Global imbalances: Strategic prospects for the US and the world
McKinnon, R., Schnabl, G. (2008): China’s fi nancial conundrum and global imbalances, URL: http://www.ccer.edu.cn/download/9506-1.pdf Palley, T. (2005): Th e China currency problem, June 2005, URL: http://www.thomaspalley.com/ docs/research/ChinaCurrencyProblem_Keidel.pdf Prasad, E., Wei, S.J. (2005): Th e Chinese approach to capital infl ows, International Monetary Fund Research Department, Washington, D.C. State Administration of Foreign Exchange (SAFE) (several years): Annual report, Beijing. Stiglitz, J.E. (2006): Making Globalisation Work, New York: Norton. Summers, L.H. (2004): Th e U.S. current account defi cit and the global economy, International Monetary Fund Multimedia Service Division, Washington D.C. World Fact Book (2008), Washington, D.C. Zhang, M., Xu, Y. (2008): Estimation of hot money in China, Research Centre for International Finance Working Paper, No. 0814.
Fiscal Policy and the Economics of Financial Balances
This paper presents the main features of the macroeconomic model being used at The Levy Economics Institute of Bard College, which has proven to be a useful tool in tracking the current financial and economic crisis. We investigate the connections of the model to the 'New Cambridge' approach, and discuss other recent approaches to the evolution of financial balances for all sectors of the economy. We will show the effects of fiscal policy in the model, and its implications for the proposed fiscal stimulus on the US economy. We show that the New Cambridge hypothesis, which claimed that the private sector financial balance would be stable relative to income in the short run, does not hold for the short term in our model, but it does hold for the medium/long term. This implies that the major impact of the fiscal stimulus in the long run will be on the external imbalance, unless other measures are taken.
The crystal structure of stilpnomelane. Part II. The full cell
Summary The structural formula of stilpnomelane averaged from 37 representative literature analyses and based on the determined structure is (Ca,Na,K)4(Ti0·1Al2·3Fe35·5Mn0·8Mg9·3)[Si63Al9](O,OH)216·nH2O. Ferrostilpnomelanes have up to 12 R 3+ cations in the octahedral sheet, ferristilpnomelanes commonly have between 24 and 30 R 3+ cations, rarely up to 37. The two groups can be distinguished by accurate X-ray powder diffraction, ferrostilpnomelanes having d 001 less and a greater than have ferristilpnomelanes. The unit cell is triclinic, a = b∼21·8 Å, γ = 120°, d 001∼12·2 Å, P . Hexagonal groups or ‘islands’ of 24 silicon-oxygen tetrahedra co-ordinate to the octahedral sheet, the centres of the ‘islands’ are displaced by 5a/12, 8b/12 on either side of the octahedral sheet as a result of warping of this sheet to permit articulation with the smaller tetrahedral sheet. The 24-tetrahedra ‘islands’ are linked laterally by 6-member rings of inverted tetrahedra, which in turn link at their apices to like rings connecting the next sheet of ‘islands’. Thus a single tetrahedral layer is 4 tetrahedra thick and has symmetry 6/m. The 6-member rings of tetrahedra act as hinges permitting up to 0·5 Å extension or contraction of the tetrahedral sheet to accommodate variations in the octahedral sheet dimensions with varying R 2+/R 3+ ratio.