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Tag Archives: currency revaluation
Five Ways for China to Rebalance
by Michael Pettis No matter how sincere its intentions, what Beijing says it will do over the next few years is meaningful only if its policies are both internally consistent and do not violate external constraints. As I proposed two … Continue reading
Posted in China, macroeconomics
Tagged China, currency revaluation, malinvestment, michael pettis, misallocation, overinvesting, rebalancing, reminbi
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China: Misallocation and Overinvesting?
by Michael Pettis For years I have been arguing that the Achilles heel of the Chinese growth model is the unsustainable rise in debt that comes as a necessary consequence of capital misallocation fueled by bank lending. Capital misallocation, I … Continue reading
Posted in China
Tagged China, currency revaluation, malinvestment, michael pettis, misallocation, overinvesting, reminbi
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More Unwise Trade Intervention Likely
by Michael Pettis Last week’s Senate bill on Chinese currency intervention predictably enough brought out all the same old arguments about international trade, and just as predictably has hardened the opposing positions in the debate. Unfortunately the difference between a … Continue reading
Posted in China, Eurozone
Tagged balance of payments, China, currency revaluation, Eurozone, Germany, interest rates, michael pettis, reminbi, trade deficit, trade surplus, U.S.
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