Gー0baー ーmbaーancGS and the Gー0baー Financiaー Crisis= An

525
Global Imbalances
ａｎｄthe Global Financial Crisis:
An Examination
ｏｆUnbalanced
Globalization
ａｎｄ
Future Prospects
Kang-Kook
Ｌｅｅ
Abstract
This
paper
examines
the developments
rent global financial crisis from
the perspective
lization resulted in higher income
global imbalances.
the us
The
aggravated
the asset market
are necessary
in correcting
and ａ change
of the growth
Key
Words :The
bubble
been shrinking
are uncertain. This
of unbalanced
inequality in both
rising current account
Global imbalances have
prospects
and interactions of global imbalances and
paper
the cur-
globalization. Neoliberal
the us
and
deficitin the us
East
Asia
and
exacerbated
and foreign capital inflows to
and its burst caused
the global financial crisis.
after the crisis,however it is stilllimited and
argues
that structural reforms
global imbalances. Ａ reduction
strategy are necessary
globa-
of the us
in excessive
for more balanced
and
spending
East
future
Asia
in the us
globalization.
Global Financial Crisis,Global Imbalances, Globalization, Neoliberalism
JELClassification
: F30, F32, E20
I.
Starting
from
crisis occurred
countries very
0f advanced
mid-2007,
at the heart
fast thanks
emphasize
tions based on
argument
Given
of the core countries, that is the us,
wrong
and
the scope
countries as well after Lehman's
explanations were
theoretical models,
and
spread
of financial globalization. It hit hard
presented about the
of financial deregulation,
bubble, and so on. The
of it is beyond
market
many
the problems
financial crisis has engulfed the global economy.
to the development
countries and developing
ber of 2008. Already
market
the global
Introduction
lax
too much
monetary
crisis was indeed
for the stronger role of the government
background
in Septem-
cause of the crisis.They
policy leading
to the real estate
event and the full analysis
globalization waned,
became
much
more
while
the Keynesian
popular.
the critic againstneoliberal financial globalization,this paper examines
important
a11
it is clear that the strong belief in the free
benefits of financial deregulation and
global imbalances as an
other
almost
risk-taking of financial institu-
a highly complex
of this paper. However,
bankruptcy
into
The
of the current financial crisis.We
(1191)
the so-called
attempt
to
526
The
analyze
and
how
how
nium,
Ritsumeikan
imbalances in
this contributed
flowing
from
East
stimulated
domestic
and
the deep
recession
However,
of the us,
be
grew
No. 5・6）
serious between
economy
kept increasing
bubbles
the us
the beginning
surplus countries to the us. This
consumption and
there should
(Vol.58,
financial crisis.After
deficit of the us
Asian
and
Review
the global economy
to the us
the current account
kept
Economic
in the us
efforts of the us
of the new
with
to have
East
Asia
been
We
the growth
as an essential factor to this global rebalancing｡
strategy in East
paper is organized
focusing
on its causes
the development
Asia
changes
of globalization and demonstrates
role of East
n.
1.
The
The
us
Financial
on
the
The
predominant
Crisis and
Modernization
and brought
banks
Along
with
of
East
of global imbalances. It also
Asia.
examines
Section
presents
IV
the
future prospects. We
current
underscore
process.
Financial Crisis after 2007
Its Causes
financial deregulation
financial architecture that was
against the backdrop
idea that the free financial market
about institutional changes
repealed
and investment
Act to introduce
passed in the us
the change
diffe･rentthe effects of
was ａ collapse of the new
in 1999, the Ｕ. S･ government
tions of commercial
and
the crisis and
after the 1980s (Crotty, 2009). The
example,
was
us
Global
financial crisis in the us
grew
ａ
by indicating how
Asia in the rebalancing
established by several measures of
ism
about
Section Ill criticallyevaluates
the problem
of global imbalances
of global imbalances after
the important
and underscore
and the effects on the global economy.
were
reduced.
as follows. Section II investigates the current global financial crisis,
discusses the political economy
similar neoliberalism
the crisis
to bring
rebalance of the ｇｌｏｂａｌ
economy.
This
present future prospects
millen-
excessive liquidity
overly. Along
and
Asia
and international capital
provided
the ｇｌｏｂａｌ
imbalances appear
concerted
and East
banks.
deregulation
in the us
the Glass-Steagal
of neoliberal-
is always
efficient
financial markets.
Act that separated
Also, an act called the Commodity
for all transactions including
For
operaFutures
financial derivatives
congress in 2000.
these rounds of deregulation, financial innovation
encouraged
the growth
of
securitization of debts and financial derivatives markets. Financial institutions started to operate the business dealing
bubble
with
of the real estate market
MRS
(Mortgage
went
far to develop
the
to subprime
Debt
Obligation)
then repacked
them
to sell in the financial markets.
that divided
companies,
closely related to those investment
ble, which
did not reflect risk in reality. The
between
billion in 2004 to $520.6
2002
and
2006， when
several groups,
Thanks
banks, evaluated
amount
of global
was
estimated
(1192)
about
the
an aggres-
teaser rates and
called ａ CDO
called tranche, and
to these measures,
billion in 2006， and its market
the amount
providing
securitization scheme
debts into
banks
actively given
institutions introduced
borrowers by
more complex
(Collateralized
$157.4
securities) very
in the early 2000s. Many
sive business strategy to sell mortgage
so on. They
based
credit rating
these assets very credi-
CDO
size grew
issuance rose
more
$2 trillion.The
than
from
4 times
progress
of
Global
Imbalances and the Global FinancialCrisis: An
derivatives market
was
newly
CDOs
to
2001
to
some
a
０ｆ
%,
all
when
recession
stop
However,
to
of
purchase
CDOs
us
financial
the
initial
all asset
No.
Merrill
mid-2007.
the
crisis,
Lynch,
CDS.
any
longer
and
and
us
the
must
in
sector
syste
｢
in
the
financial
serious
the
in
of
so
it to
sold
CDOs
estate
price.
us
finally
finanwith
the
willing
in
2008
50
2001
happened
to
in
the
response
when
financial
finance or
for
were
prompt
of
large
hard
along
crunch
September
the
the
collapse
not
after
Arnerican
institutions
was
almost
real
bubble
model
credit
then,
been
by
mortgage-based
of
bank
and
bailout
in
Lehman
bubble
Fed
have
dealt
No
received
as
this
2005
the
financial
in
with
trillion
banking
to
by
market
sudden
peaked
l
such
growing
2000
drop
estate
After
Citigroup
it
that
investment
bankrupt.
S
business in
the
policy
government
crisis
went
did
from
significant
ａ
related
with
though
real
the
about
The
bank,
AIG,
the
than
Swap)
dealt
collapse.
soared
ａ
that
the ‘shadow
the
monetary
part
made
brought
of
called
institutions
bubbles,
securities
1nvestment
in
less
527
Default
banks
that
together
lax
(Credit
institutions
Investment
was
estate
without
This
that
from
of
4
least
CDS
from
Vehicles)
before
real
Financial
and
then
markets
at
2005.
world.
It
The
continue
wrong,
whole
profitable
of
Ａ
financial
skyrocketed
happened
market
from
market
the
sharply.
this
for
Investment
price
would
complicated.
regulation.
advance.
mortgage-based
burst
Brothers,
with
and
sour
fall
in
deeply
1n
and
the
to
starting
institutions
default
us
trend
to
burst
2007
developments
the
started
similar
began
CDS
financial
these
this
in
the
risk-taking
In
more
(Special
from
growing
that
much
insurance service
of
SIVs
associated
bubble
expected
cial
of
it
was
the
size
trillion
freer
market.
after
60
highly
course,
estate
The
S
indeed
process
provided
utilized
scale,
was
real
as
than
actively
huge
and
the
and
extent.
more
Brothers
in
made
introduced
Examination of Unbalanced Globalizationand Future Prospects (Lee)
to
Lehman
institutions such
to
other
institutions
］.）
faced
with
the
situation
ａ bankruptcy･
The
crisis,
from
the
irrational
more
though
perspective
financial
time,
the
crisis
could
of
the
market
efficient
collapse
and
government
the
of
ａ
the
growth
its
collapse
which
is
development
incapability
thoughts
and
this
deregulation,
be
of
theory
the
new
us
in
the
financial
from
and
retreat
finally
lax
ushered
markets
and
Future
financial
2009).
the
ａ
financial
It
policy.
us
as
did
financial
Thus,
the
us
system
and
neoliberalism
play
ａ
serious reflection
efficient
with
became only
of
financial
such
crisis
institutions
measures
to
government
not
ａ
Rogoff,
of
in
are
of
due
contention
the
cycle
monetary
failure
of
financial
by
and
it. Ideological
the
typical
others,
institutional
system
that
(Reinhart
innovation
as an
for
end
ａ
overlending
different
monitor
argue
consensus
bubbles,
financial
to
to
of
not
understood
government
demonstrated
inherently
and
crucial
in
role.
economic
and
proper
regulation IS crucial.
2. Effects
The
of
exuberance
serious
The
it appears complicated,
on the
Global
Economy
effects of the financial crisisin the us
the financial markets
channels
through
in the world
which
the us
cial institutions also exposed
European
were
Prospects
felt by
other
countries gravely
are already globalized to ａ great extent. There
financial crisisinfluenced
themselves
to problematic
financial institutions reported ａ great loss because
(1193)
because
are several
other countries. First, foreign finanassets such
as CDOs
of the crisis.Second,
hugely
as
the breakup
528 The
Ritsumeikan Economic Review
of the us
financial market
estate market
and
resulted in a global drop
the stock market
in most
(Vol.58, No. 5・6）
of asset market
of countries. This
prices including
significantly shrank
base of financial institutions in
f oreign countries and again brought
turmoil in the financial markets.
ing and portfolio investment,
Third, foreign investment,
to emerging
market
countries in the midst
on foreign capital including
of the crisis.This
Finally, the crisisnaturally resulted in ａ deep ｇｌｏｂａｌ
recession
largely. Many
expect that the world
of the crisis. Countries
greatly damaged
of GDP
Japan
that depended
in 2009， as much
even though
Recently,
the IMF
countries would
report
estimates
countries. The
us
since the export
and already
rates aggressively
from
countries
quickly
followed
global economy.
2）
Thanks
many
are worried
However,
ａ long
estimation
by
UN.
nomy,
for the growth
These were
the global economy
One
higher
than
lower
including
the largest fall
clear about
financial integration
and opening
problem,
to
up
the economy
in
Recovery
Reinvestment
also cut down
mid-2009
several support
and
and
interest
provided
programs.
Other
credit
advanced
crisis is the biggest
that the economic
than
5 ｡2%
the growing
next
recovery
of many
former estimates
one
developed
is now over
to the Great
would
be very
Depression.
slow
countries. The
in 2010 1s 3.1%
although
by the IMF
and take
rnost recent
and ２.4％
reflecting stabilization of the global eco-
in 2007. There are indeed
fiscal deficit and
government
ａ lot of problems
debts in many
in
coun-
disorder of the ｇｌｏｂａｌ
financial system.
thing very
should
shock
as $787 billion in early 2009
this crisisis that the current financial crisis became
due to the progress of financial globalization. It is also ironical that the march
we
be
be S 2.7 trillion(IMF,
to prop
as much
to 0 ｡25 ％in
rate of the global economy
stillmuch
would
and ａ１１
Ｇ２０nations are in collaboration to boost the
despite international cooperation
but were
tries and
expected
in 2009 because
countries
of liquidity by introducing
to these efforts,it is likely that the worst
that the current
it is commonly
time
the us,
in
of the crisis was limited.
spent ａｂｏｕt紹00 billion this year. The Fed
directly for financial institutions in trouble through
others.
that.
of public money
to spend
2008
10%
to record
would
than
collapse by enacting the American
５｡25 ％ｉｎ early
and
decline is a huge
ａ tremendous expansion
decided
dealt ａ hard
to this financial crisisin all advanced
the loss to be even more
government
1n total to avert an economic
of 2009
is expected
that the loss due
to the crisis was
lend-
exports demand
Asian
financial institutions because
zero-percent interest policy and direct spending
Act
East
be as large as ＄ 4 ｡1 trillionand that in the us
policy response
many
will fall by about
Japan
as 6%, in the OECD
2009a). However, some estimate
The
export
example,
the loss of Japanese
bank
Iceland, Ireland
and reduced
on exports including
by this naturally. For
credit crunch and
countries declined sharply by ‘deleveraging'
of financial institutions in advanced
the world
the asset
particularly short-term
blow
to countries that relied highly
about
the real
may
of the
world
economy
with
more economic
be deterred by the current crisis.With
truly global
toward
a total
liberalization, deregulation
respect to the current financial crisis,
pay attention to the other global aspect of the crisis,that is, the global imbalances
another important
process up to now
background
was involved
the financial crisis starting from
with
2007
of the current financial meltdown.
serious contradictions including
had
much
(1194)
to do
with
them.
The
globalization
global imbalances,
The
next
and
section will
Global
discuss
with
Imbalances and the Global FinancialCrisis: An
globalization and
the
imbalances of
occurrence
of
the
the
current
Globalization
and
ders of countries. It could
and
how
these were
associated
crisis.
Imbalances
and
the Financial Crisis
of global integration
be demonstrated
tional capital movements.
Along
with
of international trade and interna-
opening
and liberalization, especially in
rapidly since the 1980s in developed
countries also joined this march
programs recommended
of economic activities across bor-
by the growth
more economic
capital accounts, globalization developed
ral adjustment
economy
529
Its Contradictions
means ａ development
then, developing
global
financial
Ⅲ. Globalization, Global
1. Globalization
Examination of Unbalanced Globalizationand Future Prospects (Lee)
toward
countries. After
globalization together
with
structu-
by international organizations, frequently after finan-
cial crises｡
● ●
Though
more
many
economists
benefits than
encourage economic
investment
growth
is also expected
capital in developing
these
arguments
policymakers
by
increasing
to enhance
stillbelieve that globalization would
are still weak.
majority
(Rodriguez and
the
economic
countries and through
tion policy although
trade
and
costs, its evidence is not clear. It is argued
There
2001）.ｌｎ
and
efficiency and growth
spillover effects. However,
of studies support
Rodrik,
size of markets
is ａ question
about
growth
the growth
particular,
it
is
produce
that international trade should
productivity. Foreign
by providing
empirical
deficient
evidences
for
effects of trade liberaliza-
effects of de facto international
never evident
that
financial globaliza-
・ ・ １ ・ ・ ・ １ １ ･ １ ｀ 菅 ゛ ｀ ● 〃 ¶ - ｀ − １ １ ・ ・ ／ ． ア
tion promotes
economic
growth
in empirical
studies as even the IMF
et a1。2006）.Ｔｈｅｒｅ are many reasons why
investment
fail to stimulate growth.
bility of the economy
thereby
hampering
Recently,
within
more
countries
number
and
more
economic
people
growth
(Rodrik
inequality
of studies point to technology
skill and
education,
and
wage
countries
worsening
could
of income
developing
play ａ considerable
distribution, opposite
that it is because
the export
labor
that is relatively rich in developing
Therefore,
current
countries became
is bad
globalization has
gap
larger and what
2009）.
increased
and
distribution
countries. Ａ large
the premium
countries. However,
countries
related to
it is ａｒgｕedthat
foreign investment
role too. Developing
out of de-
countries also experienced
international trade theory. Many
their comparative
countries, while
to income
insta-
currency,
advantage
the poor are
uses semi-skilled
farmers and
the fact that globalization deteriorated economic
to financial crises, which
contradiction is an increasing
domestic
after the 1980s in most
to the standard
sector with
skilled labor. It is also related with
appreciate
aggravate
globalization affects income
as its cause, which
argue
ity, leading
rose
may
Subramanian,
how
inequality in developed
the role of international trade with
veloped
and
about
admits it（Ｋｏsｅ
liberalization and international
financial globalization may
foreign capital inflows
are concerned
because income
capital account
For example,
study
non-
instabil-
distribution as always.
several inner contradictions in its process. The
between
rich and
poor
we
seen
not 'convergence'
have
was
(1195)
countries. The
income
gap
first
among
but ‘divergence' ａｌｏｎｇ
530
The
with
globalization.
able
that
Because
most
the
developing
developed countries
economic
Ritsumeikan
as
growth
they
the
Review
e伍?cts
countries,
after
order
Economic
of
except
1980s.
ａ
Now
recognized
the
(Vol.58,
No. 5・6）
globalization
few
East
developing
problems
are
Asian
countries
of
not
clear,
ones,
is
to
demand
economic
it
failed
fairer
opening
and
understand-
catch
up
international
liberalization.
second
● ● ● ● ● ● ● ● ● ● ●
contradiction
IS
worsening
income
distribution
within
countries.
For
the
mentioned
tive.
above,
If
income
domestic
the
many
The
third
of
capital
flows
The
into
current
market
the
the
us
the
ｇｌｏｂａｌ imbalances
is
several
crises
the
made
the
crisis
If
into
of
uncertain
account
the
have
may
section.
of
us
deter
the
we
the
and
of
because it
saw so many
and
more
The
scale
finan-
contagion
ｅ伍?cts
short-term
ones,
instability
and
through
asset
development
increase in
became
economy
the
considerably.
global
especially
to
unbalanced.
the
the
opening
flows,
global
continuing
ｇｌｏｂａｌ economy
without
in
financial
us
current
But
the
and
because
the
Furthermore,
instability
the
became very
into
imbalances
capital
world
were not
these
support
problematic
frequently
talk
global imbalances demonstrate
Imbalances and
evidently. As
2000s
before
nomy
accordingly･
The
main
addressed
for
it
aspects
Global
of
about
more
trade
International
Figure
l
reasons for the imbalances
the Bush
and
and net government
saving. We
the large government
the 1980s
saw
Capital
the
weakened
it
of
in
is
were
in
global
the
due
to
finance as
globalization'
Flows
future
the
the
that is, overspending
domestic
deficit contributed
(1196)
even
2002).
rising after ｅａｒlｙ
into the us
of both
new
the private and
private investment
than investment
cause
eco-
in the Ｕ. S and the recent
to the current account
offset by the private saving-investment
3)
gap in part. These
take
situation of the world
deficit kept
are excessive consumption
the fiscal deficit as ａ main
we
to the Ｕ. S.
account
can see that lower saving
globaliza-
If
why
(Stiglitz,
so did foreign capital inflows
the gap between
of
future.
understandable
and unsustainable
the current
administration,
public sector. Figure ２ demonstrates
be
globalization,
the precarious
shows,
successfully,
could
‘discontents
the current financial crisis and
fiscal deficit under
and
next
huge
mismanaged
financial
in
The
2000s, while
nega-
cannot
imbalances
in
this feature
of
hence contributed
This
countries
2.
sumption
the
this
to
and
globalization
economists
economy
with
investment
problems
International
because political
of
prominent
This
be
illustrates.
these conflicts
is
the
it
arguments.
economy
exactly
foreign
in
have
due
system.
of
may
globalization
deficit
global
imbalances global.
volatile,
financial
linkage
related
discuss
market.
and
globalization
and
account
the
structural
not
countries
financial
with
instability
current
by
many
would
financial
deficit,
is
domestic
developing
global
close
current
tion
in
of
anti-globalization
the
the
crisis
we
that
in
stimulated
reflect
we
more
growing
rise
finance
was
as such,
pro-cyclical
current
to
ｅ伍?cts
along
face
rapidly
ongoing
explanations as
globalized
greatly
us
indeed
globalization
cial
in
is
of
distribution
The
reason we
significantly･
financial
in
globalization
will
globalization
global
bubble
have
and
contradiction
Because
that
becomes so worsened
support
course
economy.
confirm
distribution
political
current
studies
with
due
and saving,
to overcon-
deficit after the
of the current account deficit。
twin
deficits of the us
lied at
Global Imbalances and the Global FinancialCrisis:
The
Current
Account
Deficit
/
GDP
Ｚ６６Ｔ
1.
９６６１
Figure
An Examination of Unbalanced Globalizationand Future Prospects (Lee)
in
the
us
531
（％）
１
０
１
−２
３
−４
５
−６
的︵︶︵︶Ｊ
／︵︶︵︶ｚ
９００Ｘ
々︵︶︵︶ｚ
ｇ︵︶︵︶内
ｓｏｏｚ
Ｉ︵︶︵︶Ｎ
ｘｏｏｚ
︵︶︵︶︵︶Ｍ
ｊ
呂凪％
ぐ
8６６１
Account
９６６１
Current
＾６６１
of Economic
８６６１
−《卜us
Source :Beurau
Ｘ６６１
１６６１
０６６１
６８６１
８８６１
Ｚ８６Ｔ
９８６１
９８６１
＾８６１
８８６１
Ｘ８６１
１８６１
０８６１
−７
Deficit/ GDP
Analysis （ＢＥＡ）
Fiarure. 2
Investment and Saving in the us （％）
25
20
滋． 箆 ゛ ． ．
． ． ． ． 脂 畷 ･ . . ．
蔡 弼 溺 穴 ･ 溺 鄙
聡 ･ 弼 ･ 眼 ． ．
顕 ･ 照 ‘ ゛ 鵬 ． ． ． m 溺 ． ゜ 聊
15
ｓ ． 聊 笥 ゜ ‘ ゛
‘ 穴 ‘ 溺 ’ ‘ ゛ 濠
滋 ． 聊
10
５
０
５
(1197)
private
government
saving
saving
/
GDP
／
GDP
8００Ｚ
−儡卜Gross
心Ｎｅｔ
: Ibid.
９００Ｚ
Source
ににヽヽ （Ｘ） （恥 つ → C｀バyっ 寸 LO
Ｃいゴ一コい７ つ つ つ つ つ つ
Ｃいコ一コ一７ つ つ つ つ つ つ
・一一一一一一らＮ ＣＸににヽヽにヽに1
ｚｏｏｚ
/ GDP
当た- Net personal saving ／ GDP
9６６１
private domestic investment
寸︵ざ︶一
￡６６１
Ｔ６６１
Ｘ６６１
０６６１
６８６１
８８６１
Ｚ８６１
９８６１
ベトGross
９８６１
︸必９［
￡８６１
Ｔ８６１
Ｘ８６１
︵︶ｆぶ．［
−10
532
The
Ritsumeikan
Economic
Review
(Vol.58,
No. 5・6）
the core of the global imbalances.
The
surplus countries are mainly East Asian
this recent period. These
than
domestic
amount
economy
by purchasing
from
(Eichengreen,
growth
and
the export-dependent
crisis in 1997. They
the Ｕ. S. treasury bonds.
2006). Optimists
world,
was
on
insisted that the
underscored
that American
of supports
more
the gigantic
than $2 trillionin 2009.
from
Woods
both
was
of rational economists
presented
without
concerns
and dollars should
course, the other pillar of global imbalances,
East Asia, there has been
2006）.ｌｎ fact, most
an‘investment
East
Asian
of the economy
East
exports
tries including
where
markets
Neoclassical
the return
０ｆ course, many
Korea and
not sus-
that the Ｕ. S.
to ａ large extent. ０ｆ
the ASEAN
East
Asian
faster because
opposite
experienced
crisis,in part
domestic
the level of return and hence capital may
that countries that are ｒeallｙ in
need
moved
from
with
institutions, risk and
not move
move
into poorer
physical
capital per
financial development
to poorer countries. However,
of capital for development
African countries
lower
became net
do not have
it is true
creditors because they should
their original debts with interests. This is unfair as well as inefficientin view
growth
by
productive
nomy,
and
the growth
problem
purposes. They
stimulated
of the
ｅｃｏｎｏrｎｙ･
is that foreign capital flows into the us
financed
Americans'
of recent bubbles
affect
benefits from
pay back
more serious
was
poorer coun-
balanced
The
to
had ａ rise in
consumption
states that international capital should
factors including
of the world
due
a
to theoretical expectation, called the
to capital is relatively higher
capital inflows currently. Even
were
not be neglected. Concerning
that foreign capital has
to the us,
theory
ａ large
actively･
of ｇｌｏｂａｌ
imbalances is
emerging
‘Lucas Paradox'.
promoted
assurned that
neoliberal restructuring. China
depressed
were
They
and the risk of depreciation
be depreciated
rate after the 1997
together with
rate but that of the saving rate was
aspect
to overempha-
scholars acknowledged
Asia, should
the investment
and
tended
Asian
draught', not just ａ‘saving glut'（Ｌｅｅand McKibbin,
countries including
significant decline of the investment
structural changes
arguments
glut' of East
that the global imbalances
economy
their spending
deficit countries. Others
to ａ‘saving
of external debts in the U. S. economy
to
II that could be stable
outside America.
too high. Many
reduce
driven the rapid
ａ serious instability. However,
of the dollar to surplus countries was
should
and
had
countries. According
System
surplus
owing
and the problems
continue somehow
tainable since the burden
consumption
a lot of foreign reserve. These
size the strength of the Ｕ. S. economy
worker.
strategy rather
these dollars to the Ｕ. S.
for other exporter
features of the Bretton
the basis
ｇｌｏｂａｌ
imbalances could
countries
growth
in
For instance, the foreign reserves of China
markets
global imbalances problem
countries that tried to hold
Another
oil producers
accumulated
recycled
than $1 trillionin 2006 and even
providing
global imbalances were
number
and some
hot debates about this ｇｌｏｂａｌ imbalances problem ａ few years ago
of the whole
because it
Asian
such as China
foreign reserves, and they
$212 billion to more
There were
pursued
after the East
of trade surpluses
jumped
them,
countries have
demand
ones
the serious trade and
consumption
beyond
in the real estate market
(1198)
had
not been
utilized
fiscal deficit of the U. S. eco-
their income.
They
and the stock market
also encouraged
at least in part.
Global Imbalances and the Global FinancialCrisis: An
The
debt
with
continuous
in
the
level
us
This
economy
flows
economy
and
played
that
the
be noted
us
were
quite different.In the us,
unequal
income
Thus,
they
households
such
derivatives, that is, CDO
provided
excessive
and
growth
of sub-prime
check
cheap
the growth
imports
weak
regime. Foreign
ies out of the us,
regime,
biggest
for exports
China
which
the us
goods. This
from
other
closely in the us. Neoliberal
in the us
growth
were
at the same
workers'
through
After
Asia
dominant
in
administration
financial deregulation
debts even
on
though
finan-
the current account
the ｅａｒlｙ
2 000s， even poor
loans to buy
such
houses
easily･
as securitization and
the wrong
model
encouraged
and increased
system
to the us
power
seized by
the excessive
risk highly, mak-
economy
for long
as these could
after the early 1970s.
and strengthening
the neoliberal
and the potential threats of transfer of factor-
was
crucial because
countries, where
changes
same
us
the us
economy
multinational
was
the
companies
are
were intensified by
East
they
while global imbalances reinforced
Asian
Asian
countries went
hand
in hand
to increase exports to make
countries
observed
for ｌｏｎｇ
after the 1980s, and Japan
that income
opening and
to the us. China suffered from
neoliberal reforms.
globalization and
time.
strategy as they struggled
growth∠Most
with
became
this enlarged
necessary
worse after introducing more liberalization,
and the poor
and East
suggests that neoliberalism, globalization and global imbalances
０ｎ the contrary, neoliberalism in East
late 1990s
Asia
efficient This
provided backgrounds for rising global imbalances,
neoliberalism,
East
and more
in this market
market
consumption
export
for maximum
more
regulation using
direct investment
producing
dependent
and
had been in depression
interacted
neoliberalism
the
called the‘threat effects',also led to this result. In this globalized neoliber-
al accumulation
market
and
to get mortgage
is always
International trade contributed to weakening
accumulation
market
vulnerable.
from
of real wages,
asset
do
flows
imbalances of
both in the us
to more
consumption and
under
very
to
by financial institutions in the deregulated
lending in the mortgage
financial system
Furthermore,
turned
financial innovation
CDS,
the
and
policy after the Reagan
lower continuously.
the strong belief that the financial market
ing the whole
economic
lenders became able
Financial institutions introduced
much
capital
partly･
political changes
Americans
rate went
as subprime
Ｕ. S.
from
the us
distribution on one hand
kept
deficit because the saving
the
533
Asia after the 1990s but its effects on external balances
poor
did not earn income enough,
cial markets.
flows
Imbalances in
conservative
Consequentially,
in
stemmed
had
international
global imbalances. Neoliberalism
after the 1980s and East
the other hand.
capital
that institutional and
an interesting role in worsening
binge
crisis
which
distorted
spending
global
of Global
ｅａｒlｙ 2000s，
Thus,
debt-driven
international
the us
resulted in more
after
economy.
current
problematic
both
they
the
a
. The Political Economy
It should
rose rapidly
into
aggravated
suggests
global economy
3
the
capital
global
bubbles.
of
Examination of Unbalanced Globalizationand Future Prospects (Lee)
ａ widening
saw
income
(1199)
use of globalization
distribution became
economic reforms following
income
gap
between
the rich
distribution worsening
Crisis-hit countries including
worse distribution because of neoliberal economic
with the export-
Korea and
Thai
after the
also went
restructuring such as labor
market
534 The
Ritsumeikan Economic Review
flexibilization,pushed
by the IMF,
more
and increase exports
1998
with
currency
To
East
Asia, workers' low
intensive
with
for economic
depreciation and
more and
tion also repressed
Furthermore,
consumption and
Asian
ment
considerably.
Therefore,
a draught
of investment
domestic
neoliberalism
and
the external balance across the Ｐａ
Changfes
After
in Global
and
us
account
change
the us
2008
%
to 4.9%
higher
reduction
the investment
in the second
than
％in
0wing
2008
this change
from
−1.5%
to expansive
to 釘.4
Household
saving
tion out of GDP
government
to 3.2%
spending
of GDP
continued
domestic
１.2%
in 2008. This
debt-dependent
was
stillabout
in 1998. 1n 2009， the estimate
sector was
sti114%
contributed
with the sharp
point lower
stillmere
The
70％，ｎｏtchanging
2 ．7%
(1200)
after 2008
officialfiscal
from
at all from
saving
the total investment
1.2%
in
fiscal year
as 9 .9 ％ｏｆ GDP.
in 2008， lower
share of domestic
of the total domestic
than
package
that in 2008， as high
consumption.
fall of net
debts.
even more
to the stimulus
was
15.2
to the
net saving that rose up to −4.7
that the fiscal deficit in 2009
trillion,three times larger than
house-
in the first quarter of
to the financial crisis.The
due
out of their disposable income
in the us
of 2008. The
private saving rate recorded
government balance worsened
in response
in 2000s.
the fact that the saving rate of
the stillhigh level of household
in 2008
of the
there was ａ signification
quarter is the lowest
rate, 14.8%
economy
the quarterly changes
and
to rise from
government announced
enforced
of the us
rate fell after the beginning
investment
in 2007. The
the us
level in 2004， which
67%
2006
offset by the rise in government
government
up
2007. Furthermore,
amounted
was
strategy･
Asia
of the trade deficit significantly.This is closely associated
deficit also went
about
from
quarter of 2009. The
that of the domestic
growth
that the serious ｇｌｏｂａｌ
imbalances
by the second
asset value due to the financial
c risis and
However,
and East
recession. Figure ３ demonstrates
hold saving rate out of disposable income
Asia
created opposite results in
on the different economic
deficit. It started to shrink
rose while
East
globalization deteriorated global imbalances.
after the global financial crisisis related with
economy
invest-
the us
decrease after late 2008. Its level in 2009
The
corporate
rise in the trade sur-
extent ａｌｏｎｇ
with the decrease in imports
of the serious economic
current
trade surpluses.
financial markets,
distribution in
in the political economy
and
open
that grew
Worse distribu-
increasing
the consequent
out in late 2007, it appears
started to be corrected to some
because
thereby
competition
economy.
worse income
･ic,d epending
Imbalances
the crisis breaking
trade surpluses after
financial system, lowered
IV￣. GlobalRebalancing
1.
market
liberalized and
consumption and
of neoliberalism ａｌｏｎｇ
with
strove to globalize
in the economy｡
demand,
the more
style relationship-based
suggests that similar changes
development
and they had increasing
were requisite to export
financial restructuring toward
pluses. This
countries
more countries integrating into the world
the old East
The
growth
crisis.These
structural changes
wages
from
caused
after the 1997
(Vol.58, No. 5・6）
than the
consump-
2003， higher
rate including
rate, although
than
the
it was
Global Imbalances and the Global FinancialCrisis: An
Fiffure. 3. The
Recent
Changes
Examination of Unbalanced Globalizationand Future Prospects (Lee)
in
the
Current
Account
Deficit
in
the
us
535
（％）
０
−１
２
−３
−４
５
−６
1６００Ｚ
ｎｒｓｏｏｚ
１８００Ｚ
ｍｚｏｏｚ
ＩＺＯＯＺ
１１９００？：
１９００Ｚ
ｍｇｎｏｚ
ｉｅｏｏｚ
ｎｒ＾ｏｏ？：
コ７︵︶︵︶ｚ
ｍｃｏｏｚ
００７｡
。
ＩＳＯＯＺ
ＪＩ﹂Ｚ００７
１７
ｍｉｏｏｚ
ＩＩＯＯＺ
ｎｒｏｏｏ？：
Ｉ︵︶︵︶︵︶ｚ
ｎ１６６６Ｔ
１６６６Ｔ
１８６６Ｔ
ｎｒ８６６Ｔ
−７
｡
−《》―
C urrent Account
Balance / GDP
(％)
Source :ibid.
lower
than
the level in all years
after 2003. Thus,
the us
should ｒelｙ on
continuously in 2009 because of the rise in the deficit of the government
foreign
saving
balance in spite of
the surplus of the private balance (ＩＭＦ，2009b).
Besides, it is not certain whether
and overspending
the us
the reduction
will finally end. The
of the current account
decline in consumption
ary in the process of deleveraging
of households
and
the economy
again, another
bubble
stabilizes and
late consumption
opportunity
growth
of 2009
The
grows
of the us
economy
again
for profit.In fact, the us
rate compared
after recording
four
foreign capital inflows
financial institutions in the crisis.When
and
a bubble-led
appears to begin
quarter turned
consecutive negative
also changed
ｍｉｇｈt
be just tempor-
as the financial sector may
economy
with the previous
boom could
extent. Foreign
stimu-
consider that as an
to recover
positive to 2.8%
quarterly growth
to some
deficit will continue
as the quarterly
in the third quarter
rates.
investment
into the us,
called net foreign lending, fell sharply in the recent period due to the drop of the current
account
deficit after 2007. The
did not worsen
that
since then. There
started to be
reduce
concerned
dollar assets more
by increasing
negative international investment
has been ａ change
about
as the us
financial crisis and
in the behavior
depreciation
economy
of foreign central banks
of dollars. They
attempted
to
in their foreign reserve assets and diversify their reserve holdings
the portion of other
safe assets such
the future
position of the us
currencies, especially in 2007. However,
government
foreign holding
security became even
of these bonds
(1201)
rose in 2008
the demand
higher in the middle
for
of the
significantly. Partly related to
536 The
Ritsumeikan Economic Review
this, the value
2009
that the dollar began
supply
help
of dollars remained
of the us
the us
abrupt
changes
to depreciate
and weakening
to reduce
may
higher
than
(Vol.58, No. 5・6）
the common expectation. It is not until late
considerably, reflecting the huge
trust in the us
economy.
The
increase in money
depreciation of dollars might
the current account deficit further,but it should be noted that too
bring about ａ collapse of the dollar value
and ａ serious disorder of the
ｇｌｏｂａｌ economy･
Thus,
a change
in global imbalances occurred
after 2008 along
it is stilllimited. Besides, there is high
uncertainty
in the future. It would
may
will finally lead
of the us
be fair that we
about
the correction of global imbalances
not say that the recent change due
to ａ resolution of ｇｌｏｂａｌ
imbalances because
economy
is stillpowerful
is necessary. Regarding
the us
and it is highlｙ likely that another
sumption
dependent
on
operation
of the us
economy
all firms in the us
debt
will be
economy,
bubble-led
15.3%
in 1980
to 33.3%
is relatively high
by
and policy making
in the us, ａ constant check
financial institutions will be
that there is already
the interest of financial ｃａｐｉtal
boom
that will induce
became
overcon-
dominant
in the
very
hard. In
as complex
in 2003. The
share of value added
politics shaped
of lending
and
measures
of the Obama
tight regulation
of ａ development
financial derivatives will be never
criticism that
the political economy
debts and
particular, regulation
financial sector are neither comprehensive
of
so-called the financialization process. Con-
Street that has great influence in us
such
to the crisis
structural transformation
stimulated. Finance already
sidering that Wall
financial products
more
as the share of profits of financial institutions out of profits of
rose from
the financial sector in GDP
with the financial crisis but
easy. It should
administration
nor effective although
the us
of
in new
be noted
to regulate
government
the
spent
4）
huge money
to bail out financial institutions in
t rouble.
2.
The
Role
of East
Asia
for Balanced
Globalization
It is certain that structural changes in both
are necessary
for correcting imbalances in
imbalances indeed
pluses and
surplus
lied in other
recycled
countries strongly encourage
their growth
strategy. Although
across the Ｐａ
such
as China
Global
domestic
imbalances will
demand
share of exports in total GDP
Meanwhile,
the share of dornestic consumption
lower
about
than
and even
45%
from
higher
in China
in 2001
the late 1990s
other countries, let alone
the us.
As
Asian
we
saw,
increasing
exports
depreciated
tive peg
most
East
countries
to the us. That
for export promotion.
system
between
than
the RMB
30.7%
was
not disappear unless
higher than
as high as 33%
out of GDP
trade sur-
by
in China
to the ｅａｒlｙ
2 000s， and
in China
that in the ｅａｒlｙ
in 2008， much
it fell from
36 ｡5%
the export-dependent
lower
the Chinese government
and dollars until mid-2006
(1202)
after which
in 2008，
than
growth
maintained
that of
strategy by
required these countries to ｋｅｅｐ
their currency
For example,
higher
in 2006.
was sti1136.8%
much
those
changing
surplus out of GDP
in 2004， though
pursued
cause of global
huge
as ａ source of growth
the size of the current account
than 20.1%
The
that accumulated
slightly fellin 2008 because of the crisis,the level is stillmuch
2000s. The
･ic,n ot just the us,
the current global economy.
economies
dollars into the us.
economies
relatively
the effec-
it introduced
more
Global
Imbalances and the Global FinancialCrisis: An
flexible exchange
rate
system
ged
rate
of
the
exchange
exports.
This
succeed.
It
strategy
is
not
and
the
likely
is
why
to
many
These countries
be
engine
of
of
growth
nation
the
by
up
process
too.
for
To
in
tic demand
is
demand
bad
income
tenet
more
of
of
the
us
assets.
would
Ａ
to
this
be
more
bubble
current
crisis.
flows
much
of
East
may
Asia
reserves more
tion
of
plans
regional
to
pegits
harder
us
to
economy
in
strategy
demand
in
and
the
East
region
introduce more
emphasizes
more
for
or later
into
power
to
first. It
recent
change
distribution
to
the
still
taking
an
opposite
change
China
recognize
this
is
progressive and
The
better
time
make
could contribute to
should
coalition.
Asia.
purchasing
Asia
this
that
East
distribution,
and
take
of
and
stimulate
income
Korean government
But
Asian
called
the
between
imbalances
there
destabilize
the
directly
is ａ danger
the
global
countries
dollar
to
economy
poorer
the
and
adheres
account
of
and
domestic
problems
to
of
the
domes-
promote
serious
Chinese RMB
as
of
it
an
will
too
economy.
because
trap,
More
countries
us
under
desirable
more
into
the
global
the
the
of
neoliberal
reality
If
orderly
and
the
of
us
decrease imports
fast
they
as
form
key
of
way
bad
and
it
disorderly
occurs,
hold
it
and
slow
when
the
the
us
depreciation
will
gigantic
dollar
of
incur
serious
arnount
of
depreciation
dollar
of
dollars
establish
economy.
finance. East
For
not
in
us,
in
they
Asian
may
imbalances,
thereby
need
too.
of
Asian
Since
countries
basis
of
which
should
of
international
investment.
becoming
International
worsened
ａ
direct
development
the
asset
background
of
international
capital
finance,
to
the
set
countries
（1203）
help
up
region
from
which
to
developing
ａ new
regional
already
achieved
ａ
the
way
cooperation
dollars
Monetary
holds
devise
financial
finance
Asian
this
should
more
reserve holdings
instance,
foreign
globalization
this,
the
institutions
receive
benefits
may
the
need
（Ｏｃａｍｐ０，2009）.
East
on
only
global
the
countries
豺trillion,
productive
did
financial
system
part
realized
current
in
financial
ａ
be
that
the
developing
can play
to
could
overconsumption
to some extent and
development
will
especially
of
us.
should not only diversify their
the
to
political
sooner
East
global
reserves as much
think
again
encourage
desirable.
went
market
the
situation
spread
ａ reform
the
growth
currencies
broad
Party
emerge
rates,
other
balanced
investment
need
economy
It
the
improving
neoliberalism
sense.
resolution
which
In
investment
to
harder and
of
domestic
They
and
end
conservative
can
of
China and
more
The
the
exports
dollars,
to
us.
domestic
ａ
of
encourage
political
on
this
exchange
helpful
increase
cost
be
collapse
it
order
poverty･
Adjustment
and
However,
1n
would
the
Chinese government appears to
opposition
distribution and
be
the
the
Democratic
in
but
change
to
of
based
the
distribution.
but
must
policy
to
it
to
RMB.
mid-2008
but
due
welfare
should
Japan
enough
to
social
end,
meaningful
more
the
after
past
fundamental
Appreciation
this
economic
government
a
exports
needed that these countries
Keynesian
any
of
dollar
the
more efforts
of
now.
us
in
feasible
enhancing
to
appreciation
the
537
us.
make
instead
people
strategy
this
call
should
to
successful
5）
the
rising
pressure
from
the
This
allowed
RMB
was
Examination of Unbalanced Globalizationand Future Prospects (Lee)
other
to
an
agreement
make
use of
currencies,
as well
（ＡＭＦ）ｍａｙ
development
foreign
（Ｌｅｅ，2007）.Ｔｈｅｙ
countries
Fund
largest
as
have
bank
upon
but also
to
stabilize
this
func-
encourage
the
plan
to
538
The
Ritsumeikan
set up ａ multilateral fund
regional economic
economic
developing
Review
strategy and assist developing
great
contributions
to the
(Vol.58,
the Chiang
cooperation is called on. If East
growth
will make
by
Economic
Mai
Asian
No. 5・6）
Initiative in 2009， but more
countries change
close
their course
of the
countries by utilizing their foreign reserves, it
correction
of global imbalances and
more
balanced
globalization.
V.
The
global financial crisis after 2007
lanced
globalization that has
imbalances in
the global
market
economy
countries rapidly
economy
This
was
paper
made
with
became
light on the problematic
huge
current
the us
spread
global imbalances. Growing
account
the asset market
features of unba-
deficit in the
bubble
to other
and
became
developed
us
and
one cause
and
emerging
truly global because financial instability in the world
serious by
has examined
the
exacerbated
crisis from
and
highly
has shed
several contradictions, especially
foreign capital flows into the us
of the financial crisis. The
Conclusions
financial globalization｡
the current global financial crisis and ｇｌｏｂａｌ
imbalances by
criti-
cally investigating their developments and relationships under unbalanced globalization.
Neoliberalism
they
and
globalization have
failed to bring about
developed
stable economic
globalization led to higher
inequality
were related with its political economy
bubble
and
and lax
finance-led growth
monetary
policy but
burst of the bubble
in complex
After
also by
and
the us
and
more
global imbalances,
not only by
capital inflows
financial crisis,there
us
late 2008, however
still their size and
structural transformation
us
current account
of the us
economy
has
from
financial deregulation
surplus
been
ａ correction
capital inflows
trade surplus
reduce
excessive
that more
growth
the whole
spending
with
distribution and reduce
country. East
recycling
Asian
damentally
what
is to be
is an effort for more balanced
done
the
countries should
growth
strategy
of dollars to the us. Many
effective financial regulation in the national and global level is necessary
future financial crisis.However,
is hard
debts and reduce
strategy to ａ domestic-demand-based
income
fell rapidly after
are historically large. Without
change
their export-dependent
that dealt
of global imbalances to a
to the us
and
more equal
countries. The
in the us
deficit in households, the government
with
which
real estate market
and East Asia, the resolution of global imbalances
should
but
fundamentalism｡
deficitand
China's
economy
countries. Neoliberal
in the end caused ａ collapse of the financial system
of the market
world
and East Asia. The
were stimulated
ongoing
in the
convergence of
countries
in both
limited extent. The
to be realized. The
growth
within
in the us
derivatives, seized with
the global
after the 1980s
to stabilize the global
argue
to prevent
economy
fun-
globalization to correct global imbalances.
Notes
1)
After the bankruptcy
of Bear Sterns in March
us, the fourth largest, Lehman
2008，the fifthlargest investment bank in the
Brothers and the third largestinvestment bank, Merrill Lynch,
(1204)
Global Imbalances and the Global FinancialCrisis: An
went
had
bankrupt
not
in effect. The
so much
2） Fortunately,
Although
is
Depression.
pressure
However,
（S−I）十(T―G).
private
2000s
and
aggravated
4）Ｎｏｂｅｌlaureates
criticized
about
the
the current
the current
Times,
July
York
countries
American'
economy,
would
Stanley
clause in the us,
different from
we
the time
the us
be seen more
rephrase
deficit could
and
there
of the
China
and
frequently･
this equation, （Ｘ−Ｍ）＝
be decomposed
into two
parts, the
the early
deficit in the us.
progressive
administration
16， 2009, and
account
account
and
harshly
the Positive,”New
Morgan
balance. Both balances recorded negative after
the effort for the financial reform
PaulバStressing
5)
of surplus
government
in economics
Bush
as the 'Buy
global
is Ｃ十Ｓ十Ｔ＝Ｃ十I十Ｇ十（Ｘ−Ｍ）.lf
the
and
assets.
it is highly likely that trade conflicts between
Therefore,
balance and
such
will ruin the
currencies
3）Ｔｈｅ identity of GDP
Sachs
539
to protectionism after the global financial crisis.
measures
protectionism
to appreciate
largest ones, Goldman
subprime
serious move
countries introduced
that
second
problematic
there was no
a consensus
Great
first and
exposure to
some
Examination of Unbalanced Globalizationand Future Prospects (Lee)
and
economists
such
as Krugman and
supported
Obama,
presented
by the Obama
York
Times,
Stiglitz, Joseph.
administration.
disappointment
For instance, see Krugman,
］May 7，2009, and “The
'‘Obama's Ersatz
Stiglitz, who
a
Joy
of Sachs,”New
Capitalism,”］March
York
31， 2009, New
Times.
The
more
there
countries join export
markets,
the harder it is for this strategy to be successful. Thus,
is ａ sort of fallacy of composition
countries
when
it comes
to the whole
in the
export-dependent
growth
strategy
of individual
world.
References
Crotty, James.
2009. '‘Structural Causes of the Global
Financial
Eichengreen,
tor
Lee,
Barry. 2006バGlobal
and
the
Standard
JongごWha,
East
and
Warwick
Monetary
. 2009b. World
Ayan,
Lee,
(IMF).
Rogoff,
2007／‘Global
Jose
Paper
Antonio.
presented
Dialogue,
at
the
Francisco
to
2006. '‘Domestic Investment
in International
Economic
Kenneth
and
WP/06/189.
Imbalances
and
in
East
and
Cross-National
East
Drawing
conference,“Toward
a
Dani
Rodrik.
Evidence,”in
200↓.“Trade
Ben
Bernanke
Reinhart,
2009. Thiｓ
Ｆｏｌｌｙ.Princeton
Stiglitz,
Joseph
Rodrik,
Dani
Staff
Paper
and
Kenneth
University
Rogoff.
Press. Princeton,
Ｅ. 2002. Globaliｘａtｉｏｎ
and
the Savvy
Inves-
Outlook,
External
Imbalances in
Ｎｏ∠172.
Apr11
2009.
Wei.
Financial
2006バFinancial
Globalization
Cooperation,”Paper
:Ａ
presented
at
Asia,”Pusan University･
Rights
NBER.
Ｍ.
Matter,
and
Economics.
Shang-Jin
Asian
ｎｏｍｉｃｓＡｎｎｕal ２０００，］N/でIIT
Press for
Carmen
the Dark
28(6).
and
the
Reform
of the
World
Reserve System,”by
Policy
and
Global
Reserve
Initiative
System,”
for
Policy
University･
Rodriguez,
the
Economy,
Modeling,
Paper,
2009バSpecial
Columbia
New
2009a. World
conference,“Regional Innovation
Ocampo,
of‘New
Outlook, October 2009.
Eswar,
Working
Kang-Kook.
the
Crisis :Ａ Critical Assessment
of Policy
Discussi皿Papers
Economic
Reappraisal,”IMF
； The
T. McKibbin.
Fund
Prasad,
Imbalances
Analysis,”Journal
Asia,”Brookings
International
Kose,］M.
Financial
Architecture∵Ｃａｍｂｒｉｄｇｅ
Ｊｏｕｒｎａｌ ｏｆ
Ｅｃｏｎｏｍｉｃｓ，
33(4).
Arvind
Subramanian.
and
Cambridge,
Economic
Kenneth
56.
（1205）
S. Rogoff,
: A
Skeptic's
eds.,ＮＢＥＲ
Guide
Ｍａｃｒｏｅｃｏ-
MA.
Ｔｉｍｅｉｓ Diffeｒｅｎt：Ｅ毎削; Ｃｅｎtｕｒieｓ
ｏｆ Ｆｉｎａｎｃｉａｌ
NJ.
ａｎｄ ＩｔｓDiscontents.∠Ｗ∵W.
2009バ‘Why
Growth
Did
Financial
Norton.
New
Globalization
York
and
Disappoint
London.
?” IMF