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Beyond the

Beyond the "Twin Deficits": A Trade Strategy for the 1990's

A Trade Strategy for the 1990's

Hardcover

Published: 30th April 1992
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This study documents evidence of a decline trend in the international competitiveness of US industry. The analysis identifies three groups of countries that account for most of the US trade deficit in the 1980s: the surplus countries, Germany and Japan; the East Asian NICs; and the Latin American debtors. In each case the author points to underlying structural problems contributing to the deficit. They call for quite different US policy responses, including microeconomic and industrial policies, incentives to revive productivity, growth and technological innovation, import surcharges, wage increases in the NICs, currency realignments, US capital exports, and debt relief. A pragmatic policy approach, with efforts to open foreign markets, aims to achieve the greatest possible reduction in the trade deficit with the lowest possible cost from macroeconomic adjustments. The author urges the reversal of two adverse trends in his policy strategy: the decline in public sector investment and the decreasing progressivity of the tax code.

Acknowledgmentsp. ix
Executive Summaryp. 1
Introductionp. 7
Endnotesp. 15
Competitiveness, Trade, and Incomesp. 17
Endnotesp. 31
Disentangling the Twin Deficitsp. 33
Endnotesp. 54
Evidence for a Secular Decline in Competitivenessp. 57
Endnotesp. 69
Structural Roots of U.S. Trade Problems: an Overviewp. 71
Endnotesp. 80
the Industrialized Surplus Countries: Japan and Germanyp. 81
Endnotesp. 98
Trade Problems with Developing Countriesp. 99
Endnotesp. 114
Implications for Policyp. 115
Endnotesp. 136
Appendix: Econometric Estimates of U.S. Import and Export Demandp. 139
Endnotes to Appendixp. 154
Bibliographyp. 157
Indexp. 169
About the Authorp. 175
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9781563240904
ISBN-10: 1563240904
Series: Economic Policy Institute S
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 224
Published: 30th April 1992
Country of Publication: US
Dimensions (cm): 22.86 x 15.24  x 1.27
Weight (kg): 0.43