Format:
1 online resource (280 pages)
Edition:
1st ed.
ISBN:
9781107038875
,
9781107290372
Content:
Based on his experience as Chief Economist of the World Bank, Justin Yifu Lin offers unique reflections on the causes and consequences of the problems in the global economy. He suggests new policy proposals for avoiding another recession, including a global Marshall Plan and a new supranational global reserve currency
Note:
Cover -- Contents -- List of Figures -- List of Tables -- List of Boxes -- Preface -- Overview -- What caused the 2008-9 global crisis? -- Global imbalances did not arise in East Asiahellip -- ...or in China -- A win-win path to recovery -- The challenge of structural reforms -- Beyond Keynes: global investment in infrastructure -- How poor countries can catch up: flying geese and leading dragons -- The low- and middle-income traps -- Flawed development theories -- A better way: comparative advantage - following industrialization -- Toward a brave new international monetary system -- The emerging multireserve currency system is inherently unstable -- A bold proposal to restore stability to the international monetary system -- Part 1 WhatCausedthe2008-9GlobalCrisis? -- Chapter 1 The world economy and the 2008-9 crisis -- Eruption, evolution, and consequences of the crisis -- How the crisis spread around the world -- Chapter 2 The real causes of the crisis -- Hypothesis 1: global imbalances led to the housing bubble and the global financial crisis -- Export-led growth strategy -- The self-insurance motive -- China's exchange rate policy -- The global savings glut and interest rates -- Hypothesis 2: US policies led to the global financial crisis -- Loose monetary policies and low interest rates -- Wealth effects of the real estate boom and rising stock market -- Chapter 3 Financial deregulation and the housing bubble -- New financial instruments and the housing bubble -- The Federal Reserve Board's approach to bubbles: the "Greenspan put" -- Expansion of the subprime mortgage market -- Chapter 4 What's wrong with the Eurozone -- Deregulation and financial integration in the Eurozone -- The euro and financial deregulation -- Rising wages and government spending in noncore Eurozone countries -- Chapter 5 Why China's reserves have risen so much
,
Chapter 10 Lessons from the failures and successes of structural transformation -- Looking more closely at industrialization - and deindustrialization -- Justified skepticism about applied industrial policy -- Drawing the wrong conclusions -- Upgrading industrial structures -- Assembling the puzzle: the new structural economics -- Chapter 11 Unique opportunities for poor countries -- A tectonic shift ahead - with opportunities -- How large are the benefits? -- A roadmap for seizing the moment: the Growth Identification and Facilitation Framework -- Part 4 TowardaBraveNewWorldMonetarySystem -- Chapter 12 The evolution of the international monetary system -- The gold standard (1819-1914) -- The interwar period (1914-39) -- The Bretton Woods system (1946-73) -- Since Bretton Woods (1973-present) -- Chapter 13 Emerging pressures and policy challenges -- Is there an alternative to the dominance of the US dollar? -- Persistent payments imbalances and volatile capital flows -- Chapter 14 (In)stability of the emerging multiple reserve currency system -- Moving toward a multipolar growth system -- Prospects for the US dollar, euro, and yuan -- How stable would the emerging multipolar international financial system be? -- Less stability likely, with more frequent financial shocks -- Global liquidity and the emerging multiple reserve currency system -- Chapter 15 The thinking behind the main reform proposals -- The international payments system -- Lender of last resort -- Provider of global liquidity - during "normal" times -- Chapter 16 Costs and benefits of major reform proposals -- A bigger and better International Monetary Fund -- Funding -- Instruments -- Surveillance -- Governance -- Assessment -- A global central bank with international currency -- Global policy coordination
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Chapter 17 A proposal for a new global reserve currency: paper gold ("p-gold") -- Correcting external imbalances -- Ensuring adequate global liquidity -- Chapter 18 Why it still matters -- References -- Index
,
China's dual-track reform strategy led to high corporate savings -- Tax policy favors large state-owned enterprises -- High concentration in the financial sector -- Natural resources policies keep royalty rates low -- Monopoly power in financial and telecommunication industries -- Lowering corporate savings by addressing the root causes -- Relocation of labor-intensive production from East Asia to China -- Conclusions -- Part 2 AWin-WinPathtoRecovery -- Chapter 6 Infrastructure investments - beyond Keynesianism -- Infrastructure investments in advanced economies: solid but limited options -- Limited policy options -- Infrastructure projects are particularly promising -- The empirical evidence favors infrastructure investments -- Infrastructure investments in developing countries: abundant opportunities -- Demand for infrastructure is growing -- Infrastructure is a driver of economic development -- Chapter 7 A massive global infrastructure initiative -- Benefiting developed countries, developing countries, and the global economy -- Identifying bottleneck-releasing infrastructure projects -- Closing the financing gap -- Tax financing -- Traditional donor financing -- Nontraditional donors and sovereign wealth funds -- Domestic savings -- International financial markets -- Public-private partnerships -- Designing the global infrastructure initiative -- Moving from the "new normal" to the "new new normal" -- Part 3 HowPoorCountriesCanCatchUp:FlyingGeeseandLeadingDragons -- Chapter 8 The mystery of the great divergence -- The great divergence -- Flying geese and leading dragons to the rescue -- Chapter 9 The mechanics and benefits of structural change -- Early insights about leader-follower dynamics -- Are the Asian geese still flying? -- Stylized facts - and unexplained failures of transformation
Additional Edition:
Print version Lin, Justin Yifu Against the Consensus New York : Cambridge University Press,c2013 ISBN 9781107038875
Language:
English
Keywords:
Electronic books
URL:
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