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Global Finance After the Crisis - The United States, China and the New World Order (Hardcover)
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Global Finance After the Crisis - The United States, China and the New World Order (Hardcover)
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The interplay between the macro-economic imbalances, notably in the
relationship between the USA and China, and the more micro-economic
shortcomings of the West's financial systems, particularly the lax
regulation, forms the centre-piece of this excellently written
book. In the disputes about the relative culpability of China and
the USA for current macro-economic problems, they tend to support
the Chinese arguments, and give well-considered arguments for so
doing. This book provides an excellent, clear, and at times
provocative, assessment of the course of the macro-monetary
problems of the world since the 'great recession' struck.' -
Charles A.E. Goodhart, London School of Economics, UKThis
thought-provoking book addresses challenging questions raised in
light of the aftermath of the global financial crisis that saw an
accelerated rise in the economic growth of China and other emerging
market economies, while the US, Japan and Europe have labored under
the great recession. The authors examine global post-crisis
reordering in a long-run context, identify five fundamental flaws
in global bank business models and document the explosion of gross
capital flows. They tackle difficult-to-answer lines of enquiry
such as: can zero interest rates and quantitative easing lift the
advanced world back to growth, or will they be dragged down by the
overhang of debt? Might costs on savers, retirees and distortions
to the pattern of global financing render zero rates
counter-productive? What issues face the BRICs? Could 'China as
number one' see the renminbi soon challenge the dollar and the euro
as a major international currency? Providing a detailed analysis of
the post-crisis world and the issues posed by the rise of China and
emerging market economies relative to developed countries, this
book will prove a stimulating account for academics, students and
researchers in the fields of economics, money, finance and banking,
and world trade. Bank and market economists as well as policymakers
based in central banks, governments and think-tanks will also find
this book to be an invaluable reference tool. Contents: Preface 1.
The Rapidly Changing World Economy 2. The Great Recession 3. Global
Finance and Payments Imbalances 4. The Role of Monetary Policy 5.
The Post-crisis World 6. China's Prospects and Challenges 7. The US
External Position 8. The Redback, the Greenback and the Troubled
Euro 9. Conclusions References Index
General
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