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Michael Pettis

mpettis.com
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Professor of finance at Guanghua School of Management at Peking University in Beijing. Nonresident senior fellow at the Carnegie Endowment for International Peace.

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Michael Pettis @michaelxpettis · Mar 31, 2023
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2/2 important American economist who was among the first to understand the implications of excess savings on capital flows and monetary conditions. His "The United States in the Orient" (written mostly in the 1890s) is a book I often re-read.

Book Oct 20, 2015
The United States in the Orient, the nature of the economic problem
by Charles A. Conant
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Michael Pettis @michaelxpettis · Mar 31, 2023
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1/2 Very interesting piece by Nic Johnson on the history of the institutional development of the dollar as an international currency. I am especially pleased that he focuses so much on the work of Charles Arthur Conant, a largely-forgotten but very...

Article Mar 30, 2023
The Imperial Fed
by Nic Johnson
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Michael Pettis @michaelxpettis · Mar 28, 2023
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1/9 Good article, although we should have been seeing these several years earlier, when it first became clear that an unsustainable increase in SOE and local-government debt was embedded in China's growth model.

Article Mar 28, 2023
China’s Cities Are Buried in Debt, but They Keep Shoveling It On
by Li Yuan
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Michael Pettis @michaelxpettis · Mar 28, 2023
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Very informative article by @KeithBradsher on vice premier He Lifeng, whose very contradictory experiences range from running Xiamen to running Tianjin.

Article Mar 27, 2023
Meet the Xi Jinping Loyalist Now Overseeing China’s Economy
by Keith Bradsher
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Michael Pettis @michaelxpettis · Mar 28, 2023
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1/7 Interesting article. It notes that developing countries around the world, "including India, Mexico, Vietnam, Cambodia and the Philippines are competing on subsidies, tax breaks and other perks... [link] via @WSJ

Article Mar 23, 2023
Countries Compete to Lure Manufacturers From China
by Jason Douglas
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Michael Pettis @michaelxpettis · Mar 27, 2023
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Thanks for the link. It was a very interesting article. Did I ever tell you that when I was baptized (in Zaragoza, Spain) one of my two godfathers was the Bishop of Zaragoza and the other the grandson of Victoriano Huerta? Of course I don't often brag about the latter.

Article Mar 26, 2023
‘William F. Buckley Sr.’ Review: Conservatism’s Mexican Roots
by Andrew R. Graybill
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Michael Pettis @michaelxpettis · Mar 27, 2023
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Great article. Everyone wants the same brand of authenticity.

Article Mar 20, 2023
The age of average
by Alex Murrell
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Michael Pettis @michaelxpettis · Mar 27, 2023
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Important article: "The country does so much more to subsidise affluence than it does to alleviate poverty."

Article Mar 27, 2023
Matthew Desmond: ‘America does so much more to subsidise affluence than alleviate poverty’
by Henry Mance
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Michael Pettis @michaelxpettis · Mar 26, 2023
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Yes. A very good book.

Book Jan 1, 2013
The Leaderless Economy: Why the World Economic System Fell Apart and How to Fix It
by Peter Temin and David Vines
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Michael Pettis @michaelxpettis · Mar 14, 2023
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Very good piece by Matt Klein on SVB in which he argues that the main problem was not so much the interest-rate mismatch (half of the deposits didn't even pay interest) as it was the extent of SVB's highly unstable institutional deposits. @M_C_Klein

Article Mar 14, 2023
Thoughts on the Bank Bailouts
by Matthew C. Klein
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Michael Pettis @michaelxpettis · Mar 8, 2023
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Good piece by William Pesek on the direction of Chinese economic reforms.

Article Mar 8, 2023
China in a hard pivot to more supply-side reforms
by William Pesek
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Michael Pettis @michaelxpettis · Mar 8, 2023
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1/2 Good article on the increasingly blurred line between the state and private sectors in China. The important point to recognize, in my opinion, is that this was not the result of a "political" or "ideological" decision so much as it is... [link] via @WSJ

Article Mar 8, 2023
China’s New Way to Control Its Biggest Companies: Golden Shares
by Lingling Wei
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