DOCSLIB.ORG

Abbreviations and Acronyms

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Abbreviations and Acronyms U.S. International Trade Commission COMMISSIONERS Deanna Tanner Okun, Chairman Charlotte R. Lane Daniel R. Pearson Shara L. Aranoff Irving A. Williamson Dean A. Pinkert Robert B. Koopman Acting Director of Operations Karen Laney Director, Office of Industries Address all communications to Secretary to the Commission United States International Trade Commission Washington, DC 20436 U.S. International Trade Commission Washington, DC 20436 www.usitc.gov Recent Trends in U.S. Services Trade 2010 Annual Report Investigation No. 332-345 Publication 4163 June 2010 This report was prepared principally by Project Leader Samantha Brady [email protected] Deputy Project Leader Erick Oh [email protected] Principal Authors Chapter 1 Jennifer Powell [email protected] Isaac Wohl [email protected] Chapter 2 Cynthia Payne [email protected] Jennifer Powell [email protected] Chapter 3 Lisa Ferens Alejandro [email protected] Chapter 4 Erland Herfindahl [email protected] Chapter 5 Jennifer Powell [email protected] Chapter 6 Matthew Reisman [email protected] Chapter 7 Isaac Wohl [email protected] Chapter 8 Eric Forden [email protected] Chapter 9 Dennis Luther [email protected] Chapter 10 Tamar Asadurian [email protected] Primary Reviewers Laura Bloodgood and Heidi Colby-Oizumi Special Assistance from Joann Peterson, Monica Reed, and Patricia M. Thomas Under the direction of Richard W. Brown, Chief, Services Division [email protected] ABSTRACT Recent Trends in U.S. Services Trade, 2010 Annual Report focuses principally on infrastructure services (banking, electricity, insurance, retailing, securities, and telecommunications), which are consumed by every firm irrespective of economic sector. The largest infrastructure service firms are located in developed countries and offer their services globally through cross-border trade and affiliate transactions. Economic growth in developing countries around the world continues to create new opportunities for expansion and investment by infrastructure service firms. The financial crisis that began in 2007 has affected the operations of most infrastructure services to some degree, although the largest effects were experienced by the banking and securities industries. Nonetheless, trade in U.S. services continued to grow in 2008, albeit slower than in previous years, and services supplied to foreign consumers by foreign affiliates of U.S. firms also demonstrated steady growth in 2007. i PREFACE This report is the thirteenth in a series of annual reports on recent trends in U.S. services trade that the U.S. International Trade Commission (the Commission or USITC) has published under investigation no. 332-345. The Commission also publishes an annual companion report under this investigation number on U.S. merchandise trade, titled Shifts in U.S. Merchandise Trade. These annual reports are the product of an investigation instituted by the Commission in 1993 under section 332(b) of the Tariff Act of 1930 (19 U.S.C. 1332(b)).1 A significant amount of the information contained in this recurring report reflects basic research that requires the Commission’s staff to maintain a proficient level of trade and industry expertise. The knowledge, industry contacts, and analytic skills developed in the compilation of this report are vital to enabling the Commission to provide expert analysis of multiple service industries on a timely basis. The Commission has found such expertise to be essential in its statutory investigations and in apprising its varied customer base of global industry trends, regional developments, and competitiveness issues. In recent years, the Commission has published several reports on the services sector in addition to the Recent Trends series. These reports include Property and Casualty Insurance Services: Competitive Conditions in Foreign Markets (USITC Publication 4068, March 2009), Renewable Energy Services: An Examination of U.S. and Foreign Markets (USITC Publication 3805, October 2005), Logistic Services: An Overview of the Global Market and Potential Effects of Removing Trade Impediments (USITC Publication 3770, May 2005), Air and Noise Pollution Abatement Services: An Examination of U.S. and Foreign Markets (USITC Publication 3761, April 2005), and Remediation and Nature and Landscape Protection Services: An Examination of U.S. and Foreign Markets (USITC Publication 3727, October 2004). 1 On August 27, 1993, on its own motion and pursuant to section 332(b) of the Tariff Act of 1930 (19 U.S.C. 1332(b)), the USITC instituted investigation no. 332-345, Annual Reports on U.S. Trade Shifts in Selected Industries. On December 20, 1994, the Commission on its own motion expanded the scope of this report to include more detailed coverage of service industries. Under the expanded scope, the Commission publishes two annual reports, Shifts in U.S. Merchandise Trade and Recent Trends in U.S. Services Trade. Services trade is presented in a separate report in order to provide more comprehensive and timely coverage of the sector’s performance. The current report format was developed by the USITC in response to Congressional interest in establishing a systematic means of examining and reporting on the significance of major trade developments, by product, and with leading U.S. trading partners, in the services, agriculture, and manufacturing sectors. iii ABBREVIATIONS AND ACRONYMS ASEAN Association of Southeast Asian Nations BEA Bureau of Economic Analysis CDO Collateralized Debt Obligation CMBS Commercial Mortgage-backed Securities CPC Central Product Classification EIA Electricity Information Administration EIU Economist Intelligence Unit ETF Exchange Traded Fund FDI Foreign Direct Investment FDIC Federal Deposit Insurance Corporation FLC Foreign Legal Consultant FTA Free Trade Agreement GATS General Agreement on Trade in Services GDP Gross Domestic Product IEA International Energy Agency IMF International Monetary Fund IPO Initial Public Offering M&A Merger and Acquisition MiFiD Markets in Financial Instruments Directive NAICS North American Industry Classification System OECD Organization for Economic Co-operation and Development P&C Property and Casualty SME Small and Medium Enterprise SWF Sovereign Wealth Fund v TARP Troubled Asset Relief Program TRIA Terrorism Risk Insurance Act USDOC U.S. Department of Commerce USITC U.S. International Trade Commission USTR Office of the United States Trade Representative VoIP Voice over Internet Protocol WTO World Trade Organization vi CONTENTS Page Abstract i Preface .................................................................................................................................... iii Abbreviations and acronyms................................................................................. v Executive summary ....................................................................................................... xiii Chapter 1: Introduction ............................................................................................ 1-1 Scope .................................................................................................................................... 1-1 Data and organization ............................................................................................................. 1-1 The U.S. services sector.......................................................................................................... 1-2 Global services trade............................................................................................................... 1-3 U.S. trade in services .............................................................................................................. 1-3 Cross-border trade............................................................................................................. 1-5 Affiliate transactions......................................................................................................... 1-9 Bibliography ........................................................................................................................... 1-11 Chapter 2: Infrastructure services overview............................................ 2-1 Gross domestic product, employment, salaries, and labor productivity ................................. 2-2 U.S. trade in infrastructure services........................................................................................ 2-7 Bibliography ........................................................................................................................... 2-10 Chapter 3: Banking services .................................................................................. 3-1 Summary................................................................................................................................. 3-1 Introduction............................................................................................................................. 3-1 Competitive conditions in the global banking services market .............................................. 3-2 Demand and supply factors............................................................................................... 3-4 Impact of the financial crisis and economic downturn ........................................................... 3-8 Trade trends............................................................................................................................ 3-9 Cross-border
Load more

Recommended publications
  • Credit Crisis Timeline[*]
    CREDIT CRISIS TIMELINE[*] THE UNIVERSITY OF IOWA CENTER FOR INTERNATIONAL FINANCE & DEVELOPMENT PREPARED BY JASON COX AND LAURIE GLAPA Last updated: July 1, 2009 • June 2003: o Greenspan lowers Fed’s key rate to 1%, the lowest in 45 years http://www.bloomberg.com/apps/news?pid=20601087&sid=aclMlgBb3taQ&refer=home • 2006: o Lenders make $640 billion in subprime loans o 20% of all mortgage lending was subprime http://money.cnn.com/2007/04/02/news/companies/new_century_bankruptcy/ • May 5, 2006: o In possibly the first casualty of the looming subprime crisis, Kirkland, Washington based Merit Financial Inc. files for bankruptcy and closes its doors, firing all but 80 of its 410 employees, kept to wind down the business. o Chief financial officer, Ryan Kidd, said that Merit’s marketplace had declined about 40% and sales were not bringing in enough revenue to support the overhead of running the company. http://seattlepi.nwsource.com/business/269154_merit05.html • August 26, 2006: o Defaults on subprime mortgages start to occur much earlier in the mortgage process. o Investors and analysts believe this trend could be the result of lax underwriting quality or a sign of a weakening mortgage credit market. http://www.facorelogic.com/uploadedFiles/Newsroom/RES_in_the_News/Subprime_Mortgage_Lenders_Seeing_Early_Payment_Defaults.pdf • January 3, 2007: o Ownit Mortgage Solutions Inc. files for Chapter 11. o Owed Merrill Lynch around $93 million when filing. http://www.californiabankruptcylawyerblog.com/2007/01/californiabased_ownit_mortgage.html • February 5, 2007: o Mortgage Lenders Network USA Inc. files for Chapter 11. th o 15 largest subprime lender with $3.3 billion in loans funded in third quarter 2006.
    [Show full text]
  • Banking Crises This Page Intentionally Left Blank Banking Crises Perspectives from the New Palgrave Dictionary
    Banking Crises This page intentionally left blank Banking Crises Perspectives from The New Palgrave Dictionary Edited by Garett Jones George Mason University, USA Selection, preface and editorial matter r Garett Jones 2016 Softcover reprint of the hardcover 1st edition 2016 978-1-137-55378-2 All articles first published in The New Palgrave Dictionary of Economics,2nd Edition Edited by Steven N. Durlauf and Lawrence E. Blume in eight volumes, 2008 or The New Palgrave: A Dictionary of Economics Edited by John Eatwell, Murray Milgate and Peter Newman in four volumes, 1987 Some entries in this volume have been updated since their original publication. All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2016 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010.
    [Show full text]
  • RF Global Financial Crisis 122009.Book
    The Dynamics of a Financial Dislocation: The Panic of 1907 and the Subprime Crisis Robert F. Bruner Dean and Charles C. Abbott Professor of Business Administration Darden Graduate School of Business Administration, University of Virginia Charlottesville, Virginia Financial crises recur frequently and respect no borders.1 The International Mon- etary Fund has identified 119 country years of banking crises in 31 countries from 1990 to 2005.2 In its early history, the United States saw 11 banking panics from 1820 to 1914. Figure 1 projects these panics onto a graph of annual economic growth. Generally, the panics followed periods of robust growth and occurred in the context of a recession, but not every recession featured a panic. Founding the U.S. Federal Reserve System in 1913 has ameliorated but has not prevented financial crises thereafter: The United States has witnessed three major episodes of financial crisis in the last century—1930–1934, the savings and loan (S&L) crisis3 of 1985–1989, and the current period, 2007–2009 (so far), which I refer to as the “subprime crisis”—and numerous smaller episodes, such as the near collapse of the commercial paper market in 1970, the seizure of Continental Illinois National Bank and Trust Company in 1984, the collapse of Long-Term Capital Management in 1998, and Enron Corporation in 2001. They were all associated with a decline in asset values, constriction of credit, and turbulence in the financial system. 1A financial crisis is an episode of severe threat to the stability, safety, and soundness of the financial system in the economy.
    [Show full text]
  • Systemic Risk in Insurance an Analysis of Insurance and Financial Stability
    Systemic Risk in Insurance An analysis of insurance and financial stability Special Report of The Geneva Association Systemic Risk Working Group March 2010 The Geneva Association (The International Association for the Study of Insurance Economics) The Geneva Association is the leading international insurance “think tank” for strategically important insurance and risk management issues. The Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantial role or which influence the insurance sector. Through the development of research programmes, regular publications and the organisation of international meetings, The Geneva Association serves as a catalyst for progress in the understanding of risk and insurance matters and acts as an information creator and disseminator. It is the leading voice of the largest insurance groups worldwide in the dialogue with international institutions. In parallel, it advances—in economic and cultural terms—the development and application of risk management and the understanding of uncertainty in the modern economy. The Geneva Association membership comprises a statutory maximum of 80 Chief Executive Officers (CEOs) from the world’s top (re)insurance companies. It organises international expert networks and manages discussion platforms for senior insurance executives and specialists as well as policy-makers, regulators and multilateral organisations. The Geneva Association’s annual General Assembly is the most prestigious gathering of leading insurance CEOs worldwide. Established in 1973, The Geneva Association, officially the “International Association for the Study of Insurance Economics”, is based in Geneva, Switzerland and is a non-profit organisation funded by its members. President: Dr Nikolaus von Bomhard, Chairman of the Management Board, Munich Re Group, Munich.
    [Show full text]
  • Subprime Mortgage Crisis - Wikipedia, the Free Encyclopedia Page 1 of 26 Subprime Mortgage Crisis
    Subprime mortgage crisis - Wikipedia, the free encyclopedia Page 1 of 26 Subprime mortgage crisis From Wikipedia, the free encyclopedia The subprime mortgage crisis is an ongoing financial crisis triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States, with major adverse consequences for banks and financial markets around the globe. The crisis, which has its roots in the closing years of the 20th century, became apparent in 2007 and has exposed pervasive weaknesses in financial industry regulation and the Part of a series on: global financial system. 2007–2009 Financial crisis Approximately 80% of U.S. mortgages issued in recent years Major dimensions to subprime borrowers were adjustable-rate mortgages.[1] When U.S. house prices began to decline in 2006-07, Subprime crisis impact timeline refinancing became more difficult and as adjustable-rate United States housing bubble mortgages began to reset at higher rates, mortgage Subprime mortgage crisis delinquencies soared. Securities backed with subprime Late 2000s recession mortgages, widely held by financial firms, lost most of their Automotive industry crisis value. The result has been a large decline in the capital of 2000s energy crisis many banks and USA government sponsored enterprises, tightening credit around the world. By country Contents Belgium Iceland Ireland 1 Background and timeline of events Latvia 1.1 Mortgage market Russia 2 Causes Spain 2.1 Boom and bust in the housing market 2.2 Speculation Summits 2.3 High-risk mortgage loans and lending/borrowing practices 2.4 Securitization practices 2008 G-20 Washington summit 2.5 Inaccurate credit ratings 34th G8 summit 2.6 Government policies APEC Peru 2008 2.7 Policies of central banks 2009 G-20 London summit 2.8 Financial institution debt levels and incentives Legislation 2.9 Credit default swaps 2.10 Investment in U.S.
    [Show full text]
  • The Statesman's Yearbook
    THE STATESMAN’S YEARBOOK 2010 ‘Nothing is so fatal to the progress of the human mind as to suppose our views of science are ultimate; that there are no mysteries in nature; that our triumphs are complete; and that there are no new worlds to conquer.’ Humphry Davy (1810) Editors Frederick Martin 1864–1883 Sir John Scott-Keltie 1883–1926 Mortimer Epstein 1927–1946 S. H. Steinberg 1946–1969 John Paxton 1969–1990 Brian Hunter 1990–1997 Barry Turner 1997–0000 Credits Publisher Hazel Woodbridge (London) Airie Stuart (New York) Editor Barry Turner Editorial Assistant Jill Fenner Senior Research Editor Nicholas Heath-Brown Research Judith Frazer Chris Wellbelove Ben Eastham Daniel Smith Richard German Saif Ullah Liane Jones Justine Foong James Wilson Robert McGowan Matthew Lane Tobias Bracey Martha Nyman Sharita Oomeer Index Richard German Print Production Phillipa Davidson-Blake Michael Card Design Jim Weaver Online Production Semantico Technical Support Jiss Jacob Marketing Charley Holyhead (London) Denise De La Rosa (New York) email: [email protected] THE STATESMAN’S YEARBOOK THE POLITICS, CULTURES AND ECONOMIES OF THE WORLD 2010 Edited by BARRY TURNER © Macmillan Publishers Ltd 2009 Softcover reprint of the hardcover 1st edition 2009 978-0-230-20602-1 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6-10 Kirby Street, London EC1N 8TS.
    [Show full text]
  • The Crisis of Neoliberalism I Gerard Dumenil and Dominique Levy
    The Crisis of N eoliberalism Gerard Dumenil Dominique Levy HARVARD UNIVERSITY PRESS Cambridge, Massachusetts London, England • 2011 Copyright © 2011 by the President and Fellows of Harvard College All rights reserved Printed in the United States of America Library of Congress Cataloging-in-Publication Data Dumenil, Gerard. The crisis of neoliberalism I Gerard Dumenil and Dominique Levy. p. em. Includes bibliographical references and index. ISBN 978-0-674-04988-8 (alk. paper) I. Global Financial Crisis , 2008-2009. 2. Neoliberalism-United States. 3. Capitalism-United States. I. Levy, Dominique. II. Title. HB37172008.D86 2010 330.973-dc22 2010006788 Contents Introduction I. THE STRATEGY OF THE U.S. UPPER CLASSES IN NEOLIBERALISM: THE SUCCESS AND FAILURE OF A BOLD ENDEAVOR The Historical Dynamics of Hegemony 7 2 Anatomy of a Crisis 33 II. THE SECOND REIGN OF FINANCE: CLASSES AND FINANCIAL INSTITUTIONS 3 The Benefit of Upper Income Brackets 45 4 The Apotheosis of Capital 55 Ill. A TRIPOLAR CLASS CONFIGURATION: BREAKING WAG E-EARNING HOMOGENEITY 5 The Managerial and Popular Classes 73 6 A Theoretical Framework 90 IV. FINANCIALIZATION AND GLOBALIZATION: LIFTING BARRIERS-LOSING CONTROL 7 A New Financial Sector 101 8 Free Trade and the Global Financial Boom after 2000 113 9 A Fragile and Unwieldy Structure 125 vi Contents V. NEOLIBERAL TRENDS: THE U.S. MACRO TRAJECTORY 10 Declining Accumulation and Growing Disequilibria 143 11 The Mechanics of Imbalance 156 VI. FROM THE HOUSING BOOM TO THE FINANCIAL CRISIS: U.S. MACROECONOMICS AFTER 2000 12 TheSecond Reprieve: TheHousing Boom and Crash 173 13 Feeding the Mortgage Wave 185 14 Losing Control of the Helm in Times of Storm 195 VII.
    [Show full text]
  • Insights Into the Global Financial Crisis
    Edited by Laurence B. Siegel Foreword by Rodney N. Sullivan, CFA Insights into the Global Financial Crisis Statement of Purpose The Research Foundation of CFA Institute is a not-for-profit organization established to promote the development and dissemination of relevant research for investment practitioners worldwide. Neither the Research Foundation, CFA Institute, nor the publication’s editorial staff is responsible for facts and opinions presented in this publication. This publication reflects the views of the author(s) and does not represent the official views of the Research Foundation or CFA Institute. The Research Foundation of CFA Institute and the Research Foundation logo are trademarks owned by The Research Foundation of CFA Institute. CFA®, Chartered Financial Analyst®, AIMR-PPS®, and GIPS® are just a few of the trademarks owned by CFA Institute. To view a list of CFA Institute trademarks and the Guide for the Use of CFA Institute Marks, please visit our website at www.cfainstitute.org. ©2009 The Research Foundation of CFA Institute All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the copyright holder. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. ISBN 978-1-934667-27-9 16 December 2009 Editorial Staff Maryann Dupes Book Editor Cathy Gentry Cindy Maisannes Assistant Editor Publishing Technology Specialist Lois Carrier Production Specialist Contents Foreword .
    [Show full text]