Peterson Institute for International Economics Update Newsletter
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PIIE Update Newsletter
October 4, 2012

"Washington's premier think tank on the global economy"
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FEATURED
 
  New Book
Private Rights and Public Problems: The Global Economics of Intellectual Property in the 21st Century

Keith E. Maskus
  
  Private Rights and Public Problems: The Global Economics of Intellectual Property in the 21st Century "A landmark publication produced by a distinguished author who continues to lead in a field he helped create and define, this volume offers three essential resources that policy discussions on intellectual property always need but rarely exhibit so abundantly: theoretical precision, a sound empirical footing, and robust common sense."
Antony Taubman, Director, Intellectual Property Division, World Trade Organization


"It is hard to find an area of international commerce in which policy discussions do not touch on questions of intellectual property (IP) protection—whether they concern medicines or music, seeds or solar cells. Few economists have studied these questions as thoroughly as Keith Maskus. This book is a state-of-the art resource for anyone seeking insight into thinking and evidence on international IP matters."
Carsten Fink, Chief Economist, World Intellectual Property Organization


"Keith Maskus remains essential reading. Twelve years after Intellectual Property Rights in the Global Economy, this book builds upon more than fifteen years of experience since the inception of the WTO TRIPS Agreement. Lucidly written, it makes available economic analysis and policy suggestions to a wider audience interested in the legal challenges of shaping a proper balance of private rights and public goods. The book makes a critical contribution to the debate."
Thomas Cottier, Managing Director, World Trade Institute, University of Bern, Switzerland


"In this book, Maskus maps out the landscape of what we know and do not know in this critical policy domain and offers up a useful, balanced, and thought-provoking set of policy recommendations. Not everyone who cares about innovation and technology diffusion in the 21st century global economy will agree with all the recommendations Maskus makes, but even those who disagree will benefit from reading this book."
Lee Branstetter, Associate Professor of Economics and Public Policy, Carnegie Mellon University, and former Senior Economist, Council of Economic Advisers

>> Preview and purchase book online
>> View the release event

  Working Paper 12-16
Transactions: A New Look at Services Sector Foreign Direct Investment in Asia
[pdf]

Jacob Funk Kirkegaard
   
  Jacob Funk Kirkegaard In this paper Kirkegaard presents new micro-level data consisting of individual greenfield investment projects and mergers and acquisitions as a source for detailed analysis of services sector cross-border investment flows among the Asian Development Bank (ADB) regional membership in Asia. The new transactional foreign direct investment (FDI) data are methodologically distinct from traditional BPM5-compliant FDI data but found to yield generally comparable aggregates, when compared with the latest available International Monetary Fund (IMF) data from the Comprehensive Direct Investment Survey for the ADB regional membership. The services sectors are found to receive considerably larger amounts of foreign investment, when compared with the Asian region's manufacturing and raw materials sectors. OECD countries account for roughly three-quarters of total recorded inward services sector FDI of about $2 trillion, relatively evenly split between the United States, the EU-27, and regional OECD-level-income countries. The presence of sizable regional "upward flowing" services sector investments into OECD-level-income economies is verified. Kirkegaard draws preliminary policy conclusions based on the new transactional FDI data results concerning prospects for regional services sector liberalization, threshold income levels for inward services sector FDI, upward-flowing regional services FDI, and preferred modes of services sector investments.

>> Read full working paper [pdf]

  Working Paper 12-17
Prospects for Services Trade Negotiations
[pdf]

Jeffrey J. Schott, Minsoo Lee, and Julia Muir
   
  Jeffrey J. Schott Trade and investment in services are difficult to measure, and the regulatory barriers that inhibit the free flow of services are hard to quantify. As a result, very little attention has been paid to dismantling barriers to services trade and investment. Rather, free trade negotiations tend to focus on liberalizing merchandise trade. This paper examines what has been achieved in both regional and multilateral compacts by surveying international precedents involving Asian countries in which services reforms have been included in bilateral and regional trade pacts. The authors then assess the prospects for services trade negotiations and explore how services trade negotiations could be pursued over the next decade through two distinct channels: the Trans-Pacific Partnership (TPP) and a plurilateral approach among groups of WTO countries. The authors find that in the case of developing Asia, free trade agreements have largely excluded services or have only committed to "lock in" current practices in a narrow subset of service sectors. This is also the case in agreements negotiated between developing countries, which have produced less substantial commitments to liberalize services than those negotiated between developing and developed countries. Multilateral negotiations on services have also underperformed, as substantive negotiations on services in the Doha Round never really got underway. To that end, the authors advocate a stronger effort by developing Asian countries to prioritize services negotiations in their regional arrangements and to expand coverage of services in those pacts to a broad range of infrastructure services that are included in other FTAs in force or under construction in the Asia-Pacific region.

>> Read full working paper [pdf]


Peterson Perspectives Interviews

audio  Sanctions Are Finally Hitting Iran Hard: Part I
Gary Clyde Hufbauer says that banking, insurance, and oil sanctions are causing huge currency and economic problems in Iran.

audio  Sanctions Are Finally Hitting Iran Hard: Part II
Gary Clyde Hufbauer explains how the US Treasury has used the power of the dollar to tighten economic pressure on Iran—and how cyber warfare against the financial system might come next.

audio  Uprisings and Protests in Europe: Part I
Jacob Funk Kirkegaard says the protests in Greece may help the government in Athens in its negotiations with creditors but are unlikely to disrupt Greece's drive toward austerity and reform.

audio  Uprisings and Protests in Europe: Part II
Jacob Funk Kirkegaard explains how the protests in Catalonia could complicate Spain's austerity and reform drive and how Portuguese demonstrators forced the Lisbon government to adjust its fiscal measures.



Recent Blog Posts

RealTime Economic Issues Watch   China Economic Watch    North Korea:  Witness to Transformation
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Protests, Riots, Rightists Rage in Europe—But No Ill Effect

Britain's Contractionary Fiscal Stimulus

Major SPR Oil Sales Are in the Offing

The US Case Against Chinese Autos and Auto Parts Is Not Likely to Curb Imports Dramatically

Why a Spanish Approach to the ESM Will Help
  China's Infrastructure Funding Suffers from Credibility Gap

The Change in Renminbi Expectations

Christmas Time for Local Infrastructure in China

Urbanization and Economic Growth in China

What China Can Learn from Germany

  More Iran Sanctions: Peterson Institute and Israeli Leaks

Slave to the blog: Death, taxes, thermonuclear war

The Return of the Axis of Evil

China: Paranoia Strikes Deep

Can't Get Enough Gangnam Style?


PIIE Noted in the News and on the Web

Wall Street Journal's Real Time Economics
Currency-War Fears Are Overblown, Bergsten Says
C. Fred Bergsten discusses the differences between central banks embarking on quantitative easing and countries taking measures to intentionally lower exchange rates.

NPR's Morning Edition
Easy Money May Boost Economy But At What Cost?
Jacob Funk Kirkegaard says that the trillions of dollars being pumped into the global economy by central banks come with risks and that easy money could lead to long-term rises in inflation, or even new housing bubbles.



Preview of Our Next Issue

Working Paper
Developing the Services Sector as Engine of Growth for Asia: An Overview
Marcus Noland, Donghyun Park, and Gemma B. Estrada

Op-ed
The New Indian Politics: No Slowdown, No Panic
Arvind Subramanian

Op-ed
Where Is the Bharatiya Janata Party?
Arvind Subramanian
 
 
In This Issue
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Events
Keith Maskus Private Rights and Public Problems: The Global Economics of Intellectual Property in the 21st Century

Keith Maskus presents the findings of his latest book on intellectual property rights.
   
Luis Garicano Breaking the Deadlock: A Path Out of the Euro Crisis

Luis Garicano, Institute for New Economic Thinking Council on the Euro Zone Crisis, presents the Council's reform proposals for the euro area.
podcast

Featured Book
Transatlantic Economic Challenges in an Era of Growing Multipolarity Transatlantic Economic Challenges in an Era of Growing Multipolarity

Jacob Kirkegaard
Nicolas Véron
Guntram B. Wolff, eds.
podcast

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