Word: economists
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...Quotes about Krugman: • "The best claimant to the mantle of John Maynard Keynes." - economist Brad DeLong...
...rare professional economist who knows how to explain the essence of policy issues to a non-professional audiences." - Peter Passell, in the New York Times Book Review...
...securities. That is unlikely because it could spark a selloff that would cause the U.S. dollar to plunge in value, eroding China's huge dollar holdings. Besides, China is still earning billions a day through its exports and "has to do something with the money," says one senior Beijing economist who asked not to be named. He and others note that a sudden move into the euro is highly unlikely with European economies looking weak and exchange rate losses threatening...
...What China will likely not do is buy direct stakes in troubled banks, says economist Arthur Kroeber of Beijing-based Dragonomics consultants. "They have been burned already and will be very cautious," Kroeber says, referring to previous multibillion-dollar investments in companies like Blackstone and Morgan Stanley that have plunged in value. On Oct. 6, Ping An, one of China's largest insurance companies, announced it was forced to take a $2.3 billion write-off on an investment it made in the ailing Dutch-Belgian financial giant Fortis...
...Economists say China's peculiar combination of unbridled capitalism and top-down state control has walled off the country's banks from most of the potentially harmful effects of the crisis. Although the country's membership in the World Trade Organization has required it to open its financial services sector to global competition and investment in 2006, "there is still only a narrow range of derivative instruments and innovation in financial products is still slow," says Sun Fei, Managing Director and Chief Economist at Hong Kong-based fund manager China International Capital. In other words, China's financial sector...