Nicholas R. Lardy, Anthony M. Solomon Senior Fellow, joined the Peterson Institute for International Economics in March 2003. Previously, he was a senior fellow in the Foreign Policy Studies Program from 1995 until 2003. Before Brookings, he served at the University of Washington, where he was the director of the Henry M. Jackson School of International Studies from 1991 to 1995. From 1997 through the spring of 2000, he was also the Frederick Frank Adjunct Professor of International Trade and Finance at the Yale University School of Management. He is an expert on Asia, especially the Chinese economy.
Before his directorship, Lardy had been a professor of international studies at the University of Washington since 1985 and an associate professor from 1983 to 1985. He served as chair of the China Program from 1984 to 1989. He was an assistant and associate professor of economics at Yale University from 1975 to 1983.
Lardy has written numerous articles and books on the Chinese economy. Lardy's most recent books are Sustaining China's Economic Growth after the Global Financial Crisis (2012), The Future of China's Exchange Rate Policy (2009), China's Rise: Challenges and Opportunities (2008) and China: The Balance Sheet (Public Affairs, 2006) to which he contributed chapters on China’s domestic economy and China in the world economy. In 2004, he coauthored Prospects for a US-Taiwan Free Trade Agreement with Daniel Rosen. His previous book, Integrating China into the Global Economy, published in January 2002, explores whether reforms of China's economy and its foreign trade and exchange rate systems following China’s WTO entry will integrate it much more deeply into the world economy. In September 1998, he published China’s Unfinished Economic Revolution, a study that evaluates the reform of China's banking system and measures the economic consequences of deferring reform in the state-owned sector. Some of his other publications include: Debating China's Exchange Rate Policy (2008); China: Toward a Consumption-Driven Growth Path (Peterson Institute for International Economics Policy Brief 06-6, October 2006); China’s Role in the Revived Bretton Woods System: A Case of Mistaken Identity with Morris Goldstein ( Peterson Institute for International Economics Working Paper 05-2, March 2005); What Kind of Landing for the Chinese Economy? with Morris Goldstein (Policy Brief 04-7, 2004); “China and the Asian Contagion,” Foreign Affairs 77, 4 (July/August 1998); “The Role of Foreign Trade and Investment in China’s Economic Transformation,” The China Quarterly, no. 144 (December 1995); China in the World Economy (1994); “Chinese Foreign Trade,” The China Quarterly, no. 131 (September 1992); Foreign Trade and Economic Reform in China, 1978–1990 (Cambridge University Press, 1992, paperback, 1993); Agriculture in China’s Modern Economic Development (Cambridge University Press, 1983) and Economic Growth and Distribution in China (Cambridge University Press, 1978).
Lardy is a member of the Council on Foreign Relations and of the editorial boards of Asia Policy and the China Review.
He received his BA from the University of Wisconsin in 1968 and his PhD from the University of Michigan in 1975, both in economics.
Wall Street Journal Xi and Obama Meet in Sunnylands: What's at Stake? June 8, 2013 Nicholas R. Lardy tells the Wall Street Journal that he hopes Presidents Obama and Xi focus on defining how the US-China relationship works at the strategic level, leaving the list of specific issues for the Strategic and Economic Dialogue.
Bloomberg TV 'Very Low' Chance of China Hard Landing, Lardy Says Video | January 28, 2013 Nicholas R. Lardy explains that while growth in China may be slightly higher this year, structural reforms may cause the structure of demand to look much different. Consumer sector industries may benefit while growth slows in the investment and property sectors.
Bloomberg TV Lardy Sees Continuity in US-China Relationship Video | November 7, 2012 Nicholas R. Lardy expects that President Obama will continue a high level of engagement with China's leadership while continuing to be tough on China when it does not play by the rules.
Minnesota Public Radio As Economy Slows, China Looks for a New Model Interview with article | October 31, 2012 Nicholas R. Lardy says China has done very well growing its economy through exports and investments, particularly through real estate over the last 10 years, but that the model needs to change.
NPR's All Things Considered Do Chinese Tech Firms Pose US Security Threat? Audio with transcript | October 12, 2012 Nicholas R. Lardy says the House Intelligence Committee's new report, which warns American companies not to do business with two of China's main telecommunication manufacturers, is filled with unsubstantiated assertions.
CNN | The Situation Room Fact Check: Obama, Romney China Ads Video | September 24, 2012 Speaking with CNN, Nicholas R. Lardy, PIIE's China expert, sets the facts straight about China in the latest Romney and Obama campaign ads.
Marketplace Public Radio Clinton Heads to Beijing for Economy Talks Audio | September 4, 2012 Nicholas R. Lardy says trade issues will likely dominate economic discussions between US Secretary of State Hillary Clinton and officials in Beijing.
Bloomberg China Could Slow for Several More Months Video | August 9, 2012 Nicholas R. Lardy explains how weakening industrial production, housing investment, and new residential construction may indicate several more months of slowing growth in China.
Wall Street Journal Beijing's Growth Tools Are Limited Article | May 13, 2012 The Wall Street Journal explains that measures utilized by China's leaders in the past to stimulate the economy are no longer as effective as they once were. Nicholas R. Lardy argues that interest rates for depositors should be increased to help encourage domestic consumer spending. As household savings increase over time, consumers will become more willing to spend money.
China Radio International The Fourth China-US Strategic and Economic Dialogue Interview | May 2, 2012 Nicholas R. Lardy discusses the role of China's currency in the world economy and other topics on the agenda for the China-US Strategic and Economic Dialogue. Xiao Geng of the Fung Global Institute is also interviewed in this program.
New York Times Economix The Imbalances in China's Economy Interview | April 11, 2012 David Barboza interviews Nicholas R. Lardy on the roots of China's imbalances and whether its long economic boom might be coming to an end.
Bloomberg China May Ramp Up Restructuring, Lardy Says Video | April 3, 2012 With demand from Europe falling, Nicholas R. Lardy predicts that China's leadership change later this year will lead to a restructuring of its economy in order to encourage greater private consumption and keep growth up.