Arvind Subramanian and Josh Felman, “The Coming China Shock”
Recent Chinese macroeconomic developments suggest that the country’s exceptionalism is nearing its expiry date. The two economists argue that this could have devastating effects on the global economy. When China is hit by a combination of rapidly decelerating growth and a sharply depreciating exchange rate, there will be a tsunami-like impact on global currencies, with strong deflationary effects on Europe and the US and competitive devaluations in Asia (reads in 6-7 min).

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