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The Escape from Balance Sheet Recession and the QE Trap - A Hazardous Road for the World Economy (Hardcover)
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The Escape from Balance Sheet Recession and the QE Trap - A Hazardous Road for the World Economy (Hardcover)
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Compare global experiences during the balance sheet recession and
find out what is needed for a full recovery The Escape from Balance
Sheet Recession and the QE Trap details the many hidden dangers
remaining as the world slowly recovers from the balance sheet
recession of 2008. Author and leading economist Richard Koo
explains the unique political and economic pitfalls that stand in
the way of recovery from this rare type of recession that was
largely overlooked by economists. Koo anticipated the current
predicament in the West long before others and issued warnings in
his previous books: Balance Sheet Recession and The Holy Grail of
Macroeconomics. This new book illustrates how history is repeating
itself in Europe while the United States, which learnt from the
Japanese experience, is doing better by avoiding the fiscal cliff.
However, because of the liberal dosage of quantitative easing
already implemented, the United States, the United Kingdom, and
Japan may face a treacherous path to normalcy in what Koo calls the
QE Trap. He argues that it is necessary to understand balance sheet
recession in order to resolve the Eurozone crisis, particularly the
competitiveness problems. Koo issues warnings against those who are
too ready to argue for structural reforms when the problems are
actually with balance sheets. He re-examines Japan's two decades of
experiences with this rare recession and offers an insider view on
the Abenomics. On China, readers will gain a very different
historical perspective as Koo argues that western commentators have
forgotten their own history when they talk about the re-balancing
of the Chinese economy. * Learn from Japan which experienced the
same predicament afflicting the West fifteen years earlier *
Discover how unwinding of quantitative easing will affect the
United States, the United Kingdom, Japan, as well as the emerging
world * Examine solutions to the Eurozone problems caused by two
balance sheet recessions eight years apart * Gain insight into
China's problems from the West's own experiences with urbanisation
Koo, who developed the concept of balance sheet recession based on
Japan's experience, took the revolution in macroeconomics started
by John Maynard Keynes in 1936 to a new height. The Escape from
Balance Sheet Recession and the QE Trap offers the world cure for
balance sheet recession.
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