1,721,094 research outputs found
The G-20 and the World Economy
No full text‘Globalisation’ is under attack throughout the world. However, no country has ever developed successfully without participating actively in the global economy. Countries and even whole regions that have failed to globalise, or which have ‘de-globalised’, have lagged. What is needed is more openness and better handling of the major issues of macroeconomic stability and growth. C. Fred Bergsten argues that the G-7, whose increasingly unrepresentative membership is eroding the political legitimacy that is essential to win international support and thus acceptance for many of its proposals, is increasingly unable to manage the world economy effectively. Instead, it is the wider and more representative G-20 that can best make a major contribution to global macroeconomic stability and growth, and it should gradually but steadily succeed the G-7 as the informal steering committee for the world economy.
The rise and fall of the great powers (Paul Kennedy) Hanging together (Robert D. Putnam and Nicholas Bayne) America and the world economy (C. Fred Bergsten)
No full textPisani-Ferry Jean. The rise and fall of the great powers (Paul Kennedy) Hanging together (Robert D. Putnam and Nicholas Bayne) America and the world economy (C. Fred Bergsten) . In: Revue française d'économie, volume 4, n°1, 1989. pp. 221-232
World Trade at Risk
Get PDFC. Fred Bergsten The decision by the House of Representatives on April 10 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. By rejecting long-settled procedures that prevented Congressional sidetracking of trade deals agreed by fully authorized Presidents, it instantaneously destroyed the credibility of the United States as a negotiating partner in the eyes of the rest of the world. Unless reversed soon, the House action will severely damage both the US economy and US foreign policy. It will particularly undermine the presumed goal of any new Administration in 2009 to restore our country's standing as a reliable partner in a cooperative multilateral world. It would help if Congress and the present Administration could pick up the pieces and pass the Colombia agreement, and the pending South Korea and Panama agreements as well. But the fundamental problem of US international credibility on trade will remain until a foolproof Trade Promotion Authority, or some equivalent successor, is renewed and indeed ensconced permanently. This can only be done, probably by the next Administration, as part of a "grand bargain" that recognizes the costs of liberalization and thus includes a major expansion of governmental assistance to workers dislocated by trade and perhaps other sources of dynamic change in our economy. In the absence of such a renewed foundation for an open and active US trade policy, both our economy and our foreign policy will suffer severely.
A (Lack of) Progress Report on China's Exchange Rate Policies
Get PDFThis working paper assesses the progress made in improving China’s exchange rate policies over the past five years (that is, since 2002). I first discuss four indicators of progress on China’s external imbalance and its exchange rate policies—namely, the change in (and level of) China’s global current account position, movements in the real effective exchange rate of the renminbi (RMB), the role of market forces in the determination of the RMB, and China’s compliance with its obligations on exchange rate policy as a member of the International Monetary Fund (IMF). I then discuss why the lack of progress in improving China’s exchange rate policies matters for the economies of the China and the United States and for the international monetary and trading system. I also argue that several popular arguments and excuses for why more cannot be accomplished on removing the large undervaluation of the RMB are unpersuasive. Finally, I consider what can and should be done by China, the United States, and the IMF to accelerate progress over the next year or two.exchange rate, current account adjustment, China, IMF
Book Review: China\u27s Rise: Challenges and Opportunities.
Get PDFReviews the book China\u27s Rise: Challenges and Opportunities, by C. Fred Bergsten, Charles Freeman, Nicholas Lardy, & Derek Mitchell. Published by the Peterson Institute for International Economics and Center for Strategic & International Studies, 2008
Sterling's Past, Dollar's Future: Historical Perspectives on Reserve Currency Competition
Get PDFThis paper provides an historical perspective on reserve currency competition and on the prospects of the dollar as an international currency. It questions the conventional wisdom that competition for reserve-currency status is a winner-take-all game, showing that several currencies have often shared this role in the past and arguing that innovations in financial markets make it even more likely that they will do so in the future. It suggests that the dollar and the euro are likely to share this position for the foreseeable future. Hopes that the yuan could become a major international currency 20 or even 40 years from now are highly premature.
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