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6561. Government Expenditures and Equilibrium Real Exchange Rates

Author:
Ronald J. Balvers and Jeffrey H. Bergstrand
Publication Date:
04-2002
Content Type:
Working Paper
Institution:
Kellogg Institute for International Studies
Abstract:
Economists have long investigated theoretically and empirically the relationship between government spending and equilibrium real exchange rates. As Frenkel and Razin (1996) summarize for a small open economy, government expenditures (financed by lump-sum taxes) influence real exchange rates via a resource-withdrawal channel and a consumption-tilting channel. Recent theoretical and empirical studies, such as Froot and Rogoff (1991), Rogoff (1992), De Gregorio, Giovannini, and Krueger (1994), De Gregorio, Giovannini, and Wolf (1994), De Gregorio and Wolf (1994), and Chinn and Johnston (1996), have focused only upon the effects of government spending through the resource-withdrawal channel. Extending Frenkel and Razin (1996), this paper generates closed-form theoretical solutions for the relationships among the real exchange rate, relative per capita private consumption, relative per capita government consumption, and relative per capita tradables and nontradables production in a two-country general equilibrium model. Using relative price level, private and government per capita consumption, and relative productivity data from the Summers and Heston (1991) Penn World Tables and OECD (1996) data for a sample of OECD countries relative to the United States, we estimate the model's structural equations. The results suggest that government expenditures influence equilibrium real exchange rates approximately equally via the resource-withdrawal and consumption-tilting channels. Moreover, the results imply that government spending and private consumption are complements in utility.
Topic:
Economics, Government, and International Trade and Finance
Political Geography:
United States

6562. Fujimori's Financiers: How Japan Became the Largest Aid Donor in Latin America and Its Implications for Future Economic Development

Author:
Michael G. Donovan and Kwan S. Kim
Publication Date:
01-2002
Content Type:
Working Paper
Institution:
Kellogg Institute for International Studies
Abstract:
This paper analyzes the historical development of Japan's economic relationship with Latin America and describes trends observed in the short and medium term. The main types of relations examined are trade, direct foreign investment, and official development assistance. Emphasis is placed on how Japan's postwar economic development is mirrored in its changing relationship with Latin America. The importance of relationships for both Japan and the United States is discussed, as are competing broad theoretical hypotheses about the nature and evolution of these relationships. The concluding section explores the impact of the Asian economic crisis on Latin America and assesses the feasibility of free trade agreements between Japan and certain Latin American nations.
Topic:
Development and Politics
Political Geography:
United States, Japan, Asia, South America, and Latin America

6563. The Institutional Dimension of WTO Accession Observations and Practical Guidelines for Improving National Trade-related Governance Capacities

Author:
Uwe Schmidt
Publication Date:
11-2002
Content Type:
Working Paper
Institution:
Institute for Development and Peace
Abstract:
For developing countries and economies in transition, accession to and membership in the global trade body is a delicate and cumbersome experience. The need to bring national legislation into conformity with WTO rules, negotiating and implementing concessions on market access for trade in goods and services, transparency requirements, emerging new trade issues (e. g. environmental standards), and the necessity to establish and maintain professional trade-related research competence places heavy burdens on applicants and developing members that not infrequently exceed their institutional capacity for formulating policy options or negotiation strategies.
Topic:
Development, Economics, Globalization, and International Trade and Finance
Political Geography:
United States

6564. The Gulf, the Near East and the Balkans: What Common Concerns?

Author:
Roberto Aliboni
Publication Date:
11-2002
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
The 11th September events have stirred common concerns among Western allies. At the same time, the evolution of American policy since then has also caused new differences to arise and old ones to resurface. While there is agreement on combating terrorism and the rogue states that support it, there are disagreements on the way to do it as well as priorities.
Topic:
Security
Political Geography:
United States, America, Europe, and Middle East

6565. Current Issues on Terrorism: Global vs. National Terrorism, State- vs. Terrorism-Violence

Author:
Roberto Aliboni
Publication Date:
11-2002
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
After something more than a year elapsed since the terrorist attacks of September 11, 2002, assessments of terrorism and ways and means to respond to it continue to be central in public debates. In this paper two questions are raised with respect to terrorism.
Topic:
Security and Terrorism
Political Geography:
United States and Europe

6566. Strengthening NATO-Mediterranean Relations: A Transition to Partnership

Author:
Roberto Aliboni
Publication Date:
09-2002
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
Today, the Southern approaches to Europe are perhaps the most important source of instability for that continent and the West in general. Instability has increased as a result of the West's failed attempts to curb it in the 1990s and solve the conflicts that nurture it. As a result of this failure, frustration and interdependence - as opposed to integration- have increased regionally and globally so that Southern instability now generates larger and more diffuse spillovers than a decade ago.
Topic:
Security and NATO
Political Geography:
United States and Europe

6567. Conference on "New International Challenges: Reassessing the Transatlantic Partnership" - Final Report

Publication Date:
07-2002
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
The conference was organized by the Istituto Affari Internazionali and sponsored by the German Marshall Fund of the United States, the EU Institute of Strategic Studies and the US Embassy in Rome. Its general purpose was to discuss the new international challenges and to reassess the transatlantic partnership in light of them.
Topic:
Security and NATO
Political Geography:
United States, Europe, and Germany

6568. Italian Legal Framework

Author:
Federico Casolari
Publication Date:
06-2002
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
On 1 April 2001 the first conventions between European Community and third Countries on the single currency entered into force. The agreements in question, as already mentioned, are the Monetary Agreement between the Italian Republic (I.R.), on behalf of the European Community, and the Republic of San Marino (29 November 2000), and the Monetary Agreement between I.R., on behalf of the European Community, and the Vatican City (29 December 2000).
Topic:
International Law and Treaties and Agreements
Political Geography:
United States and Europe

6569. "After September 11th, Governing Stability Across the Mediterranean Sea: A Transatlantic Perspective" A Conference Report

Author:
Maria Cristina Paciello
Publication Date:
03-2002
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
The conference, organized by the International Affairs Institute and sponsored by the NATO office of Information and Press, and the German Marshall Fund of the United States, was held to discuss the question of governing stability across the Mediterranean Sea in the post-September 11th environment. It focused on three broad themes: governing stability in the Mediterranean; challenges to stability; and governance and partnership in the Mediterranean.
Topic:
Conflict Resolution, Security, and International Cooperation
Political Geography:
United States, Europe, and Germany

6570. The Current Status of the Principle Prohibiting the Use of Force and Legal Justifications of the Use of Force

Author:
Natalino Ronzitti
Publication Date:
03-2002
Content Type:
Working Paper
Institution:
Istituto Affari Internazionali
Abstract:
The UN Charter contains both the principle prohibiting the use of force and exceptions to it. These rules concern individual States. Collective security falls within the competence of the United Nations, and individual States, as a rule, cannot act in the name of collective security.
Topic:
Security, Defense Policy, and International Law
Political Geography:
United States