The Escape from Balance Sheet Recession and the QE Trap : A Hazardous Road for the World Economy
By: Koo, Richard C.Material type: TextSeries: eBooks on Demand.Publisher: Hoboken : Wiley, 2014Description: 1 online resource (351 p.).ISBN: 9781119028161.Subject(s): Globalization -- Economic aspects -- Japan | Japan -- Economic conditions -- 1989- | Japan -- Economic policy -- 1989-Genre/Form: Electronic books.Additional physical formats: Print version:: The Escape from Balance Sheet Recession and the QE Trap : A Hazardous Road for the World EconomyDDC classification: 330.952 LOC classification: HC462.95Online resources: Click here to view this ebook.
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|HC462.8 Japanization :||HC462.8 .M474 2014 Japan's Economic Planning and Mobilization in Wartime, 1930s-1940s :||HC462.9 .N384 2014 Big Picture Economics :||HC462.95 The Escape from Balance Sheet Recession and the QE Trap :||HC462.95 .B69 2000eb Japanese Capitalism in Crisis :||HC462.95 .C365 2014 Capturing contemporary Japan :||HC462.95 .C75 2007eb Crisis or Recovery in Japan :|
The Escape from Balance Sheet Recession and the QE Trap; Contents; Foreword; Notes on the Data Used in This Book; About the Author; 1 Balance Sheet Recession Theory-Basic Concepts; GDP and Inflation Fueled by Growth in Money Supply, Not Monetary Base; Japan Fell into Balance Sheet Recession in 1990s; Plunging Asset Prices Create Balance Sheet Problems for Businesses; Japanese Firms Rushed to Repair Balance Sheets by Paying Down Debt; "Correct" Private Sector Behavior Tipped Japan into Contractionary Equilibrium; Collapse of Japans Bubble Destroyed ¥1,500 Trillion in Wealth
Why Japanese GDP Did Not Fall after Bubble BurstFiscal Stimulus Saved Japans Economy; "Good" Fiscal Deficits Were Not Perceived as Such; Balance Sheet Recessions and the Limitations of Econometric Models; Fiscal Stimulus Works in Two Stages; FDR Made Same Mistake in 1937; Reactive Fiscal Stimulus Is Far Less Efficient; Fiscal Deficits Are Easily Financed during Balance Sheet Recessions; Self-Corrective Mechanism for Economies in Balance Sheet Recessions; Two Types of Fiscal Deficits Require Different Responses; Fiscal Deficits Must Be Viewed Relative to Private Savings
Consequences of Leaving Things Up to the Market in a Balance Sheet RecessionGFC Triggered by Insistence on Market Principles; Volcker Understood Systemic Crises; Little to Be Gained from Bashing Those Who Have Already Come to Their Senses; Recovery from Balance Sheet Recession Takes Time; Forward Guidance Important for Fiscal as Well as Monetary Policy; Fiscal Consolidation: Better Too Late Than Too Early; Three Points to Consider Regarding Costs for Future Generations; Japan Had a Shot at Full Recovery in 1996…; Conflation of Balance Sheet and Structural Problems Extends Recession
Distinguishing Balance Sheet Recessions from Structural Problems and Financial CrisesDemocracies Are Ill-Equipped for Dealing with Balance Sheet Recessions; Keynes Also Overlooked Private-Sector Debt Minimization; Those Who Prevent Crises Never Become Heroes; Democracy Plus Balance Sheet Recession Equals "Secular Stagnation"; Appendix to Chapter 1: Summary of Yin and Yang Phases of Economy; 2 Monetary Policy and the Quantitative Easing Trap; Monetary Policy Impotent without Demand for Funds; Mechanisms for Money Supply Growth; Government Borrowing Drove Money Supply Growth in Japan
Economics Dogged by Incorrect Analysis of Great DepressionJapanese Monetary Policy Has Relied on Fiscal Policy for Past 20 Years; Balance Sheet Recessions Triggered by Borrower-Side Problems, Financial Crises Triggered by Lender-Side Problems; Bernanke Himself Says QE2 Unlikely to Have Major Macroeconomic Benefits; Real Aim of QE2: Portfolio Rebalancing Effect; Can Higher Share Prices under QE2 Be Justified on DCF Basis?; QE2 a Big Gamble for Bernanke; QE Undermined U.S. Leadership in G20; QE with No Income Effect Harms Other Countries
Dollar-Buying Intervention by U.S. Authorities Would Have Produced Different Outcome
Compare global experiences during the balance sheet recession and find out what is needed for a full recovery The Escape from Balance Sheet Recession and the QE Trap details the many hidden dangers remaining as the world slowly recovers from the balance sheet recession of 2008. Author and leading economist Richard Koo explains the unique political and economic pitfalls that stand in the way of recovery from this rare type of recession that was largely overlooked by economists. Koo anticipated the current predicament in the West long before others and issued warnings in his previous books: Bala
Description based upon print version of record.