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North Korea: Witness to Transformation Detainees: Kim Guk-gi and Choe Chun-gil
Stephan Haggard — March 30, 2015
Detentions of foreigners play multiple roles in North Korea’s political system, not only addressing real threats but reminding the public of the anti-system dangers that lurk. Korean speakers are clearly more dangerous than the cast of other not-so-innocents abroad that run afoul of North Korean law ...

Trade and Investment Policy Watch Don’t Let the Currency Issue Kill a Good Trade Deal
The Trade and Investment Editor — March 27, 2015
The drive in Congress to attach a ban on “currency manipulation” to the pending Trans-Pacific Partnership (TPP) is ill-advised and a “poison pill” likely to kill the TPP and other future trade deals, according to Adam S. Posen, president of PIIE.

RealTime Economic Issues Watch Who Holds Euro Assets? We Still Don't Know
Kent Troutman — March 26, 2015
In a 2013 working paper [pdf], Aurel Schubert—the head of the Statistical Department at the European Central Bank (ECB)—and his coauthors wrote that: "Growing current account d ...

RealTime Economic Issues Watch The Taper Tantrum Revisited
Michael Jarand and Kevin Stahler — March 25, 2015
It has been almost two years since the great "taper tantrum." In June 2013, financial markets interpreted statements by the chairman of the Federal Reserve Ben Bernanke as suggesting that a tighter monetary policy was in the offing when that was apparently not his intention. Thinking the "taper" ...

RealTime Economic Issues Watch We Are Unsatisfied Most of the Time
Edwin M. Truman and Jan Zilinsky — March 25, 2015
Pew Research public opinion surveys from 2007 to 2014 reveal that a majority of citizens in most countries are generally unsatisfied with the way things are going most of the time.1 About 30 percent of respondents in 48 countries rep ...

Testimony Examining the Regulatory Regime for Regional Banks [pdf]
Simon Johnson — March 24, 2015
Simon Johnson testifies before the Senate Banking Committee on the Dodd-Frank Act.

RealTime Economic Issues Watch Farewell to the Federal Corporate Income Tax: Part II
Gary Clyde Hufbauer and Tyler Moran — March 24, 2015
The first part of this blog post summarized reasons for the survival of the corporate income tax, despite its multiple defects, and explained the forces leading to its slow demise. This second part reviews the US Treasury’s response to foreign tax competition, one of the forces eroding the corporate tax structure.

Trade and Investment Policy Watch Sanctions Update: Venezuela Is not Russia
Barbara Kotschwar and Gary Clyde Hufbauer — March 24, 2015
The Obama administration imposed new sanctions on Venezuela last week, declaring, in a letter to House Speaker John Boehner, “a national emergency with respect to the unusual and extraordinary threat to the national security and foreign policy of the United States posed by the situation in Venezuela.”

RealTime Economic Issues Watch Farewell to the Federal Corporate Income Tax: Part I
Gary Clyde Hufbauer and Tyler Moran — March 20, 2015
The federal corporate income tax was ill-conceived when enacted in 1909, and its negative effects have grown worse with age. It penalizes the most successful firms, discourages productive investment, drives US corporations to foreign soil, and is overly complex to administer.

Trade and Investment Policy Watch Why International Trade and Investment Are Good for the US Economy: A Story in Eight Charts
Cathleen Cimino — March 20, 2015
Cross-border trade and investment are an important source of economic growth. Consumers enjoy greater access to cheaper, higher-quality, and more varied goods. Increased trade creates higher-paying jobs and leads the most productive firms and industries to innovate and raise standards of living worldwide.

audio Peterson Perspectives Interview Argentina’s Default Causes More Headaches
Anna Gelpern — March 19, 2015
Anna Gelpern explains why the latest court decision widens the scope of the impact on the banking system from Argentina’s default.

RealTime Economic Issues Watch The Incredibly Rosy Forecast of Russia's Central Bank
Simeon Djankov — March 19, 2015
The Central Bank of Russia has published its 3-year forecast for economic growth in 2015–17. The forecast, released on March 14, is so overly optimistic that three comments are in order.

Trade and Investment Policy Watch PIIE Chart: Japan’s Sticky Export Prices
Kevin Stahler — March 19, 2015
In general, a devalued currency is good for a country’s exports. Not only does it increase exporter profits but theoretically, it also allows home firms to lower the prices of their goods sold abroad, leading to gains in competitiveness and market share. As the figure shows, Japan’s real effective exchange rate plummeted more than 30 percent between September and December 2014.

Trade and Investment Policy Watch Japan's Muted Export Revival
Kevin Stahler — March 19, 2015
We can be cautiously optimistic that Japan’s export volumes may finally be picking up, but this development has little to do with the yen’s gain in competitiveness. While encouraging January figures showed exports rising 17 percent from a year prior in value terms and even more importantly, 11 percent in volume terms, February’s provisional data was more of a letdown.

Policy Brief 15-4 The True Levels of Government and Social Expenditures in Advanced Economies [pdf]
Jacob Funk Kirkegaard — March 18, 2015
The true level of US social expenditures—when factoring in tax breaks and both private and public spending—is fully comparable to European spending and yet yields worse outcomes than in Europe. Any debate in the United States on social spending should focus not on how much money is spent but on how and for whose benefit it is spent.

TPP AND CURRENCY



Don't Let the Currency Issue Kill a Good Trade Deal

Adam S. Posen explains why enacting a ban on "currency manipulation" is ill-advised—and why such a move endangers the negotiations for the Trans-Pacific Partnership (TPP)between the United States and 11 other countries.

RECENT EVENTS

 

Heizo Takenaka

Abenomics' Progress in Reforming Japan's Economy

Heizo Takenaka, director of Keio University's Global Security Research Institute, provides the keynote remarks at a conference focused on the progress of Abenomics in making structural reforms.

Richard L. Trumka

US Trade Policy and American Workers: Finding the Elusive Win-Win Solution

Richard L. Trumka, president of the AFL-CIO, charges that current trade policies are hurting America's workers, leading to a lively discussion.

Arvind Subramanian

Beginning a New Era: India's Union Budget 2015–16

Arvind Subramanian, chief economic advisor to the government of India and on leave from PIIE, discusses the economic outlook for India and the Modi government's reform agenda.

ABOUT OUR SUPPORTERS

Peterson Institute for International Economics Announces New Funding Disclosure Steps [pdf]

A document posted in 2014 gives our Statement of Principles, Facts about Our Funding, and charts and lists indicating funding sources and amounts in 2013, 2012, 2011, and 2010.

TRADE AND INVESTMENT



Benefits to the US Economy in Eight Charts

The benefits to the US economy from cross-border trade and investment are narrated and visualized through eight charts. They focus on the significant growth of two-way trade and investment, higher earnings in export-intensive industries, and the changing nature of trade in a globalized economy.

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