Monica de Bolle is Professor of Macroeconomics, Pontifical Catholic University, Rio de Janeiro and Nonresident Senior Fellow, Peterson Institute for International Economics.
Dec 11, 2015 & argue that the country has little choice but to negotiate an adjustment program.
Unlike the 2008 global financial crisis, which was mostly a large negative aggregate demand shock, the next recession is likely to be caused by permanent negative supply shocks from the Sino-American trade and technology war. And trying to undo the damage through never-ending monetary and fiscal stimulus will not be an option.
The Communist Party of China would like the mainland Chinese population and the rest of the world to believe that the ongoing, sometimes violent protests in Hong Kong pose a threat of "terrorism." But the truth is that China has only itself to blame for pushing the city's idealistic youth into the streets once again.
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