At their initial summit in Seattle in 1993, the APEC leaders decided to create "a community of Asia Pacific economies" and spurred the successful conclusion of the Uruguay Round in the GATT. In Indonesia in 1994, the leaders agreed via their Bogor Declaration "to achieve free and open trade and...

"Open regionalism" represents an effort to resolve one of the central problems of contemporary trade policy: how to achieve compatibility between the explosion of regional trading arrangements around the world and the global trading system as embodied in the World Trade Organization. The concept...

Five major lessons for successful global trade management emerge from the first fifty years of the GATT/WTO system. They need to be applied to the present situation to set the stage for another half century of successful multilateral trade cooperation. I will summarize the key headings at the...

The succession of severe financial and exchange rate crises in recent years has given a new sense of urgency to the debate on the "international financial architecture." Given the severity of these events, it is hard to justify the claim made by some that what is really at issue is a coincidence...

1999 is likely to be a watershed year for the world trading system. The Ministerial Conference of the World Trade Organization in Seattle in November/December hopes to chart a course for global trade policy in the early part of the twenty-first century. The European Union, Japan, the United...

The initial postwar challenge from East Asia was economic. Japan crashed back into global markets in the 1960s, became the largest surplus and creditor country in the 1980s, and was viewed by many as the world’s dominant economy by 1990. The newly industrialized countries (Korea, Taiwan, Hong...

This paper traces the evolution of the Federal Reserve and its engagement with the global economy over the last three decades of the 20th century: 1970 to 2000. The paper examines the Federal Reserve’s role in international economic and financial policy and analysis covering four areas: the...

This paper examines determinants of women's participation and performance in the Olympics. Female inclusion and success are not merely functions of size, wealth, and host advantage, but a more complex process involving the socioeconomic status of women and, more weakly, broad societal attitudes...

We use a cross-country panel framework to analyze the effect of net official flows (chiefly foreign exchange intervention) on current accounts. We find that net official flows have a large but plausible effect on current account balances. The estimated effects are larger with instrumental...

This paper applies the probabilistic debt sustainability model developed for the euro area in Cline (2012, 2014) to sovereign debt in the United States and Japan. The results indicate that to avoid further increases in the expected ratio of public debt to GDP over the next decade, average annual...