Number of results to display per page
Search Results
662. The United States and Mexico: Towards a Strategic Partnership
- Publication Date:
- 01-2009
- Content Type:
- Working Paper
- Institution:
- The Wilson Center
- Abstract:
- It is time to strengthen the U.S. relationship with Mexico. here are few countries—if any—which are as important to the United States as Mexico. We share more than just a two-thousand mile border. Our economies and societies are deeply interwoven and what happens on one side of our shared border inevitably affects the other side. As the United States seeks to redefine its role in the world, it is vital to start at home, with our neighbors.
- Topic:
- Economics, Emerging Markets, Regional Cooperation, International Security, Bilateral Relations, Immigration, and Law Enforcement
- Political Geography:
- United States, Central America, and Mexico
663. The Economic Impact of International Students from a Cross-National Perspective
- Author:
- Robert Gutierrez, Patricia Chow, Jason Baumgartner, and Yuriko Sato
- Publication Date:
- 05-2009
- Content Type:
- Policy Brief
- Institution:
- Institute of International Education (IIE)
- Abstract:
- IIE Open Doors Data on U.S. International Educational Exchange. Project Atlas: Global Student Mobility. International Student Economic Impact in the U.S. Comparison of International Student Economic Impact in USA, Japan and Australia.
- Topic:
- Foreign Policy, Economics, Markets, and Migration
- Political Geography:
- United States, Japan, China, Asia, California, Australia, and Texas
664. The United States and the Asia-Pacific Region: National Interests and Strategic Imperatives
- Author:
- James J. Przystup
- Publication Date:
- 04-2009
- Content Type:
- Working Paper
- Abstract:
- From its earliest days, the United States has been engaged in trade with East Asia. In February 1784, the Empress of China left New York harbor, sailing east to China, arriving at Macau on the China coast in August of that year. The ship returned to the United States the following May with a consignment of Chinese goods, which generated a profit of $30,000. In 1844, China granted the United States trading rights in the Treaty of Wanghia.
- Topic:
- Economics, International Trade and Finance, Markets, and Financial Crisis
- Political Geography:
- United States, China, Asia, and Australia/Pacific
665. A Solution for Europe's Banking Problem
- Author:
- Adam S. Posen and Nicolas Véron
- Publication Date:
- 06-2009
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics (PIIE)
- Abstract:
- Since mid-2007, public authorities in the European Union have broadly met the challenge of ensuring a functional degree of liquidity and preventing financial meltdown. The Eurosystem has even been ahead of the curve compared with the Federal Reserve and the Bank of England in discounting early on a wide variety of assets to a range of counterparties. However, despite unprecedented central bank intervention, extensive government guarantees since October 2008, and macroeconomic assistance (with the International Monetary Fund) to the European Union's weakest member states, the underlying state of continental Europe's banking industry remains very fragile.
- Topic:
- Economics, Markets, and Monetary Policy
- Political Geography:
- United States, United Kingdom, and Europe
666. Understanding Special Drawing Rights
- Author:
- John Williamson
- Publication Date:
- 06-2009
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics (PIIE)
- Abstract:
- A once-familiar but long-neglected acronym has reappeared in newspapers in recent weeks. We have read that the G-20 meeting in London endorsed a proposal that the International Monetary Fund (IMF) should create $250 billion in Special Drawing Rights (SDRs). We have been told that one problem with this proposal is that most of the SDR allocation would accrue to countries that are unlikely to use them, and some readers may have seen proposed ways around this difficulty. We have read that the governor of the People's Bank of China, Zhou Xiaochuan, has proposed that the SDR should gradually displace the dollar at the center of the international monetary system and that surplus countries should be able to convert their dollar holdings into SDR-denominated assets. No one can doubt that the SDR is back.
- Topic:
- Economics, International Cooperation, International Political Economy, International Trade and Finance, and Monetary Policy
- Political Geography:
- United States and China
667. How Do We Know This is Not Another Great Depression? Lessons for Policymakers from the 1930s
- Author:
- Jeffrey Frankel
- Publication Date:
- 07-2009
- Content Type:
- Policy Brief
- Institution:
- Belfer Center for Science and International Affairs, Harvard University
- Abstract:
- The current economic crisis is fundamentally different from those we have experienced in recent past. The proximate causes of previous recessions (1980-2 and 1990-91) were increases in interest rates in response to inflation. This time around, however, low interest rates and loose monetary policy during the period 2003-2005 had contributed to a bubble in asset prices, rather than to inflation. This-coupled with an underestimation of risk in our financial system, failures of corporate governance, and excessive debt by both households and government-caused the crisis of 2007-09.
- Topic:
- Economics, International Trade and Finance, Monetary Policy, and Financial Crisis
- Political Geography:
- United States, Japan, and Germany
668. Criss-Crossing Globalization: Uphill Flows of Skill-Intensive Goods and Foreign Direct Investment
- Author:
- Arvind Subramanian and Aaditya Mattoo
- Publication Date:
- 08-2009
- Content Type:
- Working Paper
- Institution:
- Center for Global Development (CGD)
- Abstract:
- This paper documents an unusual and possibly significant phenomenon: the export of skills, embodied in goods, services or capital from poorer to richer countries. We first present a set of stylized facts. Using a measure which combines the sophistication of a country's exports with the average income level of destination countries, we show that the performance of a number of developing countries, notably China, Mexico and South Africa, matches that of much more advanced countries, such as Japan, Spain and USA. Creating a new combined dataset on FDI (covering greenfield investment as well as mergers and acquisitions) we show that flows of FDI to OECD countries from developing countries like Brazil, India, Malaysia and South Africa as a share of their GDP, are as large as flows from countries like Japan, Korea and the US. Then, taking the work of Hausmann et al (2007) as a point of departure, we suggest that it is not just the composition of exports but their destination that matters. In both cross-sectional and panel regressions, with a range of controls, we find that a measure of uphill flows of sophisticated goods is significantly associated with better growth performance. These results suggest the need for a deeper analysis of whether development benefits might derive not from deifying comparative advantage but from defying it.
- Topic:
- Development, Economics, International Trade and Finance, and Foreign Direct Investment
- Political Geography:
- United States, Japan, Malaysia, India, South Africa, Brazil, Spain, and Korea
669. What lessons from the 1930s?
- Author:
- Daniel Gros and Cinzia Alcidi
- Publication Date:
- 05-2009
- Content Type:
- Working Paper
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- This paper explores three areas in which the experience of the Great Depression might be relevant today: monetary policy, fiscal policy and the systemic stability of the banking system. We confirm the consensus on monetary policy: deflation must be avoided. With regard to fiscal policy, the picture is less clear. We cannot confirm a widespread opinion according to which fiscal policy did not work because it was not tried. We find that fiscal policy went to the limit of what was possible within the confines of sustainability, as they existed then. Our investigation of the US banking system shows a surprising resilience of the sector: commercial banking operations (deposit-taking and lending) remained profitable even during the worst years. This suggests one policy conclusion: At present the authorities in both the US and Europe have little choice but to make up for the losses on 'legacy' assets and wait for banks to earn back their capital. But to prevent future crises of this type, one should make sure that losses from the investment banking arms cannot impair commercial banking operations. At least a partial separation of commercial and investment banking thus seems justified by the greater stability of commercial banking operations.
- Topic:
- Economics, Markets, and Financial Crisis
- Political Geography:
- United States and Europe
670. The Effect of Wage-Payment Reform on Workers' Labor Supply and Welfare
- Author:
- Esther Redmount, Arthur Snow, and Ronald S. Warren Jr.
- Publication Date:
- 08-2009
- Content Type:
- Working Paper
- Institution:
- Department of Economics and Business, Colorado College
- Abstract:
- We analyze the effects of a largely ignored 1885 legislative reform in Massachusetts requiring that firms provide workers the option of receiving weekly wage payments. Using an inter-temporal model of deferred compensation, we derive conditions on elasticities of labor supply that determine the effects of the reform on workers' effective wage and utility. We then examine empirically the effects of the reform, using weekly data on mill workers in Lowell. Given the implications of our theoretical analysis, the empirical findings of positive wage and reform elasticities imply that the switch to weekly payment increased workers' effective wage and well-being.
- Topic:
- Economics, Markets, and Labor Issues
- Political Geography:
- United States