Description
Book SynopsisA leading authority's answer to today's global economic challenges In Global Economy in Turbulent Times, Harvard economist Dr. See-Yan Lin offers his timely and incisive views on today's key economic issues.
Table of ContentsRoyal Prelude xlvii
Foreword xlix
Preface li
Introduction liii
About the Book lv
Acknowledgments lix
PART I THAT WAS THE WORLD THAT WAS (TW3) 1
CHAPTER 1 TW3 2008: The Year Free Markets Ran Amok 3
CHAPTER 2 2009: “Oxpicious” Year Ahead 9
CHAPTER 3 Beware of PME in a Jobless 2009 Recovery 17
CHAPTER 4 G-20 Summit, Pittsburgh 2009: Has “It Worked”? 23
CHAPTER 5 TW3 2009: Growing Again, but Hold on Tight 29
CHAPTER 6 Summer 2010: In for a Bumpy Ride, Even a Double-Dip? 35
CHAPTER 7 G-20 Summit, Toronto 2010: Reflects a Fragile Unity 41
CHAPTER 8 IMF Meet, Fall 2010: A Cop-Out 47
CHAPTER 9 G-20 Summit, Seoul 2010: Much Ado about Nothing 53
CHAPTER 10 TW3 2010: The World Trichotomized 59
CHAPTER 11 Prospects 2011: As the World Turns 65
CHAPTER 12 A Check-up at Mid-Year, 2011 71
CHAPTER 13 Gloomy Outlook Takes Its Toll, 2011–2012 77
CHAPTER 14 G-20 Summit, Cannes 2011; APEC, Honolulu 2011: Without Gusto! 83
CHAPTER 15 TW3 2011: Annus Horribilis 89
CHAPTER 16 G-20 Summit, Los Cabos 2012 GJAP: More of the Same 95
CHAPTER 17 APEC, Vladivostok 2012: A New Perspective 101
CHAPTER 18 TW3 2012: A Tough Year with a Bleak Outlook 107
CHAPTER 19 2013: Breadth of Global Slowdown Disconcerting 113
CHAPTER 20 TW3 2013: Tension and Risks; a Peek at 2014 119
CHAPTER 21 Spring 2014 Stock Take: Complex Risks Ahead 127
PART II TROUBLE WITH THE GLOBAL ECONOMY 133
CHAPTER 22 The Paradox of Thrift 135
CHAPTER 23 Deflation Is Not an Option 141
CHAPTER 24 Reality Check on Economic Models 147
CHAPTER 25 Commodity and Asset Prices Are Up; Can Inflation Be Far Behind? 151
CHAPTER 26 A New Hazard: Double-Dip Deflation 157
CHAPTER 27 The “New Normal” 163
CHAPTER 28 Muddling Through the Inflation 169
CHAPTER 29 It’s a Dangerous World out There 175
CHAPTER 30 “Risk-Off” Episodes 181
CHAPTER 31 Now’s Not the Time for Austerity 187
CHAPTER 32 The World Economy: Growing Pains and Bubbly Worries 193
CHAPTER 33 What’s Up Is Down 199
PART III THE UNITED STATES: JOBLESS RECOVERY 205
CHAPTER 34 Jackson Hole “Gunfi ght” Shoots Blanks 207
CHAPTER 35 The United States Is No Longer AAA 213
CHAPTER 36 “Occupy Wall Street” Goes Global 219
CHAPTER 37 Lessons from Marx to Market 225
CHAPTER 38 Sachs and Krugman on the Global Crisis 231
CHAPTER 39 Life after Keynes with the Double-Dip 237
CHAPTER 40 Growth Dims after the “Cliff” 243
CHAPTER 41 An Inconvenient Truth: QE Withdrawal Syndrome 249
CHAPTER 42 An Unnecessary Disaster Spawns Market Fears 255
CHAPTER 43 US Growth Deficit: Too Loose, Too Long 261
PART IV THE EUROPEAN UNION AND EUROZONE: MORE AUSTERITY 267
CHAPTER 44 Dark Clouds over Europe and the United States 269
CHAPTER 45 ECB and Fed Clear Way to Act 275
CHAPTER 46 Eurozone Growth Can’t Move beyond First Gear but Needs to Keep Deflation at Bay 281
CHAPTER 47 PIIGS Can’t Fly: The Trouble with Greece 287
CHAPTER 48 Greece Is Bankrupt 293
CHAPTER 49 Greek Bailout Mark II: It’s a Default 299
CHAPTER 50 Greece and Eurozone: Austerity Fatigue 305
CHAPTER 51 Greece: More Aid Needed to Save the Austerity-Fatigued 311
CHAPTER 52 New Euro Deal: Not the Whole Bazooka 317
CHAPTER 53 European Union: Favoring Growth Against More Austerity 323
CHAPTER 54 European Union: A Summer of Discontent 329
CHAPTER 55 European Union: Draghi’s Bumblebee 335
CHAPTER 56 Cyprus’s Bailout Turns Bail-In 341
PART V JAPAN: DEAD ON BUT NOT DEADENED 347
CHAPTER 57 Japan in Deep Hibernation 349
CHAPTER 58 3-11: The Tohoku Disasters One Year On 355
CHAPTER 59 Japan Picks Up the Pieces 361
CHAPTER 60 Abenomics: Japan Comes Alive Again 367
CHAPTER 61 Abenomics Hitting Speed Bumps 373
PART VI THE INTERNATIONAL FINANCIAL SYSTEM 377
CHAPTER 62 So, the Gold Bug Still Bugs You 379
CHAPTER 63 Man’s Addiction to Gold 385
CHAPTER 64 In Search of Gold at Bretton Woods: Lust for Gold Not Paying Off 391
CHAPTER 65 What’s Wrong with the International Monetary System? 399
CHAPTER 66 US Dollar: Cracking at the Seams 405
CHAPTER 67 The Dollar Quagmire 411
CHAPTER 68 The “Trilemma” of Capital Controls 417
CHAPTER 69 Burgernomics and the Ringgit 423
CHAPTER 70 The Yuan Way to a New Monetary Order 429
CHAPTER 71 Why Tokyo Failed to Be Top-Tier IFC 435
CHAPTER 72 At Risk: Beggar-Thy-Neighbor 441
CHAPTER 73 Currency Wars at a Time of Defi cient Demand 447
CHAPTER 74 Tension over Exchange Rates 453
CHAPTER 75 RMB: What’s a Budding Currency to Do? 459
CHAPTER 76 The Kiss of Debt 465
CHAPTER 77 This Obsession with Debt 471
CHAPTER 78 The Tobin Tax Revisited 477
CHAPTER 79 Dubai: Or Is It Bye-Bye? 483
CHAPTER 80 Whatever Volcker Wants, Volcker Gets? 489
CHAPTER 81 “Too-Big-to-Fail” and the Volcker Rule Faces Fresh Challenges 495
CHAPTER 82 LIBOR Scandal Fuss 501
CHAPTER 83 Wall Street Stock Market Rigged: HFT “Cheetahs” Only Take 13,000ths of a Second to Turn a Profit 511
CHAPTER 84 Shadow Banking: The Global Bogeyman 517
PART VII GOING GREEN 521
CHAPTER 85 Blue Ocean That’s Also Green 523
CHAPTER 86 The Crimson Goes Green 527
CHAPTER 87 The Road to Copenhagen 533
CHAPTER 88 RIO+20: What a Huge Disappointment 539
PART VIII SOCIAL ISSUES OF CONCERN 545
CHAPTER 89 9.6 Billion 547
CHAPTER 90 The Seven]Billionth Baby Is Born 553
CHAPTER 91 The Ominous Demographic Dilemma 559
CHAPTER 92 The Quality of Life 565
CHAPTER 93 The Emerging Bourgeoisie 571
CHAPTER 94 Rising Income Inequality and the Piketty Blockbuster 577
CHAPTER 95 Has Undergraduate Education Lost Its Way? 581
CHAPTER 96 The MBA: Is It Still Relevant? 587
CHAPTER 97 375 Years and Still Number One 595
CHAPTER 98 Onward the Harvard Connection 601
CHAPTER 99 The Future of University Education: What It Takes to Be Educated 609
CHAPTER 100 Schumpeternomics: Gotta Keep on Learning 615
PART IX MALAYSIAN TRANSFORMATION AND INNOVATION 619
CHAPTER 101 Getting “Cangkul]Ready” 621
CHAPTER 102 Now the Real Pain Begins 625
CHAPTER 103 Mahathir’s Challenge 631
CHAPTER 104 Stimulating Times 637
CHAPTER 105 Price Fixing, Market Sharing, and Collusion Are Illegal 643
CHAPTER 106 Najib’s New Way Forward 649
CHAPTER 107 We Still Don’t Get It 653
CHAPTER 108 Creativity: The Key to NEM’s Success 659
CHAPTER 109 The Mystique of National Transformation 665
CHAPTER 110 Toward Quality Undergraduate Education 673
CHAPTER 111 Innovation: Catalyst for Recovery 679
CHAPTER 112 On Productivity and Talent Management 685
CHAPTER 113 Finance for Innovative Ventures: Broken Dreams? 691
CHAPTER 114 Venture Capital Initiatives to Boost Entrepreneurship 697
PART X EMERGING EAST ASIA, ASEAN, AND BRICS 703
CHAPTER 115 Export]Led Growth Model: Quo Vadis? 705
CHAPTER 116 “Go East, Young Man” 711
CHAPTER 117 Asia Feels the Heat 717
CHAPTER 118 QE3 Exit and Asia’s Trilemma 723
CHAPTER 119 Focus of Concern: Emerging Asia at Risk 729
CHAPTER 120 ASEAN Stimulus 735
CHAPTER 121 ASEAN+3 Stimuli 741
CHAPTER 122 AEC Is on the Way, but It’s No Big Deal 747
CHAPTER 123 South Korea Emerges More Competitive 755
CHAPTER 124 The Philippines: Its Turn Is Next 761
CHAPTER 125 Indonesia Losing Its Footing? 767
CHAPTER 126 Indonesia and India: Under New Management 773
CHAPTER 127 Vietnam Wakes Up: Ding Dong Dung 779
CHAPTER 128 Thailand on the Rebound 785
CHAPTER 129 Myanmar: Not the Burma I Used to Know 791
CHAPTER 130 Myanmar Spring: “Look, Listen, Learn, and Leave” 797
CHAPTER 131 The BRICS Are Coming . . . 805
CHAPTER 132 BRICS Can’t Run as a Herd 811
CHAPTER 133 Acronym Anxiety: BRICS Are Stumbling 817
CHAPTER 134 China: Realities about Its BOP Surpluses 823
CHAPTER 135 China: RMB Flexibility Not Enough 829
CHAPTER 136 China: Much Ado about Nothing 835
CHAPTER 137 The “China Dream” 841
CHAPTER 138 China: Economic Slowdown: A Cause for Concern? 847
CHAPTER 139 China: The Third Plenum Reforms Are Well Received, but the New Deal Flashes Danger Signals 853
CHAPTER 140 China: Multiple Policy Dilemmas 859
CHAPTER 141 China: Rebalancing Growth with Reform and Moving Up to the Next Level 867
CHAPTER 142 India: The Outlook Dims 873
CHAPTER 143 “A Passage to India”: The Outlook Remains Dire 879
PART XI CORPORATE GOVERNANCE AND MANAGEMENT 885
CHAPTER 144 On Corporate Governance and Doing It Right 887
CHAPTER 145 The CG Blueprint 2011: “Let a Hundred Flowers Bloom” 893
CHAPTER 146 Creative Destruction: “Kodak Moment” No More 899
CHAPTER 147 The F&N Saga 905
CHAPTER 148 On Global Gaming, Aussie$, the SGX–ASX Merger 913
CHAPTER 149 In Search of Growth 921
CHAPTER 150 The Goat Straggles into 2015 amid Rising Risks 931
CHAPTER 151 2015: A Dismal World Where Oil and Currencies Are Causing Havoc 937
Notes 941
About the Author 943
Index 945
