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Dance of the Trillions
Book

Dance of the Trillions

Developing Countries and Global Finance

David Lubin
Brookings Institution Press, 2018

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автоматическое преобразование текста в аудио

Editorial Rating

8

Qualities

  • Well Structured
  • Overview
  • Eloquent

Recommendation

Economists and financial professionals will welcome this admirably concise, well-balanced and illuminating history of the relationship between global finance and developing countries. It tells a story of drama, hubris and lessons learned. Economist David Lubin recounts the sagas of the 1970s petrodollar recycling and the 1980s debt debacle, as well as the slide from the Asian Miracle to the Asian Crisis. He traces the rise of China’s economy and explains how the Washington, DC-led liberalization of capital flows is giving way today to a Beijing-led approach of state-imposed controls. 

Take-Aways

  • In the 1970s, oil exporters earned more money than they could spend, so banks recycled the surpluses as loans to developing countries (DCs).
  • Developing countries found it attractive to tie their currencies to the US dollar.
  • In the 1980s, Paul Volcker’s Federal Reserve changed direction to tackle US inflation, and suddenly DCs were in trouble.

About the Author

David Lubin heads Citi’s emerging markets economics unit, and he is an associate fellow at Britain’s Royal Institute of International Affairs.

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