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752. Global Imbalances: Time for Action
- Author:
- William R. Cline, John Williamson, Yung Chul Park, Alan J. Ahearne, Kyung Tae Lee, and Jean Pisani-Ferry
- Publication Date:
- 03-2007
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- One of the principal dangers currently facing the world economy arises from the large and unsustainable imbalances in current account positions. Some observers argue that these imbalances will unwind gradually and nondisruptively, while others emphasize the risks of a sudden change of sentiment in financial markets that could result in an abrupt and damaging adjustment. No one knows which scenario will materialize, but a priori for policymakers should be to reduce the risks of a crisis, which could produce a world recession and disruptions to the global trading system. For that, the global economy requires official sponsorship of a credible, comprehensive adjustment program. This policy brief outlines such a program.
- Topic:
- Development, Economics, Globalization, and International Trade and Finance
753. American Trade Politics in 2007: Building Bipartisan Compromise
- Author:
- I.M. Destler
- Publication Date:
- 05-2007
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- As Democrats took over the United States Congress in January 2007, many trade advocates trembled. Over the past decade, votes on trade liberalization had broken increasingly along partisan lines. Trade promotion authority (TPA)—indispensable for negotiating new trade agreements—passed by just one House vote in December 2001, with just 21 out of 210 Democrats in favor. In July 2006 the Central American Free Trade Agreement—Dominican Republic (CAFTA-DR) won by just two votes, with a minuscule 15 of 202 Democrats voting “aye.” By one accounting, voters in November 2006 had replaced 16 trade-friendly House Republicans (and five similar Senate Republicans) with tradeskeptical Democrats. No seats in either house moved in the free trade direction (Evenett and Meier 2006).
- Topic:
- Development, Government, International Trade and Finance, and Politics
- Political Geography:
- America
754. New Actors in Health Financing: Implications for a donor darling
- Author:
- Felix Zimmermann and Denis Drechsler
- Publication Date:
- 12-2006
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- With concern about how to finance the Millennium Development Goals (MDGs) widespread, recent donor pledges to raise aid volumes are welcome. However, aid alone will not suffice – bringing in new actors and sources of development finance will be essential. In many developing countries, this is already happening, creating new opportunities and challenges for their governments and donors.
- Topic:
- Development, Economics, Health, and International Trade and Finance
755. Economic Survey of the Russian Federation, 2006
- Publication Date:
- 11-2006
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- The Russian economy has been enjoying a period of robust growth, thanks largely to steadily rising terms of trade. The challenge confronting policy-makers is to facilitate Russia's transition into a period of self-sustaining, investment- and innovation-led growth. This will require a sound macroeconomic policy framework to manage the economy's adjustment to sustained high oil prices and a range of structural reforms aimed at creating better framework conditions for business.
- Topic:
- Development, Economics, and Markets
- Political Geography:
- Russia, Europe, and Asia
756. Economic Survey of Brazil, 2006
- Publication Date:
- 11-2006
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Considerable progress has been made in recent years in achieving macroeconomic stability and restructuring the economy. Productivity has risen since the macroeconomic stabilisation of the mid-1990s and the implementation of a series of structural reforms. But Brazil's GDP growth performance (about 2.5% per year on average since 1995) nevertheless needs to improve to close a widening income gap relative to the OECD area. Reaping the full benefits of stabilisation in terms of faster growth will require consolidating macroeconomic adjustment, boosting innovation in the business sector and stepping up formal labour utilisation.
- Topic:
- Development, Economics, and Markets
- Political Geography:
- Brazil and South America
757. Agricultural Policy Reform in South Africa
- Publication Date:
- 03-2006
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- With a surface area of 1.22 million km2 and a population of 46.9 million, South Africa is one of the largest countries on the African continent. It is also the largest African economy, with a per capita gross domestic product (GDP) of USD 3 530, more than four times the African average.
- Topic:
- Development, Economics, International Organization, and International Trade and Finance
- Political Geography:
- South Africa
758. Competition Law and Policy in Switzerland
- Publication Date:
- 03-2006
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Competition policy plays a key role in promoting consumer welfare and market opening. Lack of competition is a main reason for the high prices of many products and services on the Swiss market. Traditionally, Swiss competition policy has been relatively lenient and low profile, allowing a relatively uncompetitive internal market to remain unchallenged. The impact of competition policy on economic development has therefore been at best neutral. As the slow rate of growth becomes an issue, however, a more vigorous approach to competition has been identified as an important factor for improving growth prospects. The 2003 reform of the Cartel Act strengthened Swiss competition law, in particular by introducing direct sanctions for the most serious infringements and a leniency programme, thus bringing it closer to that of the European Union and of many other OECD countries. The Swiss Competition Commission has been given considerable new powers to combat private restraints of competition. Comco will have to enforce the new laws resolutely and step up action to promote regulatory reforms. In doing so, it is burdened by institutional arrangements and mechanisms that temper its full independence. The Swiss competition enforcers do not benefit from the networks of exchanges available to national competition authorities in EU member States. Matters are further complicated by a relative lack of resources. Strengthening competition is a key for an effective internal market. The amendments to strengthen the Cartel Law and pending reform proposals signal determination on the part of the Confederation to tackle the problems. It is too early to say how effective they will be and the extent to which they will encourage a change in general attitudes, notably among the sub federal levels of government.
- Topic:
- Development, Economics, International Organization, International Trade and Finance, and Law
- Political Geography:
- Switzerland
759. Economic Survey of Finland, 2006
- Publication Date:
- 05-2006
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Growth performance has been among the best in the OECD, underpinned by a strong innovation performance and high educational attainment. The unemployment rate, currently at 8%, has dropped below the euro area average, employment rates, particularly among the old workers, have been increasing rapidly, inflation is among the lowest in the OECD and the government surplus sizeable.
- Topic:
- Development, Economics, International Organization, and International Trade and Finance
- Political Geography:
- Finland
760. Economic Survey of Portugal, 2006
- Publication Date:
- 03-2006
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Portugal's economic performance has deteriorated markedly since 2000, with the slowdown turning out to be more severe and prolonged than in most other OECD countries. This lack of resilience reveals structural weaknesses. Meanwhile, with low growth and weak control of public expenditure, the fiscal deficit has remained at unsustainably high levels, reaching close to 6% of GDP in 2005. Despite the existence of a large output gap, the high fiscal deficit leaves no room to stimulate demand. The government has embarked on a strategy that aims at consolidating public finances and enhancing growth and it is important to strengthen these efforts. Without more wage restraint and higher productivity growth, there is a clear risk that Portugal's competitiveness continues to deteriorate and the income gap vis-à-vis the OECD average widens further.
- Topic:
- Development, Economics, International Organization, and International Trade and Finance
- Political Geography:
- Portugal