Global Imbalances

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Global Imbalances, Financial Crises, and Central Bank Policies

Author : Andreas Steiner
Publisher : Elsevier
ISBN 13 : 0128104031
Total Pages : 206 pages
Book Rating : 4.1/5 (281 download)

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Book Synopsis Global Imbalances, Financial Crises, and Central Bank Policies by : Andreas Steiner

Download or read book Global Imbalances, Financial Crises, and Central Bank Policies written by Andreas Steiner and published by Elsevier. This book was released on 2016-07-25 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global Imbalances, Financial Crises, and Central Bank Policies assesses the relationships between global imbalances, financial crises, and central bank policies, with a specific focus on their reserves. The book contains a strictly international perspective with an analysis based on empirical research that enables the reader to develop an analytical model that emphasizes interactions among individual central banks. With this innovative approach, the book develops a new method for defining an optimal demand for reserves. In addition, the book describes implications for financial reforms that might ultimately be more important than its empirical findings. Presents a systematic account of the relationship between the build-up of reserves and central bank policies Emphasizes a global view of currency reserves, which is usually ignored in analyses of their effect Includes datasets as well as all illustrations and figures in online ancillary materials

Global Imbalances and Financial Capitalism

Author : Jacques Mazier
Publisher : Routledge
ISBN 13 : 0429795076
Total Pages : 267 pages
Book Rating : 4.4/5 (297 download)

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Book Synopsis Global Imbalances and Financial Capitalism by : Jacques Mazier

Download or read book Global Imbalances and Financial Capitalism written by Jacques Mazier and published by Routledge. This book was released on 2020-05-07 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past few decades have witnessed the emergence of economic imbalances at the world level and within the euro zone. The failure of mainstream economics to accurately predict financial crises, or model the effects of finance-led growth, highlights the need for alternative frameworks. A key text, Global Imbalances and Financial Capitalism: Stock-Flow-Consistent Modelling demonstrates that Stock-Flow-Consistent models are well adapted to study this growth regime due to their ability to analyse the real and financial sides of the economy in an integrated way. This approach is combined with an analysis of exchange rate misalignments using the Fundamental Equilibrium Exchange Rate (FEER) methodology, which serves to give a synthetic view of international imbalances. Together, these models describe how global and regional imbalances are created, as well as suggest appropriate tools through which they may be reduced. The book also considers alternative economic policies in the euro zone (international risk sharing, fiscal federalism, eurobonds, European investments, a multispeed euro zone) alongside alternative monetary policies. In particular, it examines the possibilities of using SDR (Special Drawing Rights) as a reserve asset to be issued to fight a global recession, to support the development of low-income countries, or as an anchor to improve global monetary stability. This text will be of interest to students, scholars, and researchers of economic theory and international monetary economics. It will also appeal to professional organisations who supervise international relations.

Global Imbalances and the Financial Crisis

Author : Steven Vincent Dunaway
Publisher : Council on Foreign Relations
ISBN 13 : 0876094280
Total Pages : 56 pages
Book Rating : 4.8/5 (76 download)

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Book Synopsis Global Imbalances and the Financial Crisis by : Steven Vincent Dunaway

Download or read book Global Imbalances and the Financial Crisis written by Steven Vincent Dunaway and published by Council on Foreign Relations. This book was released on 2009 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Crafting stimulus packages and financial bailouts to address immediate problems has for many reasons been a priority for policymakers. In this Council Special Report, however, Steven Dunaway argues that policymakers must go beyond these steps and tackle one of the root causes of today's crisis: imbalances between savings and investment in major countries. The report analyzes the nature of these imbalances, which occur when some countries, such as the United States, run large current account (essentially trade) deficits while others, such as China, maintain large surpluses. Dunaway identifies three features of the international financial system that have allowed the imbalances to persist, features that involve both floating and managed exchange rates as well as the issuance of reserve assets. In particular, he notes that the United States' status as an issuer of such assets has enabled it to finance a current account deficit. The report then prescribes a variety of steps to address global imbalances. Beyond stimulus packages around the world, it urges measures to raise savings (principally government savings) in the United States, reform labor and product markets in Europe and Japan to increase competition and flexibility, and boost domestic consumption in China. Finally, the report advocates improving International Monetary Fund (IMF) surveillance of member states' economic policies by reducing the role of the Fund's executive board and depoliticizing the selection of its senior management.

Europe and Global Imbalances

Author : Philip R. Lane
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Europe and Global Imbalances by : Philip R. Lane

Download or read book Europe and Global Imbalances written by Philip R. Lane and published by International Monetary Fund. This book was released on 2007-06 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although Europe in the aggregate is a not a major contributor to global current account imbalances, its trade and financial linkages with the rest of the world mean that it will still be affected by a shift in the current configuration of external deficits and surpluses. We assess the macroeconomic impact on Europe of global current account adjustment under alternative scenarios, emphasizing both trade and financial channels. Finally, we consider heterogeneous exposure across individual European economies to external adjustment shocks.

Untangling the US Deficit

Author : Richard A. Iley
Publisher : Edward Elgar Publishing
ISBN 13 : 1847207057
Total Pages : 285 pages
Book Rating : 4.8/5 (472 download)

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Book Synopsis Untangling the US Deficit by : Richard A. Iley

Download or read book Untangling the US Deficit written by Richard A. Iley and published by Edward Elgar Publishing. This book was released on 2007-01-01 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book would be a good companion text for an undergraduate class in international finance or open-economy macroeconomics. Catherine L. Mann, Journal of Economic Literature Untangling the US Deficit is a unique and well-researched book and will be of great interest to academic economists and postgraduates. Policymakers, business and market economists will also find it an enlightening and challenging analysis. sirreadalot.org The book is written in a very accessible fashion, even though the authors strive to accommodate competing and complex views on the causes and cures of the US external deficit, which makes for enjoyable and informative reading. Their reliance on data, charts and bibliography result in persuasive arguments. Recommended. General readers; upper-division undergraduates through practitioners. A. Sharma, Choice What are the causes of the US current account deficit? Are the problems made in the US or the rest of the world? Are these deficits sustainable, at what level? These are the types of questions the authors set out to answer, and in essence conclude that the answers do not matter for global stability as long as imbalances are left to market forces and the US can avoid large net income outflows. The beauty of this book, however, is watching the authors (the unusual combination of a business economist and an academic economist) arrive at this conclusion. They provide insights that can come only from years of practical and theoretical experience. William E. Becker, Indiana University Bloomington, US As the US current account deficit has expanded to a record level of $811 billion in 2006, debate about the deficit s causes and consequences has also grown. Is the deficit a product of American profligacy or a glut of savings in the rest of the world? Is it a serious problem or essentially benign? Untangling the US Deficit charts a course between the competing explanations in a systematic and rigorous approach, incorporating the latest academic research and market data. Particular attention is given to the China United States trade imbalance and to the special role of the US dollar and US capital markets in global finance. This unique and well-researched book will be of great interest to academic economists and postgraduates. Policy-makers, business and market economists will also find it to be an enlightening and challenging account.

Global Imbalances and Financial Capitalism

Author : Jacques Mazier
Publisher : Routledge
ISBN 13 : 0429795084
Total Pages : 319 pages
Book Rating : 4.4/5 (297 download)

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Book Synopsis Global Imbalances and Financial Capitalism by : Jacques Mazier

Download or read book Global Imbalances and Financial Capitalism written by Jacques Mazier and published by Routledge. This book was released on 2020-05-07 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past few decades have witnessed the emergence of economic imbalances at the world level and within the euro zone. The failure of mainstream economics to accurately predict financial crises, or model the effects of finance-led growth, highlights the need for alternative frameworks. A key text, Global Imbalances and Financial Capitalism: Stock-Flow-Consistent Modelling demonstrates that Stock-Flow-Consistent models are well adapted to study this growth regime due to their ability to analyse the real and financial sides of the economy in an integrated way. This approach is combined with an analysis of exchange rate misalignments using the Fundamental Equilibrium Exchange Rate (FEER) methodology, which serves to give a synthetic view of international imbalances. Together, these models describe how global and regional imbalances are created, as well as suggest appropriate tools through which they may be reduced. The book also considers alternative economic policies in the euro zone (international risk sharing, fiscal federalism, eurobonds, European investments, a multispeed euro zone) alongside alternative monetary policies. In particular, it examines the possibilities of using SDR (Special Drawing Rights) as a reserve asset to be issued to fight a global recession, to support the development of low-income countries, or as an anchor to improve global monetary stability. This text will be of interest to students, scholars, and researchers of economic theory and international monetary economics. It will also appeal to professional organisations who supervise international relations.

Global Imbalances and External Adjustment after the Crisis

Author : Mr.Philip R. Lane
Publisher : International Monetary Fund
ISBN 13 : 1498339212
Total Pages : 45 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Global Imbalances and External Adjustment after the Crisis by : Mr.Philip R. Lane

Download or read book Global Imbalances and External Adjustment after the Crisis written by Mr.Philip R. Lane and published by International Monetary Fund. This book was released on 2014-08-12 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both “flow” and “stock” imbalances), with a special focus on the shifting position of Latin America in the global distribution. Second, it examines the cross-country variation in external adjustment over 2008-2012. In particular, it shows how pre-crisis external imbalances have strong predictive power for post-crisis macroeconomic outcomes, allowing for variation across different exchange rate regimes. We emphasize that the bulk of external adjustment has taken the form of “expenditure reduction”, with “expenditure switching” only playing a limited role.

Data, New Technologies, and Global Imbalances

Author : Georges Kotrotsios
Publisher : Cambridge Scholars Publishing
ISBN 13 : 1527566919
Total Pages : 123 pages
Book Rating : 4.5/5 (275 download)

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Book Synopsis Data, New Technologies, and Global Imbalances by : Georges Kotrotsios

Download or read book Data, New Technologies, and Global Imbalances written by Georges Kotrotsios and published by Cambridge Scholars Publishing. This book was released on 2021-03-03 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: We are familiar with the idea that technology is neutral, and that its impact depends only on how it is used. This traditional view has, however, become untenable. Because of its nature and its complex interplay with industry, the economy, and society, technology is no longer neutral. This change is being driven by the pervasiveness of data, which today are generated everywhere at an unpreceded pace because several technologies are currently reaching maturity. Data shape the world around us, in a trend that is commonly referred to as “digitalization”. This trend is apparent in every aspect of our lives, ranging from our personal environment and health to transportation, energy generation and management, and industry. Digitalization itself generates value, enabling the creation of new products and services. It also fosters technological and business innovation in other fields, including the manufacturing industry, and acts as a lever with which to promote growth. Digitalization, however, also creates imbalances, and this happens due to its very nature. Such imbalances appear between different parts of the globe and within individual geographical spaces. This book explores the multiplicity of mechanisms associated with the growing role that technology and data are playing in the creation of imbalances, and goes on to identify certain paths that lead toward mitigation. Should we make data publicly accessible, and in a transparent way? How can policymakers empower governments to address global and local imbalances, particularly those generated by technology and data? Do we need a global data-governance structure that—like the World Trade Organization for commerce—regulates data use and access?

Causes and Consequences of Economic Imbalances: Comparison of US-Asia and Europe

Author : Ariane Hillig
Publisher : diplom.de
ISBN 13 : 3954897385
Total Pages : 87 pages
Book Rating : 4.9/5 (548 download)

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Book Synopsis Causes and Consequences of Economic Imbalances: Comparison of US-Asia and Europe by : Ariane Hillig

Download or read book Causes and Consequences of Economic Imbalances: Comparison of US-Asia and Europe written by Ariane Hillig and published by diplom.de. This book was released on 2014-10-01 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past ten years, huge economic imbalances among US-Asia as well as eurozone countries have built up which have led to numerous crisis situations. Thus, the goal of this book is to find out if economic imbalances are sustainable or if they need to be rebalanced? What role do distinct national policies play? The author is going to compare the imbalances of US-China with the intra-euro imbalances of Germany, Spain and Italy. Firstly, the historical development of the economic imbalances is presented in order to point out the unprecedented height of the mentioned imbalances. Furthermore, the author is analyzing the causes of imbalances by presenting the development of the competitiveness, the saving-/investment rates, the financial markets as well as the different national policies. It is shown that distinct national policies were the underlying causes for the development of such high economic imbalances. After having seen the historical development as well as the causes, the author describes the possible costs and benefits of having imbalances as well as the implications of the global financial crisis and the current European crisis. Due to the increasing globalization, the financial crisis spread fast and led to huge losses and decreasing investor’s trust in European countries. This resulted in the European crisis which subsequently could also endanger the global economy. Because of the huge crisis’ impact, traditional and alternative balancing channels are also compared. Despite supporting measures such as restrictive fiscal policies and financial assistance, Europe is still suffering from an economic downturn whereas the US returned to a slow economic recovery. At the end, the author concludes that global imbalances need to be rebalanced in order not to avoid reaching an unsustainable level. The occurring as well as rebalancing of economic imbalances highly depends on distinct national policies. Unless the international coordination and cooperation increases, economic imbalances will continue to occur and will lead to economic crises when reaching an unsustainable level.

The Macroeconomics of Global Imbalances

Author : Marc Uzan
Publisher : Routledge
ISBN 13 : 1135975043
Total Pages : 149 pages
Book Rating : 4.1/5 (359 download)

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Book Synopsis The Macroeconomics of Global Imbalances by : Marc Uzan

Download or read book The Macroeconomics of Global Imbalances written by Marc Uzan and published by Routledge. This book was released on 2008-10-27 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the result of a workshop on the effects of globalization on Asian and European countries, organized by Marc Uzan and the Austrian Ministry of Finance in April 2006. Bringing together key academics, policy makers and private market participants, these chapters cover the current debate of global imbalances and the way to resolve the disequilibrium in the international monetary system and understand the need for international cooperation among the different monetary areas of the world. Various important points come out of the book; firstly there is an emphasis on the difficulties for Europeans and Asians to find common positions vis-à-vis global imbalances due to different exchange rate regimes throughout Asia preventing similar responses. The role of the US dollar as a world currency is also discussed, as well as EU regional monetary cooperation and an analysis of the Euro. The implementation of economic policy to redress global imbalances is also considered, as is the emergence of China on the world stage and its industrial development projects. These questions and the way the international financial community will resolve them, will have a huge impact in the functioning of the international monetary system. The current unwinding of the global imbalances that we are facing with the global market disruptions since August 2007, demonstrate that a new geography of international finance is emerging between Europe and Asia. The book addresses also the way that a dialog in the field in monetary arena needs to be structured between Europe and Asia.

Global Imbalances: In Midstream?

Author : Olivier J. Blanchard
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781462333387
Total Pages : 32 pages
Book Rating : 4.3/5 (333 download)

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Book Synopsis Global Imbalances: In Midstream? by : Olivier J. Blanchard

Download or read book Global Imbalances: In Midstream? written by Olivier J. Blanchard and published by INTERNATIONAL MONETARY FUND. This book was released on 2009-12-22 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Before the crisis, there were strong arguments for reducing global imbalances. As a result of the crisis, there have been significant changes in saving and investment patterns across the world and imbalances have narrowed considerably. Does this mean that imbalances are a problem of the past? Hardly. The paper argues that there is an urgent need to implement policy changes to address the remaining domestic and international distortions that are a key cause of imbalances. Failure to do so could result in the world economy being stuck in "midstream," threatening the sustainability of the recovery.

Global Imbalances and Financial Stability

Author : Miranda Xafa
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Global Imbalances and Financial Stability by : Miranda Xafa

Download or read book Global Imbalances and Financial Stability written by Miranda Xafa and published by International Monetary Fund. This book was released on 2007-05 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses two opposing views on global imbalances: The "traditional view", which regards the imbalances as a threat to global economic and financial stability, and the "new paradigm" view, which considers that they are the natural consequence of economic and financial globalization. In terms of their policy implications, the traditional view focuses on monetary and fiscal policy decisions in the United States that need to be urgently reversed to avoid an abrupt unwinding of the imbalances involving a sell-off of dollar assets, a sharp increase in U.S. interest rates, and a hard landing for the global economy. By contrast, the new paradigm view considers that the imbalances will be resolved smoothly through the normal functioning of markets. The paper argues that an abrupt unwinding of imbalances is highly unlikely and advances a number of arguments in support of the new paradigm view.

Global Imbalances

Author : Mr.Gian Milesi-Ferretti
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781462333387
Total Pages : 0 pages
Book Rating : 4.3/5 (333 download)

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Book Synopsis Global Imbalances by : Mr.Gian Milesi-Ferretti

Download or read book Global Imbalances written by Mr.Gian Milesi-Ferretti and published by INTERNATIONAL MONETARY FUND. This book was released on 2009-12-22 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This chapter analyses various reasons for global imbalances and ways to tackle these issues. Current account balances reflect a plethora of macroeconomic and financial mechanisms. The overall assessment is that the pre-crisis policy advice and the conclusions from the Multilateral Consultations still largely hold. Namely, it is important to address domestic and systemic distortions. It is recommended to increase private and public US saving. The private part has largely taken place. The public part will have to take place over time. This will be good for the United States and help global rebalancing. In the fallout from the financial crisis, the adjustment process of global imbalances has started. However, stopping in midstream is dangerous—while imbalances are smaller than they used to be, the world economy is fragile. Failure to act on the remaining domestic and systemic distortions that caused imbalances would threaten the nascent recovery.

Global Imbalances and the Lessons of Bretton Woods

Author : Barry Eichengreen
Publisher : MIT Press
ISBN 13 : 0262514141
Total Pages : 206 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Global Imbalances and the Lessons of Bretton Woods by : Barry Eichengreen

Download or read book Global Imbalances and the Lessons of Bretton Woods written by Barry Eichengreen and published by MIT Press. This book was released on 2010-01-22 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why the current Bretton Woods-like international financial system, featuring large current account deficits in the center country, the United States, and massive reserve accumulation by the periphery, is not sustainable. In Global Imbalances and the Lessons of Bretton Woods, Barry Eichengreen takes issue with the argument that today's international financial system is largely analogous to the Bretton Woods System of the period 1958 to 1973. Then, as now, it has been argued, the United States ran balance of payment deficits, provided international reserves to other countries, and acted as export market of last resort for the rest of the world. Then, as now, the story continues, other countries were reluctant to revalue their currencies for fear of seeing their export-led growth slow and suffering capital losses on their foreign reserves. Eichengreen argues in response that the power of historical analogy lies not just in finding parallels but in highlighting differences, and he finds important differences in the structure of the world economy today. Such differences, he concludes, mean that the current constellation of exchange rates and payments imbalances is unlikely to last as long as the original Bretton Woods System. Two of the most salient differences are the twin deficits and low savings rate of the United States, which do not augur well for the sustainability of the country's international position. Such differences, he concludes, mean that the current constellation of exchange rates and payments imbalances is unlikely to last as long as the original Bretton Woods System. After identifying these differences, Eichengreen looks in detail at the Gold Pool, the mechanism through which European central banks sought to support the dollar in the 1960s. He shows that the Pool was fragile and short lived, which does not bode well for collective efforts on the part of Asian central banks to restrain reserve diversification and support the dollar today. He studies Japan's exit from its dollar peg in 1971, drawing lessons for China's transition to greater exchange rate flexibility. And he considers the history of reserve currency competition, asking if it has lessons for whether the dollar is destined to lose its standing as preeminent international currency to the euro or even the Chinese renminbi.

International Financial Issues in the Pacific Rim

Author : Takatoshi Ito
Publisher : University of Chicago Press
ISBN 13 : 0226387089
Total Pages : 441 pages
Book Rating : 4.2/5 (263 download)

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Book Synopsis International Financial Issues in the Pacific Rim by : Takatoshi Ito

Download or read book International Financial Issues in the Pacific Rim written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2008-09-15 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: The imbalanced, yet mutually beneficial, trading relationship between the United States and Asia has long been one of international finance’s most perplexing mysteries. Although the United States continues to post a substantial trade deficit—and China reaps the benefits of a surplus—the dollar has yet to sink in the face of ever-increasing account disparities. International Financial Issues in the Pacific Rim explains why the United States enjoys a seemingly symbiotic relationship with its trading partners despite stark inequities in the trade balance, especially with Asia. This timely and well-informed study also debunks the assumed link between economic openness and low inflation in the region, identifies the serious gap between academic and private-sector researchers’ understanding of exchange rate volatility, and analyzes the liberalization of Asian capital accounts. International Financial Issues in the Pacific Rim will have broad implications for global trade and economic policy issues in Asia and beyond.

Global Imbalances

Author : Nicoletta Batini
Publisher : International Monetary Fund
ISBN 13 : 1451872100
Total Pages : 41 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Global Imbalances by : Nicoletta Batini

Download or read book Global Imbalances written by Nicoletta Batini and published by International Monetary Fund. This book was released on 2009-03-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the role played by total factor productivity (TFP) in the tradable and nontradable sectors of the United States, the euro area, and Japan in the emergence and evolution of today's global trade imbalances. Simulation results based on a dynamic general equilibrium model of the world economy, and using the EU KLEMS database, indicate that TFP developments in these economies can account for a significant fraction of the total deterioration in the U.S. trade balance since 1999, as well as account for some the surpluses in the euro area and Japan. Differences in TFP developments across sectors can also partially explain the evolution of the real effective value of the U.S. dollar during this period.

Imbalance and Rebalance

Author : Yang Li
Publisher : Springer
ISBN 13 : 9811061505
Total Pages : 266 pages
Book Rating : 4.8/5 (11 download)

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Book Synopsis Imbalance and Rebalance by : Yang Li

Download or read book Imbalance and Rebalance written by Yang Li and published by Springer. This book was released on 2017-10-05 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on global financial systems. After summarising historical financial institutions, it subsequently uses economic and econometrical models to analyse the strengths and weaknesses of these institutions and their role in the history. Readers, especially international readers, will be introduced to prominent Chinese scholars’ ideas and views on these issues. The perspective of this book is, of course, a Chinese one. As such, readers will learn how Chinese people view global financial systems, even those dominated by the West, what they think about future global finance, etc. As such, the book offers intriguing and revealing insights for researchers and a broader readership alike.