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581. U.S. Immigration Policy

Author:
Jeb Bush and Thomas McLarty
Publication Date:
07-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The United States, a country shaped by generations of immigrants and their descendants, is badly mishandling its immigration policy, with serious consequences for its standing in the world. The urgency of this issue has led the Council on Foreign Relations to convene an Independent Task Force to deal with what is ordinarily regarded as a domestic policy matter. America's openness to and respect for immigrants has long been a foundation of its economic and military strength, and a vital tool in its diplomatic arsenal. With trade, technology, and travel continuing to shrink the world, the manner in which the United States handles immigration will be increasingly important to American foreign policy in the future. The Task Force believes that the continued failure to devise and implement a sound and sustainable immigration policy threatens to weaken America's economy, to jeopardize its diplomacy, and to imperil its national security.
Topic:
Security, Economics, and Immigration
Political Geography:
United States and America

582. A Hegemon's Coming of Age

Author:
Walter Russell Mead
Publication Date:
07-2009
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
George Herring's well-written and lively book may turn out to be one of the last attempts by a leading scholar to compress a comprehensive and comprehensible account of the United States' foreign relations into a single volume.
Topic:
Economics
Political Geography:
United States

583. India's Fortune

Author:
Edward Luce
Publication Date:
07-2009
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
Nandan Nilekani has produced one of the best and most thought-provoking books on India in years.
Topic:
Economics and Government
Political Geography:
United States and India

584. Credit Default Swaps, Clearinghouses, and Exchanges

Publication Date:
07-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
As its name suggests, the payoff on a credit default swap (CDS) depends on the default of a specific borrower, such as a corporation, or of a specific security, such as a bond. The value of these instruments is especially sensitive to the state of the overall economy. If the economy moves toward a recession, for example, the likelihood of defaults increases and the expected payoff on credit default swaps can rise quickly. The Depository Trust and Clearing Corporation (DTC C) estimates that in April 2009, the notional amount of credit default swaps outstanding was about $28 trillion. As a result of the overall size of the CDS market and the sensitivity of CDS payoffs to economic conditions, large exposures to credit default swaps can create substantial systemic risk.
Topic:
Economics, Markets, and Financial Crisis
Political Geography:
United States

585. The Waning of U.S. Hegemony—Myth or Reality? A Review Essay

Author:
Christopher Layne
Publication Date:
07-2009
Content Type:
Journal Article
Journal:
International Security
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
Over the next two decades, international politics will be shaped by whether the international system remains unipolar or is transformed into a multipolar system. Can the United States sustain its primacy? Or will the emergence of new great powers reorder the distribution of power in the international system? If U.S. power is waning, will power transition dynamics result in security competitions and an increased possibility of war? In particular, what are the implications of China's rapid ascent to great power status? If the United States is unable to preserve its hegemonic role, what will happen to the security and economic frameworks that it took the lead in creating after the end of World War II and that have provided the foundation for the international order ever since? In a world no longer defined by U.S. hegemony, what would become of globalization and the open international economic system that the United established after World War II and expanded after the Cold War ended? This essay reviews five publications that grapple with these questions: Stephen G. Brooks and William C. Wohlforth, World Out of Balance: International Relations and the Challenge of American Primacy; Parag Khanna, The Second World: Empires and Influence in the New Global Order; Kishore Mahbubani, The New Asian Hemisphere: The Irresistible Shift of Global Power to the East; National Intelligence Council, Global Trends 2025: A Transformed World; and Fareed Zakaria, The Post-American World.
Topic:
Economics and War
Political Geography:
United States, China, and Asia

586. Expanding Study Abroad Capacity at U.S. Colleges and Universities

Author:
Peggy Blumenthal(ed.) and Robert Gutierrez(ed.)
Publication Date:
05-2009
Content Type:
Working Paper
Institution:
Institute of International Education
Abstract:
In order to explore the capacity of U.S. institutions to send more students abroad, IIE, in collaboration with the Forum on Education Abroad, administered an online snapshot survey in September 2008 among the IIE Network and Forum membership groups, two institutional membership associations that represent a large cohort of U.S. institutions deeply involved and committed to expanding study abroad and other international educational opportunities for their students. Typical members include: U.S. higher education institutions, study abroad program provider organizations, overseas institutions, and other organizations involved in international education.
Topic:
Economics, Globalization, International Cooperation, and Markets
Political Geography:
United States

587. 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
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

588. 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

589. 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
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

590. Understanding Special Drawing Rights

Author:
John Williamson
Publication Date:
06-2009
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
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