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11. Framework for the International Services Agreement

Author:
Gary Clyde Hufbauer and J. Bradford Jensen
Publication Date:
04-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Services trade continues to be the most dynamic part of world trade, and service sectors have long been the largest destination of foreign direct investment (FDI) flows. Higher GDP growth goes hand-in-hand with service sector growth. Yet, despite these positive attributes, little progress has been achieved in multilateral talks to liberalize services trade and investment. There is something very wrong about this picture—the disjuncture between stalled service negotiations in Geneva, the excessive focus on other components of the Doha Round to the neglect of services, and the rapid expansion of services trade and investment across borders. The time has come for an International Services Agreement (ISA) in which self-selected World Trade Organization (WTO) members voluntarily agree to new rules and market access commitments. The ISA would be distinct from a multilateral undertaking, like the Doha Round, that must gain the consent of all WTO members. Instead, it would be akin to the Agreement on Government Procurement, in which the market access benefits are confined to the agreement's members, but the agreement itself is open to all WTO members that are willing to accept its disciplines and commitments.
Topic:
Economics, Emerging Markets, International Trade and Finance, Markets, and World Trade Organization

12. US Tire Tariffs: Saving Few Jobs at High Cost

Author:
Gary Clyde Hufbauer and Sean Lowry
Publication Date:
04-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
In his 2012 State of the Union address, President Obama claimed that "over a thousand Americans are working today because we stopped a surge in Chinese tires." The tire tariff case, decided by the president in September 2009, exemplifies his efforts to get China to "play by the rules" and serves as a plank in his larger platform of insourcing jobs to America.
Topic:
Economics, Industrial Policy, International Trade and Finance, and Governance
Political Geography:
United States, China, and America

13. Another Shot at Protection by Stealth: Using the Tax Law to Penalize Foreign Insurance Companies

Author:
Gary Clyde Hufbauer
Publication Date:
01-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
The United States suffers from a severe self-inflicted wound. Together, federal and state governments impose almost the highest corporate tax rate found among advanced countries, 39 percent. Only Japan is fractionally higher. The high US rate has adverse consequences—lost investment, lost jobs, and less innovation—and goes a long way to explain slipping US competitiveness in the world economy.
Topic:
Economics, Industrial Policy, International Trade and Finance, and Markets
Political Geography:
United States and Japan

14. Japan Post: Retreat or Advance?

Author:
Gary Clyde Hufbauer and Julia Muir
Publication Date:
01-2012
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Legislation to reform Japan Post is again gathering steam in Tokyo. The real question is whether the latest act in this long- running drama will represent true reform or in fact will camouflage an entrenchment of Japan Post's formidable monopoly powers. Antireform proposals being lined up for consideration in the Diet would indefinitely extend effective government control of Japan Post's financial arms (thereby reversing the Koizumi era reforms). On the other hand, reform forces in the Japanese government want new legislation to guarantee a level playing field in banking and insurance between Japan Post and private firms, whether domestic or foreign.
Topic:
Economics, Government, International Trade and Finance, and Natural Disasters
Political Geography:
Japan and Israel

15. Logistics Reform for Low-Value Shipments

Author:
Gary Clyde Hufbauer and Yee Wong
Publication Date:
06-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Facilitating trade is essential for countries that aspire to compete in the global economy. Low transactions costs, speed, and predictability are all ingredients of a good logistics system. The payoff is large. According to a World Bank (2010) evaluation of nearly 155 countries, improving logistics for countries at the same level of per capita income can increase GDP by 1 percent and two-way merchandise trade by 2 percent.
Topic:
Economics, Emerging Markets, Globalization, and International Trade and Finance

16. Revitalizing the Export-Import Bank

Author:
Gary Clyde Hufbauer, Meera Fickling, and Woan Foong Wong
Publication Date:
05-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
The United States has experienced persistent trade deficits for decades, and thoughtful observers have concluded that deficits cannot be sustained at levels much exceeding 4 percent of GDP annually. There are only two ways to decrease the trade deficit: reduce imports or increase exports. For global economic health, increased exports are a far better proposition.
Topic:
Economics, International Trade and Finance, and Monetary Policy
Political Geography:
United States

17. Corporate Tax Reform for a New Century

Author:
Gary Clyde Hufbauer and Woan Foong Wong
Publication Date:
04-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
In his State of the Union address, President Barack Obama stressed four ingredients of American prosperity: faster innovation, better education, less deficit, and more jobs. As the president recognized in his address, the US free enterprise system drives the private sector to innovate, invest, and create jobs. This policy brief concentrates on how reforming the corporate tax system can strengthen the private sector, thereby spurring both innovation and job.
Topic:
Economics, Globalization, International Trade and Finance, Monetary Policy, and Financial Crisis
Political Geography:
United States

18. US Tax Discrimination Against Large Corporations Should Be Discarded

Author:
Gary Clyde Hufbauer and Martin Vieiro
Publication Date:
10-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
The United States holds contradictory views about large corporations. When Americans speak of breakthroughs in research and engineering, they are justly proud of large firms that pioneered railroads and steam engines in the 19th century, automobiles, electric power, and oil exploration in the 20th century, and computers, software, and biotechnology in the 21st century. Yet when talk turns to paying taxes, public opinion holds that large corporations should pay a higher statutory tax rate than other business firms, and enjoy fewer deductions in computing their taxable income. Despite common sense and the teachings of economics, tax discrimination is alive and well.
Topic:
Economics, Globalization, International Trade and Finance, Markets, and Financial Crisis
Political Geography:
United States and America

19. The United States Should Establish Permanent Normal Trade Relations with Russia

Author:
Gary Clyde Hufbauer and Anders Åslund
Publication Date:
11-2011
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
After 18 years, Russia is finally on the verge of acceding to the World Trade Organization (WTO). No country has struggled for so long to become a member of this important organization. The last impediment was removed on November 9, when Russia and Georgia concluded an agreement on monitoring trade flows across their disputed border. The WTO Working Party, which oversaw the negotiations, then approved Russian accession on November 10, clearing the way for formal membership to be adopted at the WTO ministerial conference to be held December 15–17, 2011 (WTO 2011).
Topic:
Conflict Resolution, Economics, International Trade and Finance, Markets, and Bilateral Relations
Political Geography:
Russia, United States, and Georgia

20. Foreign Direct Investment in Times of Crisis

Author:
Gary Clyde Hufbauer and Lauge Skovgaard Poulsen
Publication Date:
02-2011
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper compares the current foreign direct investment (FDI) recession with FDI responses to past economic crises. The authors find that although developed country outflows have taken an equally big hit as major developed countries have after past crises, outflows seem to be bouncing back more slowly this time. By contrast with the overall decline in recent years, inflows to emerging markets often remained stable during their past economic crises. Both patterns indicate that the global scale of the current crisis has led to a greater FDI response than after individual country crises in the past. Compared with global economic downturns since the 1970s, the current FDI recession has also been greater in magnitude. The exception is the FDI plunge in the early 2000s, despite the much smaller economic crisis at the time. The authors conclude by recommending that policymakers not just further liberalize FDI regimes—as they find was the typical pattern during earlier crises—but rather use the downturn to rethink their FDI policies with an enhanced focus on "sustainable FDI" promotion.
Topic:
Globalization, Global Recession, Foreign Direct Investment, and Financial Crisis