Peterson Institute Press Room

Media Advisory: Indian Ambassador to US Meera Shankar to Speak on India's Role in the World Economy and the Future of US-India Relations

WHO:	C. Fred Bergsten Director, PIIE Meera Shankar Indian Ambassador to the United States
WHAT:	Remarks on India's Global Economic Role & Future of US-India Relations
WHEN:	Friday, November 18, Noon–2:00 PM (Lunch at noon, program at 12:30)
WHERE:	C. Fred Bergsten Conference Center Peter G. Peterson Institute for International Economics 1750 Massachusetts Avenue, NW Washington, DC 20036 (Metro: Red Line to Dupont Circle, south exit.)
RSVP:	Katharine Keenan, Media Relations Manager 202.454.1334 Note: This meeting is open to all press but by invitation only to the general public.

President Obama has invited Indian Prime Minister Manmohan Singh to be his administration's first state visitor on November 24. It is expected that the two heads of state will focus on further strengthening the US-India relationship and continued cooperation on issues such as the economic downturn, climate change and counterterrorism The week before the visit, Indian Ambassador to the US, Meera Shankar, will present remarks at PIIE on India's role in the global economy and the future of US-India relations. Ambassador Shankar's remarks should offer an important preview of what is to come.

About Ambassador Shankar

Ambassador Shankar has held several high-level assignments during her career as an officer of the Indian Foreign Service. She served as Director in the Prime Minister's Office from 1985-1991, after which she was posted to Washington as Minister (Commerce) from 1991-1995. Thereafter she headed the Indian Council of Cultural Relations in New Delhi, overseeing India's cultural diplomacy. Her most recent assignment was as Ambassador to Germany from December 2005 to April 2009.

If you are not able to attend, audio and video of the event will be available at: www.piie.com/events/events.cfm

Media Advisory: Remarks on "The New World Order: The Influence of Asia and Emerging Countries"

WHO:	C. Fred Bergsten Director, PIIE Gerard Lyons Chief Economist and Group Head of Global Research, Standard Chartered Bank
WHAT:	Remarks on "The New World Order: The Influence of Asia and Emerging Countries"
WHEN:	Friday, October 30, Noon–2:00 PM (Lunch at noon, program at 12:30)
WHERE:	C. Fred Bergsten Conference Center Peter G. Peterson Institute for International Economics 1750 Massachusetts Avenue, NW Washington, DC 20036 (Metro: Red Line to Dupont Circle, south exit.)
RSVP:	Katharine Keenan, Media Relations Manager 202.454.1334 Note: This meeting is open to all press but by invitation only to the general public.

The Peterson Institute will host a luncheon meeting on Friday, October 30 to discuss "The New World Order: The Influence of Asia and Emerging Countries," featuring remarks by Gerard Lyons, Chief Economist and Group Head of Global Research at Standard Chartered Bank. Following his initial presentation, Dr. Lyons will take questions from the audience.

About Gerard Lyons

Dr. Lyons is a leading expert on the world economy, international financial system, macroeconomic policy and global markets. He has 20 years' experience in senior roles with some of the world's leading financial institutions. Previous positions include Chief Economist at DKB International and consultant to the Dai-Ichi Kangyo Bank and Chief UK Economist at Swiss Bank Corporation. Dr. Lyons has testified frequently to UK Parliamentary Committees, made presentations to annual meetings of Commonwealth Finance Ministers and published widely on financial and economic issues.

If you are not able to attend, audio and video of the event will be available at: www.piie.com/events/events.cfm

Media Advisory: Russian Minister of Finance Alexei Kudrin on Russian Economic Policy in the Midst of the Global Financial Crisis

WHO:	C. Fred Bergsten Director, PIIE C. Randall Henning Visiting Fellow, PIIE Jong-Wha Lee Chief Economist & Head of Office of Regional Economic Cooperation, ADB Christopher MacCormacc Resident Director General, ADB North American Representative Office Michael Mussa Senior Fellow, PIIE
WHEN:	Wednesday, October 14, Noon–2:00 PM (Lunch at noon, program at 12:30)
WHERE:	C. Fred Bergsten Conference Center Peter G. Peterson Institute for International Economics 1750 Massachusetts Avenue, NW Washington, DC 20036 (Metro: Red Line to Dupont Circle, south exit.)
RSVP:	Katharine Keenan, Media Relations Manager 202.454.1334 Note: This meeting is open to all press but by invitation only to the general public.

Asian Development Bank (ADB) chief economist Dr. Jong-Wha Lee will address a PIIE luncheon meeting on Wednesday, October 14. He will speak on "Asia's Recovery and Global Imbalances," a topic of particular importance since Asia leads the global recovery and will play a central role in the rebalancing strategy agreed at the G-20 summit in Pittsburgh. Dr. Lee will participate in a panel discussion with PIIE Director C. Fred Bergsten and Senior Fellows Michael Mussa and Randy Henning following his remarks.

The session coincides with the US launch of the update to ADB's flagship publication, the Asian Development Outlook, released in March. The update projects economic expansion of developing Asia to come in at 3.9%, revised up by 0.5 percentage points from the ADO 2009 forecast of 3.4%. The growth projection for 2010 is likewise upgraded to 6.4% from 6.0%.

If you are not able to attend, audio and video of the event will be available at:
www.piie.com/events/events.cfm

>> Sign up to receive Peterson Institute media advisories and news releases via RSS:
http://www.piie.com/rss/press.xml

About Jong-Wha Lee

Jong-Wha Lee is Chief Economist, Economics and Research Department (ERD); and Head, Office of Regional Economic Integration (OREI); of the Asian Development Bank. As Chief Economist, Dr. Lee is the chief spokesperson for ADB on economic forecasts and trends. ERD undertakes economics and policy research and capacity building, supports ADB operations, networks with the international research community, and produces the annual Asian Development Outlook, ADB's flagship publication forecasting economic trends in the region. As Head of OREI, Dr. Lee oversees the development of strategies and approaches to promote regional cooperation and integration as a platform for poverty reduction and promotion of economic development in Asia and the Pacific.

Dr. Lee has over 20 years of professional experience as an economist and academic including at such institutions as the International Monetary Fund (IMF) Harvard University, Inter-American Development Bank, United Nations Development Programme and World Bank. He also served as a member of the National Economic Advisory Council in the Republic of Korea.

Prior to joining ADB, Dr. Lee was Director of the International Center for Korean Studies and Professor of Economics at Korea University. He has published numerous books and reviewed journal articles, especially on the topics of human capital, growth, financial crises, and economic integration.

Dr. Lee, a national of the Republic of Korea, obtained his Ph.D. and Master's degree in Economics from Harvard University, and his Master's and Bachelor degrees in Economics from Korea University in Seoul.

If you are not able to attend, audio and video of the event will be available at: http://www.piie.com/events/events.cfm

News Release: Energy Efficiency in Buildings: Necessary for Low Cost Climate Change Solutions

Washington—In 2008, G-8 leaders set a goal of reducing global greenhouse gas (GHG) emissions by 50 percent below current levels by 2050. Reaching this goal demands a wholesale transformation in the world's production, consumption, and use of energy resources. Buildings account for almost 40 percent of total GHG emissions—more than transportation or any other sector. Improving energy efficiency in buildings is considered one of the cheapest ways to reduce emissions and an opportunity for producing high impact at relatively low, and often negative, cost.

...

Read full news release

News Release: Former IMF Chief Economist Mussa Predicts 4 Percent Economic Growth for US and World Next Year with US Unemployment Dropping Below 9 Percent

Washington—While most economic forecasters expect a tepid recovery this year and next, a leading economist at the Peterson Institute for International Economics (PIIE) is predicting that GDP growth in the United States and the world will be considerably higher than generally anticipated. Michael Mussa, senior fellow at PIIE and former chief economist at the International Monetary Fund (IMF), predicts that real GDP growth in the world will be 4.2 percent in 2010 over 2009, and real GDP growth in the United States will be 4.0 percent from the middle of 2009 through the end of next year. This is only about two-thirds the pace of typical US recoveries from sharp recessions but it is nearly double the consensus predictions of other top forecasters.

The Mussa projections [pdf] also imply a cumulative rise of US real GDP from the second quarter of 2009 to the final quarter of 2010 of almost 7 percent, or about $875 billion in 2005 real dollars. This is considerably higher than the August 2009 Blue Chip Survey, which projected a cumulative rise of barely more than 3 percent. Blue Chip forecasts suggest unemployment in the United States rising above 10 percent. Dr. Mussa projects it to peak at or a little below 10 percent this year and below 9 percent by the end of next year.

Dr. Mussa's findings could have wide-ranging implications for leaders of the world's top economies as they gather in Pittsburgh for the G-20 summit later this month. They will meet to assess the global economic picture and plan future actions, including whether to carry out an early "exit strategy" from the interventions during the crisis of the last year or whether additional stimulus measures might be needed. A more robust than anticipated growth rate in the United States could also have an important impact on the American political scene as the nation heads into an election next year.

The findings were released on September 17 by Dr. Mussa at a luncheon meeting at PIIE.

At the same event, Nicholas Lardy, senior fellow and author of several books and numerous papers on China's economy, unveiled his own conclusion that China's growth in 2009 will be in the 8- to 9-percent range and that next year it will probably be in the 9- to 10-percent range. Moreover, Dr. Lardy argues that China's recovery is sustainable, contrary to the contention of some specialists that recovery is short term because of its dependence on temporary government spending for investment. For example, he argues, household consumption growth is the strongest of any emerging market. The conclusions of Dr. Mussa and Dr. Lardy indicate that the two most important economic powers are poised to help the world climb out of the worst global economic downturn in modern history. (See table 1.)

"The great global recession of 2008 and early 2009 is over and world recovery is now under way," Dr. Mussa reported at the PIIE event. Whereas most forecasters expect a weak recovery, and some fear a "double dip" in which economies fall back into recession at an early stage, Dr. Mussa holds the view that "a V-shaped recovery is still the most likely course"—that is, a steep recovery following a deep recession.

Dr. Mussa notes that the latest figures show that the world recession bottomed out around the middle of this year. His forecast for global real GDP growth (on a year-over-year basis) is minus 1.1 percent this year and 4.2 percent for 2010, spurred in part by greater than anticipated growth in developing countries and emerging markets. His forecast for 2009 is modestly above corresponding forecasts by the IMF but considerably higher than the IMF forecasts for 2010. The IMF is somewhat more pessimistic than the average of most published forecasts.

The latest forecasts are especially striking for the United States. The latest figures on US GDP indicate a decline of real growth in 2009 of minus 2.4 percent, compared to 2008. But real GDP growth during the second half of 2009 is now expected to sharply reverse the decline of the first half of the year. Also remarkable is that the real GDP during 2010 is expected to grow 5 percent on a fourth-quarter-to-fourth-quarter basis, underpinning the projection of a rise of 4 percent year-to-year. Dr. Mussa's cautionary note is that typical recessions in the United States have been followed by growth in the first six quarters afterward of about 10 percent. Thus his projection suggests a growth substantially short of the recoveries following recessions of the 1950s through the 1980s.

Dr. Mussa's and Dr. Lardy's presentations at PIIE were scheduled to be followed by a question-and-answer session presided over by C. Fred Bergsten, director of PIIE.

Table 1 Real GDP Growth Forecasts for 2009 and 2010 Mussa Baseline and IMF (July 2009 Year-over-year percentage changes)

Country/Region	2008	Mussa 2009	Mussa 2010	IMF 2009	IMF 2010

World	2.7	–1.1	4.2	–1.4	2.5
Advanced economies	0.5	–3.3	3.3	–3.8	0.6
United States	0.4	–2.4	4.0	–2.6	0.8
Japan	–0.7	–5.2	2.5	–6.0	1.7
United Kingdom	0.7	–4.0	2.5	–4.2	0.2
Canada	2.0	–2.0	3.4	–2.3	1.6
Euro Area	0.6	–3.7	2.3	–4.8	–0.3
Germany	1.0	–4.8	2.2	–6.2	–0.6
France	0.3	–3.0	2.2	–3.0	0.4
Italy	–1.0	–4.5	1.8	–5.1	–0.1
Other Euro Area	1.4	–3.0	2.5	—	—
Other Advanced	1.6	–3.5	4.5	–3.9	1.0
Developing Countries	7.6	1.9	5.4	1.5	4.7
Asia	7.9	6.0	7.8	5.5	7.0
China	9.0	8.3	9.0	7.5	8.5
India	7.1	6.4	7.5	5.4	6.5
Other Developing Asia	6.3	0.5	5.5	—	—
Latin America	4.1	–2.3	3.4	–2.6	2.3
Brazil	5.1	Nil	3.6	–1.3	2.5
Mexico	1.4	–5.8	3.0	–7.3	3.0
Central & Eastern Europe	3.0	–3.5	2.6	–5.0	1.0
Commonwealth of Independent States	5.5	–4.8	2.6	–5.8	2.0
Middle East	4.2	2.0	4.0	2.0	3.7
Africa	5.2	2.0	4.0	1.8	4.1

About the Peterson Institute

The Peter G. Peterson Institute for International Economics is a private, nonprofit, nonpartisan research institution devoted to the study of international economic policy. Since 1981 the Institute has provided timely and objective analysis of, and concrete solutions to, a wide range of international economic problems. It is one of the very few economics think tanks that are widely regarded as "nonpartisan" by the press and "neutral" by the US Congress, it is cited by the quality media more than any other such institution, and it was recently selected as Top Think Tank in the World in the first comprehensive survey of over 5,000 such institutions. Support is provided by a wide range of charitable foundations, private corporations, and individual donors, and from earnings on the Institute's publications and capital fund. It celebrated its 25th anniversary in 2006 and adopted its new name at that time, having previously been the Institute for International Economics.

News Release | Peterson Institute and World Resources Institute Widen Scope of Climate Change Research: Doris Duke Charitable Foundation Awards $400,000 Grant

Washington—The Doris Duke Charitable Foundation (DDCF), via its Climate Change Initiative, has awarded the Peterson Institute for International Economics (PIIE) a grant of $400,000. The one-year grant will fund PIIE's research, in collaboration with the World Resources Institute (WRI), on international financing of low-carbon growth under a post-2012 climate agreement.

Under the leadership of PIIE Director C. Fred Bergsten and WRI President Jonathan Lash, this partnership will harness the two organizations' expertise in international finance, climate change, and financing mechanisms designed to meet mitigation and adaptation needs in developing countries. The new research program will complement ongoing PIIE-WRI work on the intersection of trade and climate change policies funded by a 2008 DDCF grant.

"With the International Energy Agency estimating the cost of a 50 percent reduction in global emissions by 2050 at $45 trillion beyond business as usual, it is not surprising that the challenge of finding financing for an international agreement quickly rises to the top of the agenda," said Dr. Bergsten. "Working with WRI, we aim to provide international negotiators with a better understanding of the challenge and options with which to overcome it."

The project will:

assess the level and nature of global investment necessary to address climate change;
evaluate potential sources of mitigation and adaptation financing;
prescribe changes in bilateral and multilateral policies and institutions to facilitate the investment;
address the challenge of coordinating existing mechanisms and institutions in the likely event that negotiators in Copenhagen will not agree on a single new institution to oversee mitigation and adaptation financing;
monitor and influence efforts at mainstreaming and innovating climate policies through multilateral development bank policies and funds; and
analyze and support national climate change plans and programs that major developing countries are putting in place, which would determine how these funds cohere in energy, land use, and transport policies at the national and local levels.

"We are grateful for the Doris Duke Charitable Foundation's support for this important work," said Jonathan Lash, president of WRI. "The challenge of climate change should mark the end of business as usual for investors in conventional fossil fuel technologies. Only those institutions—existing, new, or reformed—that can demonstrate they are ready to support—a transformation to a low-carbon economy—while continuing to serve the energy needs of growing economies should be entrusted with the new resources generated by climate change policy."

Initial results from this research are expected in fall 2009, including two policy briefs on "US Funding and the United Nations Framework Convention on Climate Change" and "Climate Change and the Bretton Woods Architecture." Further research will be published in book form in spring 2010. The book will demonstrate how to manage capital flows institutionally to enable low-carbon growth. It will also address the role and constraints of international financial institutions in making low-carbon investments possible in emerging markets and offer practical insights into how to coordinate those efforts along with private-sector funds.

As climate change legislation moves through the US Senate and world leaders prepare to negotiate a post-2012 agreement at the December UNFCCC climate change conference in Copenhagen, it is essential that US and world leaders understand the issues at stake. A profound shift in the global economic order resulting from the current crisis will undermine efforts to address climate change and produce dire consequences without a sustainable approach. Climate control efforts must be viable economically in order to be worthwhile and successful. To date, most research on international financing has concentrated on specific mechanisms or institutions rather than where climate-related funding fits into the changing financial landscape and broader coordination issues. PIIE and WRI's joint research seeks to fill this knowledge gap and help shape the policy debate.

About the Institutes

PIIE (www.piie.com) is a private, nonprofit, and nonpartisan research institution devoted to the study of international economic policy. Since 1981, the Institute has provided timely and objective analysis of, and concrete solutions to, a wide range of international economic problems.

WRI (www.wri.org) is an independent, nonpartisan, and nonprofit organization with a staff of more than 100 scientists, economists, policy experts, business analysts, statistical analysts, mapmakers, and communicators developing and promoting policies that will help protect the Earth and improve people's lives.

About the Doris Duke Charitable Foundation

The mission of the Doris Duke Charitable Foundation is to improve the quality of people's lives through grants supporting the performing arts, environmental conservation, medical research, the prevention of child maltreatment, and through preservation of the cultural and environmental legacy of Doris Duke's properties.

The goal of the DDCF Climate Change Initiative is to help build a clean-energy economy. In pursuit of this goal, the initiative supports analytical work that informs the government policies that are needed to foster technological innovation in the energy sector and accelerate the emergence of new clean-energy technologies. This includes work related to the mechanisms and institutions that support clean-energy technology development around the globe, including financing mechanisms.

News Release: New Book Calls for Further Chinese Currency Reforms

Washington—In an important new study of China's currency practices, two senior fellows at the Peterson Institute for International Economics conclude that China's currency, the renminbi, remains significantly undervalued and that China should continue its currency reforms even in the face of a global economic slowdown. Morris Goldstein and Nicholas Lardy, in their new book The Future of China's Exchange Rate Policy, also recommend that China disavow any future strategy of "competitive undervaluation" of the renminbi that might be aimed at dealing with reduced global demand for Chinese exports. They call for a further appreciation of the renminbi, although at a slower pace than in 2008, and for rejection of export promotion measures, even if such steps are technically consistent with China's World Trade Organization (WTO) obligations.

The authors say that when the global economy begins to recover, the Chinese authorities should increase the pace of appreciation. They call for China to reach a goal of substantially reducing, within three to four years, its slightly diminished—but still large—current account surplus. When this has been achieved, the authors conclude, the Chinese authorities should further curtail their intervention in the foreign exchange market and remove the daily fluctuation limit on the renminbi (so that the currency would essentially be floating). The Chinese authorities should also further liberalize restrictions on international capital flows, the authors say. This policy trajectory, they assert, would demonstrate that China is working cooperatively and constructively to address the global recession, reduce overinvestment in tradable goods industries, provide increased room to maneuver in the implementation of monetary policy, and put China on the path toward capital account convertibility.

The Peterson Institute's new study comes at a time when China's policies and practices have been at the center of worldwide debate and controversy. In much of this period, the United States, the International Monetary Fund, and others have called on China to let the value of its currency rise. The new book is the latest in a series of studies and warnings on the subject by the Peterson Institute, which first voiced many of these concerns in 2003, some years ahead of the major international leaders and policymakers.

Four years ago, partly in response to some of this global criticism, China initiated a reform of its exchange rate policy. It remains unclear, however, how the Obama administration will handle the issue. Publication of The Future of China's Exchange Rate Policy comes at a pivotal moment, only one week before first session of the Strategic and Economic Dialogue between high-level administration officials—led by Treasury Secretary Timothy Geithner and Secretary of State Hillary Rodham Clinton—and their Chinese counterparts, scheduled July 27–28 in Washington.

Mr. Goldstein and Mr. Lardy conclude, in their book, that China has taken some significant strides to let the renminbi rise in value but that some of this rise is attributable to the appreciation in the value of the dollar against other currencies resulting from the global economic turmoil and the "flight to safety" of investors seeking dollar-denominated securities. The book provides a comprehensive review of the steps by China since its 2005 announcement of financial and currency reforms, and it examines the difficult challenges and policy choices that China faces in the future.

Beyond these major conclusions, the book traces the recent history of Chinese practices and policies, reaching several conclusions. First, the origins of China's undervalued currency of the past 5–6 years lie in the decision of the authorities in the mid-1990s to fix the nominal value of the renminbi to the dollar. This policy was a great success for the first five years because the value of the dollar was appreciating and the nominal peg of the renminbi to the dollar meant that the Chinese currency was appreciating steadily on a real, trade-weighted basis. The pace of this appreciation, more than 3 percent per year, roughly offset the growth of productivity in China's tradable goods sector. Thus Chinese goods did not gain in international competitiveness, and China's external surplus from the mid-1990s through the early years of this decade averaged only 1–2 percent of gross domestic product.

But beginning in 2002 the dollar began to depreciate and China's nominal peg to the dollar meant that its currency began to depreciate in real effective terms. Productivity growth in the tradable goods sector continued, so the gap between China's equilibrium exchange rate and its real effective exchange rate began to widen. By mid-2005, when the currency reform was announced and China abandoned the renminbi:dollar peg, the gap between these two rates (one measure of undervaluation) was about 25 percent.

A second conclusion is that two years after the new currency policy came into force, the degree of undervaluation of the renminbi was actually greater than in mid-2005. Through late 2007 the cumulative real, trade-weighted appreciation of the renminbi was less than productivity growth in the tradable goods sector, so the degree of undervaluation deepened. In the process, the current account surplus soared from 1.3 percent of gross domestic product in 2001 to an astonishing 11 percent in 2007.

From November 2007 through the end of 2008, however, the pace of appreciation increased substantially. According to three alternative measures of the real effective exchange rate analyzed in the study, half to three-quarters of the cumulative appreciation of the renminbi between July 2005 and the end of 2008 occurred in the period of November 2007–December 2008. The central feature of this conclusion is that the degree of undervaluation of the renminbi is still 15 to 25 percent on a real, effective basis. The currency is less undervalued than it was in late 2007, however.

Third, the study concludes that in Chinese past two years the authorities have taken more forceful action to rebalance the sources of China's economic growth. They seek to encourage increased domestic consumption and to reduce the reliance on an expanding trade surplus to generate that growth. The acceleration of the pace of appreciation of the renminbi from late 2007 onward is one example of this. Another is the dramatic increase in government outlays for social programs, including education, health, and social security. Budget outlays on these programs increased by more than three-fifths between 2006 and 2008. Most noticeably, government outlays on health doubled, facilitating a substantial expansion of health insurance coverage and a reduction in the share of healthcare costs paid out of pocket by Chinese households. This accelerated rebuilding of China's social safety net will eventually reduce the precautionary demand for savings and increase household consumption, Goldstein and Lardy say. Chinese authorities recently have also introduced important reforms that have increased the prices of fuels and electricity, effectively reducing the subsidies that have primarily benefited the production of tradable goods.

The Future of Chinese Exchange Rate Policy
Policy Analyses in International Economics 87
Morris Goldstein and Nicholas R. Lardy
ISBN paper 978-0-88132-416-7
July 2009 | 133 pp. | $20.95

About the Authors

Morris Goldstein, Dennis Weatherstone Senior Fellow since 1994, has held several senior staff positions at the International Monetary Fund (1970–94), including deputy director of its Research Department (1987–94). He is the author of Managed Floating Plus (2002), The Asian Financial Crisis: Causes, Cures, and Systemic Implications (1998), The Case for an International Banking Standard (1997), and The Exchange Rate System and the IMF: A Modest Agenda (1995), coeditor of Debating China's Exchange Rate Policy (2008), and Private Capital Flows to Emerging Markets after the Mexican Crisis (1996), coauthor of Controlling Currency Mismatches in Emerging Markets (2004) and Assessing Financial Vulnerability: An Early Warning System for Emerging Market (2000), and project director of Safeguarding Prosperity in a Global Financial System: The Future International Financial Architecture (1999).

Nicholas R. Lardy, senior fellow at the Peterson Institute for International Economics since 2003, was a senior fellow in the Foreign Policy Studies Program at the Brookings Institution from 1995 to 2003. He was the director of the Henry M. Jackson School of International Studies at the University of Washington from 1991 to 1995. From 1997 through the spring of 2000, he was the Frederick Frank Adjunct Professor of International Trade and Finance at the Yale University School of Management. His publications include Debating China's Exchange Rate Policy (2008), China's Rise: Challenges and Opportunities (2008), China: The Balance Sheet (2006), Prospects for a US–Taiwan Free Trade Agreement (2004), Integrating China into the Global Economy (Brookings Institution Press, 2002), China's Unfinished Economic Revolution (Brookings Institution Press, 1998), China in the World Economy (Institute for International Economics, 1994), and Foreign Trade and Economic Reform in China, 1978–1990 (Cambridge University Press, 1992).

About the Peterson Institute

The Peter G. Peterson Institute for International Economicsis a private, nonprofit, nonpartisan research institution devoted to the study of international economic policy. Since 1981 the Institute has provided timely and objective analysis of, and concrete solutions to, a wide range of international economic problems. It is one of the very few economics think tanks that are widely regarded as "nonpartisan" by the press and "neutral" by the US Congress, it is cited by the quality media more than any other such institution, and it was recently selected as Top Think Tank in the World in the first comprehensive survey of over 5,000 such institutions. Support is provided by a wide range of charitable foundations, private corporations, and individual donors, and from earnings on the Institute's publications and capital fund. It celebrated its 25th anniversary in 2006 and adopted its new name at that time, having previously been the Institute for International Economics.