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Asian Infrastructure Investment Bank (AIIB)
This report discusses China's proposal of creating a new multilateral development bank (MDB), the Asian Infrastructure Investment Bank (AIIB) with the purpose to provide financing for infrastructure needs throughout Asia, as well as in neighboring regions.
The 2016 G-20 Summit
This report discusses the 2016 G-20 summit where the leaders of the Group of Twenty (G-20) countries met in Hangzhou, China.
Foreign Holdings of Federal Debt
This report presents current data on estimated ownership of U.S. Treasury securities and major holders of federal debt by country. Federal debt represents the accumulated balance of borrowing by the federal government.
The Committee on Foreign Investment in the United States (CFIUS)
This report discusses the Committee on Foreign Investment in the United States (CFIUS) comprising nine members, two ex officio members, and other members as appointed by the President representing major departments and agencies within the federal executive branch. While the group generally has operated in relative obscurity, the proposed acquisition of commercial operations at six U.S. ports by Dubai Ports World in 2006 placed the group's operations under intense scrutiny by Members of Congress and the public.
China’s Holdings of U.S. Securities: Implications for the U.S. Economy
This report examines the importance to the U.S. economy of China’s investment in U.S. securities, as well as U.S. concerns over the possibility that China might unload a large share of those holdings, the likelihood that this would occur, and the potential implications such action could have for the U.S. economy.
Introduction to Financial Services: International Supervision
This report discusses the financial crisis of 2007-2008 and subsequent global economic turmoil that underscored the interconnectedness of the global financial system as well as its weaknesses. In the wake of the crisis, leaders from the United States and other countries have pursued a wide range of reforms to the international financial regulatory system.
The United States as a Net Debtor Nation: Overview of the International Investment Position
This report discusses the international investment position of the United States is an annual measure of the assets Americans own abroad and the assets foreigners own in the United States. The net position, or the difference between the two, sometimes is referred to as a measure of U.S. international indebtedness. Although this designation is not strictly correct, the net international investment position does reveal the difference between the total assets Americans own abroad and total amount of assets foreigners own in the United States.
Why the Dollar Rose in 2005 and the Prospect for 2006: Insights into the State of International Asset Markets and the Global Economy
The dollar exchange rate rose substantially in 2005, halting a three-year decline and moving counter to the expectations of many observers. This report discusses potential reasons for the dollar's appreciation.
China’s Currency: Economic Issues and Options for U.S. Trade Policy
The continued rise in China’s trade surplus with the United States and the world, and complaints from U.S. manufacturing firms and workers over the competitive challenges posed by Chinese imports have led several Members to call for a more aggressive U.S. stance against certain Chinese trade policies they deem to be unfair. This report examines China's currency policy its implications.
The Exon-Florio National Security Test for Foreign Investment
This report covers the recent background of the Exon-Florio provision with special regards to issues faced in the 112th Congress. The Exon-Florio provision grants the President the authority to block proposed or pending foreign acquisitions of "persons engaged in interstate commerce in the United States" that threaten to impair the national security.
Fixed Exchange Rates, Floating Exchange Rates, and Currency Boards: What Have We Learned?
This report evaluates the benefits and drawbacks of different types of exchange rate regimes from the perspective of their effects on macroeconomic stability.
China and the Multilateral Development Banks
Congress is currently considering appropriations for U.S. contributions to the World Bank and other multilateral development banks (MDBs) as well as separate legislation that would require U.S. representatives to these institutions to oppose all concessional loans to China. This report provides a brief analysis of China’s relationship with the MDBs to highlight some issues and help Members of Congress, congressional staff, and observers better understand the context for the current debates in Congress and the multilateral agencies.
The World Bank: Changing Leadership and Issues for the United States and Congress
The decision of World Bank President James Wolfensohn to resign in May 2005 has triggered the search for a successor. This report discusses the process for choosing a successor and the implications for U.S. policy.
African Debt to the United States and Multilateral Agencies
This report provides statistical information and possible solutions to the multilateral and bilateral debt of Africa. Possible solutions include debt forgiveness options, yet this comes with the consequence of limited future aid from multilateral agencies.
World Heritage Convention and U.S. National Parks
From Summary: This paper describes the operation of the UNESCO Convention and will be updated periodically.
The 2006 Increase in U.S. Motor Vehicle Imports from Japan
This report examines the increased imports of Japanese vehicles in context of a policy by the Japanese government to reduce the exchange rate of the yen. The report also examines other reasons for the increase in Japanese vehicle imports such as U.S. manufacturers not building the type of car primarily bought by consumers.
Africa: Trade and Development Initiatives by the Clinton Administration and Congress
This report summarizes legislation in Congress that President Clinton suggested concerning trade in Africa. Specifically, President Clinton called on Congress during his State of the Union address to pass the legislation.
NAFTA at Ten: Lessons from Recent Studies
This report provides an analytical summary of the economic lessons reached in support of Congress's role in the trade policy process, especially the North American Free Trade Agreement (NAFTA).
China’s Holdings of U.S. Securities: Implications for the U.S. Economy
This report examines the importance to the U.S. economy of China's investment in U.S. securities, as well as U.S. concerns over the possibility that China might unload a large share of those holdings, including the likelihood that this would occur, and the potential implications such action could have for the U.S. economy. The report concludes that a large sell-off of Chinese Treasury securities holdings could negatively affect the U.S. economy, at least in the short-run. As a result, such a move could diminish U.S. demand for Chinese products and thus could lower China's economic growth as well.
International Monetary Fund: Reforming Country Representation
This report explains how countries are represented at the IMF, discusses the reform agenda, analyzes various options to reform the quota system, and evaluates the role of Congress.
International Financing of Responses to Climate Change
This report describes many of the questions that are debate n international climate change fora. It aims to inform Congressional decision-making on the magnitude and mechanisms of financial assistance that the United States may provide to low-income countries to address climate change.
Current Debates over Exchange Rates: Overview and Issues for Congress
This report provides information on current debates over exchange rates in the global economy. It offers an overview of how exchange rates work; analyzes specific disagreements and debates; and examines existing frameworks for potentially addressing currency disputes. It also lays out some policy options available to Congress, should Members want to take action on exchange rate issues.
The Greek Debt Crisis: Overview and Implications for the United States
This report provides a brief overview of the Greek dept crisis, including developments through July 2015 when questions about Greece's future in the Eurozone resurfaced and emergency negotiations resulted in a third financial assistance program for Greece. It also discusses potential implications of the crisis for the U.S. economy and U.S.-European cooperation on broader strategic and economic cooperation.
Comparing Global Influence: China's and U.S. Diplomacy, Foreign Aid, Trade, and Investment in the Developing World
This report compares the People's Republic of China's (PRC) and U.S. projections of global influence, with an emphasis on non-coercive means or "soft power," and suggests ways to think about U.S. foreign policy options in light of China's emergence.
Foreign Ownership of U.S. Financial Assets: Implications of a Withdrawal
This report provides an overview of the role foreign investment plays in the U.S. economy. It also includes an assessment of possible actions a foreign investor or a group of foreign investors might choose to take to liquidate their investments in the United States.
Sovereign Wealth Funds: Background and Policy Issues for Congress
This report provides background on sovereign wealth funds (SWFs) -- investment funds owned and managed by national governments -- including countries operating SWFs and the size of the SWF market. It also discusses broad areas of concern to Members of Congress and the international financial community.
Pakistan's Capital Crisis: Implications for U.S. Policy
This report discusses Pakistan's capital crisis. In the autumn of 2008, Pakistan was in urgent need of an estimated $4 billion in capital to avoid defaulting on its sovereign debt. The elected government of President Asif Ali Zardari and Prime Minister Yousaf Raza Gillani sought short-term financial assistance from a number of sources, including the International Monetary Fund (IMF), China, and an informal group of nations (including the United States) known as the "Friends of Pakistan."
Iraq's Debt Relief: Procedure and Potential Implications for International Debt Relief
This report discusses the Iraqi debt problem in three parts: (1) an overview of the Iraq debt situation following the ouster of the Saddam regime, (2) subsequent debt relief negotiations and their resolution, and (3) possible implications for future international debt relief cases.
China's Currency Devaluation
This report discusses China's recent changes to its method for determining the value of its currency (the renminbi). On Tuesday, August 11, 2015, the People's Bank of China (PBC), China's central bank, surprised global financial markets by lowering the reference rate of the renminbi, effectively depreciating the currency.
Crisis in Greece: Political Implications
This report discusses political and economic conditions in Greece. What began as a debt crisis in Greece in late 2009 has evolved into a political crisis that many analysts believe could represent the most significant setback in over 60 years of European integration.
The Exon-Florio National Security Test for Foreign Investment
This report covers the recent background of the Exon-Florio provision with special regards to issues faced in the 112th Congress. The Exon-Florio provision grants the President the authority to block proposed or pending foreign acquisitions of "persons engaged in interstate commerce in the United States" that threaten to impair the national security.
U.S. Capital Markets and International Accounting Standards: GAAP Versus IFRS
This report briefly explains the different accounting standards and U.S. capital markets. It examines several International Financial Reporting Standards (IFRS) policy options Congress might consider and the benefits and challenges of each of those options.
Dollar Crisis: Prospect and Implications
This report describes the anatomy of dollar crisis, and possible reasons why a dollar crisis won't occur. The report discusses the macroeconomics effects of a dollar crisis, and the response of economic policy.
The Global Financial Crisis: Increasing IMF Resources and the Role of Congress
This report provides information on the role the IMF has played in the financial crisis, international agreement to increase the financial resources of the IMF, and the role of Congress in increasing the Fund's resources. As will be discussed in detail at the end of the report, congressional authorization, and perhaps appropriation, would be required to increase U.S. contributions to the IMF.
Crisis in Greece: Political Implications
This report briefly discusses the political crisis resulting from what began as a debt crisis in Greece in late 2009. Many analysts believe that this political crisis could represent the most significant setback in over 60 years of European integration.
France: Factors Shaping Foreign Policy, and Issues in U.S.-French Relations
This report examines the key factors that shape French foreign policy. From that context, it analyzes some of the reasons for the tensions in and the accomplishments of U.S.-French relations. The report is illustrative, rather than exhaustive. Instead, the report reviews issues selected because they exemplify some of the essential features of the U.S.-French relationship.
Foreign Investment in U.S. Securities
This report analyzes the extent of foreign portfolio investment in the U.S. economy and assesses the economic conditions that are attracting such investment and the impact such investments are having on the economy.
Financial Regulation and Oversight: Latin American Financial Crises and Reform Lessons from Chile
This report discusses Latin American financial crises and the lessons from comprehensive regulatory reform undertaken by Chile.
Foreign Holdings of Federal Debt
This report presents current data on estimated ownership of U.S. Treasury securities and major holders of federal debt by country. Federal debt represents the accumulated balance of borrowing by the federal government. To finance federal borrowing, U.S. Treasury securities are sold to investors, directly from the Treasury or on the secondary market to individual private investors, financial institutions in the United States or overseas, and foreign, state, or local governments.
China's Sovereign Wealth Fund
This report discusses China's ruling executive body, the State Council, which establishes the China Investment Corporation (CIC), a sovereign wealth fund, in September 2007 to invest $200 billion of China's then $1.4 trillion in foreign exchange reserves. Congress and financial analysts raised concerns about the CIC after its creation, partly because it was a comparatively large sovereign wealth fund, partly because it was government-owned, and partly because it reported directly to the State Council.
Economic Crisis in Greece
This report briefly discusses the current economic situation in Greece. Questions about whether Greece will stay in the Eurozone have resurfaced, as the government's stalemate with the International Monetary Fund (IMF) and Eurozone creditors has reached a critical point.
Foreign Investment in U.S. Securities
This report analyzes the extent of foreign portfolio investment in the U.S. economy and assesses the economic conditions that are attracting such investment and the impact such investments are having on the economy.
East Asia's Foreign Exchange Rate Policies
This report examines the de facto foreign exchange rate policies adopted by the monetary authorities of East Asia. In some cases, there is a perceived discrepancy between the official (de jure) exchange rate policy and the observed de facto exchange rate policy. This report will focus primarily on the de facto exchange rate policies.
Foreign Holdings of Federal Debt
This report presents current data on estimated ownership of U.S. Treasury securities and major holders of federal debt by country. Federal debt represents the accumulated balance of borrowing by the federal government.
China's Holdings of U.S. Securities: Implications for the U.S. Economy
This report examines the importance to the U.S. economy of China's investment in U.S. securities, as well as U.S. concerns over the possibility that China might unload a large share of those holdings, the likelihood that this would occur, and the potential implications such action could have for the U.S. economy. The report concludes that a large sell-off of Chinese Treasury securities holdings could negatively affect the U.S. economy, at least in the short-run.
Foreign Investment, CFIUS, and Homeland Security: An Overview
This report gives a brief overview of P.L. 110-49, the Foreign Investment and National Security Act of 2007. This law broadens Congress's oversight role in formulating the scope and direction of U.S. foreign investment policy. It also explicitly includes the areas of homeland security and critical infrastructure as separately-identifiable components of national security that the President must consider when evaluating the implications of a foreign investment transaction.
International Investment Agreements (IIAs): Frequently Asked Questions
This report answers frequently asked questions about international investment agreements (IIAs) made between the United States and other countries. Questions are categorized in three main areas: background and context; U.S. international investment agreements; and investor-state dispute settlement (ISDS).
Current Debates over Exchange Rates: Overview and Issues for Congress
This report provides information on current debates over exchange rates in the global economy. It offers an overview of how exchange rates work; analyzes specific disagreements and debates; and examines existing frameworks for potentially addressing currency disputes. It also lays out some policy options available to Congress, should Members want to take action on exchange rate issues.
International Investment Agreements (IIAs): Frequently Asked Questions
This report answers frequently asked questions about international investment agreements (IIAs) made between the United States and other countries. Questions are categorized in three main areas: background and context; U.S. international investment agreements; and investor-state dispute settlement (ISDS).
The Exon-Florio National Security Test for Foreign Investment
This report covers the recent background of the Exon-Florio provision with special regards to issues faced in the 112th Congress. The Exon-Florio provision grants the President the authority to block proposed or pending foreign acquisitions of "persons engaged in interstate commerce in the United States" that threaten to impair the national security.
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