Peterson Institute for International Economics Update Newsletter
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PIIE Update Newsletter
April 4, 2013

"Washington's premier think tank on the global economy"
—The Washington Post
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  Policy Brief 13-9
Corporate Taxation and US MNCs: Ensuring a Competitive Economy

Gary Clyde Hufbauer and Martin Vieiro
  Gary Clyde Hufbauer US-based multinational corporations (MNCs) are hobbled by an outmoded tax structure as they compete in the age of globalization. Reform, including lowering the corporate tax rate, would make American MNCs stronger competitors in markets abroad and enable them to expand and invest more at home. Hufbauer and Vieiro argue that tax rates should be lowered on both profits earned in the United States and profits earned abroad, and they express skepticism that widely discussed proposals to raise taxes on corporations that allegedly "ship" jobs overseas will have desired effects.

>> Read full policy brief [pdf]

Questions for the World's Next Trade Chief

Robert B. Zoellick
  Robert B. Zoellick A new director general of the World Trade Organization (WTO) is about to be selected by the 159 economies and countries belonging to that organization. Zoellick, former president of the World Bank and the former top trade envoy for the United States, says the selection process should go beyond vetting the candidates' personalities and nationalities—electors should instead focus on the need for a firm agenda to rescue global trade diplomacy from its current drift. To establish each candidate's ambitions for such an agenda, Zoellick offers five questions to be answered by all candidates for WTO Director-General.

>> Read full op-ed

Peterson Perspectives Interviews

audio  Italian Political Chaos: Situation Normal
Angel Ubide sees a technocratic government likely to rise again in Rome, fiscal consolidation to remain on track, and structural reforms to stay iffy.

audio  What Happens Now to Tax Havens in Europe?
Angel Ubide says that after the Cyprus fiasco, bank funding in Europe will become constrained and tax havens like Malta will face new limits.

audio  Germany's 'Self-Defeating' Policies Toward Southern Europe
Adam S. Posen assesses the impact of Germany's pursuit of costly terms for bailing out Greece, Cyprus, and other troubled economies in Europe.

Recent Blog Posts

RealTime Economic Issues Watch   China Economic Watch    North Korea:  Witness to Transformation
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The Euro Crisis after Cyprus: What We Have Learned

Did Cyprus Set a Dangerous Precedent? Some Further Thoughts

Change Comes (Slowly) to the Bank of England

Act II in Cyprus: Securing a Much Improved Deal

Europe's Cyprus Blunder and Its Consequences
  Rewriting History: A SAFE Revision Reveals a Different Picture of Balance of Payments and a Mixed Message for Foreign Firms

Shadow Deposits in the United States and China

China's New Populist Urbanization

Local Government Financing Vehicles Under Fire Again

Testimony before the U.S.-China Economic and Security Review Commission
  The Sinking of the Cheonan: 3 Years Later

Sources: New Focus International and the North Korean Political Economy

Sources: European Parliament Briefing on North Korean Human Rights

What are the North Koreans Doing?

Religious freedom in Korea–North and South

PIIE Noted in the News and on the Web

Wall Street Journal
Spring Comes to US Economy, While Europe Stuck in Winter, Peterson Economists Forecast
This Wall Street Journal article summarizes Peterson Institute economists' economic outlooks for the United States, Europe, and Latin America.

Globe and Mail
Putting a Rosier Sheen on the US Economic Outlook
This article highlights David Stockton's explanation that the risks for the United States are "reasonably well balanced" for the first time in a long time.

US Economy to Grow 2.3 Percent this Year: Think Tank
China's Xinhua news wire reports on David Stockton's economic outlook for the United States.

Bloomberg News
Coeure Says ECB Accepts Swiss National Bank's Franc Cap
This article highlights a panel discussion with ECB Executive Board member Benoit Coeuré at PIIE's conference on "Currency Wars and the G- 20's Goal of Strong, Sustainable, and Balanced Growth."

Globe and Mail
The Little Big Good, Little Bit Bad, and Little Bit Ugly of Fixing Global Imbalances
This article notes the Peterson Institute's efforts through its conference on currency wars to encourage discussion over whether the World Trade Organization should treat currency manipulation as a violation of international trade norms.

Wall Street Journal
Some Economists Yearn for Global Cop to Stop Currency Meddling
Ahead of the Peterson Institute's conference on currency wars, the Wall Street Journal explains the problem of countries using exchange rates to gain an unfair trade advantage.

NPR's Morning Edition
Cyprus' Crisis Frames Eurozone as 'Work in Progress'
Jacob Funk Kirkegaard tells NPR's John Ydstie that the Cyprus deal is bad news for big depositors but a positive precedent for euro area taxpayers.

New York Times
Calculating the Impact of Cyprus's Bailout
A RealTime blog post by Jacob Funk Kirkegaard serves as the basis for this New York Times article.

NPR's Morning Edition
What Does Prime Minister's Return Mean For North Korea's Economy?
In this interview Marcus Noland discusses North Korea's leadership and domestic policy.

NPR's Radio Times
What's Behind North Korea's Latest Threats?
Marcus Noland joins the second half of this discussion [35 minute mark] to explain what life is like for the average North Korean.

Ernst & Young
Perspectives on Emerging Markets
Ernst & Young provides a one-on-one interview with Marcus Noland on the opportunities and challenges in Africa, Asia, and the Middle East.

New York Times
Editorial—Strengthening the IMF
The New York Times's editorial board cites Edwin M. Truman's Policy Brief while calling upon Congress to strengthen the IMF's governance and bolster its resources.

Washington Post
America's Trade Muddle
Washington Post columnist Robert Samuelson writes about the love-hate relationship with foreign trade that Americans have, largely drawing upon examples from PIIE's newest book, Rising Tide: Is Growth in Emerging Economies Good for the United States?

Preview of Our Next Issue

With Cyprus, Europe Risks Being Too Tough on Banking Moral Hazard
Nicolas Véron

The IMF Shouldn't Abandon Austerity
Anders Åslund

In This Issue

David J. Stockton Global Economic Prospects, Spring 2013

David J. Stockton, Jacob Funk Kirkegaard, and Barbara Kotschwar present the outlook for the United States, Europe, and Latin America, respectively.
Joseph E. Gagnon Currency Wars: Economic Realities, Institutional Responses, and the G-20 Agenda

Conference participants present legal, economic, emerging market, and G-7 perspectives on currency relations and retaliations between trading economies. Benoit Coeuré, John Murray, Luiz Pereira da Silva, and Robert Zoellick speak at the closing panel.

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