Latest Books

Inside the Euro Crisis: An Eyewitness Account
June 2014

In mid-2009 Simeon Djankov, who had dealt with a variety of economic and financial crises as chief economist for finance and private sector development at the World Bank, was suddenly thrust into the job of finance minister of his native Bulgaria. For nearly four years in that post, he attended...

Managing the Euro Area Debt Crisis
June 2014

First came the financial and debt crisis in Greece, then government financing difficulties and rescue programs in Ireland in 2010 and Portugal in 2011. Before long, Italy and Spain were engulfed by financial contagion as well. Finally in 2012, the European Central Bank pledged to do "whatever it...

Confronting the Curse: The Economics and Geopolitics of Natural Resource Governance
May 2014

Countries blessed with abundant natural resources often seek financial and political power from their supposedly lucky status. But the potentially negative impact of natural resources on development of poor countries is captured in the phrase "the resource curse." Instead of success and...

Economic Normalization with Cuba: A Roadmap for US Policymakers

Gary Clyde Hufbauer (PIIE), Barbara Kotschwar (PIIE), assisted by Cathleen Cimino-Isaacs (PIIE) and Julia Muir (PIIE) 

April 2014

Will the Obama administration's decision to normalize relations with Cuba usher in a new era of economic cooperation, trade, and investment between the two countries? This prescient book, published only eight months before President Obama's historic announcement at the end of 2014, provides...

Fueling Up: The Economic Implications of America's Oil and Gas Boom
Trevor Houser (PIIE) and Shashank Mohan (Rhodium Group)
January 2014

New drilling techniques for oil and natural gas are propelling an energy production renaissance in the United States. As the US economy struggles to emerge from the Great Recession, many see the boom as a possible source of economic salvation that could reduce unemployment and revitalize...

How Latin America Weathered the Global Financial Crisis
January 2014

Why has the economy of Latin America responded more positively than Asia, Europe or the United States after being hit by the recent global financial crisis? Three years after the worst of the crisis, Latin America's GDP is 25 percent higher than its precrisis level. José De Gregorio, Governor of...

Responding to Financial Crisis: Lessons from Asia Then, the United States and Europe Now

edited by Changyong Rhee and Adam S. Posen (PIIE)

October 2013

The Asian financial crisis of 1997–98 was devastating for the region, but policymakers at least believed that they gained a great deal of knowledge on how to prevent, mitigate, and resolve crises in the future. Fifteen years later, the Asian developing countries escaped the worst effects of the...

Local Content Requirements: A Global Problem
September 2013

In the wake of the Great Recession of 2008–09, economists feared that protectionist policies might sweep the world economy, echoing the wave of tariff escalations during the Great Depression of the 1930s. To some surprise, officials were more restrained and largely avoided traditional forms of...

Foreign Direct Investment in the United States: Benefits, Suspicions, and Risks with Special Attention to FDI from China
August 2013

Americans have long been ambivalent toward foreign direct investment in the United States. Foreign multinational corporations may be a source of capital, technology, and jobs. But what are the implications for US workers, firms, communities, and consumers as the United States remains the most...

Outward Foreign Direct Investment and US Exports, Jobs, and R&D: Implications for US Policy

Gary Clyde Hufbauer (PIIE), Theodore H. Moran (PIIE), and Lindsay Oldenski (PIIE), assisted by Martin Vieiro (PIIE)

August 2013

It is not in the US interest to adopt tax and regulatory policies that would discourage global engagement by US multinational corporations (MNCs). Research presented in this book shows that the expansion of foreign affiliates of US MNCs is positively associated with more production, greater...