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Their impact on trade is not directly though relative price changes but rather indirectly by changing the relationship between consumption and GDP.
Michael Pettis • The Great Rebalancing
The increase in inflows will increase the demand for renminbi, so it will increase central bank intervention by exactly the same amount. If you look only at the central bank’s figures, its capital exports will actually rise, and this will seem to imply an increase in the trade surplus, but remember that the increase in capital exports by the
... See moreMichael Pettis • The Great Rebalancing

Mais est-ce pour autant la fin du game vis-à-vis du pouvoir d’évaluation des marchés ? L’amélioration des conditions de financement des gouvernements persiste à être conçue comme un « effet secondaire » de la nouvelle orthodoxie financière publique-privée : s’il faut préserver la valeur des obligations d’État, c’est uniquement parce qu’elles
... See moreBenjamin Lemoine • La démocratie disciplinée par la dette (French Edition)

This is almost total nonsense. The only possible way it could be true is if the amount of intervention in the renminbi was unaffected by the price level, and this is certainly not the case. If it were, the People’s Bank of China should anyway immediately raise the value of the renminbi substantially in order to improve its terms of trade at no cost
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