America's international economic decisions rest to a large degree on the information available to policymakers. Yet the quality of international trade and financial data is in serious doubt. This book reveals how our systems for collecting and analyzing trade data have fallen behind the times-and presents recommendations for new approaches to accuracy and usefulness of these economic data. The volume traces the burgeoning use of international economic data by public and private analysts at a time when the United States is becoming increasingly integrated into the world economy. It also points out problems of capturing new transactions, comparing data from different sources, limited access to the data, and more. This is the first volume to review all three types of U.S. international data-merchandise trade, international services transactions, and capital flows. Highlights include: Specific steps for U.S. agencies to take. Special analyses on improving the accuracy of merchandise trade data, filling data gaps on the fast-growing international services transactions, and understanding structural changes in world capital markets. Comments, complaints, and suggestions from an original survey of more than 100 key users of trade data. This practical volume will be invaluable to policymakers, government officials, business executives, economists, statisticians, and researchers.

International trade and trade policy have become increasingly important and complex in recent years. In this comprehensive introduction to the key aspects of international trade policy, noted authority Anne O. Krueger explains what has happened and why these issues are so difficult. With evidence-based analysis and an even-handed approach, International Trade: What Everyone Needs to Know lays the foundation to understand what trade does and does not do. Focusing on the importance of trade in both goods and services, Krueger explores the effects of various trade policies step-by-step and demonstrates why economists generally support free trade. Krueger considers the historical experience, highlighting how technological changes and reduction of trade barriers helped transform the world economy. Tariffs, antidumping and countervailing duties, government procurement policies, preferential trading arrangements, trade with developing countries and emerging markets, and the World Trade Organization are examined. Krueger tackles the fundamental questions surrounding trade including: What are the benefits and costs? What are trade deficits and do they matter? Why do some people favor protectionism and barriers to trade? How does trade policy affect workers? Written in question-and-answer format, this non-technical introduction to the policies of international trade provides an indispensable guide to one of the most crucial elements of the global economy.

Mandated standards used for vehicle airbags, International Organization for Standards (ISO) standards adopted for photographic film, de facto standards for computer software--however they arise, standards play a fundamental role in the global marketplace. Standards, Conformity Assessment, and Trade provides a comprehensive, up-to-date analysis of the link between standards, product testing and certification, and U.S. economic performance. The book includes recommendations for streamlining standards development, increasing the efficiency of product testing and certification, and promoting the success of U.S. exports in world markets. The volume offers a critical examination of organizations involved in standards and identifies the urgent improvements needed in the U.S. system for conformity assessment, in which adherence to standards is assessed and certified. Among other key issues, the book explores the role of government regulation, laboratory accreditation, and the overlapping of multiple quality standards in product development and manufacturing. In one of the first treatments of this subject, Standards, Conformity Assessment, and Trade offers a unique and highly valuable analysis of the impact of standards and conformity assessment on global trade.

He finds that, in spite of US comparative advantage in service activities, service firms' export participation lags manufacturing firms. Jensen evaluates the impediments to services trade and finds evidence that there is considerable room for liberalization-especially among the large, fast-growing developing economies. The policy recommendations coming out of this path-breaking study are quite clear. The United States should not fear trade in services. It should be pushing aggressively for services trade liberalization. Because other advanced economies have similar comparative advantage in service, the United States should make common cause with the European Union and other advanced economies to encourage the large, fast-growing developing economies to liberalize their service sectors through multilateral negotiations in the General Agreement on Trade in Services and the Government Procurement Agreement.