Chimerica

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Chimerica is a neologism composed of syllables of the terms China and America . It denotes the symbiosis of the economies of the People's Republic of China and the United States of America .

origin

The term Chimerica was coined in 2006 by the historian Niall Ferguson and the economist Moritz Schularick . In an essay , they describe that in the previous years, an increase in the return on capital could be observed while the cost of capital (interest) remained low, which apparently contradicts the prevailing economic theory. Ferguson and Schularick cite a symbiosis of the economies of China and America as an explanation. According to this, China produces goods and uses the capital it has raised to grant the US low-interest loans to purchase these goods. The US is using these low-interest loans to expand consumption at an unprecedented rate, while China is benefiting from full employment and strong economic growth. Ferguson and Schularick refer to this symbiosis as Chimerica , deliberately referring to the term Chimera (English Chimera ).

Niall Ferguson's book The Ascent of Money and numerous newspaper articles made the term Chimerica popular beyond specialist circles. Ferguson believes that American companies and households' easy access to Chinese capital was a major factor behind the boom in the early 2000s, as hedge funds and private equity firms could borrow on cheap terms, which increases their ability to leverage the Leverage effect increased significantly. In return, the Chinese central bank's extensive purchase of American government bonds kept the yuan rate low, which in turn benefited the Chinese export economy.

See also

literature

Individual evidence

  1. ^ Niall Ferguson , Moritz Schularick : "Chimerica and global asset markets". (No longer available online.) 2006, archived from the original on June 13, 2010 ; Retrieved November 17, 2009 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / jfki.fu-berlin.de
  2. ^ Niall Ferguson , Moritz Schularick : "The Great Wallop". New York Times , November 15, 2009, accessed November 17, 2009 .
  3. ^ Niall Ferguson : Buy Chimerican. Los Angeles Times , March 5, 2007, accessed November 17, 2009 .
  4. ^ Niall Ferguson : 'Chimerica' is Headed for Divorce. Newsweek , August 31, 2008, accessed November 17, 2009 .
  5. ↑ Klaus Brinkbäumer : A world war without war . In: Der Spiegel . No. 46 , 2009 ( online ).
  6. ^ Richard Bernstein : Chimerica: A Marriage on the Rocks? New York Times , November 4, 2009, accessed November 17, 2009 .
  7. ↑ Frank Herrmann : Obama visits superpower China. (No longer available online.) Rheinische Post , November 12, 2008, archived from the original on November 16, 2009 ; Retrieved November 17, 2009 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.rp-online.de
  8. ↑ Christian Schwägerl : Summit Analysis: Chimerica against the rest of the world. Spiegel Online , December 17, 2009, accessed December 18, 2009 .
  9. ^ Niall Ferguson: The Ascent of Money. A Financial History of the World . Allen Lane, London 2010, ISBN 978-1-84614-106-5 , pp. 334ff.