Peterson Institute for International Economics Update Newsletter
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PIIE Update Newsletter
June 20, 2013

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  Live Webcast
Women as a Driver of Economic Growth

Speaker: Heidi Crebo-Rediker, Chief Economist, US Department of State
Monday, June 24, 2013
12:30–2:00 p.m. (EDT)
  The Peterson Institute will webcast Heidi Crebo-Rediker, chief economist at the US Department of State, as she discusses "Women as a Driver of Economic Growth" on June 24. Minouche Shafik, deputy managing director of the International Monetary Fund, and Carly Fiorina, former chairman and CEO of Hewlett-Packard, will join the event as discussants.

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Getting Germany Past Internal Devaluation

Adam S. Posen
Published in Die Welt
  Adam S. Posen Cheap labor has been the basis of much of Germany's export success in the last dozen years—and exports have been the sole consistent source of economic growth for Germany over the same period. For too long, the idea that trade surpluses prove a nation's economic worth has persisted in Germany. But productivity growth in Germany has been low, not high, compared to its peers, especially when one factors in its declining hours worked and barriers to services competition. The German debate over economic policy should focus less on the structural reform of other economies, and more on what needs to be reformed at home.

>> Read full op-ed

The Danger of Politicized Foreign Investment Reviews

Daniel H. Rosen and Thilo Hanemann
Published in the Hill
  Daniel H. Rosen The announced takeover of US pork producer Smithfield by China's Shuanghui has revived a public debate about foreign takeovers in the United States. Not surprisingly, many Americans are unhappy with the idea of a Chinese firm producing their morning bacon. Some experts are calling for an expansion of foreign investment reviews beyond just national security to include food safety or labor rights. Such an expansion would do little to address the public's concerns while opening the door to protectionist abuse. Safety and technical concerns over foreign takeovers are best addressed by regulators of the specific fields, not as part of a general political review.

>> Read full op-ed

Where Europe Works

Anders Åslund
Published in Project Syndicate
  Anders Aslund Europeans should remember that perceptions of strength and weakness change fast. In the 1980s, it was Northern Europe that contained the sick economies. The United Kingdom, Denmark, Sweden, Poland, and Estonia reformed themselves to overcome a profound crisis of their expensive and inefficient social-welfare states. Without a severe crisis, no significant reform was likely. Newly elected governments had the legitimacy to undertake reforms. Fundamental reform requires leaders who embrace free-market ideas. If one country shows the right direction, Southern Europe is likely to follow.

>> Read full op-ed

Gazprom's Demise Could Topple Putin

Anders Åslund
Published in Bloomberg
  Gazprom used to be the pride of the Kremlin and the fear of Eastern Europe. Suddenly the tables have turned. Gazprom's sales are plummeting in all markets, and its share prices have fallen by more than three quarters in five years. This state-dominated company has missed out on the US shale gas revolution, the global liquefied natural gas revolution, the rise in Chinese demand, and the sharpening of EU competition policy. Gazprom's state of denial has led it to spend ever more on expensive pipelines that are not needed.

>> Read full op-ed

Peterson Perspectives Interviews

audio  What Do the Brazilians Want?
Angel Ubide explains why the protests in Brazil are a reflection of the nation's success in developing a new and demanding middle class.

audio  Stormy Weather After US-China Summit
Nicholas Borst explains that pledges between Presidents Obama and Xi to cooperate have been undercut by recriminations over cyber espionage.

Recent Blog Posts

RealTime Economic Issues Watch   China Economic Watch    North Korea:  Witness to Transformation
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Investment Strategy amid a Global Currency War

Brazil's Protests: Can President Roussef Meet the Challenge?

Goldman Sachs Concedes Existence of Too Big To Fail

The TTIP Logic in Obama's Trip to Berlin

Saving Abenomics: No Time for Cold Feet on QE
  Why China Does Not Need to Worry About Japanese QE

President Xi's Americas Tour Reveals Economic Leverage as a Driver of China's Foreign Affairs

China's Never-Ending Stimulus

Getting Used to Slower Growth in China: Quality over Quantity

The Sunnylands Summit: Power for Purpose
  The G8 Leaders' Statement: In Case You Didn't Get to Paragraph 93

Is China Subsidizing the DPRK: The Pricing of North Korean Exports

Checking in on the Russians: the Railroad Project

The North Korean Offer

North Korean Films With English Translation

PIIE Noted in the News and on the Web

Bloomberg TV
Posen Predicts BOE Will Do Fed-Style Forward Guidance by August
While in London, Adam S. Posen discusses the Bank of England and Bank of Japan with Bloomberg TV.

CNBC's Talking Numbers
Japan Needs Dramatic Shift
David J. Stockton discusses Abenomics and whether Japan is on the right economic path.

CNBC's Talking Numbers
Former Fed Top Economist Warns of "Bumpy Ride"
David J. Stockton says the Federal Reserve needs to be clearer about its outlook for quantitative easing.

The Economist
Germany's Role in Europe
In this week-long online debate, Jacob Funk Kirkegaard argues against the notion that Europe has suffered from a lack of German leadership during the euro crisis.

Economists to G-8: Want Growth? Try This
NPR covers the release meeting for the Institute's recent paper on the "Payoff from the World Trade Agenda 2013." [pdf]
In This Issue

Robert B. Zoellick Payoff from the World Trade Agenda

Robert B. Zoellick presents the keynote speech at a conference held by the Peterson Institute and the International Chamber of Commerce (ICC).

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