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62. How Can Trade Policy Help America Compete?
- Author:
- Robert Z. Lawrence
- Publication Date:
- 10-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- America deserves credit for not having succumbed to the global financial crisis by repeating the protectionist mistakes of the 1930s. Nonetheless, since 2007, although lip service has been paid to boosting US exports, its trade policy accomplishments have been modest. This is unfortunate because active trade policies can promote American living standards and facilitate America's return to full employment and sustained growth. These policies can also help to create a global trade order that advances American interests. This policy brief argues that the United States needs new initiatives that discipline foreign practices, increase access to foreign markets, revitalize the World Trade Organization (WTO), improve the administrative and regulatory environment for trade, and assist workers and communities adversely affected by change.
- Topic:
- Economics, Globalization, International Trade and Finance, Markets, Global Recession, Monetary Policy, and Financial Crisis
- Political Geography:
- United States and America
63. Combating Widespread Currency Manipulation
- Author:
- Joseph E. Gagnon Gagnon
- Publication Date:
- 07-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Widespread currency manipulation, mainly in developing and newly industrialized economies, is the most important development of the past decade in international financial markets. In an attempt to hold down the values of their currencies, governments are distorting capital flows by around $1.5 trillion per year. The result is a net drain on aggregate demand in the United States and the euro area by an amount roughly equal to the large output gaps in the United States and the euro area. In other words, millions more Americans and Europeans would be employed if other countries did not manipulate their currencies and instead achieved sustainable growth through higher domestic demand.
- Topic:
- Economics, International Trade and Finance, Markets, and Monetary Policy
- Political Geography:
- United States, America, and Europe
64. The Dollar and Its Discontents
- Author:
- Olivier Jeanne
- Publication Date:
- 05-2012
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Has the US dollar delivered the benefit that the rest of the world is expecting from its holdings of international liquidity? US government debt has been liquid and safe, and it is supplied in sufficient quantity. But it has given a low return to the countries that accumulated the most reserves, especially when those returns are measured in terms of the countries' own consumption. Jeanne argues that countries that accumulate the most reserves should expect a low return in terms of their own consumption and that international monetary reform can do little to change that fact.
- Topic:
- Economics, International Trade and Finance, and Markets
- Political Geography:
- United States
65. What's Wrong with Dodd-Frank 1502? Conflict Minerals, Civilian Livelihoods, and the Unintended Consequences of Western Advocacy
- Author:
- Laura E. Seay
- Publication Date:
- 01-2012
- Content Type:
- Working Paper
- Institution:
- Center for Global Development
- Abstract:
- Although its provisions have yet to be implemented, section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act is already having a profound effect on the Congolese mining sector. Nicknamed “Obama's Law” by the Congolese, section 1502 has created a de facto ban on Congolese mineral exports, put anywhere from tens of thousands up to 2 million Congolese miners out of work in the eastern Congo, and, despite ending most of the trade in Congolese conflict minerals, done little to improve the security situation or the daily lives of most Congolese. In this report, Laura Seay traces the development of section 1502 with respect to the pursuit of a conflict minerals-based strategy by U.S. advocates, examines the effects of the legislation, and recommends new courses of action to move forward in a way that both promotes accountability and transparency and allows Congolese artisanal miners to earn a living.
- Topic:
- Security, Development, Economics, International Trade and Finance, Markets, Poverty, Natural Resources, and Financial Crisis
- Political Geography:
- Africa, United States, and Democratic Republic of the Congo
66. 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
67. Still a Better Deal: Private Investment vs. Social Security
- Author:
- Michael Tanner
- Publication Date:
- 02-2012
- Content Type:
- Working Paper
- Institution:
- The Cato Institute
- Abstract:
- Opponents of allowing younger workers to privately invest a portion of their Social Security taxes through personal accounts have long pointed to the supposed riskiness of private investment. The volatility of private capital markets over the past several years, and especially recent declines in the stock market, have seemed to bolster their argument.
- Topic:
- Economics, International Trade and Finance, Markets, and Financial Crisis
- Political Geography:
- United States
68. Gold Exchange Standard in its 40th Year of Abolition: Jacques Rueff Re-Visited
- Author:
- Onur Bayramoğlu
- Publication Date:
- 03-2012
- Content Type:
- Policy Brief
- Institution:
- Global Political Trends Center
- Abstract:
- While the post-war international monetary system that evolved under the leadership of the U.S. dollar has secured credit abundance – and hence contributed to global growth – the system has also revealed its deficiencies already by 1950's. In contrary to the 1930's when the world's main problem was chronic deflation; two decades later, the problem has become chronic inflation and fiscal deficits. Since then many blamed the indiscipline of the Keynesian school of thought and the inability of the U.S. dollar to become a global “public good” by being a stable international currency. In this Policy Brief, I overview the many aspects of the post-war international monetary system through the lens of the post-war French economist, Jacques Rueff, and question the applicability of his longproposed gold standard in today's highly integrated and speculative money markets.
- Topic:
- Economics, International Trade and Finance, Markets, Monetary Policy, and Financial Crisis
- Political Geography:
- United States
69. Using US Strategic Reserves to Moderate Potential Oil Price Increases from Sanctions on Iran
- Author:
- Philip K. Verleger
- Publication Date:
- 02-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The United States has initiated new sanctions against Iran aimed at preventing it from collecting revenue from exports of crude oil. The European Union has followed, embargoing all imports of Iranian crude from July 1, 2012 and preventing any firms from entering into new contracts to import Iranian oil after January 23, 2012. The new US and EU sanctions could be the most draconian in many years. If implemented fully, US sanctions would force trading partners to choose between the United States and Iran. EU sanctions would cut Iran off from an important market. These sanctions, while reducing Iranian income, could pose a very serious economic threat to countries that have significant trade with the United States and/or import significant quantities of oil from Iran.
- Topic:
- Conflict Resolution, Foreign Policy, International Trade and Finance, Markets, Oil, and Sanctions
- Political Geography:
- United States, Europe, Iran, and Middle East
70. Country Forecast: Global outlook
- Publication Date:
- 04-2012
- Content Type:
- Working Paper
- Abstract:
- Three years after the global economy reached its lowest point in three-quarters of a century, the recovery remains incomplete and the outlook uncertain. On March 9th 2009, the capitalisation of Morgan Stanley\'s global stockmarket index fell to US$26trn, nearly 60% below its 2007 peak. Today, the value of the world\'s stockmarkets has yet to return to the pre-crisis level—nor has the confidence of most consumers and businesses. The excesses of the last ten years—the personal debt accumulated early in the last decade and the public debt added during the recession—have saddled many countries with weak economic foundations and little or no resilience to shocks. This has left the US economy, in particular, struggling for a third straight year to lock in faster growth. It has left debt-ravaged Europe in recession and China manoeuvring unsteadily to deflate a bubble. On the brighter side, the global economy will grow again this year and the imbalances that built up over the past decade will continue to unwind. But global growth will be slower this year than last, and a host of risks—from elevated oil prices to war in the Middle East, to the collapse of Europe\'s single currency—will weigh on confidence and reduce spending and investment.
- Topic:
- Economics, Globalization, Markets, Global Recession, and Financial Crisis
- Political Geography:
- United States, China, Europe, and Middle East