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  • Author: Jeffrey J. Schott, Meera Fickling
  • Publication Date: 07-2010
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: A year ago, we wrote a policy brief titled Setting the NAFTA Agenda on Climate Change, which explored issues of energy and environmental cooperation among the three North American countries in light of the climate legislation that had recently passed the US House of Representatives. Similar legislation did not pass the Senate, and Congressional leaders are now considering much more modest measures aimed at reducing greenhouse gas (GHG) emissions and reforming US energy policy.
  • Topic: Climate Change, Economics, International Trade and Finance, Treaties and Agreements
  • Political Geography: United States, North America
  • Author: Gary Clyde Hufbauer, Julia Muir
  • Publication Date: 06-2010
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: On May 31, 2010 a majority of the Lower House of the National Diet of Japan approved legislation that would reverse a decade's worth of effort to fully privatize key subsidiaries of Japan Post Holdings Co. Ltd. Besides postal services, the state-run postal system offers banking and insurance services, through Japan Post Bank (JPB) and Japan Post Insurance (JPI), respectively. These are the financial engines of Japan Post and were the units slated for privatization. Both subsidiaries have long received favorable government treatment, tilting the playing field against private banks and insurance firms, whether foreign or domestic. The government of Japan is in clear violation of its commitments under the World Trade Organization (WTO), and if the Upper House approves the legislation, Japan will reverse the efforts made by the United States and the European Union, as well as domestic private banks and insurance firms, to establish a level playing field. What's more, Japan risks having a formal WTO dispute brought against it.
  • Topic: Economics, Government, Privatization
  • Political Geography: United States, Japan, Europe
  • Author: Daniel H. Rosen
  • Publication Date: 06-2010
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: On Sunday, June 13, 2010 representatives from China and Taiwan held a third round of talks in Beijing on an Economic Cooperation Framework Agreement (ECFA) that would liberalize important aspects of cross-Strait economic relations. Details of what was agreed and what remains under negotiation are still trickling out, and in any case the nature of this framework is that various elements will be agreed upon on an ongoing basis rather than at once. But it is clear from available details that ECFA will be an ambitious accord that fundamentally changes the game between Taiwan and China and hence affects the regional economy and even the transpacific tempo for the United States.
  • Topic: Economics, International Cooperation, International Trade and Finance, Treaties and Agreements, Bilateral Relations
  • Political Geography: United States, China, Taiwan
  • Author: Gary Clyde Hufbauer, Theodore H. Moran
  • Publication Date: 06-2010
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: The US House of Representatives has just passed the American Jobs and Closing Tax Loopholes Act (HR 4213). This bill will hurt American workers, reduce American exports, and make American companies less competitive in the international marketplace. Since the US Senate has already passed companion legislation, the American Workers, State, and Business Relief Act (S 3336), these ill-considered bills could soon be reconciled in conference and become the law of the land. If so, American firms and workers will pay the price.
  • Topic: Economics, International Trade and Finance, Markets, Labor Issues
  • Political Geography: United States, America
  • Author: Trevor Houser
  • Publication Date: 05-2010
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: On May 12, 2010, Senators John Kerry (D-MA) and Joseph Lieberman (I-CT) released details of their proposed American Power Act, a comprehensive energy and climate change bill developed over the preceding nine months by the two senators, chairmen of the Senate Foreign Relations and Homeland Security Committees respectively, along with Senator Lindsey Graham (R-SC).1 With US unemployment just below 10 percent and the sunken Deepwater Horizon drilling rig's ruptured well pouring thousands of barrels of oil into the Gulf of Mexico each day, the senators promised that if passed the bill will: (1) reduce US oil consumption and dependence on oil imports; (2) cut US carbon pollution 17 percent below 2005 levels by 2020 and over 80 percent by 2050; and (3) create jobs and restore US global economic leadership. In this policy brief we evaluate the effectiveness of the proposed American Power Act in achieving those goals.
  • Topic: Climate Change, Environment, Government
  • Political Geography: United States
  • Author: Jeffrey J. Schott
  • Publication Date: 05-2010
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: For the past 18 months, the G-20 summit countries have worked together to contain the global economic crisis and encourage a sustainable economic recovery. As part of these efforts, the G-20 leaders have sought to constrain the protectionist pressures that invariably arise during times of economic stress and to maintain an open international trading regime. The G-20 trade agenda, as enunciated in the three summit declarations, has covered two specific trade actions: a “standstill” on new protectionism and a charge to complete the Doha Round of multilateral trade negotiations.
  • Topic: Development, Human Rights, International Organization, International Trade and Finance
  • Political Geography: United States, Washington
  • Author: Gary Clyde Hufbauer, Theodore H. Moran
  • Publication Date: 05-2010
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: As presidential candidate, Barack Obama repeatedly advocated tax “reforms” aimed squarely at US-based multinational enterprises (MNEs). As president, he again declared—in the same State of the Union address that laid out an ambitious goal for export expansion—that “it is time to finally slash the tax breaks for companies that ship our jobs overseas, and give those tax breaks to companies that create jobs right here in the United States of America."
  • Topic: Economics, International Trade and Finance, Markets, Monetary Policy
  • Political Geography: United States
  • Author: Gary Clyde Hufbauer
  • Publication Date: 04-2010
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: These are difficult times. Not only are 10 percent of Americans unemployed but the federal budget is out of whack thanks to the specter of rising entitlement outlays. A natural impulse in difficult times is to protect domestic products and domestic producers. The tone of political economy during the global recession of 2007–09 is no different from that in past recessions—but louder because the economic damage is more severe. Emblematic of this spirit is a proposal to discriminate against foreign-owned insurance companies, using the tax code.
  • Topic: Economics, Labor Issues, Financial Crisis
  • Political Geography: United States
  • Author: William R. Cline
  • Publication Date: 08-2010
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: On June 21, 2010, in the run-up to the G-20 meeting in Toronto, China announced that it would shift to a more flexible exchange rate policy. From mid-June to July 30 the yuan rose 0.8 percent against the dollar. In contrast, the currency had remained fixed (at about 6.83 yuan to the dollar) from September 2008 to early June 2010. Pressure not only from the United States and the European Union but also from Russia, Brazil, and India as well as the IMF seems likely to have played a role in China's decision, although concerns about domestic inflation may also have been a factor.
  • Topic: Economics, Monetary Policy
  • Political Geography: United States, China
  • Author: Richard J. Smith
  • Publication Date: 08-2010
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: The 1987 Montreal Protocol to the Vienna Convention on the Protection of the Ozone Layer was a pivotal agreement in the history of global environmental negotiations. It established a process that remains an important precedent for dealing with global environmental problems, including global warming. What made the negotiation of that agreement such an iconic event, and what useful lessons does it hold for climate change negotiators?
  • Topic: Climate Change, Environment
  • Political Geography: United States