Asia, and Korea

Author:: Marcus Miller and Lei Zhang
Publication Date:: 05-1999
Content Type:: Working Paper
Institution:: Peterson Institute for International Economics
Abstract:: Is sovereign borrowing so different from corporate debt that there is no need for bankruptcy-style procedures to protect debtors? With the waiver of immunity, sovereign debtors who already face severe disruption from short-term creditors grabbing their currency reserves are also exposed to litigious creditors trying to seize what assets they can in a 'race of the vultures'.
Topic:: Economics, International Trade and Finance, and Political Economy

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