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Peterson Institute Press


Five Reasons Why the Focus on Trade Deficits Is Misleading

Mon, 12 Mar 2018 14:00:00 -0400

President Trump has asserted that trade balances are a key measure of a nation’s commercial success and that large US trade deficits prove that past trade approaches have been flawed. But trade deficits are not in fact a good measure of how well a country is doing with respect to its trade policies...

The Search for a Euro Area Safe Asset

Wed, 07 Mar 2018 16:45:00 -0500

This paper evaluates four approaches to creating “safe assets” or asset portfolios for the euro area: (1) a diversified portfolio of senior tranches of sovereign debt (“national tranching”); (2) a senior security backed by a diversified pool of national sovereign debt (“ESBies”); (3) debt issued by...

The Dispute Settlement Crisis in the World Trade Organization: Causes and Cures

Thu, 01 Mar 2018 13:45:00 -0500

Since its inception in 1995, the World Trade Organization’s (WTO) dispute settlement mechanism has resolved an impressive number of trade disputes and has earned a reputation as the “crown jewel” of the global trading system. Today, however, the mechanism is in crisis. WTO members have failed to...

Global Imbalances and the Trade Slowdown

Thu, 22 Feb 2018 10:30:00 -0500

From the mid-1990s until the financial crisis, global trade grew twice as fast as global income, far faster than in previous or subsequent periods. During this period of rapid trade growth, global current account imbalances also expanded rapidly. If excess savings in some countries financed more...

Why Has the Stock Market Risen So Much Since the US Presidential Election?

Fri, 16 Feb 2018 10:15:00 -0500

Immediately following the US presidential election in November 2016, many economists were concerned that increased uncertainty over economic policy would lead to a decline in the US stock market. From the time of the election to the end of 2017, however, the stock market, as measured by the...

The New Tax Law’s Impact on Inequality

Mon, 05 Feb 2018 14:15:00 -0500

The centerpiece of the Tax Cuts and Jobs Act (TCJA) of 2017 is the reduction in the corporate tax rate from 35 percent to 21 percent. The Joint Committee on Taxation has estimated the net revenue loss from the tax overhaul at $1 trillion over the next decade. The underlying premise of the...

Earmarked Revenues: How the European Union Can Learn from US Budgeting Experience

Thu, 25 Jan 2018 10:00:00 -0500

New challenges facing the European Union—immigration pressures, the need to decrease security dependence on an increasingly erratic United States, and the United Kingdom's exit from the European Union (Brexit)—are compelling EU leaders to consider overhauling the revenue side of the European Union’...

China Needs Better Credit Data to Help Consumers

Tue, 23 Jan 2018 15:15:00 -0500

Formidable barriers stand between the modern financial system and the hundreds of millions of Chinese citizens still using costly informal credit. For many, the financial data that could be used to give them a credit score that would lead to a fair priced loan exist but are not being used. This...

ECB Interventions in Distressed Sovereign Debt Markets: The Case of Greek Bonds

Wed, 17 Jan 2018 12:00:00 -0500

The authors study central bank interventions in times of severe distress (mid-2010), using a unique bond-level dataset of European Central Bank (ECB) purchases of Greek sovereign debt. ECB bond buying had a large impact on the price of short and medium maturity bonds, resulting in a remarkable “...

Do Governments Drive Global Trade Imbalances?

Fri, 22 Dec 2017 23:15:00 -0500

This paper examines the extent to which government policies are responsible for the pattern of current account (trade) imbalances and, by implication, the extent to which such policies might be used to achieve the G-20 goal of reducing imbalances. Fiscal balances and foreign exchange intervention...