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audio Peterson Perspectives Interview Sanctions on Iran: Why They Worked and Why a 'Snapback' May Not Work
Gary Clyde Hufbauer — July 29, 2015
Gary Clyde Hufbauer explains that economic sanctions on Iran resulted from complex financial and diplomatic activity by Washington, complicating the challenge should sanctions have to be reimposed.

Testimony The Role of Bankruptcy Reform in Addressing Too Big To Fail [pdf]
Simon Johnson — July 29, 2015
The largest and most complex financial firms need to become much simpler and smaller in order for either bankruptcy or the FDIC's single point of entry strategy to work. If authorities are unwilling or unable to simplify and downsize too-big-too-fail banks, they should substantially increase the required amount of loss absorbing equity for those firms.

North Korea: Witness to Transformation STTB: Railroads, Tax-Free Trade, Bombs, Laibach, and Fox News
Marcus Noland — July 29, 2015
As usual, let's start serious and then go weird. First up, railroads. As careful readers may recall, Pyongyang sabotaged Seoul's attempt to join the Organization for Co-operation between Railways (OSJD), which would have facilitated President Park Geun ...

Trade and Investment Policy Watch The US-Iran Nuclear Deal and the Effectiveness of Economic Sanctions
Cathleen Cimino-Isaacs, Gary Clyde Hufbauer, and Jeffrey J. Schott — July 28, 2015
The agreement announced on July 14 by the United States, Iran, and five other world powers has provoked a debate in Congress over whether too many concessions were made for too few steps by Iran to curb its nuclear program activities.

audio Peterson Perspectives Interview Will Greece Make It After All?
Jacob Funk Kirkegaard and Edwin M. Truman — July 28, 2015
Jacob Funk Kirkegaard and Edwin M. Truman offer cautiously optimistic and cautiously pessimistic views respectively about Greece’s prospects for recovery and growth following another bailout.

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 ...

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 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.




Sanctions on Iran: Why They Worked and Why a 'Snapback' May Not Work

Gary Clyde Hufbauer explains that economic sanctions on Iran resulted from complex financial and diplomatic activity by Washington, complicating the challenge should sanctions have to be reimposed.

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