China’s Political Interventions
In a planned economy like China’s, where policymakers use various tools to influence asset prices, the instability that arises from overvalued assets could, in theory, be avoided. But, in practice, that does not seem to be the case.
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TOKYO – In the last week or so, stock markets around the world have been hit by an upsurge in volatility, with large price swings confronting traders in New York, Tokyo, London, and beyond. And the entire global financial spasm has been largely blamed on a single culprit: China.