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6231. One Size Must Fit All: National Divergences in a Monetary Union

Author:
Daniel Gros and Carsten Hefeker
Publication Date:
07-2000
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
What policy objective should a common central bank in a heterogeneous monetary union pursue? Should it base its decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national welfare losses based on national rates of inflation and growth? We find that a central bank that minimises the sum of national welfare losses reacts less to common shocks and that this can lead to higher average union-wide expected welfare, if the variability of common shocks is large relative to the inflation bias. But for countries with a transmission mechanism close to the average, welfare can actually be lower in this case. The inflationary bias depends on the interaction between the transmission mechanism and distortions in labour markets.
Topic:
Economics, Government, Human Rights, International Trade and Finance, Migration, and Political Economy
Political Geography:
Europe

6232. The International Trade of Multinational Firms: The Empirical Behaviour of Intrafirm Trade in a Gravity Equation Model

Author:
Kimberly A. Clausing
Publication Date:
06-2000
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
Multinational firms are an increasingly important part of international economic integration. In recent years, foreign direct investment has been increasing at a rate that exceeds both the rate of growth of international trade and that of income. For many countries, the sales of affiliates of multinational firms have long dwarfed the value of trade. For example, in 1997, European Union country firms exported $283 billion in products to the United States. In the same year, affiliates of E.U.-based multinational firms sold $816 billion worth of products in the United States, almost three times the value of exports.
Topic:
Economics, Government, Human Rights, International Trade and Finance, Migration, and Political Economy
Political Geography:
United States and Europe

6233. Technical Barriers to Trade in the European Union: Importance for Accession Countries

Author:
Paul Brenton, John Sheehy, and Marc Vancauteren
Publication Date:
04-2000
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
With trade in industrial products between the EU and the CEECs now essentially free of tariff and non-tariff restrictions, the principal impact of accession to the EU on trade flows will be through access to the Single Market of the EU. A key element of this will be the removal of technical barriers to trade. In this paper we try and highlight the importance of technical barriers to trade between the EU and the various CEECs, distinguishing sectors according to the different approaches to the removal of these barriers in the EU: mutual recognition, detailed harmonisation (old approach) and minimum requirements (new approach). We utilise two sources of information on technical regulations: a sectoral classification from a previous study of the impact of the Single Market and our own detailed translation of EU product related directives into the relevant tariff codes. The analysis suggests that the importance of technical barriers varies considerably across the CEECs. The adjustment implications of access to the Single Market are likely to be greatest for those most advanced in their accession negotiations.
Topic:
Economics, Government, Human Rights, International Trade and Finance, Migration, and Political Economy
Political Geography:
Europe

6234. Goodbye, Agenda 2000, Hello Agenda 2003: Effects of the Berlin Summit on Own Resources, Expenditures, and EU Net Balances

Author:
Michael Emerson and Jorge Núñez Ferrer
Publication Date:
02-2000
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This paper describes the development of the negotiations from the birth of the Agenda 2000 proposals to the end of the Berlin European Council Summit and discusses the consequences of the outcome. The study shows to what extent net contributions to the EU budget and narrow national interests dominated the negotiations, at the expense of the original aims of the reforms (to prepare the Union for enlargement and for the next round of WTO negotiations), which were practically forgotten. This type of behaviour is by no means unique. On the contrary, it has been recurrent in the history of the EU. Estimates of future expenditures and own resources show that the Berlin European Council conclusions will prove to be far from satisfactory.
Topic:
Economics, Government, Human Rights, International Trade and Finance, Migration, and Political Economy
Political Geography:
Europe and Berlin

6235. Consumer Credit in the European Union

Author:
Nuria Diez Guardia
Publication Date:
02-2000
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This report analyses the European consumer credit markets and their regulation at European level. Its findings are as follows: European consumer credit markets are characterised by deep national differences and strong market segmentation. The report finds no generalised model of consumer credit from the analysis of statistical data. An Anglo-Saxon consumer credit model cannot be identified. The weight of consumer credit is far higher in the US economy than in the EU countries, including the UK. In the US, the share of consumer loans made by banks is much lower, securitisation of consumer credit assets is very developed and the share of revolving credit is much greater than in the EU countries. Nor is it possible, on account of the large differences in the use of consumer credit observed across EU countries, to identify a European model of consumer credit. Consumer credit is very widely used in Sweden, whereas it is underdeveloped in Greece and Italy. The use of consumer credit reaches comparatively high levels in Germany and the UK and an intermediate level in France and Spain. Lending to consumers is carried out through bank intermediation, crossborder provision is non-existent.
Topic:
Economics and Political Economy
Political Geography:
United States, United Kingdom, Europe, Greece, France, Germany, Spain, and Italy

6236. Planning Pension Reform in Russia (Event Summary)

Author:
Mitchell Orenstein and David Woodruff
Publication Date:
05-2000
Content Type:
Working Paper
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
The "new pension orthodoxy," a new way of thinking about pension reform in Russia, according to Orenstein, is a reflection of global changes. Systems that were set up in the early 1900s are now being partially replaced by fully funded, privately managed, individual savings accounts. The policy of private accounts was first developed in Chile in the early 1970s, at first generating considerable pessimism, but in the decade that followed, inducing a number of other Latin American countries and some Western European nations to begin full or partial privatization of their pension systems.
Topic:
Conflict Resolution, Security, Democratization, and Energy Policy
Political Geography:
Russia, America, Europe, and Asia

6237. Permanent Normal Trade Relations for China

Author:
Nicholas R. Lardy
Publication Date:
05-2000
Content Type:
Policy Brief
Institution:
The Brookings Institution
Abstract:
In what has been described as its most important vote this year, the U.S. Congress will soon decide whether to provide permanent normal trade relations to China. A vote is required because, after 14 years of negotiations, China is poised to enter the World Trade Organization (WTO). Assuming China concludes its bilateral negotiations with the European Union by June or July, entry is likely before the end of the year. The cornerstone principle of the World Trade Organization is that members provide each other unconditional Most Favored Nation trade status, now called Permanent Normal Trade Relations (PNTR) in U.S. trade law. Current U.S. law precludes granting PNTR to China; as a result President Clinton has asked Congress to amend the law. A negative vote would have no bearing on China's entry into the World Trade Organization, but it would mean that U.S. companies would not benefit from the most important commitments China has made to become a member. Gaining the full range of benefits is particularly important in light of the large and growing deficit the United States faces in its trade with China (Figure 1). A positive vote would give U.S. companies the same advantages that would accrue to companies from Europe, Japan, and all other WTO member states when China enters the World Trade Organization. It would also provide an important boost to China's leadership, that is taking significant economic and political risks in order to meet the demands of the international community for substantial additional economic reforms as a condition for its WTO membership. A positive vote would strengthen bilateral economic relations more generally. That may help place a floor on the broader bilateral relationship, which continues to face critical challenges on security issues, stemming largely from tensions between China and Taiwan, and on human rights issues.
Topic:
International Relations and International Trade and Finance
Political Geography:
United States, China, Europe, and Asia

6238. START II Nears Ratification, Implementation Still at Risk

Author:
Jon Wolfsthal and Joseph Cirincione
Publication Date:
04-2000
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
Seven years after President's George Bush and Boris Yelstin signed it, the Russian Duma is on the verge of ratifying the START II arms reduction treaty. The agreement, ratified by the United States Senate on January 26, 1996, would cut the number of U.S. and Russian deployed strategic nuclear weapons to 3,000-3,500.
Topic:
Arms Control and Proliferation and Nuclear Weapons
Political Geography:
Russia, United States, Europe, and Asia

6239. The Next Wave: Urgently Needed New Steps to Control Warheads and Fissile Material

Author:
Matthew Bunn
Publication Date:
03-2000
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
Nothing could be more central to U.S. and world security than ensuring that nuclear warheads and their essential ingredients—plutonium and highly enriched uranium (HEU)—do not fall into the hands of terrorists or proliferating states. If plutonium and HEU become regularly available on a nuclear black market, nothing else we do to prevent the proliferation of nuclear weapons will succeed. Similarly, unless stockpiles of nuclear warheads and fissile materials can be secured, monitored, and verifiably reduced, it will be impossible to achieve deep, transparent, and irreversible reductions in nuclear arms. Measures to control warheads and fissile materials, therefore, are central to the entire global effort to reduce nuclear arms and stem their spread. The tens of thousands of nuclear weapons and hundreds of tons of plutonium and HEU that remain in the U.S. and Russian nuclear stockpiles represent a deadly legacy of the Cold War, and managing them securely must be a top U.S. security policy priority.
Topic:
Security, Arms Control and Proliferation, Nuclear Weapons, and Terrorism
Political Geography:
Russia, United States, Europe, and Asia

6240. Democracy Assistance and NGO Strategies in Post-Communist Societies

Author:
Sarah E. Mendelson and John K. Glenn
Publication Date:
02-2000
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
Since the end of the Cold War, Eastern Europe and Eurasia have been host to a virtual army of Western non-governmental organizations (NGOs)-from the United States, Britain, Germany, and elsewhere in Europe-all working on various aspects of institutional development, such as helping to establish competitive political parties and elections, independent media, and civic advocacy groups, as well as trying to reduce ethnic conflict. Little is known-although much good and bad is believed-about the impact of this assistance, carried out on a transnational level in cooperation with local political and social activists. This study, based at Columbia University, was designed to address this gap.
Topic:
Democratization, Government, International Organization, and Politics
Political Geography:
Russia, United States, Europe, Eastern Europe, and Asia