Global Imbalances And The Collapse Of Globalised Finance
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Global Imbalances And The Collapse Of Globalised Finance
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Author : Anton Brender
language : en
Publisher:
Release Date : 2010
Global Imbalances And The Collapse Of Globalised Finance written by Anton Brender and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
The world economy is just starting to recover from the most disastrous episode in the history of financial globalisation. Understanding what happened is essential. Anton Brender and Florence Pisani, both economists with Dexia Asset Management and teaching at Paris-Dauphine University, argue in this book that the main problems were deeply rooted and are to be found in two tightly linked developments that for many years were left largely uncontrolled: the increase in the intensity of international transfers of savings - the so-called 'global imbalances' - and a wave of innovations - globalised finance - that have changed the way savings and the risks associated with their investment can be transferred. Globalised finance allowed continuously increasing amounts of emerging countries' savings, invested in 'risk-free' assets, to finance loans that were far from being risk-free. The risks attendant on those loans did not vanish of course: they were carried by the risk-takers of the globalised financial system. Hedge-funds, investment banks, off-balance-sheet vehicles, etc. functioned here as parts of a genuine alternative banking system, taking on the bulk of the liquidity, interest-rate and credit risks generated by the mismatch between the assets that emerging regions' savers were ready to - or could - invest in and the liabilities developed countries' borrowers issued. Unfortunately, no one was in charge of keeping in check either the quantity of risk being accumulated in this way or the quality of the loans generating those risks. The consequence was terrible: the only force that could finally rein in the continuous deepening of the global imbalances was the collapse of globalised finance.
Fixing Global Finance
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Author : Martin Wolf
language : en
Publisher: JHU Press
Release Date : 2010-04-01
Fixing Global Finance written by Martin Wolf and has been published by JHU Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-01 with Business & Economics categories.
Since 2008, when Fixing Global Finance was first published, the collapse of the housing and credit bubbles of the 2000s has crippled the world’s economy. In this updated edition, Financial Times columnist Martin Wolf explains how global imbalances helped cause the financial crises now ravaging the U.S. economy and outlines steps for ending this destructive cycle—of which this is the latest and biggest. An expanded conclusion recommends near- and long-term measures to stabilize and protect financial markets in the future. Reviewing global financial crises since 1980, Wolf lays bare the links between the microeconomics of finance and the macroeconomics of the balance of payments, demonstrating how the subprime lending crisis in the United States fits into a pattern that includes the economic shocks of 1997, 1998, and early 1999 in Latin America, Russia, and Asia. He explains why the United States became the “borrower and spender of last resort,” makes the case that this was an untenable arrangement, and argues that global economic security depends on radical reforms in the international monetary system and the ability of emerging economies to borrow sustainably in domestic currencies. Sharply and clearly argued, Wolf’s prescription for fixing global finance illustrates why he has been described as "the world's preeminent financial journalist."
Global Imbalances And The Financial Crisis
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Author : Steven Vincent Dunaway
language : en
Publisher: Council on Foreign Relations
Release Date : 2009
Global Imbalances And The Financial Crisis written by Steven Vincent Dunaway and has been published by Council on Foreign Relations this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
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.
Global Imbalances And Financial Stability
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Author : Miranda Xafa
language : en
Publisher: International Monetary Fund
Release Date : 2007-05
Global Imbalances And Financial Stability written by Miranda Xafa and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-05 with Business & Economics categories.
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.
The Imf And Global Financial Crises
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Author : Joseph P. Joyce
language : en
Publisher: Cambridge University Press
Release Date : 2013
The Imf And Global Financial Crises written by Joseph P. Joyce and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.
Joyce traces the IMF's actions to promote international financial stability from the Bretton Woods era through the recent recession.
Global Imbalances Financial Crises And Central Bank Policies
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Author : Andreas Steiner
language : en
Publisher: Elsevier
Release Date : 2016-07-25
Global Imbalances Financial Crises And Central Bank Policies written by Andreas Steiner and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-25 with Business & Economics categories.
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 The Lessons Of Bretton Woods
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Author : Barry Eichengreen
language : en
Publisher: MIT Press
Release Date : 2010-01-22
Global Imbalances And The Lessons Of Bretton Woods written by Barry Eichengreen and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-22 with Business & Economics categories.
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.
External Imbalances And Financial Crises
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Author : Alan Taylor
language : en
Publisher: International Monetary Fund
Release Date : 2013-12-20
External Imbalances And Financial Crises written by Alan Taylor and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-20 with Business & Economics categories.
Consider two views of the global financial crisis. One view looks across the border: it blames external imbalances, the unprecedented current account deficits and surpluses in recent years. Another view looks within the border: it faults domestic financial systems where risks originated in excessive credit booms. We can use the lens of macroeconomic and financial history to confront these dueling hypotheses with evidence. The credit boom explanation is the most plausible predictor of crises since the late nineteenth century; global imbalances have only a weak correlation with financial distress compared to indicators drawn from the financial system itself.
Fixing Global Finance
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Author : Martin Wolf
language : en
Publisher:
Release Date : 2009
Fixing Global Finance written by Martin Wolf and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
This title shows how the globalisation of finance should have brought substantial benefits, but in practice it brought a series of devastating currency and banking crises in the 1980s and 1990s, particularly in the developing world.
Europe And Global Imbalances
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Author : Philip R. Lane
language : en
Publisher: International Monetary Fund
Release Date : 2007-06
Europe And Global Imbalances written by Philip R. Lane and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-06 with Business & Economics categories.
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.