China after the crisis: the elemental macroeconomics
Although the ‘country runs’ of the Asian crisis stopped at the Chinese border, their effects nonetheless included a realignment of real exchange rates and a rise in the risk premium demanded of investments in China. These appear to have combined with a rise in the domestic savings rate of slow the country’s economic growth and its rate of labour absorption. The government’s macroeconomic policy responses were to fix parity with the US dollar, undertake a fiscal expansion and, more recently,...[Show more]
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