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Book Cover
Author Lin, Justin Yifu, 1952-

Title Against the consensus : reflections on the great recession / Justin Yifu Lin
Published Cambridge : Cambridge University Press, 2013


Description 1 online resource (xxix, 247 pages)
Contents Cover; Contents; List of Figures; List of Tables; List of Boxes; Preface; Overview; What caused the 2008-9 global crisis?; Global imbalances did not arise in East Asiahellip; ... or in China; A win-win path to recovery; The challenge of structural reforms; Beyond Keynes: global investment in infrastructure; How poor countries can catch up: flying geese and leading dragons; The low- and middle-income traps; Flawed development theories; A better way: comparative advantage -- following industrialization; Toward a brave new international monetary system
The emerging multireserve currency system is inherently unstableA bold proposal to restore stability to the international monetary system; Part 1 WhatCausedthe2008-9GlobalCrisis?; Chapter 1 The world economy and the 2008-9 crisis; Eruption, evolution, and consequences of the crisis; How the crisis spread around the world; Chapter 2 The real causes of the crisis; Hypothesis 1: global imbalances led to the housing bubble and the global financial crisis; Export-led growth strategy; The self-insurance motive; China's exchange rate policy; The global savings glut and interest rates
Hypothesis 2: US policies led to the global financial crisisLoose monetary policies and low interest rates; Wealth effects of the real estate boom and rising stock market; Chapter 3 Financial deregulation and the housing bubble; New financial instruments and the housing bubble; The Federal Reserve Board's approach to bubbles: the "Greenspan put"; Expansion of the subprime mortgage market; Chapter 4 What's wrong with the Eurozone; Deregulation and financial integration in the Eurozone; The euro and financial deregulation; Rising wages and government spending in noncore Eurozone countries
Chapter 5 Why China's reserves have risen so muchChina's dual-track reform strategy led to high corporate savings; Tax policy favors large state-owned enterprises; High concentration in the financial sector; Natural resources policies keep royalty rates low; Monopoly power in financial and telecommunication industries; Lowering corporate savings by addressing the root causes; Relocation of labor-intensive production from East Asia to China; Conclusions; Part 2 AWin-WinPathtoRecovery; Chapter 6 Infrastructure investments -- beyond Keynesianism
Infrastructure investments in advanced economies: solid but limited optionsLimited policy options; Infrastructure projects are particularly promising; The empirical evidence favors infrastructure investments; Infrastructure investments in developing countries: abundant opportunities; Demand for infrastructure is growing; Infrastructure is a driver of economic development; Chapter 7 A massive global infrastructure initiative; Benefiting developed countries, developing countries, and the global economy; Identifying bottleneck-releasing infrastructure projects; Closing the financing gap
Summary "In June 2008, Justin Yifu Lin was appointed Chief Economist of the World Bank, right before the eruption of the worst global financial and economic crisis since the Great Depression. Drawing on experience from his privileged position, Lin offers unique reflections on the cause of the crisis, why it was so serious and widespread, and its likely evolution. Arguing that conventional theories provide inadequate solutions, he proposes new initiatives for achieving global stability and avoiding the recurrence of similar crises in the future. He suggests that the crisis and the global imbalances both originated with the excess liquidity created by US financial deregulation and loose monetary policy, and recommends the creation of a global Marshall Plan and a new supranational global reserve currency. This thought-provoking book will appeal to academics, graduate students, policy makers, and anyone interested in the global economy."--Publisher's website
Bibliography Includes bibliographical references and index
Notes Print version record
Subject Global Financial Crisis, 2008-2009.
Recessions -- History -- 21st century
BUSINESS & ECONOMICS -- Economic History.
Crise financière.
Crise économique.
Economie internationale.
Politique économique.
Science économique.
Banque internationale pour la reconstruction et le développement.
Economic policy
SUBJECT China -- Economic policy.
Subject China
Genre/Form History
Form Electronic book
ISBN 9781107291423