Download Asia and the Subprime Crisis: Lifting the Veil on the by Chi Lo PDF
By Chi Lo
This is often the first booklet to place jointly Asia and the constructed international within the subprime drawback context and to mix macro and micro research to attract classes from it. The drawback has beneficial classes for deregulating Chinas coverage undefined, that's visible because the goldmine sooner or later of worldwide monetary improvement.
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Additional resources for Asia and the Subprime Crisis: Lifting the Veil on the 'Financial Tsunami'
Sample text
All this suggests that the global credit crisis has not deterred China’s resolve to carry out financial reforms. Again, the key is to keep the direction and momentum going in the post-subprime environment. But this may not be easy (see below). The domestic banking development outlook may be benign. But the story is different from the perspective of the Chinese banks’ 48 Asia and the Subprime Crisis connection with the rest of the world after the subprime crisis. In late 2008 and early 2009 foreign banks, including Bank of America in the USA, UBS in Switzerland and the Royal Bank of Scotland in the UK, were all trying to cash out in China by selling their strategic stakes in the Chinese banks after the expiry of the three-year lock-up period.
Some economists even see the possibility of a return of depression-like economic problems, which dominated the world economy in the 1930s, after the financial tsunami (for example, see Krugman, 2009). Re-regulation of the developed world banking sector means that a plain vanilla banking model will return and sophisticated financial engineering practice will be gone for a long time. Medium-term global growth will experience a structural downward shift, unless the developing world raises consumption sharply.
However, the real impact on the economy is much bigger than expected, due to the spillover effect of trade on domestic demand. Conventional wisdom is wrong when assessing the trade impact on China’s growth. Some also fear that China might fall into a debt– deflation spiral, which would hurt its long-term economic growth and asset values in the post-subprime world. But that is unlikely, due to improvement in the Chinese banking and corporate sectors and under-leveraging in the consumer sector. Chinese banks’ subprime exposure The worsening of the US subprime crisis, as seen in the failure of the 158-year-old investment bank Lehman Brothers and the nationalisation of Fannie Mae and Freddie Mac and AIG (America’s largest insurance company) within three weeks in September 2008, 25 26 Asia and the Subprime Crisis had raised concerns about the stability of China’s banking system.