Peterson Institute for International Economics Update Newsletter
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PIIE Update Newsletter
October 21, 2013

"Washington's premier think tank on the global economy"
—The Washington Post
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A Global Perspective on Fiscal Uncertainty: Is US Government Debt Different?
Wednesday, October 23, 2013
4:00–5:30 pm (EDT)
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With US fiscal dysfunction and uncertainty likely to persist, the Peterson Institute will hold a panel discussion with Franklin Allen (Wharton School, University of Pennsylvania), Michael Peterson (Peterson Foundation), and from the Peterson Institute Anna Gelpern, David Stockton, and Angel Ubide to understand what is at stake—for US growth, for our debt sustainability, for financial contracts, and for the acceptance of Treasuries and the dollar—as well as for the US role in the world.

  Outward Foreign Direct Investment and US Exports, Jobs, and R&D: Implications for US Policy
Gary Clyde Hufbauer, Theodore H. Moran, Lindsay Oldenski, and Martin Vieiro
  Outward Foreign Direct Investment and US Exports, Jobs, and R&D: Implications for US Policy It is in the US interest to adopt tax and regulatory policies that encourage global engagement by US multinational corporations (MNCs). New empirical research presented in this book shows that the expansion of foreign affiliates of US MNCs is positively associated with domestic production and employment, as well as exports from, and research and development (R&D) in, the United States. Changing patterns of MNC investment, like changing patterns of production more generally, contribute to job losses and dislocations for some workers and to creation of opportunities for others. To benefit the US economy and US workers most broadly, the authors argue that the United States will want to strengthen the United States as a base for the operations of international firms. High among their recommendations to accomplish this, the United States should adopt a territorial tax system, like the great majority of developed countries.

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

  Foreign Direct Investment in the United States: Benefits, Suspicions, and Risks with Special Attention to FDI from China
Theodore H. Moran and Lindsay Oldenski
  Foreign Direct Investment in the United States: Benefits, Suspicions, and Risks with Special Attention to FDI from China American popular opinion has long been ambivalent toward foreign direct investment in the United States. Foreign multinational corporations may be a source of capital, technology, and jobs. But suspicions remain of hidden motives and costs. Theodore H. Moran and Lindsay Oldenski find that foreign multinational firms that invest in the United States are, alongside US-headquartered American multinationals, the most productive and highest-paying segment of the US economy. These firms conduct more research and development, provide more value added to US domestic inputs, and export more goods and services than other firms in the US economy. The superior technology and management techniques they employ spill over horizontally and vertically to improve the performance of local firms and workers.

>> Preview and purchase book online
>> View the release event
>> Read the news release


  Policy Brief 13-25
Governing the Federal Reserve System after the Dodd-Frank Act

Peter Conti-Brown and Simon Johnson
  Simon Johnson The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act increased the powers of the Board of Governors of the Federal Reserve System pertaining to the supervision and operation of systemically important financial institutions. The authors argue that in light of these changes, the process of considering and choosing Fed governors should also be changed. In nominating and confirming new governors, the president and Congress should make greater efforts to appoint only highly qualified people familiar with both regulatory and monetary matters. This is a pressing matter given that within the next 12 months there may be as many as four appointments to the Board, reflecting an unusually high degree of turnover at a critical moment for the development of US and global financial regulatory policy.

>> Read full policy brief [pdf]

Recent Blog Posts

RealTime Economic Issues Watch   China Economic Watch    North Korea:  Witness to Transformation
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Why the Dollar-Renminbi Transition Is Getting Much Closer Despite Debt Deal

Towards a More Perfect Union?

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
  A Blast from the Past on Interest Rate Liberalization

Why the Dollar-Renminbi Transition Is Getting Much Closer Despite Debt Deal

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
  World Bank: North Korea Has World's Worst Economic Policy

Bomb 'em with the Crop Report

Antony Beevor on Yang Kyoungjong

STTB: Cyber Warfare, the KIC Road(no-)show, and North Korea as Stoner Paradise

South Koreans View Japan Skeptically—But Want to Repair the Relationship

PIIE Noted in the News and on the Web

Bloomberg TV
Posen Sees 'Nothing Good' Out of US Debt Impasse
Adam S. Posen discusses the US fiscal impasse and its implications for the nation's economy and markets.

NPR's All Things Considered
Wilted Reputations Left by Shutdown and Default Threat
Adam S. Posen tells NPR's John Ydstie that the ramifications from the debt ceiling debate include reputational damage that affects US leverage during international negotiations, as well as higher interest rates for borrowers, since US securities are no longer viewed as risk free.

BBC World Service
Debt Deal Aftermath: US Licks Its Wounds
David J. Stockton discusses the costs associated with the US government shutdown and whether the short-term fix risks another shutdown in a few months' time.

Foreign Affairs Media Call
The Nomination of Janet Yellen to Chair the Federal Reserve
In a media call organized by the Council on Foreign Relations, Sebastian Mallaby moderates a conversation between Adam S. Posen and Martin S. Feldstein about the nomination of Federal Reserve Vice Chairwoman Janet Yellen to replace outgoing Federal Reserve Chair Ben Bernanke.

China May Reduce Investment Ratio, Increase Consumption
Nicholas Borst discusses China's economic performance in the first three quarters of 2013 and the economic challenges that lie ahead.

Preview of Our Next Issue

NAFTA and the North American Future [pdf]
Robert B. Zoellick

Policy Brief
Financial Services in the Transatlantic Trade and Investment Partnership
Simon Johnson and Jeffrey J. Schott

Working Paper
Asian and European Financial Crises Compared
Edwin M. Truman

What Saved the Rupee?
Arvind Subramanian
Op-ed in the Business Standard, New Delhi

The Dangers of Growing Russian Parochialism
Anders Åslund
Published in the Moscow Times

In This Issue

Greg Ip The Economist's 2013 Global Economy Survey

Greg Ip, US economics editor for the Economist, presents the Economist's 2013 global economy survey.
Andreas Dombret The Yin and Yang of the European Sovereign Debt Crisis

Andreas Dombret, member of the Executive Board of the Deutsche Bundesbank, discusses options for resolving the European sovereign debt crisis and explains the logic of the approach taken to date.

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