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This paper examines the macroeconomic and distributional consequences of a policy change, other things being equal, that would allow U.S. Social Security trust fund assets to be invested in private securities. Improving the expected return to trust fund assets, by shifting these from government bonds to private securities, tends to reduce (increase) the future claim on national output of the current (future) working population. The effects on aggregate saving and future output depend on whether current workers interpret this policy change as affecting their future Social Security benefits.
Budgeting --- Investments: General --- Investments: Stocks --- Macroeconomics --- Investments: Bonds --- General Financial Markets: General (includes Measurement and Data) --- Macroeconomics: Consumption --- Saving --- Wealth --- National Budget --- Budget Systems --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Investment & securities --- Budgeting & financial management --- Securities --- Extra-budgetary funds --- Stocks --- Private savings --- Consumption --- Financial institutions --- Public financial management (PFM) --- National accounts --- Sovereign bonds --- Financial instruments --- Budget --- Saving and investment --- Economics --- Bonds --- United States
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Under a federal system of government, the division of responsibilities between the federal, provincial/state, and local levels of government may create internal barriers to trade. To deal with this problem, the federal and provincial governments in Canada established the Agreement on Internal Trade (AIT). This paper takes stock of the achievements and shortcomings of the AIT. Because the internal barriers to trade being addressed by the AIT are not unique to Canada, the agreement presents a useful model for reform that could be emulated by other countries.
Exports and Imports --- Labor --- Empirical Studies of Trade --- Economic Integration --- Trade Policy --- International Trade Organizations --- Geographic Labor Mobility --- Immigrant Workers --- International economics --- Labour --- income economics --- Trade barriers --- Trade agreements --- Trade balance --- Labor mobility --- International trade --- Commercial policy --- Commercial treaties --- Balance of trade --- Canada --- Income economics
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Antidumping and countervailing duty procedures are governed by specific rules requiring both injury (by reason of imports) and dumping/subsidies, and thus might be expected to be less susceptible to pressures for protection arising from cyclical movements in the domestic macroeconomy. This paper investigates whether there is a connection between the state of domestic macroeconomic activity and pressures for protection under antidumping and countervailing duties. The evidence suggests that pressures for protection under these measures since the Tokyo Round of multilateral trade talks have advanced during periods of macroeconomic weakness and receded during periods of macroeconomic strength.
Exports and Imports --- Foreign Exchange --- Labor --- Trade Policy --- International Trade Organizations --- Unemployment: Models, Duration, Incidence, and Job Search --- Trade: General --- International economics --- Labour --- income economics --- Currency --- Foreign exchange --- Unemployment rate --- Antidumping --- Imports --- Real effective exchange rates --- Trade barriers --- International trade --- Unemployment --- Antidumping duties --- Commercial policy --- United States --- Income economics
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In recent years, many countries have successfully reduced their inflation rates to relatively low levels of 2 to 3 percent. The question then arises as to whether it would be desirable to move to even lower rates of inflation. The paper examines the benefits and costs of moving from low inflation to even lower inflation by drawing together recent work on this issue. Once a country has decided to move to an even lower rate of inflation, the question then becomes whether it would be better to achieve this objective through inflation targeting or price-level targeting. The paper critically reviews the arguments for both approaches.
Banks and Banking --- Inflation --- Labor --- Macroeconomics --- Money and Monetary Policy --- Price Level --- Deflation --- Monetary Policy --- Wages, Compensation, and Labor Costs: General --- Interest Rates: Determination, Term Structure, and Effects --- Monetary economics --- Labour --- income economics --- Finance --- Inflation targeting --- Wage adjustments --- Sticky prices --- Real interest rates --- Prices --- Monetary policy --- Price stabilization --- Wages --- Interest rates --- United States --- Income economics
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This paper reviews the extent to which the Fund’s trade policy advice to the Baltic countries, Russia and other countries of the Former Soviet Union has been implemented. It broadly traces the evolution of trade policies, emphasizing the period from mid-1993 through end-1995, attempting to identify some of the factors affecting uneven progress in trade reform. Based on insights from the public choice literature on endogenous policy theory, the paper makes recommendations for refining Fund advice with a view to facilitating future progress on the trade-policy front.
Commercial policy --- Exports and Imports --- Exports --- Imports --- International economics --- International Trade Organizations --- International trade --- Public finance & taxation --- Tariff --- Tariffs --- Taxation --- Taxes --- Trade liberalization --- Trade Policy --- Trade policy --- Trade: General --- Russian Federation
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Les Perspectives de l'économie mondiale (PEM) présentent des analyses de l'évolution économique mondiale à court et moyen termes, préparées par les principaux économistes du FMI. Elles constituent une ressource respectée, centrale et fiable d'informations fouillées et équilibrées, permettant aux décideurs et aux dirigeants du monde entier de prendre le recul nécessaire. Publiées deux fois par an, les Perspectives de l’économie mondiale présentent sous une forme claire et pratique les perspectives en matière de croissance, d’inflation, de commerce international et d’emploi, et s'intéressent également à d'autres domaines économiques. Chaque numéro des PEM se penche sur les problèmes qui touchent les pays avancés, émergents et en développement. Les banques centrales, les économistes, les institutions financières, les chefs d’entreprises, les gouvernements, les groupes de réflexion et les chercheurs attendent avec impatience cette étude sans pareille de la situation actuelle et de ce qui se prépare.
Commercial policy. --- Commercial policy --- Commercial treaties --- Currency --- Exports and Imports --- Exports --- Finance --- Finance: General --- Foreign Exchange --- Foreign exchange --- General Agreement on Tariffs and Trade --- General Financial Markets: General (includes Measurement and Data) --- Imports --- Income economics --- International economics --- International Trade Organizations --- Labor Economics: General --- Labour --- Macroeconomics --- Public finance & taxation --- Tariff --- Tariffs --- Taxation --- Trade liberalization --- Trade Policy --- Trade policy --- Trade: General --- Uruguay
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This paper analyzes the achievements of the Uruguay Round, and issues with the post-Uruguay Round agenda. The paper highlights that the conclusion of the Uruguay Round is a major achievement in international trade relations and a crucial element in promoting world trade and growth in the medium term. It arrested the deterioration in the trading environment and created a strengthened framework for future trade relations, thereby boosting business and investment confidence. It also provides positive outcomes in several areas, including market liberalization and strengthening of rules and institutional structures.
Tariff --- Commercial policy --- Commerce --- Business & Economics --- International Commerce --- Foreign trade policy --- International trade --- International trade policy --- Trade policy --- Economic policy --- International economic relations --- Ad valorem tariff --- Border taxes --- Customs (Tariff) --- Customs duties --- Duties --- Fees, Import --- Import controls --- Import fees --- Tariff on raw materials --- Indirect taxation --- Revenue --- Customs administration --- Favored nation clause --- Non-tariff trade barriers --- Reciprocity (Commerce) --- Government policy --- Commercial treaties --- Currency --- Exports and Imports --- Exports --- Finance --- Finance: General --- Foreign Exchange --- Foreign exchange --- General Agreement on Tariffs and Trade --- General Financial Markets: General (includes Measurement and Data) --- Imports --- Income economics --- International economics --- International Trade Organizations --- Labor Economics: General --- Labour --- Macroeconomics --- Public finance & taxation --- Tariffs --- Taxation --- Taxes --- Trade liberalization --- Trade Policy --- Trade: General --- Uruguay
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This study reviews major issues and developments in trade and their implications for the work of the IMF. Volume I, The Uruguay Round and Beyond: Principal Issues, gives an overview of the issues and developments in the world trading system. Volume II, The Uruguay Round and Beyond: Background Papers, presents detailed background papers on selected trade and trade-related issues. This study updates previous studies published under the title Issues and Development in International Trade Policy.
Antidumping duties --- Antidumping --- Commercial policy --- Commercial treaties --- Corporate Finance --- Environmental Economics --- Environmental economics --- Environmental Economics: General --- Exports and Imports --- Exports --- Finance --- Finance: General --- General Financial Markets: General (includes Measurement and Data) --- Imports --- International Business --- International economics --- International Trade Organizations --- International trade --- Multinational Firms --- Multinationals --- Public finance & taxation --- Tariff --- Tariffs --- Taxation --- Taxes --- Trade Policy --- Trade policy --- Trade: General --- United States
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