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A short conversation with professor Xu Hongcai (CCIEE, Beijing): “This year, world economy is facing a baptism of fire”

A short conversation with professor Xu Hongcai (CCIEE, Beijing):

Xu Hongcai is professor in Finance and one of the directors at the most important think tank based in Beijing, the China Center for International Economic Exchanges. Recently, during the visit of German chancellor Angela Merkel to China, he wrote a “memo” for the “Asian Pacific Memo” titled “Why China isn’t Buying Eurozone Bailout Bonds (Yet).”
INTERVIEW by Jorge Nascimento Rodrigues (c) 2012

«The role of finance has to be fundamentally rethought»

An alternative to the current mess would be to rethink the very basis of banking and finance, the essence of the financial rent-seeking economic model developed since the 1970s. But it is truly a political question, not an economic one, although it is an interesting debate for economists. Voters at polls will decide: «Do people want that? I can’t answer that question for them», says Professor Jamie Morgan. In the Economics field, the 2007-2009 crisis just smashed a certain brand of applied monetarism and also a kind of bastard Keynesianism. More heterodox thinking is required.

A conversation with Jamie Morgan, University of Helsinki