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 footloose cash. Global Liquidity describes the gross...

1. Introduction: Capital Wars -- 2. Global Money -- 3. Synopsis: A Bigger, More Volatile World -- 4. The Liquidity Model -- 5. Real Exchange Adjustment -- 6. Private Sector (Funding) Liquidity -- 7. The Central Banks: Don't Fight the Fed, Don't Upset the ECB and Don't Mess with the PBoC -- 8....

After the 2008 financial crisis, macroeconomic positions and growth prospects weakened in the advanced economies; emerging market economies (EMEs) improved however. Offshore, local-currency bonds of EMEs became popular as result, with many EMEs exploiting the opportunity. India also launched its...