Peterson Institute for International Economics Update Newsletter
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PIIE Update Newsletter
December 3, 2012

"Washington's premier think tank on the global economy"
—The Washington Post
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FEATURED
 
  News Release
Arvind Subramanian's Book, Eclipse, Named Best Book by China Business News
   
  Arvind Subramanian The Peterson Institute for International Economics is pleased to announce that Eclipse: Living in the Shadow of China's Economic Dominance (2011), by Arvind Subramanian, has been named one of the three Best Books of 2012 by China Business News. Subramanian, a senior fellow at the Institute and at the Center for Global Development, shares this year's Best Book honor with Henry Kissinger for his book, On China, and with Zhou Xiaochuan, the governor of the Central Bank of China, for his book, The Global Financial Crisis: Observations, Analysis and Countermeasures. The award was presented during China Business News's annual conference in Beijing on November 24. Eclipse was published by the Peterson Institute and has been translated into Chinese, Japanese, and Spanish (forthcoming). There are more than 100,000 copies in print worldwide.

>> Read full news release [pdf]

  Policy Brief 12-23
Updated Estimates of Fundamental Equilibrium Exchange Rates
[pdf]

William R. Cline and John Williamson
   
  In this semiannual update of their estimates of fundamental equilibrium exchange rates (FEERs), William R. Cline and John Williamson again find that the overvaluation of the dollar and undervaluation of the Chinese renminbi have become much more modest than in previous years, as their current account imbalances have narrowed. Seriously undervalued currencies now include those of Singapore, Taiwan, Hong Kong, and Malaysia, as well as the Swiss franc and Swedish krona. Serious overvaluation persists for Turkey, New Zealand, Australia, and (though less so than before) South Africa. The authors welcome the new External Sector Report of the International Monetary Fund, which generally finds the same directions of misalignment across currencies, with the notable exception of Switzerland. However, they criticize the Fund's methodology for conflating positive (observed pattern) and normative (systemically salutary) behavior, in particular by awarding high acceptable current account surplus targets, particularly to Singapore and Switzerland, because of financial center status and past accumulation of massive external assets.

>> Read full policy brief [pdf]

  News Release
C. Fred Bergsten Reappointed to Ex-Im Bank Advisory Committee
   
  C. Fred Bergsten The Peterson Institute for International Economics is pleased to announce that C. Fred Bergsten, director of the Institute, has been appointed to another one-year term on the Advisory Committee of the Export-Import Bank of the United States (Ex-Im Bank). He was initially appointed to serve on the committee in December 2011. The Ex-Im Bank is the official export credit agency of the United States government. Its mission is to assist in financing the export of US goods and services to international markets at no cost to American taxpayers. The Ex-Im Bank approved $35.7 billion in total authorizations in FY 2012, including more than $6.1 billion directly supporting small-business export sales. Its authorizations support an estimated $50 billion in US export sales and approximately 255,000 American jobs.

The Advisory Committee to the Board, established in 1983, has 16 members appointed by the bank's board of directors, who are in turn appointed by the President of the United States. The committee advises the bank on its programs, assesses whether it is meeting its mandate to help exports, and provides comments for inclusion in its reports to the Congress. Its membership is drawn from leaders in government, finance, environment, small business, production, agriculture, labor, and services. Other members include Governor Christine Gregoire of the state of Washington, former Administrator of the Environmental Protection Agency Carol Browner and Citigroup Board Chairman Michael O'Neill.

>> Read full news release [pdf]


Peterson Perspectives Interviews

audio  Iconic Battle over a Steel Manufacturer in France
Nicolas Véron discusses the sharp confrontation between a French industry minister and the Indian-born chairman of ArcelorMittal, which is seeking to cut jobs and close mothballed factories in France.

audio  New Agenda and New Leadership in Mexico: Part I
Barbara Kotschwar says President Obama can encourage incoming President Enrique Peña Nieto of Mexico to undertake economic and energy sector reforms.

audio  New Agenda and New Leadership in Mexico: Part II
Barbara Kotschwar analyzes President-elect Enrique Peña Nieto's pledges to shift priorities on anti-drug enforcement and cooperate with the United States on economic ties and immigration.



Recent Blog Posts

RealTime Economic Issues Watch   China Economic Watch    North Korea:  Witness to Transformation
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The Ex-Im Bank's Shortsighted "Double Loss" Policies

Obama Should Think Globally in Appointing a New SEC Chair

More Jockeying over Greece's Inevitable Haircut

The Socialist Dilemma of François Hollande: To Be Schröder or Zapatero?

Global Financial Reform and Cross-Border Integration: Is Asian Leadership Needed?
  Time to Address Income Inequality in China?

A Legacy of Inland Development

China's Dream Team

China's Leadership Transition and Economic Reform

Paths Toward Rebalancing the Chinese Economy
  Slave to the Blog: Bad News Edition

"War on Christmas" in North Korea?

Three Generations of Punishment

South Korean Public Opinion on Aid to North Korea

Scott Snyder and Co. on Global Korea for the Council on Foreign Relations


PIIE Noted in the News and on the Web

CNBC
Why the UK Won't See Business Investment Bonanza
Adam S. Posen explains why the Bank of England is too downbeat on the UK economy.

Bloomberg TV
Europe Writedown of Greek Debt Expected 'Last'
Jacob Funk Kirkegaard discusses the European Union's aid package for Greece, the role of the International Monetary Fund, and the outlook for Spanish banks.
 
 
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