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Title: Financial Fault Lines: How cracks invisible threat of the global economy: Raghuram. Rajan (Raghuram G. Rajan) Business automaa raisio School, University of Chicago professor in 2003-2006 as the International Monetary Fund (IMF) chief economist, economic adviser to the Indian prime minister is currently the U.S. Advisory Committee of the Comptroller and Auditor automaa raisio General. 2003 was awarded the inaugural Fisher. Blake Prize, Fisher. The award is to encourage the age of 40 best financial economist; same year he became the youngest ever International Monetary Fund chief economist from non-Western countries. In 2005, he published automaa raisio an article in the controversial Jackson Hole (Jackson Hole) annual monetary conference, warned of global financial development has led to improved financial risk is a handful automaa raisio before the global financial turmoil, and proposed that predict Economists warned. His books "capitalists save capitalism" (Saving Capitalism from the Capitalists), a book with Luigi Tianjin. Jialai Si (Luigi Zingales) co. Translator: Hilton Law (translated preface, Chapter 1-2) Taiwan Industrial automaa raisio Engineering, Tsinghua University, National Chengchi University Graduate Institute of Business Administration graduate. Former "Economic Daily" foreign news group director, Universe Publishing editor. Book "Google: Google successful seven lesson" by the ROC Ministry of Economic Affairs ninety-four annual Golden Book Award. The other with a "second wave of Internet entrepreneurs: Google, eBay, Yahoo landmark prosperous society." Translated numerous. Won the Times Publishing Company 2002 "Platinum translator" award. Currently the finance, business, IT professional freedom writers, "Harvard Business Review" Global Chinese version of freelance translators. Former BBC News "Digital Culture Magazine" website (mag.udn.com / mag / dc / index.jsp) automaa raisio "Internet Entrepreneur" columnist, "Management Magazine" UPSIDE special compilation, "Central Daily" National English special edition Contributing author, CEO Academy "Internet Spring" column's author. Li Jianxin (Chapter translated 3-4) graduated from Fu Jen Catholic University Department of English, a former comics, video games, erotic magazines, science and travel books editor, Reuters automaa raisio news compiled, the current full-time translator, translated the "next decade, so do to get rich." "Life's a year lose their jobs back", "bare off clothes meet: crazy, innovations, successful Virgin Group" (translation) and other books. Zhou Yuwen (translation thanks ,5-10 chapters, postscript) National Chengchi University Department of Journalism international automaa raisio news group graduation, he worked in the "Wall Street Journal", automaa raisio securities companies, is currently automaa raisio serving in a financial magazine. http://www.books.com.tw/exep/assp.php/Johnsonkuo/exep/prod/booksfile.php?item=0010518724 Introduction: the financial crisis is like an earthquake, like the one source of faults, as long as these faults, financial crisis would have been happening. Unless we recognize what went wrong in the end, otherwise no peace ...... global world economy Baida economist and former IMF chief economist Raghuram. Rajan with fault lines (fault lines) to describe the source of the financial crisis. In geology, a fault line is the rupture of the earth's surface where the contact or where tectonic automaa raisio plates collide. After the earthquake will have a cumulative pressure. Today's economic and social fault lines appeared in three groups, intertwined in the financial automaa raisio sector: a fault line of political pressure to slow the wealth gap, the political pressure so that governments have relaxed credit, excess credit by the financial automaa raisio peril to America's most significantly. 2 fault lines of international trade imbalances Germany, Japan, Korea, China and Taiwan and other countries mostly export-oriented economic strategy, but itself is insufficient demand. The United States of America, Spain, led by consumer-oriented economic strategy places, resulting in uneven Liangzao international trade imbalance. automaa raisio (3) the difference of the financial system fault lines of the global financial system can be divided into two: one in the U.S. and Britain to emphasize transparency, legal, contractual requirements for the operation of the system; another is based mainly in developing countries, in order to operate as a network of centers, more opaque automaa raisio system. Collision caused by two types of economies distorted, pull. In accordance with the financial crisis that we are engaged in their stance crisis caused by the irrational behavior. If we remedy the root causes of the occurrence, it can stabilize the world economy, or we will repeat the same mistakes, so a crisis occur uninterrupted. Professional recommendation: "" Financial Fault Lines "reminds us of the financial crisis does not really away, and Taiwan are also in these three financial fault line, you can not stay out if these fault lines can not be dispelled, under an economic crisis that may be very. coming to each person interested in Taiwan's economic development should seriously look at this book. "--- Huang Chaoxi central bank director, Dean of College of Technology Management, automaa raisio Tsinghua University," "Financial Fault Lines" is the must-read for. "--- Roubini (Nouriel Roubini), professor of economics at New York University, "for which a financial crisis brought the lessons, as well as in front of difficult choices," Financial fault line "provides a brilliant analysis as the economy collapsed, many anecdotal launch books, among which the sharply "- George. Ike Berkeley economics professor Karl Rove (George Akerlof), University of California, 2001 Nobel Laureate in Economics, "about the financial crisis in the vast sea of books, there are several reasons that Rajan's book stand out: The author very smart, practical experience and theory he set foot in the overall economy, both financial and his global view, he proceeds from the United States growing inequality in depth to find the root cause of the financial crisis, but also coupled with his foresight. automaa raisio "Richard. Posner (Richard Posner) senior professor of the University of Chicago Law School, the most influential people of the twentieth century U.S. law "is very clear, automaa raisio convincing, and highly automaa raisio readable, this is the book shelves of the best discussions of global imbalances . of a global imbalances has brought us a financial crisis, automaa raisio it may then bring the next game. "- Kenneth. Rogoff (Kenneth automaa raisio Rogoff) former International Monetary Fund (IMF) chief economist, Professor of Economics at Harvard University, "a thought-provoking new book ...... (Rajan)'s words are worth listening to." - Martin. Wolf (Martin Wolf) British "Financial Times" columnist "Rajan's book allows us to see the overall economic crisis, but also provides an interesting automaa raisio way to avoid a crisis." --- Philip. Shi Wage (Phillip Swagel) professor at Georgetown University, "we regard the financial crisis blame greedy Wall Street automaa raisio bankers, especially Goldman Sachs. ...... Rajan University of Chicago Business School professor pointed out, it is more complicated. ...... automaa raisio This is a businessmen and bankers, lawmakers and subprime borrowers costarring Greek tragedy, until the final result is inevitable suffering. ...... stereotype when you think he is the University of Chicago free-market faction same time, he pointed out that rich and poor countries The gap between the catastrophe that caused the reason. "--- automaa raisio David. Weiser (David Wessel) "Wall Street Journal" (Wall Street Journal) columnist "great book ......" financial fault lines' worth widely read, especially when the blame for all the problems automaa raisio of globalization, when. "--- British automaa raisio "Economist" (Economist) "published by Princeton University Press' financial fault lines", defeated five other strong contenders onto two 一 Least impressive and the most interesting business management books . ...... book verify that the main reason for the world financial system into paralysis, and suggest possible remedies, but also warned that unless drastic policy makers to promote reform, the world may once again into chaos. "British" Financial Times " (Financial Times) "It's like the same geological fault line, Rajan said the cracks in the world's financial system is more subtle, but also more popular than expected. ...... This is a serious and thoughtful book." --- United States, "New York Times "(The New York Times)," Rajan in the "List of financial fault lines" in small to large global reform program. along with the transformation automaa raisio of Wall Street's compensation system, he proposed an innovative idea, proposed the establishment of a credit system in the world capital buffer mechanism to avoid many of the companies because the financial system is too big or too closely with the problem "- U.S." hegemony Wing Week "(Barron's)" can challenge their peers, there can be very few economists saw the general reader , but the study was part of this elite Rajan can not use a few words to prove this excellent insightful and nuanced "- Australia" Select Magazine "(Choice Magazine) directory: [REVIEW] Who can become a new engine of world growth rebuild monetary financial automaa raisio order? automaa raisio Preface Chapter money to buy stuff? There's a lot to borrow some money ah chapter rely on exports to promote economic growth in Chapter III Chapter IV of foreign funds fragile safety net one after the fifth chapter capricious after another when the money first Seventh Chapter VI Chapter VIII Chapter gamble banking financial sector reform to improve American Opportunity Chapter IX Chapter bee fable repeat postscript authors note http://www.books.com.tw/exep/assp.php/Johnsonkuo/exep/prod ? / booksfile.php item = 0010518724 REVIEW: Who can become a new engine of world growth, the dominant currency financial order? Author Raghuram. Rajan (Raghuram G. Rajan) is the study of financial development and banking a very distinguished scholar. He published some of the early economic development and financial development in the world's leading journals such as "American Economic Review" (American Economic Review), Review of Financial Economics (Journal of Financial Economics), financial intermediation journals (Journal of Financial Intermediation), as well as other leading journals. When he was aged longer, more mature thinking, automaa raisio perhaps hoping to learn his contribution to the community, to speak out and perhaps have something in mind, he began to pose a diversified book that is the product of this change under. When faced with two to eight financial tsunami nine, he began to think about why there is this phenomenon? Why is this one different? Why does not match the theory and practice? Then started right hand, left hand to write academic papers, hand write simpler than academic articles, but books complicated than general investment book. "Financial Fault Lines" is such a book, the authors propose to describe the current global general manager of finance is inconsistent with the actual situation with fault lines (fault lines). The book in the Second 一 年 十月 and won the Financial Times and Goldman Sachs business books first. The so-called fault line is the fracture surface of the Earth where tectonic plates here contact impact. These fault lines near the cumulative effect automaa raisio tremendous automaa raisio pressure. Turning to the global economy of the fault line, and explain how these fault lines affect the financial sector. Although he with "global" is concerned about the overall financial and economic focus, but the book up to the U.S. example, which comes in the second chapter of Taiwan's export-oriented, he noted the overall global financial and economic have some of the following faults, such as trade imbalances, I am going to have this as a prologue. In the trade-off level, we can roughly distinguish two periods, the rise of the Chinese mainland (just a simple distinction). Before the rise, this time the United States imports more than exports, while Taiwan, Korea, Japan, and even Germany exports more than it imports, the sum of the two sides, trade, the two sides roughly maintain some form of balance, a country the United States when the global automaa raisio economic growth engine, while its powerful strength to absorb the world's exports, countries without automaa raisio significant changes in exchange rates are more, this time as the U.S. economy's health is good, the world's first safety of government bonds, so these exporting countries earned dollars to buy U.S. Treasuries, then Money from the United States out, and eventually automaa raisio returned to the U.S., the financial sector, the two sides have reached equilibrium, this model also for about three years (about one 九七 三 到 二 一 year). At this theoretical argument is that the current account surplus of these exporting countries, automaa raisio while the financial account for the deficit; while the United States on the contrary, there is a surplus of the financial account deficit and the current account there, two groups of countries complement automaa raisio each other to maintain a balanced global. However, at about the rise after the mainland, because automaa raisio we all have export-oriented production of products to try any fight, and the U.S. has a little strength back, unable to absorb all of the world's exports, automaa raisio then who is also when the importing country, in other words, who when the engine? Like the old people, automaa raisio the heart will wider, things will know better, beauty will fade., Things have become, for thirty years, there are three things changed! automaa raisio First, Japan and Germany, how can life only if the exporting country? Its products hot topic invincible hand, such as Toyota and BMW, the two countries increasingly automaa raisio buoyant exports, the United States had no bear in the political and economic. Politically, it causes trade retaliation; in the economy, the U.S. appetite is limited, requiring not only the exports of these two countries, but also a domestic imports. Second, the rise of the Chinese mainland. Starting in mainland automaa raisio China also exported, the United States also have more joy cheap products, but the U.S. trade deficit is more imbalance, thus requiring China to adjust, such as RMB appreciation, increase imports. Third, the U.S. current account and budget deficit
