{"product_id":"the-great-wall-of-money-9780801453090","title":"The Great Wall of Money","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eAs an economic superpower, China has become an increasingly important player in the international monetary system. Its foreign exchange reserves are the largest in the world and its exchange rate policy has become a major subject of international economic diplomacy. The internationalization of the renminbi (RMB) raises critical questions in international policy circles: What kinds of power is China acquiring in international monetary relations? What are the priorities of the Chinese government? What explains its preferences? \u003c\/p\u003e\u003cp\u003eIn \u003ci\u003eThe Great Wall of Money\u003c\/i\u003e, a distinguished group of contributors addresses these questions from distinct perspectives, revealing the extent to which China's choices, and global monetary affairs, will be shaped by internal political factors and affect world politics. The RMB is a likely competitor for the dollar in the next couple of decades; its emergence as an important international currency would have substantial effects on the balance of power\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003e\u003c\/p\u003e\u003cp\u003eAs Helleiner (Univ. of Waterloo, Canada) and Kirshner (Cornell Univ.) affirm, discussions of China's contemporary and potential future roles in global monetary relations have usually been framedthrough the narrow lens of economic analysis. By stressing power and politics as essential determinants of Chinese monetary policies, the contributors to this timely volume's eight chapters seek to redress this deficiency, approaching the subject from a wide range of perspectives. The essayists include both China scholars and international monetary specialists, and they focus widely on the various types of international monetary power the People's Republic of China (PRC) party-state is acquiring. These include financing payment imbalances; steadily gaining greater influence in key institutions, such as the International Monetary Fund; and fostering the global status of China's currency (renminbi). At issue is whether China will basically accept the existing rules of the international monetary game, demand significant changes in those rules, or breakcompletely with the current system. The divergent explanations in these essays of the PRC's priorities and preferencesmirror Beijing's own policy ambivalence. They suggest that although China has cautiously accepted but frequently critiqued the status quo, it has thus far conspicuously failed to offer any grand scheme to replace it.\u003c\/p\u003e -- R.P. Gardella * Choice *\u003cbr\u003e\u003cp\u003eEric Helleiner and Jonathan Kirshner's edited volume, which examines the role, rationale, and impact of decisionmaking in China’s monetary and financial sectors, represents an important contribution to the literature on Chinese political economy. Offering readers an accessible examination of the nexus of political economy and power politics in China, this is a valuable addition to a rather under-researched field (though published material on business and management is quite extensive). While industry stakeholders and commentators have written extensively on China’s currency reform, exchange rate policy, and IMF’s Special Drawing Rights Basket, they offer little insight into the why—the motivations, players, andpriorities—behind China’s approach to monetary policy and relations. In this volume, each chapter blends an impressive combination of research methods, expertise, and critical insights, filling this gap effectively.\u003c\/p\u003e -- Winnie King * H-Diplo *\u003cbr\u003e\u003cp\u003eThis excellent collection of essays, derived from a conference held in 2012, centres on the question posed by its editors, Eric Helleiner and Jonathan Kirshner, in the introduction: broadly speaking, will the world's second largest economy prove to be a 'taker', ‘maker’ or ‘breaker’?\u003c\/p\u003e -- Kerry Brown * International Affairs *\u003cbr\u003e\u003cp\u003e\u003ci\u003eThe Great Wall of Money\u003c\/i\u003e is a timely and rigorous study on the role that power and politics play in forging China's international monetary relations.... [It] is highly recommended for scholars of international political economy of money and China specialists. As the book examines both international and domestic sources of China's international monetary policy, it will leave the reader with a deep sense of carefulness when it comes to the temptation to make sweeping judgements about China's rising monetary power.\u003c\/p\u003e -- Zhaohui Wang * China Review *\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eIntroduction: The Politics of China's International Monetary Relations\u003cbr\u003e \u003ci\u003eby Eric Helleiner and Jonathan Kirshner\u003c\/i\u003e1. The China Question: Can Its Rise Be Accommodated?\u003cbr\u003e \u003ci\u003eby Benjamin J. Cohen\u003c\/i\u003e2. The Hidden History of China and the IMF\u003cbr\u003e \u003ci\u003eby Eric Helleiner and Bessma Momani\u003c\/i\u003e3. Why Has China Accumulated Such Large Foreign Reserves?\u003cbr\u003e \u003ci\u003eby David A. Steinberg\u003c\/i\u003e4. Global Imbalances and the Limits of the Exchange Rate Weapon\u003cbr\u003e \u003ci\u003eby Hongying Wang\u003c\/i\u003e5. China's Engagement with International Macroeconomic Policy Surveillance\u003cbr\u003e \u003ci\u003eby Andrew Walter\u003c\/i\u003e6. The Limits of China’s Monetary Diplomacy\u003cbr\u003e \u003ci\u003eby Yang Jiang\u003c\/i\u003e7. China’s Rising Monetary Power\u003cbr\u003e \u003ci\u003eby Gregory Chin\u003c\/i\u003e8. Regional Hegemony and an Emerging RMB Zone\u003cbr\u003e \u003ci\u003eby Jonathan Kirshner\u003c\/i\u003e\u003ci\u003eReferences\u003cbr\u003e Index\u003c\/i\u003e\u003c\/p\u003e","brand":"Cornell University Press","offers":[{"title":"Default Title","offer_id":50577474191703,"sku":"9780801453090","price":81.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9780801453090.jpg?v=1746095456","url":"https:\/\/bookcurl.com\/products\/the-great-wall-of-money-9780801453090","provider":"Book Curl","version":"1.0","type":"link"}