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  • Author: Antonio Ortiz Mena L.N.
  • Publication Date: 06-2005
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: How can a developing country defend itself against unwanted demands in international economic negotiations, especially when the demandeur is a stronger state? Such defense can be a necessary component of any strategy, not only a distributive one but also a mixed strategy aimed at a wider agreement that benefits both sides. Sometimes what looks like an unwelcome demand turns out, after exploration and exchanges of concessions, to be an acceptable element in a beneficial package deal. But some demands are unwelcome in the stronger sense that one's government places an infinite reservation value on that particular issue. The government would prefer no agreement. In the case of a deal breaker, the delegation can walk away from the entire negotiation, but this could have large costs in opportunities foregone and even possible penalties imposed. What are the alternatives short of walking away? Mexico's negotiators faced such situation in the North American Free Trade Agreement (NAFTA) negotiations with the United States and Canada (1990-1992), specifically in the energy sector. In general the three states sought a mutual-gains agreement, and in general each employed a mixed strategy. In energy, however, Washington made demands--regarding investment and supply commitments--which Mexico found unacceptable. At the end of the day the Mexican team managed to attain its main offensive negotiation aims in NAFTA (significantly improved market access, faster tariff reductions in the U.S. and Canada than in Mexico, and an effective dispute settlement mechanism), as well as the main defensive ones in energy. How did they do it? Structural conditions, such as being a neighbor of the U.S., gives Mexico certain leverage in negotiations, for the U.S. will typically take into account non-economic considerations when negotiating over economic issues. Nonetheless, many lessons derived from Mexico's negotiation strategy in energy negotiations during NAFTA can be applied across a range of cases.
  • Topic: Development, Economics, Energy Policy, Government
  • Political Geography: United States, Washington, Canada, North America, Mexico
  • Author: Imtiaz Hussain
  • Publication Date: 03-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: With so much attention riveted upon economic integration today, another form of integration, having to do with the laws, constitutional provisions, and judicial arrangements countries abide by, has received considerably less attention. To partly redress that imbalance, a case study of legal integration in North America is undertaken. Building upon the specific dispute settlement arrangements of chapters 19 and 20 of the North American Free Trade Agreement, two comparative studies are pursued—the first between the legal practices, constitutional requirements, and judicial contexts in Canada, Mexico, and the United States; the other between NAFTA, GATT, and the World Trade Organization provisions. Two broad findings undergird legal integration in North America: The recognition of the need a) for at least three forms of reciprocal relationships: between economic and legal forms of integration; regional procedures and their domestic counterparts; and regional procedures and their multilateral counterparts; and b) to keep the state an active participant in supranational efforts by leaving a veto power over such developments or the exit option with the state, and thereby accomodating domestic interests and cross-national divergences as widely as possible.
  • Topic: Economics, International Trade and Finance, Politics
  • Political Geography: North America
  • Author: Antonio Ortiz Mena
  • Publication Date: 03-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: This working paper assesses the impact of the Uruguay Round Agreements of multilateral trade negotiation (MTN) on Mexico and determines the priorities of business and government for an upcoming round of MTN. It draws on secondary sources as well as interviews with business organizations representing Mexico' most important export industries and import-competing sectors. It proceeds as follows: the first section gives an overview of trade polity reforms since 1982; section two covers Mexico's regional trade agreements with special emphasis on the North American Free Trade Agreement; the third section provides and outline of Mexico's current trade policies; the fourth section consists of an assessment of the costs and benefits of Mexico's current World Trade Organization commitments' the fifth sections sets out the views of government and business on a new round of MTN; and the sixth section concludes.
  • Topic: Security, Economics, International Trade and Finance
  • Political Geography: North America, Mexico
  • Author: Antonio Ortiz Mena, Susan Minushkin
  • Publication Date: 03-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: Globalization, understood as "an open market place free of institutional or locational constraints" (Weiss) seems to have taken hold of the Americas - for better or worse. There are currently numerous preferential trade agreements (PTAs) and bilateral investment treaties (BITs) in the region. Yet, how close is this image to reality? Do American countries have the institutional framework required to allow a relatively free flow of goods, services and capital within the region? This paper looks into the institutional structures required for financial and monetary integration, through an analysis of BITs, investment and trade in financial services provisions in PTAs, capital account regimes, exchange rate structures, and the possibilities for debt and equity financing within the Americas. It is an empirically-oriented paper that attempts to assess the degree of compatibility between the current institutional structure governing financial and monetary relations in the Americas, and the possibility of attaining relatively free flow of capital and integrated financial markets in the region.
  • Topic: Economics, Globalization, Politics
  • Political Geography: America, North America
  • Author: Susan Minushkin
  • Publication Date: 03-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: Mexico's financial market opening demonstrates how this domestic logic interacts with international condition. The following case study of Mexican financial opening makes the following contentions. First, financial market opening in Mexico did not begin in the 1980s, as commonly believed. Rather the process has its roots in a conflict among sub-sectors of the financial services industry, between powerful oligarchic bankers (banqueros) and financial entrepreneurs based on the bolsa (bolseros). The conflict, dating from the 1960s, was a purely domestic affair and was not the result of increased international capital mobility and financial marked opening in OECD countries. Nevertheless, this conflict led to a structural change in the financial service industry congruent with changes in the international financial system from bank-based financing to increasing securities market-based financing.
  • Topic: Economics, Emerging Markets, International Trade and Finance
  • Political Geography: North America, Mexico
  • Author: Susan Minushkin
  • Publication Date: 03-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: This study seeks to test the hypotheses that different styles of financial market opening can be explained, in part, by general economic conditions and the need to attract external capital. It seeks, as well, to test the some for the more general arguments advanced in the financial market opening literature that financial market opening is a result of a country's increased participation in the international financial system and increased international trade integration. Two specifically political arguments also are tested. The first is that emerging markets opened their markets in response to pressure from the IMF. The second is that there is an association between political freedom and open markets. I test these hypotheses using regression analyses of panel data from a sample of emerging market countries.
  • Topic: Economics, Emerging Markets, International Trade and Finance
  • Political Geography: Europe, North America
  • Author: Miguel Ángel Valverde
  • Publication Date: 02-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: The objective of this paper is to analyze the institutional setting of the NAFTA debate in the United States, focusing on the interaction between the Presidency and Congress, in the formulation of foreign commercial policy. A series of arrangements have tamed confrontation between the Executive and Legislative powers, reconciling their institutional biases. THese arrangements channel and contain domestic demands for protectionism, favoring international trade liberalization negotiations.
  • Topic: Economics, International Trade and Finance, Treaties and Agreements
  • Political Geography: Africa, United States, Asia, North America
  • Author: Guadalupe González
  • Publication Date: 02-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: This document analyses the impact of the end of the Cold-War, and the processes of economic and political liberalization on Mexico's foreign policy. The first section identifies the consequences for the so-called intermediate countries of the three most important post-Cold War trends: the emergence of hybrid structure of global power, the wave of globalization, and the growing importance of international institutions. The second section evaluates the explanatory value of three systemic approaches to the study of the foreign policy of intermediate states: systemic-structuralism, middle powers, and pivotal states. In the third section, I evaluate Kahler's alternative approach centered on the interaction between systemic and domestic variables, in particular on the foreign policy consequences of economic liberalization and democratization such as the adoption of external cooperative strategies and the deepening to engagement with international institution. The fourth section describes the main changes that have taken place in Mexico's foreign policy during the 1990s: pragmatism, primacy of economics, closer alignment with the United States, segmented multilateralism, fragmentation of the decision-making process, and new instruments. There are two arguments in this document. First, in contrast to other intermediate liberalizing countries, Mexico's efforts to adapt to the new post-Cold War international system, followed an uneven and partial pattern. While Mexican political leaders pursued the full integration of the country to the international economy, in the security realm they maintain a less than open policy based on the defense of the traditional notion of sovereignty. Mexico's partial adaptation is explained by the different pace of the raid economic reform on the one hand, and the gradual and slow opening of the post-revolutionary political regime, on the other. Second, as Kahler's model predicted, Mexico adopted strategies of cooperation and institutional engagement in order to solve credibility roblems. The need to enhance the credibility of the programs of economic reform pushed the Mexican government to engage actively with economic international institutions.
  • Topic: International Relations, Economics, International Trade and Finance
  • Political Geography: Africa, United States, Middle East, North America, Mexico
  • Author: Arturo Borja
  • Publication Date: 02-2003
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: In this working paper the reader will find a study of the case that led, within the North America Free Trade Agreement, to the first formal dispute between an American firm and the Mexican Government. The firm, Metalclad, invested $22 million in the municipality of Guadalcazar, in the state of San Luis Potosi, to build a plant to process and store industrial waste. The proper disposal and storage of industrial waste represents one of the toughest environmental challenges faced by Mexico. Thus, the federal government, in the 1990s, has made efforts to attract foreign investment to this area. Metalclad, however, got into a dispute with the municipal and state governments. Finally, in December 1995, the former officially denied Metalclad a construction permit for the plant. This action meant, in practice, the end of the investment project.
  • Topic: Economics, Industrial Policy, International Trade and Finance
  • Political Geography: America, North America, Mexico
  • Author: Arturo Borja Tamayo, Philippe Faucher, Scott Morgenstern, Daniel Nielson
  • Publication Date: 07-2001
  • Content Type: Working Paper
  • Institution: Centro de Investigación y Docencia Económicas
  • Abstract: This working paper studies the negotiations of the North American Free Trade Agreement (NAFTA) in two industrial chains: textile-apparel and auto parts-automotive. It compares two theoretical models. The first uses two internal variables (interest group strength and industry competitiveness) to explain the tariffs that were negotiated for the phase-out period of NAFTA. The second explores alternatives to increase the explanatory capacity of two-level games models. It incorporates the element of asymmetry between countries, and questions Putnam's (1988) hypothesis on the impact of domestic politics upon international negotiations. This second model explains the difference in the rules of origin that were adopted in NAFTA for the two industrial chains. The work reaches three conclusions. First, it confirms the necessity to specify different dependent variables to explain the outcomes of international trade agreements. Second, it concludes that a model using the two-level logic has explanatory advantages over one that does not combine levels. Third, it points out the potential to combine elements from the two models to reach a more complete explanation.
  • Topic: Economics, Industrial Policy, International Trade and Finance
  • Political Geography: North America