Peterson Institute for International Economics Update Newsletter
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PIIE Update Newsletter
October 11, 2013

"Washington's premier think tank on the global economy"
—The Washington Post
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LIVE WEBCASTS
 
The Economist's 2013 Global Economy Survey
Greg Ip, the Economist; Joseph E. Gagnon and Arvind Subramanian, PIIE

Wednesday, October 16, 2013
8:00–9:30 am (EDT)

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Greg Ip, US economics editor of the Economist, will discuss the new nationally divided mode of globalization after the worldwide financial crisis, as presented in the magazine's 2013 annual global economy survey. Joseph E. Gagnon and Arvind Subramanian from the Institute will provide commentary on global trends.
  The Yin and Yang of the European Sovereign Debt Crisis
Andreas Dombret,
Executive Board of the Deutsche Bundesbank

Thursday, October 17, 2013
4:00–4:30 pm (EDT)

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Andreas Dombret, member of the Executive Board of the Deutsche Bundesbank, will discuss options for resolving the European sovereign debt crisis and explain the logic of the approach taken to date.
     
NEW BOOKS    
     
  New Book
Local Content Requirements: A Global Problem

Gary Clyde Hufbauer, Jeffrey J. Schott, Cathleen Cimino, Martin Vieiro, and Erika Wada
   
  Local Content Requirements: A Global Problem Following the Great Recession of 2008–09, leaders of the world's major economies pledged to oppose new barriers to trade. Traditional forms of protection (tariffs and quotas) were in fact largely avoided. But policymakers in a wide range of countries turned to more opaque behind-the-border nontariff barriers (NTBs). Using a combination of statistical analyses and case studies, the authors show that local content requirements (LCRs), a specific form of NTB, have become increasingly popular, costing global citizens an estimated $93 billion in lost trade. The case studies include impact of LCRs on the healthcare sector in Brazil, wind turbines in Canada, the automobile industry in China, solar cells and modules in India, oil and gas in Nigeria, and from "Buy American" restrictions on government procurement in the United States.

>> Purchase and preview book online
>> View the release event
>> Read the news release

  New Book
Responding to Financial Crisis: Lessons from Asia Then, the United States and Europe Now

Changyong Rhee and Adam S. Posen, eds.
   
  Responding to Financial Crisis: Lessons from Asia Then, the United States and Europe Now The Asian financial crisis of 1997–98 was devastating for the region, but global policymakers believed that the world gained hard-won knowledge on how to prevent, mitigate, and resolve future crises. Fifteen years later, the Asian developing countries escaped the worst effects of the global crisis of 2008–10, in part because they had learned the right lessons from their own experience. Europe and the United States, however, seem to have forgotten to practice what they preached and learned in Asia on their own economies. In this important study, the Asian Development Bank and the Peterson Institute for International Economics join forces to illuminate the contrast between Asian, European, and American policies and performance during the more recent crisis. The generally applicable lessons are that countries need to prepare for crises as if they cannot be prevented, be tough and rapid in recapitalizing banking systems, make room for stabilization policies and deploy them aggressively when crises hit, and address the need for self-insurance globally if they can, or regionally if they must.

>> Purchase and preview book online
>> View the release event
>> Read the news release

FEATURED

  Policy Brief 13-24
China's Credit Boom: New Risks Require New Reforms
[pdf]

Nicholas Borst
   
  Nicholas Borst The Chinese financial system faces new risks. The government's response to the global financial crisis eroded some of the hard-earned discipline put in place during the 2000s. Significant risks have accumulated, and the financial sector once again appears vulnerable to large-scale credit misallocation and bad debts. Reducing these risks will take concerted action by Chinese officials. Absent better regulation, the tremendous growth of credit in recent years could lead to large-scale financial distress.

>> Read full policy brief [pdf]

  Op-ed
It Is Too Soon to Mourn Emerging Markets

Arvind Subramanian
Published in the Financial Times
   
  Arvind Subramanian The gloomy growth prospects of emerging market countries are said to result from a deterioration in their favorable external economic environment of high commodity prices and cheap capital. But emerging market policymakers should focus on challenges that are overwhelmingly domestic and under their own control. Brazil, Russia, India, and China (the BRICS) do not face an easy task. China must rebalance away from investment towards consumption. Brazil and India must overcome macroeconomic vulnerabilities and recover growth momentum. Commodity price booms can help growth in the short run, but growth is undone if countries with weak institutions squander revenues and allow their exports to become competitive and delay reforms. The emerging markets can continue to grow strongly with the right domestic reforms.

>> Read full op-ed

Peterson Perspectives Interviews

audio  A Yellen Era at the Fed?
Joseph E. Gagnon assesses Janet Yellen's record and the challenges that lie ahead if she is confirmed as the new chair of the Federal Reserve Board.


Recent Blog Posts

RealTime Economic Issues Watch   China Economic Watch    North Korea:  Witness to Transformation
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The ECB's New Pressure Tactics on Member States' Taxpayers

Markets Shrug Off Janet Yellen's Nomination—When Will We?

Why Slowing World Trade-to-GDP Need Not Cause Worry

The Old and New "Rome" Threaten Economic Recovery

Belated Recognition of the Latvian Reality
  China's Credit Boom: New Risks Require New Reforms

Are China's Local Financing Vehicles Hoarding Cash?

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
  Is North Korea About to Go Capitalist?

Investment Roundup: New Institutions at Kaesong, New Zones Outside It?

Slave to the Blog: US-ROK Alliance Edition II

Slave to the Blog: US-ROK Alliance Edition I

The Dennis Rodman "Starting Five Dictators, Living or Dead" Contest


PIIE Noted in the News and on the Web

NPR's Morning Edition
Global Leaders Watch as US Budget Drama Unfolds
Adam S. Posen discusses how global officials and business leaders are reacting to the US government shutdown and looming debt ceiling.

NPR's All Things Considered
Trade Gets Sluggish as the Shutdown Leaves Agencies Shortstaffed
Gary Clyde Hufbauer discusses how the US government shutdown is impacting the country's ability to import and export goods.
 
 
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