HOUSE_OVERSIGHT_019404.jpg
1.99 MB
Extraction Summary
13
People
8
Organizations
4
Locations
1
Events
3
Relationships
3
Quotes
Document Information
Type:
Bibliography / economic research briefing
File Size:
1.99 MB
Summary
This document appears to be a page from a research brief or bibliography focusing on macroeconomics, specifically comparing the US financial crisis to Japan's economic history and discussing global trade imbalances. It lists analytical statements followed by citations of academic papers and articles from sources like NBER, Harvard, and Voxeu, dating between 2003 and October 2009. The document bears a 'HOUSE_OVERSIGHT' footer, indicating it was part of a document production for a congressional investigation.
People (13)
| Name | Role | Context |
|---|---|---|
| Mariassunta Giannetti | Author |
Cited for research on bank bailouts and Japan.
|
| Andrei Simonov | Author |
Cited for research on bank bailouts and Japan.
|
| Keiichiro Kobayashi | Author |
Cited for article on G20 and bad assets.
|
| Barack Obama | US President |
Mentioned in the title of Kobayashi's article.
|
| Takeo Hoshi | Author |
Cited for NBER paper on US bank recapitalization.
|
| Anil K. Kashyap | Author |
Cited for NBER paper on US bank recapitalization.
|
| Adam Posen | Author |
Cited for Institute for International Economics paper.
|
| Maurice Obstfeld | Author |
Cited for NBER paper and Harvard University paper.
|
| Kenneth Rogoff | Author |
Cited for Harvard University paper.
|
| Richard Cooper | Author |
Cited for Journal of Economic Perspectives article.
|
| Michael P. Dooley | Author |
Cited for NBER Working Papers.
|
| David Folkerts-Landau | Author |
Cited for NBER Working Papers.
|
| Peter Garber | Author |
Cited for NBER Working Papers.
|
Organizations (8)
| Name | Type | Context |
|---|---|---|
| EFA | Academic Association |
European Finance Association, referenced regarding 2009 meetings.
|
| Voxeu | Publication |
Publisher of economic analysis.
|
| G20 | International Forum |
Referenced in analytical text regarding global imbalances.
|
| NBER | Research Organization |
National Bureau of Economic Research, publisher of multiple cited working papers.
|
| Institute for International Economics | Research Organization |
Publisher of Adam Posen's paper.
|
| Harvard University | University |
Affiliation for Obstfeld and Rogoff paper.
|
| Journal of Economic Perspectives | Academic Journal |
Publisher of Richard Cooper's article.
|
| House Oversight Committee | Government Body |
Implied by footer 'HOUSE_OVERSIGHT_019404'.
|
Timeline (1 events)
Locations (4)
| Location | Context |
|---|---|
|
Subject of economic analysis regarding recession risks.
|
|
|
Used as a comparative economic model for the US crisis.
|
|
|
Location of EFA 2009 meetings.
|
|
|
Mentioned regarding exchange rates and production redirection.
|
Relationships (3)
Cited together on 'Global Imbalances and the Financial Crisis'
Cited together on 'Will the U.S. Bank Recapitalization Succeed?'
Cited together on multiple NBER papers.
Key Quotes (3)
"The US has significant risk (30% or greater) of experiencing pronounced Japan-like symptoms over the next 5-10 years"Source
HOUSE_OVERSIGHT_019404.jpg
Quote #1
"The G-20 is right to focus on containing global (current account) imbalances to well below their pre-crisis levels"Source
HOUSE_OVERSIGHT_019404.jpg
Quote #2
"China must allow its exchange rate to significantly appreciate over time, and redirect production towards domestic demand instead of exports."Source
HOUSE_OVERSIGHT_019404.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (2,213 characters)
2. The US has significant risk (30% or greater) of experiencing pronounced Japan-like symptoms over the next 5-10 years: especially much lower medium term growth than before the crisis, soaring budget deficits, more frequent than usual recessions.
Giannetti, Mariassunta and Andrei Simonov (2009). “On the real effects of bank bailouts: Micro-Evidence from Japan,” EFA 2009 Bergen Meetings, June.
Mariassunta Giannetti Andrei Simonov, The real effects of bank bailouts: Evidence from Japan, Voxeu http://www.voxeu.org/index.php?q=node/4011
Keiichiro Kobayashi, The G20's Blind Spot: President Obama must squarely face the bad asset problem, March 26, 2009
Hoshi, Takeo and Anil K. Kashyap, 2008, “Will the U.S. Bank Recapitalization Succeed? Lessons from Japan”, NBER Working Paper 14401.
Adam Posen, “Seven Reasons the US Today is Not Like Japan 15 Years Ago,” Institute for International Economics, September, 2008 http://www.iie.com/realtime/?p=20
Maurice Obstfeld, “Time of Troubles: The Yen and Japan’s Economy, 1985-2008” NBER Working paper 14816, March 2009
3. The G-20 is right to focus on containing global (current account) imbalances to well below their pre-crisis levels (say to roughly half or less within four years). US must achieve higher national savings rate, if necessary substantially strengthening financial regulation and oversight. China must allow its exchange rate to significantly appreciate over time, and redirect production towards domestic demand instead of exports.
Obsteld, Maurice and Kenneth Rogoff, “Global Imbalances and the Financial Crisis: Products of Common Causes,” Harvard University, October 13, 2009.
Cooper, Richard, “Global Imbalances: Globalization, Demography, and Sustainability,” Journal of Economic Perspectives, 2008, Issue 3, 93-112.
Michael P. Dooley, David Folkerts-Landau, Peter Garber, “The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries,” NBER Working Paper 10332, March 2004.
Michael P. Dooley, David Folkerts-Landau, Peter Garber, “An Essay on the Revived Bretton Woods System,” NBER Working Paper 9971, September 2003.
HOUSE_OVERSIGHT_019404
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