2021-04-15T14:07:18-05:00 2020-06-30 111986323 MARCUM LLP 1899 L STREET NW SUITE 850 WASHINGTON DC 20036 990 2019-07-01 521226967 PETER G PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS PETE 2023289000 1750 MASSACHUSETTS AVE NW WASHINGTON DC 200361903 ADAM POSEN PRESIDENT 2023289000 2021-04-14 1 FRANK H SMITH P00639053 2022274000 2019 2022-09-23 18:48:47Z ADAM POSEN 1750 MASSACHUSETTS AVE NW WASHINGTON DC 200361903 32005984 0 X WWW.PIIE.COM X 1981 DC SUPPORT RIGOROUS, INTELLECTUALLY OPEN, HONEST STUDY AND DISCUSSION OF INT'L ECONOMIC POLICY. 45 44 60 44 -35213 -37213 17579571 13830973 0 0 1771303 949092 75986 39985 19426860 14820050 0 0 0 0 8148540 8842381 39984 39000 610055 4535601 3979211 12724125 12860592 6702735 1959458 89223291 91145648 4443156 3495830 84780135 87649818 X THE PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS IS A PRIVATE, NOT-FOR-PROFIT INSTITUTION FOR RIGOROUS, INTELLECTUALLY OPEN, HONEST STUDY AND DISCUSSION OF INTERNATIONAL ECONOMIC POLICY. ITS PURPOSE IS TO IDENTIFY AND ANALYZE IMPORTANT ISSUES RELATED TO MAKING GLOBALIZATION BENEFICIAL AND SUSTAINABLE FOR THE PEOPLE OF THE UNITED STATES AND THE WORLD. THE INSTITUTE SEEKS TO DEVELOP AND COMMUNICATE PRACTICAL APPROACHES FOR DEALING WITH GLOBAL ECONOMIC CHALLENGES. IT IS NONPARTISAN AND IS DEDICATED TO ANTICIPATING ISSUES AND PROPOSING PRACTICAL IDEAS IN USEFUL AND ACCESSIBLE FORMATS, AND TO INFORM AND ELEVATE PUBLIC DEBATE ON THESE SUBJECTS. 0 0 5649248 RESEARCH: THE INSTITUTE'S STAFF OF ABOUT 13 SENIOR FULL-TIME RESEARCHERS, 26 NONRESIDENT FELLOWS, AND 1 VISITING FELLOW, PURSUED OBJECTIVE ANALYSIS AND PRACTICAL ADVICE ON SUCH TOPICS AS INTERNATIONAL TRADE AND INVESTMENTS, INTERNATIONAL FINANCE AND EXCHANGE RATES, MACROECONOMIC POLICY AND CRISIS RESPONSE, GLOBALIZATION AND HUMAN WELFARE, AND AREA STUDIES OF KEY ECONOMIC REGIONS, INCLUDING INDIA, JAPAN, KOREA, RUSSIA, THE EUROPEAN UNION, AND THE MIDDLE EAST, AS WELL AS THE UNITED STATES AND ITS NAFTA PARTNERS. CURRENT PRIORITIES EMPHASIZED GLOBAL SUPPLY CHAINS AND MULTINATIONAL INVESTMENTS; THE GROWING ROLE OF CHINA; GLOBALIZATION, INEQUALITY, AND UNEMPLOYMENT; THE GLOBAL FINANCIAL AND ECONOMIC CRISIS AND ESPECIALLY ITS BANKING AND MONETARY COMPONENTS; NATIONAL AND INTERNATIONAL FINANCIAL REGULATIONS; TRADE NEGOTIATIONS; AND REFORMING THE INTERNATIONAL MONETARY SYSTEM. 1661708 OUTREACH: THE INSTITUTE, DRAWING ON ITS INDEPENDENCE, RESEARCH, AND CONVENING POWER, HELD 27 (12 VIRTUAL) ON-THE-RECORD PUBLIC MEETINGS THIS PERIOD, MOST OF THEM WEBCAST LIVE, AND 31 PRIVATE OFF-THE-RECORD POLICY DISCUSSIONS, AND 8 BREAKFAST SESSIONS ON THE EUROPEAN CRISIS. IN ADDITION, 20 RESEARCH SEMINARS AND STUDY GROUPS FOR STAFF AND SELECTED INVITEES WERE HELD TO DISCUSS PRESENTATIONS BY SCHOLARS INSIDE AND OUTSIDE THE INSTITUTE. THE AUDIENCES FOR THESE EVENTS INCLUDED ACADEMICS, BUSINESS LEADERS, US AND FOREIGN GOVERNMENT OFFICIALS, OFFICIALS AT INTERNATIONAL ORGANIZATIONS, CONGRESSIONAL STAFFS, ADVOCACY GROUPS, POLICY INSTITUTE EXPERTS, JOURNALISTS, POLICYMAKERS, AND SUPPORTERS AND FRIENDS OF THE INSTITUTE. THE PURPOSE WAS TO INFORM A BROAD RANGE OF INTERESTED PARTIES AND ENCOURAGE VIGOROUS DEBATE AND EXCHANGE OF DIFFERENT POINTS OF VIEWS TO ENRICH THE BROADER POPULATION'S UNDERSTANDING OF COMPLEX ISSUES. 916242 35284 PUBLICATIONS: IN AN EFFORT TO DISSEMINATE THE INSTITUTE'S RESEARCH AND ANALYSIS TO THE WIDEST POSSIBLE AUDIENCE, IT PUBLISHED 19 POLICY BRIEFS, 20 WORKING PAPERS, 1 PIIE BRIEFING, 189 BLOG POSTS, 26 PIIE CHARTS, AND 43 PODCASTS. IN ADDITION, INSTITUTE SCHOLARS PROVIDED EXPERT TESTIMONY TO US HOUSE OF REPRESENTATIVES, COMMITTEE ON ECONOMIC AND MONETARY AFFAIRS, EUROPEAN PARLIAMENT COMMITTEE, AND HOUSE COMMITTEE ON FOREIGN AFFAIRS. THEY PRODUCED 62 OP-EDS AND 13 SPEECHES AND OFFERED THEIR VIEWS ON FOUR SEPARATE BLOGS AND IN AUDIO AND VIDEO INTERVIEWS FEATURED ON THE INSTITUTE'S WEBSITE. SENIOR FELLOWS APPEARED ON ALL THE MAJOR BROADCAST OUTLETS, INCLUDING CNN, NPR, ABC, PBS NEWS HOUR, BLOOMBERG TV, CNBC, FOX BUSINESS NEWS, AND VOICE OF AMERICA, OFTEN FROM THE INSTITUTE'S IN-HOUSE TV AND RADIO STUDIO. THE INSTITUTE HOSTED PRESS CONFERENCE CALLS, MEDIA LUNCHES, AND DID EXTENSIVE SOCIAL MEDIA AND HAD MILLIONS OF UNIQUE VISITORS COME TO THE INSTITUTE'S WEBSITE DURING THE YEAR. 764932 COMMUNICATIONS - THE INSTITUTE CREATES AUDIOVISUAL MATERIALS, INTERACTIVE GRAPHICS, AND SOCIAL MEDIA CONTENT TO DEEPEN THE PUBLIC'S AND POLICYMAKERS' UNDERSTANDING OF THE INTERNATIONAL ECONOMIC ISSUES DISCUSSED. 764932 8992130 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 0 1 0 0 1 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 27 0 1 60 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 45 44 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA IL MA MI NY X JOHN CURLE 2023289000 1750 MASSACHUSETTS AVE NW WASHINGTON DC 200361903 ADAM POSEN PRESIDENT 40.00 X 448736 0 44370 JESSE M NOLAND EXEC. VP & DIRECTOR OF STUDIES 40.00 X 429913 0 47015 C FRED BERGSTEN - PRESIDENT EMERITUS- UNTIL 01/2020; BOARD MBR 40.00 X 399072 0 40955 NICHOLAS R LARDY SENIOR FELLOW 40.00 X 379827 0 43785 OLIVIER BLANCHARD SENIOR FELLOW 40.00 X 365751 0 28917 CHAD BOWN SENIOR FELLOW 40.00 X 303381 0 48662 JACOB F KIRKEGAARD SENIOR FELLOW 40.00 X 282206 0 48599 STEVEN R WEISMAN VP OF PUBLICATIONS & COMM. 40.00 X 222069 0 24553 JERONIMO ZETTELMEYER SENIOR FELLOW - UNTIL 07/2019 40.00 X 210272 0 32871 JEFFREY A CORDEAU VP FOR OPERATIONS & CTO 40.00 X 178581 0 39158 MR MICHAEL A PETERSON CHAIR OF THE BOARD 5.00 X 0 0 0 HONORABLE LAWRENCE H SUMMERS VICE CHAIR OF THE BOARD 2.00 X 0 0 0 MR STEPHEN FREIDHEIM CHAIR OF EXEC. COMM. 2.00 X 0 0 0 MS CAROLINE ATKINSON BOARD MEMBER 1.00 X 0 0 0 MR AJAY BANGA BOARD MEMBER 1.00 X 0 0 0 MR MARK T BERTOLINI BOARD MEMBER 1.00 X 0 0 0 MS NEETI BHALLA JOHNSON BOARD MEMBER 1.00 X 0 0 0 MR FRANK BROSENS BOARD MEMBER 1.00 X 0 0 0 MR MARK CARNEY BOARD MEMBER 1.00 X 0 0 0 MR RONNIE C CHAN BOARD MEMBER 1.00 X 0 0 0 DR SUSAN M COLLINS BOARD MEMBER 1.00 X 0 0 0 MR RICHARD COOPER BOARD MEMBER 1.00 X 0 0 0 MR JASON CUMMINS BOARD MEMBER 1.00 X 0 0 0 MR BARRY EICHENGREEN BOARD MEMBER 1.00 X 0 0 0 MR STANLEY FISCHER BOARD MEMBER 1.00 X 0 0 0 MR PETER FISHER BOARD MEMBER 1.00 X 0 0 0 DR JACOB A FRENKEL BOARD MEMBER 1.00 X 0 0 0 MR EVAN G GREENBERG BOARD MEMBER 1.00 X 0 0 0 MR MAURICE HANK R GREENBERG BOARD MEMBER 1.00 X 0 0 0 MS KELLY GRIER BOARD MEMBER 1.00 X 0 0 0 MR HERBJORN HANSSON BOARD MEMBER 1.00 X 0 0 0 MR SHIGERU HAYAKAWA BOARD MEMBER 1.00 X 0 0 0 MR J TOMILSON HILL BOARD MEMBER 1.00 X 0 0 0 MR STEPHEN R HOWE JR BOARD MEMBER 1.00 X 0 0 0 MR JAY JACOBS BOARD MEMBER 1.00 X 0 0 0 MR HUGH JOHNSTON BOARD MEMBER 1.00 X 0 0 0 MR MICHAEL KLEIN BOARD MEMBER 1.00 X 0 0 0 MR CHARLES LAKE II BOARD MEMBER 1.00 X 0 0 0 MR DAVID M LEUSCHEN BOARD MEMBER 1.00 X 0 0 0 MR ANDREW LIVERIS BOARD MEMBER 1.00 X 0 0 0 MS BARBARA G NOVICK BOARD MEMBER 1.00 X 0 0 0 MS HUTHAM OLAYAN BOARD MEMBER 1.00 X 0 0 0 DR PETER ORSZAG BOARD MEMBER 1.00 X 0 0 0 MR JAMES W OWENS BOARD MEMBER 1.00 X 0 0 0 MR JONATHAN PRUZAN BOARD MEMBER 1.00 X 0 0 0 MS GINNI M ROMETTY BOARD MEMBER 1.00 X 0 0 0 LADY LYNN DE ROTHSCHILD BOARD MEMBER 1.00 X 0 0 0 MR RICHARD E SALOMON BOARD MEMBER 1.00 X 0 0 0 MR MOSTAFA TERRAB BOARD MEMBER 1.00 X 0 0 0 MR MARK TUCKER BOARD MEMBER 1.00 X 0 0 0 MR JIM UMPLEBY BOARD MEMBER 1.00 X 0 0 0 MR RONALD A WILLIAMS BOARD MEMBER 1.00 X 0 0 0 MR MIN ZHU BOARD MEMBER 1.00 X 0 0 0 HONORABLE ROBERT B ZOELLICK BOARD MEMBER 1.00 X 0 0 0 3219808 0 398885 21 0 1 0 VENABLE LLP PO BOX 62727 BALTIMORE MD 21264 LEGAL SERVICES 176157 1 13830973 13830973 761734 -35213 796947 2430 2430 17373292 17185934 187358 187358 187358 35284 0 35284 35284 MISCELLANEOUS 900099 2271 2271 2271 14820050 35284 -35213 989006 1865398 836519 963782 65097 5425065 4332270 726304 366491 417590 249550 147580 20460 712255 355774 323406 33075 422073 298139 98791 25143 205832 1849 201234 2749 94435 59 94376 39000 39000 364912 364912 822940 702590 110807 9543 145847 141962 3885 133272 113614 18404 1254 118355 112825 3997 1533 907305 803043 98222 6040 197387 179805 17582 179278 111819 48858 18601 446135 398273 44846 3016 69704 62226 7007 471 SUBSCR. & LIBRARY EXP. 293809 291813 1996 12860592 8992130 3258407 610055 5030193 9346913 8686137 9552434 1422500 779623 2060 2060 13793 13793 49868 23635 19040650 8743873 10685173 10296777 15244783 7783383 45672179 50930425 2416605 2416605 89223291 91145648 913857 831634 82588 82588 2887468 2453753 559243 127855 4443156 3495830 X 32818143 31639021 51961992 56010797 84780135 87649818 89223291 91145648 X 1959458 1085225 -175000 X 0 1 X 1 0 X 1448696 7239778 13908488 17579571 13830973 54007506 1448696 7239778 13908488 17579571 13830973 54007506 23535050 30472456 254524 425755 567439 959052 799377 3006147 48267 48267 1733 1733 57063653 175699 0.53400 0.55240 X SCHEDULE A, PART II, COLUMN (C) THE INSTITUTE CHANGED ITS ACCOUNTING PERIOD DURING CALENDAR YEAR 2016, AND THUS, THE 2015 FISCAL YEAR PRESENTED WAS A SHORT YEAR FOR TAX PURPOSES. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 42558394 7990953 1378415 1668861 50258901 36062269 6000000 2239994 1743869 42558394 34877354 2787081 1602166 36062269 31442966 4883894 1449506 34877354 28446895 6527580 -3531509 31442966 0.04890 0.82680 0.12430 0 0 2830800 2830800 14037869 6728698 7309171 1423211 1284942 138269 748770 730233 18537 10296777 HEDGE FUNDS 5424134 F MULTI-STRATEGY 9762356 F PRIVATE EQUITY 9411024 F INTERNATIONAL EQUITY 15173193 F DOMESTIC EQUITY 11159718 F 50930425 INTEREST RATE SWAP AGREEMENT 127855 127855 X 15592863 1085225 52500 1137725 14455138 364912 364912 14820050 12548180 52500 52500 12495680 364912 364912 12860592 PART V, LINE 4: THE INSTITUTE'S ENDOWMENT CONSISTS OF FUNDS ESTABLISHED TO SUPPORT THE SALARY AND RESEARCH COSTS OF SENIOR FELLOWS AND OTHER INITIATIVES AND INCLUDES BOTH DONOR-RESTRICTED ENDOWMENT FUNDS AND FUNDS DESIGNATED BY THE BOARD OF DIRECTORS TO FUNCTION AS ENDOWMENTS. THE ENDOWMENT IS THE CORE SOURCE OF OPERATIONAL FUNDS, INDEPENDENT FROM AND NOT RELIANT UPON EXTERNAL REVENUE SOURCES. ACCORDINGLY, THE SPENDING AND INVESTMENT POLICIES ARE DESIGNED IN TANDEM TO EARN AND PROVIDE SUSTAINABLE AND RELIABLE AMOUNTS ANNUALLY TO SUPPORT THE INSTITUTE'S PROGRAMS. RESTATEMENT: THE INSTITUTE HAS RESTATED ITS ALLOCATION OF INVESTMENT INCOME. THE INSTITUTE'S ENDOWMENT FUNDS ARE POOLED WITH OTHER FUNDS FOR INVESTMENT AND INVESTMENT INCOME IS ALLOCATED ON A PRO-RATA BASIS TO ENDOWMENT FUNDS. THE UNRESTRICTED AND TEMPORARILY RESTRICTED NET ASSETS REFLECT PRIOR RESTATEMENTS TO CORRECT FOR THE MISCALCULATION OF INVESTMENT INCOME. THE INSTITUTE ALSO RESTATED PERMANENTLY RESTRICTED ENDOWMENT FUNDS FOR THE FISCAL YEAR ENDING JUNE 30, 2017 TO RECLASSIFY FUNDS WHICH WERE PREVIOUSLY MISCALCULATED AS UNRESTRICTED. THESE RECLASSIFIED FUNDS ARE INCLUDED AS CONTRIBUTIONS IN THE PRIOR YEAR (FOUR YEARS BACK) OF SCHEDULE D, PART V. PART X, LINE 2: THE INSTITUTE EVALUATED ITS UNCERTAINTY IN INCOME TAXES FOR THE YEARS ENDED JUNE 30, 2020 AND 2019, AND DETERMINED THAT THERE WERE NO MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR THAT MAY HAVE ANY EFFECT ON ITS TAX-EXEMPT STATUS. CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 22474834 0 0 0 0 0 0 22474834 0 22474834 0 0 0 0 1 0 PART I, LINE 3: IN ACCORDANCE WITH IRS INSTRUCTIONS, ALL AMOUNTS REPORTED IN PART I OF SCHEDULE F ARE REPORTED USING THE ACCRUAL BASIS OF ACCOUNTING WHICH IS THE SAME METHOD OF ACCOUNTING USED IN THE FINANCIAL STATEMENTS. PART III ACCOUNTING METHOD: X X X X X X 1 THE HELEN BROWN GROUP 489 MT AUBURN STREET SUITE 4 WATERTOWN MA 02472 CONSULTING 0 0 39000 -39000 39000 -39000 CA IL MA MI NY DC X 1 1 X X X 0 1 0 0 0 0 0 0 0 ADAM POSEN PRESIDENT 448736 0 0 0 0 0 28000 0 16370 0 493106 0 0 0 JESSE M NOLAND EXEC. VP & DIRECTOR OF STUDIES 429913 0 0 0 0 0 28000 0 19015 0 476928 0 0 0 C FRED BERGSTEN - PRESIDENT EMERITUS- UNTIL 01/2020; BOARD MBR 250000 0 0 0 149072 0 25482 0 15473 0 440027 0 0 0 NICHOLAS R LARDY SENIOR FELLOW 379827 0 0 0 0 0 28000 0 15785 0 423612 0 0 0 OLIVIER BLANCHARD SENIOR FELLOW 365751 0 0 0 0 0 28000 0 917 0 394668 0 0 0 CHAD BOWN SENIOR FELLOW 303381 0 0 0 0 0 28000 0 20662 0 352043 0 0 0 JACOB F KIRKEGAARD SENIOR FELLOW 282206 0 0 0 0 0 28000 0 20599 0 330805 0 0 0 STEVEN R WEISMAN VP OF PUBLICATIONS & COMM. 222069 0 0 0 0 0 22051 0 2502 0 246622 0 0 0 JERONIMO ZETTELMEYER SENIOR FELLOW - UNTIL 07/2019 210272 0 0 0 0 0 21079 0 11792 0 243143 0 0 0 JEFFREY A CORDEAU VP FOR OPERATIONS & CTO 178581 0 0 0 0 0 18091 0 21067 0 217739 0 0 0 PART I, LINE 4B IN 2013, THE INSTITUTE ESTABLISHED A DEFERRED COMPENSATION ARRANGEMENT FOR THE FOUNDER OF THE ORGANIZATION, C. FRED BERGSTEN, FOR CURRENT AND PAST SERVICES. THE INSTITUTE MADE A FINAL PAYMENT OF $494,374 PURSUANT TO THIS ARRANGEMENT DURING THE FISCAL YEAR ENDED JUNE 30, 2020. FORM 990, PART VI, SECTION A, LINE 1 THE BOARD HAS DELEGATED BROAD AUTHORITIES TO ACT ON BEHALF OF THE GOVERNING BODY TO AN EXECUTIVE COMMITTEE COMPRISED OF SELECTED BOARD MEMBERS. THE EXECUTIVE COMMITTEE MAY EXERCISE THE FULL AUTHORITY OF THE BOARD BETWEEN MEETINGS OF THE BOARD WHEN PROMPT ACTION IS NECESSARY AND ACTION BY THE FULL BOARD IS IMPRACTICABLE OR AS DELEGATED BY THE BOARD, EXCEPT THAT THE EXECUTIVE COMMITTEE SHALL NOT HAVE THE POWER TO APPROVE A DISSOLUTION OR MERGER, OR THE SALE OF ALL OR SUBSTANTIALLY ALL OF THE INSTITUTE'S ASSETS; APPOINT OR REMOVE DIRECTORS; APPOINT OR REMOVE COMMITTEE MEMBERS; AUTHORIZE DISTRIBUTIONS; OR AMEND THE ARTICLES OF INCORPORATION OR THE BYLAWS. FORM 990, PART VI, SECTION A, LINE 2 EVAN G. GREENBERG, A BOARD MEMBER, IS THE SON OF MAURICE (HANK) R. GREENBERG, ALSO A BOARD MEMBER. FORM 990, PART VI, SECTION B, LINE 11B THE PRESIDENT AND TREASURER THOROUGHLY REVIEW THE FEDERAL FORM 990, WHICH IS THEN PRESENTED TO THE AUDIT COMMITTEE, THE EXECUTIVE COMMITTEE, AND THE BOARD OF DIRECTORS BEFORE FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES MUST DISCLOSE AN ACTUAL OR PERCEIVED CONFLICT OF INTEREST TO HUMAN RESOURCES AND/OR THE PRESIDENT BEFORE ENGAGING IN THE CONFLICTING ACTIVITY, OR AS SOON AS AN EMPLOYEE BECOMES AWARE OF SUCH CONFLICT. IN ADDITION, AT THE TIME OF HIRE, AND AT LEAST ANNUALLY THEREAFTER AS REQUESTED, ALL EMPLOYEES ARE REQUIRED TO REPORT OUTSIDE INCOME OR BUSINESS RELATIONSHIPS OR OTHER POTENTIAL CONFLICTS OF INTEREST, PARTICULARLY FINANCIAL ACTIVITIES THAT MAY REFLECT ADVERSELY ON RESEARCH INDEPENDENCE. WHEN POTENTIAL CONFLICTS EXISTS, THE PERSON WITH THE CONFLICT IS PROHIBITED FROM PARTICIPATING IN THE GOVERNING BODY'S DELIBERATIONS AND DECISIONS IN THE TRANSACTIONS. FORM 990, PART VI, SECTION B, LINE 15 THE INSTITUTE'S EXECUTIVE COMMITTEE ANNUALLY REVIEWS COMPENSATION FOR TOP MANAGEMENT OFFICIALS, INCLUDING THE PRESIDENT, UTILIZING COMPARABLE INDUSTRY AND ORGANIZATIONAL DATA. THE MOST RECENT COMPENSATION REVIEW WAS PERFORMED IN FEBRUARY 2021. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS, THE CONFLICT OF INTEREST POLICY, AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XI, LINE 9: LOSS ON GRANTS AND CONTRIBUTIONS RECEIVABLE -175,000. IIE PROPERTY ASSOCIATES LLC 1750 MASSACHUSETTS AVENUE WASHINGTON DC 20036 521226967 BUILDING MANAGEMENT MD 0 9577 PETER G PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS