They mistakenly believe that yen appreciation during the mid-1980’s caused Japan’s weak economic performance in the 1990’s. Rather, we now know that Japan’s economic difficulties were caused by the growth, and then collapse, of a huge asset bubble, and the failure to use monetary policy to prevent deflation after the bubble burst.
Финансовая либерализация заключается не в том, что американские фирмы начнут сверлить дырки в китайской экономике.