Global Financial Flows in the Pre- and Post-global Crisis Periods

This book covers many aspects of excessive expansion of cross-border capital flows underlying the global financial crises that occurred in succession in the form of the subprime mortgage crisis, the collapse of Lehman Brothers, and the European debt crisis. Obtaining a broader picture of financial flows at the global level from various perspectives is essential to comprehensively understand the fundamental causes for a series of global-scale financial crises and to formulate effective policy responses in the future. The topics addressed here include a basic concept and overview of global liquidity in a broad sense, domestic and international credit activities of financial institutions in both advanced and emerging countries, and global demand for US dollars. Offshore bond issuance in BRICs countries, including its implications for the Chinese shadow banking sector, uncovered interest rate parity puzzle, and related policies such as capital controls are covered as well. This book ishighly recommended to readers who seek an in-depth and up-to-date integrated overview of the dynamics of today’s globalized financial markets.

Yoichi Matsubayashi is a professor of economics at Kobe University in Japan, where he received his Ph.D. His main research interest is international macroeconomics, especially external imbalances in the recent world economy. He has published many papers in refereed journals, such as the Japanese Economic Review and Japan and the World Economy. He is also the co-author of Financial Globalization and Regionalism in East Asia (Routledge 2013).

Shigeto Kitano is a professor of economics at Kobe University. He received his Ph.D. from Nagoya University in Japan. His main research interest is international macroeconomics. He has published many papers in refereed journals, such as the Journal of Macroeconomics, Economic Inquiry, Open Economies Review, Pacific Economic Review, International Review of Economics and Finance, Review of Development Economics, International Journal of Economic Theory, Journal of Economics, and Applied EconomicsLetters.