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Indexabsorption 11 12, 17, 44 69, 90, 232 Bank of Japan 28, 109, 178accommodating capital flows 18, 42, Bartoloni, Leonardo 7389, 231 Baxter, Marianne 72adjustment mechanisms 14, 41, 127, Bayoumi, T.130, 137133 5, 136, 242, 243 Benelux countries 33, 35Afghanistan 47, 207 benign neglect 17 18, 102, 108Agency debt 178, 180, 188 Bentick, B.L.189Ahearne, A.114 Bergsten, C.F.139 40alchemy 147, 243 Bernanke, B.S.4, 13, 14, 17, 42, 63,Alexander, S.S.45 76 8, 85, 87 99, 139, 224, 232,American empire 109, 110, 111, 202 233, 243Ando, A.85 Bernanke thesis 13, 14, 17, 42, 76, 77,Anglo-sphere countries 156, 190, 191, 87 94, 98 9, 237240 black hole in global system 167, 168Artis, M.J.11, 108, 117, 200 Blanchard, Olivier 136, 137, 174Asia Bobbit, Philip 111 2countries 15, 37, 40, 75, 76, 92, 126, bond market conundrum 65, 66 8,132, 181, 207 94 5, 187, 200currencies 31, 32, 40, 90, 156, 157 bond yields 80, 81, 88, 89, 95, 97, 239invested funds 14, 181 2 Bonner, William 13, 103, 109, 112, 113,reserve accumulation 8, 88, 91, 96, 233102, 103 4, 178, 182 Bordo, Michael D.56 7asset prices 61, 62, 63, 77, 84 5, 92, Borio, C.65 6, 84189, 243 Bretton Woods 14, 31, 99, 100, 101,asset weighted US dollar index 156, 120, 174157 British empire 112, 114, 198Aurélio, M.M.115 Brittain, Samuel 123Australia 30, 58, 77, 84, 126, 190 Broda, Christian 29Buffett, W.146Bacchetta, Philippe 130, 137, 197 Bureau of Economic Analysis (BEA)Backus, D.174, 185, 192 152, 158, 159, 160 63, 165 6, 167,Bailey, Martin 38 169, 178Baker, Gerard 37, 39, 202 Bush, George W.48, 61, 110 11, 113,Balakrishnan, Ravi 184 208 balance of financial terror 4, 91, 113, Business Week 59, 61, 69, 229182balance of payments 5 6, 16 17, 45, California 127, 128, 131119, 120, 123, 125 Callick, Rowan 213, 214, 226, 227,Balassa, B.34 228Baldwin, R.E.22, 43 Canada 30, 109, 157, 190Bank for International Settlements capital account 6, 8, 17, 42, 78 9, 86,(BIS) 61, 65, 98, 180, 184, 197 119, 125265 266 Untangling the US deficitcapital flows 14, 81 2, 114, 171, 175, collateral view of reserve growth 13,179, 187 104 5, 117 8capital gains 83, 161 Congress 32, 34capitalized net capital income (CNCI) consumption spending 9, 48, 51, 53,166 56, 64, 81, 92, 191 carry trade 80 Cooper, R.N.5, 17, 137, 148, 171 2,Cavallo, Michele 72 178, 185, 186, 190central banks 78, 84, 99, 175, 177 8 Corden, W.M.14, 69, 120, 122, 123,Central Budget Office (CBO) 153, 167 235Chandler, Clay 213 Cornwall, Rupert 103Chang, Gordon 212 corporate bonds 64, 188Chang, Jung 228 corporate savings and investment 9, 71Cheung, Y.W.34 Coughlin, C.C
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