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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 An Important IMF Reform
Olivier Blanchard — February 12, 2016
The world became a bit safer last month—at least at one margin. The International Monetary Fund (IMF) adopted a lending reform with important implications for the future stability of the world economy. To understand the reform, one has to start with financial globalization. Over th ...

RealTime Economic Issues Watch Bail-in Securities and the Current Equity Market Turmoil
Avinash Persaud — February 12, 2016
The current equity market slide is being led by European banks and stems in large part from market concerns over their newly issued bail-in securities. Bail-in securities begin life as a five-year bond that converts into equity when bank capital falls below a certain threshold. At higher threshol ...

North Korea: Witness to Transformation The Ghost of Pat Robertson
Marcus Noland — February 12, 2016
Back in 1999, Pat Robertson, TV preacher, former Republican presidential candidate and all around fan of the apocalypse, raised the possibility that rather than fight, it might be better just to “take out” Kim Jong-il rather than to “spend billions of dollars on a war that harms innocent civilians a ...

Op-ed The Bank of Japan Is Moving Too Slowly in the Right Direction
Joseph E. Gagnon — February 11, 2016
Bank of Japan Governor Haruhiko Kuroda's bold program to get Japan out of deflation has made enormous progress, but it has fallen well short of its goal of 2 percent inflation within two years.

Working Paper 16-1 The Origins of the Superrich: The Billionaire Characteristics Database [pdf]
Caroline Freund and Sarah Oliver — February 11, 2016
Freund and Oliver present a new dataset on the sources of billionaire wealth and use it to describe changes in extreme wealth in the United States, Europe, and other advanced countries. The dataset provides an important tool for analyzing worldwide trends in billionaire wealth growth and can be used for studies of wealth inequality or big business.

News Release Peterson Institute Publishes New Book on Emerging-Market Tycoons and their Mega Firms
February 11, 2016
WASHINGTON—Extreme wealth may be the object of envy and resentment, but a new book shows that in many cases in the developing world, the creation of that wealth is correlated positively with jobs, increased economic prosperity, and elevation ...

China Economic Watch How the Yuan Crisis Could Forge a New Currency Order
Avinash Persaud — February 11, 2016
The pace of decline in China's external currency reserves is accelerating, feeding panicky selling of the yuan and heralding a likely change in China's exchange rate arrangements. Exchange rate pressures in China are spilling over to regional currencies and global stock markets. In January alo ...

RealTime Economic Issues Watch Designing Growth-Indexed Bonds When Interest Rates Are Low
Paolo Mauro — February 11, 2016
Our recent Policy Brief [pdf] focuses on the benefits of growth-indexed bonds for a country's solvency, by reporting the evolution of the debt-to-GDP ratio. In a world of perfect markets, only solvency would matt ...

RealTime Economic Issues Watch PIIE Chart: Infant Mortality Rate in Post-Communist Countries—Progress Varies 25 Years after Communism
Simeon Djankov and Owen Hauck — February 10, 2016
A little more than 25 years after the fall of communism, post-communist states have achieved divergent results in thei ...

RealTime Economic Issues Watch For Europe, Financial Innovation Is a Better Bet than a Fiscal Transfer Union
Paolo Mauro — February 10, 2016
The fire started in the basement, almost completely burning down the house. Fortunately, your neighbor was out of town. You had told him to replace his old furnace to save money, but he procrastinated. Many neighbors offered to help, some more than others. The neighborhood's solidarity was tou ...

Op-ed Why the Trans-Pacific Partnership Isn't a Bum Deal
Gary Clyde Hufbauer and Cathleen Cimino-Isaacs — February 10, 2016
The agreement promises huge benefits for the US economy and furnishes the economic pillar for US geopolitical strategy in Asia.

Op-ed Study: Firms with More Women in the C-Suite Are More Profitable
Marcus Noland and Tyler Moran — February 9, 2016
New research analyzing nearly 22,000 firms globally finds that going from having no women in corporate leadership to a 30 percent female share is associated with a one-percentage-point increase in net margin—which translates to a 15 percent increase in profitability for a typical firm.

Policy Brief 16-2 The Case for Growth-Indexed Bonds in Advanced Economies Today [pdf]
Olivier Blanchard, Paolo Mauro and Julien Acalin — February 9, 2016
The introduction of growth-indexed bonds will benefit highly indebted advanced economies and, in the euro area, might provide a partial market-based solution to attain valuable insurance benefits well ahead of a formal fiscal union.

China Economic Watch China’s Current Account in 2015: A Growing Trade Surplus
Sean Miner — February 8, 2016
As a percent of GDP, China’s current account in 2015 was the largest since 2010 at 2.72 percent.  In dollar terms, the current account was a record $293 billion, mainly due to a swelling trade surplus of 3.42 percent of GDP (figure 1). This surplus was widely expected, as China’s total imports dropp ...

Working Paper 16-3 Is Gender Diversity Profitable? Evidence from a Global Survey [pdf]
Marcus Noland, Tyler Moran and Barbara Kotschwar — February 8, 2016
A global survey of nearly 22,000 firms from 91 countries reveals the relative dearth of women in high leadership positions. The authors find that the presence of women in corporate leadership positions may improve firm performance and the payoffs of policies that facilitate women rising through the corporate ranks more broadly could be significant.

News Release New Peterson Institute Research on over 21,000 Companies Globally Finds Women in Corporate Leadership Can Signficantly Increase Profitability
February 8, 2016
WASHINGTON—An extraordinary new survey of 21,980 publicly traded companies in 91 countries demonstrates that the presence of more female leaders in top positions of corporate management correlates with increased profitability of these compan ...

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 ...



Caroline Freund

Rich People Poor Countries: The Rise of Emerging-Market Tycoons and their Mega Firms

Caroline Freund presents her latest book, analyzing how a new and growing crop of billionaires is driving development and industrialization in poor countries.

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.


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.


The Case for Growth-Indexed Bonds in Advanced Economies Today [pdf]
Olivier Blanchard
Paolo Mauro
Julien Acalin

The US Phillips Curve: Back to the 60s? [pdf]
Olivier Blanchard

An Assessment of the Korea-China Free Trade Agreement [pdf]
Jeffrey J. Schott
Euijin Jung
Cathleen Cimino-Isaacs

Toward a European Migration and Mobility Union [pdf]
Jacob Funk Kirkegaard

Pitching a Level Playing Field: Women and Leadership in Sports [pdf]
Barbara Kotschwar
Tyler Moran


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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