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6791. 2009 Estimates of Fundamental Equilibrium Exchange Rates

Author:
William R. Cline and John Williamson
Publication Date:
06-2009
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
When we first published our estimates of fundamental equilibrium exchange rates (FEERs) in July 2008 (Cline and Williamson 2008), we stated that this was intended to be a regular series of publications. This policy brief updates those estimates in light of the momentous changes in the world economy during the past year. Many of those changes, notably changes in actual exchange rates, should not influence FEERs, except insofar as we allow a range of variation of the target current account balance. But equally clearly, one does expect some of the changes, notably forecasts of the prices of oil and other commodities, to be important determinants of equilibrium exchange rates.

6792. The Alien Tort Statute of 1789: Time for a Fresh Look

Author:
Gary Clyde Hufbauer
Publication Date:
05-2009
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
In 2007 the Second Circuit Court of Appeals held that US companies that had done business with apartheid South Africa could be found liable for monetary damages under the Alien Tort Statute (ATS) of 1789 (Khulumani v. Barclay Nat. Bank Ltd., 504 F.3d 254 [2d Cir. 2007]). Liability arises, the Second Circuit declared, from their possible connections with human rights violations committed by South Africa during the apartheid era. Firms named in the suit include Bank of America, IBM, Coca-Cola, and General Motors. The governments of the United Kingdom, Germany, and Switzerland all opposed the lawsuit, as did the government of South Africa, which argued that the suit ran counter to its policy of reconciliation. The Bush administration also opposed the suit, but the Second Circuit rejected the argument that the cases could be dismissed for foreign policy reasons.
Topic:
Apartheid, Human Rights, International Law, and International Trade and Finance
Political Geography:
Africa, United States, United Kingdom, America, South Africa, and Germany

6793. Energy Efficiency in Buildings: A Global Economic Perspective

Author:
Trevor Houser
Publication Date:
04-2009
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
At the 2008 summit in Hokkaido, Japan, G-8 leaders called for a 50 percent global reduction in greenhouse gas (GHG) emissions by 2050 to avoid “the most serious consequences of climate change.” Meeting this goal will require transforming the way energy is produced, delivered, and consumed across all sectors of the economy and regions of the world. The International Energy Agency (IEA) estimates that the building sector alone will need to reduce annual emissions by 8.2 gigatons below business-as-usual by 2050, an amount equal to nearly one third of global emissions today (IEA 2008a).
Topic:
Climate Change, Energy Policy, and International Cooperation
Political Geography:
Japan

6794. US Taxation of Multinational Corporations: What Makes Sense, What Doesn't

Author:
Gary Clyde Hufbauer and Jisun Kim
Publication Date:
03-2009
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
As the administration and Congress catch their breath from rescuing the economy, their thoughts are quickly turning to other issues—including the structure of the US tax system. Everyone agrees that the US tax system inflicts enormous complexity on the American public. But reform is never easy. Who pays the tax burden ranks among the most contentious issues that Congress has historically faced, and this time around will be no different.
Topic:
Economics, International Trade and Finance, and Financial Crisis
Political Geography:
United States

6795. Pressing the "Reset Button" on US-Russia Relations

Author:
Anders Åslund and Andrew Kuchins
Publication Date:
03-2009
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Whither Russia? Russia's economic circumstances as well as its articulated goals hold the answer to this eternal question. Drawing on our analysis in the forthcoming book The Russia Balance Sheet, we outline here a policy approach for the Barack Obama administration. We believe our views reflect to some degree an emerging consensus for the new administration's Russia policy. Russia is important for US foreign policy in many ways. The United States needs a more constructive relationship with Russia to address many core global security issues including nuclear security and nonproliferation, terrorism, energy, and climate change.
Topic:
International Relations, Foreign Policy, and Economics
Political Geography:
Russia and United States

6796. North Korea: Getting Back to Talks

Publication Date:
06-2009
Content Type:
Policy Brief
Institution:
International Crisis Group
Abstract:
The motivations for North Korea's second nuclear test are, as with many of its actions, mostly impenetrable. It may be the latest step in an unrelenting drive to become a permanent nuclear state or it could be advertising nuclear wares to potential buyers. It may be driving up the price others will pay for the North to give up its weapons or it might be about ensuring that the military will accept whatever decision Kim Jong-il has made on his successor. Most likely, North Korea's nuclear weapons program serves multiple purposes for the leadership. Whatever the rationale, there are no good options in response. Finding a way to resume talks on ending the nuclear program may appear to reward Pyongyang's bad behaviour, but diplomacy is still the least bad option. At the same time, the UN Security Council's strong and united condemnation of the test in Resolution 1874 must be enforced, while containment of proliferation and deterrence of North Korean provocations need to be boosted.
Topic:
Nuclear Weapons and Weapons of Mass Destruction
Political Geography:
Israel, Asia, and North Korea

6797. Pakistan's IDP Crisis: Challenges and Opportunities

Publication Date:
06-2009
Content Type:
Policy Brief
Institution:
International Crisis Group
Abstract:
In the wake of a conceptually flawed peace agreement, the Taliban takeover of large parts of Malakand division, subsequent military action in the area, almost three million internally displaced persons (IDPs) have fled to camps, homes, schools and other places of shelter across Northwest Frontier Province (NWFP). The challenge for the Pakistan Peoples Party (PPP)-led government and international actors is to make relief, rehabilitation and reconstruction efforts responsive to needs and empower local communities in Malakand Division. Failure to do so will reverse any gains on the battlefield and boost radical Islamist groups.
Topic:
Terrorism, War, and Insurgency
Political Geography:
Pakistan, Central Asia, Asia, and Taliban

6798. Georgia-Russia: Still Insecure and Dangerous

Publication Date:
06-2009
Content Type:
Policy Brief
Institution:
International Crisis Group
Abstract:
Ten months after the “August war” between Georgia and Russia, violent incidents and the lack of an effective security regime in and around the conflict zones of South Ossetia and Abkhazia create a dangerous atmosphere in which extensive fighting could again erupt. Russia has not complied with key aspects of the cease-fire agreements that President Medvedev reached in August/September 2008 with French President Sarkozy in his then EU presidency role. Its 15 June Security Council veto of an extension of the sixteen-year-old UN observer mission mandate in Georgia and Abkhazia and its apparent intention to require the removal of the mission of the Organisation for Security and Co-operation in Europe (OSCE) by the end of the month are blows to regional security that will further fuel tensions. Most of the on-the-ground conflict resolution machinery is thus being dismantled. Moscow should review its counterproductive position and work for a reasonable compromise allowing the UN and OSCE monitors to continue their important work.
Topic:
Conflict Resolution, Security, and War
Political Geography:
Russia, Eastern Europe, Moscow, Georgia, South Ossetia, and Abkhazia

6799. The Internationalization of Chinese and Indian Firms: Trends, Motivations and Policy Implications

Author:
Sandeep Kapur and Suma Athreye
Publication Date:
01-2009
Content Type:
Policy Brief
Institution:
United Nations University
Abstract:
The last two decades have seen a significant rise in the internationalization of firms from developing economies. In addition to their growing participation in international trade, a number of leading emerging economies are contributing to growing outflows of foreign direct investment (FDI) and cross-border mergers and acquisitions. According to the 2008 World Investment Report, outward flows of FDI from developing countries rose from about US$6 billion between 1989 and 1991 to US$225 billion in 2007. As a percentage of total global outflows, the share of developing countries grew from 2.7% to nearly 13.0% during this period.
Topic:
International Relations, Economics, Globalization, International Political Economy, Markets, Foreign Direct Investment, and Financial Crisis
Political Geography:
United States, China, and India

6800. Building Blocks for Citizenship and a Peaceful Transition in Sudan

Author:
Kelly Campbell, Linda Bishai, and Jacki Wilson
Publication Date:
03-2009
Content Type:
Policy Brief
Institution:
United States Institute of Peace
Abstract:
Sudan's upcoming elections in 2009 raise hopes and concerns for the country's future. According to the Comprehensive Peace Agreement (CPA), signed in 2005 between the ruling National Congress Party (NCP) and the Sudan People's Liberation Movement (SPLM), Sudan is scheduled to hold national and state level elections in 2009. (Elections are to take place for president of the Government of National Unity, president of the Government of Southern Sudan, members of the National Assembly and the South Sudan Legislative Assembly, and governors and state legislatures in all of Sudan's 25 states.) However, delays in each phase of electoral preparation — including the passage of the electoral law, the appointment of the nine National Election Commission members responsible for overseeing elections, and the census — have raised doubts about whether the elections will be held within the timeframe outlined in the CPA.
Topic:
Conflict Resolution, Democratization, Development, Peace Studies, Treaties and Agreements, and War
Political Geography:
Sudan