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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

Acknowledgements This study was supported by the National Science and Technology Pillar Program during the Twelfth Five-Year Plan Period sponsored by the Ministry of Science and Technology of China (Grant No

Cotinine levels were lower in the group with the defective alleles, and the nicotine-cotinine ratios were higher in this group (Tyndale et al., 2000)