By Victor C. Shih
How does the chinese language banking area quite paintings? approximately all monetary associations in China are controlled by means of individuals of the Communist celebration, but economists or even those that have interaction the chinese language banking quarter easily don'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 increase a framework with which to research how elite politics influence either financial and banking rules. This e-book serves as a massive reference aspect for all next paintings on chinese language banking.
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Additional resources for Factions and Finance in China: Elite Conflict and Inflation
Example text
These publications offer a rare glimpse into the policy process by publishing debates about a wide range of policy issues. These debates also supply strong indications of elite disagreements on various issues because lowerlevel bureaucrats offer disparate policy proposals according to the preferences of senior leaders (Lieberthal and Oksenberg 1988). Finally, these periodicals provide a more accurate view of the failures and problems of various policies, which tend to be beautified in the unclassified journals.
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.
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. China’s financial system produces the seeds of both future trajectories. This chapter first discusses why inflation and efficient allocation of capital are important outcomes for China’s growth trajectories. Second, it empirically compares China’s inflationary and efficiency performance relative to other developing and transition countries.