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Since 2014, capital inflows into China have turned into capital outflows, reversing the gradual appreciation path of the renminbi against the US dollar into an erratic depreciation path. The paper explains the current capital outflows by comparing China and Japan with respect to the impact of exchange rate expectations on speculative capital flows. It is argued that both in China and Japan, given...
One of the greatest challenges China faces is reshaping its heavily investment‐driven mode of economic growth. By investigating how the rebalancing of Japan's economic growth mode was realized in the 1970s, we indicate that it is essential in rebalancing to correct the distortions in factor cost (labor cost and capital cost) in a harmonious way. In addition, we refer to Japan's experience to indicate...
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