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Behind the curve
This book demonstrates how structural forces have produced the decline in manufacturing jobs, and these forces are not likely to be reversed. Analyzing the effects of trade, technological change, production efficiencies, and consumer spending patterns on manufacturing employment, shows that effor...
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Exchange rate regimes for emerging markets
In the aftermath of the Asian/global financial crises of 1997-98, how should emerging markets now structure their exchange rate systemsto prevent new crises from occurring? This study challengescurrent orthodoxy by advocating the revival of intermediate exchangerate regimes. In so doing, Williams...
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Industrial policy in an era of globalization
Globalization reigns supreme as a description of recent economic transformation—and it carries many meanings. In the policy realm, the orthodox terms of engagement have been enshrined in the "Washington consensus." But disappointing results in Latin America and transitional economies—plus the Asi...
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Challenging foreign aid
In March 2002, President George W. Bush proposed establishing the Millennium Challenge Account (MCA), a new foreign aid program designed to provide substantial assistance to a select group of low-income countries that are committed to sound development policies. The MCA could bring about the most...
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Has globalization gone far enough?
Scott C. Bradford and Robert Z. Lawrence use the underlying data from purchasing power parity surveys to estimate the potential benefits from fully integrating goods markets among major OECD countries. These data are particularly useful because they are comprehensive, and every effort has been ma...
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Nafta and the environnment
Air and water pollution blighted northern Mexican cities long before the North American Free Trade Agreement (NAFTA) was a glimmer on the political horizon. Not surprisingly, when NAFTA became a political reality, environmentalists argued that commercial competition would weaken environmental sta...
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Blue collar blues
International trade accounts for only a small share of growing income inequality and labor-market displacement in the United States. Lawrence deconstructs the gap in real blue-collar wages and labor productivity growth between 1981 and 2006 and estimates how much higher these wages might have bee...
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Foreign direct investment and development
Foreign direct investment (FDI) has grown dramatically and is now the largest and most stable source of private capital for developing countries and economies in transition, accounting for nearly 50 percent of all those flows. Meanwhile, the growing role of FDI in host countries has been accompan...
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The ex-im bank in the 21st century
President Franklin Roosevelt created the Export-Import Bank of the United States (Ex-Im Bank) in 1934 to promote US trade in the midst of the Great Depression. At the outset, the Ex-Im Bank was instructed to supplement, not compete with, private sources of export finance. Historically, the Ex-Im ...
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How latvia came through the financial crisis
Latvia stands out as the East European country hardest hit by the global financial crisis; it lost approximately 25 percent of its GDP between 2008 and 2010. It was also the most overheated economy before the crisis. But in the second half of 2010, Latvia returned to economic growth. How did this...
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The russia balance sheet
Russia has been on a wild roller-coaster ride for the past three decades with no end in sight. Just in the past year as the global financial crisis deepened, the conventional perception of Russia has changed from a "safe haven" from the economic tsunami to one of the hardest hit larger markets in...
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What role for currency boards?
To help overcome its financial crisis, Russia is being urged to create a currency board, which has met with success in other countries such as Argentina, Estonia, and Hong Kong. This study explains what a currency board is and how it differs from a central bank, and examines the advantages and di...
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Adjusting to volatile energy prices
Oil price volatility has been highly criticized on many fronts, from the top-level official to the average consumer. Authorities for both producing and consuming nations have called for mechanisms to restore order to a chaotic market.The author traces the development of petroleum commodity market...
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Figuring out the doha round
The global economic and financial crisis has awakened protectionist sentiments around the world, and policymakers have failed to actively seek trade liberalization. In light of this, some have proposed abandoning the Doha Round and starting over with a new agenda. Figuring Out the Doha Round argu...
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Toward a new international financial architecture
The Asian financial crisis and the global economic turmoil that followed it have highlighted the need to avert financial crises and resolve them quickly if they do occur. This book addresses current concerns that existing institutional arrangements, including the Bretton Woods institutions, can n...
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The arab economies in a changing world
The tragic events of 9/11 and the subsequent war in Iraq have focused international attention on a nexus of problems involving economic underperformance, problematic internal politics, and externalization of domestic dissent in the Muslim world. This book examines the economics of the Middle East...
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Measuring the costs of protection in europe
Trade protection costs the European Community between 6 and 7 percent of its gross domestic product, or the equivalent of the annual economic output of Spain. Continuing the Institute's series on trade protection in major countries (which already includes the United States, Japan, Korea, and Chin...
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The case for an international banking standard
This study presents the case for an international banking standard (IBS) to deal with the rash of banking crises in developing countries. Over the past 15 years, almost three-fourths of the IMF's member countries have experienced at least one serious bout of banking problems; there have been at l...
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Global warming and the world trading system
In 2006, a team led by the English economist Sir Nicholas Stern issued a striking report that analyzed the economic dimensions of global climate change and called for immediate collective action to reduce greenhouse gas (GHG) emissions. This seminal report poses the critical question of how much ...
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Accelerating the globalization of america
Information technology (IT) was key to the superior overall macroeconomic performance of the United States in the 1990s—high productivity, high growth, low inflation, and low unemployment. But IT also played a role in increasing earnings dispersion in the labor market—greatly rewarding workers wi...
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Trade policy and global poverty
The stakes of the poor in trade policy are large: Free trade can help 500 million people escape poverty and inject $200 billion annually into the economies of developing countries, according to author William R. Cline. This book provides a comprehensive analysis of the potential for trade liberal...
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Can labor standards improve under globalization?
Protesters now routinely fill the streets when any large, formal meeting dealing with international economic issues takes place. They express concern about the potential social and environmental costs of globalization and want negotiators to address these issues in trade agreements and internatio...
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Devaluing to prosperity
Experts have long questioned the effect of currency undervaluation on overall GDP growth. They have viewed the underlying basis for this policy—intervention in currency markets to keep the price of the home currency cheap—as doomed to failure on both theoretical and empirical grounds. Moreover, t...
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A strategy for imf reform
The International Monetary Fund (IMF) is in eclipse as the preeminent institution promoting international economic and financial stability. Successful reform of the IMF must engage the full spectrum of its members. The IMF should not focus primarily on its low-income members and the challenges of...
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Globalization and the perceptions of american workers
A number of recent events in the United States attest to a "globalization backlash" in opposition to continued liberalization of trade, foreign direct investment, and immigration. This backlash has been commonly characterized as reflecting the interests of small groups whose diverse agendas have ...
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Prospects for a us-taiwan free trade agreement
Taiwan has a special status for the United States, as both a leading high-technology economic partner and a place of political and security concern. The authors look at both the quantitative and qualitative evidence on the potential effects of a US-Taiwan free trade agreement (FTA), both for maxi...
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Global warming and agriculture
How will global warming affect developing countries, which rely heavily on agriculture as a source of economic growth? William Cline asserts that developing countries have more at risk, such as their production capacity, than industrial countries as global warming worsens. Using general circulati...
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Corruption and the global economy
The recently-adopted OECD convention outlawing bribery of foreign public officials is welcome evidence of how much progress has been made in the battle against corruption. The financial crisis in East Asia is an indication of how much remains to be done. Corruption is by no means a new issue but ...
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Currency conflict and trade policy
C. Fred Bergsten and Joseph E. Gagnon trace the history, causes, and effects of currency manipulation and analyzes a range of policy responses that the United States could adopt. The book is an indispensable guide to a complex and serious problem and what might be done to solve it.
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The crawling band as an exchange rate regime
This study examines in detail the experiences of three countries that have in recent years operated exchange rate systems of "crawling bands," similar in spirit to the target zones that the author has recommended in the past. Williamson compares the succcessful experiences of 3 countries that hav...
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Imagine there's no country
A new era of globalization, which began in the 1980s, brought about a significant decline in costs of transportation, communication, and production; considerably improved intercountry competitiveness; and broke down trade and cultural barriers among countries. The concept of a sovereign nation ha...
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The green frontier
This book offers research on how climate change mitigation may yield benefits or impose costs on the global economy.
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U.s. national security and foreign direct investment
Although a vital part of the US economy, foreign direct investment (FDI) in the United States periodically raises public and congressional alarms—as witnessed during Dubai Ports World's recent bid to acquire US port operations and Chinese firm CNOOC's attempt to buy US energy firm Unocal. Drawing...
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Why does immigration divide america?
Immigration is an issue capable of dividing otherwise like-minded people. Identify a group whose members tend to agree on political issues—liberals, conservatives, isolationists, internationalists, environmentalists, free marketers—and one will tend to find that within the group there is no stron...
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The challenges of globalization
With high growth rates in Asia, most notably in China, India, and Southeast and Central Asia, Eurasia's economic center of gravity is rapidly shifting to the East. At the same time, most of Europe faces serious barriers to growth in the long term. The volume examines the causes and consequences o...
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Fighting the wrong enemy
Antiglobalist forces have been gaining greater momentum in recent years in their efforts to reverse what they view as the negative effects of an integrating global economy. Their influence was felt earlier when efforts to create a Multilateral Agreement on Investment (MAI) ended in failure in 199...
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American trade politics
In this comprehensive revision of the most influential, widely read analysis of the US trade policymaking system, Destler addresses how globalization has reshaped trade politics, weakening traditional protectionism but intensifying concern about trade's societal impacts. Entirely new chapters tre...
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Financing development
This book advocates adding more open and radical regionalism to strategies for the financing of economic and social development in Africa, Asia, and Latin America. Editors Nancy Birdsall and Liliana Rojas-Suarez argue that agreements among countries within regions, rather than detracting from an ...
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Reintegrating india with the world economy
After nearly five decades of insulation from world markets, state controls, and slow growth, India embarked in 1991 on a process of liberalization of controls and progressive integration with the global economy in an effort to put its economy on a path of rapid and sustained growth. Despite major...
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The last shall be the first
This book deals with the financial crisis in Eastern Europe that erupted in the fall of 2008 and abated in the spring of 2010. It concentrates on the ten new eastern members of the European Union. The causes of the crisis posed no mysteries. This was a typical credit-driven boom-and-bust cycle th...
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Managed floating plus
In this analysis Morris Goldstein examines currency regime choices for emerging economies that are heavily involved with private capital markets. The author argues that the best regime choice for such economies would be managed floating plus, where "plus" is shorthand for a framework that include...
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The united states as a debtor nation
The United States has once again entered into a period of large external imbalances. This time the current account deficit, at nearly 6 percent of GDP in 2004, is much larger than in the last episode, when the deficit peaked at about 3.5 percent of GDP in 1987. Moreover, the deficit is on track t...
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China's strategy to secure natural resources
The rapid emergence of China as a major industrial power poses a complex challenge for global resource markets. Backed by the Chinese government, Chinese companies have been acquiring equity stakes in natural resource companies, extending loans to mining and petroleum investors, and writing long-...
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Foreign direct investment in the united states
Americans have long been ambivalent toward foreign direct investment in the United States. Foreign multinational corporations may be a source of capital, technology, and jobs. But what are the implications for US workers, firms, communities, and consumers as the United States remains the most pop...
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Roots of competitiveness
It is a cliché that China is the world's manufactured goods factory, but most observers are just as certain that China's farmers are a serious burden on growth. Yet China in fact has the makings of an internationally competitive agricultural sector, with the market setting most prices, farmers sh...
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Dollar overvaluation and the world economy
The dollar rose by about 35 percent in real terms from 1995 through the end of 2001, supporting the booming US economy of the late 1990s but pushing the current account deficit to a record high of almost 5 percent of GDP. This special report provides alternative views of how large a dollar deprec...
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China in the world economy
China is playing a growing role in the world economy. It is one of the world's fastest growing countries and is the tenth largest exporter. China is also a significant recipient of foreign aid and a major borrower on international capital markets. Even more significantly, it is attracting vast am...
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How ukraine became a market economy and democracy
One of Europe's old nations steeped in history, Ukraine is today an undisputed independent state. It is a democracy and has transformed into a market economy with predominant private ownership. Ukraine's postcommunist transition has been one of the most protracted and socially costly, but it has ...
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Outward foreign direct investment and us exports, jobs, and r&d
It is not in the US interest to adopt tax and regulatory policies that would discourage global engagement by US multinational corporations (MNCs). Research presented in this book shows that the expansion of foreign affiliates of US MNCs is positively associated with more production, greater emplo...
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Ukraine: what went wrong and how to fix it
Ukraine suffered unprecedented political, economic, and military turmoil following Russia's annexation of Crimea in early 2014. Russian military aggression in the east and a legacy of destructive policies and corruption have created an imminent existential crisis for this young democracy. Yet Ukr...
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