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6561. Currency Wars?

Author:
William R. Cline and John Williamson
Publication Date:
11-2010
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
A widespread currency war is in prospect. The term was first introduced by Guido Mantega, the finance minster of Brazil. He envisaged the International Monetary Fund (IMF) developing an index that measures whether currencies are held artificially low to boost exports (popularly referred to as “currency manipulation”). If that IMF exercise did not lead to an easing of such exchange market intervention, he suggested that an undervalued exchange rate could eventually be considered a commercial subsidy.
Topic:
Economics, International Cooperation, International Trade and Finance, and Monetary Policy
Political Geography:
Brazil

6562. Will It Be Brussels, Berlin, or Financial Markets that Check Moral Hazard in Europe's Bailout Union? Most Likely the Latter!

Author:
Jacob Funk Kirkegaard
Publication Date:
10-2010
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
So far so good for the European Union in preventing the Greek sovereign debt crisis from spiraling out of control in the short term. But with Greece in May 2010 requiring an unprecedented bailout from the European Union/IMF to avoid immediate default and 25 of the European Union's 27 member states currently subject to an “excessive deficit procedure” (European Commission 2010i), it remains evident that the European Union's existing fiscal surveillance framework patently failed both before and during the Great Recession and that Europe's leaders must head back to the drawing board for a required long term reform of the EU fiscal policy and surveillance framework.
Topic:
Debt, Economics, and Financial Crisis
Political Geography:
Europe and Greece

6563. The Central Banker's Case for Doing More

Author:
Adam S. Posen
Publication Date:
10-2010
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
In this policy brief I present my view on the role of monetary policy in our recovery and whether the major central banks in the United Kingdom and beyond should be doing more in the coming months. Of course, every central bank's policysetting committee has to make its own assessment of the right policy measures for its economy, based on its own forecastand the mandate legally set for it. Thus, I am not presuming to offer a “one size fits all” prescription for central bankers beyond the United Kingdom. I would like, however, to try to give some general assessment of the common challenges we face, and what I believe to be the appropriate monetary policy response, barring special circumstances. Not that there will be any doubt about it, but for the record, these are solely my own personal views.
Topic:
Economics, Globalization, Global Recession, Monetary Policy, and Financial Crisis
Political Geography:
United Kingdom

6564. Prospects for Implementing the Korea-US Free Trade Agreement

Author:
Jeffrey J. Schott
Publication Date:
10-2010
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
The Korea-US Free Trade Agreement (KORUS FTA) was signed on June 30, 2007. Since then, the Korean National Assembly has vetted the agreement and the pact cleared a major legislative hurdle when the Foreign Affairs and Trade Committee approved it in April 2009; the full assembly has deferred final passage pending comparable action by the US Congress. In the United States, the ratification process has not yet begun; neither President George W. Bush nor President Barack Obama has submitted implementing legislation to Congress.
Topic:
Diplomacy, International Trade and Finance, Bilateral Relations, and Law
Political Geography:
United States, Israel, Asia, and Korea

6565. Not All Financial Regulation Is Global

Author:
Nicolas Véron and Stéphane Rottier
Publication Date:
09-2010
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
“All politics is local,” as the saying goes, but all economics is global, and regulation is one area where these two realities meet and conflict. This has been particularly true for financial regulation in the wake of the unprecedented financial crisis.
Topic:
Economics, Genocide, International Cooperation, International Trade and Finance, and Monetary Policy
Political Geography:
Europe

6566. Cheap but Costly: Constraints of Economic Development in the Coal Mining Industry

Author:
Lina Gong and Sofiah Jamil
Publication Date:
11-2010
Content Type:
Policy Brief
Institution:
Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
Abstract:
The demand for coal is set to increase over the coming years, especially among developing countries. However, while coal may be a cheap source of energy to facilitate economic development, it is costly in terms of the implications for human security. Coal mining has been seen to adversely impact local communities and cause sociopolitical instability. Long-term environmental sustainability is also negatively affected. This NTS Insight seeks to examine the extent to which governance mechanisms have been successful in mitigating these socioeconomic and environmental costs, with a focus on China and Indonesia. The paper will also assess the effectiveness of current initiatives designed to address the various forms of human insecurities stemming from coal mining in the two countries.
Topic:
Development, Energy Policy, and Environment
Political Geography:
China and Asia

6567. How much do U.S. corporations know (and care) about bilateral investment treaties? Some hints from new survey evidence

Author:
Jason Webb Yackee
Publication Date:
11-2010
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
A remarkable number of countries have recently entered into bilateral investment treaties (BITs) as a means of protecting and promoting inward foreign direct investment (FDI). But do the treaties “work?” In exchange for giving up some mea sure of regulatory autonomy, host countries hope to receive increased flows of investment. Scholars have devoted substantial energy to examining whether this so-called “grand bargain” has in fact been realized. Most studies follow a common research design. The number of BITs that a state has signed are counted up, with the resulting independent variable regressed against country-level FDI flow data. Unfortunately, the results of these various and increasingly complex statistical exercises are inconsistent. 1 Some studies show that BITs can have massive positive impacts on foreign investment; others show modest positive impacts; others show no impact at all, or even a negative impact.
Topic:
International Trade and Finance, Bilateral Relations, and Foreign Direct Investment
Political Geography:
United States

6568. What will an appreciation of China's currency do to inward and outward FDI?

Author:
Karl P. Sauvant and Ken Davies
Publication Date:
10-2010
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
What will an appreciation of the Chinese yuan do to China's inward and outward direct investment? The discussion so far has been almost exclusively about the impact on China's trade balance. But it is at least as important to see what effect it may have on the country's inward foreign direct investment (IFDI), which plays such a crucial role in China's economic development, and its outward FDI (OFDI), which is receiving increased attention worldwide.
Topic:
Economics, Foreign Exchange, International Trade and Finance, and Foreign Direct Investment
Political Geography:
China

6569. Oversight for Cybersecurity Activities

Author:
Adriane Lapointe
Publication Date:
12-2010
Content Type:
Policy Brief
Institution:
Center for Strategic and International Studies
Abstract:
The absence of consensus, and therefore of policy, on how to balance privacy with the need for government cybersecurity measures, has led many to contemplate intelligence oversight practices as a possible model for oversight in the cybersecurity realm. Reliance on intelligence privacy oversight practices for cybersecurity might allow us to duck the hard work of developing appropriate cybersecurity policy, but it would not in the end further cybersecurity for the nation. A better approach would be to adopt the purely structural aspects of Executive Order 12333, developing a parallel executive order tailored to the distinct goals and operational drivers of cybersecurity. Such a document would establish basic guidelines for policy governing cyber mission, frame cybersecurity oversight processes, and mandate the development and approval of procedures to implement them.
Topic:
Security, Government, and Science and Technology

6570. The U.S.-UAE Peaceful Nuclear Cooperation Agreement: A Gold Standard or Fool's Gold?

Author:
Fred McGoldrick
Publication Date:
11-2010
Content Type:
Policy Brief
Institution:
Center for Strategic and International Studies
Abstract:
It is hard to know what is more disturbing — Iran's continued defiance of UN Security Council Resolutions ordering Tehran to cease its uranium enrichment activities and to cooperate with the International Atomic Energy Agency (IAEA), or the tour that North Korea recently gave to U.S. scientists of its new uranium enrichment plant. Policymakers fear that these programs will enable these states to produce more fissile materials for nuclear weapons.
Topic:
Conflict Prevention, Nuclear Weapons, and Treaties and Agreements
Political Geography:
United States, Iran, Middle East, and Arabia