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1.63 MB
Extraction Summary
1
People
5
Organizations
2
Locations
1
Events
1
Relationships
3
Quotes
Document Information
Type:
Policy paper / report / article draft (house oversight evidence)
File Size:
1.63 MB
Summary
This document appears to be a page from a policy paper, speech, or article regarding international economics. The text discusses the risks of competitive devaluation and currency manipulation, advocating for the IMF and WTO to enforce standards. The author, likely affiliated with the Peterson Institute, urges the U.S. to strengthen international trade and harvest gains from the Doha Round negotiations. The document bears a House Oversight Bates stamp.
People (1)
| Name | Role | Context |
|---|---|---|
| Unknown Author | Author/Economist |
Refers to 'my colleagues at the Peterson Institute', suggesting the author is affiliated with that organization.
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Organizations (5)
| Name | Type | Context |
|---|---|---|
| International Monetary Fund |
Mentioned as a potential referee for exchange-rate policies.
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| IMF |
Acronym for International Monetary Fund.
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| World Trade Organization |
Mentioned regarding trade agreements and exchange rates.
|
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| WTO |
Acronym for World Trade Organization.
|
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| Peterson Institute |
Organization where the author's colleagues work; likely the Peterson Institute for International Economics.
|
Timeline (1 events)
Locations (2)
| Location | Context |
|---|---|
|
Mentioned as the leading world economy that needs to break the logjam on opening markets.
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Mentioned in the context of 'Chinese policies' regarding currency.
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Relationships (1)
Author writes: 'As my colleagues at the Peterson Institute have pointed out...'
Key Quotes (3)
"The world economy will need at some point to withdraw the drug of cheap money and negative real interest rates."Source
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Quote #1
"Currency manipulation could become a danger that reaches far beyond the debate about Chinese policies."Source
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Quote #2
"The IMF and the World Trade Organization should anticipate this risk and give effect to the existing WTO agreement that economies must 'avoid manipulating exchange rates . . . to gain an unfair competitive advantage.'"Source
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Quote #3
Full Extracted Text
Complete text extracted from the document (1,280 characters)
any warning, the next tactic is competitive devaluation, which risks a new protectionism. "Currency manipulation" could become a danger that reaches far beyond the debate about Chinese policies. The world economy will need at some point to withdraw the drug of cheap money and negative real interest rates. The U.S. should anticipate these dangers.
The International Monetary Fund also could help set standards about exchange-rate policies and serve as a referee that blows a whistle, even if it cannot penalize. The IMF and the World Trade Organization should anticipate this risk and give effect to the existing WTO agreement that economies must "avoid manipulating exchange rates . . . to gain an unfair competitive advantage."
Third, the U.S. needs to break the logjam on opening markets. As the leading world economy, America should initially try to strengthen and increase international trade through the WTO. As my colleagues at the Peterson Institute have pointed out, there are gains from the stymied Doha Round of trade negotiations that should be harvested now: ending agricultural export subsidies; limiting food export controls; eliminating tariffs and quotas for almost all exports of the poorest countries; facilitating customs and clearance
The International Monetary Fund also could help set standards about exchange-rate policies and serve as a referee that blows a whistle, even if it cannot penalize. The IMF and the World Trade Organization should anticipate this risk and give effect to the existing WTO agreement that economies must "avoid manipulating exchange rates . . . to gain an unfair competitive advantage."
Third, the U.S. needs to break the logjam on opening markets. As the leading world economy, America should initially try to strengthen and increase international trade through the WTO. As my colleagues at the Peterson Institute have pointed out, there are gains from the stymied Doha Round of trade negotiations that should be harvested now: ending agricultural export subsidies; limiting food export controls; eliminating tariffs and quotas for almost all exports of the poorest countries; facilitating customs and clearance
HOUSE_OVERSIGHT_029825
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