In June 2008, Justin Yifu Lin was appointed Chief Economist of the World Bank, right before the eruption of the worst global financial and economic crisis since the Great Depression. Drawing on experience from his privileged position, Lin offers unique reflections on the cause of the crisis, why it was so serious and widespread, and its likely evolution. Arguing that conventional theories provide inadequate solutions, he proposes new initiatives for achieving global stability and avoiding the recurrence of similar crises in the future. He suggests that the crisis and the global imbalances both originated with the excess liquidity created by US financial deregulation and loose monetary policy, and recommends the creation of a global Marshall Plan and a new supranational global reserve currency. This thought-provoking book will appeal to academics, graduate students, policy makers, and anyone interested in the global economy.
- Offers a unique perspective on the sudden eruption of the global financial and economic crisis in 2008, helping readers to understand the cause of the crisis, its likely evolution, and how to avoid a recurrence in the future
- Written by Justin Yifu Lin who was the Chief Economist of the World Bank from 2008 to 2012 and was the first economist from the developing world to hold this position
- Proposes new initiatives, such as a global Marshall Plan and a supranational global reserve currency, to achieve sustained recovery and dynamic growth in developed and developing countries
Justin Yifu Lin is Professor and Honorary Dean of the National School of Development at Peking University. He was former Chief Economist and Senior Vice President of the World Bank between 2008 and 2012, and was the first economist from the developing world to hold this position. Prior to joining the Bank, Professor Lin served for 15 years as Founding Director and Professor of the China Centre for Economic Research (CCER) at Peking University.