Liu, Xinhua; Wray, L. Randall - In: International Journal of Political Economy 39 (2010) 3, pp. 45-63
This paper analyzes two contending views of money and excess liquidity at both the theoretical and the practical levels. We relate the analysis to China's skyrocketing credit expansion in 2009 and its relationship with the housing market boom. The conventional view is that such a bubble is...