Asia and the Subprime Crisis: Lifting the Veil on the by Chi Lo

By Chi Lo

This can be the first ebook to place jointly Asia and the built global within the subprime obstacle context and to mix macro and micro research to attract classes from it. The predicament has worthwhile classes for deregulating Chinas assurance undefined, that's obvious because the goldmine sooner or later of worldwide monetary improvement.

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Extra resources for Asia and the Subprime Crisis: Lifting the Veil on the 'Financial Tsunami'

Sample text

This vicious cycle just forced the government to throw money into a black hole! Then Treasury came up with the Troubled Assets Relief Programme (TARP) on 14 October 2008, providing US$700 billion to buy dud mortgage assets from the banks.

Many investment bank economists were pushing the idea of China becoming an independent economic power that could grow organically and at the same time propel global economic growth. In the early stage of the subprime crisis, many people even thought that China could replace the USA as the world growth driver and save the global economy from imploding under the global credit crisis. These thoughts are naïve. Globalisation and China’s internal growth imbalances clearly indicate that there had been no decoupling of Chinese growth and that China could not save the world at this stage of economic development.

Does not mean that it could save the world during a global crisis. In absolute terms, China is a big economy. But its growth quality is still poor and potential has yet to be maximised. Thus, it only commands a marginal role in the global demand stage rather than being an absolute driver. 2 million barrels in the developed economies. 6% increase in Chinese oil demand just to offset it. It is clearly unrealistic to expect China to pick up the global slack in the postbubble economic adjustment period.

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