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

"Washington's premier think tank on the global economy"
—The Washington Post
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October 7–11
  Local Content Requirements: A Global Problem
Monday, October 7, 2013
12:30–2:00 pm (EDT)
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  The Peterson Institute will webcast the release of a new study, Local Content Requirements: A Global Problem, by Gary Clyde Hufbauer and Jeffrey J. Schott. The authors assess the stealth protectionist policies adopted in response to the Great Recession of 2008–09 worldwide, including the United States.

  Making Monetary Policy for Switzerland in a Global Economy
Tuesday, October 8, 2013
12:30–2:00 pm (EDT)
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  The Peterson Institute will webcast a major speech by Thomas J. Jordan, Chairman of the Governing Board of the Swiss National Bank, on the challenges faced by central bankers in small open economies at sea in an uncertain global economic system.

  European Recovery in Longer-Term Perspective
Wednesday, October 9, 2013
12:30–2:00 pm (EDT)
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  The Peterson Institute and the Centre for International Governance Innovation (CIGI) will webcast a panel discussion on longer-term perspectives on the euro area's recovery efforts. Participants include Harold James, Princeton University and CIGI; Nicolas Véron and Jacob Funk Kirkegaard, Peterson Institute; Ardo Hansson, Governor of the Bank of Estonia; and Domenico Lombardi, CIGI.

  The Global Debt Market Effects of Federal Reserve Tapering and of Euro Area Stabilization
Thursday, October 10, 2013
3:00–5:00 pm (EDT)
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  The Peterson Institute will webcast the semiannual Moody's Investor Service–PIIE Sovereign Economic Panel. Lucio Vinhas de Souza from Moody's and Adam S.Posen from PIIE will assess the global impact of Federal Reserve tapering of stimulus. Dietmar Hornung, Moody's, and Jeromin Zettelmeyer, PIIE, will discuss the effects of debt restructuring and structural reform on signs of euro area stabilization.

  Responding to Financial Crisis: Lessons From Asia Then, the United States and Europe Now
Friday, October 11, 2013
10:00–1:00 pm (EDT)
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  The Peterson Institute will webcast the release event of a joint study with the Asian Development Bank (ADB) on responding to financial crises. This study contrasts Asia's successful efforts to respond to the recent crisis with its performance during its own crisis in the late 1990s, and the gap between the recommendations made to Asian policymakers by US and EU leaders then and what they have practiced during their own crisis since 2008. Coauthors William R. Cline, Joseph E. Gagnon, Simon Johnson, Adam S. Posen, Donghyun Park, Changyong Rhee, and Edwin M. Truman will present their views on macroeconomic response, international coordination, and political economy.

  Policy Brief 13-23
How to Form a More Perfect European Banking Union

Angel Ubide
  Angel Ubide The evolving plan for a European banking union falls short of not only the ideal of an "ever closer union," but practical policy needs. The plan's reliance on national resolution authorities, only a minimal euro area financing backstop, and imposing costs on creditors of failed banks, could lead to a looser, weaker, and more fragmented banking system. Ubide urges policymakers to strengthen the banking union and make it more coherent. Troubled banks supervised by the European Central Bank should be covered by both a European resolution authority and a resolution fund to oversee bankruptcy, restructuring, and other reforms. The European plan has to lower national barriers between member states' banks, not raise them.

>> Read full policy brief [pdf]

Europe's Voters Wisely Stick with Frugal Leaders

Anders Åslund
Published in Bloomberg
  Anders Aslund In the last five years, eight EU governments have been reelected while 19 have been rejected by the voters. The reelected are the "austerians": incumbent governments in Estonia, Finland, Germany, Latvia, Luxembourg, the Netherlands, Poland, and Sweden. Apparently, fiscal responsibility is popular. These countries started out with budget surpluses, pre-crisis, but they tightened their budgets as much as the fiscally irresponsible countries. With an average public debt of 91 percent of GDP, hardly anybody had any fiscal space to undertake fiscal stimulus. Interestingly, the "virtuous eight" had higher growth than the fiscally irresponsible, arguably because of their structural reforms. European voters are far wiser than most of their leaders, and Chancellor Merkel of Germany belongs to the wisest.

>> Read full op-ed

Recent Blog Posts

RealTime Economic Issues Watch   China Economic Watch    North Korea:  Witness to Transformation
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Why Slowing World Trade-to-GDP Need Not Cause Worry

The Old and New "Rome" Threaten Economic Recovery

Belated Recognition of the Latvian Reality

What Merkel's Victory Means for the Euro

Summers Drops Out and the Bond Market Cheers
  Four Myths about local Infrastructure Investment in China

The Shanghai Free Trade Zone: Ring-Fencing Financial Liberalization

Economic Leverage is the Key to a Rising China's New Foreign Affairs Strategy

Credit-to-GDP in China Is High... It Always Has Been

Measuring Infrastructure Investment in China
  Refugee Success Stories

Wintrobe on the logic of North Korea's dictatorship

Kemp and Pollack on North Korean Enrichment

Korea Peninsula Security Survey: Charm Works

Slave to the Blog: Chinese Pique Edition

PIIE Noted in the News and on the Web

Business News Network
Peterson Institute President Adam Posen on What a US Default Would Mean
In this three-part interview PIIE President Adam S. Posen discusses the economic fallout from the US government shutdown, the fast approaching US debt ceiling, and the ongoing search for a new chairman of the Federal Reserve Board.
Listen to all three parts: Part I | Part II | Part III

New York Times Blog
The Gains from Hyperglobalization
In his New York Times column, economist Paul Krugman discusses the rapid growth of trade that has taken place since 1990, basing his analysis on a study [pdf] authored by Arvind Subramanian and Martin Kessler.
In This Issue

Recent Events
David Stockton Global Economic Prospects: Fall 2013

David J. Stockton, Nicholas R. Lardy, and Arvind Subramanian present the economic outlook for the US economy, China, and emerging markets, respectively.
Greek Prime Minister Antonis Samaras Stavros Niarchos Foundation Lecture

Greek Prime Minister Antonis Samaras discusses "The New Greece: A Stability Asset in the Eastern Mediterranean."

New Books
Local Content Requirements: A Global Problem Local Content Requirements:
A Global Problem

Gary Clyde Hufbauer
Jeffrey J. Schott

News Release

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