America's Gains from Globalization
Gary Clyde Hufbauer answers critics who question Peterson Institute research on actual US gains from globalization.
Arvind Subramanian spells out how the United States can lead the global response to the food crisis. The food crisis affords an opportunity for world leaders at the June G8 summit to collectively agree to policies that promote trade and efficiency while boosting agricultural production.
Peterson Perspectives: Interviews on Current Issues
Gary Clyde Hufbauer assesses what Canada and Mexico would seek in any NAFTA renegotiation in this website audio interview.
>> Transcript
The decision by the House of Representatives to change the rules for Congressional action on trade agreements drives a gaping hole in US trade policy and poses the gravest threat to the global trading system in decades, says C. Fred Bergsten. Policy Brief 08-5.
A World Trade Organization (WTO) agreement on competition policy covering all WTO members is remote; the best prospect is for an agreement among a subset of WTO members that covers the interests of both developing and developed countries, say Gary Clyde Hufbauer and Jisun Kim.
New Book: Debating China's Exchange Rate Policy edited by Morris Goldstein and Nicholas R. Lardy
>> In Brief
To address global imbalances, C. Fred Bergsten calls for an Asian Plaza Agreement.
North Korea is on the verge of another famine, say Stephan Haggard, Marcus Noland, and Erik Weeks. Policy Brief 08-6. See related news release and event.
Adam Posen debates whether the US economy will recover quickly from the current financial turmoil and how much US financial problems will be transmitted to the global economy. Financial panic obscures the reality that the euro is at a temporary peak of influence and cannot yet, if ever, match the dollar in its global role.
Unabated global warming is estimated to reduce world agriculture potential 5 to 15 percent by the 2080s, with the greatest losses falling disproportionately on developing countries, writes William R. Cline. See also Global Warming and Agriculture. Cline agrees with the Stern Review: Aggressive action is necessary to abate global warming.
Michael Mussa forecasts a slowdown in global growth and a mild US recession in 2008/2009. Morris Goldstein offers his program for financial regulation after the subprime and credit crisis (available as audio). Rising inflation across emerging Asia is leading countries there to restrict exports and liberalize imports of food, says Arvind Subramanian. Audio and video available online.
Edwin M. Truman presents a blueprint for sovereign wealth fund best practices to make these funds more transparent, predictable, and accountable to their own citizens and governments and the international financial community. See also related event and specific recommendations for Japan.
New Book: Economic Sanctions Reconsidered, 3rd edition, with CD-ROM
by Gary Clyde Hufbauer, Jeffrey J. Schott, and Kimberly Ann Elliott
>> In Brief | Selected Case Studies Online
NAFTA was state of the art when negotiated in the early 1990s; 15 years later, the pact could benefit from renovation, say Gary Clyde Hufbauer and Jeffrey J. Schott. See also NAFTA Revisited.
The Korea–United States Free Trade Agreement can be ratified this year if both countries resolve problems that threaten to delay the accord, says Jeffrey J. Schott. See also Policy Brief 07-7.
Jacob Funk Kirkegaard outlines the trends impeding immigration of high-skilled workers at a time when US skill levels are falling. In its negotiations with the United States on immigration, India should work toward creating an exclusive temporary visa category for high-skilled Indians. The health of the US software sector suggests fears of white-collar offshoring are overstated.
New Book: The Accelerating Decline in America's High-Skilled Workforce: Implications for Immigration Policy by Jacob Funk Kirkegaard
>> Book Release | In Brief
German labor market reforms have achieved the goal of encouraging older skilled male workers to continue working rather than take early retirement, reports Adam S. Posen.
Given its attainments in education and economic growth, Russia's level of corruption is not normal and poses a threat to the stability of the state as a whole, warns Anders Åslund. Russia will suffer the least from the US financial crisis and could become a safe haven for investors. It needs ruble appreciation to combat surging inflation and market reform to reverse Putin's legacy of renationalization.
Senator Baucus announced at an Institute event that until expanded and reauthorized Trade Adjustment Assistance (TAA) is passed pending free trade agreements must take a "back seat." Alan S. Blinder voiced his concerns on the potential extent of job loss from outsourcing. J. Bradford Jensen reported job losses from offshoring will be offset by job gains through services exporting (see Policy Brief 08-1 with Lori G. Kletzer), and Howard F. Rosen discussed proposals to strengthen TAA (Policy Brief 08-2). Audio and video available online.
Anders Åslund urges Ukraine to float its currency, the hryvnia, to contain surging inflation. Ukraine's new government is off to a strong start, encouraging economic growth and reform.
Inflation targeting is an unnecessary and inappropriate solution to India’s current crisis, says Arvind Subramanian. India must shed its addiction to sovereignty and effectively engage with the world. Tariff policies and enforcement-related factors significantly affect the level of evasion of customs duties in India. India must radically change the way it spends on poverty reduction by replacing central government programs with direct cash transfers and increasing funds to local governments.
