Peter G. Peterson Institute for International Economics

Displaying 1-40 of 86 results

  • White Papers // Jul 2011

    Measuring The Costs Of Trade-Related Job Loss

    This paper addresses what one knows about the costs of job displacement, specifically trade-related job displacement. The author's focus is on workers: who gets displaced and the consequences of that job loss. For most displaced workers, what matters is the kind of job lost and the kind of job regained....

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Apr 2011

    The Liquidation Of Government Debt

    Historically, periods of high indebtedness have been associated with a rising incidence of default or restructuring of public and private debts. A subtle type of debt restructuring takes the form of "Financial repression." Financial repression includes directed lending to government by captive domestic audiences (such as pension funds), explicit or...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Apr 2011

    Foreign Manufacturing Multinationals And The Transformation Of The Chinese Economy: New Measurements, New Perspectives

    What is the relationship between foreign manufacturing MultiNational Corporations (MNCs) and the expansion of indigenous technological and managerial technological capabilities among Chinese firms? China has been remarkably successful in designing industrial policies, joint venture requirements, and technology transfer pressures to use FDI to create indigenous national champions in a handful...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Mar 2011

    Foreign Manufacturing Multinationals And The Transformation Of The Chinese Economy: Faustian Bargain To Trade Technology For Access?

    China has been remarkably successful in designing industrial policies, joint venture requirements, and technology transfer pressures to use FDI to create indigenous national champions in a handful of prominent sectors: high-speed rail transport, information technology, auto assembly, and an emerging civil aviation sector. Prominent North American, European, Japanese, and Korean...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Mar 2011

    Coordinating Regional And Multilateral Financial Institutions

    Recent crises and the expansion of international financial arrangements have dramatically elevated the importance of cooperation between regional institutions and the International Monetary Fund (IMF). While the case for coordination between regional and multilateral institutions is generally accepted, however, the need to organize it on an ex ante basis is...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Mar 2011

    Resource Management And Transition In Central Asia, Azerbaijan, And Mongolia

    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 to earn revenue from cotton exports allowed them to avoid reform. Oil in Azerbaijan and Kazakhstan was associated with large-scale corruption, but...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Feb 2011

    A Generalized Fact and Model Of Long-Run Economic Growth: Kaldor Fact As A Special Case

    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 2004. Xie's primary finding is that labor's share follows a cubic relationship with real GDP per capita over the...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Feb 2011

    Integrating Reform Of Financial Regulation With Reform Of The International Monetary System

    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 causes can come from both the financial and monetary spheres and they can interact in variety of dangerous ways. On the financial...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Feb 2011

    Capital Account Liberalization And The Role Of The Renminbi

    Despite an erosion of consensus on its benefits, capital account convertibility remains a long-term goal of China. This paper identifies three major preconditions for convertibility in China: a strong domestic banking system relatively developed domestic financial markets, and an equilibrium exchange rate. The authors examine each of these in turn...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Feb 2011

    Capital Controls: Myth And Reality - A Portfolio Balance Approach

    The literature on capital controls has (at least) four very serious apples-to-oranges problems: There is no unified theoretical framework to analyze the macroeconomic consequences of controls; there is significant heterogeneity across countries and time in the control measures implemented; there are multiple definitions of what constitutes a "Success" and the...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Jan 2011

    Foreign Direct Investment In Times Of Crisis

    This paper compares the current foreign direct investment (FDI) recession with FDI responses to past economic crises. The authors find that although developed country outflows have taken an equally big hit as major developed countries have after past crises, outflows seem to be bouncing back more slowly this time. By...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Jan 2011

    Too Big To Fail: The Transatlantic Debate

    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 two sides of the Atlantic. In this paper the authors examine the debates on the problem posed by "Too big to...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Jan 2011

    Current Account Imbalances Coming Back

    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 statistical model builds upon and improves previous explanations of current account balances in the academic literature. A key advance is that the model captures...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Dec 2010

    Sovereign Bankruptcy In The EU In The Comparative Perspective

    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 sensible way without first analyzing some broader questions. It also deals with the main causes...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Dec 2010

    Trade Disputes Between China And The United States: Growing Pains So Far, Worse Ahead?

    This paper covers the history of Sino-US trade relations with a particular focus on the past decade, during which time each has been a member of the World Trade Organization (WTO). Providing a brief history of 19th and 20th century economic relations, this paper examines in detail the trade disputes...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Dec 2010

    Exchange Rate Policy In Brazil

    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. The anchor is provided by an inflation targeting regime (with a target inflation rate somewhat greater than in most advanced countries, of...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Nov 2010

    The Role Of International Organizations In Creating A More Stable World Economy

    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 of competitive policies as countries sought to export their unemployment by engineering current account surpluses through devaluation and trade...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Nov 2010

    Sovereign Bankruptcy In The European Union In The Comparative Perspective

    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 Sovereign Debt Restructuring Mechanism (SDRM). It is hard to find - at the general level of analysis - the unique advantages of SDRM. The...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Oct 2010

    Should Central Banks Raise Their Inflation Targets?

    The author eliminates the suspense and state that he agree with the conclusion of Ben's paper, that central banks should not raise their inflation targets. The paper demonstrates Ben's particular strength in cutting to the essence of specific theoretical arguments and explaining them clearly in terms that everyone can understand....

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Oct 2010

    The Impact Of The Financial Crisis On Development Thinking

    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 fortify what has sometimes been referred to (by Westerners rather than the Chinese) as the "Beijing...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Oct 2010

    A Role For The G-20 In Addressing Climate Change?

    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 climate change diplomacy. This paper assesses the risks and rewards of tackling climate change in the G-20 and finds that despite its seeming...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Sep 2010

    Global Economic Prospects As Of September 30, 2010: A Moderating Pace Of Global Recovery

    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 slightly even the buoyant forecast of 4.5 percent. This result, however, embodies substantial divergence between the...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Sep 2010

    From Convoy To Parting Ways? Post-Crisis Divergence Between European And US Macroeconomic Policies

    The initial response in 2008-2009 to the global financial crisis was in many ways a high water mark for transatlantic policy coordination - and, as importantly to crisis resolution, for common economic understanding. The major economies of the EU and the US came to rapid agreement on a series of...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Sep 2010

    Reform Of The Global Financial Architecture

    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 Stability Board and their interaction. These two institutions are not fully comparable, but they must work more closely in the...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Sep 2010

    The G-20 And International Financial Institution Governance

    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 will be, first, to demonstrate that they can responsibly advance economic recovery. They must also deliver on institutional...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Sep 2010

    Managing Credit Booms And Busts: A Pigouvian Taxation Approach

    The authors study a dynamic model in which the interaction between debt accumulation and asset prices magnifies credit booms and busts. The authors find that borrowers do not internalize these feedback effects and therefore suffer from excessively large booms and busts in both credit flows and asset prices. The authors...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Sep 2010

    Not All Financial Regulation Is Global

    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 bank capital, leverage, liquidity, and risk management; control of moral hazard and financial industry incentives; customer protection; and regulation of capital markets. Capital...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Jul 2010

    The Design And Effects Of Monetary Policy In Sub-Saharan African Countries

    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 achieve closer convergence of economic performance among trading partners. As a result, a number of...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Jun 2010

    When Central Banks Buy Bonds: Independence And The Power To Say No

    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 purchases of government bonds by central banks inherently represent a compromise of their independence from elected officials. Others will assert...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Jun 2010

    Wholesalers And Retailers In US Trade

    International trade models typically assume that producers in one country trade directly with final consumers in another. In reality, of course, trade can involve long chains of potentially independent actors who move goods through wholesale and retail distribution networks. These networks likely affect the magnitude and nature of trade frictions...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Jun 2010

    US Trade And Wages: The Misleading Implications Of Conventional Trade Theory

    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 equality in the former. This theory is widely applied. It serves as the basis for estimating the impact of trade on wages using two-sector simulation models...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Jun 2010

    Do Developed And Developing Countries Compete Head To Head In High Tech?

    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 assumption that goods produced in the United States and developing countries are close substitutes and that specialization is incomplete. In...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Jun 2010

    The Realities And Relevance Of Japan's Great Recession: Neither Ran Nor Rashomon

    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 aberration in Japan's recession was not the behavior of growth, which is best seen as a series of recoveries...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Jun 2010

    Hobbling Exports And Destroying Jobs

    The US House of Representatives has just passed the American Jobs and Closing Tax Loopholes Act (HR 4213). This bill will hurt American workers, reduce American exports, and make American companies less competitive in the international marketplace. Since the US Senate has already passed companion legislation, the American Workers, State,...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // May 2010

    Beware Of Greeks Bearing Debts

    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 ability of some other advanced European countries with large budget deficits and/or high ratios of public debt to GDP to...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // May 2010

    A Trade Agenda For The G-20

    For the past 18 months, the G-20 summit countries have worked together to contain the global economic crisis and encourage a sustainable economic recovery. As part of these efforts, the G-20 leaders have sought to constrain the protectionist pressures that invariably arise during times of economic stress and to maintain...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // May 2010

    Toward A Sunny Future? Global Integration In The Solar PV Industry

    Policymakers seem to face a trade-off when designing national trade and investment policies related to clean energy sectors. They have pledged to address climate change and accelerate the large-scale deployment of renewable energy technologies, which would benefit from increased global integration, but they are also tempted to nurture and protect...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // May 2010

    Excessive Volatility In Capital Flows: A Pigouvian Taxation Approach

    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 presents a model in which restricting capital inflows during boom times reduces the potential outflows during busts. This mitigates the feedback effects of...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // May 2010

    The Margins Of US Trade

    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 trade liberalization. In this paper, the authors use detailed US trade statistics to provide a broad overview of how the margins...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // May 2010

    Intra-Firm Trade And Product Contractibility

    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 intermediation in international trade for the product. They find important roles for the interaction of country and product characteristics in determining...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Dec 2008

    The (Non) Impact Of UN Sanctions On North Korea

    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 South Korea. Before North Korea conducted an underground nuclear test, it was widely believed that such an event...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Dec 2008

    On What Terms Is The IMF Worth Funding?

    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 recession since World War II, potentially huge demands for its financial assistance with limited resources, and calls for it...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Oct 2008

    Distance Isn't Quite Dead: Recent Trade Patterns And Modes Of Supply In Computer And Information Services In The United States And NAFTA Partners

    This paper evaluates the statistical strengths and weaknesses of available data on US computer and information services trade and estimates the scope of delivery through GATS modes 1, 3, and 4. Trade values are estimated using a new methodology that adheres, to the greatest extent possible, to the definitions of...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Oct 2008

    Multilateralism Beyond Doha

    A fundamental shift is taking place in the world economy to which the multilateral trading system has failed to adapt. The Doha process focused on issues of limited significance while the burning issues of the day were not even on the negotiating agenda. The paper advances these propositions: the traditional...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Dec 2007

    Merry Sisterhood Or Guarded Watchfulness? Cooperation Between The International Monetary Fund And The World Bank

    Since their inception at the end of the Second World War, the sister organizations of the World Bank and the International Monetary Fund (IMF) have aimed to consistently speak with one voice vis-?-vis their member governments. However, anecdotal evidence suggests that they often do not speak in one voice. Fabricius...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Dec 2009

    Aid, Dutch Disease, And Manufacturing Growth

    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 reverse causality. They find that aid inflows have systematic adverse effects on a country's competitiveness, as reflected in the lower relative...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Nov 2009

    Lessons From The Global Economic And Financial Crisis

    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, governors, and leaders, and the International Monetary Fund, as the premier institution of international monetary...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Nov 2009

    American Economic Relations With Asia

    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 at both the interstate diplomatic level and at the domestic political level. The global financial crisis is probably the...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Nov 2009

    FTAs And The Future Of US-Korean Trade Relations

    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 the most significant in economic and political terms. For Korea, the KORUS FTA is matched, at least...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Oct 2009

    Getting Credit Flowing: A Non-Monetarist Approach To Quantitative Easing

    It is a rare occasion to have well over a hundred people, including many younger people with presumably more exciting things to do, show up on a Monday evening for a speech about monetary policy. Or rather, it would be rare, were it not for the well-known commitment of City...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Oct 2009

    The Case For An Orderly Resolution Regime For Systemically-Important Financial Institutions

    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 Resolution Regime (ORR) is needed because the existing regime confronts US economic and regulatory authorities with two very unappealing options: allow...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Sep 2009

    How Quickly Can We Recover From The Global Financial Crisis?

    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 contributed to a decline in the US saving rate, and monetary policy was too easy for too long. In Japan...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Sep 2009

    Global Economic Prospects As Of September 2009: Onward To Global Recovery

    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 United States and other industrial countries, with unemployment continuing to rise into next year and with...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Jun 2009

    The Global Financial Crisis And Development Strategy For Emerging Market Economies

    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 countries. The author will argue that the worst of the crisis is over, and that the developing countries...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Apr 2009

    World Recession And Recovery: A V Or An L?

    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 and especially in world industrial production and world trade of the postwar era, with virtually all countries...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Apr 2009

    Economics Of The Geithner Plan

    The Private-Public Investment Program (PPIP), or "Geithner Plan," would ironically use financial leverage to help resolve a financial crisis caused in considerable part by excessive leverage. As Robert Samuelson, citing Yale economist John Geanakoplos, has pointed out, a rationale for this paradox is that the process of deleveraging has gone...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Apr 2009

    The Russian Economy: More Than Just Energy?

    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 has become increasingly dysfunctional because the authorities have done nothing to impede corruption. The energy sector...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Jan 2009

    The IMF And The Global Crisis: Role And Reform

    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 the trade and financial protectionism and competitive exchange-rate devaluations that exacerbated economic distress eight decades ago. The International Monetary Fund...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Nov 2008

    The North American Free Trade Agreement: Time For A Change?

    The North American Free Trade Agreement (NAFTA) entered into force on January 1, 1994. The pact was "State of the art" when promulgated. But the world economy has changed significantly since then and it is fair to ask: Does NAFTA need to be revised? The incoming Obama administration will undoubtedly...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Nov 2009

    Capital Flows To Developing Countries: The Allocation Puzzle

    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 flows across developing countries is the opposite of this prediction: capital seems to flow more to countries that invest and grow less....

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Oct 2009

    The Impact Of The Financial Crisis On Emerging Asia

    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 from the advanced economies. After reviewing how economic outcomes in emerging Asia have evolved since the crisis began in the...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Oct 2009

    A Tractable Model Of Precautionary Reserves, Net Foreign Assets, Or Sovereign Wealth Funds

    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 captures many of the principal insights from the existing specialized literature on the precautionary motive, deriving a convenient formula for...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Sep 2009

    The World Trade Organization And Climate Change: Challenges And Options

    Trade and environment intersect in many ways. Aside from the broad debate as to whether economic growth and trade adversely affect the environment, there are linkages between existing rules of the World Trade Organization (WTO) and rules established in various multilateral environmental agreements. Controlling greenhouse gas emissions promises to be...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Aug 2009

    Criss-Crossing Globalization: Uphill Flows Of Skill- Intensive Goods And Foreign Direct Investment

    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 of stylized facts. Using a measure that combines the sophistication of a country's exports with the average income level of...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Aug 2009

    What's On The Table? The Doha Round As Of August 2009

    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 necessary in agriculture and nonagricultural market access (NAMA). This rift is prolonging the Round's completion and hindering the discussion...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Aug 2009

    Structural And Cyclical Trends In Net Employment Over US Business Cycles, 1949?2009: Implications For The Next Recovery And Beyond

    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 the US economy during the last 10 trough-to-trough business cycles from 1949 to the present. It illustrates that the...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Jul 2009

    American Multinationals And American Economic Interests: New Dimensions To An Old Debate

    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 now pledges to end tax breaks for corporations that ship jobs overseas. This paper shows that multinational corporations do not locate their...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // May 2009

    Policy Liberalization And US Merchandise Trade Growth, 1980?2006

    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 liberalization in US merchandise trade growth over the period 1980 to 2006. Both partial equilibrium analysis and computable general equilibrium...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Apr 2009

    The GCC Monetary Union: Choice Of Exchange Rate Regime

    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 integration: The GCC countries have unrestricted intraregional mobility of goods, labor, and capital; regulation of the banking sectors is...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Dec 2010

    Sovereign Bankruptcy In The EU In The Comparative Perspective

    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 sensible way without first analyzing some broader questions. It also deals with the main causes...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Oct 2010

    The Impact Of The Financial Crisis On Development Thinking

    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 fortify what has sometimes been referred to (by Westerners rather than the Chinese) as the "Beijing...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Sep 2010

    From Convoy To Parting Ways? Post-Crisis Divergence Between European And US Macroeconomic Policies

    The initial response in 2008-2009 to the global financial crisis was in many ways a high water mark for transatlantic policy coordination - and, as importantly to crisis resolution, for common economic understanding. The major economies of the EU and the US came to rapid agreement on a series of...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Sep 2010

    Global Economic Prospects As Of September 30, 2010: A Moderating Pace Of Global Recovery

    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 slightly even the buoyant forecast of 4.5 percent. This result, however, embodies substantial divergence between the...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Jun 2010

    When Central Banks Buy Bonds: Independence And The Power To Say No

    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 purchases of government bonds by central banks inherently represent a compromise of their independence from elected officials. Others will assert...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // May 2010

    Beware Of Greeks Bearing Debts

    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 ability of some other advanced European countries with large budget deficits and/or high ratios of public debt to GDP to...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Apr 2010

    Global Economic Prospects For 2010 And 2011 Global Recovery Continues

    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 somewhat behind. For 2010, growth in emerging Asia is now forecast to surpass 8 percent, led by 10 percent real growth...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Mar 2010

    US Protectionist Impulses In The Wake Of The Great Recession

    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 labor market crisis, protectionist impulses in the U.S. Congress have been constrained - in part by a rapidly improving U.S....

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Jan 2010

    The International Monetary System And Global Imbalances

    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 to the desirability of reforming the international monetary system. This paper argues that today's international monetary...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // Nov 2009

    Mortgage Loan Modifications: Program Incentives And Restructuring Design

    Mortgage defaults and home foreclosures remain a growing problem that undermines the nascent US economic recovery. Delinquencies continue to skyrocket, up 300 percent since the beginning of the crisis, and the contagion has spread to prime loans where delinquencies have risen to over 11 percent of outstanding loans. The resulting...

    Provided By Peter G. Peterson Institute for International Economics

  • White Papers // May 2010

    A Trade Agenda For The G-20

    For the past 18 months, the G-20 summit countries have worked together to contain the global economic crisis and encourage a sustainable economic recovery. As part of these efforts, the G-20 leaders have sought to constrain the protectionist pressures that invariably arise during times of economic stress and to maintain...

    Provided By Peter G. Peterson Institute for International Economics