I got a lot of feedback from my January 5 blog entry because of my argument that the implementation of the reforms proposed in the Third Plenum all but guarantees that growth rates in China will slow down. Continue reading
Although still vague on the specifics, China’s Third Plenum November partially clarified the nature of the reforms that Beijing is proposing for China over the coming year. Of course very little was said in any of the related releases about the difficulties, Continue reading
by Michael Pettis, China Financial Markets Following Paul Krugman’s lead I guess I can refer to this post as being “wonkish”. Much of it is based on my recent book Avoiding the Fall (Carnegie Endowment, September 2013).
Posted in China, Economics, International Economic data, macroeconomics, money
Tagged avoiding the fall, China, China Financial Markets, economic imbalances, Economy, financial repression, GDP, michael pettis, money growth and inflation, negative wealth effect, rebalancing
Last month’s award of the Nobel Price in economics set off a great deal of chortling because one of the three recipients, Eugene Fama, received the award for saying that markets are efficient at capital allocation and another, Robert Schiller, received the award for saying they are not. Continue reading
Posted in China, stock markets
Tagged China Financial Markets, efficiant capital allocation, efficient markets, Eugene Fama, irrational exuberance, John Kay, michael pettis, Nobel Price in economics, rational markets, Robert Shiller, value investing