Woo, Wing Thye; Zhang, Wei - In: Journal of the Asia Pacific economy 15 (2010) 4, pp. 349-368
We attribute the success of China's monetary-fiscal policies in producing 8.7% growth in 2009 to the following: (1) the capital adequacy ratio requirement was not binding because the banks' capital had not been reduced by losses on assets like subprime mortgages; (2) the initial fiscal position...