February 10, 2018

New PDF release: Against the Consensus: Reflections on the Great Recession

By Lin J.Y.

ISBN-10: 1107038871

ISBN-13: 9781107038875

In June 2008, Justin Yifu Lin used to be appointed leader Economist of the realm financial institution, correct prior to the eruption of the worst worldwide monetary and monetary drawback because the nice melancholy. Drawing on adventure from his privileged place, Lin deals designated reflections at the reason for the problem, why it was once so severe and common, and its most likely evolution. Arguing that traditional theories supply insufficient recommendations, he proposes new projects for reaching international balance and keeping off the recurrence of comparable crises sooner or later. He means that the challenge and the worldwide imbalances either originated with the surplus liquidity created by means of US monetary deregulation and unfastened financial coverage, and recommends the construction of an international Marshall Plan and a brand new supranational worldwide reserve foreign money. This thought-provoking publication will attract teachers, graduate scholars, coverage makers, and somebody drawn to the worldwide economic system

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Extra info for Against the Consensus: Reflections on the Great Recession

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P-gold is an improved version of Keynes’s proposal for a new international currency called the bancor. That proposal never took off because countries had confidence in the US dollar; the US economy was strong and dominated the global economy (at more than 50 percent of global GDP), so other countries had no compelling reason to push for change. Today the US economy’s share of global GDP is around 20 percent, and the international monetary system is wobbly. A global currency such as p-gold could become a win-win for all countries by eliminating instability, which is bad for reserve currency countries and nonreserve currency countries alike.

Klein and Cukier (2009) exemplify this argument. Aizenman (2008) and Aizenman and Lee (2008) provide evidence of self-insurance motives in East Asia. Ben-Bassat and Gottlieb (1992) also support this viewpoint, with a general model tested using data on Israel. Goldstein and Lardy (2009) review this position and argue that a 40 percent appreciation could eliminate China’s global current account surplus. Jeanne (2011) presents a model in which savings and capital controls are used to undervalue the real exchange rate.

And, if China’s exchange rate policy is to blame for global imbalances, its external surplus should be correlated with its exchange rate. Moreover, trade surpluses should have declined or become deficits in developing countries that compete with China’s exports. Export-led growth strategy Although China and East Asian economies have dramatically increased their trade surpluses in recent years, they have followed export-led growth strategies since the 1960s. Sustainable export-led growth strategies have not been based on targeting an ever-expanding trade surplus but on increasing integration with international markets, leading to more imports as well as exports and generating higher quality jobs in the tradables sector.

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Against the Consensus: Reflections on the Great Recession by Lin J.Y.

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