LEADER 05509nam 22006735 450 001 9910409677003321 005 20200705103911.0 010 $a3-030-39288-0 024 7 $a10.1007/978-3-030-39288-8 035 $a(CKB)4100000010770997 035 $a(MiAaPQ)EBC6144678 035 $a(DE-He213)978-3-030-39288-8 035 $a(EXLCZ)994100000010770997 100 $a20200324d2020 u| 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aCapital Wars $eThe Rise of Global Liquidity /$fby Michael J. Howell 205 $a1st ed. 2020. 210 1$aCham :$cSpringer International Publishing :$cImprint: Palgrave Macmillan,$d2020. 215 $a1 online resource (xxii, 304 pages) $cillustrations 311 $a3-030-39287-2 320 $aIncludes bibliographical references and index. 327 $a1. Introduction: Capital Wars -- 2. Global Money -- 3. Synopsis: A Bigger, More Volatile World -- 4. The Liquidity Model -- 5. Real Exchange Adjustment -- 6. Private Sector (Funding) Liquidity -- 7. The Central Banks: Don't Fight the Fed, Don't Upset the ECB and Don't Mess with the PBoC -- 8. Cross-border Capital Flows -- 9. China and the Emerging Markets -- 10. The Liquidity Transmission Mechanism: Understanding Future Macro-valuation Shifts -- 11. Financial Crises and Safe Assets -- 12. The Financial Silk Road: Globalisation and the Eastwards Shift of Capital -- 13. Measuring Liquidity: The Global Liquidity Indexes -- 14. Conclusion: A High Water Mark?. 330 $aEconomic cycles are driven by financial flows, namely quantities of savings and credits, and not by high street inflation or interest rates. Their sweeping destructive powers are expressed through Global Liquidity, a $130 trillion pool of footloose cash. Global Liquidity describes the gross flows of credit and international capital feeding through the world?s banking systems and wholesale money markets. The huge jump in the volume of international financial markets since the mid-1980s has been boosted by deregulation, innovation and easy money, with financial globalisation now surpassing the peaks of integration reached before the First World War. Global Liquidity drives these markets: it is often determinant, frequently disruptive and always fast-moving. Barely one fifth of Wall Street?s huge gains over recent decades have come from earnings: rising liquidity and investors? appetite for riskier financial assets have propelled stock prices higher. Similar experiences are shared worldwide and even in emerging markets, such as India, flat earnings have not deterred waves of foreign money and domestic mutual funds from driving-up stock prices. Now with central banks actively pursuing quantitative easing policies, industrial corporations flush with cash and rising wealth levels among emerging market investors, the liquidity theory of investment has never been more important. International spill-overs of these rapacious cross-border flows sets off capital wars and exposes the unattractive face of liquidity called ?risk.? As the world grows bigger, it becomes ever more volatile. From the early 1960s onwards, the world economy and its financial markets have suffered from three broad types of shocks ? labour costs, oil and commodities, and global liquidity. Financial markets spin on fragile axes and the absence of liquidity often provides a warning of upcoming troubles. Global Liquidity is a much-discussed, but narrowly-researched and vaguely-defined topic. This book deeply explores the subject by clearly defining and measuring liquidity worldwide and by showing its importance for investors. The roles of central banks, shadow banking, the rise of Repo and growth of wholesale money are discussed. Additionally, covering the latest developments in China?s increasingly dominant financial economy, this book will appeal to practitioners, policy-makers, economists and academics, as well as those with a general interest in how financial markets work. 606 $aInvestment banking 606 $aSecurities 606 $aInternational finance 606 $aRisk management 606 $aCapital market 606 $aBanks and banking 606 $aInvestments and Securities$3https://scigraph.springernature.com/ontologies/product-market-codes/626020 606 $aInternational Finance$3https://scigraph.springernature.com/ontologies/product-market-codes/624000 606 $aRisk Management$3https://scigraph.springernature.com/ontologies/product-market-codes/612040 606 $aCapital Markets$3https://scigraph.springernature.com/ontologies/product-market-codes/616000 606 $aBanking$3https://scigraph.springernature.com/ontologies/product-market-codes/626010 615 0$aInvestment banking. 615 0$aSecurities. 615 0$aInternational finance. 615 0$aRisk management. 615 0$aCapital market. 615 0$aBanks and banking. 615 14$aInvestments and Securities. 615 24$aInternational Finance. 615 24$aRisk Management. 615 24$aCapital Markets. 615 24$aBanking. 676 $a332.6 676 $a658.155 700 $aHowell$b Michael J$4aut$4http://id.loc.gov/vocabulary/relators/aut$0931546 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910409677003321 996 $aCapital Wars$92095508 997 $aUNINA