商学 66‐5☆/5.鳥谷

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1 FRB ECB Quantitatively Easing Policy, QE QE 21 Epstein 1 Financialization1960 Epstein 12 p.3. Epstein rentier class 37 9!

2 inter-nationalization Epstein financial motives 3 Epstein Global Financial Capitalism GFC GFC GFC 5 GFC! Krippner 23 pp.1 26 Baran & Sweezy Epstein 12 p.3. Duménil and Lévy

3 657 GFC GFC GFC GFC Strachey 31 Galbraith 15

4 IMF IMF A.. B

5 IMF Glyn & Sutcliff Glyn J 1971 The Second Crisis of Economic Theory

6 660 FRB 20 5 NAIRU : Non-Accelerating Inflation Rate of Unemployment Glyn Glyn

7 GATT EEC 1961 OECD sovereign at bay Vernon

8 GATT GFC 21 GFC IMF 1 IMF IMF IMF IMF IMF Arrighi Bello 3 p.9, p.28,

9 R exorbitant privilege FRB FRB 25 Network Externality

10 GFC Q MMF Money Market Fund

11 MMC, Money Market Certificate MMDA, Money Market Deposit Account 27 M&A Conglomerate 1980 Q 29 Leveraged Buy-Out M&A Merger & Acquisition M&A junk bond 1980 securitization 30 Q S &L S&L S&L S&L 1980 S&L 90 S& L Crotty M&A!

12 666 IMF 1973 M&A ! M&A Krippner Prelude to Financialization p.82 Chap.3 The Social Politics of U.S. Financial Deregulation chap.4 The Reagan Administration Discovers The Global Economy 47

13 667 FRB F. F N N N N 1 N N

14 GFC S&L 90

15 669 IT COE M&A GATT 1995 WTO 80 NIEs, 90 ASEAN 2000 BRICs 40 Glyn Glyn Glyn 69 82

16 Higgins Tille financial Integration Guurinchas & Rey 43 Eichengreen 11 pp Higgins 21, Tille 34. Guurinchas & Rey 19.

17 ERM European Exchange Rate Mechanism IT FRB A. FF Rajan !

18 672 MBS Mortgage-backed Security ABS Asset-backed Security BNP AIG ! 75 Tuner 35 x vi vii

19 IMF 50 Eichengreen & Hausmann 10original sin p

20

21 Kaminsky & Reinhart self-fulfilling GFC

22 676 fallacy of composition The Day of Reckoning FRB Rajan 28 Summers IMF The 14 th Jacques Polak Annual Research Conference A. secular stagnation Friedman 14

23 FRB QE 6 Prasad Dollar s Trap 58 unwinding 59 Prasad 27 pp McCauley and McGuire 24 pp

24 uphill flows of capital 61 FRB FRB FRB 62 pro-cyclical 63 SDR 64 2 SDR 2004 FRB A. 65 Rey 30 trilemma dilemma p.315 Bush et. al. 5 p.9, p.11. Fahri, et. al. 13 p.5. Ocampo 26 p.4 Ocampo Ibid., p.2!

25 679 6 Fahri, Gourinchas and Rey FRB QE Fahri exorbitant duty solvency 21 BRICs BRICs! Turner 35 p Fahri, et. al. 13 p.20. the issuer 41 24

26 680 Fahri GDP Fahri Fahri fiscal competition 70 a star-shaped system of swap agreement IMF FCLs Flexible Credit Lines 71 Fahri SDR Franco-Chine connection Fahri, et. al. 13, p.21. Ibid., p.21. Ibid., p.4, pp

27 681 SDR SDR SDR an anchoring of the international monetary system Peterson Institute Bergsten SDR 73 Kenen FRB bulwark SDR BRICs SDR SDR SDR IMF 76 SDR SDR Ibid., p.44. Bergstern 4. Kenen 22, p.2. Helleiner 20, pp Obstfeld 25, pp.6 7.

28 682 Fahri 77 SDR IMF SDR SDR SDR 78 SDR 79 IMF IMF 80 IMF GFC 81 The United State 33, p Ocampo 26, p.6. UN 33, pp SDR Political Economy Research Institute Epstein Constabile 6 D Arista 8George Guttaman Supranational Credit Money IMA International Monetary Authority Turner 35!

29 683 SDR Arrighi, G The Long Twentieth Century, Verso Baran. P. & Sweezy, P. Monopoly Capital, Monthly Review, Bello, W Capitalism s Last Standing? Globalization in the Age of Austerity, Zedbooks. 4 Bergstern, F. 2007, How to solve the problem of the dollar, Financial Times, Dec Bush,O.,Farant,K.,andWright,M. 2011, Reform of the International Monetary and Financial System, Financial Stability Paper, Bank of England, no.13, Dec. 6 Constabile, L Current Global Imbalance and the Keynes Plan, PERI Working Paper Series, Number 220, March.! pp Eichengreen 11 p.177pp.160 George 16 23

30 684 7 Crotty, J The Neoliberal Paradox : The Impact of Desructive Product Market Competition and Impatient Finance on Nonfinancial Corporations in the Neoliberal Era, PERI Research Brief, July. 8 D Arista, J The Role of International Monetary System in Financialization, Financialization and the World Economy, edited by Epstein G. A., Edward Elgar. 9 Duménil, G. and Lévy, D The Crisis of Neoliberalism and U.S. Hegemony, Kurswechsel, Beirat für gesellschafts-, wirtschafts- und umweltpolitische Alternativen BEIGEWUM, 2/2009 : Eichengreen, B, and Hausmann, R Exchange Rates and Financial Fragility, NBER WP # Eichengreen, B 2011 Exorbitant Privilege, The Rise and Fall of the Dollar and the Future of the International Monetary System, Oxford U.P. 12 Epstein, G. A Introduction : Financialization and the World Economy, Financialization and the World Economy, edited by Epstein G. A., Edward Elgar. 13 Fahri, E., Gourinchas, P. -Olivier, and Rey, H. 2011, Reforming the International Monetary System, Center for Economics policy Research CEPR. 14 Friedman, Benjamin M. 1988, Day of Reckoning : The Consequences of American Economic Policy, Random House. 15 Galbraith, J The Affluent Society, Houghton Mifflin George, S Leurs Crises, Now Solutions, Albin Michel Glyn, A & Sutcliff, B. 1972, British Capitalism, Workers, and the Profit Squeeze, Penguin Books Glyn, A Capitalism Unleashed, Oxford. U.P Gourinchas P. -Olivier, and Rey, H. 2005, From World Banker to World Venture Capitalist : The US External Adjustment and the Exorbitant Privilege, presented to NBER Conference on G7 current account imbalances : Sustainability and Adjustment. 20 Helleiner, Eric 2009 Enduring Top Currency Fragile Negotiated Currency : Politics and the Dollar s International Role, The Future of The Dollar, edited by Helleiner Eric, & Kirshner, Jonathan, Cornell U.P. 21 Higgins, M., Klitgard, and Tille, C The Income Implications of Rising US International Liabilities, Current Issues in Economics and Finance, FRB New York, Vol.11, Num.12, Dec. 22 Kenen, Peter 2010, The Substitution Account as a First Step Toward Reform of the International Monetary System, Policy Brief, Peterson Institute for International Economics, July. 23 Krippner, Greta. R. 2011, Capitalizing on Crisis, The Political Origin of the Rise of Finance, Harvard UP. 24 McCauley, Robert N. and McGuire, Patrick 2009, Dollar appreciation in 2008 : safe haven, carry trades, dollar shortage and over hedging, BIS Quarterly Review, Dec. 25 Obstfeld, Maurice 2011, The SDR as an International Reserve Asset : What Future? Rapid Response, 11 /0885, International Growth Center, March. 26 Ocampo, Jose Antonio 2010, Building an SDR-Based global Reserve System, Journal of Globalization and Development, Vol.1, Issue Prasad, E. S The Dollar Trap, How the U.S. Dollar Tightened Its Grip on Global Finance, Princeton U.P. 28 Rajan, R., G Has Financial Development Made the World Riskier, NBER Working paper Series 11728, Nov. 29 Rajan, R., G Fault Lines- How Hidden Fractures Still Threaten The World Economy, Princeton U.P.

31 Rey, H Dilemma not Trilemma : The Global Financial Cycle and Monetary Policy Independence, presented at the 25th Jackson Hole Symposium, Wyoming, August. 31 Strachey, J Contemporary Capitalism, Gollancz Summers, L U.S. Economic Prospects : Secular Stagnation, Hysteresis, and the Zero Lower Bound, Business Economics, National Association for Business Economics, Vol.49, No The United Nations 2009 The Commission of Experts of the President of the United Nations, General Assembly on Reform of the International Monetary and Financial System. 34 Tille, C Financial Integration and the Wealth Effect of Exchange Rate Fluctuations, FRB New York Staff Report, No.226, Oct. 35 Turner, G The Credit Crunch, Pluto Press Vernon, R Sovereignty at Bay : the Multinational Spread of U.S. Enterprises, Basic Books R Basic Book SDR

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