benign international environment, this approach makes it unlikely that the economy will face a collapse in growth. But there …, especially those related to having an open capital account, do not loom large in the case of China. In the process of securing …

China's remarkable run of persistently high growth in recent decades is all the more stunning in light of the country …'s low levels of financial and institutional development, state-dominated economy, and nondemocratic government …. Notwithstanding the inefficient and risky growth model, the government has maneuvered the economy around various stresses without any …

make the economy less stable at the aggregate level. As in Nelson and Winter (1982), firms differ in their labor … explain the key results. Optimal selectivity is larger, the less "cobweb unstable" the economy, i.e. the more elastic the …