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Understanding the Trans-Pacific Partnership


PIIE scholars assess the benefits and costs of the final agreement of the Trans-Pacific Partnership, a potentially historic trade accord between the United States and 11 Pacific Rim trading partners. View research and commentary on the TPP.

Most recently posted material.

RealTime Economic Issues Watch The SDR Goes the Way of the Renminbi
Owen Hauck — February 5, 2016
The International Monetary Fund's decision to add the Chinese renminbi to the basket of currencies that compose the Special Drawing Right (SDR) at the end of November 2015 was no small choice. Set to take effect October 1 this year with a weight of 10.92 percent versus the total basket, the in ...

RealTime Economic Issues Watch Tapped Out: Azerbaijan Must Diversify Its Economy Away From Oil
Simeon Djankov — February 5, 2016
Azerbaijan's economy is reeling, after years of extraordinary growth fueled by oil revenues. The latest World Bank figures suggest the economy is going to contract in 2016, and the budget deficit may reach over 5 percent of GDP. The way out is diversification of exports. Hard times hav ...

North Korea: Witness to Transformation Chinese Response to the 4th Nuclear Test: the Virtual Public Square
Stephan Haggard — February 5, 2016
We are always interested in approaches to North Korea that involve new data and analysis, and former Washington Post reporter and Asia hand Keith Richburg has done that at the ...

Op-ed Can Capital Flows Be Managed?
Avinash D. Persaud — February 4, 2016
At the same time as improving their global competitiveness, emerging markets need to deepen the capacity of their domestic financial systems to mobilize savings for investments so that they are less dependent on passersby.

RealTime Economic Issues Watch Eastern Europe: Freedoms under Pressure
Simeon Djankov and Jan Zilinsky — February 4, 2016
Poland is the latest Eastern European country to veer away from the rule of law—and the core of Europe. The European Union has been too busy to take sufficient notice of the new Polish government's proposed legislation to severely curb media freedom. In established European demo ...

Working Paper 16-4 Russian Doping in Sports [pdf]
Marcus Noland — February 3, 2016
The author analyzes statistical data that indicate Russia is the most prominent violator of anti-doping rules and that these violations are not limited to the athletics category but extend to other sporting disciplines.

China Economic Watch China Chart: Is China’s Stock Market Leading the S&P 500?
Jan Zilinsky — February 2, 2016
The co-movement between the returns on Chinese and U.S. stock market has been evident in recent weeks. In the first two weeks of this year, the Shanghai Composite Index posted a cumulative loss of 18%, while the S&P500 index fell by 8%. Over the last month, the S&P500 index fell on as many t ...

RealTime Economic Issues Watch PIIE Chart: Average Life Expectancy in Post-Communist Countries—Progress Varies 25 Years after Communism
Owen Hauck — February 2, 2016
A little more than 25 years after the fall of communism, post-communist states have achieved divergent results in their qualities of life. This chart, part of an upcoming study by Simeon Djankov and Owen Hauck, shows that former Soviet states continue to lag behind Eastern European and Balkan states in life expectancy.

RealTime Economic Issues Watch A New Fiscal Policy for Europe
Angel Ubide — February 2, 2016
Heading into another discouraging year of weak growth and inflation and rising populism, the euro area needs a dramatic change of course—not only in its current policies but also in the rules holding it back. The European Central Bank (ECB) sees the recovery as "fragile" and with downside r ...

Testimony Establishing a Puerto Rico Financial Stability and Economic Growth Authority
Simon Johnson — February 2, 2016
Puerto Rico faces a serious and immediate debt crisis. It needs to significantly restructure its debt in a court-run process; improve fiscal management, including with external oversight; reduce the cost of doing business; and promote an investment-led recovery.

News Release First In-depth Briefing On The Realities And Impact Of The Trans-Pacific Partnership Released By The Peterson Institute For International Economics
February 2, 2016
WASHINGTON—The Trans-Pacific Partnership (TPP) would, if ratified, deliver significant economic benefits to the United States and the 11 other participating countries from a sweeping liberalization of barriers on trade and investment, accord ...

PIIE Briefing 16-1 Assessing the Trans-Pacific Partnership
Volume 1: Market Access and Sectoral Issues

February 2, 2016
The Trans-Pacific Partnership (TPP) is a comprehensive accord that encompasses provisions on lowering barriers to trade and investment in goods and services and also covers critical new issues such as digital trade, state-owned enterprises, intellectual property rights, regulatory coherence, labor, and environment. If ratified, the pact would deliver significant economic benefits to the United States and the 11 other participating countries. This collection of ten essays analyzes the market opening and sectoral aspects of the TPP and the ramifications for governments, businesses, and ultimately for workers and households.

RealTime Economic Issues Watch The Grexit that Could Actually Happen
Jacob Funk Kirkegaard — February 1, 2016
For years the euro area has labored to successfully prevent a financial exit by Greece from the common currency, a fear commonly known as "Grexit." Following the September 2015 elections, Greece now has a parliament that is overwhelmingly pro-euro and in compliance with the program imposed by ...

RealTime Economic Issues Watch Are US Stocks Overvalued?
Olivier Blanchard and Joseph E. Gagnon — February 1, 2016
US stock prices rose for seven years in a row through late last year. During that time, the US economy repeatedly underperformed expectations. Popular indicators of stock valuation are above historical norms, even after the declines of the past few weeks. It is therefore no surprise to hear some ...

Trade and Investment Policy Watch China’s Past Drag on US Jobs Shouldn’t Cloud Future Gains From Free Trade
Sean Miner — February 1, 2016
Advocates of a trade war with China will likely seize on a new paper by David H. Autor, David Dorn, and Gordon H. Hanson, which concludes China’s entry to the World Trade Organization in 2001, a step that liberalized trade between the United States and China, cost 2.4 million American jobs as of 2011.

RealTime Economic Issues Watch Bank of Japan Rate Cut Leaves Markets Thinking of More
Tamim Bayoumi — February 1, 2016
The Bank of Japan (BoJ) surprised markets overnight by announcing it would charge negative interest rates on a proportion of new excess reserves deposited by banks. The object is to reduce the incentive for banks to park funds at the BoJ, since they would now be paying the central bank to hold ...

Trade and Investment Policy Watch Studies of TPP: Which Is Credible?
Robert Z. Lawrence — January 29, 2016
After listening to conflicting advice from his economists, President Harry S Truman famously demanded to be briefed by a one-handed economist. And to the average citizen seeking enlightenment on the likely impact of the Trans-Pacific Partnership (TPP) on the US economy, it must be similarly frustrating.

Trade and Investment Policy Watch Iran Sanctions: A Successful Episode
Euijin Jung — January 29, 2016
Implementation of the Joint Comprehensive Plan of Action (JCPOA) lifting sanctions on Iran over its nuclear program began on January 16, 2016.



Jeffrey J. Schott

An Assessment of the Trans-Pacific Partnership: Market Access and Sectoral Issues

A new PIIE Briefing analyzes the overall economic effects of the Trans-Pacific Partnership, including its impact on US and member countries' tariffs, agriculture, autos, textiles, government procurement, services, financial services, investment, and investor-state dispute settlement mechanism.

FDIC Vice Chairman Thomas M. Hoenig

Resolvability and Resilience of Large, Interconnected Banking Firms

FDIC Vice Chairman Thomas M. Hoenig discusses the policy implications of various strategies for addressing resolvability and resilience of large, interconnected banking firms.

Steven R. Weisman

The Great Tradeoff: Confronting Moral Conflicts in the Era of Globalization

Steven R. Weisman presents his book on the moral dilemmas facing a globalized and economically intertwined world.


The Great Global Slowdown: Causes and Effects

Joseph E. Gagnon says demographics, technology, and emerging markets have contributed to global "secular stagnation," and the solutions are not obvious.


Denmark Tightens Stance on Refugees

Jacob Funk Kirkegaard discusses a controversial new law in Denmark that allows the immigration authorities to seize valuable items from refugees, a move aimed at slowing the rapid influx of migrants that some feel threatens the traditional welfare state.


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