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RealTime Economic Issues Watch Greece Turns from Drama to Tragedy
Jacob Funk Kirkegaard — June 29, 2015
Prime Minister Alexis Tsipras's surprise call last week for a referendum on the austerity proposals by its international creditors, followed by the shuttering of Greece's banks and stock exchange on June 29, opens a dangerous new chapter of its crisis. It could also spell the end of Tsipras's ...

Trade and Investment Policy Watch ISDS Provisions in Korea’s FTAs: Guidance for the TPP
Euijin Jung and Gary Clyde Hufbauer — June 29, 2015
This blog post summarizes key Investor-State Dispute Settlement (ISDS) provisions found in Korea’s FTAs with the United States, Australia, Canada, and Vietnam. One purpose of this summary is to highlight similarities and differences, but the primary reason is to offer informed speculation on likely ISDS provisions in the forthcoming TPP text...

North Korea: Witness to Transformation Summer Reading: Sandra Fahy, Marching Through Suffering
Stephan Haggard — June 29, 2015
Sandra Fahy's Marching Through Suffering: Loss and Survival in North Korea is now out from Columbia University Press. In our work on the famine and refugees, Marc Noland and I documented psychological distress that resembled post-traumatic stres ...

Trade and Investment Policy Watch Chinese Tires, Once Again
Tyler Moran and Gary Clyde Hufbauer — June 26, 2015
In 2009, President Obama imposed “market disruption” penalty duties on imports of Chinese passenger vehicle and light truck tires. These duties expired at the end of 2012. A previous PIIE Policy Brief describes the case in greater detail and quantifies the cost to American consumers of that decision. Consumers now risk a repeat journey to the land of penalty duties and higher prices...

Testimony Economic Crisis: The Global Impact of a Greek Default [pdf]
Jacob Funk Kirkegaard — June 26, 2015
Jacob Funk Kirkegaard testifies on the probability of a Greek default, its potential effect on the euro area and the global economy, and the exposure to the US taxpayer from IMF loans to Greece.

RealTime Economic Issues Watch President Dilma Rousseff Comes to Town
Monica de Bolle — June 25, 2015
President Dilma Rousseff's visit to Washington next week will mark an important turning point in Brazil-US relations. Or will it? After floundering for several years, it is hard to imagine that the currently lukewarm—and at times decidedly distant—relationship between the two largest ...

Trade and Investment Policy Watch The Case for Mutual Recognition of Auto Safety Regulations in TTIP
Caroline Freund and Sarah Oliver — June 24, 2015
The Transatlantic Trade and Investment Partnership (TTIP) between the United States and European Union seeks to bridge the gap in regulatory standards in order to boost trade and set the rules for the global trading system. The automobile sector is overdue for such reform.

Working Paper 15-10 Recent Declines in Labor's Share in US Income: A Preliminary Neoclassical Account [pdf]
Robert Z. Lawrence — June 24, 2015
The share of labor compensation in US national income has fallen to levels not seen since the 1950s. Robert Z. Lawrence finds out why.

Op-ed A Numbers Argument for Renewing Trade Adjustment Assistance
Robert Z. Lawrence — June 23, 2015
Calculations from a PIIE study of the Trans-Pacific Partnership suggest that those who gain from the trade agreement can afford to offer benefits to those who lose. And that is precisely what the Trade Adjustment Assistance (TAA) program does.

RealTime Economic Issues Watch Greece: Better Than Expected, But Still Not Good News
Jacob Funk Kirkegaard — June 22, 2015
The meeting of the Eurogroup of finance ministers on June 22 marked the first time after five months in office that the Greek government of Prime Minister Alexis Tsipras proposed reforms that the Eurogroup considered credible enough to even begin to discuss. This alone is a welcome if incompr ...

Trade and Investment Policy Watch The New TAA Package Stands On Its Own Merits
Cathleen Cimino, Gary Clyde Hufbauer, and Jeffrey J. Schott — June 22, 2015
A majority of Democrats in the House of Representatives did something not only self-defeating but harmful to their constituents earlier this month. On June 12, they joined with Republicans to reject a job-training program long cherished by Democrats and worker advocates...

RealTime Economic Issues Watch Greece's Fate: High Noon in Brussels
Jacob Funk Kirkegaard — June 19, 2015
The emergency Euro Summit in Brussels planned for June 22 to discuss the situation in Greece will decide whether Greece will continue in its current reform program imposed by its creditors or enter into a default against the ...

RealTime Economic Issues Watch EU Tax Haven Blacklist Is Discriminatory
Avinash Persaud — June 19, 2015
Earlier this month, the EU Commission published a list of 30 small countries that it describes as noncooperative jurisdictions on tax matters. The list is designed to tar-and-feather these countries, reduce their access to international development funds, and so pressure them into abandoning thei ...

Policy Brief 15-10 Gains from Harmonizing US and EU Auto Regulations under the Transatlantic Trade and Investment Partnership [pdf]
Caroline Freund and Sarah Oliver — June 19, 2015
Caroline Freund and Sarah Oliver find that harmonizing automobile regulations under the Transatlantic Trade and Investment Partnership would increase US-EU auto trade by at least 20 percent, resulting in national income gains for both partners together of over $20 billion per year in the long run.

Policy Brief 15-9 Too Much Finance, or Statistical Illusion? [pdf]
William R. Cline — June 18, 2015
William R. Cline warns that findings of recent studies from the IMF and Bank for International Settlements that "too much finance" reduces growth should be viewed with considerable caution.



Ratna Sahay

Rethinking Financial Deepening: Stability and Growth in Emerging Markets

Ratna Sahay, IMF, presents the IMF's recent groundbreaking report on where emerging markets are on the stability-growth tradeoff that financial development entails.

FDIC Chairman Martin Gruenberg

Progress Report on the Resolution of Systemically Important Financial Institutions

FDIC Chairman Martin Gruenberg discusses progress in developing a framework for the orderly failure of large, complex financial institutions without taxpayer bailouts and market breakdowns.


The Future of Worldwide Income Distribution

Worldwide income distribution is becoming more equal. This video presents new evidence that global income inequality will decline further in 2035, largely owing to rapid economic growth in the emerging-market economies, with India, China, and Sub-Saharan Africa reaping the most gains.


Progress Toward TPP

C. Fred Bergsten explains why the Senate's approach of passing Trade Promotion Authority and a separate bill on currency provide the best path forward for approval of the Trans-Pacific Partnership.

The Debate Over ISDS

Gary Clyde Hufbauer explains why the Investor-State Dispute Settlement (ISDS) provision in the Trans-Pacific Partnership (TPP) is aimed at averting expropriation of investments, not undercutting environmental or safety regulations in the United States.


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