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51. China's Currency: Not the Problem

Author:
Albert Keidel
Publication Date:
06-2005
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
In Washington, politicians and pundits have settled on a single magical solution for the country's economic ills: getting China to revalue its currency, the RMB. By any reasonable economic measure, however, the RMB is not undervalued. China does have a trade surplus with the United States, but it has a trade deficit with the rest of the world. And China's accumulation of dollar reserves is not the result of trade surpluses, but of large investment inflows caused in part by speculators' betting that China will yield to U.S. pressure. Focusing on China's currency is a distraction. If the United States wants to improve its economy for the long haul, it had best look elsewhere beginning with raising the productivity of American workers.
Topic:
Economics and Government
Political Geography:
United States, China, America, Washington, and Asia

52. Getting to “No”: Defending Against Demands in NAFTA Energy Negotiations

Author:
Antonio Ortiz Mena L.N.
Publication Date:
06-2005
Content Type:
Working Paper
Institution:
Centro de Investigación y Docencia Económicas
Abstract:
How can a developing country defend itself against unwanted demands in international economic negotiations, especially when the demandeur is a stronger state? Such defense can be a necessary component of any strategy, not only a distributive one but also a mixed strategy aimed at a wider agreement that benefits both sides. Sometimes what looks like an unwelcome demand turns out, after exploration and exchanges of concessions, to be an acceptable element in a beneficial package deal. But some demands are unwelcome in the stronger sense that one's government places an infinite reservation value on that particular issue. The government would prefer no agreement. In the case of a deal breaker, the delegation can walk away from the entire negotiation, but this could have large costs in opportunities foregone and even possible penalties imposed. What are the alternatives short of walking away? Mexico's negotiators faced such situation in the North American Free Trade Agreement (NAFTA) negotiations with the United States and Canada (1990-1992), specifically in the energy sector. In general the three states sought a mutual-gains agreement, and in general each employed a mixed strategy. In energy, however, Washington made demands--regarding investment and supply commitments--which Mexico found unacceptable. At the end of the day the Mexican team managed to attain its main offensive negotiation aims in NAFTA (significantly improved market access, faster tariff reductions in the U.S. and Canada than in Mexico, and an effective dispute settlement mechanism), as well as the main defensive ones in energy. How did they do it? Structural conditions, such as being a neighbor of the U.S., gives Mexico certain leverage in negotiations, for the U.S. will typically take into account non-economic considerations when negotiating over economic issues. Nonetheless, many lessons derived from Mexico's negotiation strategy in energy negotiations during NAFTA can be applied across a range of cases.
Topic:
Development, Economics, Energy Policy, and Government
Political Geography:
United States, Washington, Canada, North America, and Mexico

53. Prospects for Regional Free Trade in Asia

Author:
Gary Clyde Hufbauer and Yee Wong
Publication Date:
10-2005
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
Frustrated with lackluster momentum in the WTO Doha Round and the Asia Pacific Economic Cooperation (APEC) forum, and mindful of free trade agreement (FTA) networks centered on the United States and Europe, Asian countries have joined the FTA game. By 2005, Asian countries (excluding China) had ratified 14 bilateral and regional FTAs and had negotiated but not implemented another seven. Asian nations are also actively negotiating some 23 bilateral and regional FTAs, many with non-Asian partners, including Australia, Canada, Chile, the European Union, India, and Qatar. China has been particularly active since 2000. It has completed three bilateral FTAs—Thailand in 2003 and Hong Kong and Macao in 2004—and is initiating another 17 bilateral and regional FTAs. However, a regional Asian economic bloc led by China seems distant, even though China accounts for about 30 percent of regional GDP. As in Europe and the Western Hemisphere, many Asian countries are pursuing FTAs with countries outside the region. On present evidence, the FTA process embraced with some enthusiasm in Asia, Europe, and the Western Hemisphere more closely resembles fingers reaching idiosycratically around the globe rather than politico-economic blocs centered respectively on Beijing, Brussels, and Washington.
Topic:
Economics, International Trade and Finance, and Regional Cooperation
Political Geography:
United States, China, Europe, Washington, Canada, India, Beijing, Asia, Australia, Qatar, Chile, Hong Kong, Brussels, and Macao

54. Swiss National Bank Sales—Lessons and Experiences

Author:
Philipp M. Hildebrand
Publication Date:
05-2005
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
I am pleased to be in Washington today and would like to thank Fred Bergsten and his colleagues at the Institute for International Economics for providing me with this opportunity to talk about the recently completed gold sales of the Swiss National Bank (SNB).
Topic:
International Relations, Economics, and International Trade and Finance
Political Geography:
Europe and Washington

55. Managing Energy Insecurity

Author:
John Browne
Publication Date:
02-2005
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
It is great to be in Washington again and a privilege to be invited to speak here for the first time. You asked me to talk about energy security, and I think the basic question is whether, to use the words of one of your recent papers, there is "a gathering storm" around energy supply, and what, if anything, should and could be done to avert that storm.
Topic:
Economics, Energy Policy, and Science and Technology
Political Geography:
United States and Washington

56. Can Disasters Be Good for Growth?

Author:
John H. Makin
Publication Date:
10-2005
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
The U.S. economy was in recession when the 9/11 terrorist attacks struck New York and Washington, D.C. Yet within a few months, despite fears of a collapse in confidence, consumption growth surged to a fourth-quarter annualized rate of nearly 5 percent, up sharply from a 1 percent rate during the third quarter. That consumption surge was enough to drag the economy out of what turned out to be a mild recession. By the first quarter of 2002, overall growth reached a booming 5 percent rate.
Topic:
Development, Economics, Environment, and Terrorism
Political Geography:
United States, New York, and Washington

57. Energy Conservation: An Economic Perspective

Author:
Robert W. Hahn
Publication Date:
10-2005
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
With oil and gas prices at record levels, Persian Gulf producers threatened by terrorists, and exploding demand from China likely to strain supplies for years to come, surely it is time for Washington to get serious about energy conservation. Well, yes . . . and no. While most economists (including me) are deeply skeptical about the value of government mandates for energy efficiency, in principle there is a case to be made for using taxes to “internalize” the costs of consumption that are not otherwise reflected in prices. But those costs are lower than you might expect—lower, perhaps, than the taxes currently charged at the pump. Moreover, while oil-security worries are now driving the calls for conservation, a careful look suggests that the neglected costs are actually related to traffic congestion and the threat of global warming. Taxing oil consumption (as opposed to taxing road use or carbon emissions) would hardly get to the roots of these problems.
Topic:
International Relations, Economics, Energy Policy, and Terrorism
Political Geography:
China and Washington

58. Homes for an Inclusive City: A Comprehensive Housing Strategy for Washington, D. C.

Publication Date:
06-2004
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
The growth and movement of jobs and population in the Washington, DC metropolitan area and the persistence of the booming housing market in the city have created both a crisis of affordability and an opportunity to strengthen and rebuild portions of the District of Columbia.
Topic:
Civil Society, Economics, Government, and Human Welfare
Political Geography:
Washington and Colombia

59. Africa's Debt Iraq's Debt - Washington's Double Standard

Publication Date:
04-2004
Content Type:
Working Paper
Institution:
Africa Policy Information Center
Abstract:
This week when the World Bank and International Monetary Fund (IMF) hold their annual spring meetings in Washington, DC, Africa's debt crisis will hardly appear on their agenda.
Topic:
Foreign Policy, Economics, Human Rights, Human Welfare, and Poverty
Political Geography:
Africa, United States, Iraq, Washington, Middle East, and Arabia

60. US-Mexico Border Control in a Changing Economic and Security Context

Author:
Peter Andreas
Publication Date:
12-2004
Content Type:
Working Paper
Institution:
The Wilson Center
Abstract:
Although far from Washington and Mexico City, it is perhaps only a slight exaggeration to say that U.S.-Mexico relations begin and end at their shared 1,933-mile-long border. Indeed, the degree of harmony or conflict in the relationship increasingly depends on how the border and border control matters are politically managed. The border is both one of the busiest and one of the most heavily policed territorial lines in the world, where many of the most critical and sensitive issues in the bilateral relationship, such as trade, migration, and drug trafficking, come together. In fact, much of U.S. policy toward Mexico has been driven by the twin objectives of facilitating authorized border crossings and deterring unauthorized crossings. Balancing these tasks has always been politically and bureaucratically frustrating and cumbersome, but both the challenge and the stakes have grown substantially as counterterrorism has been added to and redefined the border control agenda since September 11, 2001.
Topic:
International Relations, Security, and Economics
Political Geography:
United States, Washington, and Mexico