Peterson Institute for International Economics Update Newsletter
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PIIE Update Newsletter
March 13, 2014

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  Prospects and Challenges for Mexico in Today's World
Monday, March 17, 2014
9:00–10:30 am (EDT)
Calendar  Add to calendar
  Agustín Carstens, governor of the Central Bank of Mexico, will deliver a speech on "Prospects and Challenges for Mexico in Today's World" on Monday, March 17, 2014, at 9:00–10:30 am (EDT). Carstens became governor of the Banco de México in January 2010. He is globally recognized as one of the leading central bankers and emerging market economic statesmen of our time. Carstens was formerly Mexico's minister of finance from 2006 to 2009 and deputy managing director of the International Monetary Fund from 2000 to 2003.
US-India Intellectual Property Rights Issues: Comment on USTR Special 301 Review

Arvind Subramanian
  Arvind Subramanian The United States Trade Representative (USTR) should not designate India as a country with inadequate protections for intellectual property (IP) rights in its upcoming Special 301 Report. Doing so would spark adverse reactions in India and around the world and raise questions about US economic diplomacy. Not all Indian IP-related actions have been protectionist. India has also provided due process for foreigners on par with that of advanced democracies. The United States should pursue a less confrontational approach to this issue, possibly by pursuing disputes through the World Trade Organization (WTO). India would be more likely to change problematic aspects of its IP legislation pursuant to WTO rulings than in response to US pressures.

>> Read full testimony [pdf]

  Policy Brief 14-9
IMF Reform Is Waiting on the United States

Edwin M. Truman
  Edwin M. Truman The failure in mid-January by the US Congress to approve International Monetary Fund (IMF) reform legislation halted progress on Fund governance and damaged the US reputation around the world. If the IMF is to benefit strong and troubled economies alike, the administration and the Congress must make every effort to pass this legislation before the early-April meeting of the International Monetary and Financial Committee (IMFC). The reform legislation is designed to strengthen the IMF without the need to authorize additional funding, and there is no economic, financial, or political downside for the United States. The main issue before the US Congress is to ensure that the institution is credible in the eyes of all regions and countries. US formal approval is the only thing standing in the way of its implementation.

>> Read full Policy Brief [pdf]

How Should the European Union Respond to Russia?

Anders Åslund
Published in the European Voice
  Anders Åslund Russia's attack on Ukraine's Crimean peninsula without any declaration of war or public justification was naked military aggression. The issue now is how the West, the European Union, and the United States will rein in Russia. The G-7 has already cancelled the G-8 summit planned for Sochi in June. Europe can exert great economic impact by applying existing rules more rigorously. Many big Russian state companies, notably Gazprom, could be assessed as to whether they are legally organized crime syndicates. If so deemed, according to current legal standards, that would bar European financial institutions from dealing with them. Europe should also get serious about its long-neglected defense capabilities.

>> Read full op-ed

Tectonic Shifts

Nicolas Véron
Published in Finance & Development
  Nicolas Véron Europe's banking problem is not yet resolved, but this could change in the months ahead. The EU legislation to establish an integrated bank supervisory framework mandates that the European Central Bank perform a comprehensive assessment of the euro area's banking system, or asset quality review (AQR). Uncertainty, and quite possibly market volatility, will mark the review until it is completed, probably in late 2014. The review will likely restore confidence in the European banking sector. But separating the balance sheets and financial links between banks and governments will require broader steps, including further integration of EU frameworks for fiscal policy and political accountability. Such union would require an integrated system to resolve bank crises and a pan-European deposit insurance system.

>> Read full op-ed

Recent Blog Posts

RealTime Economic Issues Watch   China Economic Watch    North Korea:  Witness to Transformation
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Transatlantic Economic Sanctions Against Russia

Why Sports Programs for Girls Can Help Women Play with the Big Boys

The European Central Bank Remains on Hold

Why Putin Is Likely to Lose His War over Crimea

Can Venezuela Learn from Ukraine?
  Injecting a Little Risk into the Chinese Financial System

Finally! Good High Frequency Data on China's Purchase of Treasuries

From "We Should" to "We Will": A More Disciplined Approach to Reform in China

The Renminbi will Remain Stable Despite Recent Fluctuations

China Has Property Taxes, Just Not The Right Ones
  Labor Standards and South Korean Employment Practices in North Korea

Josh Pollack on A. Q. Khan


DPRK Election Madness

Marcus Noland Presents "South Korean Employment Practices in North Korea" at SAIS

PIIE Noted in the News and on the Web

Financial Times
The Spectre of Eurozone Deflation
Martin Wolf's column on the European Central Bank's price stability targets draws heavily on a recent Policy Brief by Angel Ubide.

Marketplace Public Radio
How Much Aid Does Ukraine Really Need? A Lot
Anders Åslund explains how bad leadership and rampant corruption have caused Ukraine's financial troubles.
In This Issue

David Lipton Fiscal Policy and Income Inequality

IMF First Deputy Managing Director David Lipton presents a new IMF paper examining how the fiscal policies of different countries have affected income redistribution.

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