United States Economic Policy Toward Asia
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.
|Date of creation:||Jun 2009|
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- Carmen M. Reinhart & Kenneth S. Rogoff, 2009.
"The Aftermath of Financial Crises,"
American Economic Review,
American Economic Association, vol. 99(2), pages 466-472, May.
- Reinhart, Carmen & Rogoff, Kenneth, 2008.
"Las secuelas de las crisis financieras
[The aftermath of financial crisis]," MPRA Paper 13695, University Library of Munich, Germany.
- Reinhart, Carmen M. & Rogoff, Kenneth S., 2009. "The Aftermath of Financial Crises," Scholarly Articles 11129155, Harvard University Department of Economics.
- Reinhart, Carmen M. & Rogoff, Kenneth, 2009. "The Aftermath of Financial Crises," CEPR Discussion Papers 7209, C.E.P.R. Discussion Papers.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "The Aftermath of Financial Crises," NBER Working Papers 14656, National Bureau of Economic Research, Inc.
- Bruce Blonigen, 2008. "New Evidence on the Formation of Trade Policy Preferences," NBER Working Papers 14627, National Bureau of Economic Research, Inc.
- Robert Scollay & John P. Gilbert, 2001. "New Regional Trading Arrangements in the Asia Pacific?," Peterson Institute Press: Policy Analyses in International Economics, Peterson Institute for International Economics, number pa63.
- Robert Scollay & John P. Gilbert, 2001. "New Regional Trading Arrangements in the Asia Pacific?," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa63, 03.
- Lee, Hiro & Owen, Robert F. & van der Mensbrugghe, Dominique, 2009. "Regional integration in Asia and its effects on the EU and North America," Journal of Asian Economics, Elsevier, vol. 20(3), pages 240-254, May.
- Tingsong Jiang & Warwick McKibbin, 2008. "What Does A Free Trade Area Of The Asia-Pacific Mean To China," CAMA Working Papers 2008-10, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Lori G. Kletzer, 2001. "Job Loss from Imports: Measuring the Costs," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 110, 03. Full references (including those not matched with items on IDEAS)
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- Reinhart, Carmen & Rogoff, Kenneth, 2008. "Las secuelas de las crisis financieras