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Michael Pettis: Book explores debt and trade imbalance adjustments in 1920s and 1930s

Michael Pettis: Book explores debt and trade imbalance adjustments in 1920s and 1930s
Debt and trade adjustments in 1920s

Michael Pettis, economist, professor of finance at Peking University and Carnegie Endowment for International Peace, refers to a book that examines how rising debt and trade imbalances during the 1920s were addressed in the 1930s.

Pettis highlights the author Simmons, who analyzes the challenges nations face when dealing with external imbalances under fixed exchange-rate systems, and the substantial costs required for adjustment.

Pettis has addressed a range of global financial developments in recent commentary. He recently noted that China's 10-year bond yield dropped to its lowest level in more than a year as investors responded to sluggish growth. In a separate analysis, he highlighted Venezuelan and U.S. opposition to Chevron controlling a major stake in Venezuela's oil sector.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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