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

"Washington's premier think tank on the global economy"
—The Washington Post
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FEATURED
 
  Live Webcast
Growth, Jobs, and Well-being in Italy (and Europe): Measurement and Policy Issues
Speaker: Enrico Giovannini, Italian Minister of Labor and Social Policies
Tuesday, September 24, 2013
12:30–1:30 p.m. (EDT)
   
  The Peterson Institute will webcast a speech by Enrico Giovannini, Italian Minister of Labor and Social Policies, on Tuesday, September 24, 12:30–1:30 p.m. (EDT). Minister Giovannini will address the topic of "Growth, Jobs, and Well-being in Italy (and Europe): Measurement and Policy Issues." With the need for Italy and other countries in the euro area to revive their economies by undertaking reform, this is a most timely topic and speaker.

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>> More information

  Live Webcast
Bank Resolution and EU Competition Regime: On the Road to the Banking Union in Europe
Speaker: Joaquín Almunia, Vice President of the European Commission and European Commissioner for Competition
Wednesday, September 25, 2013
12:45–2:00 p.m. (EDT)
   
  The Peterson Institute will webcast a speech by Joaquín Almunia, vice president of the European Commission and European Commissioner for Competition, on Wednesday, September 25, 12:45–2:00 p.m. (EDT). Almunia will address the topic of "Bank Resolution and EU Competition Regime: On the Road to the Banking Union in Europe." He will discuss the latest developments in the creation of a Single Resolution Mechanism for failing banks and other related topics.

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  Live Webcast
The 2013 Pilot External Sector Report
Speakers: David Robinson and Steven Phillips (IMF), Joseph E. Gagnon (PIIE)
Friday, September 27, 2013
9:30–11:00 a.m. (EDT)
   
  The Peterson Institute will webcast a discussion of the IMF's 2013 Pilot External Sector Report. The report examines the evolution of current accounts, exchange rates, capital accounts, reserves, and external assets and liabilities of the world's 28 largest economies plus the euro area. The IMF's David Robinson, deputy director of the African Department and head of the ESR Coordination Group, and Steven Phillips, chief of the Open-Economy Macroeconomics Division at the Research Department, will present the findings of the report, which will be critically discussed by the Institute's Joseph E. Gagnon.

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>> More information

  Op-ed
How Emerging Markets Can Get Their Mojo Back

Robert B. Zoellick
Published in the Wall Street Journal
   
  Robert Zoellick Developing economies have been responsible for over two-thirds of global economic growth over the past five years. But the tide of growth has started to recede. Brazil, India, Indonesia, Turkey, and South Africa have been hit particularly hard in the present climate. Their currencies, for example, have fallen by 14 percent on average since May. The challenges facing developing economies have shifted since the crisis of 2008. Developing countries need to focus on the fundamental factors that determine economic growth, and not just on short-term fiscal and monetary stimulus.

>> Read full op-ed

  Op-ed
Are Emerging Economies Entering a Lost Decade?

Anders Åslund
Published in Bloomberg
   
  Anders Aslund Morgan Stanley has named Brazil, India, Indonesia, Turkey, and South Africa the "fragile five"—but that understates the problem. All took in excessive short-term international financial inflows, which enticed them into accepting excessive current account deficits for too long. High economic growth has made their governments complacent, even as rising exchange rates undermined their competitiveness. Now their growth rates and exchange rates are falling. Global investment ratio is bound to decline, reducing the growing demand for commodities, which will lead to lower commodity prices. In a situation reminiscent of the early 1980s in Latin America, the vulnerable emerging economies are set for many years of reduced economic growth.

>> Read full op-ed

  Policy Brief 13-22
Ukraine's Choice: European Association Agreement or Eurasian Union?
[pdf]

Anders Åslund
   
  Ukraine's intention to sign the European Association Agreement in November 2013 has raised a furor in the Kremlin, which wants it to join the Russian-led Customs Union instead. In retaliation, Russia has imposed trade sanctions against Ukraine in clear violation of its obligations in the World Trade Organization (WTO). Åslund argues that Europe, Ukraine, and Russia all share the blame for creating the current impasse. Ukraine should improve its macroeconomic policies to reduce its vulnerability and also comply with all EU demands, including releasing former Prime Minister Yulia Tymoshenko. Russia should realize that it is not in its national interest to force countries to join its Customs Union, which does not offer Ukraine any significant benefits.

>> Read full policy brief [pdf]


Peterson Perspectives Interviews

audio  Why the Fed Decided Not to Taper: Part I
Joseph E. Gagnon explains that recent weak data contributed to the Federal Open Market Committee's reluctance to curb its quantitative easing policies.

audio  Why the Fed Decided Not to Taper: Part II
David J. Stockton says the US Federal Reserve's earlier indication that it would taper monetary stimulus this year caused an overreaction in the markets that the Fed has now tried to correct.


Recent Blog Posts

RealTime Economic Issues Watch   China Economic Watch    North Korea:  Witness to Transformation
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Summers Drops Out and the Bond Market Cheers

Germany's Sleepy but Significant Election

Euro Area Can Make Progress—Even Without an Unlimited Fiscal Backstop

The Global Financial Safety Net Needs Better Tools to Cope with Future Crises

A Policy Agenda for India
  Measuring Infrastructure Investment in China

Rebalancing China's Railway Sector

Measuring Excess Credit Growth in China

Ignore the Noise: Why Chinese Household Consumption is Still Too Low

China Rebalancing Update—Q2 2013
  South Korean attitudes toward North-South cooperation

Heavy Lifting in Pyongyang

Growth in North Korea: Better Late than Never

Yongbyon Restart

Breaking Bad: Lankov and Kim on North Korean Meth
 
 
In This Issue
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Event
Lindsay Oldenski Foreign Direct Investment: Its Impact on US Jobs, Research, and Economic Growth

Gary Clyde Hufbauer, Lindsay Oldenski, and Theodore Moran discuss their two new books on the impact of inward and outward foreign direct investment (FDI) on the US economy.
podcast

New Books
   
Outward Foreign Direct Investment and US Exports, Jobs, and R&D: Implications for US Policy Outward Foreign Direct Investment and US Exports, Jobs, and R&D: Implications for US Policy

Gary Clyde Hufbauer
Theodore H. Moran
Lindsay Oldenski
Martin Vieiro
podcast

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