دانلود کتاب China’s Trump Card: Cryptocurrency And Its Game-Changing Role In Sino-US Trade

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Cover......Page 1
Title Page......Page 5
Copyright Page......Page 6
Contents......Page 9
Acknowledgments......Page 11
About the Author......Page 13
Preface......Page 15
1.1 Thanos and Trump......Page 21
1.2.1 Trump’s Unilateralism......Page 24
1.2.2 A Stubbornly Large China Deficit......Page 27
1.2.3 Unfair Trade Practices......Page 31
1.2.4 “China Dream” vs. “America First”......Page 33
1.3.1 The Art of Being Unpredictable......Page 38
1.3.2 Breaking the Bulk in Tranches......Page 40
1.3.3 A Battle for Technology......Page 43
1.3.4 Leverage Geopolitical Issues......Page 45
1.4.1 Slowdown in Trade and Investment......Page 46
1.4.2 Relocation of Production Base......Page 50
1.4.3 Negative Impact on US Business and Consumers......Page 52
1.5 Trade War and Deglobalization......Page 53
Annex A: China’s Belt and Road Initiative......Page 58
Annex B: Official Statements from the US and China......Page 59
Annex C: Major Timeline of the Trade War......Page 62
2.1 The Missing Link between Trade and Currency......Page 66
2.2.1 Stylized Facts of the US Trade Balance......Page 68
2.2.2 The Economics of Trade Balance......Page 71
2.3.1 Currency Revaluation......Page 76
2.3.2 Exchange Rate in Trade Talks......Page 79
2.4.1 Triffin Dilemma......Page 83
2.4.2 Quantitative Easing......Page 87
2.5.1 Petrodollar Recycling......Page 90
2.5.2 China’s Factory-Dollar Recycling......Page 93
3.1 Anti-Multilateralism and Anti-Sovereign Movement......Page 98
3.2.1 Globalization 1820–1914......Page 101
3.2.2 Postwar Globalization......Page 106
3.3.1 Financial Integration and the Hubs......Page 109
3.3.2 Currency Standard and Trade Bloc......Page 113
3.4.1 Capital Mobility and Financial Crises......Page 118
3.4.2 Financial Crises and Populism......Page 123
3.5.1 The Transition Regime......Page 125
3.5.2 De-Dollarization and the Trade War......Page 129
4.1 Trade War and the Yuan......Page 131
4.2.1 Reforms in the Transitional Period 1979–2004......Page 135
4.2.2 A Tightly Managed Floating Regime 2005–2015......Page 137
4.2.3 Managed Floating Post “811”......Page 138
4.2.4 Currency Outlook and Reforms......Page 144
4.3.1 De-Dollarization......Page 149
4.3.2 RMB Internationalization......Page 151
4.4.1 China’s Holding of US Dollar Assets......Page 165
4.4.2 Alternative Assets......Page 168
5.1 Reform and Technology Independence......Page 176
5.2.1 Demographic Challenge and Overleveraging......Page 179
5.2.2 Supply-Side Structural Reforms......Page 185
5.3.1 Digitalization and Structural Rebalancing......Page 188
5.3.2 China’s Tech Policy......Page 197
5.4.1 Forced Technology Transfer......Page 206
5.4.2 The Little Chips......Page 208
6.1 Deglobalization in the Digital Time......Page 214
6.2.1 The Basics of Blockchain......Page 217
6.2.2 Cryptocurrency Market......Page 224
6.2.3 Decentralization, Scalability, and Forks......Page 230
6.3.1 Is It a Medium for Payment?......Page 235
6.3.2 Can Cryptocurrency Create Credit?......Page 238
6.4 Regulatory Responses......Page 240
6.5 Implication on Monetary Policy......Page 243
7.1 From Zhou to Carney......Page 247
7.2 Reserve Currency Based on Liquidity......Page 249
7.3 The Potential Role of Cryptocurrency in Global Reserving......Page 258
7.4 Implication of the Libra Project......Page 264
8.1 The Trade War as the Perfect Shock......Page 269
8.2 Libra or RMB, Which Is the Designated One?......Page 271
8.3 What Can China Do?......Page 273
Bibliography......Page 277
Index......Page 289
EULA......Page 306