Imagine worst case in China. All unserviceable LGFV and SOE debts end up piled on their local gov backstops.-> debt of 65% of GDP -> vast majority would be on provinces with debt/revenue of > 400% -> central government would have to step in.
imf.org/en/Publication… https://t.co/JsAuAgmofK
RT @BJMbraun: How to be an effective political economist: Laser focus on the neuralgic points of the state-market nexus, follow
May 18, 2023
RT @BJMbraun: How to be an effective political economist: Laser focus on the neuralgic points of the state-market nexus, follow the money,…