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3072. Iran: Discontent and Disarray
- Publication Date:
- 10-2003
- Content Type:
- Working Paper
- Institution:
- International Crisis Group
- Abstract:
- The decision to award the Nobel Peace Prize to Shirin Ebadi, a courageous human rights lawyer, has focused renewed attention on the deep divisions and tensions within Iran. How these work out, and how Iran defines its role in the world, will have a critical impact on a range of wider security issues, from Iraq and Afghanistan to the Arab-Israeli conflict and the future of nuclear non-proliferation.
- Topic:
- Security, Demographics, Development, Economics, Politics, and Poverty
- Political Geography:
- Afghanistan, Iran, Israel, and Arabia
3073. Disarmament and Reintegration in Afghanistan
- Publication Date:
- 09-2003
- Content Type:
- Working Paper
- Institution:
- International Crisis Group
- Abstract:
- The domination of Afghanistan's political landscape by armed parties and individual commanders is still the principal obstacle to implementation of the political process that was agreed at the Bonn conference in late 2001. Without a credible process of disarmament, demobilisation and reintegration of former commanders and fighters into society (DR), it is inconceivable that any of the key elements of that political process - including the adoption of a new constitution, judicial reform, and elections - can be meaningfully implemented. More international engagement across the country - in the form of both security contributions and economic assistance - remains the essential ingredient.
- Topic:
- Conflict Prevention, Development, Economics, and Peace Studies
- Political Geography:
- Afghanistan and Central Asia
3074. The Difficulties of Discerning What's Too Tight: Taylor Rules and Japanese Monetary Policy
- Author:
- Adam S. Posen and Kenneth N. Kuttner
- Publication Date:
- 12-2003
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Observers have relied increasingly on simple reaction functions, such as the Taylor rule, to assess the conduct of monetary policy. Applying this approach to deflationary or near-zero inflation environments is problematic, however, and this paper examines two shortcomings of particular relevance to the Japanese case of the last decade. One is the unusually high degree of uncertainty associated with potential output in an environment of prolonged stagnation and deflation. Consequently, reaction function-based assessments of Japanese monetary policy are so sensitive to the chosen gauge of potential output as to be unreliable. The second shortcoming is the neglect of policy expectations, which become critically important as nominal interest rates approach zero. Using long-term bond yields, we identify five episodes since 1996 characterized by abrupt declines in Japanese inflation expectations. Policies undertaken by the Bank of Japan during this period did little to stabilize expectations, and the August 2000 interest rate increase appears to have intensified deflationary concerns.
- Topic:
- Climate Change, Economics, and International Trade and Finance
- Political Geography:
- Japan, Israel, East Asia, and Asia
3075. Empirical Investigations of Inflation Targeting
- Author:
- Yifan Hu
- Publication Date:
- 07-2003
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- A growing number of countries have anchored their monetary policy to an explicit numerical rate or range of inflation since such an inflation targeting framework was first adopted by New Zealand in 1989. This paper empirically investigates issues associated with inflation targeting using a dataset of 66 countries for the 1980–2000 period.
- Topic:
- Development, Economics, Emerging Markets, and International Trade and Finance
- Political Geography:
- New Zealand
3076. Revitalizing the Economies of Japan and the United States
- Author:
- C. Fred Bergsten
- Publication Date:
- 06-2003
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The United States and Japan are the two largest national economies in the world. Since the early 1990s, they have been moving in opposite directions. The United States enjoyed an expansion of record duration from the end of the Gulf War in 1991 until early 2001, growing much faster than any other G-7 country and much faster than it had at any time since the Second World War. Japan's economy, by contrast, has been virtually stagnant since its financial bubble burst in the early 1990s and has clearly experienced its worst performance since its recovery from the ravages of the Pacific War.
- Topic:
- Economics and International Trade and Finance
- Political Geography:
- United States, Japan, Israel, and East Asia
3077. NAFTA Dispute Settlement Systems
- Author:
- Gary Hufbauer and Jeffrey J. Schott
- Publication Date:
- 06-2003
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Drawing on the 1989 Canada-US Free Trade Agreement (CUSFTA), the North American Free Trade Agreement (NAFTA) extended dispute settlement provisions to cover more ground. In fact, within NAFTA there are six dispute settlement systems. NAFTA Chapter 11 is designed to resolve investor-state disputes over property rights; Chapter 14 creates special provisions for handling disputes in the financial sector via the Chapter 20 dispute settlement process (DSP); Chapter 19 establishes a review mechanism to determine whether final antidumping (AD) and countervailing duty (CVD) decisions made in domestic tribunals are consistent with national laws; and Chapter 20 provides government-to-government consultation, at the ministerial level, to resolve high-level disputes. In addition, the NAFTA partners created interstate dispute mechanisms regarding domestic environmental and labor laws under the North American Agreement on Environmental Cooperation (NAAEC) and the North American Agreement on Labor Cooperation (NAAL C), respectively. This chapter examines the first four dispute settlement systems; the NAAEC and NAALC systems are evaluated elsewhere in this book.
- Topic:
- Economics and International Trade and Finance
- Political Geography:
- United States, Latin America, and North America
3078. Survival of the Best Fit: Exposure to Low-Wage Countries and the (Uneven) Growth of US Manufacturing Plants
- Author:
- J. Bradford Jensen, Andrew B. Bernard, and Peter K. Schott
- Publication Date:
- 05-2003
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- This paper examines the role of international trade in the reallocation of U.S. manufacturing activity within and across industries from 1977 to 1997. It introduces a new measure of industry exposure to international trade, motivated by the Heckscher-Ohlin model, which focuses on where imports originate rather than their overall level. Results demonstrate that plant survival as well as output and employment growth are negatively associated with the share of industry imports sourced from the world's lowest-wage countries. Within industries, activity is reallocated towards capital-intensive plants. Plants are also more likely to alter their product mix (i.e. switch industries) in response to trade with low-wage countries. Plants altering their product mix switch to industries that are more capital-and skill-intensive.
- Topic:
- Economics, Government, and International Trade and Finance
- Political Geography:
- United States
3079. Falling Trade Costs, Heterogeneous Firms, and Industry Dynamics
- Author:
- J. Bradford Jensen, Andrew B. Bernard, and Peter K. Schott
- Publication Date:
- 05-2003
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- This paper examines the response of industries and firms to changes in trade costs. Several new firm-level models of international trade with heterogeneous firms predict that industry productivity will rise as trade costs fall due to the reallocation of activity across plants within an industry. Using disaggregated U.S. import data, we create a new measure of trade costs over time and industries. As the models predict, productivity growth is faster in industries with falling trade costs. We also find evidence supporting the major hypotheses of the heterogenous- firm models. Plants in industries with falling trade costs are more likely to die or become exporters. Existing exporters increase their shipments abroad. The results do not apply equally across all sectors but are strongest for industries most likely to be producing horizontally-differentiated tradeable goods.
- Topic:
- Economics, Government, and International Trade and Finance
- Political Geography:
- United States
3080. Improving The Sovereign Debt Restructuring Process
- Author:
- Brad Setser and Nouriel Roubini
- Publication Date:
- 03-2003
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The recent debate on reforming the international financial system has focused on the need to improve the sovereign debt restructuring process, and in particular on steps that could limit the risk that litigation could disrupt or delay a sovereign debt restructuring. This debate increasingly has focused on the debt restructuring process in those cases where debt reduction is needed to produce a sustainable debt profile. Less attention has been given to those cases where a sovereign lacks the reserves needed to cover its near-term obligations and, absent international support, has a clear need for debt rescheduling to push out near-term maturities.
- Topic:
- Economics, Government, and International Trade and Finance