LEADER 04756nam 2200685Ia 450 001 9910786003803321 005 20200520144314.0 010 $a1-299-14910-3 010 $a1-4008-4662-5 035 $a(CKB)2670000000330143 035 $a(EBL)1084817 035 $a(OCoLC)824353627 035 $a(SSID)ssj0000819841 035 $a(PQKBManifestationID)11430485 035 $a(PQKBTitleCode)TC0000819841 035 $a(PQKBWorkID)10857268 035 $a(PQKB)11552435 035 $a(MiAaPQ)EBC1084817 035 $a(Au-PeEL)EBL1084817 035 $a(CaPaEBR)ebr10643946 035 $a(CaONFJC)MIL446160 035 $a(PPN)176172548 035 $a(EXLCZ)992670000000330143 100 $a20121005d2013 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe great rebalancing$b[electronic resource] $etrade, conflict, and the perilous road ahead for the world economy /$fMichael Pettis 210 $aPrinceton $cPrinceton University Press$dc2013 215 $a1 online resource (233 p.) 300 $aDescription based upon print version of record. 311 $a0-691-16362-6 311 $a0-691-15868-1 320 $aIncludes bibliographical references and index. 327 $aTitle; Copyright; Dedication; Contents; CHAPTER ONE Trade Imbalances and the Global Financial Crisis; Underconsumption; The Different Explanations of Trade Imbalance; Destabilizing Imbalances; We Have the Tools; Why the Confusion?; Some Accounting Identities; The Inanity of Moralizing; The New Economic Writing; CHAPTER TWO How Does Trade Intervention Work?; Trade Intervention Affects the Savings Rate; Currency Manipulation; Exporting Capital Means Importing Demand; What Happens If China Revalues The Renminbi?; Wealth Is Transferred within China; Does China Need a Social Safety Net? 327 $aCHAPTER THREE The Many Forms of Trade Intervention How Changes in Wealth Affect Savings; Wage Growth; Trade Policy as the Implicit Consequence of Transfers; Financial Repression; Higher Interest Rates and Household Wealth; Do Higher Interest Rates Stimulate or Reduce Consumption?; Currency Versus Interest Rates; CHAPTER FOUR The Case of Unbalanced Growth in China; What Kind of Imbalance?; Growth Miracles Are Not New; The Brazilian Miracle; Powering Growth; Paying for Subsidies; Limits to Backwardness; The Trade Impact; A Lost Decade?; Can China Manage the Transition More Efficiently? 327 $aSome More Misconceptions CHAPTER FIVE The Other Side of the Imbalances; Can Europe Change American Savings Rates?; How Does Trade Rebalance?; Globalization Is Not Bilateral; The Global Shopping Spree; Trade Remains Unbalanced; CHAPTER SIX The Case of Europe; The Mechanics of Crisis; Too Late; German Thrift; Forcing Germany to Adjust; Two-sided Adjustment; CHAPTER SEVEN Foreign Capital, Go Home!; Swapping Assets; It's about Trade, Not Capital; Trade Imbalances Lead to Debt Imbalances; The Current Account Dilemma; CHAPTER EIGHT The Exorbitant Burden; Why Buy Dollars? 327 $aIt Is Better to Give Than to Receive Foreigners Fund Current Account Deficits, Not Fiscal Deficits; Rebalancing the Scales; When Are Net Capital Inflows a Good Thing?; Can We Live without the Dollar?; Why Not Use SDRs?; An American Push Away From Exorbitant Privilege; CHAPTER NINE When Will the Global Crisis End?; Transferring the Center of the Crisis; Reversing the Rebalancing; Some Predictions; The Global Impact; Notes; Index 330 $aChina's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows that severe trade imbalances spurred on the recent financial crisis and were the result of unfortunate policies that distorted the savings and consumption patterns of certain nations. Pettis examines the reasons behind these destabilizing policies, an 606 $aBalance of trade 606 $aBalance of payments 606 $aInternational trade 606 $aInternational economic relations 606 $aFinancial crises 615 0$aBalance of trade. 615 0$aBalance of payments. 615 0$aInternational trade. 615 0$aInternational economic relations. 615 0$aFinancial crises. 676 $a382/.17 700 $aPettis$b Michael$0782917 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910786003803321 996 $aThe great rebalancing$93715191 997 $aUNINA