CHAPTER ONE Trade Imbalances and the Global Financial Crisis 1
Underconsumption 4
The Different Explanations of Trade Imbalance 6
Destabilizing Imbalances 9
We Have the Tools 11
Why the Confusion? 14
Some Accounting Identities 17
The Inanity of Moralizing 19
The New Economic Writing 22
CHAPTER TWO How Does Trade Intervention Work? 26
Trade Intervention Affects the Savings Rate 29
Currency Manipulation 32
Exporting Capital Means Importing Demand 34
What Happens If China Revalues the Renminbi? 37
Wealth Is Transferred within China 40
Does China Need a Social Safety Net? 42
CHAPTER THREE The Many Forms of Trade Intervention 47
How Changes in Wealth Affect Savings 50
Wage Growth 52
Trade Policy as the Implicit Consequence of Transfers 55
Financial Repression 58
Higher Interest Rates and Household Wealth 61
Do Higher Interest Rates Stimulate or Reduce Consumption? 64
Currency versus Interest Rates 66
CHAPTER FOUR The Case of Unbalanced
Growth in China 69
What Kind of Imbalance? 74
Growth Miracles Are Not New 78
The Brazilian Miracle 81
Powering Growth 84
Paying for Subsidies 87
Limits to Backwardness 89
The Trade Impact 92
A Lost Decade? 94
Can China Manage the Transition More Efficiently? 96
Some More Misconceptions 97
CHAPTER FIVE The Other Side of the Imbalances 100
Can Europe Change American Savings Rates? 103
How Does Trade Rebalance? 106
Globalization Is Not Bilateral 109
The Global Shopping Spree 113
Trade Remains Unbalanced 115
CHAPTER SIX The Case of Europe 119
The Mechanics of Crisis 122
Too Late 125
German Thrift 128
Forcing Germany to Adjust 131
Two-Sided Adjustment 133
CHAPTER SEVEN Foreign Capital, Go Home! 136
Swapping Assets 139
It's about Trade, Not Capital 142
Trade Imbalances Lead to Debt Imbalances 144
The Current Account Dilemma 147
CHAPTER EIGHT The Exorbitant Burden 150
Why Buy Dollars? 153
It Is Better to Give Than to Receive 157
Foreigners Fund Current Account Deficits, Not Fiscal Deficits 161
Rebalancing the Scales 163
When Are Net Capital Inflows a Good Thing? 166
Can We Live without the Dollar? 168
Why Not Use SDRs? 172
An American Push Away from Exorbitant Privilege 174
CHAPTER NINE When Will the Global Crisis End? 178
Transferring the Center of the Crisis 180
Reversing the Rebalancing 183
Some Predictions 185
The Global Impact 191
Notes 197
Index 205
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3 有用 千夏蛍 2014-03-05 14:17:03
基本把所有关于中国经济的stereotype都推翻了。信息太多表示还无法融会贯通。整体认为发展中国家尤其是中国的经济不稳定性来自于经济资源分配的不均衡
1 有用 p.y.t 2018-11-07 15:42:15
兵马司粉丝请在此报道
1 有用 牧野 2015-08-16 09:01:36
A powerful illustration of how little understanding most analysts have of economics. Through accounting identifies and economic history, Pettis masterfully explains the forces underlying forces shapin... A powerful illustration of how little understanding most analysts have of economics. Through accounting identifies and economic history, Pettis masterfully explains the forces underlying forces shaping international economics and in so doing, blows away one cliche after another about China's place in the world. (展开)
0 有用 冷眼旁观 2018-11-12 17:20:36
很精彩的书,预测基本与现实一致,在如何分配过剩储蓄的角度解读贸易失衡。目前可选择的唯一正确再平衡路径,应是在财富转移(减税)的基础上刺激消费,接受短期经济增速下滑。
1 有用 逆铭睡眼惺忪地 2019-01-13 15:44:03
外行表示不明觉厉。。似乎要先去补补宏观经济学
0 有用 柏拉图下港口 2023-12-08 12:44:14 日本
简单的逻辑、冗长的讨论、极致的键政,读后立即能拿来用。许久不见的古早凯恩斯总量均衡分析,把全球当成整体来探讨各国总产出结构和贸易平衡之间的联动效应。基本的框架都写在附录中了,两个全球层面的恒等式(Y=C+S=C+I),收入不均带来消费抑制(MPC递减),S偏高,在Y不变前提下,为消化这部分储蓄,要么I上升,要么S回落。如果I上升,那去向无非是生产性投资,存货投资、投机性投资三种;如要S回落,则需要... 简单的逻辑、冗长的讨论、极致的键政,读后立即能拿来用。许久不见的古早凯恩斯总量均衡分析,把全球当成整体来探讨各国总产出结构和贸易平衡之间的联动效应。基本的框架都写在附录中了,两个全球层面的恒等式(Y=C+S=C+I),收入不均带来消费抑制(MPC递减),S偏高,在Y不变前提下,为消化这部分储蓄,要么I上升,要么S回落。如果I上升,那去向无非是生产性投资,存货投资、投机性投资三种;如要S回落,则需要靠富人或政府消费、普通人提高消费(如虚拟资产价格上升使他们产生了变富的假象)以及失业(收入为0,消费为正,比如全职子女)。全球水平总是平衡,但国与国之间可能存在失衡,比如贸易盈余和贸易赤字的对子(东亚对北美,中欧对南欧)。中国和德国的出口经济来自国内的消费不足,如工资增长滞后、汇率低估与金融抑制。 (展开)
0 有用 Lalalallz 2022-01-12 21:57:19
很有启发的论点。很多细节、机制还需深挖和探讨,虽然这些探讨已经不是一本书能展现的。
0 有用 地下宇航员 2020-10-11 12:32:00
7/10. 开创“收入效应+会计恒等式解释一切”流。有一定启发性。其中收入效应的解释力其实用储蓄消费的微观数据其实不难检验,但相关讨论很少,能不能hold up我不太乐观。
0 有用 Deenoir 2019-09-01 20:46:46
需要認真學習。重复太多,写几篇论文/blog显然是作者更喜欢的方式。 美国,近欧国家,德,中,日案例学习,不太清楚具体情况现在是什么,可是没有作者期待的解决方案在真的实行吧(起码中国是烷)。非常有帮助的基本框架。
1 有用 逆铭睡眼惺忪地 2019-01-13 15:44:03
外行表示不明觉厉。。似乎要先去补补宏观经济学