The Dollar Trap

Author: Eswar S. Prasad
Publisher: Princeton University Press
ISBN: 9781400873647
Release Date: 2015-08-25
Genre: Business & Economics

The U.S. dollar's dominance seems under threat. The near collapse of the U.S. financial system in 2008–2009, political paralysis that has blocked effective policymaking, and emerging competitors such as the Chinese renminbi have heightened speculation about the dollar’s looming displacement as the main reserve currency. Yet, as The Dollar Trap powerfully argues, the financial crisis, a dysfunctional international monetary system, and U.S. policies have paradoxically strengthened the dollar’s importance. Eswar Prasad examines how the dollar came to have a central role in the world economy and demonstrates that it will remain the cornerstone of global finance for the foreseeable future. Marshaling a range of arguments and data, and drawing on the latest research, Prasad shows why it will be difficult to dislodge the dollar-centric system. With vast amounts of foreign financial capital locked up in dollar assets, including U.S. government securities, other countries now have a strong incentive to prevent a dollar crash. Prasad takes the reader through key contemporary issues in international finance—including the growing economic influence of emerging markets, the currency wars, the complexities of the China-U.S. relationship, and the role of institutions like the International Monetary Fund—and offers new ideas for fixing the flawed monetary system. Readers are also given a rare look into some of the intrigue and backdoor scheming in the corridors of international finance. The Dollar Trap offers a panoramic analysis of the fragile state of global finance and makes a compelling case that, despite all its flaws, the dollar will remain the ultimate safe-haven currency.

The Dollar Trap

Author: Eswar Prasad
Publisher:
ISBN: 0691161127
Release Date: 2014
Genre: Business & Economics

Looks at how the American dollar came to be of central importance in the world economy, and why it will continue to be so for the foreseeable future, due to a firmly established, dollar-centric international finance system.

M rkte im Umbruch

Author: Mohamed El-Erian
Publisher: FinanzBuch Verlag
ISBN: 9783862484690
Release Date: 2013-10-08
Genre: Political Science

Die globalen Wirtschaftssysteme ändern sich rasant und werden zunehmend von heftigen Krisen geschüttelt. Nationen die bis vor kurzem noch in Wohlstand schwelgten, stehen kurz vor dem finanziellen Kollaps und sehen sich auf einmal vor ganz neue Herausforderungen gestellt. Vielen Börsianern geht es nicht anders. Die Handelsstrategien von gestern funktionieren heute nicht mehr. Investoren müssen die Märkte ganz neu interpretieren und bewerten. Nur wie? Das Buch zeigt mögliche Wege und Szenarien, mit denen sich Investoren auf die künftigen Herausforderungen der Weltwirtschaft optimal vorbereiten. Es gibt Strategien an die Hand, Fehldeutungen zu vermeiden und seine Vermögenswerte zu schützen. Mit durchdachten und einfach nachzuvollziehenden Erläuterungen beleuchtet El-Erian die Ursachen und die Konsequenzen der aktuellen Verfassung der globalen Wirtschafts- und Finanzsysteme.

Der Euro

Author: Hans-Werner Sinn
Publisher: Carl Hanser Verlag GmbH Co KG
ISBN: 9783446444690
Release Date: 2015-10-19
Genre: Political Science

Von Anfang an sollte der Euro mehr sein als eine Währung: Er verkörpert den Wunsch nach Einheit und Frieden in Europa. Doch gut ein Jahrzehnt nach seiner Einführung geht ein tiefer Riss durch Europa. Im Süden bleibt die Arbeitslosigkeit unerträglich, die Wirtschaft liegt am Boden. Der Norden sieht sich in die Rolle des Zahlmeisters gedrängt und wird von der EZB in Geiselhaft genommen. So wächst auf beiden Seiten die Unzufriedenheit. Wir haben einen politischen Weg eingeschlagen, der unsere Marktwirtschaft, die Demokratie und den Frieden in Europa gefährdet. Hans-Werner Sinn liefert in diesem Buch eine Analyse der jüngsten Entwicklungen und zeigt, was zu tun ist, um die Krise zu beenden.

Non Traditional Security Challenges in Asia

Author: ShebontiRay Dadwal
Publisher: Routledge
ISBN: 9781351556187
Release Date: 2017-07-05
Genre: Social Science

Asia is challenged by a number of non-traditional security issues including the foodenergywater nexus, climate change, transnational crime, terrorism, disaster relief and economic performance. This volume categorizes and clarifies some key emerging issues in the area and looks at their interconnectedness and implications.The essays explore how non-traditional issues can manifest as security challenges, and the role of the state and military in dealing with these. Issue-based and area-specific, they rely on facts and interpretation of data, avoiding alarmist predictions. A nuanced and analytical approach into an uncharted area, this book will be essential for policymakers, researchers and students of security and strategic studies, foreign policy, sociology and political economy, as well as the general readers.

Global Financial Crisis and Challenges for China

Author: Dr Mu Yang
Publisher: World Scientific
ISBN: 9789814434621
Release Date: 2012-07-25
Genre:

The book analyzes the nature of Chinese economy which enables it to go through the financial tsunami pretty unscathed. It discusses the stimulus package designed by the Chinese government to keep the economy on course, as well as its results ? both positive and negative aspects in the middle and long term. The 2008?09 financial crisis makes it very clear that we need a two-pronged approach to deal with the situation, namely governments need a) to take quick and decisive actions to stem any further deterioration in financial systems; b) to revamp their economies by refitting existing engines in the real economy. China, as the third largest economy in the world, and with its robust domestic consumption and a healthy financial system, is one of the most important drivers to pull the world out of recession. According to the Chinese leadership, China's main contribution is to keep its own economy running smoothly. In response to the crisis, the Beijing government has poured money into the following sectors: public housing, earthquake reconstruction, physical infrastructure, social security, education and healthcare. So far, the results have helped China to maintain the targeted high growth. Given the open nature of its economy, its high growth has also benefited other countries, thereby contributing to the global economy. The current crisis strengthens a trend that has emerged since the Asian financial crisis of 1997. And that is the enhanced economic integration of China with its East Asian neighbours and Southeast Asia. This augurs well for East Asian regionalism which may include the birth of Asian Monetary Fund. The global environment in the wake of the crisis poses new challenges to China, for example, in the form of shrinking size of its traditional export market in the USA and Europe. China needs to modify its strategy from previous export-oriented and investment-driven strategy into one with more emphasis on consumption. There is a lot of scope for China to embark on productive consumption such as cleaning up the environment, physical infrastructure, social security, education and healthcare. If done well, they will lay a firm basis for long-term economic development. It represents an occasion for China to embark on a nation-wide effort to upgrade its economy in the key sectors. At the same time, attention needs to be paid to improving economic-legal institutional framework to support China's role as a major global player.Contents: IntroductionThe 2008 Financial Crisis and the Chinese EconomyShanghai as an International Financial CentreThe Renminbi DebatePromoting China-ASEAN Economic CooperationThe Flying Geese ModelReflections on Developmental ModelsBy Way of Conclusion: Some Random Thoughts Readership: Academics interested in Asian Studies, China's economy and the financial crisis; general public.

Economic Crisis and Rule Reconstruction

Author: Deming Chen
Publisher: World Scientific
ISBN: 9789814740968
Release Date: 2016-09-08
Genre: Business & Economics

The 2008 global economic crisis resulted in many new changes in global economic governance, multilateral trading system, the Group20 major economies, regional economic cooperation and other international governance platforms. Countries around the world have begun a complex battle to make sure rules are changed in their favor. Furthermore, rule reconstruction has a definite and profound impact on the international economic situation and national trade interests. This book by Former Chinese Minister of Commerce Chen Deming, aims to highlight the focal issues of the competition and negotiations with a panoramic depiction of the complicated state of international economic and trade rule reconstruction. The chapters in the book discuss rules of global governance, reflect on the crisis rarely seen in the past century, and raise the proposition of rule reconstruction. They also focus on multilateral trading system, regional economic cooperation and related international financial rules. Detailed deliberations on various kinds of trade rules including rules of services trade, government procurement, intellectual property, investment, international development cooperation, etc are also dealt with. Lastly, the book provides an outlook on the path, direction and key issues of international economic rule reconstruction, and offers recommendations on China's engagement.

The Status Quo Crisis

Author: Eric Helleiner
Publisher: Oxford University Press
ISBN: 9780199973651
Release Date: 2014-06-19
Genre: Political Science

The 2008 financial crisis was the worst since the Great Depression and many voices argued that it would transform global financial governance. Analysts anticipated a "Bretton Woods moment", referring to the 1944 conference that established the postwar international financial order. Widespread expectations of change were then reinforced by the creation of the G20 leaders' forum, extensive debates about the dollar's global role, the launching of international financial regulatory reforms, and the establishment of the Financial Stability Board. But half a decade later, how much has really changed? In The Status Quo Crisis, Helleiner surveys the landscape and argues that continuity has marked global financial governance more than dramatic transformation. The G20 leaders forum contributed much less to the management of the crisis than advertised. The US dollar remains unchallenged as the world's dominant international currency. The market-friendly nature of pre-crisis international financial regulation has been not overturned in a significant manner. And the Financial Stability Board has strengthened the governance of international financial standards in only very modest ways. What we are left with are some small-bore incremental changes that, collectively, have not fundamentally restructured the governance of the global financial system. Helleiner argues that this strangely conservative result was generated partly by the structural power and active policy choices of the country at the center of the crisis: the United States. Status quo outcomes also reflected the unexpected weakness of Europe and conservatism of policymakers in large emerging market countries. Only if this distinct configuration of power and politics among and within influential states shifted in the coming years might the 2008 crisis leave a more transformative legacy over the longer term. Cutting against much of the received wisdom on offer today, The Status Quo Crisis will be essential reading for those interested in the politics of global finance and for anyone curious how expectations of change can be thwarted after even in the most dire of crises.

American Power after the Financial Crisis

Author: Jonathan Kirshner
Publisher: Cornell University Press
ISBN: 9780801454783
Release Date: 2014-09-04
Genre: Political Science

The global financial crisis of 2007–2008 was both an economic catastrophe and a watershed event in world politics. In American Power after the Financial Crisis, Jonathan Kirshner explains how the crisis altered the international balance of power, affecting the patterns and pulse of world politics. The crisis, Kirshner argues, brought about an end to what he identifies as the "second postwar American order" because it undermined the legitimacy of the economic ideas that underpinned that order—especially those that encouraged and even insisted upon uninhibited financial deregulation. The crisis also accelerated two existing trends: the relative erosion of the power and political influence of the United States and the increased political influence of other states, most notably, but not exclusively, China. Looking ahead, Kirshner anticipates a “New Heterogeneity” in thinking about how best to manage domestic and international money and finance. These divergences—such as varying assessments of and reactions to newly visible vulnerabilities in the American economy and changing attitudes about the long-term appeal of the dollar—will offer a bold challenge to the United States and its essentially unchanged disposition toward financial policy and regulation. This New Heterogeneity will contribute to greater discord among nations about how best to manage the global economy. A provocative look at how the 2007–2008 economic collapse diminished U.S. dominance in world politics, American Power after the Financial Crisis suggests that the most significant and lasting impact of the crisis and the Great Recession will be the inability of the United States to enforce its political and economic priorities on an increasingly recalcitrant world.

Global Markets and National Interests

Author: Lincoln Palmer Bloomfield
Publisher: CSIS
ISBN: 0892064048
Release Date: 2002
Genre: Political Science

The explosion of applied technology around the globe is redefining national interests. This book traverses the fields of energy, finance, and national security to offer a look at the new century's new geopolitics. Experts in all three areas join in a conversation about the ways in which globalization is affecting U.S. foreign policy. Their goal: to break free of predictive or policy-prescriptive trains of analysis.

A New Economic Growth Engine for China

Author: Wing Thye Woo
Publisher: World Scientific
ISBN: 9789814425537
Release Date: 2012
Genre: Business & Economics

From various aspects of the domestic and foreign situation, China has now reached a critical juncture in its economic development. This volume is a report by leading international economic experts on China's economic priorities in the coming years.

An Introduction to Ecological Economics

Author: Robert Costanza
Publisher: CRC Press
ISBN: 142004835X
Release Date: 1997-08-11
Genre: Science

Ecological economics is a way of rethinking the relationship between humans and the environment and working out the implications of how we manage our lives and the planet. An Introduction to Ecological Economics offers a starting point for undergraduate and graduate students and environmental professionals interested in this transdisciplinary field. Beginning in Section 1 with a description of some current problems in society and their underlying causes, Section 2 then takes a historical perspective to explain how world views regarding economics and ecology have evolved. Section 3 presents the fundamental principles of ecological economics, and Part 4 outlines and discusses a set of policies for creating a sustainable society as well as instruments that could be used to implement those policies. A conclusions section summarizes the main points of the book and proposes prospects for the future. Let An Introduction to Ecological Economics introduce you to important issues affecting our ecology, our economy, our world.

The Money Trap

Author: R. Pringle
Publisher: Springer
ISBN: 9780230392755
Release Date: 2012-06-07
Genre: Business & Economics

The world economy is caught in a money trap. Existing monetary arrangements meet the needs neither of the ageing societies of the West nor of younger emerging economies. This in-depth analysis explains how the world got into the grip of global finance - and how it can escape, with a growing demand for reform.

The Escape from Balance Sheet Recession and the QE Trap

Author: Richard C. Koo
Publisher: John Wiley & Sons
ISBN: 9781119028178
Release Date: 2014-10-01
Genre: Business & Economics

Compare global experiences during the balance sheet recessionand find out what is needed for a full recovery The Escape from Balance Sheet Recession and the QE Trapdetails the many hidden dangers remaining as the world slowlyrecovers from the balance sheet recession of 2008. Author andleading economist Richard Koo explains the unique political andeconomic pitfalls that stand in the way of recovery from this raretype of recession that was largely overlooked by economists. Kooanticipated the current predicament in the West long before othersand issued warnings in his previous books: Balance SheetRecession and The Holy Grail of Macroeconomics. This newbook illustrates how history is repeating itself in Europe whilethe United States, which learnt from the Japanese experience, isdoing better by avoiding the fiscal cliff. However, because of theliberal dosage of quantitative easing already implemented, theUnited States, the United Kingdom, and Japan may face a treacherouspath to normalcy in what Koo calls the QE Trap. He argues that itis necessary to understand balance sheet recession in order toresolve the Eurozone crisis, particularly the competitivenessproblems. Koo issues warnings against those who are too ready toargue for structural reforms when the problems are actually withbalance sheets. He re-examines Japan's two decades of experienceswith this rare recession and offers an insider view on theAbenomics. On China, readers will gain a very different historicalperspective as Koo argues that western commentators have forgottentheir own history when they talk about the re-balancing of theChinese economy. Learn from Japan which experienced the same predicamentafflicting the West fifteen years earlier Discover how unwinding of quantitative easing will affect theUnited States, the United Kingdom, Japan, as well as the emergingworld Examine solutions to the Eurozone problems caused by twobalance sheet recessions eight years apart Gain insight into China's problems from the West's ownexperiences with urbanisation Koo, who developed the concept of balance sheet recession basedon Japan's experience, took the revolution in macroeconomicsstarted by John Maynard Keynes in 1936 to a new height. TheEscape from Balance Sheet Recession and the QE Trap offers theworld cure for balance sheet recession.