Description
Book SynopsisOutlines the trajectory of China's financial markets since the advent of reform and anticipates their uncertain future. This book offers an overview of the history of financial-sector development, regulation, and performance and focuses on the banking sector, discussing the progress, challenges, and prospects of sector reform.
Trade ReviewThis extremely useful book gives the perspectives of leading academic economists on China's difficult transition to financial liberalization. It will be an extremely useful reference for anyone trying to understand Chinese financial systems as well as the country's halting efforts towards financial liberalization. Collectively, the analyses underscore the fact that in a rapidly globalizing economy such as China's, there is just as great a risk to reforming financial markets too slowly as to reforming them too quickly. -- Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy, Harvard University "Pleasantly meaty and thought provoking." -Barron's -- Leslie P. Norton Barron's An excellent overview of China's financial markets. -- Richard N. Cooper Foreign Affairs A valuable collection. -- Dwight H. Perkins Business History The data and scope of the analyses are impressive and add new weight to perhaps well-known conclusions. -- Paul Bowles, University of Northern British Columbia The China Journal
Table of ContentsList of Acronyms Acknowledgments Introduction, by Charles W. Calomiris 1. China's Financial Markets: An Overview, by Lee Branstetter Comment: Xiaobo Lu 2. China's Banking Sector and Economic Growth, by Loren Brandt and Xiaodong Zhu Comment: Michael DeStefano 3. Understanding the Structure of Cross- Border Capital Flows: The Case of China, by Eswar Prasad and Shang- Jin Wei Comment: Daniel H. Rosen 4. Financial Openness and the Chinese Growth Experience, by Geert Bekaert, Campbell R. Harvey, and Christian Lundblad Comment: Mary Wadsworth Darby 5. The Effects of Stock Market Listing on the Financial Per for mance of Chinese Firms, by Fred Hu Comment: Ailsa Roell 6. China's Exchange Rate Regime: The Long and Short of It, by Barry Eichengreen Comment: Jialin Yu 7. China's Foreign Exchange Policy: What Will China Do? What Should China Do?, by Peter Garber, Robert J. Hodrick, John H. Makin, David Malpass, Frederic S. Mishkin, and Eswar Prasad Appendix 1. Regional Estimates of New Deposit and Loan Shares, and Nonperforming Loans, by Loren Brandt and Xiaodong Zhu Appendix 2. Evolution of Capital Controls in China, by Eswar Prasad and Shang- Jin Wei List of Contributors Index
