Titlebook: Capital Wars; The Rise of Global L Michael J. Howell Book 2020 The Editor(s) (if applicable) and The Author(s), under exclusive license to

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https://doi.org/10.1007/978-3-642-47363-0 instrument. The greater use of collateral and access to unregulated, offshore pools of money in the Eurodollar markets have reduced Central Bank control over liquidity creation, leading to a collapse in the traditional money multiplier. The alternative concept of the . is introduced.

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,Versuchs- und Me?einrichtungen,lows. Emerging Markets tend to be large buyers of ‘safe’ assets in the US and Europe, but they are also large borrowers of dollars from Western banking systems, thereby incurring both currency and maturity mismatches between their assets and liabilities. These mismatches can trigger financial crises.

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Die nichttraumatische Syringomyeliegher quality US credit markets, allowing an increase in new issuance. These proceeds find their way back to Wall Street through share buy-backs, highlighting yet another liquidity transmission channel. A solution to the shortage is to issuance more longer duration bonds, even 50-year and 100-year tenors.

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l systems.Discusses the roles of Central Banks, shadow banki.Economic cycles are driven by financial flows, namely quantities of savings and credits, and not by high street inflation or interest rates. Their sweeping destructive powers are expressed through Global Liquidity, a $130 trillion pool of

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Der nichttraumatische spinale Notfallks and cross-border flows. They are built-up, starting from raw data, using factors, expressed as z-scores, to create diffusion-like indexes. US Federal Reserve Liquidity and Emerging Market Liquidity Indexes are shown as examples.

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Nichtstation?re Probleme der Gasdynamikkets, eclipsing high street banks, demanding collateralised ‘safe’ liquid assets and leading to the rise of the repo. Parallel government austerity policies have constrained the supply of government bonds to use as collateral for these repos.

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