Gu Chaoming is the chief economist of Nomura Research Institute, a research institution of Japanese securities company Nomura Securities. He was selected as one of the most trusted economists by Japanese capital and financial market participants, and provided advice to successive Japanese prime ministers on how to deal with Japan's economic and banking problems. Before entering Nomura Securities, he worked as an economist at the Federal Reserve Bank of new york, and was fortunate to be a doctoral member of the Board of Governors of the Federal Reserve Board of the United States.
He has written many books and is also a visiting professor at Waseda University. In 200 1 year, it was awarded the abramson Prize by the American business economics Association. He is also a columnist of Businessweek Online and the only non-Japanese member of the National Defense Strategy Meeting of the Japanese Cabinet. Gu Chaoming's ancestral home is Hui 'an County, Quanzhou City, Fujian Province, China, and he is the nephew of Gu, the late former chairman of Taiwan Province Province.
The characteristics and main points of Gu Chaoming's main works;
The Great Recession, written by Gu Chaoming, is based on the important achievement of his long-term research, that is, the new concept of "balance sheet recession", which is groundbreaking in the field of economics. For a long time, the traditional explanations of two rare large-scale economic recessions, the Great Depression of America 1929 and the Great Recession of Japan in 1990s 15, have been generally accepted.
The stock market crash leads to problems such as non-performing loans of banks, which leads to credit crunch and liquidity trap, which in turn leads to difficulties for enterprises to borrow money and eventually leads to a large-scale retrogression of the overall economy. Based on this understanding, the mainstream views on the solution to this large-scale economic recession are basically concentrated on the money supply side.
It is advocated that the government, while vigorously tackling the problem of non-performing loans in banks, mainly uses monetary policy tools to inject a large amount of funds into the banking system to increase liquidity and curb and eliminate the credit crunch, so as to achieve the purpose of promoting a virtuous circle of the economy.