In The News

The Indians Are Comin’

Sanjeev Srivastava May 10, 2004
Global interest in Indian economic and cultural practices is swelling rapidly, from the labor outsourcing debate to Bollywood film exports. In the United States, India is a topic for newspaper front pages, Indian corporations are traded on the New York Stock Exchange and audiences gather for the country’s art. Delhi is creating regional alliances with China and Pakistan, and all systems are go...

Free Trade and Outsourcing Are Not the Same

Clyde Prestowitz April 25, 2004
Financial theorists, politicians, and labor groups in the US have recently butted heads over the nature of free trade. Theorists credit skyrocketing amounts of global trade with increased standards of living worldwide, whereas many politicians have decried the loss of jobs overseas due to outsourcing and unrestricted competition. Clyde Prestowitz, president of the Economic Strategy Institute...

Nonresidents Buy Stocks at Record Level

April 13, 2004
It seems foreigners are more interested in Japan’s economic recovery than even the Japanese who are seeking higher return abroad. Nonresidents bought just over 14 trillion yen worth of Japanese stocks in 2003, almost a half more than in 1999. Nonresidents were also net sellers of bonds by 1 trillion yen. For March of this year, nonresidents were net buyers of Japanese stocks for the 12 month in...

A Normal Country

Andrei Shleifer March 30, 2004
In this Foreign Affairs’ essay, Andrei Shleifer and Daniel Treisman argue that the popular image in the west of Russia as a “disastrous failure” needs to be rethought. General belief holds that Russia has failed to leave its communist past behind, and as a result, has transformed itself into “a collapsed state inhabited by criminals threatening other countries with multiple contagions.” Contrary...

Can the ADB Resurrect Itself?

Pana Janviroj March 2, 2004
The Asian Development Bank (ADB), beset by poor results and politicization, needs to reform. It has been overshadowed by the World Bank and been mired by its own factional infighting, says this article in The Nation. Based originally in Manila, the ADB now plans to open a satellite office in Bangkok. This could be the change it needs. Far from inter-office rivalry, the satellite will help oversee...

Asian Central Banks Consider Alternatives to Big Dollar Holdings

Phillip Day February 5, 2004
South Korea, Thailand, Taiwan, China and Japan say they plan to shift out of US treasuries. The reasons vary: for some bankers, Treasuries are not bringing the required rate of return, particularly with a depreciating dollar; for others, now is a good time to pay down debt or help finance domestic industry. But given their large holdings, Asian countries need to ensure that any sell-off does not...

Schooled by Scandal

John Plender January 21, 2004
If anyone thought that the accounting scandals of Enron, WorldCom, and Global Crossing were a distinctly American phenomenon, the results of the past few weeks – Parmalat, Adecco, and Ahold – prove otherwise. On both sides of the Atlantic, dark-dealings among executives was one part of the scandal, the other was improper accounting oversight. But the case of Paramalat has highlighted an even...