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1、世界经济教学资料-4,世界经济教学资料-4,Learning Objectives,To see how trade and investment policies have historically been a subset of domestic policiesTo examine how historical attitudes toward trade and investment policies are changingTo see how global links in trade and investment have made policymakers less able
2、 to focus solely on domestic issuesTo understand that nations must cooperate closely in the future to maintain a viable global trade and investment environment,Learning ObjectivesTo see how,Rationale and Goals of Trade and Investment Policies,National SovereigntyStandard of LivingQuality of LifeFore
3、ign Policy,Rationale and Goals of Trade,Rationale and Goals of Trade and Investment Policies,Government policies are designed to regulate, direct, and protect national activities. The exercise of these policies is the result of national sovereignty, which provides a government with the right to shap
4、e the environment of the country and its citizens.The domestic policy actions of most governments aim to increase the standard of living of citizens and to improve the quality of life, and to achieve full employment.These policies affect international trade and investment indirectly.,Rationale and G
5、oals of Trade a,Rationale and Goals of Trade and Investment Policies (cont.),In more direct ways, a country may also pursue technology transfer from abroad or the exclusion of foreign industries to the benefit of domestic infant firms.Government officials can also develop regulations on imports to p
6、rotect citizens.Nations institute foreign policy measures designed with domestic concerns in mind but explicitly aimed to exercise influence abroad. A major foreign policy goal is national security.,Rationale and Goals of Trade a,The Price of Protectionism,Industry Total Costs toNumber ofCost perCon
7、sumersJobs SavedJob Saved(in $ millions),Textiles and apparel$27,000640,000$42,000Carbon Steel6,8009,000$750,000Autos5,80055,000$105,000Dairy products5,50025,000$220,000Shipping3,00011,000$270,000Meat1,80011,000$160,000,The Price of ProtectionismIndu,The Effects of Tariffs,Increase Inflationary pres
8、sures. Special interests privileges. Government control and political considerations in economic matters. The number of tariffs they beget via reciprocity.Weaken Balance-of-payments positions. Supply-and-demand patterns. International understanding (they can start trade wars).Restrict Manufacturer s
9、upply sources. Choices available to consumers Competition.,The Effects of TariffsIncrease,The International Trade Organization,In 1948, the ITO represented an agreement among 53 countries to:Aid in international commercial policies, restrictive business practices, commodity agreements, employment an
10、d reconstruction, and economic development and international investment.It developed a constitution for a new United Nations agency.The ITO was never implemented.,The International Trade Organi,The General Agreement on Tariffs and Trade,GATT started in 1947 as a set of rules to ensure nondiscriminat
11、ion, transparent procedures, the settlement of disputes, and the participation of the lesser-developed countries in international trade.GATT used tariff concessions to limit the level of tariffs that would be imposed on other GATT members.The Most Favored Nation clause calls for each member country
12、to grant every other member country the same treatment that it accords with any other country with respect to imports and exports.,The General Agreement on Tarif,世界经济教学资料-4,The World Trade Organization,The WTO was introduced in 1995 and administers international trade and investment accords.In 2002,
13、 the Doha Round ended the first stage of implementation. The aim is to further hasten implementation of liberalization to help the impoverished and developing nations.,The World Trade OrganizationTh,What WTO Means to Different Industries,Banks will be allowed to compete freely in South Korea and oth
14、er places where they are restricted. Insurance companies will be able to sell policies in India, one of the Worlds most tightly closed markets. Movies will have better protection from Thai film counterfeiters. Pharmaceuticals will have better protection from Argentine imitators. Computer software ma
15、kers will have better protection from Brazilians who rip off copyrighted programs.,Gainers,What WTO Means to Different In,Glassware tariffs as high as 30 percent on inexpensive drinking glasses will be reduced, threatening some 40,000 jobs.Textiles will gradually lose quotas and tariffs that protect
16、 1.1 million U.S. workers - and add 50 percent to wholesale prices of clothing.Peanuts will lose quotas that limit imports to a handful and that protect 19,000 American farmers.Dairy imports of foreign cheese, now limited to 19,000 tons a year, will go up, hurting 240,000 U.S. farmers. Sugar import
17、ceilings, now 25 percent of the nine million tons the United States uses each year, will go, threatening 11,000 sugar beet and cane growers.,What WTO Means to Different Industries,Losers,Glassware tariffs as high a,Many Japanese Products, like Toyotas, are produced or assembled in the U.S.,Many Japa
18、nese Products, like T,Who Builds the Boeing 777?,Who Builds the Boeing 777?,Changes in the Global Policy Environment,Three major changes have occurred over time in the global policy environment:a reduction of domestic policy influence;a weakening of traditional international institutions;and a sharp
19、ening of the conflict between industrialized and developing nations.,Changes in the Global Policy E,Reduction of Domestic Policy Influences,Currency flows have increased from an average daily trade volume of $18 billion in 1980 to $1.2 trillion in 2001.As a result, currency flows have begun to set t
20、he value of exchange rates independent of trade, which in turn have now begun to determine the level of trade.The interactions between global and domestic financial flows have severely limited the influence of governments.To regain influence, some governments have tried to restrict world trade by er
21、ecting barriers, charging tariffs, and implementing import regulations.,Reduction of Domestic Policy I,Weakening of International Institutions,The intense links among nations and the new economic environment resulting from new market entrants and the encounter of different economic systems are weake
22、ning the WTO.The International Monetary Fund does not have the funds available to satisfy the needs of all struggling nations.The World Bank has been unsuccessful in furthering the economic goals of the developing world and newly emerging market economies. Some claim that its bank policies have crea
23、ted more poverty.,Weakening of International Ins,Conflict Between Industrialized and Developing Nations,In the past, it was hoped that the gap between industrialized and developing nations would gradually be closed.Although several less-developed nations have emerged as newly industrialized countrie
24、s, even more nations are facing grim economic futures.An increase in environmental awareness has led to a further sharpening of the conflict.,Conflict Between Industrialize,Policy Responses to Changing Conditions,Restrictions of ImportsTariffsQuotasNontariff BarriersVoluntary Restraint AgreementsAnt
25、i-Dumping LawsThe Effects of Import RestrictionsRestrictions of ExportsNational Security Controls,Policy Responses to Changing C,Policy Responses to Changing Conditions,The Positive ImpactTechnology TransferThe Negative ImpactBrain DrainThe Home-Country PerspectiveRestrictions on InvestmentCapital F
26、light,Policy Responses to Changing C,Policy Responses to Changing Conditions,Export PromotionU.S. Export PromotionMixed Aid CreditsImport Promotion EffortsInvestment PoliciesCommittee for Foreign Investments in the United States (CFIUS)The Host-Country Perspective,Policy Responses to Changing C,Poli
27、cy Responses to Changing Conditions,Investment PromotionFiscal IncentivesFinancial IncentivesNonfinancial IncentivesManagement of the Policy Relationship,Policy Responses to Changing C,Restrictions of Imports,Many countries including the United States have passed antidumping laws which help domestic
28、 industries by restricting foreign products being sold below the cost of production, or at prices lower than those in the home market.Imports are also restricted by nontariff barriers, such as buy-domestic campaigns. It is difficult to remove these barriers.Imports can also be reduced by tightening
29、market access and entry of foreign products through involved procedures and inspections.,Restrictions of ImportsMany co,Effects of Import Restriction,Import control may mean that the most efficient sources of supply are not available, resulting in second-best products or higher costs for restricted
30、supplies.Import control may result in the downstream change in the composition of imports.Due to inefficiency, import controls may cause a lag in technological advancements.,Effects of Import RestrictionI,Restrictions of Exports,Nations control their exports for reasons of short supply, national sec
31、urity and foreign policy purposes, or the desire to retain capital.National security controls are placed on weapons and high-technology exports.Although restriction of exports is a valuable international relations tool, it may give a countrys firms the reputation of being unreliable suppliers and ma
32、y divert orders to firms of other nations.,Restrictions of ExportsNations,Export Promotion,Export promotion is designed to help firms enter and maintain their position in international markets and to match or counteract similar efforts by other nations.Various approaches toward export promotion incl
33、ude:knowledge transferdirect or indirect subsidization of export activitiesreducing governmental red tape for exportersexport financing and mixed aid credits to exportersaltered tax legislation for nationals living abroad,Export PromotionExport promoti,Import Promotion,Countries that maintain large
34、balance-of-trade surpluses use import promotion measures.The Japan External Trade Organization (JETRO) has begun to focus on the promotion of imports to Japan.,Import PromotionCountries that,Restrictions on Investment,Many nations that lack necessary foreign exchange reserves restrict exports of cap
35、ital, because capital flight can be a major problem.Once governments impose restrictions on the export of funds, the desire to transfer capital abroad increases. This creates problems for gaining new outside investors.,Restrictions on InvestmentMany,Investment Promotion,Fiscal Incentives,Financial I
36、ncentives,Nonfinancial Incentives,Investment PromotionFiscal Inc,Investment Promotion (cont.),Fiscal incentives are specific tax measures designed to attract the foreign investor, including special depreciation allowances, tax credits or rebates, special deductions for capital expenditures, tax holi
37、days, and reduction of tax burdens.Financial incentives offer special funding for the investor by providing land or building, loans, and loan guarantees.Nonfinancial incentives can consist of guaranteed government purchases, special protection from competition, and investments in infrastructure faci
38、lities.,Investment Promotion (cont.)Fi,U.S. Perspective on Trade and Investment Policies,The U.S. seeks a positive trade policy rather than reactive, ad hoc responses to specific situations.Protectionist legislation can be helpful, provided it is not enacted into law.Trade promotion authority gives
39、Congress the right to accept or reject treaties and agreements, but reduces the amendment procedures,U.S. Perspective on Trade and,International Perspective on Trade and Investment Policies,From an international perspective, trade and investment negotiations must continue.In doing so, trade and inve
40、stment policy can take either a multilateral or bilateral approach:bilateral negotiations are carried out mainly between two nations.multilateral negotiations are carried out among a number of nations.,International Perspective on T,Specific Limitations on Trade:Quotas Import Licensing requirementsP
41、roportion restrictions of foreign to domestic goods (local content requirements)Minimum import price limitsEmbargoesCustoms and Administrative Entry Procedures:Valuation systemsAntidumping practicesTariff classificationsDocumentation requirementsFees,Types of Non-tariff Barriers,Specific Limitations
42、 on Trade:,Standards: Standard disparities Intergovernmental acceptances of testing methods and standards Packaging, labeling, marking and safety standards,Types of Non-tariff Barriers,Government Participation in Trade: Government procurement policies Export subsidies Countervailing duties Domestic
43、assistance programs,Standards:Types of Non-tariff,Types of Non-tariff Barriers,Charges on imports: Prior import deposit subsidies Administrative fees Special supplementary duties Import credit discriminations Variable levies Border taxesOthers: Voluntary export restraints Orderly marketing agreement
44、s,Types of Non-tariff BarriersCh,Monetary Barriers,Blocked Currency,Differential Exchange Rate,Government Approval to Secure Foreign Exchange,Exchange Permit,Monetary BarriersBlocked Curre,世界经济教学资料-4,Bargaining Position of Multinational Corporation (MNC) and Host Country,Bargaining Position of Multina,Global Financial Institutions,International Monetary Fund (IMF),World Bank Group,Global Financial InstitutionsI,感谢聆听,感谢聆听,
