China Faces "Minsky Moment" on Ponzi Financing
MishTalk
MARCH 21, 2014
After the massive stimulus and more than doubling of new bank loans in 2009, the government attempted to stabilize credit growth, but the growth of the shadow banking system exploded instead. Our analysis indicates that China’s economy has arrived at that unstable state where speculative and Ponzi finance appear to dominate.
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