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Barry Eichengreen | The Legacy of the Great Moderation: Currency, Populism, and Credit

Hidden Forces

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Capital Misallocation in China

For my Western eyes, their entire economy looks like a horror show. I think there has been a lot of capital misallocation in the construction sector to much investment and heavy industry for too long. They have way too much corporate debt, corporate debt to GDP ratio of about 160%. But if the corporate sector continues to grow at 7% a year, they can grow out from under that.

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