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  • Author: Imtiaz Hussain
  • Publication Date: 01-1997
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: What factors made the attainment of a regional trading bloc a priority at the Summit of the Americas? Why was it so inclusive a gathering? What are the prospects and problems of an American Free Trade Association? How can regionalism in this part of the world be explained theoretically?
  • Topic: Development, International Trade and Finance, Regional Cooperation
  • Political Geography: America, North America
  • Author: Imtiaz Hussain
  • Publication Date: 01-1997
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: Why do policy outcomes invariably fall short of expectations? Almost all studies of this puzzling topic over the last generation have revolved around a study of the limits of rational behavior. Although this literature is extraordinarily enriching, as society becomes more complex, the gap between policy intentions and outcomes seems to be widening, and constrained rational behavior appears to be accounting for increasingly less of that gap. Three incompatible policy areas today are environmentalism, free trade, and regionalism. This investigation undertakes a comparative analysis of the principles and key dimensions of those three policy areas, then transforms Benjamin Cohen's unholy monetary trinity into an unholy developmental trinity to offer a theoretical framework within which this incompatible policy-mix may be explained.
  • Topic: Foreign Policy, Economics, Environment, International Trade and Finance
  • Author: Imtiaz Hussain
  • Publication Date: 01-1997
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: Asking "How have trade disputes over agriculture been settled in North America?", this study examines 11 appeals made to binational panels established under Chapter 19 of the Canada-U.S. Free Trade Agreement of 1989. By disaggregating the process of dispute settlement into complaints, rulings, country responses, and overall settlement, it reassesses an old debate (whether dispute outcomes are influenced by collective rules or the pursuit of self-help) and sheds new light. Whereas extant studies make the argument, through a study of appeals to G.A.T.T., that collective rules temper the blind pursuit of self-help, this study makes the argument that self-help is equally important an explanation. Whereas the former focus on outcomes which are non-binding, this study focuses on outcomes which are binding. Implications are drawn, at a time when domestic interests, nationalistic sentiments, and supranational pursuits compete to influence policy outcomes at all levels, for agriculture, integration in North America, and dispute settlement at the multilateral level.
  • Topic: Agriculture, Economics, International Trade and Finance
  • Political Geography: United States, Canada, North America
  • Author: Sidney Weintraub
  • Publication Date: 07-1997
  • Content Type: Working Paper
  • Institution: The North-South Center, University of Miami
  • Abstract: On December 20, 1994, Mexican financial and monetary authorities raised the band within which the peso was permitted to fluctuate by 15 percent. They expected a short-lived shock, some economic adjustment, and then back to business as usual with a modestly devalued peso. Mexico, after all, had a history of currency devaluations, particularly during the transitions from one administration to another. Beyond that, Mexico was not a world monetary powerhouse and what it did would not normally attract great or sustained international attention.
  • Topic: Economics, International Trade and Finance
  • Political Geography: United States, Latin America, Mexico
  • Author: Anthony T. Bryan
  • Publication Date: 06-1997
  • Content Type: Working Paper
  • Institution: The North-South Center, University of Miami
  • Abstract: The challenges confronting the Caribbean with respect to trade with Europe and the Americas are essentially similar: the future of existing regimes of significant preferences, the need to plan for the long term without such preferences, and the development of a strategy to meet the transition. Unfortunately, the dialogue on these matters often has been characterized as a protocol for the Caribbean to “choose between friends.” Growth in the economies of the Caribbean will depend to a large extent on participation in or access to global trade arrangements. Ideally, a Caribbean strategy for participation should involve simultaneous access to as many pacts as possible. This paper is an overview of the legacy and the future of trade relations between the Caribbean and Europe, and between the Caribbean and the Americas, as these relationships constitute the Caribbean's most urgent global agenda.
  • Topic: Economics, Emerging Markets, International Trade and Finance
  • Political Geography: United States, America, Europe, Caribbean
  • Author: Gerardo Gonzalez
  • Publication Date: 05-1997
  • Content Type: Working Paper
  • Institution: The North-South Center, University of Miami
  • Abstract: This paper analyzes how Cuban entrepreneurs perceive the importance of their role in Cuba's reintegration into the Caribbean. In the context of recent Cuban-Caribbean economic relations, Caribbean entrepreneurs have taken the lead, and Cuban entrepreneurs are trying to conduct business under changing and challenging conditions. As the Cuban economy gradually adapts to new national and international realities, an increasing number of Cuban firms are beginning to participate directly and actively in Cuba's external economic relations.
  • Topic: International Relations, Economics, International Trade and Finance
  • Political Geography: Cuba, Caribbean
  • Author: Glenn W. Harrison, Thomas F. Rutherfod
  • Publication Date: 05-1997
  • Content Type: Working Paper
  • Institution: The North-South Center, University of Miami
  • Abstract: This paper examines the net economic benefits and government revenue implications for Chile of forming a free trade area with MERCOSUR as an associate member, forming a free trade area with NAFTA, and reducing its external tariff multilaterally and unilaterally. The research shows that NAFTA would benefit Chile, but Chile must obtain improved access in non-grain crops, one of its key export sectors, or NAFTA will result in losses for Chile. Chile will lose from the MERCOSUR agreement as presently constituted but can gain from participation in MERCOSUR by reducing its external tariff to between 6 percent and 8 percent. Such a lowering of the external tariff would lead to a reduction of costly, trade-diverting imports (on which Chile does not collect tariffs) from high-priced partner country suppliers. The paper indicates that Chile should continue to push for NAFTA membership, while moving toward broader multilateral trade liberalization. Additionally, collecting the value added tax at more uniform rates in Chile would reduce domestic distortions and enhance the effectiveness of trade policy reforms.
  • Topic: Economics, International Organization, International Trade and Finance
  • Author: Carter Garber
  • Publication Date: 01-1997
  • Content Type: Working Paper
  • Institution: The North-South Center, University of Miami
  • Abstract: In this paper, economist and development finance consultant Carter Garber examines the process of complementing donations and commercial bank credit with private investments as a source of capital for international microenterprise finance. First, he describes the large expectations for private capital in the rapid growth of microenterprise finance. Second, Garber discusses the varied sources of private capital, especially those involving socially responsible investment. The third and central section is an examination of eight “socially responsible investment” mechanisms that currently channel $27 million of U.S. private credit to microfinance lending institutions. Garber demonstrates the variety of available mechanisms and examines their track record to date. The final section identifies policy changes that will be necessary for these types of private investment in microenterprise to grow fast enough to meet the expected demand during the coming decade.
  • Topic: Economics, International Trade and Finance
  • Author: Ronald McKinnon, Kazuko Shirono, Kenichi Ohno
  • Publication Date: 12-1996
  • Content Type: Working Paper
  • Institution: Walter H. Shorenstein Asia-Pacific Research Center
  • Abstract: From 1971 through mid-1995, the yen continually appreciated against the U.S. dollar because the Japanese and American governments were caught in a mutual policy trap. Repeated threats of a trade war by the United States caused the yen to ratchet up in 1971-73, 1977-78, 1985-87, and 1993 to mid-1995. While temporarily ameliorating commercial tensions, these great appreciations imposed relative deflation on Japan without correcting the trade imbalance between the two countries. Although resisting sharp yen appreciations in the short run, the Bank of Japan validated this syndrome of the ever-higher yen by following a monetary policy that was deflationary relative to that established by the U.S. Federal Reserve System. The appreciating yen was a forcing variable in determining the Japanese price level. After 1985, this resulted in great macroeconomic instability in Japan--including two endaka fukyos (high-yen-induced recessions).
  • Topic: Economics, International Political Economy, International Trade and Finance
  • Political Geography: United States, Japan, America, Israel, East Asia
  • Author: K.C. Fung, Lawrence Lau
  • Publication Date: 04-1996
  • Content Type: Working Paper
  • Institution: Walter H. Shorenstein Asia-Pacific Research Center
  • Abstract: There are huge discrepancies between the official Chinese and U.S. estimates of the bilateral trade balance. The discrepancies are caused by different treatments accorded to re-exports through Hong Kong, re-export markups, and trade in services. Deficit-shifting between China, on the one hand, and Hong Kong and Taiwan, on the other, due to direct investment in China from Taiwan and Hong Kong, is partly responsible for the growth in the China United States bilateral trade deficit.
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: United States, China, Taiwan, Asia, Hong Kong