Global Finance After the Crisis: The United States, China and the New World Order

The authors examine global post-crisis reordering in a long-run context, identify five fundamental flaws in global bank business models and document the explosion of gross capital flows. They tackle difficult-to-answer lines of enquiry such as: can zero interest rates and quantitative easing lift the advanced world back to growth, or will they be dragged down by the overhang of debt? Might costs on savers, retirees and distortions to the pattern of global financing render zero rates counter-productive? What issues face the BRICs? Could ‘China as number one’ see the renminbi soon challenge the dollar and the euro as a major international currency?

Providing a detailed analysis of the post-crisis world and the issues posed by the rise of China and emerging market economies relative to developed countries, this book will prove a stimulating account for academics, students and researchers in the fields of economics, money, finance and banking, and world trade. Bank and market economists as well as policymakers based in central banks, governments and think-tanks will also find this book to be an invaluable reference tool.

Contents:
Preface
1. The Rapidly Changing World Economy
2. The Great Recession
3. Global Finance and Payments Imbalances
4. The Role of Monetary Policy
5. The Post-crisis World
6. China’s Prospects and Challenges
7. The US External Position
8. The Redback, the Greenback and the Troubled Euro
9. Conclusions
References
Index