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202. The global economic crisis and FDI flows to emerging markets: for the first time ever, emerging markets are this year set to attract more than half of global FDI flows
- Author:
- Laza Kekic
- Publication Date:
- 10-2009
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- The global economic and financial crisis has had a major impact on foreign direct investment (FDI) flows. After declining in 2008 by 17% to US$1.73trn from US$2.09trn in 2007—the high point of a four- year long boom in cross-border mergers and acquisitions (M) and FDI—global FDI inflows are forecast to plunge by 44% to less than US$1trn in 2009. The big drop in 2009 is occurring despite the improvements in the global economy in recent months. A notable feature of trends in 2009 is that, for the first time ever, emerging markets are set to attract more FDI inflows than the developed world.
- Topic:
- Development, Economics, Foreign Direct Investment, and Financial Crisis
- Political Geography:
- United States
203. International Investment Arbitration: Winning, Losing and Why
- Author:
- Susan D. Franck
- Publication Date:
- 06-2009
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- We know several things about foreign investment. First, foreign investment matters, reaching US$1.7 trillion in 2008. Second, we know that foreign investors have new international law rights to protect their economic interests. Third, we know that those rights are now being used.
- Topic:
- Economics, International Trade and Finance, and Foreign Direct Investment
- Political Geography:
- United States
204. The global financial crisis: will state emergency measures trigger international investment disputes?
- Author:
- Anne Van Aaken and Jürgen Kurtz
- Publication Date:
- 03-2009
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Several developed countries have introduced emergency measures to mitigate the effects of the Global Financial Crisis, including Australia, Germany, Ireland, the United Kingdom, and the United States. Although the measures taken are still undergoing changes by the executive branch and are thus a “moving target”, our survey reveals early evidence of differentiation between foreign and domestic actors in the emergency plans adopted by this sample grouping. It is this differentiation that may give rise to liability as breaching guarantees against discrimination of foreign investors under international investment law.
- Topic:
- Economics, International Trade and Finance, Markets, International Affairs, Foreign Direct Investment, and Financial Crisis
- Political Geography:
- United States, United Kingdom, Germany, Australia, and Ireland
205. The revised national security review process for FDI in the US
- Author:
- Mark E. Plotkin and David N. Fagan
- Publication Date:
- 01-2009
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- On December 22, 2008, new regulations setting forth the U.S. government's national security review process for foreign mergers and acquisitions of U.S. businesses became effective. They are the ultimate step in a lengthy effort to revise and strengthen the reviews undertaken by the Committee on Foreign Investment in the United States (“CFIUS”).
- Topic:
- Economics, National Security, and Foreign Direct Investment
- Political Geography:
- United States
206. 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 (IIE)
- 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
207. 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
208. 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
209. How Do We Know This is Not Another Great Depression? Lessons for Policymakers from the 1930s
- Author:
- Jeffrey Frankel
- Publication Date:
- 07-2009
- Content Type:
- Policy Brief
- Institution:
- Belfer Center for Science and International Affairs, Harvard University
- Abstract:
- The current economic crisis is fundamentally different from those we have experienced in recent past. The proximate causes of previous recessions (1980-2 and 1990-91) were increases in interest rates in response to inflation. This time around, however, low interest rates and loose monetary policy during the period 2003-2005 had contributed to a bubble in asset prices, rather than to inflation. This-coupled with an underestimation of risk in our financial system, failures of corporate governance, and excessive debt by both households and government-caused the crisis of 2007-09.
- Topic:
- Economics, International Trade and Finance, Monetary Policy, and Financial Crisis
- Political Geography:
- United States, Japan, and Germany
210. The Future of the Dollar
- Author:
- Richard N. Cooper
- Publication Date:
- 09-2009
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The US dollar is not the world's key currency by policy design, just as English is not the leading global language by policy design. It is the evolutionary outcome of practice and experience. It would take both a major shock to the dollar and a viable alternative to dislodge it from widespread use. Like a common language, the dollar enjoys “network externalities”— the greater the number of people who use and accept it, the more useful it is to everyone, and the more entrenched it becomes. Also, what is not quite the same thing, the dollar enjoys a large market in low-risk and highly liquid securities, most notably US Treasury bills; the liquidity both enhances and is enhanced by the network externalities. Most of the world's foreign exchange transactions directly involve the US dollar. It is easy to hold and easy to use, even on a large scale. In short, it is highly convenient.
- Topic:
- Economics, Foreign Exchange, and International Trade and Finance
- Political Geography:
- United States
211. Why SDRs Could Rival the Dollar
- Author:
- John Williamson
- Publication Date:
- 09-2009
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In a recent Cato Institute paper, Swaminathan S. Anklesaria Aiyar (2009) asserts that the International Monetary Fund's special drawing rights (SDRs) cannot rival the US dollar, as suggested by the Chinese central bank governor (Zhou Xiaochuan 2009). “The SDR is not a currency and never can be,” Swami declares confidently in the first paragraph of his paper. He presents two arguments, which are presumably supposed to be proofs of this proposition.
- Topic:
- Economics, Foreign Exchange, and International Trade and Finance
- Political Geography:
- United States
212. The 2008 Oil Price "Bubble"
- Author:
- Mohsin S. Khan
- Publication Date:
- 08-2009
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- As oil prices began to rise in 2009 from a low point of about $40 a barrel in January to around $70 a barrel in July, a key question is whether the world is in for another oil price spike in the near term similar to that witnessed in early 2008. Several hypotheses were advanced when world oil prices started their inexorable climb from 2003–04 onwards, then skyrocketed from $92 a barrel in January 2008 to cross the $140 a barrel mark in June, finally hitting a record high of $147 a barrel on July 11, 2008, before collapsing to less than $40 a barrel in December (figure 1). There was the “peak oil” explanation, based on the theories of M. King Hubbert of “Hubbert's Peak” fame and his supporters, notably Colin Campbell and Matthew Simmons, that the world was running out of oil. There were the market “fundamentalists,” including importantly John Lipsky, the first deputy managing director of the International Monetary Fund (IMF), and Philip Verleger, a well-known oil expert, who argued that the fundamentals of demand and supply were primarily behind the extraordinary rise in oil prices in the first half of 2008 (Lipsky 2009a, 2009b; Verleger 2005, 2008). Interestingly, this fundamentals view was also shared by the US Treasury and was articulated by David McCormick, then undersecretary for international affairs, in a presentation in July 2008 at the Peterson Institute for International Economics. Finally, there were those who maintained that such an increase could only be a “bubble,” unexplained by peak oil theory or market fundamentals. Many financial-market participants were proponents of this third view, notably Michael Masters (2008), as well as the main oil producers, who were as surprised as anyone at the speed and size of the price increase over only a few months. Their argument was that the phenomenal increase in financialization of commodity markets during 2006–08, including in particular the oil market, led to speculation and momentum trading, which pushed oil prices way beyond their long-term equilibrium level as determined by fundamentals.
- Topic:
- Economics, International Trade and Finance, and Oil
- Political Geography:
- United States
213. The Global Economic Crisis after One Year: Is a New Paradigm for Recovery in Developing Countries Emerging?
- Author:
- Wim Naudé
- Publication Date:
- 08-2009
- Content Type:
- Policy Brief
- Institution:
- United Nations University
- Abstract:
- T HE ECONOMIC DOWNTURN AND RECESSION, WHICH spread across the globe following the US sub-prime mortgage crisis in September 2008, has become the dominant news topic of the past year. One year into the crisis it has become clear that the paradigm for international development has changed irrevocably. With leadership, moral authority and the capacity of the West diminishing, developing countries' recovery and future growth will critically depend on their own initiatives and solutions.
- Topic:
- Economics, Globalization, International Trade and Finance, and Financial Crisis
- Political Geography:
- United States
214. Combating illicit financial flows from poor countries. Estimating the possible gains
- Author:
- Jakob Vestergaard and Martin Højland
- Publication Date:
- 11-2009
- Content Type:
- Policy Brief
- Institution:
- Danish Institute for International Studies (DIIS)
- Abstract:
- If the UN Millennium Development Goals are to be reached by 2015, development aid needs to be tripled – which is most unlikely. Instead, countries should unite in a concerted multilateral effort to combat illicit financial flows: for every dollar poor countries receive in development assistance, more than eight dollars are illegally transferred back to rich countries, most of it in order avoid local taxation. Effectively combating these illicit financial flows would generate more financial resources for development than foreign aid is likely to ever do – and help build a sustainable tax base in developing countries for the benefit of future development efforts.
- Topic:
- Corruption, Crime, and Economics
- Political Geography:
- United States, United Kingdom, Europe, London, Belgium, Switzerland, Ireland, and Luxembourg
215. The Citizens' Guide to Transportation Reauthorization
- Author:
- Randal O'Toole
- Publication Date:
- 12-2009
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Sometime in 2010 or 2011, Congress expects to decide how to spend the $250 billion or more of federal gas taxes and other highway user fees that will be collected over the next six years. The process of doing so is called surface transportation reauthorization. A major point of contention in this law is how much of our transportation system should be centrally planned and how much should be built and operated in response to the needs of actual transportation users.
- Topic:
- Economics and Infrastructure
- Political Geography:
- United States
216. Icon or Omen? Dubai's Debt Problem and the Gulf
- Author:
- Simon Henderson
- Publication Date:
- 12-2009
- Content Type:
- Policy Brief
- Institution:
- The Washington Institute for Near East Policy
- Abstract:
- Late on November 25, just before the start of the Islamic Eid festival and, coincidentally, Thanksgiving in the United States, Dubai's flagship investment company Dubai World announced that it would be requesting a six-month delay on paying its debts. Within hours, Dubai's reputation was being rewritten, and its ambition to be a financial center, building on its historic reputation as a focal point for regional trade, was being recast. Uncertainty continued on November 30, when the Dubai government said that it would not guarantee Dubai World's debt. In any event, the larger story has been the nervousness of world financial markets, which are now also evincing worry about the debt of countries like Greece or Ireland. Within the Middle East, the focus is on the extent of support that Dubai will receive from Abu Dhabi, the neighboring -- and richer -- member sheikhdom of the United Arab Emirates (UAE), whether other city-states like Bahrain and Qatar are also at risk, and whether Dubai's links with Iran will change as a result of its financial situation.
- Topic:
- Debt, Economics, and Financial Crisis
- Political Geography:
- United States, Iran, Middle East, Arabia, Bahrain, Dubai, and Abu Dhabi
217. Is the Gold Standard Still the Gold Standard among Monetary Systems?
- Author:
- Lawrence H. White
- Publication Date:
- 02-2008
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Critics have raised a number of theoretical and historical objections to the gold standard. Some have called the gold standard a “crazy” idea. The gold standard is not a flawless monetary system. Neither is the fiat money alternative. In light of historical evidence about the comparative magnitude of these flaws, however, the gold standard is a policy option that deserves serious consideration.
- Topic:
- Economics and Government
- Political Geography:
- United States
218. PolicyWatch #1425: Interfaith, Oil, and Afghanistan: Where Saudi and U.S. Interests Diverge
- Author:
- Simon Henderson
- Publication Date:
- 11-2008
- Content Type:
- Policy Brief
- Institution:
- The Washington Institute for Near East Policy
- Abstract:
- Saudi king Abdullah is in the United States this week to discuss issues of considerable interest to both countries. Tomorrow and Thursday, he is in New York City for an interfaith meeting he is sponsoring and which President Bush will be attending. On Friday and Saturday, the Saudi monarch will be at the White House, where he will be the sole Islamic or Arab representative at a summit of major economic powers discussing the world financial crisis. In a separate meeting with President Bush, he is expected to report on Saudi mediation efforts with the Taliban in Afghanistan. Despite some common interest in all these areas, perspectives differ significantly on issues such as radical Islam and the price of oil. The United States, particularly during a time of presidential transition, should be careful not to concede ground on continuing points of disagreement.
- Topic:
- Economics and Oil
- Political Geography:
- Afghanistan, United States, Middle East, Asia, and Saudi Arabia
219. Bridging the Social Security Divide: Lessons From Abroad
- Author:
- R. Kent Weaver
- Publication Date:
- 06-2008
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Efforts by President George W. Bush to promote major reforms in the Social Security retirement program have not led to policy change, but rather to increased polarization between the two parties. And the longer we wait to address Social Security's long-term funding problem, the bigger and more painful the changes will need to be.
- Topic:
- Economics, Government, and Politics
- Political Geography:
- United States
220. China's Economic Rise -- Fact and Fiction
- Author:
- Albert Keidel
- Publication Date:
- 07-2008
- Content Type:
- Policy Brief
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- China's economy will surpass that of the United States by 2035 and be twice its size by midcentury, a new report by Albert Keidel concludes. China's rapid growth is driven by domestic demand—not exports—and will sustain high single-digit growth rates well into this century. In China's Economic Rise—Fact and Fiction, Keidel examines China's likely economic trajectory and its implications for global commercial, institutional, and military leadership.
- Topic:
- Economics, Globalization, and International Trade and Finance
- Political Geography:
- United States, China, and Asia
221. Asset Bubbles and Their Consequences
- Author:
- Gerald P. O'Driscoll Jr.
- Publication Date:
- 05-2008
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- In the past, the federal government has introduced moral hazard in the banking system through deposit insurance. Banks underpriced risk because of the federal guarantee that backed deposits. After banking crises in the 1980s and 1990s, deposit insurance was put on a sound basis and that source of moral hazard was mitigated. In its place, monetary policy has become a source of moral hazard. In acting to counter the economic effects of declining asset prices, the Federal Reserve has come to be viewed as underwriting risky investments. Policy pronouncements by senior Fed officials have reinforced that perception. These actions and pronouncements are mutually reinforcing and destructive to the operation of financial markets. The current financial crisis began in the subprime housing market and then spread throughout credit markets. The new Fed policy fueled the housing boom. Refusing to accept responsibility for the housing bubble, the Fed's recent actions will likely fuel a new asset bubble. The cumulative effects of recent monetary policy undermine the case for free markets.
- Topic:
- Economics, Government, and Markets
- Political Geography:
- United States
222. FASB: Making Financial Statements Mysterious
- Author:
- T.J. Rodgers
- Publication Date:
- 08-2008
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Since the passage of the Sarbanes-Oxley Act in 2002, the Financial Accounting Standards Board has passed rules that it promises will make corporate accounting more transparent. In fact, its revised Generally Accepted Accounting Principles have made it difficult for investors — or even CEOs — to understand a company's financial report.
- Topic:
- Economics, Government, and Markets
- Political Geography:
- United States
223. Freddie Mac and Fannie Mae: An Exit Strategy for the Taxpayer
- Author:
- Arnold Kling
- Publication Date:
- 09-2008
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- The Fannie Mae-Freddie Mac crisis may have been the most avoidable financial crisis in history. Economists have long complained that the risks posed by the government-sponsored enterprises were large relative to any social benefits.
- Topic:
- Economics, Government, and Financial Crisis
- Political Geography:
- United States
224. Rails Won't Save America
- Author:
- Randal O'Toole
- Publication Date:
- 10-2008
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Rising gas prices and concerns about greenhouse gases have stimulated calls to build more rail transit lines in urban areas, increase subsidies to Amtrak, and construct a large-scale intercity high-speed rail system. These megaprojects will cost hundreds of billions of dollars, but they won't save energy or significantly reduce greenhouse gas emissions.
- Topic:
- Development, Economics, and Government
- Political Geography:
- United States
225. Does Barack Obama Support Socialized Medicine?
- Author:
- Michael F. Cannon
- Publication Date:
- 10-2008
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Democratic presidential nominee Sen. Barack Obama (IL) has proposed an ambitious plan to restructure America's health care sector. Rather than engage in a detailed critique of Obama's health care plan, many critics prefer to label it "socialized medicine." Is that a fair description of the Obama plan and similar plans? Over the past year, prominent media outlets and respectable think tanks have investigated that question and come to a unanimous answer: no.
- Topic:
- Economics, Government, Health, and Markets
- Political Geography:
- United States
226. Stress-Testing the Regulators: Market Risks and the EU Economy
- Author:
- Max Watson
- Publication Date:
- 04-2008
- Content Type:
- Policy Brief
- Institution:
- Chatham House
- Abstract:
- Today's market turbulence and global imbalances prompt the question whether economic and regulatory policies are poorly designed or just badly implemented. The question is urgent for Europe, which has its own asset booms and imbalances to worry about as well as the backwash of US problems. The imbalances in Europe's economies in large part reflect favourable shocks, such as falling interest rates and growing financial integration. But the 'growth crisis' in Portugal underscores the fact that there can be hard landings, even without a financial crisis, if fiscal policy is unwise and if productivity fails to take off. The current global imbalances and turbulence also have a common backdrop in the long period of unusually easy liquidity and low risk premia during which today's problems built up. This suggests that central banks should be prepared more often to 'lean against the wind' in times of asset price exuberance, and that politicians should not cut taxes or boost spending permanently on the back of revenue gains that result from transient financial booms. Banks and supervisors have many lessons to draw. Some involve going 'back to basics' on issues such as liquidity, off-balance-sheet operations, and the ability to close and reopen banks. Others require a careful look at incentives – in executive pay, rating agency roles and loan production systems. Supervisors also need to take better account of boom-bust cycles when they assess risks, and address cross-border issues in EU banking. Moral hazard has been partly addressed by pain inflicted on bank managements and shareholders. But at the macro level it may be building up as policy-makers act to limit losses in a setting where they cannot trace the ultimate fallout from risks. In future, their discretionary interventions need to be truly exceptional and much more symmetrical, or the money supply and the public debt will ratchet up amid serious resource misallocation.
- Topic:
- Economics, Government, and Financial Crisis
- Political Geography:
- United States and Europe
227. Educational Exchange between the United States and China
- Publication Date:
- 07-2008
- Content Type:
- Policy Brief
- Institution:
- Institute of International Education (IIE)
- Abstract:
- Few countries have seen such rapid economic and educational change in so short a time period as China. Since 1978, when Deng Xiaoping began to send students and scholars to study abroad in large numbers as part of his broad modernization efforts, some 800,000 Chinese students and scholars have studied outside their home country. These numbers make China the overall largest supplier of international students to countries around the world over the past decade. The liberalization of the education sector, which accompanied China's entry into the World Trade Organization in 2001, has also permitted more students from outside China to enter the Chinese educational system. The number of Americans studying abroad in China increased by over 500% in the past ten years, making China one of the top 10 study abroad destination countries for U.S. students, and one of the top 10 host countries for all internationally mobile students.
- Topic:
- Foreign Policy, Economics, Education, and International Affairs
- Political Geography:
- United States and China
228. Evaluating Iraq's Provincial Reconstruction Teams While Drawdown Looms: A USIP Trip Report
- Author:
- Sam Parker and Rusty Barber
- Publication Date:
- 12-2008
- Content Type:
- Policy Brief
- Institution:
- United States Institute of Peace
- Abstract:
- Since their 2005 inception in Iraq, PRTs have struggled to fully define their mission, overcome structural problems, learn to work alongside their military counterparts and assist Iraqis down the path to self-governance and stability so that U.S. forces can withdraw. While the concept was born in the Afghan conflict, PRTs in Iraq bear little resemblance to their Afghan cousins, which are led and largely staffed by military officers. PRTs in Iraq are largely civilian-led and are required to address a host of issues including local governance, economic and women's development, health, agriculture, rule of law and education. In this respect, they resemble mini development task forces, harnessing civilian expertise sourced from the U.S. and augmented by military civil affairs officers.
- Topic:
- Conflict Resolution, Security, Economics, Health, Terrorism, War, and Governance
- Political Geography:
- Afghanistan, United States, Iraq, and Middle East
229. Anatomy of a Train Wreck: Causes of the Mortgage Meltdown
- Author:
- Stan J. Liebowitz
- Publication Date:
- 10-2008
- Content Type:
- Policy Brief
- Institution:
- Independent Institute
- Abstract:
- Why did the mortgage market melt down so badly? Why were there so many defaults when the economy was not particularly weak? Why were the securities based upon these mortgages not considered anywhere as risky as they actually turned out to be? This report concludes that, in an attempt to increase home ownership, particularly by minorities and the less affluent, virtually every branch of the government undertook an attack on underwriting standards starting in the early 1990s. Regulators, academic specialists, GSEs, and housing activists universally praised the decline in mortgage-under- writing standards as an “innovation” in mortgage lending. This weakening of underwriting standards succeeded in increasing home ownership and also the price of housing, helping to lead to a housing price bubble. The price bubble, along with relaxed lending standards, allowed speculators to purchase homes without putting their own money at risk. The recent rise in foreclosures is not related empirically to the distinction between subprime and prime loans since both sustained the same percent- age increase of foreclosures and at the same time. Nor is it consistent with the “nasty subprime lender” hypothesis currently considered to be the cause of the mortgage meltdown. Instead, the important factor is the distinction between adjustable-rate and fixed-rate mortgages. This evidence is consistent with speculators turning and running when housing prices stopped rising.
- Topic:
- Economics, Government, Markets, Financial Crisis, and Minorities
- Political Geography:
- United States
230. Should central banks target stock prices?
- Author:
- Paul De Grauwe
- Publication Date:
- 09-2008
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- The question of whether central banks should react to stock price developments has been hotly debated. This discussion has intensified since the eruption of the credit crisis. According to some analysts, including myself, the failure of the US Federal Reserve under Alan Greenspan to react to the bubbles in the stock and housing markets helps to explain the financial excesses and the subsequent crisis.
- Topic:
- Economics, International Trade and Finance, Markets, and Monetary Policy
- Political Geography:
- United States
231. Greenspan's Monetary Policy in Retrospect
- Author:
- David R. Henderson and Jeffrey Hummel
- Publication Date:
- 11-2008
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Is Alan Greenspan to blame for the current housing bubble and the ongoing financial crisis? A growing chorus charges the former Federal Reserve chairman with being an "inflationist" whose loose monetary policy caused or significantly contributed to our current economic troubles. However, although Greenspan's policies weren't perfect, his monetary policy was in fact tight, and his legacy is one of having overseen low and stable inflation and a striking dampening of the business cycle.
- Topic:
- Economics
- Political Geography:
- United States
232. How Did We Get into This Financial Mess?
- Author:
- Lawrence H. White
- Publication Date:
- 11-2008
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- As policymakers confront the ongoing U.S. financial crisis, it is important to take a step back and understand its origins. Those who fault "deregulation," "unfettered capitalism," or "greed" would do well to look instead at flawed institutions and misguided policies. The expansion in risky mortgages to under qualified borrowers was encouraged by the federal government. The growth of "creative" nonprime lending followed Congress's strengthening of the Community Reinvestment Act, the Federal Housing Administration's loosening of down-payment standards, and the Department of Housing and Urban Development's pressuring lenders to extend mortgages to borrowers who previously would not have qualified.
- Topic:
- Economics and Government
- Political Geography:
- United States
233. Global Service Fellowships: Building Bridges through American Volunteers
- Author:
- David L. Caprara, John Bridgeland, and Harris Wofford
- Publication Date:
- 07-2007
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- As policy-makers search for ways to share the best of America with the world, they should start with our international volunteers, who embody this country's spirit of generosity, resourcefulness and hope. With the support of Congress and the Bush Administration, volunteers can become the first face of America to communities in many nations, while advancing concrete initiatives that lift up the lives of the poor throughout the world.
- Topic:
- Foreign Policy, Economics, and Humanitarian Aid
- Political Geography:
- United States and America
234. Beyond Microfinance: Getting Capital to Small and Medium Enterprises to Fuel Faster Development
- Author:
- David de Ferranti and Anthony J. Ody
- Publication Date:
- 03-2007
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Small and medium-sized enterprises (SMEs), typically employing between 10 and 250 workers, form the backbone of modern economies and can be crucial engines of development through their role as seedbeds of innovation. In much of the developing world, though, SMEs are under-represented, stifled by perverse regulatory climates and poor access to inputs. A critical missing ingredient is often capital.
- Topic:
- International Relations, Development, and Economics
- Political Geography:
- United States
235. China's Looming Crisis—Inflation Returns
- Author:
- Albert Keidel
- Publication Date:
- 09-2007
- Content Type:
- Policy Brief
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- Surging food prices in China indicate a serious risk of inflationary overheating. Past steps to control inflation caused social protest and deadly unrest. China faces the same risk now. China could avoid severe inflation by learning from its past failures and quickly raising interest rates—but politics make this unlikely. “Cooling off” policies in the future will thus be harsher than necessary. Beyond short-term fixes, China should increase imports of fine grains, with long-term U.S. supply assurances, both to stabilize prices and to promote lucrative farm diversification. U.S. intelligence analysis of this overheating risk should refute the conventional wisdom that China's growth is export-led—it is clearly domestically driven. Policy makers need to realize that China's rapid economic rise is homegrown and sustainable. The United States should quietly remind China that harsh handling of inflation-related unrest could seriously damage U.S.-China relations—especially in a U.S. election year.
- Topic:
- Economics and Globalization
- Political Geography:
- United States, China, and Asia
236. U.S. Living Standards in an Era of Globalization
- Author:
- Sandra Polaski
- Publication Date:
- 07-2007
- Content Type:
- Policy Brief
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- U.S. wages have stagnated for the past three decades, while the workforce has also faced an erosion of job security, health care, and pension plans. This increasing economic insecurity has coincided with rapid globalization. Is there a causal relationship between the two?
- Topic:
- International Relations, Economics, and Globalization
- Political Geography:
- United States
237. What Can the United States Learn from the Nordic Model?
- Author:
- Daniel Mitchell
- Publication Date:
- 11-2007
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Some policymakers in the United States and Europe argue that it is possible to enjoy economic growth and also have a large welfare state. These advocates for bigger government claim that the so- called Nordic Model offers the best of both worlds. This claim does not withstand scrutiny. Economic performance in Nordic nations is lagging, and excessive government is the most likely explanation. The public sector in Sweden, Denmark, Norway, Finland, and Iceland consumes, on average, more than 48 percent of economic output. Total government outlays in the United States, by contrast, are less than 37 percent of gross domes- tic product. Revenue comparisons are even more striking. Tax receipts average more than 45 per- cent of GDP in Nordic nations, a full 20 percent- age points higher than the aggregate tax burden in the United States.
- Topic:
- Economics and Government
- Political Geography:
- United States and Europe
238. In Pursuit of Happiness Research: Is It Reliable? What Does It Imply for Policy?
- Author:
- Will Wilkinson
- Publication Date:
- 04-2007
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- “Happiness research” studies the correlates of subjective well-being, generally through survey methods. A number of psychologists and social scientists have drawn upon this work recently to argue that the American model of relatively limited government and a dynamic market economy corrodes happiness, whereas Western European and Scandinavian-style social democracies pro- mote it. This paper argues that happiness research in fact poses no threat to the relatively libertarian ideals embodied in the U.S. socioeconomic system. Happiness research is seriously hampered by confusion and disagreement about the definition of its subject as well as the limitations inherent in current measurement techniques. In its present state happiness research cannot be relied on as an authoritative source for empirical information about happiness, which, in any case, is not a simple empirical phenomenon but a cultural and historical moving target. Yet, even if we accept the data of happiness research at face value, few of the alleged redistributive policy implications actually follow from the evidence. The data show that neither higher rates of government redistribution nor lower levels of income inequality make us happier, whereas high levels of economic freedom and high average incomes are among the strongest correlates of subjective well- being. Even if we table the damning charges of questionable science and bad moral philosophy, the American model still comes off a glowing success in terms of happiness.
- Topic:
- Economics, Markets, and Political Economy
- Political Geography:
- United States, America, and Europe
239. Has U.S. Income Inequality Really Increased?
- Author:
- Alan Reynolds
- Publication Date:
- 01-2007
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- There are frequent complaints that U.S. income inequality has increased in recent decades. Estimates of rising inequality that are widely cited in the media are often based on federal income tax return data. Those data appear to show that the share of U.S. income going to the top 1 percent (those people with the highest incomes) has increased substantially since the 1970s.
- Topic:
- Demographics, Development, and Economics
- Political Geography:
- United States
240. Middle Eastern Investment in the United States: Avoiding Another Dubai Ports World Controversy
- Author:
- Michael Jacobson and David Jacobson
- Publication Date:
- 06-2007
- Content Type:
- Policy Brief
- Institution:
- The Washington Institute for Near East Policy
- Abstract:
- On May 10, 2007, President Bush and U.S. Treasury secretary Henry Paulson launched an "open investment" initiative to encourage foreign investment in the U.S. economy. In a statement, the president emphasized that his administration "is committed to ensuring that the United States continues to be the most attractive place in the world to invest." Washington's focus on this issue is at least partly a reflection of the ongoing fallout from last year's Dubai Ports World (DPW) controversy. Although it is still premature to gauge the long-term economic impact of the DPW case, the process for reviewing foreign investments has already changed significantly.
- Topic:
- Conflict Prevention and Economics
- Political Geography:
- United States and Middle East
241. The History of U.S. Foreign Policy in the Middle East
- Author:
- Michael Oren
- Publication Date:
- 03-2007
- Content Type:
- Policy Brief
- Institution:
- The Washington Institute for Near East Policy
- Abstract:
- On March 9, 2007, Michael Oren addressed The Washington Institute's Special Policy Forum. A historian and senior fellow at the Shalem Center in Jerusalem, Dr. Oren authored the recent bestseller Power, Faith, and Fantasy: America in the Middle East, 1776 to the Present.
- Topic:
- Foreign Policy and Economics
- Political Geography:
- United States and Middle East
242. Follow the Money: Challenges and Opportunities in the Campaign to Combat Terrorism Financing
- Author:
- Matthew Levitt
- Publication Date:
- 03-2007
- Content Type:
- Policy Brief
- Institution:
- The Washington Institute for Near East Policy
- Abstract:
- The U.S. government's much-discussed but little-understood effort to combat terrorism financing faces both challenges and opportunities. Terrorist groups continue to evolve, proactively working to evade existing sanctions and minimize the impact of future ones. Meanwhile, interagency efforts are being called upon to meet some of the most pressing national security threats through targeted financial measures.
- Topic:
- Development, Economics, International Cooperation, and Terrorism
- Political Geography:
- United States
243. Credit Crisis: The Sky is not Falling
- Author:
- Anthony Downs
- Publication Date:
- 10-2007
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- U.S. stock markets are gyrating on news of an apparent credit crunch generated by defaults among subprime home mortgage loans. Such frenzy has spurred Wall Street to cry capital crisis. However, there is no shortage of capital – only a shortage of confidence in some of the instruments Wall Street has invented. Much financial capital is still out there looking for a home.
- Topic:
- Economics and Markets
- Political Geography:
- United States
244. The Case for Exchange Rate Flexibility in Oil-Exporting Economies
- Author:
- Brad Setser
- Publication Date:
- 11-2007
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Brad Setser is a fellow at the Greenberg Center for Geoeconomic Studies at the Council on Foreign Relations. He previously worked as a senior economist at RGEMonitor, an online financial information service. He served in the US Treasury Department from 1997 to 2001, where he concluded his tenure as the acting director of the Office of International Monetary and Financial Policy, and spent 2002 as a visiting scholar at the International Monetary Fund. He is the coauthor of Bailouts or Bail-ins? Responding to Financial Crises in Emerging Economies (Institute for International Economics, 2004) with Nouriel Roubini.
- Topic:
- Economics, Foreign Exchange, International Trade and Finance, and Oil
- Political Geography:
- United States
245. China and Economic Integration in East Asia: Implications for the United States
- Author:
- C. Fred Bergsten
- Publication Date:
- 03-2007
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- East Asia is clearly, if gradually and unevenly, moving toward regional economic integration. Market forces are leading the process, as firms construct production chains across the area that exploit the comparative advantage of its individual countries. Governments are now moving to build on those forces, and consolidate them, through a series of formal agreements to intensify their economic relationships and start creating an East Asian Community.
- Topic:
- Development and Economics
- Political Geography:
- United States, China, Israel, East Asia, and Asia
246. Is Iran Facing an Economic Crisis?
- Author:
- Kelly Campbell
- Publication Date:
- 05-2007
- Content Type:
- Policy Brief
- Institution:
- United States Institute of Peace
- Abstract:
- Western policy toward Iran relies heavily on economic pressure, and Iran's political trajectory is shaped in large part by its economic prospects and constraints. A toughened regime of UN Security Council sanctions against Iran and uncertainties about the viability of its petroleum sector—compounded by deep structural distortions caused by a history of economic mismanagement—raise real questions about the state of the Iranian economy. The Iran Policy Forum at the United States Institute of Peace convened a meeting to discuss the status of Iran's economy and energy sector; the effect of Iran's uncertain political climate and concerns over its nuclear program on the economy; and actions the government should take to avoid future economic troubles. This USIPeace Briefing summarizes the discussion.
- Topic:
- Security, Economics, and Political Economy
- Political Geography:
- United States, Iran, and Middle East
247. Troubling Trafficking: why I am worried about motherhood and apple pie but don't endorse slavery
- Author:
- Bridget Anderson
- Publication Date:
- 05-2007
- Content Type:
- Policy Brief
- Institution:
- Danish Institute for International Studies (DIIS)
- Abstract:
- Trafficking in persons is currently viewed as a serious problem by a wide range of different agencies, organisations and lobby groups. And yet different groups identify trafficking as a problem for very different reasons and often have very different political agendas with regard to the issue. I examine three types of "stakeholders" with a view to identifying the key challenge for each in using the language of trafficking. These stakeholders are feminist "abolitionist" NGOs and their supporters; migrants'/ workers/human rights organisations; and states.
- Topic:
- Civil Society, Crime, Economics, and Non-Governmental Organization
- Political Geography:
- United States
248. Reconstructing Iraq
- Author:
- Jason Yossef Ben-Meir
- Publication Date:
- 01-2007
- Content Type:
- Policy Brief
- Institution:
- Foreign Policy In Focus
- Abstract:
- The new strategy of the United States in Iraq does not include an extensive overhaul of reconstruction efforts at this critical time. Very little money is now being appropriated for reconstruction. As the Iraq Study Group Report explains, of the $21 billion to date that has been appropriated for the “Iraq Relief and Reconstruction Fund” (IRRF), $16 billion has been spent and the remaining funds have been committed. The administration requested $750 million for 2007, and President Bush's new proposal is to add $1.2 billion to that.
- Topic:
- International Relations, Development, and Economics
- Political Geography:
- United States, Iraq, and Middle East
249. Economic Survey of the United States, 2007
- Publication Date:
- 05-2007
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Despite a sharp housing market correction, overall growth has been holding up fairly well. Strong foreign demand and a decline in import growth have slowed the rise in the external deficit. With activity near capacity limits, some inflationary pressures have emerged. Reining them in without stifling growth is the main challenge for monetary policy. Looking further ahead, the key challenges are to sustain healthy growth and ensure fiscal sustainability in the face of population ageing. Against this backdrop, the Survey focuses on the following issues: Enhancing the economy's growth potential. Trend growth is slowing because labour productivity gains, though remaining high, no longer suffice to compensate for the deceleration in potential employment due mainly to demographic factors. Prospects for productivity growth appear favourable, but further efficiency gains could be achieved by tackling unfinished business in the area of structural reform. Labour supply could be boosted by increasing work incentives for the disabled, raising the earned income tax credit and delaying retirement eligibility.
- Topic:
- Development, Economics, and Markets
- Political Geography:
- United States
250. The Vital Center: A Federal-State Compact to Renew the Great Lakes Region
- Author:
- Britany Affolter-Caine and Justin Austin
- Publication Date:
- 10-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- The Great Lakes region of the United States is a unique economic, social, and cultural area made up of all or part of 12 states, including the western portions of New York, Pennsylvania, and West Virginia; northern Kentucky; all of Ohio, Indiana, Michigan, Illinois, and Wisconsin; and eastern Minnesota, Iowa, and Missouri. Home to 97 million people, this region is defined by a shared geography and natural resources, a dynamic political and economic history, and strong principles of social organization that together have shaped its growth and development. One of the largest industrial production centers and consumer marketplaces in the world, this highly urbanized “mega-region” is a vital global hub of economic activity and growth.
- Topic:
- Development, Economics, and Industrial Policy
- Political Geography:
- United States, New York, North America, Pennsylvania, Ohio, Wisconsin, Illinois, Indiana, Michigan, West Virginia, North Kentucky, East Minnesota, Iowa, and Missouri
251. Finding Exurbia: America's Fast-Growing Communities at the Metropolitan Fringe
- Author:
- William H. Frey, Alan Berube, Audrey Singer, and Jill H. Wilson
- Publication Date:
- 10-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Beyond the suburbs, at the far edges of metropolitan areas, communities both new and old are developing the capacity to house large flows of incoming residents.
- Topic:
- Demographics, Development, and Economics
- Political Geography:
- United States
252. Charting Maine's Future: An Action Plan for Promoting Sustainable Prosperity and Quality Places
- Publication Date:
- 10-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- For all its challenges Maine stands within reach of a new prosperity—if it takes bold action and focuses its limited resources on a few critical investments. The moment is urgent. After decades of industrial restructuring and drift, the pace of transformation is quickening, and the slow replacement of the old order is yielding a new one that may bring better lives for Mainers. New population growth is bringing new people and new wealth to the state.
- Topic:
- Economics and Government
- Political Geography:
- United States
253. The Economic Potential of American Cities
- Author:
- Bruce Katz
- Publication Date:
- 10-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- The relationship between the federal government and American cities is intricate and complex. Majoy federal policies on tax, trade, transportation, and immigration have a substantial influence on the health and vitality of city economies and the shape of metropolitan growth and development. Other federal policies on education, job training, wages, financial services, health care, and housing help shape the life opportunities of urban residents, particularly those who earn low or moderate incomes. Each of these policies influences and is influenced by the nation's changing demographic and economic reality, which in turn has significant implications for cities.
- Topic:
- Demographics, Development, and Economics
- Political Geography:
- United States
254. Reforming Tax Incentives into Uniform Refundable Tax Credits
- Author:
- Lily L. Batchelder, Jr. Fred T. Goldberg, and Peter R. Orszag
- Publication Date:
- 08-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- The federal tax code provides about $500 billion each year in incentives intended to encourage socially-valued activities, including homeownership, charitable contributions, health insurance, and education. The vast majority of these incentives operate through deductions or other approaches that link the size of the tax break to a household's marginal tax bracket, which means that higher-income taxpayers receive larger incentives than lower-income taxpayers. Such an approach is often appropriate for provisions, such as deductions for business expenses, designed to measure income or ability to pay. But such an approach for incentives intended to promote socially-valued activities excludes more than a third of America, and misses an important opportunity to increase efficiency and economic growth.
- Topic:
- Civil Society, Development, and Economics
- Political Geography:
- United States
255. Untangling China's Quest for Oil through State-backed Financial Deals
- Author:
- Erica Downs and Peter C. Evans
- Publication Date:
- 05-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- The efforts of China's national oil companies to secure upstream oil assets abroad have attracted attention from U.S. officials and policymakers. Congress has taken notice, as indicated by the request of the Chairman of the U.S. House of Representatives Resources Committee Richard W. Pombo—triggered by the bid made by China National Offshore Oil Corporation Ltd. for Unocal in 2005—for a study by the Department of Energy of the economic and national security implications of China's energy demand. The report, released in February 2006, concludes that the foreign investments of China's national oil companies do not pose an economic challenge to the U.S. However, one issue the report mentions only in passing that merits further attention is how the Chinese government's financial support for some of these investments can undermine an open and competitive world oil market.
- Topic:
- Security, Economics, and Energy Policy
- Political Geography:
- United States, China, and Asia
256. Reducing Unwed Childbearing: The Missing Link in Efforts to Promote Marriage
- Author:
- Daniel T. Lichter and Andrea Kane
- Publication Date:
- 04-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Most social scientists acknowledge that, on balance, single parents, stepparents, or cohabiting couples are no substitute for childrearing by two married parents. Yet, new data from the federal government show that a record number of babies—nearly 1.5 million—were born to unmarried women in the United States in 2004. Empirical evidence of this sort has leveraged political support for the Bush administration's “Healthy Marriage Initiative.” Congress recently approved major funding for this initiative as part of welfare reform reauthorization. Approximately $100 million per year will be available for research, demonstration, and technical assistance projects to promote healthy marriage through such activities as public advertising campaigns, relationship and marriage education in high schools, and relationship and marriage skills for both unmarried and married couples. In addition, about $50 million per year will be available to promote responsible fatherhood.
- Topic:
- Civil Society, Economics, Government, and Human Welfare
- Political Geography:
- United States
257. Building Automatic Solvency into U.S. Social Security: Insights from Sweden and Germany
- Author:
- James C. Capretta
- Publication Date:
- 03-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Although Social Security reform appears to be off of the national agenda for now, real funding problems remain for America's popular retirement program that policymakers need to address. The payroll taxes that support Social Security's “pay–as-you-go” system will begin to fall short of outlays in 2017 and will be sufficient to finance only 74 percent of scheduled annual benefits by 2041, when the Social Security trust fund is projected to be exhausted.
- Topic:
- International Relations and Economics
- Political Geography:
- United States, Europe, Germany, and Sweden
258. Autism and Hope
- Publication Date:
- 01-2006
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Autism spectrum disorders have become among the most common and severe developmental disabilities facing children—and thus future generations of adults—in the United States today. More than in 200 young children may now be affected by a neurological condition on the spectrum (which includes autism, pervasive development disorder, and Asperger's syndrome or disorder). This fact has become increasingly well reported in recent months.
- Topic:
- Development, Economics, Health, and Human Welfare
- Political Geography:
- United States
259. China's Social Unrest: The Story Behind the Stories
- Author:
- Albert Kiedel
- Publication Date:
- 09-2006
- Content Type:
- Policy Brief
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- China is confronting widespread violent and even deadly social unrest, raising Communist Party alarms about national security. Some observers speculate that unrest could undermine China's national leadership, as it did in the Ukraine and the Philippines. Some U.S. policy makers might welcome unrest in China as a path to democracy and “freedom.” But rather than an opportunity to transform China's political order, China's social unrest should be understood as the unavoidable side effects—worsened by local corruption—of successful market reforms and expanded economic and social choice. Managing this unrest humanely requires accelerated reform of legal and social institutions with special attention to corruption. More violence would generate more suffering, potentially destabilizing East Asia and harming U.S. interests. The United States should encourage China to strengthen its social reconciliation capabilities, without making electoral political reform a prerequisite for intensifying engagement across the board.
- Topic:
- Civil Society, Development, and Economics
- Political Geography:
- United States, China, Ukraine, East Asia, and Asia
260. The Bottom Line on Iran: The Costs and Benefits of Preventive War versus Deterrence
- Author:
- Justin Logan
- Publication Date:
- 12-2006
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- It appears increasingly likely that the Bush administration's diplomatic approach to Iran will fail to prevent Iran from going nuclear and that the United States will have to decide whether to use military force to attempt to delay Iran's acquisition of a nuclear weapons capability. Some analysts have already been promoting air strikes against Iran, and the Bush administration has pointed out repeatedly that the military option is “on the table.” This paper examines the options available to the United States in the face of a prospective final diplomatic collapse.
- Topic:
- Conflict Prevention, Economics, and War
- Political Geography:
- United States, Iran, and Middle East
261. Is Oil Independence Attainable and Desirable?
- Author:
- Gal Luft and Edward Morse
- Publication Date:
- 03-2006
- Content Type:
- Policy Brief
- Institution:
- The Washington Institute for Near East Policy
- Abstract:
- On March 8, 2006, Gal Luft and Edward Morse addressed The Washington Institute's Special Policy Forum. Mr. Luft is executive director of the Institute for the Analysis of Global Security and co-chair of the Set America Free Coalition. Mr. Morse is executive advisor at Hess Energy Trading Company and former publisher of Petroleum Intelligence Weekly. The following is a rapporteur's summary of their remarks.
- Topic:
- International Relations, Economics, and Energy Policy
- Political Geography:
- United States, America, and Washington
262. Where to Draw the Line on International Assistance to the Palestinians?
- Author:
- David Makovsky, Michael Herzog, and Elizabeth Young
- Publication Date:
- 03-2006
- Content Type:
- Policy Brief
- Institution:
- The Washington Institute for Near East Policy
- Abstract:
- In the immediate aftermath of Hamas's parliamentary victory in late January, the Quartet—the United States, the EU, Russia, and the UN—set clear criteria for funding a Palestinian Authority (PA) under Hamas's leadership. The Quartet said direct funding would be a function of the new government's “commitment to the principles of nonviolence, recognition of Israel, and acceptance of previous agreements and obligations, including the Roadmap.” Indeed, there is no other example of taxpayers subsidizing a government run by an organization that appears on State Department and EU terror lists.
- Topic:
- International Relations, Economics, and Humanitarian Aid
- Political Geography:
- Russia, United States, Middle East, Israel, and Palestine
263. Free Trade Agreements: The Quiet Economic Track of U.S. Middle East Policy
- Author:
- Jonathan Powell
- Publication Date:
- 02-2006
- Content Type:
- Policy Brief
- Institution:
- The Washington Institute for Near East Policy
- Abstract:
- In January, the United States halted talks on free trade with Egypt to protest the Egyptian government's imprisonment of Ayman Nour, a leading opposition figure who challenged President Hosni Mubarak in September 2005 presidential elections. Washington made no formal announcement, perhaps hoping to avoid open confrontation with Cairo, and in doing so missed an opportunity to highlight its growing success in negotiating free trade agreements (FTAs) with U.S. allies in the region.
- Topic:
- Economics and International Trade and Finance
- Political Geography:
- United States, Washington, Middle East, and Egypt
264. Addicted to Oil: The State of the Union and the Middle East
- Author:
- Simon Henderson
- Publication Date:
- 02-2006
- Content Type:
- Policy Brief
- Institution:
- The Washington Institute for Near East Policy
- Abstract:
- In his January 31 State of the Union address, President George W. Bush declared that America was “addicted to oil” and urged spending on technologies “to break [that] addiction.” Noting that oil is often imported from unstable parts of the world, he set a goal of replacing more than 75 percent of U.S. oil imports from the Middle East by 2025. Depending on exactly what Bush means by that statement, such a policy could have huge significance for U.S. policy in the region, or it could be less than meets the eye.
- Topic:
- Economics and Energy Policy
- Political Geography:
- United States and Middle East
265. Between Palestinian and Israeli Elections: Implications for U.S. Policy
- Author:
- Robert Satloff, Dennis Ross, and Michael Herzog
- Publication Date:
- 02-2006
- Content Type:
- Policy Brief
- Institution:
- The Washington Institute for Near East Policy
- Abstract:
- On January 30, 2006, Robert Satloff, Dennis Ross, and Michael Herzog addressed The Washington Institute's Special Policy Forum. Dr Satloff is the Institute's executive director. Ambassador Ross is the Institute's counselor and Ziegler distinguished fellow. Michael Herzog is a brigadier general in the Israel Defense Forces (IDF) and a visiting military fellow at the Institute. The following is a rapporteur's summary of their remarks.
- Topic:
- Foreign Policy and Economics
- Political Geography:
- United States, Washington, Middle East, and Israel
266. Fixing the Services Directive
- Author:
- Stefano Micossi
- Publication Date:
- 04-2006
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- In the spring of 2004, the European Commission approved a draft Directive on Services in the Internal Market and sent it to the Council and the European Parliament. The proposal is the cornerstone of the ailing Lisbon strategy to revive growth and jobs in the European Union: services account for 70% of GDP and employment in advanced countries, and their performance is a main determinant of overall productivity and employment growth. In the European Union, the markets for services are still organised along national lines, cross border trade remains relatively underdeveloped and competition is scarce. The productivity gap with the United States is largely explained by these obstacles.
- Topic:
- Economics, International Cooperation, and Regional Cooperation
- Political Geography:
- United States, Europe, and Lisbon
267. Confidence through Compliance in Emissions Trading Markets
- Author:
- Christian Egenhofer and Joe Kruger
- Publication Date:
- 04-2006
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- Emissions trading is a market-based mechanism designed to allow firms to choose the most cost effective strategy to meet environmental standards. The success of SO2 and NOx emissions trading systems in the United States and the launch of the ambitious European Union Emissions Trading System (EU ETS) underscore the value of emissions trading as a tool for environmental policy.
- Topic:
- Economics, Environment, and International Cooperation
- Political Geography:
- United States and Europe
268. The US Administration's 'Advanced Energy Initiative': New programmes and more funding or old programmes and less funding?
- Author:
- Thomas L. Brewer
- Publication Date:
- 03-2006
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- The Bush administration's announcement of an 'Advanced Energy Initiative' poses challenges for the international climate change agenda as well as the US domestic energy policy agenda. The proposal is politically significant because it has altered the terms of reference in the domestic discourse about US energy and climate policy. However, while it proposes proportionately large increases in the funding levels of some programmes, it also suggests only marginal changes in several current programmes and proposes reductions or even the elimination of others.
- Topic:
- Economics, Energy Policy, and Environment
- Political Geography:
- United States
269. China: Toward a Consumption-Driven Growth Path
- Author:
- Nicholas R. Lardy
- Publication Date:
- 10-2006
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In December 2004 China's top political leadership agreed to fundamentally alter the country's growth strategy. In place of investment and export-led development, they endorsed transitioning to a growth path that relied more on expanding domestic consumption. Since 2004, China's top leadership, most notably Premier Wen Jiaobao in his speech to the National People's Congress in the spring of 2006, has reiterated the goal of strengthening domestic consumption as a major source of economic growth. This policy brief examines the reasons underlying the leadership decision, the implications of this transition for the United States and the global economy, and the steps that have been taken to embark on the new growth path.
- Topic:
- International Relations, Development, and Economics
- Political Geography:
- United States, China, and Asia
270. Can Doha Still Deliver on the Development Agenda?
- Author:
- Kimberly Elliott
- Publication Date:
- 06-2006
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The Doha Round of multilateral trade negotiations, so named because it was launched in the Qatari capital, is in deep trouble. Negotiators have yet to meet any of the interim deadlines for completing the talks, and they missed another at the end of April 2006. While it is still possible to finish the round by early 2007, the odds are diminishing by the day, and this deadline matters more than most. Trade promotion authority (TPA) in the United States will expire in June 2007, and if the round does not make significant progress before then, TPA might not be renewed, and the round would likely drag on for several more years.
- Topic:
- Economics, International Organization, International Trade and Finance, and Political Economy
- Political Geography:
- United States
271. Negotiating the Korea-United States Free Trade Agreement
- Author:
- Jeffrey J. Schott, Scott C. Bradford, and Thomas Moll
- Publication Date:
- 06-2006
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Five years ago the Institute published Free Trade between Korea and the United States? by Inbom Choi and Jeffrey J. Schott, which analyzed the potential benefits and costs of pursuing a bilateral free trade agreement (FTA). At the time, neither government had vetted the idea in bilateral consultations, though some business groups in each country—and some members of the US Congress—had voiced support for deepening US-Korea economic ties through an FTA.
- Topic:
- Economics, International Organization, and Political Economy
- Political Geography:
- United States, Asia, and Korea
272. Mobilizing Talent for Global Development
- Author:
- Andrs Solimano
- Publication Date:
- 08-2006
- Content Type:
- Policy Brief
- Institution:
- United Nations University
- Abstract:
- The generation of new ideas and their application for productive uses is an important engine for growth and development. This is an area in which developing countries usually lag behind developed countries and is where development gaps are more evident. Behind the generation of ideas, innovations, and new technologies there is 'human talent': an inner capacity of individuals to develop ideas and objects, some of them with a high economic value. The 'human factor' is critical to the success or failure of many endeavours. Several countries, particularly China and India, followed by Russia, Poland, and some Latin American countries, are becoming an important source of talented people with PhDs and degrees in science, engineering, and other areas that can lead to change in the international patterns of comparative advantages and reduce development gaps. Part of the new talent formed in developing countries goes to live and work to developed countries, typically the USA, UK, and other OECD nations. At the same time multinational corporations are outsourcing several of their productive and service activities, including research and development, to developing countries (China and India are main destinations) to take advantage of the (less expensive) talent being developed there. Today, therefore, we see a double movement of talent and capital around the globe: on the one hand talent from developing countries is moving north seeking better opportunities where people are equipped with more capital, technologies, and effective organizations. On the hand capital from the north pursues talent in the south; a process largely led by multinational corporations.
- Topic:
- Development, Economics, Human Welfare, and Migration
- Political Geography:
- United States, China, United Kingdom, and India
273. Open Source and Open Standards: A New Frontier for Economic Development?
- Author:
- Philip Schmidt and Rishab Aiyer Ghosh
- Publication Date:
- 03-2006
- Content Type:
- Policy Brief
- Institution:
- United Nations University
- Abstract:
- Free software (also called open source software or libre software) has become one of the most talked about phenomena in the ICT world in recent years. This is remarkable, not only for the usual reasons—that open source has been around for many years as a volunteer driven success story before being discovered by big business and now government— but also because it has largely developed quietly on its own without the headline coverage and glare of international attention that it now receives.
- Topic:
- Development, Economics, Science and Technology, and Third World
- Political Geography:
- United States
274. China and the Depreciating U.S. Dollar
- Author:
- Richard C. K. Burdekin
- Publication Date:
- 01-2006
- Content Type:
- Policy Brief
- Institution:
- East-West Center
- Abstract:
- Over the past five years, U.S. exports to China have been dwarfed by imports from that country, with the resulting trade deficit igniting a bout of China bashing reminiscent of the Japan bashing of the 1980s. A major culprit in the trade imbalance, according to many U.S. analysts and policymakers, is China's currency: the renminbi, they say, is too cheap relative to the dollar. Some are calling for high tariffs on Chinese goods or for further exchange-rate adjustment that would revalue the renminbi significantly upward, making Chinese goods less competitive. But with just 10.4 percent of total U.S. trade attributed to China in the first half of 2005, it is unrealistic that any renminbi exchange-rate adjustment could rein in the burgeoning U.S. trade deficit. And if the adjustment were drastic the United States could be the big loser: driving China out of the market for U.S. treasuries would most likely have calamitous consequences, not only for the dollar but for U.S. credit markets and for the U.S. economy in general.
- Topic:
- Economics and International Trade and Finance
- Political Geography:
- United States, Asia, and North America
275. Strategic Partnership or Strategic Competition
- Author:
- Bonnie Glaser and James Nolt
- Publication Date:
- 12-2006
- Content Type:
- Policy Brief
- Institution:
- Foreign Policy In Focus
- Abstract:
- As part of our China Focus, we asked two leading scholars to reflect on the tensions and possibilities in U.S.-China relations. Bonnie Glaser is a senior associate at the Center for Strategic and International Studies. James Nolt is a senior fellow at the World Policy Institute. We asked them first about the potential for a strategic security partnership between the United States and China, then about their economic relationship.
- Topic:
- Security, Economics, and International Cooperation
- Political Geography:
- United States, China, and Asia
276. Oil Trip
- Author:
- Emira Woods
- Publication Date:
- 10-2006
- Content Type:
- Policy Brief
- Institution:
- Foreign Policy In Focus
- Abstract:
- It is almost impossible to imagine, as we sit in a well-lit, fully functioning gas station on Main Street, USA, that a community blessed with oil riches under its soil could look as impoverished as Yenagoa in the Nigerian state of Bayelsa.
- Topic:
- International Relations, Economics, Energy Policy, and Politics
- Political Geography:
- United States
277. Remittances: Latin America's Faulty Lifeline
- Author:
- Catherine Elton
- Publication Date:
- 03-2006
- Content Type:
- Policy Brief
- Institution:
- MIT Center for International Studies
- Abstract:
- In recent years, the money that migrants send back to their native countries has become a hot topic in international development circles. Multilateral banks, the governments of migrant-sending nations, the U.S. Government, and international development organizations laud the potential that remittances have to reduce poverty and promote development. Remittances are being exalted as “the new development finance,” and a ticket to “high human development,” while the migrants who send them are hailed as heroes back home. But the current remittance euphoria is both overblown and troubling when considered in a larger context of international development.
- Topic:
- International Relations, Economics, and International Trade and Finance
- Political Geography:
- United States and South America
278. Treatment of Coronary Artery Disease: What Does Rationing Do?
- Author:
- Henry J. Aaron
- Publication Date:
- 12-2005
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Providing all beneficial care to those who need it is rapidly becoming unaffordable, even for a nation as rich as the United States. The highly decentralized U.S. payment system is unique in its lack of effective levers for limiting health care spending, and managed care has largely been ineffective. A different solution, considered extreme by many in the United States, is rationing.
- Topic:
- Economics, Health, and Human Rights
- Political Geography:
- United States
279. Health Care Rationing: What it Means
- Author:
- Henry J. Aaron
- Publication Date:
- 12-2005
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- The United States spends more on health care than any other nation. In 2003, medical spending made up more than 15 percent of U.S. GDP, and if historical trends persist, this share will climb to more than one-third of GDP by 2040. With medical technology advancing at an ever-increasing rate, the potential for spending on procedures not worth their costs is growing. But there are few good ideas for reining in medical costs without hurting patients.
- Topic:
- Economics, Health, and Human Welfare
- Political Geography:
- United States
280. Insuring America's Workers in a New Era of Offshoring
- Author:
- Robert E. Litan, Nicholas Warren, and Lael Brainard
- Publication Date:
- 07-2005
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- With a new wave of white-collar offshoring coming fast on the heels of accelerated job losses in manufacturing, an ever-broader pool of American workers is finding that the nation's safety net has more holes than netting. The nation can and must do more to help insure the livelihoods of American workers in the face of structural shifts of whatever form, while preserving the benefits of an open and innovative economy. With technological change and offshoring accelerating job turnover and the pace at which workers' job-specific skills lose value, the time has come for the federal government to strengthen the existing safety net.
- Topic:
- Economics, Government, and Human Welfare
- Political Geography:
- United States and America
281. Can the U.S. Government Live Within Its Means? Lessons from Abroad
- Author:
- Allen Schick
- Publication Date:
- 06-2005
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- When George W. Bush leaves office in 2009, the federal government will owe at least $15,000 more for every American than it did when he became president eight years earlier. This unprecedented build-up of public debt will result from budget deficits projected to average more than $250 billion a year during the Bush presidency, plus more than one trillion dollars borrowed from social security trust funds. Although this budget projection may be high, there is far greater risk that actual deficits will exceed current estimates than that they will be lower.
- Topic:
- International Relations, Economics, and Government
- Political Geography:
- United States
282. China's Currency: Not the Problem
- Author:
- Albert Keidel
- Publication Date:
- 06-2005
- Content Type:
- Policy Brief
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- In Washington, politicians and pundits have settled on a single magical solution for the country's economic ills: getting China to revalue its currency, the RMB. By any reasonable economic measure, however, the RMB is not undervalued. China does have a trade surplus with the United States, but it has a trade deficit with the rest of the world. And China's accumulation of dollar reserves is not the result of trade surpluses, but of large investment inflows caused in part by speculators' betting that China will yield to U.S. pressure. Focusing on China's currency is a distraction. If the United States wants to improve its economy for the long haul, it had best look elsewhere beginning with raising the productivity of American workers.
- Topic:
- Economics and Government
- Political Geography:
- United States, China, America, Washington, and Asia
283. Freezing U.S. Assets of Syrian Officials
- Author:
- Matthew Levitt and Jamie Chosak
- Publication Date:
- 07-2005
- Content Type:
- Policy Brief
- Institution:
- The Washington Institute for Near East Policy
- Abstract:
- On July 11, al-Seyassah, an independent Kuwaiti newspaper, reported that Syrian president Bashar al-Asad froze the assets of his country's minister of interior affairs, Ghazi Kanaan. If so, that is surely a reaction to Kanaan's June 30 designation—along with Chief of Syrian Military Intelligence for Lebanon Rustum Ghazali—by the U.S. Treasury Department as a Specially Designated National (SDN) under Executive Order (EO) 13338. The two were cited for directing “Syria's military and security presence in Lebanon and/or contributing to Syria's support for terrorism.”
- Topic:
- International Relations and Economics
- Political Geography:
- United States, Middle East, Kuwait, and Syria
284. Climate Change in the US Government Budget - Funding for Technology and Other Programmes, and Implications for EU-US Relations
- Author:
- Thomas L. Brewer
- Publication Date:
- 07-2005
- Content Type:
- Policy Brief
- Institution:
- Centre for European Policy Studies (CEPS)
- Abstract:
- With increasing Congressional support for funding climate change technology programmes, as reflected in passage of the Hagel/Pryor amendment to the energy policy bill in June 2005, issues about the climate change budget are becoming more salient. In this Policy Brief, Congressional and Presidential actions on several recent budgets are examined for the four principal areas of the climate change budget: technology, science, international and tax credits. The emphasis is on energy technology in particular, because of its salience in current policy discussions and its relative size in financial terms. Highlights of the findings include the following: Congress imposed substantial (63.3%) increases over the administration's climate change technology proposals for 2004 and then small increases for FY2005. For 2006, the administration has proposed reductions compared with the Congressionally-enacted levels in the technology component – reductions in both nominal and inflation-adjusted terms (-4.1% and -5.6%, respectively). The administration has also proposed cuts for fiscal 2006 in the science and international programmes (-2.9 and -19.0% in real terms). These and other differences in Presidential and Congressional approaches to funding climate change programs provide further evidence that the Presidential-Congressional divide on climate policy is continuing to widen. There is an emerging bi-partisan Congressional coalition in favour of increased spending on a wide range of climate change programmes. This shift will affect EU-US relations on climate change issues for the remainder of the current administration until 2008, and beyond as well.
- Topic:
- Economics and Science and Technology
- Political Geography:
- United States and Europe
285. A Currency Basket for East Asia, Not Just China
- Author:
- John Williamson
- Publication Date:
- 08-2005
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- China recently announced that it is adopting a basket of currencies as the peg for its exchange rate instead of the US dollar. This announcement raises questions of how such a system works, whether other East Asian countries would be advised to follow China in adopting a basket numeraire, and whether it would be advantageous to these countries if they were all to adopt the same basket. This brief answers these questions.
- Topic:
- Economics, International Cooperation, and International Trade and Finance
- Political Geography:
- United States, Israel, East Asia, and Asia
286. Germany and the Future of the Transatlantic Economy
- Author:
- Jan Neutze and Philipa Tucker
- Publication Date:
- 08-2005
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- A senior delegation from the Atlantic Council of the United States, led by W. Bowman Cutter and Paula Stern, visited key government, parliamentary, and private sector stakeholders in Frankfurt, Berlin, and Brussels in spring 2005. The delegation presented the findings of the Atlantic Council report, "The Transatlantic Economy in 2020: A Partnership for the Future?" to numerous business, government, and think tank audiences. This report summarizes the delegation's discussions.
- Topic:
- Development, Economics, and International Trade and Finance
- Political Geography:
- United States, Europe, Germany, and Berlin
287. Dark Armies, Secret Bases, and Rummy, Oh My!
- Author:
- Conn Hallinan
- Publication Date:
- 11-2005
- Content Type:
- Policy Brief
- Institution:
- Foreign Policy In Focus
- Abstract:
- It would be easy to make fun of President Bush's recent fiasco at the 4th Summit of the Americas in Mar del Plata, Argentina. His grand plan for a free trade zone reaching from the Artic Circle to Tierra del Fuego was soundly rejected by nations fed up with the economic and social chaos wrought by neoliberalism. At a press conference, South American journalists asked him rude questions about Karl Rove. And the President ended the whole debacle by uttering what may be the most trenchant observation the man has ever made on Latin America: "Wow! Brazil is big!"
- Topic:
- Economics and Government
- Political Geography:
- United States, Argentina, South America, and Latin America
288. The Hidden Cost of Homeland Defense
- Author:
- Benjamin Friedman
- Publication Date:
- 11-2005
- Content Type:
- Policy Brief
- Institution:
- MIT Center for International Studies
- Abstract:
- Conventional wisdom says that none of us are safe from terrorism. The truth is that almost all of us are. The conventional belief is that in response to terrorism, the federal government has spent massive sums on homeland security. The fact is that the increased federal spending on homeland security since September 11 pales in comparison to increases in the U.S. defense budget. But homeland security has costs beyond spending, costs that conventional thinking rarely considers. U.S. homeland security policy conjures up a flawless enemy that could strike at any moment, in any place. That policy institutionalizes the fears terrorists created and harms liberal values.
- Topic:
- Security, Economics, and Terrorism
- Political Geography:
- United States and North America
289. The United States as an Asian Power: Realism or Conceit?
- Author:
- M. Taylor Fravel and Richard J. Samuels
- Publication Date:
- 04-2005
- Content Type:
- Policy Brief
- Institution:
- MIT Center for International Studies
- Abstract:
- The long history of U.S. foreign policy is punctuated by axiomatic truths that have bordered on conceit—e.g., the virtues of isolation, America's manifest destiny, and our benign, democratizing presence in world affairs. Strategists have lurched from truth to truth across the centuries, often without sufficient reflection and learning. Today the United States is operating with an axiomatic idea about its place in and of Asia. U.S. foreign policymakers—and U.S. foreign policy wonks—intone the mantra: “The United States is an Asian power.”
- Topic:
- Foreign Policy, Economics, and Politics
- Political Geography:
- United States, America, and Asia
290. Agricultural Policy Reform in Brazil
- Publication Date:
- 10-2005
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Brazil is a major player in the global economy, one of the world's 10 largest economies, with a population of 180 million and vast natural resources. Brazil's agricultural land is exceeded only by China, Australia and the United States, and agriculture plays an important role in the country's economy. Primary agriculture accounts for 8% of GDP, while agricultural products account for about 30% of exports.
- Topic:
- International Relations, Agriculture, and Economics
- Political Geography:
- United States, China, Brazil, South America, and Australia
291. Economic Survey of the United States, 2005
- Publication Date:
- 10-2005
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- Despite higher energy prices, the expansion has continued at a solid pace, driven by private domestic demand. With the output gap closing, stimulus is appropriately being withdrawn. However, monetary tightening since mid-2004 has not yet translated into higher long-term interest rates, and the incipient decline in the federal budget deficit owes much to the recent buoyancy of revenues. Over the next 18 months, the economy is projected to grow at an annual rate of 3¼ per cent, roughly in line with estimated potential output. Although such a soft landing is the most likely outcome, there are some risks. With little economic slack left, inflation could continue to pick up, in particular if oil prices keep rising. Insufficient public spending restraint or renewed dollar weakness associated with concerns about the external deficit might also add to inflationary pressures. On the other hand, an end to the house price boom, let alone a sharp correction, could entail a retrenchment of household expenditure that has been underpinned by rising household wealth.
- Topic:
- Development, Economics, and Markets
- Political Geography:
- United States
292. Financial Access for Immigrants: Learning from Diverse Perspectives
- Author:
- Audrey Singer and Anna Paulson
- Publication Date:
- 10-2004
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Policymakers and academics are now catching up to financial institutions in their desire to understand how and why immigrants use U.S. financial markets. “Financial Access for Immigrants: Learning from Diverse Perspectives,” a conference co-sponsored by the Brookings Metropolitan Policy Program formerly the Center on Urban and Metropolitan Policy) and the Federal Reserve Bank of Chicago, was held at the Chicago Fed on April 15-16, 2004. It included presentations from scholars and practitioners who discussed recent research on the financial practices of immigrants as well as the practical experiences of for-profit and nonprofit institutions working to provide financial services to the immigrant community.
- Topic:
- Economics, International Trade and Finance, and Migration
- Political Geography:
- United States and Chicago
293. Law of the Sea Convention: Should the U.S. Join?
- Author:
- David B. Sandalow
- Publication Date:
- 08-2004
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- The United States has vital interests in the oceans. U.S. national security depends on naval mobility. U.S. prosperity depends on underwater energy resources. Ocean fisheries help feed the United States and much of the world. On February 25, 2004, the Senate Foreign Relations Committee unanimously recommended that the United States accede to the Law of the Sea Convention, which sets forth a comprehensive framework of rules for governing the oceans. The recommendation followed two hearings in which the committee heard testimony supporting the Convention from the Bush administration, the armed services, ocean industries, and environmental groups, among others. Following the favorable report from Foreign Relations, other congressional committees held hearings at which several lawmakers raised concerns about the treaty. The United States should promptly join the Law of the Sea Convention. Doing so would help protect U.S. national security, advance U.S. economic interests, and protect the marine environment. Prompt action is needed to ensure that the United States is a party by November 2004, when the Convention is open to amendment for the first time.
- Topic:
- Economics and International Law
- Political Geography:
- United States
294. Offshoring, Import Competition, and the Jobless Recovery
- Author:
- Charles L. Schultze
- Publication Date:
- 08-2004
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Until the end of 2003, the United States had been experiencing a “jobless” recovery, with employment stagnating at levels well below those in 2000. A widespread perception has arisen that a major culprit behind the dearth of jobs was the growing practice of U.S. firms to relocate part of their domestic operations to lower-wage countries abroad. “Offshoring” presumably caused a reduction in U.S. output and a corresponding loss of jobs.
- Topic:
- Economics, Government, and Human Welfare
- Political Geography:
- United States
295. Improving the Saver's Credit
- Author:
- William G. Gale and Peter R. Orszag
- Publication Date:
- 07-2004
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- For decades, the U.S. private pension system has provided preferential tax treatment to employer-provided pensions, 401(k) plans, and individual retirement accounts relative to other forms of saving. The effectiveness of this system of subsidies is controversial. Despite the accumulation of vast amounts of wealth in pension accounts, concerns persist about the ability of the pension system to raise private and national saving, and in particular to improve saving outcomes among those households most in danger of inadequately preparing for retirement.
- Topic:
- Economics, Government, and Human Welfare
- Political Geography:
- United States
296. Job Anxiety Is Real-And It's Global
- Author:
- Sandra Polaski
- Publication Date:
- 05-2004
- Content Type:
- Policy Brief
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- These are not normal times. Two changes in the past decade have produced a huge global oversupply of labor and intense competition for an expanding array of jobs. First, the Cold War's end threw millions of workers, who formerly produced only for the socialist bloc, onto the global labor market. And second, that market has become integrated by technological change that now permits outsourcing of service as well as manufacturing jobs. The current economic recovery will not solve the resulting global mismatch of supply and demand, and it cannot be addressed by the United States alone. Many current policies aggravate the problem. This paper proposes that the United States revise its policies and devote a concerted effort to get the major countries to work together to expand employment at that global level.
- Topic:
- Economics, Globalization, and Industrial Policy
- Political Geography:
- United States
297. The Australia-United States Free Trade Agreement: a preliminary assessment
- Author:
- Mark P Thirlwell
- Publication Date:
- 02-2004
- Content Type:
- Policy Brief
- Institution:
- Lowy Institute for International Policy
- Abstract:
- On 8 February Australian Trade Minister Mark Vaile concluded an agreed text for an Australia-United States Free Trade Agreement. This Issues Brief provides a preliminary assessment of the agreement, based on the limited information now available.
- Topic:
- Economics, International Trade and Finance, and Treaties and Agreements
- Political Geography:
- United States, Australia, and Australia/Pacific
298. The Transatlantic Economy in 2020: A Partnership for the Future?
- Author:
- Frances G. Burwell, W. Bowman Cutter, Paula Stern, and Peter S. Rashish
- Publication Date:
- 11-2004
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- The United States and the European Union maintain the world's largest and most significant economic relationship, which in turn is a foundation supporting the transatlantic political partnership. By some estimates, the transatlantic economy — including two-way trade and foreign affiliate sales — totals $2.5 trillion and is responsible for 14 million jobs in the United States and Europe. It is not just the scale of the transactions, however; the transatlantic economy is deeply interconnected through impressive levels of foreign direct investment in both directions. Together, the United States and the EU have been key players in managing the global economy through the World Trade Organization, World Bank, and International Monetary Fund. They have been responsible for the major accomplishments in international trade liberalization of the last 40 years, and have spurred the adoption of global standards in a wide range of sectors.
- Topic:
- Economics, International Cooperation, and International Trade and Finance
- Political Geography:
- United States and Europe
299. Do Economic Sanctions Work? Lessons from ILSA Other Sanctions Regimes
- Author:
- Stuart E. Eizenstat
- Publication Date:
- 04-2004
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- The 1990s saw a cascade of contentious sanctions legislation. Congress passed the Antiterrorism and Effective Death Penalty Act of 1996, including an amendment to the Sovereign Immunities Act, which permits lawsuits against governments on the terrorism list – a major step in denying foreign governments normal immunity from suit in U.S. courts. The Iran–Libya Sanctions Act (ILSA) was also passed in 1996, with the goal of discouraging third–country companies from investing in Iran or Libya. This sparked outrage from European countries, which objected to the act's “extra–territorial” reach, and from the European Union (EU) institutionally, which responded with a law barring any European company from complying with the legislation (and with similar provisions regarding Cuban trade under the controversial Helms–Burton Act).
- Topic:
- International Relations, Economics, and Terrorism
- Political Geography:
- United States and Europe
300. New Sources of Development Finance: Funding the Millenium Development Goals
- Author:
- Anthony B. Atkinson
- Publication Date:
- 09-2004
- Content Type:
- Policy Brief
- Institution:
- United Nations University
- Abstract:
- In order to achieve the Millennium Development Goals (MDGs), substantial additional external funding needs to be mobilized. Estimates differ, but a 'ballpark' figure is an annual increase of US$50 billion. This could be achieved by a doubling of official development assistance (ODA). Welcome steps have been made in that direction, but this takes time, and time is of the essence. For this reason alone, it is necessary to consider new sources.
- Topic:
- Development, Economics, International Cooperation, and United Nations
- Political Geography:
- United States