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The Escape from Balance Sheet Recession and the QE Trap : A Hazardous Road for the World Economy

By: Koo, Richard C.
Material type: TextTextSeries: 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.
Contents:
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
Summary: 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
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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.

Author notes provided by Syndetics

<p>Richard C. Koo (Tokyo, Japan) is the Chief Economist of Nomura Research Institute, with responsibilities to provide independent economic and market analysis to Nomura Securities, the leading securities house in Japan, and its clients.'Before joining Nomura in 1984, Richard, a US citizen, was an economist with the Federal Reserve Bank of New York (1981-84).'Prior to that, he was a Doctoral Fellow of the Board of Governors of the Federal Reserve System (1979-81). In addition to conducting financial market research, he has also advised several Japanese prime ministers on how best to deal with Japan's economic and banking problems. In addition to being one of the first non-Japanese to participate in the making of Japan's five-year economic plan, he was also the only non-Japanese member of the Defense Strategy Study Conference of the Japan Ministry of Defense for 1999-2011.'Currently he is serving as a Senior Advisor to Center for Strategic and International Studies (Washington D.C.).'He is also an Advisory Board Member of Institute for New Economic Thinking (N.Y.C.), and a regular contributor to Economics by Invitation, The?Economist.<br> Author of many books on Japanese economy, his last book The Holy Grail of Macroeconomics?- Lessons from Japan's Great Recession (John Wiley & Sons, 2008) has been translated into and sold in four different languages. Richard holds BAs in Political Science and Economics from the University of California at Berkeley (1976), and MA in Economics from the Johns Hopkins University (1979).' From 1998 to 2010, he was a visiting professor at Waseda University in Tokyo.'In financial circles, Mr. Koo was ranked first among over 100 economists covering Japan in the Nikkei Financial Ranking for 1995, 1996 and 1997, and by the Institutional Investor magazine for 1998. He was also ranked 1st by Nikkei Newsletter on Bond and Money for 1998, 1999 and 2000.' He was awarded the Abramson Award by the National Association for Business Economics (Washington D.C.) for the year 2001.'Richard, a native of Kobe, Japan, is married with two children.</p>

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