Hence they import American monetary policy, which may be too loose for their domestic conditions.
And low rates will also boost credit creation in those developing countries that import American monetary policy via managed exchange rates.
That pattern met the needs of centralised political control and the policy of import substitution pursued until 1982.
The central pillar of the policy was import substitution, the belief that India needed to rely on internal markets for development, not international trade - a belief generated by a mixture of socialism and the experience of colonial exploitation.
However, there are those, I know, who think that tariffs, trade barriers, import restrictions, are very important policy tools.
While they may be faced with more import competition, a shift to a policy of free trade could also open up export opportunities for these companies.
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But, Governor, when it comes to our foreign policy, you seem to want to import the foreign policies of the 1980s, just like the social policies of the 1950s, and the economic policies of the 1920s.
The rise in global commodities has aggravated the challenges of this policy, since Beijing can expect to import more goods at higher costs, even as it fails to generate new household consumption-driven demand effectively (notwithstanding the surge in automobile imports when comparing the first-quarter 2011 deficit to that of 2004).
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This axiom also applies nationally, in that China's policy has traditionally been to export the maximum and import the minimum.
Revisions to the National Seeds Policy in 1991, he says, allowed Kumar to import goods for agricultural use -- and go into its new line.
Growing exports to friendly nations through loans that are repaid is an eminently sensible public policy, one we should continue through a reauthorized Export-Import Bank with a larger line of credit.
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We may have missed the most important thing separating him from every other senior policy maker in the UK, and the best reason for the chancellor to import him.
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