The new international money game:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Basingstoke [u.a.]
Palgrave Macmillan
2011
|
| Edition: | 7. ed., 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Incl. bibliogr. references and index |
| Physical Description: | XIV, 355 S. |
| ISBN: | 9780230018976 9780230018945 |
Staff View
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| 245 | 1 | 0 | |a The new international money game |c Robert Z. Aliber |
| 250 | |a 7. ed., 1. publ. | ||
| 264 | 1 | |a Basingstoke [u.a.] |b Palgrave Macmillan |c 2011 | |
| 300 | |a XIV, 355 S. | ||
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Record in the Search Index
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| adam_text | Titel: The new international money game
Autor: Aliber, Robert Z
Jahr: 2011
Contents
List ofFigure, Tables, and Boxes xi
Preface and Acknowledgments xii
List of Abbreviations and Acronyms xiii
Introduction 1
1 A System Is How the Pieces Fit 8
Fitting the pieces: central bank monetary policies 11
Fitting the pieces: the market in national currencies 13
The waxing and waning of financial hegemony 14
The plan of the book 15
2 The Name of the Game Is Money - But the Disputes Are
about Where the Jobs Are 17
International finance 17
Changes in the price of the US dollar 17
The value of the currency, Jobs, and inflation 19
The management of currency values 19
Parities and shocks 20
Pegged currencies and floating currencies 22
Devaluations and revaluations 22
Exporting national problems 26
The politics and technology of money 26
The challenge of the newly industrializing countries 28
The new international money game 29
Interdependence of business and currency values 30
Part I International Monetary Arrangements, Money,
and Politics
3 Gold - How Much Is a Barbarous Relic Worth? 35
The morphing of commodity gold into money 35
Fiat currency and the money-back guarantee 37
The decline in the monetary role of gold 38
Changes in the purchasing power of gold 42
What should be done with a monetary relic? 46
Political implications of alternative monetary roles
for gold 48
4 The Gnomes of Zürich Play in the Largest Market
in the World 51
The global market in currencies 51
Spot exchange contracts, forward exchange contracts, and swaps 53
Winners and losers in the currency market 55
To Float or Not to Float, That s the Question 56
Changes in the price of the US dollar 59
The debate about exchange market arrangements - pegged
vs. floating one more time 61
Which way after floating? 63
5 The Greatest Monetary Agreement in History 65
The gold Standard - rules and myths 66
The gold Standard in practice 68
Monetary arrangements in the 1920s and the 1930s 69
The Bretton Woods Agreement 71
Stress on the IMF arrangements 72
US payments deficits in the 1950s and 1960s 73
Policy responses to the persistent payments imbalances 75
Paper gold and special drawing rights 76
The monetary impacts of the Vietnam War 76
Changes in currency values 77
The devaluation of the US dollar 77
Monetary artlfacts and the Smithsonian Agreement 78
The EMU is not a bird - but the euro is money 80
The future of monetary agreements 81
6 Radio Luxembourg and the Eurodollar Market Are Both
Offshore Stations 82
Offshore stations and externalized activities 82
The external currency market, nee the Eurodollar market 83
Where Eurodollars come from 86
Links among offshore deposits denominated in different
currencies 88
A house of cards? 89
7 The Dollar and Coca-Cola Are Both Brand Names 92
Brands of money 92
Market position of national currency brands 95
Whither the US dollar on the currency hit parade? 101
8 They Invented Money So They Could Have Inflation 105
Inflation in the twentieth Century 106
Where does inflation come from? 107
The inflation tax HO
Watergate economics 111
Reaganomics 116
Inflation targeting - a new religion 117
9 Global Imbalances and the Persistent US Trade Deficit 118
A life-cycle model of a country s net creditor position 119
Global imbalances - is the United States the cause or the victim? 122
The sustainability of the US trade deficit 126
Soft landings and hard landings 131
10 Five Asset Price Bubbles in 30 Years - A New World Record 134
Countries don t go bankrupt - the 1970s surge in bank loans to
Mexico, Brazil, Argentina, and other developing country
borrowers 138
The mother of all asset price bubbles - Tokyo real estate 139
The asset price bubbles in Thailand et al. 141
Irrational Exuberance and the bubble in US Stocks 142
The bubble in Anglo-Saxon real estate 144
Linkages within each asset price bubble 147
Cash flows and bubbles 149
Links among successive waves of bubbles 150
The uniqueness of the post-1970 period 153
11 A New World Record - Four Financial Crises in 25 Years 157
Cash flows and financial crises 159
Mexico and the developing country debt crisis of the early 1980s 161
The implosion of the asset price bubble in Tokyo 163
The Mexican debacle of the mid-1990s and the Asian financial crises 165
The implosion of the global housing bubble in 2007 168
Financial crises, illiquidity, and insolvency 172
12 Central Bankers Read Election Returns, Not Balance Sheets 178
The holy grail of monetary reform 178
Have floating exchange rates delivered on promises? 179
Reform of the monetary System 180
The politics of international financial stability 181
Inflation is no accident 182
Bureaucracy is a French word and a growth industry 183
Managing the international economy 185
The new mercantilists 186
Nationalization and privatization 187
Reform requires a consensus 187
13 Monetary Reform - Where Do the Problems Go When Assumed
To Have Been Solved? 189
Competing national interests 189
The institutional talisman 190
Politicizing economic conflict: an international money 193
New problems 194
An SDR System 196
The nonpolitical market Solution 198
Currency values as a policy instrument 198
The limited scope for reform 200
Economic expertise cannot solve political problems 201
Part II The Cost of 100 National Monies
14 Globalization 1.0 - The Silk Road to Asia and the Salt Caravans
across the Sahara 205
Nonmarket responses to the declining cost of
economic distance 209
Trade in money and securities 210
Financial crises and an overview of Part II 212
15 Taxation, Regulation, and the Level Playing Field 219
Financial crisis leads to government creep 219
Taxes and the level playing field 222
Low-tax jurisdictions 223
Economic impacts of different national tax rates 224
Why national tax rates differ 225
Corporate tax rates 226
Economic impacts of corporate tax rate 228
Taxes on foreign income 231
Why don t the trains run on time? 233
Privatization 234
16 Banking on the Wire 236
The financial crisis and global banking 236
Competition in banking 237
Branching and acquisitions 238
Changes in the technology of payments 239
The profits in banking 240
The market area of a bank 241
The use of checks for payments and the expansion of
bank branches 242
Competition among international banks 244
Competitive edge 245
Financial crises, banking, and globalization 100.0 248
17 The Reverend Thomas Malthus, the OPEC Cartel, and the Price
of Energy from 1800 to 2100 250
A horse race - money in the bank vs. oil in the ground 253
OPEC and Malthus 255
Globalization 100.0 and the real price of energy 256
18 The World Market for Bonds and Stocks 260
The impacts of globalization 260
The world markets for bond and stock - segmented or integrated? 261
One world stock market? 262
Segmentation or Integration? 262
The horse race in Stocks 265
19 MBSs, ABSs, CMOs, CDOs, Zeros, Swaps, Options, and Credit
Default Swaps - The Revolution in Finance 268
The new world of finance 268
Securitization and the subprime mess 270
What are hedge funds? 271
Where do financial revolutions come from? 272
Debt, stock prices, and junk bonds 273
Financial engineering 274
Index funds 275
Swaps 276
Derivatives and options 277
The collapsing house of cards? 279
20 Why Are Multinational Firms Mostly American? 282
Direct foreign investment 283
The new imperialism 285
Patterns of market penetration 286
Integration of manufacturing 287
Why do firms invest abroad? 288
Compensating advantages and superiority theorems 289
US firms on the hit parade of multinationals 293
The costs of direct foreign investment 295
Whither the conflict? 298
21 Japan - The First Superstate 300
The Japanese challenge 300
Secrets of the miracle 301
The slowdown in the growth rate 303
Japan, Inc. 304
An unfair competitive advantage? 305
The roles of the capitalists and the bankers 306
The mother of all asset price bubbles 307
Lousy demographics or the negative wealth effects? 309
The external impacts of the Japanese business cycle 310
The export of imbalances 311
The world s largest creditor country 312
22 China - The 800-Pound Gorilla 314
China is big history 314
The hermit kingdom and its sequel 315
Limits to Chinese growth 316
Export-led growth, the trade surplus, and the asset price bubble 319
The overseas Chinese economies 320
The savings-investment paradox 323
23 From Marxist Command Economies to Market Capitalism 325
The implosion of an empire 325
What is a transition economy? 326
The ruble was a heavy currency 326
The command economy and the market economy 327
Where do market institutions come from? 330
Industrial restructuring 330
Macro stabilization and the price level 332
Privatization 333
The debacle in Russian finance 334
Prime Minister Putin s Seven Fat Years 335
24 Fitting the Pieces Together Once Again 337
The impacts of the 2007 financial crisis 337
A common international currency? 338
The collapse of rules 339
New rules or new international monetary institutions? 340
Exchange controls 342
The role of gold 342
Index 345
|
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| spelling | Aliber, Robert Z. 1930- Verfasser (DE-588)171948157 aut The new international money game Robert Z. Aliber 7. ed., 1. publ. Basingstoke [u.a.] Palgrave Macmillan 2011 XIV, 355 S. txt rdacontent n rdamedia nc rdacarrier Incl. bibliogr. references and index Internationales Währungssystem (DE-588)4072901-1 gnd rswk-swf Internationaler Kreditmarkt (DE-588)4120506-6 gnd rswk-swf Internationale Kapitalbewegung (DE-588)4162044-6 gnd rswk-swf Internationales Währungssystem (DE-588)4072901-1 s Internationaler Kreditmarkt (DE-588)4120506-6 s Internationale Kapitalbewegung (DE-588)4162044-6 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022286308&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Aliber, Robert Z. 1930- The new international money game Internationales Währungssystem (DE-588)4072901-1 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd Internationale Kapitalbewegung (DE-588)4162044-6 gnd |
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| title | The new international money game |
| title_auth | The new international money game |
| title_exact_search | The new international money game |
| title_full | The new international money game Robert Z. Aliber |
| title_fullStr | The new international money game Robert Z. Aliber |
| title_full_unstemmed | The new international money game Robert Z. Aliber |
| title_short | The new international money game |
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| topic_facet | Internationales Währungssystem Internationaler Kreditmarkt Internationale Kapitalbewegung |
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