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Capital Wars - The Rise of Global Liquidity (Paperback, 1st ed. 2020)
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Capital Wars - The Rise of Global Liquidity (Paperback, 1st ed. 2020)
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Economic cycles are driven by financial flows, namely quantities of
savings and credits, and not by high street inflation or interest
rates. Their sweeping destructive powers are expressed through
Global Liquidity, a $130 trillion pool of footloose cash. Global
Liquidity describes the gross flows of credit and international
capital feeding through the world's banking systems and wholesale
money markets. The huge jump in the volume of international
financial markets since the mid-1980s has been boosted by
deregulation, innovation and easy money, with financial
globalisation now surpassing the peaks of integration reached
before the First World War. Global Liquidity drives these markets:
it is often determinant, frequently disruptive and always
fast-moving. Barely one fifth of Wall Street's huge gains over
recent decades have come from earnings: rising liquidity and
investors' appetite for riskier financial assets have propelled
stock prices higher. Similar experiences are shared worldwide and
even in emerging markets, such as India, flat earnings have not
deterred waves of foreign money and domestic mutual funds from
driving-up stock prices. Now with central banks actively pursuing
quantitative easing policies, industrial corporations flush with
cash and rising wealth levels among emerging market investors, the
liquidity theory of investment has never been more important.
International spill-overs of these rapacious cross-border flows
sets off capital wars and exposes the unattractive face of
liquidity called 'risk.' As the world grows bigger, it becomes ever
more volatile. From the early 1960s onwards, the world economy and
its financial markets have suffered from three broad types of
shocks - labour costs, oil and commodities, and global liquidity.
Financial markets spin on fragile axes and the absence of liquidity
often provides a warning of upcoming troubles. Global Liquidity is
a much-discussed, but narrowly-researched and vaguely-defined
topic. This book deeply explores the subject by clearly defining
and measuring liquidity worldwide and by showing its importance for
investors. The roles of central banks, shadow banking, the rise of
Repo and growth of wholesale money are discussed. Additionally,
covering the latest developments in China's increasingly dominant
financial economy, this book will appeal to practitioners,
policy-makers, economists and academics, as well as those with a
general interest in how financial markets work.
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