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

By Victor C. Shih

How does the chinese language banking quarter relatively paintings? approximately all monetary associations in China are controlled by way of individuals of the Communist get together, but economists or even those that have interaction the chinese language banking zone easily wouldn't have a framework with which to investigate the hyperlinks among banking and politics. Drawing from interviews, statistical research, and archival study, this ebook is the 1st to strengthen a framework with which to investigate how elite politics impression either financial and banking rules. This booklet serves as a big reference aspect for all next paintings on chinese language banking.

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Extra resources for Factions and Finance in China: Elite Conflict and Inflation

Sample text

2006. Huobi dangju zichan fuzhaibiao (Assets and Liability of the Monetary Authority) PBOC, 2006 [cited 7/12 2006]. 2. Estimated Range of NPLs as a Percentage of GDP in 2001. Note: Data from (Berger, Nast, and Raubach 2002). In addition to the high NPL ratio, another indicator of inefficient capital allocation is China’s artificially low interest rates through substantial lengths of time in the reform period. According to financial repression theory, governments in developing countries fix interest rates at an artificially low level and channel cheap capital toward state objectives, which gives rise to the nonmarket allocation of capital (Demetriades and Luintel 1997).

Cases throughout the entire reform period are examined in Chapters 6 through 8 for several reasons. First and foremost, this work develops a general explanation of monetary and banking outcomes for the entire reform period. As such, testing the claims of the theory requires careful examination of the entire period. Second, all the relevant actors in the 1990s and even today had served in important positions in the government in the 1980s and thus made policies informed by events in the 1980s. As such, readers would greatly benefit from understanding the origins and political motivations of financial policies in the 1980s.

Franco Modigliani, and Michael G. Ferri. 1998. Foundations of Financial Markets and Institutions. 2nd ed. New York: Prentice-Hall International Inc. 2 In addition to the opportunity cost of not allocating money according to market signals, if banks lend money according to criteria other than expected return, banks would not receive interest payments adequate to cover the high risks they undertake for some of the loans. What is more, government intervention in lending creates serious moral hazard problem as banks, often state-owned entities, come to expect government bailouts in the event of financial trouble.

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