Lord Keynes — A Quick Point about Bill Mitchell’s Views on Speculative Capital Movements

Lord Keynes takes issue with Bill Mitchell over BOP constraints.

Social Democracy For The 21St Century: A Post Keynesian Perspective
A Quick Point about Bill Mitchell’s Views on Speculative Capital Movements
Lord Keynes

Yu Yongding — China’s Flawed Balance-of-Payments Position

The balance-of-payments figures that China’s State Administration of Foreign Exchange (SAFE) released in April should have triggered serious concern, if not alarm. The data adjusted China’s investment-income deficit for 2011 from $26.8 billion to $85.3 billion – a massive revision that casts doubt on the reliability of China’s balance-of-payments statistics and exposes a flaw in the economy’s growth path. But few people seem to care.
According to SAFE, as of February 2012, China had accumulated $4.7 trillion in foreign assets through purchases of United States government securities and other investments, and more than $2.9 trillion in foreign liabilities through foreign direct investment (FDI) and borrowing. This puts China’s net foreign assets at roughly $1.8 trillion.
But, despite China’s position as one of the world’s largest creditors, its net investment-income balance is deeply negative. In fact, China has run investment-account deficits for six of the last nine years, with preliminary statistics suggesting a deficit of $57.4 billion in 2012.

Project Syndicate
China’s Flawed Balance-of-Payments Position
Yu Yongding was President of the China Society of World Economics and Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.

Ramanan on some interesting history of economics

Contains some nice finds for those interested in the history of national accounting in economics.

The Case for Concerted Action
Random Tidbits On National Accounts And Keynesian Models Of Income And Expenditure
Ramanan