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2017-03-02 发布于天津
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ご参考资料-Blogs.ppt

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ご参考资料-Blogs

Exhibit 28. Greek Private Sector Is Drawing Down Savings to Survive * Exhibit 29. Greek Corporates Are Both Drawing Down Savings and Reducing Debt * Exhibit 30. Greek Households Are Both Drawing Down Savings and Reducing Debt * Exhibit 31. ECB Facing Balance Sheet Recession Can Supply Large Amounts of Liquidity without Igniting Inflation * Exhibit 32. Exit Problem (I): Japanese Corporates Increased Savings Again After Lehman * Exhibit 33. Japanese Corporates Are Increasing Savings * Exhibit 34. Japanese Households Are Both Increasing Savings and Reducing Debt * Exhibit 35. Exit Problem (II): German Private Sector Refused to Borrow Money after 1999-2000 Telecom Bubble * Exhibit 36. German Corporates Are Saving More than Borrowing * Exhibit 37. German Households Are Refusing to Borrow * Exhibit 38. Exit Problem (III): U.S. Took 30 Years to Normalize Interest Rate after 1929 Because of Private Sector Aversion to Debt * Exhibit 39. Japanese Money Supply Kept up by Government Borrowings * Exhibit 40. US Money Supply Increased after 1933 because of Government Borrowings * Balance Sheets of All Member Banks Exhibit 41. Recovery from Lehman Shock Is NOT Recovery from Balance Sheet Recession * Exhibit 42. Yin Yang Cycle of Bubbles and Balance Sheet Recessions * US Spain UK Germany Japan Exhibit 43. Contrast Between Yin and Yang Phases of Cycle * * The World in Balance Sheet Recession:What Post-2008 West Can Learn from Japan 1990-2005 Richard C. Koo Chief Economist Nomura Research Institute Tokyo April 2012 Exhibit 1. US Housing Prices Are Moving along the Japanese Experience * Exhibit 2. US Commercial Real Estate Prices Also Falling to Japanese Levels * Exhibit 3. Drastic Rate Cuts Have Done Little to Revive Employment or House Prices * Exhibit 4. US Economy Is still a Long Way from Previous Peak * Exhibit 5. Euro-Zone Economy Is still a Long Way from Previous Peak * Exhibit 6. Except in Germany, Industrial Production in Europe Is still Weak * E