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Op-ed
India's Inflation Puzzle
Arvind Subramanian
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India's double-digit inflation is considerably higher than that in other emerging-market economies. This high inflation cannot be explained solely through supply and policy shocks. Arvind Subramanian hypothesizes that land market distortion has been aggravated by capital flows into real estate that have led to increases in land prices. In India's service-based economy where land is an important input, this price increase can lead to cost-push inflation.
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Op-ed
The Kremlin's New Policy in Its Near Abroad
Anders Åslund
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Russia's foreign policy has changed and the new one appears primarily pragmatic, focusing on its national interests. It reflects Russia's newly-felt need to modernize the economy and attract foreign investment. Anders Åslund argues that this pragmatism is a signal that the Kremlin has realized that its old, aggressive policy does not work. This shift offers a new opportunity for Russian cooperation with the West. The proof of the pudding would be if Russia finally joins the WTO.
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PIIE Noted in the News and on the Web
Washington Post
Neil Irwin's Must Reads
Neil Irwin lists PIIE Senior Fellow Joseph Gagnon's Policy Brief, "The World Needs Further Monetary Ease, Not an Early Exit," as a "must read" in the debate on whether the largest economies in the world should continue or end government stimulus.
Preview of Our Next Issue
Policy Brief
Renminbi Undervaluation, China's Surplus, and the US Trade Deficit
William R. Cline
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