Noland, Marcus (2009): United States Economic Policy Toward Asia.
Download (221kB) | Preview
The relationship between the US and Asia will be the single biggest determinant in the evolution of the global economic system. In the absence of adequate reform at the global level, the alternative could be further fragmentation into competing regional blocs. Asia holds the key, combining both dissatisfaction with existing global arrangements with the resources to reconstitute, at least at the regional level, an alternative set of institutions and practices. How Asia responds will partly depend on the policies of the dominant global power, the United States.
The Obama Administration faces two specific challenges in organizing American economic diplomacy toward Asia. The global financial crisis is probably the worst since the Great Depression and the domestic political environment which makes it increasingly difficult to formulate a constructive trade policy. Addressing the financial crisis is the top priority. In the trade arena, three issues require prompt attention: the re-establishment of fast-track negotiating authority for the President, the resolution of the Doha Round impasse, and the passage of the KORUS FTA. Finally, in the area of least immediate domestic political sensitivity, the Administration will have to formulate a coherent strategy for responding to the emerging regional and sub-regional policy initiatives within Asia in both the financial and trade spheres.
|Item Type:||MPRA Paper|
|Original Title:||United States Economic Policy Toward Asia|
|Keywords:||United States, Asia, regionalism, financial crisis, trade policy|
|Subjects:||F - International Economics > F1 - Trade > F13 - Trade Policy ; International Trade Organizations
F - International Economics > F5 - International Relations, National Security, and International Political Economy
F - International Economics > F3 - International Finance > F33 - International Monetary Arrangements and Institutions
|Depositing User:||Marcus Noland|
|Date Deposited:||07. Jun 2009 03:22|
|Last Modified:||11. Feb 2013 10:40|
Asian Development Bank. 2008. Emerging Asian Regionalism: a Partnership for Shared Prosperity. Manila: Asian Development Bank.
BBC Poll. 2008. “Global views of US improve,” http://www.worldpublicopinion.org/pipa/articles/views_on_countriesregions_bt/463.php?lb=btvoc&pnt=463&nid=&id Accessed 31 December 2008.
BBC Poll. 2009. “Economic System Needs ‘Major Changes’: Global Poll,” http://www.worldpublicopinion.org/pipa/pdf/mar09/BBCEcon_Mar09_rpt.pdf Accessed 4 April 2009.
Bergsten, C. Fred. 2008. “The Democrats’ Dangerous Trade Games,” The Wall Street Journal. May 20. p.A23.
Bernanke, Benajmin S. 2009. “The economic outlook,” Testimony before the Joint Economic Committee of the U.S. Congress, Washington, D.C. 5 May. http://www.federalreserve.gov/newsevents/testimony/bernanke20090505a.htm Accessed 16 May 2009.
Blonigen, Bruce. 2008. “New Evidence on the Formation of Trade Policy Preferences,” Working Paper 14627, Cambridge, MA: National Bureau of Economic Research.
Boone, Peter and Simon Johnson. 2009. “To Save the Banks We Must Stand Up to the Bankers,” Financial Times. 27 January.
Burton, John. 2009. “IMF sees no recovery in Asia until 2010,” Financial Times, 6 May.
Crook, Clive. 2008. “Obama has to lead the way on trade,” Financial Times, 22 December.
Destler, I.M. 2005. American Trade Politics (fourth edition). Washington: Institute for International Economics.
Drysdale, Peter. 2009. “East Asia’s moment of truth,” http://www.eastasiaforum.org/2009/02/01/east-asias-moment-of-truth/ Accessed 2 February 2009.
Elek, Andrew. 2009. “Sliding Back Towards Protectionism,” http://www.eastasiaforum.org/author/andrewelek/ Accessed 23 February.
Gamberoni, Elisa and Richard Newfarmer. 2009. “Trade Protection: Incipient but Worrisome Trends,” Trade Notes number 37. http://siteresources.worldbank.org/NEWS/Resources/Trade_Note_37.pdf Accessed 4 April 2009.
Gill, Bates, Michael Green, Kiyoto Tsuji, and William Watts. 2009. Strategic Views on Asian Regionalism: Survey Results and Analysis. Washington: Center for Strategic and International Studies. January.
Goldstein, Morris. 2009. “A Grand Bargain for the London G-20 Summit: Insurance and Obeying the Rules,” VoxEU.org 19 February. http://www.iie.com/publications/opeds/oped.cfm?ResearchID=1125 Accessed 20 February 2009.
Harris Interactive. 2008. “Financial Times/Harris Poll Monthly Opinions of Adults from Five European Countries and the United States,” 21 December. http://www.harrisinteractive.com/news/FTHarrisPoll/HI_FinancialTimes_HarrisPoll_December2008.pdf Accessed 7 January 2009.
Im, Hyejoon and Hankyoung Sung. 2008. “Empirical Analyses of U.S. Congressional Voting on Recent FTA Bills,” KIEP Working Paper 08-08. Seoul: Korea Institute for International Economic Policy.
International Monetary Fund, 2009a. World Economic Outlook—Crisis and Recovery. Washington: International Monetary Fund. April 23 April.
International Monetary Fund, 2009b. Global Financial Stability Report Market Update. Washington: International Monetary Fund. 28 January.
Jiang, Tingsong, and Warwick McKibbin. 2008. “What Does a Free Trade Area of the Asia-Pacific Mean to China.” Centre for Applied Macroeconomic Analysis, The Australian National University, Working Paper 10/2008 (May).
Kawai, Masahiro and Geneshan Wignaraja. 2009. “The Asian ‘Noodle Bowl’: Is It Serious Business?,” ADBI Working Paper Series No, 136. Tokyo: Asian Development Bank Institute. April.
Kletzer, Lori. 2001. Job Loss from Imports: Measuring the Cost. Washington: Institute for International Economics.
Kull, Steven. 2007. “America’s Image in the World,” Testimony before the House Committee on Foreign Affairs, Subcommittee on International Organizations, Human Rights and Oversight, U.S. House of Representatives, Washington, 6 March.
Kupchan, Charles A., and Peter L. Trubowitz. 2007. “Dead Center: The Demise of Liberal Internationalism in the United States,” International Security. 32:2 7–44.
Lamy, Pascal. 2009. “Report to the TPRB From the Director-General on the Financial and Economic Crisis and Trade-Related Developments,” http://www.cera.org.ar/new-site/descargarArchivo.php?idioma_code=es&contenido_id=788&PHPSESSID=c3f602c81be116c37bafdcc05df52d46 Accessed 4 April 2009.
De Larosière, Jacques and others. 2009. “The High-Level Group on Financial Supervision in the EU,” http://ec.europa.eu/internal_market/finances/docs/de_larosiere_report_en.pdf 4 April 2009.
Layman, Geoffrey C., Thomas M. Carsey, and Juliana Menasce Horowitz. 2006. “Party Polarization in American Politics: Characteristics, Causes, and Consequences,” Annual Review of Political Science. 2006:9 83–110.
Leaders of the Group of Twenty. 2009. “The Global Plan for Recovery and Reform 2 April 2009,” http://www.londonsummit.gov.uk/resources/en/PDF/final-communique Accessed 4 April 2009.
Lee, Hiro, Robert F. Owen, and Dominique van der Mensbrugghe. 2009. “Regional Integration in Asia and Its Effects on the EU and North America,” Journal of Asian Economics, 20:3 240-45.
Mattoo, Aaditya, and Arvind Subramanian. 2009. “From Doha to the Next Bretton Woods,” Foreign Affairs. 88:1 15–26.
Mussa, Michael. 2009. “Global Economic Prospects: L- or V-shaped Recovery,” http://www.petersoninstitute.org/publications/papers/transcript-20090407.pdf Accessed 16 May 2009.
Petri, Peter A. 2008. “Mulittrack Integration in East Asian Trade: Noodle Bowl or Matrix?,” Asia Pacific Issues No. 86. Honolulu: East-West Center. October.
Pew Global Attitudes Project. 2003. Views of a Changing World. Washington: Pew Research Center for the People and the Press.
Pew Global Attitudes Project. 2007. World Publics Welcome Global Trade – But Not Immigration. Washington, DC: Pew Research Center for the People and the Press.
Pew Global Attitudes Project. 2008. “Global Public Opinion in the Bush Years (2001–2008),” Washington, 18 December.
Pew Research Center for the People and the Press. 2008. “Trade and Economy: Obama’s Image Slips, His Lead over Clinton Disappears,” Washington: Pew Research Center for the People and the Press. 1 May.
Pew Research Center for the People and the Press. 2009. “Support for the Stimulus Plan Slips, But Obama Rides High,” http://people-press.org/report/490/obama-stimulus Accessed 20 February.
Reinhart, Carmen M. and Kenneth S. Rogoff. 2008. “The Aftermath of Financial Crises,” http://www.economics.harvard.edu/faculty/rogoff/files/Aftermath.pdf Accessed 20 February.
Scollay, Robert, and John P. Gilbert. 2001. New Regional Trading Arrangements in the Asia-Pacific? Policy Analyses in International Economics 63. Washington: Institute for International Economics.
Soesastro, Hadi. 2009. “East Asia, the G20 and global economic governance,” http://www.eastasiaforum.org/2009/03/08/east-asia-the-g20-and-global-economic-governance/ Accessed 9 March 2009.
Taylor, John. 2009. Getting Off Track. Stanford, CA: Hoover Institution Press.
Truman, Edwin M. 2009. “IMF Reform: An Unfinished Agenda,” VoxEU.org 28 January. http://www.iie.com/publications/opeds/oped.cfm?ResearchID=1106 Accessed 20 February.
World Bank. 2009. Global Economic Prospects: Commodities at the Crossroads. Washington: The World Bank.