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.J.110 11 Kliesen, K.L.189imports 6, 18 19, 20 22, 27, 28, 29, 36, Klitgaard, Thomas 5, 70, 81, 146, 151,37, 38, 41, 44, 219, 229 152, 166 inconsistent quartet 100, 117 Kohn, D.36, 63, 84inflation 35 6, 45, 68, 89, 92, 98, 122, Korea 113129 Kornai, J.211interest rate conundrum, see bond Kristof, Nicholas 203, 206, 228market conundrum Krugman, P.R.22, 43interest rates 41, 55, 66, 67, 77, 95 8,117, 241 Lacey, R.118the 0 1 2 structure 78, 91, 95 9 Lahiri, Amartya 73internal-external balance 45, 119, 125, Lal, D.207223 Lambert, F.174, 185, 192 international financial laissez-faire 14, Lane, P.R.164, 194122, 123, 125, 130, 132, 136, 193, Lansing, Kevin J.47, 83242 Lardy, N.R.35, 221, 222International Monetary Fund (IMF) Latin America 76, 98, 195, 20331, 36, 58, 100, 103, 175, 188, 194, Lawrence, Robert 38200, 203, 218, 222, 238, 242 Lerman, Robert 81international vendor finance 3, 91, 103, Lerner, A.P.20 21, 42 3, 45113, 182 Levich, Richard 5inter-temporal trade 80 81, 125, 126, Lewis, M.K.11, 27, 31, 38, 40, 106,192, 241, 242 108, 117, 118, 137, 182, 189, 200,investment, see savings-investment 204, 206, 211, 213, 214, 229approach Li, Ruogu 229investment income 2, 14, 142, 145 7, 234 Li, Yong 40Iraq war 47, 202 life-cycle hypothesis 74, 85Italy 77 liquidity 65 6, 82, 107, 118Lloyd, John 111J-curve effect 42 3 Long-Term Capital ManagementJapan 69, 113 (LTCM) 200, 239current account surplus 14, 174, 185, Lu, Daodao 227200 Lundy, Derek 111, 202deflation 59, 220, 239 Lutz, F.A.42, 43exports 12, 28, 30, 43, 91 Lynch, Michael 205interest rates 80, 81, 220, 226investment 75, 186 McCarthy, Michael 215savings 75, 80, 126, 241 McDonald, John 118trade tensions with US 38, 201 Macfarlane, I.J.14, 87 99, 232Japanese yen 30, 33, 35, 80, 195 Machlup, Fritz 42Jiang, Zemin 210 McKinnon, R.I.40, 226, 236Johnson, Harry 18, 223 McMillan, J.211Johnson, Karen 22 McMorrow, K.200Jorgenson, D.W.27 Maddison, A.204Magee, S.P.22, 44, 231, 232Kahn, G.A.59 Maier, C.110, 112Kaletsky, Anatole 80 Malaysia 178Kennan, George F.113 Mann, Catherine L.1, 22, 30, 91, 103,Kindleberger, C.P.42, 118 232270 Untangling the US deficitmanufacturing sector 23, 25, 27, 28, 38 Nickell, S.83Mao, Zedung 207, 208, 211, 214, 228 Nixon, Richard 208Marazzi, M.39 Nussbaum, Bruce 111Marquez, Jaime 22, 39Marquis, M.83 Obstfeld, Maurice 1, 13, 139, 141, 150,Mascaro, A.152, 167 153, 158, 172, 225, 232Marsh, Christina 43 Office of Federal Housing EnterpriseMarshall, A.20 21, 42 3, 44, 45 Oversight (OFHEO) 57Marshall-Lerner condition 20, 21, 42, official reserves 174, 175 80, 181, 195,44, 45 198, 199Martin, R.39 oil exporting countries 3, 75, 81, 98,Mason, W.E.122 184 5, 208Mayer, Christopher 59 oil prices 22, 107Meade, J.E.18 OECD 67, 116Mearscheimer, John 207Mehra, Y.P.67, 200 Pakka, M.R.82Meissner, C.M.154, 167 Palley, T.61Merkel, L.S.141 Papaioannou, Stefan 69Metzler, L.A.18 paper money, see fiat moneyMexico 28 Paulson, Hank 201Middle East 75, 104, 203 PBOC 30, 33, 109, 178, 179, 215Milesi-Ferretti, G.M.140, 164, 194 Pei, Minxin 210, 213, 215military expenditure 110, 112, 113 peripheral countries 104 5Mishkin, F.60, 84, 85 personal savings 49, 83, 84Mizen, P.D.11, 31, 40, 108, 117, 189 petrodollars 81, 107 8, 184 5Modigliani, F.85 Pettersson, Bengt 25Mokyr, J.27 Pitchford, J.D.123monetary policy 78, 88, 91, 96 Plaza Agreement 4, 242mortgage debt 51, 54, 56, 62, 77, 187, Pluck, Katharina 22, 30192 Polasek, M.137mortgage-backed securities 134, 180, Poole, William 13, 20, 64 5, 81, 82,187 9, 194, 241 106, 148, 233mortgage equity withdrawal (MEW) portfolio balance approach 12, 13, 17,51, 52, 56, 189 78 83, 169, 172 3, 232Mun, S.H.27 portfolio investment 8, 151, 169, 176,Mundell, Robert 197, 226, 236 181 2Prasad, Eswar 29, 37, 182, 203, 216, 226National income and accounting precautionary reserves 13, 76, 88,approach 10, 70, 124 103 4, 182natural rate of interest 188 9, 192 3, Prestowitz, Clyde 201, 203242 prices 19, 34, 37, 39, 41, 62, 84, 98Net Foreign Investment 10, 71 productivity miracle 26 7, 60, 62, 77,NIID 141, 142, 143, 144, 145, 155, 158, 93, 133, 238159, 160, 168 protectionism 37 9, 222NIIP 2, 140, 141, 146, 158 68 purchasing power parity (PPP) 19, 34,new Bretton Woods 14, 91, 92, 182 129, 204, 206, 209 new economy 27, 59see also productivity miracle Qian, Y.210, 211New Zealand 77, 84 Quayyum, S.58Nguyen E.169 Quiggin, John 135Index 271Rajan, Raghuram 175, 182, 183, 216, sharecropper society 146, 147226 Sheets, N.39Razin, A.119, 140 Sinai, Todd 59Reading, Brian 91 Singapore 30real interest rates 60, 67, 84, 93, 99 Smith, David 212Reeve, T.39 Snooks, G.D.118regional payments imbalances 119 20, Spain 77, 98, 126, 174127 9, 136 speculation 31, 35, 101, 103, 217, 218,renmimbi (RMB) 30, 32, 33, 34 41, 90, 227156, 216 speed limit of the economy 61, 90,reserve accumulation 76, 88, 102 5, 92175, 177 80, 181 7 Standard International Traderesidential property investment 10, 56, Classification (SITC) 2959, 80, 191 Stiglitz , J.E.58resources gap 142 4 Stiroh, K.J.27Rey, H.5, 13, 106, 107, 148, 175, 232 stock market, see equity investmentrisk premiums 13, 61, 88, 89, 93, 130, Story, J.206, 210, 214131, 155, 171, 194 Stulz, R.M.114 5, 232Robertson, Dennis Sir 109 Sturzenegger, Federico 3, 165 8Robinson, Joan 18, 138 Subramanian, Arvind 182Rodrik, Dani 117, 182 Summers, L.H.3, 4, 91, 103, 104, 182,Roeger, W.200 199, 232Rogers, J.39 surplus countries 81, 87, 91, 98, 108,Rogoff, Kenneth 1, 19, 139, 141, 158, 124, 174225 sustainability of deficit 14, 138,Rolnick, Art 38 139 45, 170, 173, 192, 193, 235,Romer, C.60, 84 242, 243Romer, D.60, 84 conventional measures 139 45,Rothenberg, A
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