This November, trade ministers from the United States and more than 100 other countries will gather in Doha, Qatar, with the goal of launching a new multilateral round of trade negotiations. Space permitting, hundreds or thousands of protestors will also gather to condemn the unwillingness of...

This Working Paper develops a simple method for calculating welfare benefits when the market structure is made more competitive through the removal of import barriers and investment restrictions. Classic instances where trade and investment restrictions serve to preserve monopolistic monopoly...

Civil aviation has always been an industry rife with trade disputes between the United States and Japan. International civil aviation is currently regulated through a series of bilateral treaties. In 1997, negotiations will be conducted on the US-Japan civil aviation treaty. The Institute for...

At the end of the twentieth century, the People's Republic of China faces stark trade policy choices. Market reforms implemented since 1978 have brought commercial strength and bright expectations for future prosperity. However, they have also brought China to the point where trading partners...

This paper presents empirical evidence for Taiwan and Korea bearing on whether outward foreign direct investment (FDI) and international trade of these nations are substitutes or complements, i.e., whether a greater stock of FDI held by a nation is associated with decreases or increases of its...

In an October 1992 speech, then-Presidential candidate Bill Clinton announced his support for the North American Free Trade Agreement (NAFTA), but stressed the need for supplemental agreements on environmental and labor issues. Clinton's inauguration in January 1993 propelled new negotiations...

Despite an erosion of consensus on its benefits, capital account convertibility remains a long-term goal of China. This paper identifies three major preconditions for convertibility in China: a strong domestic banking system, relatively developed domestic financial markets, and an equilibrium...

Since the asset-price bubble burst in 1990, the Japanese government has repeatedly announced fiscal measures to boost the economy. The government claims that discretionary fiscal spending from fiscal year 1992 to 1996 (although there was no stimulus measure in 1996) amounted to more than 65...

Is sovereign borrowing so dierent from corporate debt that there is no need for bankruptcy- style procedures to protect debtors? With the waiver of immunity, sovereign debtors who already face severe disruption from short-term creditors grabbing their currency reserves are also exposed to...

It is ironic that Germany's next great change in monetary regime comes just after the time of the fiftieth anniversary of the currency reform, which gave the world the deutsche mark. Discussions of European monetary unification and the replacement of the DM with the euro take on a special...