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News Release New Study Examines the Long-Term Sustainability of Euro Area Government Debt
July 10, 2014
WASHINGTON—A new book published by the Peterson Institute for International Economics freshly analyzes the sovereign debt crisis in Europe of the last five years, and concludes that the economies in the southern periphery are solvent and ...

Testimony Legislation to Reform the Federal Reserve on Its 100-Year Anniversary [pdf]
Simon Johnson — July 10, 2014
The Federal Reserve Accountability and Transparency Act (H.R. 5018), as currently drafted, would impose undue and excessive constraints on the ability of officials to respond fully and in a timely manner to changing economic and financial circumstances.

North Korea: Witness to Transformation Gravity Reconsidered
Marcus Noland — July 10, 2014
Last year I did a post on what North Korea’s trade might look like if it were a “normal” country, that is to say exhibited the international trade propensity of a typical country from around the world.  The bottom line was that South Korea is North Kor ...

China Economic Watch A Step Forward for Chinese Local Government Debt
Yifan Hu — July 9, 2014
The Guangdong government announced on June 23 that it had issued RMB14.8 billion in municipal bonds, comprising RMB5.92 billion of 5-year bonds at an interest rate of 3.84 percent, RMB4.44 billion of 7-year bonds at 3.97 percent, and RMB4.44 billion of 10-ye ...

Working Paper 14-2 Labor Market Slack in the United Kingdom [pdf]
David N. F. Bell and David G. Blanchflower — July 8, 2014
This paper examines the amount of slack in the UK labor market and finds the downward adjustments made by the Monetary Policy Committee (MPC) to both unemployment and underemployment invalid.

RealTime Economic Issues Watch How to Amend the Ukrainian Constitution
Anders Aslund — July 7, 2014
President Petro Poroshenko's plan to amend the Ukrainian constitution is one of his top priorities. This makes sense, in part because of the broad consensus about the necessary changes. Regional governors should be elected, and regional administrations should be given more political and econom ...

China Economic Watch Can Japan Tell Us Where Chinese FDI Is Going In ASEAN?
Sarah Oliver and , Kevin Stahler — July 3, 2014
China’s investors have made steady inroads around the world. In March 2014, the country’s external assets grew to $6.13 trillion, of which outward direct investment (ODI) has played a modest but fast-growing role ...

audio Peterson Perspectives Interview Record Fine for France's Biggest Bank
Nicolas Veron — July 2, 2014
Nicolas Véron discusses the ramifications of the $8.9 billion fine on BNP Paribas and why the French government tried to intercede with the Obama administration to soften the blow.

RealTime Economic Issues Watch Assessing the EU Council Record: Cameron and Juncker May Work Well Together
Jacob Funk Kirkegaard — July 2, 2014
The election of Jean-Claude Juncker as the next president of the European Commission was not the only accomplishment of EU leaders in late June. There were also important developments on other foreign and economic issues. British Prime Minister David Cameron and Hungarian Prime Minist ...

China Economic Watch Internet Finance Drives China Banking Reform
Nicholas Borst — July 2, 2014
There has been a significant amount of buzz regarding the rapid growth of internet finance in China. The scope of internet financial products includes money market funds, insurance products, third-party payment platforms, peer-to-peer (P2P) lending, and other more exotic in ...

RealTime Economic Issues Watch European Parliament: The Strength of "Anti" Parties Has Precedent
Nicolas Véron — July 1, 2014
The results of the European Parliament election of May 22–25 have been described as "a shock, an earthquake" by the French Prime Minister because of unprecedented gains by antiestablishment and in some cases xenophobic p ...

Paper The US-China-Europe Economic Reform Agenda [pdf]
Nicholas Borst, Nicholas R. Lardy, Cullen S. Hendrix, Marcus Noland, Ryan Rutkowski, Arvind Subramanian and Nicolas Veron — June 30, 2014
A team of Peterson Institute scholars assess the US-China-Europe reform agenda in papers presented at the third annual China-US Economists Symposium in Beijing May 17–18, 2014, sponsored by the Peterson Institute, China Finance Forty Forum (CF40), and Bruegel.

RealTime Economic Issues Watch A Provisional Scorecard for Recent Modi Government Measures
Arvind Subramanian — June 30, 2014
The government of Prime Minister Narendra Modi took power in mid-May with high expectations that it would strengthen India's fragile macroeconomy and faltering investment and growth. An assessment this early is a little unfair. Additional major policy announcements will be made in the budget ...

China Economic Watch Immaculate Perceptions: Expectations Adjustment to the ‘New’ RMB
Kent Troutman — June 30, 2014
Voltaire once wrote that “uncertainty is an uncomfortable position, but certainty is absurd”. However, since 2005, investors in the renminbi have achieved a 25% return with minimal volatility [1] – a near certainty in the investment universe. The latter attribute is surely the most attractive, as ot ...

audio Peterson Perspectives Interview Ukraine-EU Economic Accord Marks a Turning Point
Anders Aslund — June 27, 2014
Anders Åslund explains why Putin's threats of retaliation against Ukraine, Moldova, and Georgia will hurt the Russian economy and its reputation among potential investors.


In a video interview, Gary Clyde Hufbauer previews a PIIE event on July 15 discussing the achievements, disappointments, and distortions surrounding the North American Free Trade Agreement.



William R. Cline

Managing the Euro Area Debt Crisis

PIIE releases a new book by William R. Cline on the euro area crisis. Willem Buiter, Citigroup, and Angel Ubide discuss the book with Cline.

Gary Hufbauer

Mega-regional Trade Agreements: Game-Changers or Costly Distractions for the World Trading System?

Gary Hufbauer and members of the World Economic Forum's Global Agenda Council on Trade and FDI present a WEF report that explores the impact, opportunities, and challenges of mega-regional trade agreements.

Lee Branstetter

China, the West, and the Alternative Energy Innovation Challenge

Lee Branstetter, M. Granger Morgan, and Gilbert E. Metcalf, discuss the challenges that still limit the role of alternative energy in contemporary economies and ways the international community can cooperate to move forward.


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