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Ambassador Alan Wolff delivered the Inaugural Greenwald Lecture on March 9, 2017, as the keynote speaker for Georgetown Law’s 38th Annual International Trade Update, co-sponsored by IIEL. A distinguished attorney and diplomat, Ambassador Wolff served as United States Deputy Special Representative for Trade Negotiations from 1977-79, where he helped formulate American trade policy and its implementation. He is currently Chairman of the Board of the National Foreign Trade Council (NFTC), and is a member of the trade practice group at the Global law firm Dentons.
In this Issue Brief, Ambassador Wolff examines the legal system governing trade—both the rules in international agreements and those by statute—and argues that the United States and the world should be prepared for current institutions, international arrangements and domestic processes, like large financial institutions under Dodd-Frank, to be “stress-tested” by unanticipated forces and developments. But in contrast to financial regulatory stress tests based on stylized economic models, the tests facing trade may well be operationalized through the real world adoption of trade measures that depart significantly from longstanding norms and expectations.
PRIOR IIEL ISSUE BRIEFS:
Why the Ryan-Brady Tax Proposal Will Be Found to be Inconsistent with WTO Law, by former WTO Appellate Body member Jennifer Hillman. In this Issue Brief, Professor Hillman argues that, as currently described, the plan’s taxes on imports are a clear violation of WTO rules and the rebates or exclusion from taxes for exports could pose challenges as well. As a result, the plan risks significant litigation, retaliation from our trading partners, possible additional duties on U.S. exports, and carries the potential to start a trade war. As a result, reforms to the corporate tax system should be scrutinized and undertaken carefully.
Renminbi Internationalization and Systemic Risk, in which IIEL Faculty Director and Williams Research Professor Chris Brummer argues that China’s renminbi strategy introduces novel systemic risks to the global financial system, including a potentially inadequate provision of renminbi liquidity, a regulatory race to the bottom between offshore RMB-hubs, and significant transmission belts of financial risk to even non-renminbi markets. To mitigate these risks, he argues for a policy recipe of stronger Mainland macroprudential oversight, transparent countercyclical capital account reforms and credible commitments on the part of the government to refrain from competitive currency devaluations.
IIEL’s inaugural Issue Brief on Shadow Banking was penned by Amias Gerety, then-Acting Assistant Secretary for Financial Institutions, U.S. Department of the Treasury.
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