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North Korea: Witness to Transformation Three Stories of Smuggling
Marcus Noland — July 28, 2015
When in Hawaii I read the Honolulu Star-Advertiser. My friends say it’s hopelessly passé but I can pick it up in the morning on the way back from the gym or a run. (Yeah, I even read it on paper. Totally old school. Or just old.) So imagine my complete astonishment when I opened it up on Tuesday mor ...

North Korea: Witness to Transformation North Korean Growth in 2014: Once More with Feeling!
Marcus Noland — July 27, 2015
Once again the Bank of Korea has released its ...

China Economic Watch Equity Series Part 6: The Equity Market's Role in Cross-Border Capital Flows
Sean Miner — July 23, 2015
Read previous posts in this series on China's equity markets by clicking here. As part of its goal to open its capital account, China has said that that it will continue to open up its capital markets to foreigners and to let Chines ...

RealTime Economic Issues Watch IMF Exceptional Access and Reform Legislation: Do Not Link the Two Issues
Edwin M. Truman — July 23, 2015
In "The Lessons Greece's Lenders Forgot" (Wall Street Journal, July 10), John Taylor argued that the United States and the International Monetary Fund (IMF) erred in May 2010 by not abiding by the IMF's 2003 framework for exceptional (large scale) access to its financial support. I argued in a letter to the Wall Street Journal that Taylor did not have all of his facts right about the Greek case and about the IMF's framework for exceptional access.

RealTime Economic Issues Watch The Growing Gap between Real Wages and Labor Productivity
Robert Z. Lawrence — July 21, 2015
Since 1970, the real wages of US production workers have stagnated, despite the rapid growth in output per worker. This apparent disconnect between labor productivity and real wages is most dramatic when real output per hour is contrasted with real average hourly wages since 1970. While real average ...

RealTime Economic Issues Watch Hopeful Outlook for Greece
Jacob Funk Kirkegaard — July 20, 2015
If Greece implements its reform program approved by parliament, it has a good chance of stabilizing its economy and achieving growth in the years ahead, according to Jacob Funk Kirkegaard. Progress on the structural reform front can then lead to a discussion with European and international credit ...

China Economic Watch China Chart of the Week: Stock Suspensions Ebb
Kent Troutman and Huang Zixuan — July 17, 2015
As Chinese official took drastic measure over the last two week to slow the free fall equity market, the number of stocks that ceased trading activities spiked. At the peak on July 8th, 1347 stocks were suspended which represented 49% of the total number of stocks and 31% of market capita ...

Policy Brief 15-11 Hungary under Orbán: Can Central Planning Revive Its Economy? [pdf]
Simeon Djankov — July 17, 2015
Under Prime Minister Orbán, economic policy in Hungary has increased the role of the state in many sectors of the economy, either through outright nationalization or through aggressive regulatory changes.

China Economic Watch Equity Series Part 5: Should US Investors be Worried About the China Equity Correction?
Kent Troutman — July 15, 2015
Read previous posts in this series on China's equity markets by clicking here. The dramatic price declines in China's domestic equity market have given rise to a number of questions about the possible impact on investors in the US. ...

Paper From Drift to Deals: Advancing the WTO Agenda [pdf]
Gary Clyde Hufbauer, Euijin Jung, Sean Miner, Tyler Moran and Jeffrey J. Schott — July 15, 2015
The World Trade Organization (WTO) needs a grand bargain to pursue 21st century pacts that keep policymakers, business leaders, and the public engaged, while answering the legitimate demands of developing members to reduce longstanding distortions to farm trade and manufactures.

Op-ed Brazil's Perverse Development Bank Distortions Aggravate Economic Slump
Monica de Bolle — July 15, 2015
Brazil's state-owned bank was founded in 1952 with the explicit mandate to provide long-term credit to infrastructure projects. It has since evolved into an institution that provides long-term credit to very large and profitable companies, helping to perpetuate a cycle of high interest rates and relatively low investment rates. The time has come to rethink its role.

RealTime Economic Issues Watch Germany and Greece: In Victory, Magnanimity?
Jacob Funk Kirkegaard — July 14, 2015
The agreement between Greece and its international creditors [pdf] announced on Monday represents a predictable capitulation by the Gre ...

RealTime Economic Issues Watch Finally, Greece Has a Chance to Rebound
Angel Ubide — July 13, 2015
The agreement announced on Monday between Greece and its international creditors—consisting of the Eurogroup of finance ministers, the European Central Bank (ECB), and the International Monetary Fund—is good for Greece. But the process has been detrimental for Europe and for the euro.

China Economic Watch Equity Series Part 4: The Equity Market Rally and Financial Sector's Share of GDP Growth
Kent Troutman — July 13, 2015
Read previous posts in this series on China's equity markets by clicking here. In our previous post, we looked at what the impact of the equity market drawdown could have on GDP grow ...

China Economic Watch Equities Series Part 3: Effect of the Stock Market Correction on China's Economy
Sean Miner and Jan Zilinsky — July 12, 2015
Read previous posts in this series on China's equity markets by clicking here. Are falling stock prices in China a sign of deeper economic frictions? Is a drag on the real economy inevitable? As Paul Samuelson said, “The stock marke ...

China Economic Watch China Chart of the Week: How Severe is the Price Correction of Chinese Stocks?
Jan Zilinsky — July 10, 2015
Given the fast growth of the size of Chinese stock market in recent years, those who are watching the price reversal of Chinese stocks are ...

Trade and Investment Policy Watch PIIE Chart: Auto Safety Regulations in the United States and European Union
Caroline Freund and Sarah Oliver — July 9, 2015
The United States and the European Union have an array of different automobile safety regulations. But have these different rules led to different results in terms of auto safety? The answer would appear to be no.

RealTime Economic Issues Watch Hold Your Nose and Offer Greece Debt Relief Conditioned on Reform
William R. Cline — July 9, 2015
It didn't have to be this way, with Greece in default to the International Monetary Fund (IMF) and facing possible default on the European Central Bank (ECB) and consequently at risk of being forced to print its own money and exit the euro. ...

RECENT EVENTS

 

Catherine L. Mann

OECD Study on the Future of Productivity

OECD Chief Economist Catherine L. Mann presents her groundbreaking study on productivity, followed by comments from CEA Chairman Jason Furman.

Vitor Gaspar

Gains from Harmonizing US and EU Auto Regulations under the Transatlantic Trade and Investment Partnership

Caroline Freund and Sarah Oliver discuss the potential gains from harmonizing automobile regulations under the TTIP.

Vitor Gaspar

IMF Presentation on Fiscal Policy and Growth

Vitor Gaspar presents the IMF's new assessment of the relationship between fiscal policy and economic growth.

PIIE SHORT



The Future of Worldwide Income Distribution

Worldwide income distribution is becoming more equal. This video presents new evidence that global income inequality will decline further in 2035, largely owing to rapid economic growth in the emerging-market economies, with India, China, and Sub-Saharan Africa reaping the most gains.

PIIE SHORT VIDEOS



Hopeful Outlook for Greece

If Greece implements its reform program approved by parliament, it has a good chance of stabilizing its economy and achieving growth in the years ahead, according to Jacob Funk Kirkegaard. Progress on the structural reform front can then lead to a discussion with European and international creditors about providing debt relief to Greece.




An Economic Tragedy in Six Charts

Greece's descent into its difficulties is narrated and visualized through six charts. They focus on the severity of the economic downturn, reduced government spending, the increase in public debt and how Greek debt has changed hands from the private sector to European taxpayers.

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