Month: August 2023

Big Lies and Censorship

This week, there were two telling markers on the road to US-China disinformation—a fourth criminal indictment for America’s 45th president and China’s purging of a sensitive economic statistic. While seemingly unrelated, both developments have one important thing in...

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Evergreen Lending with Chinese Characteristics

In my “Lessons of Japan” seminar at Yale, I placed considerable emphasis on the role played by evergreen bank lending as a key feature of the “lost decade” syndrome. The concept was examined carefully in a seminal piece of research by Joe Peek and Eric Rosengren. By...

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Stimulating the Chinese Consumer

With China’s economy clearly underperforming, the air in Beijing is rife with talk of stimulus. A July 23 meeting of the Politburo offered some broad guidelines for action, with surprisingly little specificity. Chinese authorities have used a well-worn playbook to...

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