The Escape From Balance Sheet Recession and the QE Trap

The Escape From Balance Sheet Recession and the QE Trap

A Hazardous Road for the World Economy

Book - 2015
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Compare global experiences during the balance sheet recession and find out what is needed for a full recovery

The Escape from Balance Sheet Recession and the QE Trap details the many hidden dangers remaining as the world slowly recovers from the balance sheet recession of 2008. Author and leading economist Richard Koo explains the unique political and economic pitfalls that stand in the way of recovery from this rare type of recession that was largely overlooked by economists. Koo anticipated the current predicament in the West long before others and issued warnings in his previous books: Balance Sheet Recession and The Holy Grail of Macroeconomics . This new book illustrates how history is repeating itself in Europe while the United States, which learnt from the Japanese experience, is doing better by avoiding the fiscal cliff. However, because of the liberal dosage of quantitative easing already implemented, the United States, the United Kingdom, and Japan may face a treacherous path to normalcy in what Koo calls the QE Trap. He argues that it is necessary to understand balance sheet recession in order to resolve the Eurozone crisis, particularly the competitiveness problems. Koo issues warnings against those who are too ready to argue for structural reforms when the problems are actually with balance sheets. He re-examines Japan's two decades of experiences with this rare recession and offers an insider view on the Abenomics. On China, readers will gain a very different historical perspective as Koo argues that western commentators have forgotten their own history when they talk about the re-balancing of the Chinese economy.

Learn from Japan which experienced the same predicament afflicting the West fifteen years earlier Discover how unwinding of quantitative easing will affect the United States, the United Kingdom, Japan, as well as the emerging world Examine solutions to the Eurozone problems caused by two balance sheet recessions eight years apart Gain insight into China's problems from the West's own experiences with urbanisation

Koo, who developed the concept of balance sheet recession based on Japan's experience, took the revolution in macroeconomics started by John Maynard Keynes in 1936 to a new height. The Escape from Balance Sheet Recession and the QE Trap offers the world cure for balance sheet recession.

Publisher: Singapore :, Wiley,, [2015]
ISBN: 9781119028123
1119028124
Call Number: 330.9051 K8376e
Characteristics: xxv, 320 pages : illustrations ; 24 cm

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michaelfwood
Sep 23, 2016

Caution: This material is almost of textbook depth. However, Mr Koo presents an elegant & brilliant explanation of the heretofore unexplainable for the courageous reader. Mr Koo may not ascend to the level of Keynes or Krugman, but he should. Required reading.

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roystreet
Apr 26, 2015

Based on his extensive experience in finance, Koo offers an invaluable perspective on today's economic difficulties in the US, Japan, Europe and China. The author uses the idea of "balance sheet recession" to shed light on what works and what doesn't. What I found singularly enlightening was his discussion of Japan. Most of us, due to sloppy reporting in the Western media, have an inaccurate idea of Japan's response to the depression following 1990. Koo sets the record straight. Additionally, as the Fed attempts to unwind its Quantitative Easing programs, Koo's analysis provides a sobering perspective on the difficulties ahead.

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StarGladiator
Feb 19, 2015

The description most aptly says: // This new book illustrates how history is repeating itself in Europe while the United States, which learnt from the Japanese experience, is doing better by avoiding the fiscal cliff. \\ Not so, and the author, although highly knowledgeable, will confuse as he approaches from the POV that is stuff just somehow happens, like an auto suddenly appearing, without any design, thought or manufacturing! Japan does not have the world's reserve currency, like America does; the BIS requirements were specifically detrimental to Japan, something the USA ignored. A good economist, but unfortunately Mr. Koo isn't a forensic finance guru! Quantitative easings have pumped free money to the banks, which they have used not only in further corporate stock buybacks, but in proprietary trading both concrete and fanciful [as in utilizing the DTCC's Stock Borrow Program to do virtual stock trades with untouchable stocks owned by various foundations and trusts - - really into the looking glass]!

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