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The absence of currency-related trade policies in the World Trade Organization (WTO) and its future inclusion

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  • Kartika, Dwintha Maya

Abstract

It is unanimously agreed that currency policies of the countries, particularly their exchange-rate values, have a significant impact on trade as it alters exports and imports between one country and its trading partners. In spite of this, the rules of currency seem to be absent in World Trade Organization (WTO) framework. The main purpose of this paper is to analyse the reasoning why such important rules are missing out in the multilateral trade sphere. It is divided into few sections; the first one examines currency manipulation and the significance of it for international trade, the second one analyses the existence of institutional gap between WTO and International Monetary Fund (IMF) in addressing the problem of currency manipulation, the third explains the reinforcement of status quo at multilateral sphere based on neorealism framework, and the last one will provide some insight on the possibility of inclusion of currency chapter at free-trade agreement level.

Suggested Citation

  • Kartika, Dwintha Maya, 2015. "The absence of currency-related trade policies in the World Trade Organization (WTO) and its future inclusion," MPRA Paper 72114, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:72114
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    File URL: https://mpra.ub.uni-muenchen.de/72114/1/MPRA_paper_72114.pdf
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    References listed on IDEAS

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    1. Steinberg, Richard H., 1995. "Consensus Decision-Making at the GATT and WTO: Linkage and Law in a Neorealist Model of Institutions," UCAIS Berkeley Roundtable on the International Economy, Working Paper Series qt4qm1k844, UCAIS Berkeley Roundtable on the International Economy, UC Berkeley.
    2. Joseph E. Gagnon, 2012. "Combating Widespread Currency Manipulation," Policy Briefs PB12-19, Peterson Institute for International Economics.
    3. Aaditya Mattoo & Arvind Subramanian, 2009. "Currency Undervaluation and Sovereign Wealth Funds: A New Role for the World Trade Organization," The World Economy, Wiley Blackwell, vol. 32(8), pages 1135-1164, August.
    4. C. Fred Bergsten, 2014. "Addressing Currency Manipulation Through Trade Agreements," Policy Briefs PB14-2, Peterson Institute for International Economics.
    5. Gary Clyde Hufbauer & Yee Wong & Ketki Sheth, 2006. "US-China Trade Disputes: Rising Tides Rising Stakes," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa78, April.
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    2. repec:spo:wpmain:info:hdl:2441/1gt6nhe6vs8pbb86oi81bt6838 is not listed on IDEAS
    3. Julien Bueb & Lilian Hanania & Alice Le Clézio, 2016. "Border adjustment mechanisms Elements for economic, legal, and political analysis," WIDER Working Paper Series 020, World Institute for Development Economic Research (UNU-WIDER).

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    More about this item

    Keywords

    WTO; IMF; International trade; Currency; TPP; free trade agreements; trade; currency manipulation; multilateralism; China;
    All these keywords.

    JEL classification:

    • F1 - International Economics - - Trade
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements

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