Peterson Institute for International Economics Update Newsletter
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PIIE Update Newsletter
January 9, 2013

"Washington's premier think tank on the global economy"
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Ethics and Globalization: The Tradeoffs Underlying Our Policy Choices

Former Representative Barney Frank, Keynote Speaker
  Former Representative Barney Frank The Peterson Institute held a significant and path-breaking all-day conference on ethics and globalization featuring the Honorable Barney Frank (Congressman, D-MA, 1981–2012) as the keynote speaker. A distinguished group of economists, philosophers, political scientists, and policymakers engaged in an interdisciplinary discussion of fundamental issues underlying economic policy decisions—the challenges of considering duties to domestic versus global welfare, balancing economic goals between generations, expecting ethical duties from private actors, and reconciling global governance and local accountability.

>> View the full event
>> View the agenda [pdf]

How Capitalism Can Repair Its Bruised Image

Lynn Forester de Rothschild and Adam S. Posen
  Adam S. Posen The financial crisis in the West has eroded public confidence in capitalism itself. Doubt has grown that capitalist societies offer everyone as much chance of success as risk of failure, diminishing support for freer markets. Multinational businesses can combat such views—and help themselves in the process—by taking specific steps to make capitalism more inclusive. These include deepening relationships with small- and medium-size businesses, promoting apprenticeships and worker retraining, and reforming corporate governance to promote longer-term investment.

>> Read full op-ed

  Policy Brief 13-1
The World Needs a Multilateral Investment Agreement

Anders Åslund
  Anders Aslund A gaping hole in the current global economic architecture is the absence of a multilateral agreement on foreign direct investment (FDI). A multilateral investment agreement (MIA) was discussed extensively from 1970 to 1998 but never concluded. However, the need for such an agreement has increased in the last decade. FDI has grown substantially and now flows in both directions between developed and developing countries, with multinational corporations (MNCs) hailing from all parts of the world. The numerous bilateral investment treaties warrant an international standardized set of rules for FDI. With investment now clearly identified with MNCs and integrated with trade, the World Trade Organization has emerged as a natural home of an MIA.

>> Read full policy brief [pdf]

You're a Mean One, Mr. Putin

Anders Åslund
  Though Russia is doing very well economically—the expected 2012 growth rate is 3.6 percent, while neighboring Europe is still mired in recession—the mood in Moscow is grim. Growing repression has made President Vladimir Putin more feared, but respect for him has plunged. His strength has always been tactical improvisation rather than strategy, but that requires self-confidence and inspiration, which now seem to be lacking. Rather than being a guarantor of stability, Putin has suddenly become a source of destabilization.

>> Read full op-ed

Peterson Perspectives Interviews

audio  A New Direction for Japan? Part I
Adam S. Posen says that with the Liberal Democratic Party's return to power, Japan may embark on a program of monetary stimulus that could reverse its deflation and stagnation.

audio  A New Direction for Japan? Part II
Adam S. Posen explains how the Japanese leadership's concerns over the rise of China are galvanizing Prime Minister Abe to act, with consequences that could be both favorable and worrisome.

Recent Blog Posts

RealTime Economic Issues Watch   China Economic Watch    North Korea:  Witness to Transformation
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Why Europeans and Americans Are Addicted to Budget Brinkmanship

Europe's Fiscal Integration and Other Thoughts on the Euro Area in 2013

Thoughts on the Euro's Outlook in 2013

Europe Takes an Important Step Forward on Banking

What Is Wrong with the UK Economy?

  Why Chinese Financial Markets Need Risk

Chinese FDI in the U.S. in 2012: A Record Year Amid A Gloomy FDI Environment

What's the Best Way to Measure Chinese Currency Intervention?

Land Reform and Local Government Finances

The Return of the RMB
  Squeezing the lemon

Slave to the Blog: The Only Band that Matters Edition

Google Goes to North Korea

Credit Where Credit Is Due Department: PacNet Korea Index

Comparative Communism: Anne Applebaum on Eastern Europe

PIIE Noted in the News and on the Web

The Washington Post
A Glimpse of Obama's Secret Second-Term Trade Agenda?
During the Peterson Institute's conference on "Ethics and Globalization," White House advisor Michael Froman explained that because the major emerging market nations are not amicable to new trade initiatives, the White House is now focusing on the Trans-Pacific Partnership.

NPR's All Things Considered
Out of Desperation, North Korean Women Become Breadwinners
Marcus Noland discusses the dramatically changing role of women in the North Korean workforce.

North Korea: Kim Conciliatory?
In response to Kim Jong Un's New Year's remarks, Marcus Noland says that the young leader's promises—a reformed economy, more resources going to the military, and better relations with South Korea—just do not add up.
In This Issue

Barney Frank Ethics and Globalization: The Tradeoffs Underlying Our Policy Choices

The Honorable Barney Frank delivers the keynote address at a conference featuring economists, philosophers, political scientists, and policymakers engaged in discussion of fundamental issues underlying economic policy decisions.

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