This thought-provoking book addresses challenging questions raised in light of the aftermath of the global financial crisis that saw an accelerated rise in the economic growth of China and other emerging market economies, while the US, Japan and Europe have laboured under the great recession. The authors examine global post-crisis reordering in a long-run context, identify five fundamental flaws in global bank business models and document the explosion of gross capital flows. They tackle difficult-to-answer lines of enquiry such as: can zero interest rates and quantitative easing lift the advanced world back to growth, or will they be dragged down by the overhang of debt? Might costs on savers, retirees and distortions to the pattern of global financing render zero rates counter-productive? What issues face the BRICs? Could 'China as number one' see the renminbi soon challenge the dollar and the euro as a major international currency? Providing a detailed analysis of the post-crisis world and the issues posed by the rise of China and emerging market economies relative to developed countries, this book will prove a stimulating account for academics, students and researchers in the fields of economics, money, finance and banking, and world trade. Bank and market economists as well as policymakers based in central banks, governments and think-tanks will also find this book to be an invaluable reference tool.
This book resulted from the NATO Advanced Research Workshop on "Electron Kinetics and Applications of Glow Discharges," held in St. Petersburg, Russia, on May 19-23, 1997. Glow discharges have found widespread applications in many technological processes from the manufacture of semiconductors, to recent developments in na- technology, to the traditional fields of gas lasers, and discharge lamps. Consequently, the interest in the physics of glow discharges has experienced yet another resurgence of interest. While the non-equilibrium character of glow discharges is widely accepted, the opinion still prevails that the main features can be captured by fluid models, and that kinetic treatments are only required for the understanding of subtle details. The erroneousness of this belief is demonstrated by the failure of fluid models to describe many basic features of glow discharges such as, for instance, electrode phenomena, striations, and collisionless heating effects. An adequate description of glow discharges thus has to be of kinetic nature.
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