Currency Undervaluation and Sovereign Wealth Funds : A New Role for the World Trade Organization

Vista sencilla de ítem
dc.creatorMattoo, Aaditya
dc.creatorSubramanian, Arvind
dc.date2012-06-01T14:53:02Z
dc.date2012-06-01T14:53:02Z
dc.date2008-07
dc.date.accessioned2026-07-01T01:20:41Z
dc.descriptionTwo aspects of global imbalances - undervalued exchange rates and sovereign wealth funds - require a multilateral response. For reasons of inadequate leverage and eroding legitimacy, the International Monetary Fund has not been effective in dealing with undervalued exchange rates. This paper proposes new rules in the World Trade Organization to discipline cases of significant undervaluation that are clearly attributable to government action. The rationale for WTO involvement is that there are large trade consequences of undervalued exchange rates, which act as both import tariffs and export subsidies, and that the WTO's enforcement mechanism is credible and effective. The World Trade Organization would not be involved in exchange rate management, and would not displace the International Monetary Fund. Rather, the authors suggest ways to harness the comparative advantage of the two institutions, with the International Monetary Fund providing the essential technical expertise in the World Trade Organization's enforcement process. There is a bargain to be struck between countries with sovereign wealth funds, which want secure and liberal access for their capital, and capital-importing countries, which have concerns about the objectives and operations of sovereign wealth funds. The World Trade Organization is the natural place to strike this bargain. Its General Agreement on Trade in Services, already covers investments by sovereign wealth funds, and other agreements offer a precedent for designing disciplines for these funds. Placing exchange rates and sovereign wealth funds on the trade negotiating agenda may help revive the Doha Round by rekindling the interest of a wide variety of groups.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://documents.worldbank.org/curated/en/2008/07/9670289/currency-undervaluation-sovereign-wealth-funds-new-role-world-trade-organization
dc.identifierhttps://hdl.handle.net/10986/6846
dc.identifierhttps://doi.org/10.1596/1813-9450-4668
dc.identifier.urihttp://hdl.handle.net/123456789/417237
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relationPolicy Research Working Paper No. 4668
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectAGREEMENT ON SUBSIDIES
dc.subjectAGRICULTURE
dc.subjectARBITRATION
dc.subjectASSET MANAGERS
dc.subjectASSET PRICES
dc.subjectBALANCE OF PAYMENTS
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL IMPORTERS
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL STOCK
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCODE OF CONDUCT
dc.subjectCOLLATERAL
dc.subjectCOMMODITY
dc.subjectCOMMODITY PRICES
dc.subjectCOMPARATIVE ADVANTAGE
dc.subjectCOMPETITIVE ADVANTAGE
dc.subjectCOMPETITIVENESS
dc.subjectCONSUMER GOODS
dc.subjectCONTRACTING PARTIES
dc.subjectCORPORATE GOVERNANCE
dc.subjectCOUNTERVAILING ACTION
dc.subjectCOUNTERVAILING MEASURES
dc.subjectCREDIBILITY
dc.subjectCREDITOR
dc.subjectCREDITORS
dc.subjectCROSS-BORDER FLOWS
dc.subjectCURRENCY
dc.subjectCURRENCY APPRECIATION
dc.subjectCURRENT ACCOUNT SURPLUS
dc.subjectCURRENT ACCOUNT SURPLUSES
dc.subjectDEBT
dc.subjectDEBTOR
dc.subjectDEBTOR COUNTRIES
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING WORLD
dc.subjectDISCLOSURE REQUIREMENTS
dc.subjectDISPUTE SETTLEMENT
dc.subjectDISPUTE SETTLEMENT MECHANISM
dc.subjectDISPUTE SETTLEMENT PANEL
dc.subjectDISPUTE SETTLEMENT SYSTEM
dc.subjectDOMESTIC DEBT
dc.subjectDOMESTIC SUPPORT
dc.subjectECONOMIC COOPERATION
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC INTEGRATION
dc.subjectECONOMIC POWERS
dc.subjectECONOMIC RESEARCH
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectEMERGING-MARKET
dc.subjectENFORCEMENT MECHANISM
dc.subjectENFORCEMENT PROCESS
dc.subjectENVIRONMENTAL STANDARDS
dc.subjectEUROPEAN UNION
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE REGIMES
dc.subjectEXCHANGE RATES
dc.subjectEXPORT GROWTH
dc.subjectEXPORT SUBSIDIES
dc.subjectEXPORT SUBSIDY
dc.subjectEXPORTERS
dc.subjectEXPORTING COUNTRIES
dc.subjectEXPORTS
dc.subjectEXTERNAL TRADE
dc.subjectFINANCIAL ARRANGEMENTS
dc.subjectFINANCIAL CONTRIBUTION
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL SERVICES
dc.subjectFISCAL POLICY
dc.subjectFIXED EXCHANGE RATE
dc.subjectFLEXIBLE EXCHANGE RATE
dc.subjectFLEXIBLE EXCHANGE RATE REGIMES
dc.subjectFLOW OF CAPITAL
dc.subjectFOREIGN ASSETS
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN DIRECT INVESTMENTS
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE MARKETS
dc.subjectFOREIGN EXCHANGE RESERVES
dc.subjectFOREIGN GOVERNMENT
dc.subjectFOREIGN GOVERNMENTS
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN INVESTMENTS
dc.subjectFOREIGN OWNERSHIP
dc.subjectFOREIGN SALES CORPORATION
dc.subjectFORWARD MARKET
dc.subjectFREE TRADE
dc.subjectFREE TRADE AGREEMENT
dc.subjectFREE TRADE AGREEMENTS
dc.subjectFULL EMPLOYMENT
dc.subjectGDP
dc.subjectGENERAL AGREEMENT ON TRADE IN SERVICES
dc.subjectGEOGRAPHICAL INDICATIONS
dc.subjectGLOBALIZATION
dc.subjectGOVERNMENT ACTION
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT OWNERSHIP
dc.subjectHOLDING
dc.subjectHOLDINGS
dc.subjectIMPORT RESTRICTIONS
dc.subjectIMPORTING COUNTRIES
dc.subjectINCOME
dc.subjectINCOME LEVEL
dc.subjectINCOMES
dc.subjectINDUSTRIAL COUNTRIES
dc.subjectINDUSTRIALIZATION
dc.subjectINSTRUMENT
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINTELLECTUAL PROPERTY
dc.subjectINTERNAL MARKET
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL COOPERATION
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL TRADE
dc.subjectINVESTMENT FUNDS
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectINVESTMENT STRATEGY
dc.subjectJURISDICTION
dc.subjectLEGAL MECHANISM
dc.subjectLENDER
dc.subjectLENDER OF LAST RESORT
dc.subjectLEVEL OF CONFIDENCE
dc.subjectLIBERALIZATION
dc.subjectLIBERALIZATION OF TRADE
dc.subjectMARKET ACCESS
dc.subjectMARKET CAPITALIZATION
dc.subjectMARKET COUNTRIES
dc.subjectMARKET ECONOMY
dc.subjectMARKET SHARE
dc.subjectMARKET SIZE
dc.subjectMERCANTILISM
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICIES
dc.subjectMONETARY POLICY
dc.subjectMULTILATERAL ACTION
dc.subjectMULTILATERAL APPROACH
dc.subjectMULTILATERAL RULES
dc.subjectMULTILATERAL TRADE
dc.subjectNATIONAL INVESTMENT
dc.subjectNATIONAL SECURITY
dc.subjectOIL PRICE
dc.subjectOIL PRICES
dc.subjectPENSION
dc.subjectPENSION FUND
dc.subjectPENSION FUNDS
dc.subjectPER CAPITA INCOME
dc.subjectPOLICY RESEARCH
dc.subjectPOLITICAL REASONS
dc.subjectPOLITICAL RISKS
dc.subjectPOOLS OF CAPITAL
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO INVESTMENTS
dc.subjectPRIVATE CAPITAL
dc.subjectPRIVATE CAPITAL FLOWS
dc.subjectPRIVATE EQUITY
dc.subjectPUBLIC POLICY
dc.subjectQUANTITATIVE RESTRICTIONS
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL EXCHANGE RATES
dc.subjectREGULATORS
dc.subjectREINSURANCE
dc.subjectREMEDIES
dc.subjectREPUTATION
dc.subjectRESERVE
dc.subjectRESERVE BANK
dc.subjectRESERVES
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectSAFEGUARD ACTION
dc.subjectSECURITY CONCERNS
dc.subjectSETTLEMENT
dc.subjectSETTLEMENT SYSTEM
dc.subjectSMALL COUNTRIES
dc.subjectSTOCKS
dc.subjectSURVEILLANCE FUNCTION
dc.subjectSYSTEM OF PREFERENCES
dc.subjectTAKEOVER
dc.subjectTAX
dc.subjectTAXATION
dc.subjectTELECOMMUNICATIONS
dc.subjectTRADE BARRIERS
dc.subjectTRADE COMMISSIONER
dc.subjectTRADE DISPUTES
dc.subjectTRADE LIBERALIZATION
dc.subjectTRADE MINISTRIES
dc.subjectTRADE NEGOTIATIONS
dc.subjectTRADE NEGOTIATORS
dc.subjectTRADE POLICIES
dc.subjectTRADE POLICY
dc.subjectTRADE RESTRICTIONS
dc.subjectTRADING
dc.subjectTRADING SYSTEM
dc.subjectTRANSPARENCY
dc.subjectTREASURY
dc.subjectTREATIES
dc.subjectTREATY
dc.subjectUNDERVALUATION
dc.subjectUNILATERAL ACTIONS
dc.subjectURUGUAY ROUND
dc.subjectWEALTH
dc.subjectWORLD ECONOMY
dc.subjectWORLD INVESTMENT REPORT
dc.subjectWORLD MARKET
dc.subjectWORLD TRADE
dc.subjectWORLD TRADE ORGANIZATION
dc.subjectWTO
dc.titleCurrency Undervaluation and Sovereign Wealth Funds : A New Role for the World Trade Organization

Archivos

Colecciones

AgroKnow