E-Book, Englisch, 256 Seiten
Pettis The Great Rebalancing
Updated Auflage
ISBN: 978-1-4008-5226-0
Verlag: De Gruyter
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)
Trade, Conflict, and the Perilous Road Ahead for the World Economy - Updated Edition
E-Book, Englisch, 256 Seiten
ISBN: 978-1-4008-5226-0
Verlag: De Gruyter
Format: EPUB
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)
No detailed description available for "The Great Rebalancing".
Fachgebiete
Weitere Infos & Material
Preface to the Paperback Edition xi
CHAPTER ONE Trade Imbalances and the Global Financial Crisis 1
- Underconsumption 4
- The Different Explanations of Trade Imbalance 6
- Destabilizing Imbalances 9
- We Have the Tools 11
- Why the Confusion? 14
- Some Accounting Identities 17
- The Inanity of Moralizing 19
- The New Economic Writing 22
CHAPTER TWO How Does Trade Intervention Work? 26
- Trade Intervention Affects the Savings Rate 29
- Currency Manipulation 32
- Exporting Capital Means Importing Demand 34
- What Happens If China Revalues the Renminbi? 37
- Wealth Is Transferred within China 40
- Does China Need a Social Safety Net? 42
CHAPTER THREE The Many Forms of Trade Intervention 47
- How Changes in Wealth Affect Savings 50
- Wage Growth 52
- Trade Policy as the Implicit Consequence of Transfers 55
- Financial Repression 58
- Higher Interest Rates and Household Wealth 61
- Do Higher Interest Rates Stimulate or Reduce Consumption? 64
- Currency versus Interest Rates 66
CHAPTER FOUR The Case of Unbalanced Growth in China 69
- What Kind of Imbalance? 74
- Growth Miracles Are Not New 78
- The Brazilian Miracle 81
- Powering Growth 84
- Paying for Subsidies 87
- Limits to Backwardness 89
- The Trade Impact 92
- A Lost Decade? 94
- Can China Manage the Transition More Efficiently? 96
- Some More Misconceptions 97
CHAPTER FIVE The Other Side of the Imbalances 100
- Can Europe Change American Savings Rates? 103
- How Does Trade Rebalance? 106
- Globalization Is Not Bilateral 109
- The Global Shopping Spree 113
- Trade Remains Unbalanced 115
CHAPTER SIX The Case of Europe 119
- The Mechanics of Crisis 122
- Too Late 125
- German Thrift 128
- Forcing Germany to Adjust 131
- Two-Sided Adjustment 133
CHAPTER SEVEN Foreign Capital, Go Home! 136
- Swapping Assets 139
- It's about Trade, Not Capital 142
- Trade Imbalances Lead to Debt Imbalances 144
- The Current Account Dilemma 147
CHAPTER EIGHT The Exorbitant Burden 150
- Why Buy Dollars? 153
- It Is Better to Give Than to Receive 157
- Foreigners Fund Current Account Deficits, Not Fiscal Deficits 161
- Rebalancing the Scales 163
- When Are Net Capital Inflows a Good Thing? 166
- Can We Live without the Dollar? 168
- Why Not Use SDRs? 172
- An American Push Away from Exorbitant Privilege 174
CHAPTER NINE When Will the Global Crisis End? 178
- Transferring the Center of the Crisis 180
- Reversing the Rebalancing 183
- Some Predictions 185
- The Global Impact 191
APPENDIX Does income equality lead to unemployment? 197
Notes 217
Index 225
