Download PDF by Victor C. Shih: Factions and Finance in China: Elite Conflict and Inflation

By Victor C. Shih

ISBN-10: 0521106478

ISBN-13: 9780521106474

How does the chinese language banking zone rather paintings? approximately all monetary associations in China are controlled by means of contributors of the Communist celebration, but economists or even those that interact the chinese language banking region easily do not need a framework with which to investigate the hyperlinks among banking and politics. Drawing from interviews, statistical research, and archival learn, this e-book is the 1st to increase a framework with which to research how elite politics influence either financial and banking regulations. This e-book serves as an immense reference element for all next paintings on chinese language banking.

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Sample text

Yet, China’s reform trajectory has not been without setbacks and stagnation (Fewsmith 1994; Lardy 1998; Steinfeld 1998). As Lardy (1998) points out, the stagnation of reform is particularly evident in the financial sector, in which loan allocation still follows rules made in the late 1970s. The prevailing explanation of reform in China relies on the leadership’s desire to reform and the diffusion of market-enhancing ideas. In the now famous analogy, Chinese leaders have been “crossing the river by feeling for stones” (moshi guohe).

In important ways, the inflationary and efficiency outcomes of the Chinese financial system represent two disparate future paths for the Chinese economy. On the one hand, sustained financial deepening, coupled with relatively low inflation, can propel China to become a global economic powerhouse. On the other hand, inefficient financial intermediation, which generates a high nonperforming loan ratio, augurs a financial crisis that spells the end of the “China Miracle” and ushers in a period of economic and possibly political instability.

1. 5 months 16 months 104 months Data come from (Fischer, Sahay, and Vegh 2002). Despite such volatility, accelerating inflation was suppressed quickly in China time and again. China’s ability to suppress inflation finds expression in the relatively short duration of high inflationary episodes, defined as an annualized inflation rate of over 25 percent (Fischer, Sahay, and Vegh 2002). 1, although Chinese inflation rose above the dangerous threshold of 25 percent twice, high inflation was much more quickly suppressed than in other developing and transition countries that experienced high inflation.

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Factions and Finance in China: Elite Conflict and Inflation by Victor C. Shih

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