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Retrieved July 27, 2021, from National Conference of State Legislatures

But if relative prices themselves are policy-distorted (which is arguably the case in China: subsidies, implicit guarantees, cheap credit, etc.), then you are baking policy effects into the fundamentals. That makes it much harder to actually identify what is excessive. So overall: very useful paper, but it probably understates how much targeted, non-market policies can shape global imbalances in practice, and how hard it is to measure that cleanly

It can cause lung cancer, heart disease, and stroke