Books in the World Scientific Studies in International Economics series

International Economic Integration and Domestic Labor and Environmental Performance brings together the essays of Mary E Lovely focused on the relationship between international economic integration and domestic performance. It is a collection of sole-authored and co-authored papers that have been published in various scholarly journals over the last two decades. The first section considers the welfare effects and optimal design of retail sales taxes when consumers can avoid taxation by crossing jurisdictional boundaries. The second section highlights the role of scale economies in the design of industrial policies and as a determinant of firm location. The third section explores the influence of environmental policy on foreign investor''s location decisions and the role of trade and technology on country''s environmental regulation. The final section considers the determinants of wage differences, the attraction of low wages for foreign investors, and misallocations of labor in an emerging economy ΓÇö China.The collection, taken as a whole, highlights the power of international factor mobility to determine domestic tax burdens, to influence welfare implications of domestic policy alternatives, and to influence the location of productive factors and their rewards.

This volume honors the extraordinary career of Thomas Hertel. It also celebrates the 25th anniversary of the founding of the Global Trade Analysis Project (GTAP) by Prof. Hertel. All of those contributing to this volume, including Prof. Hertel's students and colleagues, have benefitted in some ways from the selfless professional generosity and dedication to scientific public goods that have been hallmarks of his career.The book examines the history of the GTAP project, the scientific contributions of Prof. Hertel, and the general application of computational modeling to global economic policy analysis. The applications in the volume, reflecting the broad contributions made by the GTAP community to global policy analysis, range from the impact of globalization on employment to the sustainability impacts of economic integration.

 This book volume brings together carefully selected scholarly works covering four inter-related topic areas in international finance. The first section deals with the efficacy and determinants of central bank currency interventions by the Bank of Japan and the Reserve Bank of Australia, the two of the most active central banks in the currency markets in the 1990s and the 2000s. This is followed by chapters that investigate the nature of information processing following domestic and foreign macroeconomic announcements. The third section provides the investigations into the evolving nature of financial market integration and information leadership of major financial centers. The final section presents the studies on the role sovereign credit ratings play in attracting international capital investments.The comprehensive empirical evidence provided in this book helps readers understand how international financial markets have evolved in their linkages and how information processing occurs in relation to sovereign rating events and other information arrivals.

This book is a collection of published articles written by Professor Ronald Jones in the field of international trade theory. The focus of this publication is the use over time of simple models. Several of the classic questions of competitive international trade theory are raised throughout. What explains the pattern of a country''s trade with other countries? In particular, if prices change for commodities that are traded in world markets, what are the consequences of such changes on markets that are purely national, and not global? Alternatively, when a country''s factor endowments change, what are the consequences for that country''s production patterns for goods traded in a world markets? If production technologies improve, what are the consequences for commodity prices and factor returns? In answering these questions, it becomes clear how the models differ from one another, and how, with growth in trade, the selection of models changes. Which model is most appropriate depends on the nature of the changes of economic growth. International trade is best understood through the use of a variety of these simple trade models.

The Economic Effects of International Migration is a collection of the fundamental articles written by Giovanni Peri on the economic determinants and consequences of international migration.

Differences in the choices of trade and macro policies, both by developing countries and by developed countries towards developing countries, have been critical in determining the overall performance of developing countries. All too often, the performance of developing countries has not been assessed using appropriately conducted studies. The papers in this book are chosen to bridge this gap and show how a quantitative approach to policy evaluation can help resolve controversies and explain the choice of observed policies. The book brings together carefully selected papers that assess the impacts of various trade and macro policies, by quantifying the policies of developing countries at the macro level (exchange rate, investment, savings) and at the sector level (trade and industrial policies), in addition to policies of developed countries towards developing countries (trade preferences, quotas, VERs and migration policies). Facets of the political economy of trade, migration, and climate policies are explored (such as the enlargement of the EU, the rise of regionalism and how it can ease the pains of adjustment to trade liberalization, openness and inequality). Growing tensions between trade and the environment are also investigated. In short, this book covers a wide area of events ranging from external and internal shocks to external and internal policies, showing how the consequences of these events can be brought to rigorous quantitative analysis.

Assesses options for the global financial system, the global trading system, the international monetary system, and the Group of 20 and global governance. This book contemplates the policy challenges for emerging markets and the advanced economies in the wake of the financial crisis.

It is timely to rethink of the relationship between regionalism and multilateralism in the Asian context, given that we are witnessing the proliferation of Free Trade Agreements (FTAs) in Asia. In the 1980s and 1990s, many scholars and policymakers considered that Asian integration was market-based, rather than legal-based and Asian integration would not be legalized. Currently there are many bilateral and plurilateral FTAs in Asia. This book investigates the appropriate relationship between regionalism and multilateralism with a special reference to recent FTAs in Asia. It is undeniable that the past multilateralism-regionalism debates centered on the trade in goods aspect. However, most FTAs in Asia cover several issues other than trade in goods or tariff liberalization. While GATT XXIV governs regional agreements in trade in goods, there is no or at most a thin agreement that stipulates the relationship between regionalism and multilateralism in areas other than goods. Thus, we should first carefully examine the meaning of "WTO compatible FTAs" in other than goods. The book then specifically asks the following questions: Are Asian regional agreements that cover several issues considered multilateralism-friendly? How does the relationship between regionalism and multilateralism differ between trade in goods and other issues (for example, services, trade facilitation and technical assistance)? What are the best practices that make the regional agreement multilateralism-friendly?

Trade-Related Agricultural Policy Analysis brings together several aspects of agricultural policy analysis in an international context.

Discusses the politics of the global economy - about how firms prosper by understanding those politics, or fail by misunderstanding them. This book contains cases which can be used by instructors to build a framework of analysis that helps them to understand the challenges of international trade and master the opportunities they represent.

We live in an era of globalization: ever increasing international integration of goods, capital, and labor markets.

e Great Financial Crisis of 2007-2010 has had a major impact on large cross-border banks, which are widely blamed for the start and severity of the crisis. As a result, much public policy, both in the United States and elsewhere, has been directed at making these banks safer and less influential by reducing their size and permissible powers through increased government regulation.At the Federal Reserve Bank of Chicago's 18th annual International Banking Conference, held in November 2015, the status of these large cross-border banks was critically evaluated. In collaboration with the World Bank, the conference held discussions on the current regulatory landscape for large and internationally active financial institutions; the impact of regulation on bank permissible activities and international trade; improvements in risk management; necessary repairs to the bank safety net; the resolution of insolvent banks operating across national borders; corporate governance for banks in the new environment; implications for market and government discipline; and, progress in achieving international cooperation.Contributors include international policymakers, practitioners, researchers, and academics from more than 30 countries. The papers from the conference are collected in this volume.

Free Trade Agreements (FTAs) have proliferated in East Asia as regional economies rush to catch up with the rest of the world - but what difference do they make? This book answers that question by providing an up-to-date assessment of the quality and impact of FTAs in the region. Featuring a collection of papers originally written for the prestigious Research Institute for Economy, Trade and Industry (RIETI) in Tokyo, it presents contemporary analysis and insights into the evolution of recent FTAs. The book is suitable for use by trade policy negotiators, policy analysts, and people developing business strategies in organizations, as well as graduate students and researchers in the field.

The Great Financial Crisis of 2007–2010 exposed the existence of significant imperfections in the financial regulatory framework that encouraged excessive risk-taking and increased system vulnerabilities. The resulting high cost of the crisis in terms of lost aggregate income and wealth, and increased unemployment has reinforced the need to improve financial stability within and across countries via changes in traditional microprudential regulation, as well as the introduction of new macroprudential regulations. Amongst the questions raised are:What are the challenges to prudential regulation?How has the regulatory environment changed in recent years?How do the reforms interplay with market discipline, risk-taking incentives and risk management arrangements?Does the new regulatory framework allow for the introduction of financial innovation, and the associated benefits, without increasing disruptive financial risk?

As global production has become dispersed worldwide, so have concerns for the plight of workers employed in the world factory. Standard economic intuitions prescribe sharp tradeoffs between the worker-level benefits that a job confers, and the number of such jobs that are ultimately made available. Such quality-quantity tradeoffs have taken center stage in the global debate on potential benefits and costs of legalizing and enforcing international labor standards. This volume organizes and presents a number of new developments in the economics of international labors standards. The first part of this volume explores a series of labor market institutions particularly in developing country labor markets so far unexplored in international labor standards debate. These include the presence of middlemen market power, the persistence of interlinked debt and labor market exploitations, and the origins of two-tiered labor markets. These studies unveil the determinants of workers' well-being and the associated justification for labor market policy interventions when institutions are lopsided favoring contractors, moneylender-cum-employers, and/or select workers blessed with "good" jobs. The second part explores the effectiveness of policy intervention by explicitly recognizing policy implementation challenges. These include coordination failure in the international context, imperfect enforcement and compliance of national labor regulations, and the limits of market-driven fair trade programs. In doing so, these studies shed light on the pitfalls of wholesale international labor standards prescriptions, and advocate instead in favor of case-by-case approach which duly recognize the specific ways in which the labor market deviate from standard assumptions, and the realities of policy implementation and enforcement difficulties.

Dimensions of Trade Policy collects the author's significant works on international trade policy over almost 30 years of publishing. The articles cover an eclectic range of topics but are grouped into three main areas of concentration — local content protection, the economics of preferential trading areas and the relationship between trade and competition policies — and the book also includes some sui generis topics, such as "fair trade" and "buy local" schemes. An introduction ties the chapters together and indicates their relevance to contemporary matters in trade policy.

Deals with the issue of Asian financial market integration.

The Legal and Economic Analysis of the WTO/FTA System presents a collation of interdisciplinary studies covering a wide range of issues from WTO dispute settlement issues to trade remedy systems and FTA negotiations. The author applies legal as well as economic rationales and methods to analyze core issues in the world trading system and in doing so, sheds an interesting light on various trade issues. The interdisciplinary analysis on WTO and FTA issues provides a unique opportunity to reconsider many conventional trade topics. For instance, the author shows that third country dumping rarely used in the GATT/WTO system may have a new role with economic incentives in the context of FTAs.

The aim of the book is to provide interested readers with access to a number of articles that have been written over the years on the subject of the linkages between domestic farm policies (particularly in developed countries) and world markets for agricultural goods.

Explores the potential and problems of bank safety and efficiency arising from the area of cross-border banking in the form of branches or subsidiaries with primarily only national prudential regulation. This book identifies the protection problems and discusses solutions, such as greater cross-border cooperation, harmonization and organizations.

Cross-border banking, while having the potential for a more efficient financial sector, also creates potential challenges for bank supervisors and regulators. This volume discusses topics that include: the landscape of cross-border bank activity, the resulting competitive implications, emerging challenges for prudential regulation, and more.

Generally thought to be an under-regulated sector, the shadow banking system has been identified as having a significant role in the recent global financial crisis. In recent years, it has also been growing rapidly in emerging markets. Yet, little is known about its size, scope and operations; nor its benefits and costs to society. Shadow Banking Within and Across National Borders consists of a proceedings of a conference held at the Federal Reserve Bank of Chicago, in November 2013. Edited by Stijn Claessens, Douglas Evanoff, George Kaufman and Luc Laeven, this volume brings together leading industry scholars to examine various aspects of the shadow banking system. The contributors of this volume debate issues which include defining and quantifying shadow banking; the causes of the development of the sector; its role in the recent financial crisis; the implications for financial stability; the social benefits of the sector; the associated challenges for financial supervision and regulation; and alternative policy options to address problems created by the sector.

Presents a discussion of the issues related to risk, volatility, value and risk management. This book examines ways to manage risk and compute value-at-risk for exchange risk associated to debt portfolios and portfolios of equity. It also covers the Basel II framework implementation and securitisation.

A collection of papers that deals with the memory of well-known WTO staffer Bijit Bora who died suddenly in 2006. It includes applied analysis of questions of policy in international trade in fields related to Bora's interests, including foreign direct investment, trade in services, competition policy, and trade and development.

Since the summer of 2007, credit markets in almost all industrial countries have been in substantial turmoil and this has become the focus of intense policy debates. This title includes papers that are contributed by the world's leading financial experts and constitute an examination of the first credit market turmoil of the 21st Century.

Contains a selection of Gary R Saxonhouse's papers that have been instrumental in enhancing the understanding of Japan's modern economic history, focusing particularly on the Japanese cotton-spinning industry.

Surveys major economic issues in the development of countries in the Middle East and North Africa (MENA) region since World War II. This book covers topics such as, patterns of growth, economic reform strategies, the role of OPEC and oil in development, water scarcity and agricultural policies, population, education strategies, and labor markets.

Free Trade Agreements (FTAs) have proliferated in East Asia as regional economies rush to catch up with the rest of the world - but what difference do they make? This book answers that question by providing an assessment of the quality and impact of FTAs in the region.