China has emerged as an economic powerhouse with an increasing role on the world stage. China's Rise will help the United States comprehend the facts and dynamics underpinning China's rise--an understanding that becomes more imortant with each passing day. Filled with facts for policymakers, this much-anticipated book's accessible style will also appeal to the general reader through its relevant discussion of China's foreign policy, military modernization, economic growth, and energy and the environment.
"The State Strikes Back: The End of Economic Reform in China? examines the reassertion of state control over the Chinese economy, away from the private sector, with an additional focus on why this trend is impeding the country's potential for future economic growth"--
Conflicts over currency valuations are a recurrent feature of the modern global economy. To strengthen their international competitiveness, many countries resort to buying foreign currencies to make their exports cheaper and their imports more expensive. In the first decade of the 21st century, for example, China's currency manipulation practices were so flagrant that they produced a backlash in the United States and other trading partners, prompting threats of retaliation. How damaging is the practice of currency manipulation—and how extensive is the problem? This book by C. Fred Bergsten and Joseph E. Gagnon—two leading experts on trade, investment, and the effects of currency manipulation—traces 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.
In the decades before the global financial crisis struck in 2007, economic policymakers kept to the primary goal of containing inflation and public deficits. Today, after years of sluggish economic recovery, the time has come for that prevailing consensus to give way to a new strategy of monetary stimulus to spur economic growth and encourage risk-taking by investors. In this book, �ngel Ubide surveys the actions taken by central banks after the crisis and draws lessons from the unpredictable interaction of markets, countries, and financial institutions. He concludes that fear of another crippling crisis has caused central banks to become dangerously risk-averse and overly complacent about dampened economic growth. He advances the provocative thesis that monetary policymakers, accustomed to a "boring" role in managing economies, must now leave their "comfort zone" and embrace risk as a necessary requirement for growth.
Most countries emerged from the Second World War with capital accounts that were closed to the rest of the world. Since then, a process of capital account opening has occurred, with the result that all developed and many emerging-market countries now have capital accounts that are both de facto and de jure open, while many developing countries also have de facto openness. This study examines this in part by considering some of the first lessons from the current global financial crisis. This crisis may change the terms of the debate on capital account liberalization in a deeper and more lasting way than any of the crises of the past two decades because it may mark a reversal in the secular trend of financial liberalization at the core of the international financial system. The current crisis also raises new questions about the appropriate policy responses to boom-bust dynamics in domestic credit and in international credit flows. Intellectual consistency is needed between the domestic and international dimensions of financial regulation and the policies aimed at dealing with boom-bust dynamics in domestic and international credit.
Description For more than 50 years the United States has attempted to destabilize and isolate the Castro regime in Cuba with the use of trade and financial sanctions, a policy that has fallen short of its objective. In this Policy Analysis, Gary Clyde Hufbauer and Barbara Kotschwar suggest that the sands of time may accomplish what economic pressure did not. Raúl Castro, president of Cuba since 2008, plans to step down at the end of 2018, implying a new regime in five years. Various forces are starting to emerge favoring economic normalization if Cuba appears ready to change its policies as well as its leadership. The authors caution, however, that a unilateral dismantling of US sanctions without insuring that proper institutions are in place in Cuba could squander a golden opportunity for US companies. They argue that a new US-Cuba relationship must entail a lifting of Cuba's barriers to trade and investment, liberalization of its economy, and the adoption of democratic institutions. They offer a roadmap for a future US-Cuba rapprochement.
This new edition contains a detailed assessment of the NAFTA agreement as actually negotiated. It aims to inform public debate in all three countries about the impact of NAFTA and whether it should be ratified.
Perhaps the most popular of all Institute products, selected Working Papers are now available in a print format. These papers contain the preliminary results of ongoing Institute research. The book covers a wide range of topics including offshoring, central banks, Eurasian growth, Europe, and international reserves. Included in the book are papers by Edwin M. Truman, Adam Posen, J. Bradford Jensen, Anders Aslund, and C. Randall Henning. Volume II contains papers from 2006. Future volumes will be published on a semi-regular schedule as material is available.
Inequality has drastically increased in many countries around the globe over the past three decades. The widening gap between the very rich and everyone else is often portrayed as an unexpected outcome or as the tradeoff we must accept to achieve economic growth. In this book, three International Monetary Fund economists show that this increase in inequality has in fact been a political choice—and explain what policies we should choose instead to achieve a more inclusive economy. Jonathan D. Ostry, Prakash Loungani, and Andrew Berg demonstrate that the extent of inequality depends on the policies governments choose—such as whether to let capital move unhindered across national boundaries...