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.
Over de auteur
RICHARD C. KOO is the Chief Economist of Nomura Research Institute, a research arm of Nomura Securities, the leading securities house in Japan. Best known for developing the concept of balance sheet recession, which is now used widely around the world, he has also advised successive prime ministers on how best to deal with Japan’s economic and banking problems.
Consistently voted as one of the most reliable economists by Japanese market participants for over a decade, he was a Doctoral Fellow of the Board of Governors of the Federal Reserve System and an economist with the Federal Reserve Bank of New York prior to joining Nomura.
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