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Author: Warwick J. McKibbin Publisher: Brookings Institution Press ISBN: 0815716680 Category : Business & Economics Languages : en Pages : 296
Book Description
With the rapid deterioration of the U.S. trade balance in the 1980s, the United States was forced to finance deficits by borrowing heavily from the rest of the world. In doing so, the United States went from being the world's largest creditor country to the world's largest debtor, while Japan and West Germany experienced a rise in trade surpluses. Such a shift in international trade flows has had profound effects on the world economy. McKibbin and Sachs address a range of issues involving macroeconomic imbalances in the world economy. Through the use of a new simulation model of the world economy they explore how policy actions undertaken in one country affect the trade flows and macroeconomic patterns among the other counties. The authors show that key macroeconomic features of the 1980s can be explained by shifts in monetary and fiscal policies in the major economies and by supply shocks due to changes in oil prices. In addition to showing how the global macroeconomic experience can be understood, they focus on a number of current policy issues, including the reduction of global trade imbalances, the consequences of U.S. fiscal consolidation, the effects of an oil price shock, the implications for the U.S. economy of increases in Japanese and German fiscal spending, the effects of targeting exchange rates among the major currencies, and the gains of increased coordination of macroeconomic politics among the major economies. In several cases, their conclusions are shown to be quite different from those that form the basis of many conventional views. The authors also analyze the importance of interaction between policymakers in industrial economies and conclude by reemphasizing the need for U.S. politicians and policy experts to recognize that macroeconomic results in the U.S. now depend heavily on events abroad.
Author: Warwick J. McKibbin Publisher: Brookings Institution Press ISBN: 0815716680 Category : Business & Economics Languages : en Pages : 296
Book Description
With the rapid deterioration of the U.S. trade balance in the 1980s, the United States was forced to finance deficits by borrowing heavily from the rest of the world. In doing so, the United States went from being the world's largest creditor country to the world's largest debtor, while Japan and West Germany experienced a rise in trade surpluses. Such a shift in international trade flows has had profound effects on the world economy. McKibbin and Sachs address a range of issues involving macroeconomic imbalances in the world economy. Through the use of a new simulation model of the world economy they explore how policy actions undertaken in one country affect the trade flows and macroeconomic patterns among the other counties. The authors show that key macroeconomic features of the 1980s can be explained by shifts in monetary and fiscal policies in the major economies and by supply shocks due to changes in oil prices. In addition to showing how the global macroeconomic experience can be understood, they focus on a number of current policy issues, including the reduction of global trade imbalances, the consequences of U.S. fiscal consolidation, the effects of an oil price shock, the implications for the U.S. economy of increases in Japanese and German fiscal spending, the effects of targeting exchange rates among the major currencies, and the gains of increased coordination of macroeconomic politics among the major economies. In several cases, their conclusions are shown to be quite different from those that form the basis of many conventional views. The authors also analyze the importance of interaction between policymakers in industrial economies and conclude by reemphasizing the need for U.S. politicians and policy experts to recognize that macroeconomic results in the U.S. now depend heavily on events abroad.
Author: Shigeyuki Hamori Publisher: World Scientific ISBN: 9814412856 Category : Business & Economics Languages : en Pages : 234
Book Description
In the wake of the global financial crisis, leading industrialized countries have managed to show only a gradual recovery, while East Asian economies have surged ahead. In particular, China achieved growth in excess of 10% in 2010 and is expected to continue growing at a rapid pace. It appears that in the coming years, East Asia will play an even greater role as a growth center leading global economic expansion. Following the Asian currency crisis of 1997OCo98, consumption and investment in the region decreased considerably, and East Asian economies recovered on the strength of exports. Presently, however, amid a less-than-robust recovery in the US and Europe, the sustainability of East Asia''s reliance on export-led growth has been called into question. The region''s transition to growth based on a balance of foreign and domestic demand is important for both building a stronger foundation for sustainable growth and buttressing global economic expansion. Moreover, the rebalancing of demand in East Asia holds the key to rectifying global current account imbalances OCo the disadvantage of uneven international capital flows. This unique volume illuminates policy issues involved in the efforts to promote the rebalancing of demand in East Asia.
Author: Ms. Gita Gopinath Publisher: International Monetary Fund ISBN: Category : Business & Economics Languages : en Pages : 25
Book Description
Global linkages are changing amidst elevated geopolitical tensions and a surge in policies directed at increasing supply chain resilience and national security. Using granular bilateral data, this paper provides new evidence of trade and investment fragmentation along geopolitical lines since Russia’s invasion of Ukraine, and compares it to the historical experience of the early years of the Cold War. Gravity model estimates point to significant declines in trade and FDI flows between countries in geopolitically distant blocs since the onset of the war in Ukraine, relative to flows between countries in the same bloc (roughly 12% and 20%, respectively). While the extent of fragmentation is still relatively small and we do not know how longlasting it will be, the decoupling between the rival geopolitical blocs during the Cold War suggests it could worsen considerably should geopolitical tensions persist and trade restrictive policies intensify. Different from the early years of the Cold War, a set of nonaligned ‘connector’ countries are rapidly gaining importance and serving as a bridge between blocs. The emergence of connectors has likely brought resilience to global trade and activity, but does not necessarily increase diversification, strengthen supply chains, or lessen strategic dependence.
Author: Bimal Ghosh Publisher: Springer ISBN: 1349254223 Category : Business & Economics Languages : en Pages : 183
Book Description
The growth of the services sector in developing countries and their increased participation in trade in services have far-reaching implications for promotion of employment and income and management of international migration. The book brings out these implications in the context of the Uruguay Round Agreement on Trade in Services (GATS) and explains how trade-related temporary movements of persons can be a partial substitute for longer-term migration, serving the interests of both developed and developing countries in a more efficient global economy.
Author: David Zweig Publisher: Cornell University Press ISBN: 150171743X Category : Political Science Languages : en Pages : 316
Book Description
China began opening to the outside world in 1978. This process was designed to remain under the state's control. But the relative value of goods and services inside and outside China drove cities, enterprises, local governments, andindividuals with comparative advantage in international transactions to seek global linkages. These contacts, David Zweig asserts, led to the deregulation of China's mercantilist regime. Through extensive field research, Zweig surveys the extraordinary changes in four sectors of China's domestic political economy: the establishment of developmentzones, rural joint ventures, the struggle over foreign aid and higher education. He also addresses the crucial question of whether, on balance, internationalization weakens or strengthens state power.
Author: Bimal Ghosh Publisher: Palgrave Macmillan ISBN: 9780312162351 Category : Business & Economics Languages : en Pages : 165
Book Description
The growth of the services sector in developing countries and their increased participation in trade in services have far-reaching implications for promotion of employment and income and management of international migration. The book brings out these implications in the context of the Uruguay Round Agreement on Trade in Services (GATS) and explains how trade-related temporary movements of persons can be a partial substitute for longer-term migration, serving the interests of both developed and developing countries in a more efficient global economy.
Author: E Ray Canterbery Publisher: World Scientific ISBN: 9813200847 Category : Business & Economics Languages : en Pages : 380
Book Description
This book is written as a sequel to John Kenneth Galbraith's The Affluent Society, and provides a theoretical framework, for the first time, for surpra-surplus capitalism.Conventional economics has the income and wealth distributions as 'givens'. This assumption immediately excludes such distributions from economic and social concern. Occasionally, economists such as Kenneth Boulding and even earlier, Michal Kalecki, have attempted to develop alternative perspectives in which such distributions are integral to the story and therefore have implications for public policy. At the same time, conventional microeconomics is a theory of price only in which economic efficiency (in an engineering sense) is the only value to be optimized. The income or wealth distributions are given as constraints. Mathematically, the constraints thereafter become invisible; they have no further role to play. The choices that are presumed to be made are neither inhibited nor facilitated by a household's position in the income or wealth distributions.This volume will explore problems with conventional theory and policy, but its main thrust comprises a theory of supra-surplus capitalism, applicable to both developed and developing countries, and its relation to inequalities worldwide.
Author: Institute of Medicine Publisher: National Academies Press ISBN: 0309287898 Category : Medical Languages : en Pages : 148
Book Description
In 1992 world leaders met at the Earth Summit in Rio de Janeiro to reaffirm the Declaration of the United Nations Conference on the Human Environment that was established on June 16, 1972 in Stockholm. The meeting resulted in the adoption of Agenda 21 by the member states which is a framework for the transition to a more sustainable world. In 2012 the members gathered to assess and reaffirm the importance of progress towards the efforts of Agenda 21. In response to this the Institute of Medicine's (IOM's) Roundtable on Environmental Health Sciences, Research, and Medicine held a workshop to inform the policies that are discussed at the 2012 Earth Summit. The workshop, held in Woods Hole, Massachusetts on July 25-26, 2011, focused on the issue of sustainability and health as well as the linkages that are currently present between the two. The workshop included presentations and discussions which are summarized in Public Health Linkages with Sustainability: Workshop Summary. The report presents how different areas of public health, such as food and water resources, link to sustainability and opportunities or venues that can be examined.
Author: Takuji Kinkyo Publisher: World Scientific ISBN: 9814713414 Category : Business & Economics Languages : en Pages : 232
Book Description
The purpose of this book is to empirically analyse the multifaceted nature of financial linkages in East Asia and to discuss the key policy challenges faced by the region's economies. Although the emphasis is placed on East Asia, some of the chapters cover a broader area of countries depending on the aim of the study. Particular areas of focus in these studies include: the evolution of cross-border financial linkages in East Asia; long-run economic consequences of remittance inflows and natural resource dependence; and policy priorities for the financial integration and management of resource-rich economies.
Author: Akira Kohsaka Publisher: Routledge ISBN: 1317615743 Category : Business & Economics Languages : en Pages : 296
Book Description
Growth perspectives in emerging market economies are increasingly dependent on international capital flows in recent decades because of their influences on business cycles. In fact, volatile international capital flows has been one of the main concerns for the macroeconomic policy authorities. Focusing on emerging economies in the Pacific region, this book reveals how they are different from those in other regions in terms of international macro-financial linkages to the global capital market and domestic financial development,. The book also discusses how these characteristics have interacted with their macroeconomic policy regimes and their macroeconomic performance throughout the two major international financial crises in the past more than two decades. It suggests facts that have strengthened the resilience of these emerging economies in the Pacific region against the global financial crisis along with the intensified intra-regional economic integration through trade and investment. The book also examines their macroeconomic management focusing on monetary policy regimes and suggests that their factual unorthodox policies with exchange rate management and capital controls have contributed to their resilience against the intrinsic volatility of the international capital market and financial flows.
Author: Warwick J. McKibbin
Author: Warwick J. McKibbin
Author: Shigeyuki Hamori
Author: Ms. Gita Gopinath
Author: Bimal Ghosh
Author: David Zweig
Author: Bimal Ghosh
Author: E Ray Canterbery
Author: Institute of Medicine
Author: Takuji Kinkyo
Author: Akira Kohsaka