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1272. Theoretical Models of Heterogeneity, Growth and Competitiveness
- Author:
- Fulvio Castellacci
- Publication Date:
- 09-2009
- Content Type:
- Working Paper
- Institution:
- Norwegian Institute of International Affairs
- Abstract:
- This paper presents a survey of theoretical models of heterogeneity, growth and competitiveness. We compare two main theoretical traditions, evolutionary economics and mainstream heterogeneity models, in order to investigate whether the incorporation of heterogeneous agents has made the recent wave of mainstream models more similar to the evolutionary modelling style and results. The results of our survey exercise can be summarized as follows. On the one hand, we observe some increasing similarities and converging aspects between the evolutionary and the mainstream approaches to the study of heterogeneity. On the other hand, however, there are still some fundamental differences between them, which mainly relate to the distinct set of theoretical assumptions and methodological frameworks in which these heterogeneity models are set up and rooted. In short, the evolutionary approach emphasizes the complexities of the growth process and makes an effort to provide a realistic description of it, whereas the mainstream approach does instead follow a modelling methodology that emphasizes the analytical power and tractability of the formalization, even if that implies a somewhat simplified and less realistic description of the growth process.
- Topic:
- Development, Economics, Industrial Policy, International Trade and Finance, and Markets
1273. The United States-Peru Trade Promotion Agreement
- Author:
- Philip I. Levy
- Publication Date:
- 10-2009
- Content Type:
- Working Paper
- Institution:
- American Enterprise Institute for Public Policy Research
- Abstract:
- Bilateral free trade agreements have generally been analyzed as instances of preferential reciprocal tariff liberalization. Viewed through this lens, such agreements raise concerns both about new competition and about trade diversion. The United States-Peru Trade Promotion Agreement, an example of a serious North-South accord, demonstrates that new market access was not a principal Peruvian goal in the trade negotiations. Instead, the agreement was intended to encourage investment by locking in Peru's economic reforms. This motivation has very different implications for the global trading system than a quest for preferential access.
- Topic:
- International Trade and Finance, Markets, and Treaties and Agreements
- Political Geography:
- United States, Latin America, and Peru
1274. The Value of International Education to U.S. Business and Industry Leaders: Key Findings from a Survey of CEOs
- Publication Date:
- 10-2009
- Content Type:
- Policy Brief
- Institution:
- Institute of International Education
- Abstract:
- Study abroad experience is widely recognized among senior management as having the potential to cultivate valued skills and desirable personal qualities in new recruits. In a recent survey, ninety percent of senior management who reported studying abroad during their own careers also reported a hiring or promotion strategy that actively sought out and rewarded study abroad experience. This suggests that individuals with personal experience studying abroad are more likely to place a higher value on the study abroad experience of a potential employee. However, appreciation of study abroad experience in recruitment is not limited to management with personal study abroad experience: 60 percent of all respondents reported that the hiring and promotion strategy of their companies acknowledge the importance of a study abroad experience.
- Topic:
- Education, International Trade and Finance, Markets, and Labor Issues
- Political Geography:
- United States
1275. The International Monetary Fund and Regulatory Challenges
- Author:
- Edwin M. Truman
- Publication Date:
- 12-2009
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The International Monetary Fund (IMF) plays a substantial regulatory role in the international monetary and financial system. The IMF has been assigned a formal regulatory role in a limited number of areas such as obligations covering exchange rate policies. The Fund has a broader informal regulatory role derived from the voluntary consent of its members such as in surveillance over members' financial sector policies and international payments imbalances. The IMF's regulatory role is unlike that of its member governments within their own jurisdictions. The Fund's formal and informal regulation must be constantly nurtured and renewed via peer-review processes.
- Topic:
- Debt, Economics, International Organization, International Trade and Finance, International Monetary Fund, and Monetary Policy
1276. Reconciling Climate Change and Trade Policy
- Author:
- Arvind Subramanian, Aaditya Mattoo, Dominique van der Mensbrugghe, and Jianwu He
- Publication Date:
- 12-2009
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- There is growing clamor in industrial countries for additional border taxes on imports from countries with lower carbon prices. While this paper confirms the findings of other research that unilateral emissions cuts by industrial countries will have minimal carbon leakage effects, output and exports of energy-intensive manufactures are projected to decline, potentially creating pressure for trade action. A key factor affecting the impact of any border taxes is whether they are based on the carbon content of imports or the carbon content of domestic production. The paper's quantitative estimates suggest that the former action when applied to all merchandise imports would address competitiveness and environmental concerns in high income countries but with serious consequences for trading partners. Border tax adjustment based on the carbon content in domestic production would broadly address the competitiveness concerns of producers in high income countries and less seriously damage developing country trade.
- Topic:
- Climate Change, Economics, Energy Policy, Environment, and International Trade and Finance
- Political Geography:
- China
1277. Can the U.S. Remain an Attractive Host for FDI in the Auto Industry? New Labor Policy and Flexible Production
- Author:
- Terutomo Ozawa
- Publication Date:
- 10-2009
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- President Obama has been supporting a new bill, the Employee Free Choice Act, designed to promote the labor unions' drive for unionization. This bill, if enacted, will surely be a big boon for unions as it helps enlarge their membership, enhance their bargaining power vis-à-vis businesses, and enrich their coffers to wield political clout. An important issue here, however, is how such reinforced unionism contributes to the U.S.'s much needed industrial competitiveness and employment—and, more specifically, how this new policy will affect the U.S. as a host to FDI in the auto industry.
- Topic:
- Economics, Industrial Policy, International Trade and Finance, and Foreign Direct Investment
- Political Geography:
- United States
1278. Sovereign wealth funds: much ado about some money
- Author:
- Charles Kovacs
- Publication Date:
- 10-2009
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The first sovereign wealth fund (SWF) was established by Kuwait in 1953, and was followed by many others from 1973-4, after the first oil crisis. Since then, each major jump in oil and gas prices increased the number and size of SWFs; after 2000, countries with large trade surpluses also began to establish SWFs. By April 2009, SWFs had grown to $3-5 trillion of assets under management, invested mostly in high quality bonds. Equity investments have been a much smaller part of their portfolio and began to grow only in the 1990s. This trend has since accelerated with at least 698 documented equity investments between June 2005 and March 2009.
- Topic:
- Security, Economics, International Trade and Finance, and Sovereign Wealth Funds
- Political Geography:
- Kuwait
1279. The growth of Brazil's direct investment abroad and the challenges it faces
- Author:
- Luís Afonso Lima and Octavio de Barros
- Publication Date:
- 08-2009
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The internationalization of Brazilian companies is a relatively recent phenomenon. From 2000 to 2003, outward foreign direct investment (OFDI) averaged USD 0.7 billion a year. Over the four-year period 2004−2008, this average jumped to nearly USD 14 billion. In 2008, when global FDI inflows were estimated to have fallen by 15%, OFDI from Brazil almost tripled, increasing from just over USD 7 billion in 2007 to nearly USD 21 billion in 2008 (annex figure 1 below). Central Bank data put the current stock of Brazilian OFDI at USD 104 billion, an increase of 89% over 2003. Caution is in order about these figures, however, as in Brazilian outflows it is difficult to separate authentic FDI from purely financial investment under the guise of FDI. According to the most recent data, 887 Brazilian companies have invested abroad.
- Topic:
- Economics, International Trade and Finance, Markets, and Foreign Direct Investment
- Political Geography:
- Brazil and Latin America
1280. Outward investment by Trans-Latin enterprises: reasons for optimism
- Author:
- Michael Mortimore and Carlos Razo
- Publication Date:
- 08-2009
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Despite the global crisis, outward FDI by Latin American firms grew by more than 40% in 2008. The picture for 2009 is less clear, due to the expected regional GDP contraction, falling commodity prices, and tightening credit markets. Nonetheless, the authors argue that many countervailing factors make Latin American investment more resilient in the crisis than other regions may be.
- Topic:
- Economics, International Trade and Finance, and Foreign Direct Investment
- Political Geography:
- Latin America