China Faces "Minsky Moment" on Ponzi Financing
MishTalk
MARCH 21, 2014
s 26% in 2000-2005. Work by Nomura’s Chief China Economist indicates that more than half of Local Government Funding Vehicles, which borrow money on behalf of local governments to invest in infrastructure, have insufficient cash flows to pay interest or principal; the exact manifestation of Minsky’s Ponzi finance regime.
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