Roy E. Allen - Financial Crisis and Recession in the Global Economy (Studies in International Political Economy)
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Cover
| title | : | Financial Crises and Recession in the Global Economy |
| author | : | Allen, Roy E. |
| publisher | : | Edward Elgar Publishing, Inc. |
| isbn10 | asin | : | 1840640871 |
| print isbn13 | : | 9781840640878 |
| ebook isbn13 | : | 9781840647648 |
| language | : | English |
| subject | Financial crises, Recessions, Economic history--1990- , International finance. | |
| publication date | : | 1999 |
| lcc | : | HB3722.A36 1999eb |
| ddc | : | 338.5/42 |
| subject | : | Financial crises, Recessions, Economic history--1990- , International finance. |
Page i
Second Edition
Page ii
This book is dedicated to the students of St. Mary's College of California
Page iii
Financial Crises and Recession in the Global Economy
Second Edition
Roy E. Allen
Professor of Economics
St. Mary's College of California, USA
Page iv
Roy E. Allen 1994, 1999
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher.
Published by
Edward Elgar Publishing Limited
Glensanda House
Montpellier Parade
Cheltenham
Glos GL50 1UA
UK
Edward Elgar Publishing, Inc.
136 West Street
Suite 202
Northampton
Massachusetts 01060
USA
First published 1994
Second edition 1999
A catalogue record for this book is available from the British Library
Library of Congress Cataloguing in Publication Data
Allen, Roy E., 1957
Financial crises and recession in the global economy /
Roy E. Allen.-2nd ed.
Includes index.
1. Financial crises. 2. Recessions. 3. Economic history-1990
4. International finance. I. Title.
HB3722.A36 1999
338.5'42 dc21
99-21908
CIP
ISBN 1 84064 087 1 2nd edition
(1 85278 997 2 1st edition)
Printed and bound in Great Britain by MPG Books Ltd, Bodmin, Cornwall
Page v
| Figures | vii | |
| Tables | viii | |
| Preface to the Second Edition | ix | |
| Introduction | xi | |
| 1. | The Expansion and Globalization of Financial Markets | 1 |
| I. | The Rapid Expansion of International Finance | 1 |
| II. | The Global Information Revolution and Global Finance | 3 |
| III. | Governmental Deregulation and International Finance | 7 |
| IV. | Financial Market Globalization and Interest Rate Parity | 12 |
| V. | Financial Strategy Parities | 17 |
| 2. | Financial Market Globalization and New Trade Patterns | 25 |
| I. | Saver and Dissaver Countries | 26 |
| II. | Case Study of US-Foreign Trade, 1981 | 34 |
| III. | New Definitions of Trade and the Folly of Protectionism | 42 |
| 3. | New Uses and Forms of Money, Monetary Velocity, and Wealth Transfers | 57 |
| I. | Transactions and Asset Demands for Money, and Monetary Velocity | 58 |
| II. | Financial Globalization and Monetary Velocity | 63 |
| III. | The Decline of (ml) Income Velocity in the US | 66 |
| IV. | The Decline of (ml) Income Velocity in the UK and Germany | 73 |
| V. | The Recent History of Money and Wealth | 77 |
| VI. | Policy Implications | 90 |
| Appendix Regressions of US (ml) Income Velocity and Related Variables | 97 | |
| 4. | Financial Crises and Recession | 99 |
| I. | Common Patterns | 99 |
| II. | The 1982 Recessionary Period | 102 |
| III. | The Stock Market Crash of 1987 | 111 |
| IV. | The World Debt Crisis, 1982 | 116 |
| V. | The Early 1990s Recessionary Period | 123 |
| VI. | The 199495 Mexican Crisis | 130 |
Page vi
| VII. | Japan's Crisis, 1989 | 133 |
| VIII. | Asia's Crisis, 1997 | 136 |
| 5. | International Adjustments and Political Responses | 145 |
| I. | A New Political Economy of Money | 147 |
| II. | The Role of the G7 | 159 |
| III. | The Role of the World Bank and the IMF | 169 |
| IV. | National Strategies in the Global Economy | 176 |
| V. | Conclusions | 191 |
| References | 199 | |
| Index | 205 |
Page vii
| 2.1 | The trade-weighted exchange value of the US dollar, 197897 | 35 |
| 2.2 | Changes in the direction of merchandise and services trade between the world's three largest economies, 198097 (current account balances, $billion) | 39 |
| 3.1 | Worldwide instability and weakness in the growth of the income velocity of money after 1980 | 59 |
| 3.2 | Expanding volumes of money-absorbing financial transactions in the US ($trillion/year), and the US (ml) income velocity of money, 19751997 | 68 |
| 3.3 | The relation between financial market growth ( million) and (ml) velocity in the UK during the Big Bang deregulation period | 75 |
| 3.4 | The relation between financial market growth (marks billion) and (ml) velocity in Germany during the chaotic 198990 period | 77 |
| 4.1 | Capital flight from Latin America (197787, $billion) | 119 |
| 4.2 | Explaining the 199091 US recession: the decline in net identified capital inflows (by category, $billion) | 128 |
| 4.3 | Negative consequences of restrictive Japanese monetary policy after 1989 | 135 |
| 4.4 | Negative consequences of restrictive US monetary policy after 1993 | 139 |
Page viii
| 1.1 | Purchasing power parity exchange rate levels of one US dollar (versus actual exchange rates) | 16 |
| 2.1 | The turnaround in the US Capital Account, 198085 ($billion) | 37 |
| 3.1 | Sources and uses of foreign savings in dollars ($billion) |
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