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International Economics

Fiscal Policy

Market Power Shifts Tariff Costs to Suppliers

Vanessa Alviarez
Many studies have assumed that United States tariff costs are passed onto consumers. In new research, Vanessa Alviarez, Michele Fioretti, Ken Kikkawa, and Monica Morlacco argue that buyer-seller relationship dynamics allow dominant U.S. importers to instead force higher costs onto exporters.
Commentary

Will Trump’s Drug-Pricing Order Reduce Prices for Americans?

Margherita Colangelo
President Donald Trump has, across two administrations, sought to lower drug prices for Americans, most recently with executive order “Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients.” Margherita Colangelo explains why his order is unlikely to accomplish its goal.
Development

Global Financial Liberalization Has Failed To Live Up to Its Promise

Damien Capelle
In new research, Bruno Pellegrino and Damien Capelle find that while global capital markets have grown dramatically over the past five decades and reached new jurisdictions, the uneven pace of financial liberalization has failed to reallocate capital to lower-income countries, reduced world GDP by 5.9%, and increased inequality between rich and poor countries.
Commentary

China Is Using Its Market Power To Influence Foreign Policymaking

Audrye Wong
Audrye Wong writes that China is able to use its market power to pressure foreign companies and business leaders—perhaps most notably Tesla CEO Elon Musk—to lobby on its behalf. The practice raises questions about foreign influence in American and European policymaking and the disproportionate clout of business and oligarchic interests.
Commentary

A Tale of Tariffs and the Making of the Modern Offshore Market

David Chan Smith
David Chan Smith argues that tariff regimes during the eighteenth century encouraged modern history’s first offshore markets to reroute goods through jurisdictions that faced lower tariff rates. This historical “entrepôt trade” could outstrip the legal trade of some goods and carries lessons for contemporary revisions to international trade.
Book Excerpts

Conscience Incorporated

Michael Posner
The following is an excerpt from Michael Posner’s recent book, Conscience Incorporated: Pursue Profits While Protecting Human Rights, reprinted here with permission from NYU Press.
Regulatory Capture

For My Enemies, Tariffs; For My Friends, Exemptions

Veljko Fotak
New research from Veljko Fotak, Hye Seung Grace Lee, William Megginson, and Jesus Salas shows that the United States tariff exemption process during the...
Commentary

America’s Advantage in Clean Production Can Make Manufacturing Great Again

Karthik Ramanna
Karthik Ramanna writes that if the United States adopts a trade policy based on a dynamic emissions accounting method, it can achieve President Donald Trump’s goal of leveling the manufacturing playing field for American companies by penalizing foreign “dirty” producers, while also mitigating inflation and the risk of a trade war.
Economic History

A Nobel Prize for Institutions

Nathan Nunn
The 2024 Nobel Memorial Prize in Economic Sciences was awarded to Daron Acemoglu, Simon Johnson, and James Robinson for “studies of how institutions are...
International Economics

How Political Speech Restrictions Spill Over Into Financial Analysis

ProMarket writers
A new study by Utpal Bhattacharya, Tse-Chun Lin, and Janghoon Shon finds that Hong Kong's 2020 National Security Law led local financial analysts to...
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