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Peter G. Peterson Institute for International Economics
(76 results)-
White Papers
Exchange Rate Economics
February 1, 2008, 12:00am PST
The paper summarizes the current theory of how a floating exchange rate is determined, dividing the subject into what determines the steady state and what determines the transition to steady...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Congress, Treasury, And The Accountability Of Exchange Rate Policy: How The 1988 Trade Act Should Be Reformed
September 1, 2007, 12:00am PDT
The controversy within the United States over Chinese exchange rate policy has generated a series of legislative proposals to restrict the discretion of the Treasury Department in determining...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
North Korea's External Economic Relations
August 1, 2007, 12:00am PDT
North Korea's international transactions have grown since the 1990s famine period. Illicit transactions appear to account for a declining share of trade. Direct investment is rising, but the...
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White Papers
Measurement And Inference In International Reserve Diversification
July 1, 2007, 12:00am PDT
This paper analyzes international reserve diversification by examining changes in quantity shares of currencies held in foreign exchange reserves. It discusses alternative methodologies for...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
A (Lack of) Progress Report On China's Exchange Rate Policies
June 1, 2007, 12:00am PDT
This working paper assesses the progress made in improving China's exchange rate policies over the past five years (that is, since 2002). The author first discusses four indicators of progress on...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Aid, Dutch Disease, And Manufacturing Growth
December 1, 2009, 12:00am PST
The authors examine the effects of aid on the growth of manufacturing, using a methodology that exploits the variation within countries and across manufacturing sectors, and corrects for possible...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Lessons From The Global Economic And Financial Crisis
November 11, 2009, 12:00am PST
The challenge today is to sustain that cooperation and to learn and apply the lessons of the crisis. Over the next year, the government of the Republic of Korea, as host to the G-20 ministers,...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
American Economic Relations With Asia
November 18, 2009, 12:00am PST
The USA and Asia have an enormous stake in each others' continuing prosperity. This outcome is linked to the preservation of the open international economic order, which in turn faces challenges...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
FTAs And The Future Of US-Korean Trade Relations
November 1, 2009, 12:00am PDT
Over the past decade, the United States and Korea have pursued free trade agreements (FTAs) with a number of bilateral trading partners. For the United States, the Korea-US (KORUS) FTA is by far...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The Case For An Orderly Resolution Regime For Systemically-Important Financial Institutions
October 21, 2009, 12:00am PDT
The Obama Administration has proposed that the government be given special authority to resolve a nonbank financial institution if its failure could have serious systemic effects. This new Orderly...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
How Quickly Can We Recover From The Global Financial Crisis?
September 22, 2009, 12:00am PDT
Macroeconomic policies in the United States and the rest of the fully developed world to a substantial degree were jointly responsible for the crisis. In the United States fiscal policy...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Global Economic Prospects As Of September 2009: Onward To Global Recovery
September 17, 2009, 12:00am PDT
The great global recession of 2008 and early 2009 is over, and worldwide economic recovery is now under way. Most forecasters expect that the pace of this recovery will be tepid, especially in the...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The Global Financial Crisis And Development Strategy For Emerging Market Economies
June 23, 2009, 12:00am PDT
The global financial crisis of 2008 - 09 is a watershed event that cries out for a reexamination not only of industrial countries' financial systems but also of growth strategies in developing...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
World Recession And Recovery: A V Or An L?
April 7, 2009, 12:00am PDT
The world economy collapsed into steep recession in the final quarter of 2008 with global real GDP dropping at a 6 percent annual rate. This was undoubtedly the sharpest decline in world output...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The Russian Economy: More Than Just Energy?
April 1, 2009, 12:00am PDT
Russia has enjoyed a decade of high economic growth because of the eventually successful market reforms of the 1990s as well as an oil boom. For the last six years, however, the Russian economy...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The IMF And The Global Crisis: Role And Reform
January 23, 2009, 12:00am PST
We face a global economic and financial meltdown that may yet rival the Great Depression. If national economic and financial policies are sufficiently focused and mutually supportive, we can avoid...
Provided by Peter G. Peterson Institute for International Economics
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The Impact Of The Global Financial Crisis On Brazil
October 13, 2008, 12:00am PDT
It was especially evident among exporters in the US manufacturing sector, whose historic markets had been largely restored by the correction of the dollar overvaluation except versus some Asian...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Why The Euro Will Not Rival The Dollar
October 9, 2008, 12:00am PDT
Financial panics are indeed dramatic and, for many private individuals and economic policymakers, traumatic. They are rarely of lasting significance to the fate of nations or their currencies,...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Global Economic Prospects: Surviving A Mild Case Of Stagflation
September 25, 2008, 12:00am PDT
Economic growth has recently slowed across much of the world economy following stronger-than-expected performance during the first quarter of 2008. The net result is likely to be that on a...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Telecommunications In North Korea: Has Orascom Made The Connection?
September 8, 2008, 12:00am PDT
Telecommunications are one of the basic building blocks of a modern economy. In a world of globalized competition, economic development can be hamstrung by inferior telecommunications. But the...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The Future Of The Multilateral Trading System In A Multi-Polar World
June 29, 2008, 12:00am PDT
This paper assesses the future of the world trading system in the face of diminishing returns from current multilateral trade negotiations and the proliferation of bilateral and regional trade...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Prospects For Greater Global And Regional Integration In The Maghreb
May 29, 2008, 12:00am PDT
In terms of levels, the Maghreb countries compare favorably to the countries of the Middle East and other developing regions. With a total population of 83 million (in 2005), the region is nearly...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
It's Not Just About The Money
May 5, 2008, 12:00am PDT
Financial panics are indeed dramatic and, for many private individuals and economic policymakers, traumatic. They are rarely of lasting significance to the fate of nations or their currencies,...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Why Did Financial Globalization Disappoint?
March 1, 2008, 12:00am PST
The authors examine the collateral-benefits argument due to KPRW. They next analyze the argument laid out in Mishkin's (2006) recent book, The Next Great Globalization. Then they review briefly...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
China's Exchange Rate Policy: An Overview Of Some Key Issues
October 19, 2007, 12:00am PDT
More than two years have passed since China announced a number of changes to its foreign exchange regime on July 21, 2005. During this period, the debate on the pros and cons of China's exchange...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
A Scoreboard For Sovereign Wealth Funds
October 19, 2007, 12:00am PDT
Sovereign wealth funds (SWF) or their near equivalent come in many forms, with a variety of objectives, in countries with a range of governmental structures. Consequently, comparisons among them...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Rebalancing China's Growth
October 19, 2007, 12:00am PDT
China's rapid growth is facing macroeconomic, environmental and social challenges that have their origin in its pattern of growth. Using simulations with a CGE model this paper suggests that on...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The Management Of China's International Reserves: China And A SWF Scoreboard
October 19, 2007, 12:00am PDT
China's international reserves as of the end of June 2007 were $1.3 trillion, virtually all of which were in foreign exchange. At the end of 2006, China's foreign exchange reserves were $1,066...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Integrating Reform Of Financial Regulation With Reform Of The International Monetary System
February 1, 2011, 12:00am PST
This paper links reform of the international financial regulatory system with reform of the international monetary system because as this recent global crisis demonstrates so vividly, the root...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Coordinating Regional And Multilateral Financial Institutions
March 1, 2011, 12:00am PST
Recent crises and the expansion of international financial arrangements have dramatically elevated the importance of cooperation between regional institutions and the International Monetary Fund...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Resource Management And Transition In Central Asia, Azerbaijan, And Mongolia
March 1, 2011, 12:00am PST
The paper presents a comparative analysis of the resource-rich transition economies of Mongolia and the southern republics of the former Soviet Union. For Uzbekistan and Turkmenistan, the ability...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
US Interests And The International Monetary Fund
June 1, 2009, 12:00am PDT
The United States Congress is now considering whether to raise US commitments to the International Monetary Fund (IMF). A positive decision would ratify President Obama's pledge in early April,...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Higher Taxes On US-Based Multinationals Would Hurt US Workers And Exports
May 1, 2010, 12:00am PDT
Do US multinationals deserve tax punishment because they "Ship jobs overseas"? Studies comparing US firms that engage in outward investment with similar firms that stay at home show that outward...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Not All Financial Regulation Is Global
September 1, 2010, 12:00am PDT
Financial regulation usually is a cluster of interrelated policies designed to ensure the proper functioning and integrity of the financial system, including public regulation and supervision of...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Answering The Critics: Why Large American Gains From Globalization Are Plausible
May 1, 2008, 12:00am PDT
The Peterson Institute calculates that the US economy is approximately $1 trillion richer each year owing to past globalization - the payoff both from technological innovation and from policy...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Trade, Finance, And The Global Recession
February 20, 2009, 12:00am PST
This year the International Monetary Fund (IMF) predicts that real global growth will be close to zero. The last time a global recession of this severity took place was in 1982. That recession...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
On What Terms Is The IMF Worth Funding?
December 1, 2008, 12:00am PST
In the first decade of the 21st century the International Monetary Fund (IMF) faced crises of legitimacy, relevance, and budgetary finance. It now confronts what likely will be the worst global...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The (Non) Impact Of UN Sanctions On North Korea
December 1, 2008, 12:00am PST
This paper finds that North Korea's nuclear test and the imposition of UN Security Council sanctions have had no perceptible effect on North Korea's trade with its two largest partners, China and...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The GCC Monetary Union: Choice Of Exchange Rate Regime
April 1, 2009, 12:00am PDT
The creation of a monetary union has been the primary objective of the Gulf Cooperation Council (GCC) members since the early 1980s. Significant progress has already been made in regional economic...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Policy Liberalization And US Merchandise Trade Growth, 1980?2006
May 1, 2009, 12:00am PDT
This paper draws on historical and contemporary data on tariffs, nontariff barriers, and transportation costs (for the United States and its major trading partners) to estimate the role of policy...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
American Multinationals And American Economic Interests: New Dimensions To An Old Debate
July 1, 2009, 12:00am PDT
The 2008 election rekindled debate about whether US multinationals shift technology across borders and relocate production in ways that might harm workers and communities at home. President Obama...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Structural And Cyclical Trends In Net Employment Over US Business Cycles, 1949?2009: Implications For The Next Recovery And Beyond
August 1, 2009, 12:00am PDT
This paper expands on the methodology of Groshen and Potter (2003) for studying cyclical and structural changes in the US economy and analyzes the net structural and cyclical employment trends in...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
What's On The Table? The Doha Round As Of August 2009
August 1, 2009, 12:00am PDT
The Doha Round is the longest-running trade liberalization negotiation in the postwar era. Despite its longevity, the end is not yet in sight as parties disagree on the depth of liberalization...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Criss-Crossing Globalization: Uphill Flows Of Skill- Intensive Goods And Foreign Direct Investment
August 1, 2009, 12:00am PDT
This paper documents an unusual and possibly significant phenomenon: the export of skills embodied in goods, services, or capital from poorer to richer countries. The authors first present a set...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
A Tractable Model Of Precautionary Reserves, Net Foreign Assets, Or Sovereign Wealth Funds
October 1, 2009, 12:00am PDT
The authors model the motives for residents of a country to hold foreign assets, including the precautionary motive that has been omitted from much previous literature as intractable. This model...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The Impact Of The Financial Crisis On Emerging Asia
October 1, 2009, 12:00am PDT
This paper analyzes how the global financial crisis has affected emerging Asia and identifies key characteristics that have made these economies more or less vulnerable to a transmission of crises...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Capital Flows To Developing Countries: The Allocation Puzzle
November 1, 2009, 12:00am PDT
The textbook neoclassical growth model predicts that countries with faster productivity growth should invest more and attract more foreign capital. The authors show that the allocation of capital...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The International Monetary System And Global Imbalances
January 1, 2010, 12:00am PST
In the aftermath of the global economic and financial crisis of 2007-09 and in the context of ongoing debates about the role of global imbalances as a cause of that crisis, attention has reverted...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
US Protectionist Impulses In The Wake Of The Great Recession
March 1, 2010, 12:00am PST
This paper describes the history and current political and economic context for U.S. protectionism in the aftermath of the Great Recession. The authors describes how, despite the politics of a...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Global Economic Prospects For 2010 And 2011 Global Recovery Continues
April 8, 2010, 12:00am PDT
The global recovery started early last year in China, India, and Indonesia and quickly spread to the other emerging-market and advanced economies of the Asia-Pacific region, with Japan lagging...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Beware Of Greeks Bearing Debts
May 17, 2010, 12:00am PDT
In recent weeks, turbulence has returned to global financial markets due primarily to deepening fears about the ability of Greece to service its sovereign debt and widening concerns about the...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
When Central Banks Buy Bonds: Independence And The Power To Say No
June 13, 2010, 12:00am PDT
Since the global financial crisis began in 2007, there has been a lot of hand-wringing about the independence of central banks. Some commentators today would suggest that the recent large-scale...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Global Economic Prospects As Of September 30, 2010: A Moderating Pace Of Global Recovery
September 30, 2010, 12:00am PDT
Since the end of the great recession around the middle of 2009, the world economy has, as forecast, staged a quite vigorous, V-shaped recovery. Real GDP growth for 2010 is now expected to exceed...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The Impact Of The Financial Crisis On Development Thinking
October 13, 2010, 12:00am PDT
A major impact of the crisis has been to discredit Western views of development - what the author once tried to summarize under the somewhat unhappy term of the "Washington consensus" - and to...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Sovereign Bankruptcy In The EU In The Comparative Perspective
December 6, 2010, 12:00am PST
The fiscal situation in Greece has focused attention on the issue of sovereign bankruptcy in the Eurozone or - more broadly - in the EU. However, it is difficult to discuss this problem in a...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The Role Of International Organizations In Creating A More Stable World Economy
November 30, 2010, 12:00am PST
A main impulse behind the creation of international economic organizations in the postwar years was the received wisdom concerning what had transpired in the 1930s. That era is remembered as one...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Estimation Of De Facto Flexibility Parameter And Basket Weights In Evolving Exchange Rate Regimes
January 1, 2010, 12:00am PST
A new technique for estimating countries' de facto exchange rate regimes synthesizes two approaches. One approach estimates the implicit de facto basket weights in an ordinary least squares (OLS)...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Intra-Firm Trade And Product Contractibility
May 1, 2010, 12:00am PDT
This paper examines the determinants of intra-firm trade in US imports using detailed country-product data. The authors create a new measure of product contractibility based on the degree of...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The Margins Of US Trade
May 1, 2010, 12:00am PDT
Recent research in international trade emphasizes the importance of firms' extensive margins for understanding overall patterns of trade as well as how firms respond to specific events such as...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Excessive Volatility In Capital Flows: A Pigouvian Taxation Approach
May 1, 2010, 12:00am PDT
This paper analyzes prudential controls on capital flows to emerging markets from the perspective of a Pigouvian tax that addresses externalities associated with the deleveraging cycle. It...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The Realities And Relevance Of Japan's Great Recession: Neither Ran Nor Rashomon
June 1, 2010, 12:00am PDT
Japan's Great Recession was the result of a series of macroeconomic and financial policy mistakes. Thus, it was largely avoidable once the initial shock from the bubble bursting had passed. The...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Do Developed And Developing Countries Compete Head To Head In High Tech?
June 1, 2010, 12:00am PDT
Concerns that growth in developing countries could worsen the US terms of trade and that increased US trade with developing countries will increase US wage inequality both implicitly reflect the...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
US Trade And Wages: The Misleading Implications Of Conventional Trade Theory
June 1, 2010, 12:00am PDT
Conventional trade theory, which combines the Heckscher-Ohlin theory and the Stolper-Samuelson theorem, implies that expanded trade between developed and developing countries will increase wage...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The Design And Effects Of Monetary Policy In Sub-Saharan African Countries
July 1, 2010, 12:00am PDT
Since the 1990s there have been a number of major changes in the design and conduct of monetary policy. In a globalized environment, there is less time to adjust to shocks and greater need to...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
The G-20 And International Financial Institution Governance
September 1, 2010, 12:00am PDT
This paper addresses the agenda for the Group of Twenty (G-20) leaders' meeting in Seoul, Korea in November 2010. This is an opportunity and challenge for Asian leaders in particular. Their test...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Reform Of The Global Financial Architecture
September 1, 2010, 12:00am PDT
This paper examines the implications of the global financial crisis of 2007 - 10 for reform of the global financial architecture, in particular the International Monetary Fund and the Financial...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
A Role For The G-20 In Addressing Climate Change?
October 1, 2010, 12:00am PDT
Following the chaotic Copenhagen conference of the UN Framework Convention on Climate Change (UNFCCC), policymakers and pundits have discussed the G-20 as an alternative forum for advancing...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Exchange Rate Policy In Brazil
December 1, 2010, 12:00am PST
The macroeconomic regime implanted in Brazil during the second administration of Fernando Henrique Cardoso, and largely maintained by his successor, is typical of those of the advanced countries....
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Sovereign Bankruptcy In The European Union In The Comparative Perspective
November 1, 2010, 12:00am PDT
This paper distinguishes four alternative sovereign debt resolution mechanisms: pure market solutions, modified market solutions, crisis lending by the IMF and other institutions, and the proposed...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Current Account Imbalances Coming Back
January 1, 2011, 12:00am PST
This paper finds statistically robust and economically important effects of fiscal policy, external financial policy, net foreign assets, and oil prices on current account balances. The...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
Too Big To Fail: The Transatlantic Debate
January 1, 2011, 12:00am PST
Although the United States and the European Union were both seriously impacted by the financial crisis of 2007, resulting policy debates and regulatory responses have differed considerably on the...
Provided by Peter G. Peterson Institute for International Economics
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White Papers
A Generalized Fact and Model Of Long-Run Economic Growth: Kaldor Fact As A Special Case
February 1, 2011, 12:00am PST
This paper provides new evidence on the long-run relationship between economic growth and labor's share in national income, based on a comprehensive panel data set for 123 countries from 1950 to...
Provided by Peter G. Peterson Institute for International Economics
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