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China Economic Watch China Chart of the Week: Staying the Course on Monetary Support
Kent Troutman — September 12, 2014
In several speeches earlier this week at the World Economic Forum’s summer forum in Tianjin, Premier Li Keqiang reemphasized the government’s ...

North Korea: Witness to Transformation North Korean Adventures in the Horn of Africa
Marcus Noland — September 12, 2014
Two Dutch researchers, Joost Oliemans and Stijn Mitzer, recently wrote a highly informative piece, “North Korea and Ethiopia, Brothers in Arms,” on North Korea’s military cooperation with that African country. Yet the story is even more convoluted than described in their piece, the upshot being that ...

audio Peterson Perspectives Interview Scotland: To Secede or Not to Secede?
Adam S. Posen — September 11, 2014
Adam S. Posen assesses the dangers to Scotland, the United Kingdom, Europe, and the world economy if Scotland decides to break away from the United Kingdom in a referendum on September 18.

Op-ed Should the World Fund Food Aid to North Korea?
Marcus Noland — September 10, 2014
Humanitarian activities by the UN's World Food Program and private relief groups constitute the longest ongoing engagement between North Korea and the international community. But the regime's actions create an ethical conundrum that may be reaching its breaking point.

News Release New Book by Nicholas R. Lardy Finds Private Businesses Are the Drivers of China's Economic Growth
September 10, 2014
WASHINGTON—In Markets over Mao: The Rise of Private Business in China, Nicholas R. Lardy's analysis shows the economic reform process that began in the late 1970s has tran ...

RealTime Economic Issues Watch Alibaba IPO Underlines Rise of Chinese Private Sector
Nicolas Véron — September 9, 2014
On Friday, September 5, Alibaba Group filed details about its forthcoming initial public offering (IPO), suggesting a mid-range valuation of US $155 billion. This would make the Hangzhou-based web retailer the most valuable listed private-sector company headquartered on the Chinese mainland, ahea ...

RealTime Economic Issues Watch Did Putin Win in East Ukraine?
Gary Clyde Hufbauer — September 8, 2014
Did Putin win in east Ukraine? The short answer is "yes," at least on the geopolitical chessboard. In economic terms, the victory will prove costly to Russia. To understand Putin's victory, it's helpful to reach back 80 years to the League of Nations sanctions imposed against Italy in 1935, in a ...

RealTime Economic Issues Watch The ECB Throws down the Gauntlet
Jacob Funk Kirkegaard — September 5, 2014
The European Central Bank (ECB) surprised financial markets on September 4 by announcing an interest rate cut of 10 basis points, a new program to purchase asset-backed securities (ABS) in the nonfin ...

Paper Fiscal and Macro-structural Challenges and Policy Recommendations for the Euro Area and Its Member States under the 2014 Semester Cycle [pdf]
Jacob Funk Kirkegaard — September 5, 2014
In a paper requested by the European Parliament's Economic and Monetary Affairs committee, Jacob Funk Kirkegaard presents important policy challenges for the euro area and proposals to enhance the working of the Euro Group.

Speech Currency Wars and the International Economic Order [pdf]
C. Fred Bergsten — September 5, 2014
The United States should mobilize a coalition of nonmanipulators to achieve the needed systemic changes to correct the failure of the international monetary system to effectively sanction surplus countries.

China Economic Watch Will Chinese Local Governments Now Turn to Bonds?
Ryan Rutkowski — September 4, 2014
This week China revised its budget law for the first time since its inception 20 years ago. One of the more important changes is to formalize ongoing experiments in local government bond issuance. The change is certainly a ...

RealTime Economic Issues Watch How Markets and Soccer Could Impede Scottish Independence
Jacob Funk Kirkegaard — September 4, 2014
Recent polls suggest that support for Scottish independence is growing, and the once comfortable lead by opponents has diminished with the approach of the September 18 referendum. The pro–Great Britain ...

China Economic Watch China Chart of the Week: NPLs on the Rise
Nicholas Borst — September 3, 2014
Despite the tremendous ups and downs of the Chinese financial system during the past few years, the non-performing loan (NPL) ratio has remained almost unchanged. Between June of 2011 and June of 2014, the NPL ratio has only increased by 0.1 percent. The total renminbi amount of NPLs is actually ...

Speech An Old School Proposal to Meet Monetary Policy Requirements in the Current Financial Environment
Adam S. Posen — September 3, 2014
The big lesson of the financial crisis is that there is no one interest rate that gets in all the cracks of the modern economy. This is even more relevant for monetary stimulus postcrisis than tightening. Therefore, the European Central Bank should be buying asset-backed securities of small business loans now.

RealTime Economic Issues Watch A Sensible Step to Mitigate Sovereign Bond Dysfunction
Anna Gelpern — August 29, 2014
Lingering fallout from the debt crises in Argentina and Greece exposed serious flaws in the sovereign debt restructuring process: Small groups of creditors were able to extract preferential treatment and cause serious disruptions for everyone else. On August 29, 2014, the International Capital ...



Nicholas R. Lardy

Markets over Mao: The Rise of Private Business in China

Nicholas R. Lardy presents his latest book, Markets over Mao, followed by commentary from Richard McGregor, Financial Times, and Jin-Yong Cai, International Finance Corporation.

Bill Shorten

Global Growth: Trade, Equity, and Opportunity

Bill Shorten, member of the Australian parliament, speaks at PIIE on the effects of global growth.

William R. Cline

The Road to Global Prosperity

Michael Mandelbaum, Johns Hopkins University School of Advanced International Studies, discusses his new book at PIIE.


In a video interview, Nicholas R. Lardy previews a PIIE event on September 10 discussing the conclusions of his latest book published by the Institute, Markets over Mao: The Rise of Private Business in China.

View the event


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