By Sandra Heep
>Explains how China’s political process impacts the country’s upward thrust in worldwide finance
>Places the improvement of China’s economic system in a comparative perspective
>Draws on a variety of Chinese-language assets and interviews with chinese language specialists
Against the backdrop of China’s more and more influential function within the overseas monetary structure, this ebook seeks to symbolize and assessment China’s monetary strength power. It does so via reading the connection among household monetary repression and foreign monetary energy within the context of the political financial system of the developmental nation. at the foundation of a singular theoretical framework for the research of the monetary strength capability of developmental states, the ebook presents an in-depth research of China’s method of foreign money internationalization, its creditor prestige and its guidelines in the direction of the Bretton Woods associations whereas contrasting the country’s current function in international finance with the location of the japanese developmental nation within the Nineteen Eighties and 1990s.
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Extra info for China in Global Finance : Domestic Financial Repression and International Financial Power
Besides, it liberalized the money market to facilitate the funding of the banks’ bond purchases and to allow the banks to diversify their portfolios (Laurence 2001: 118). With the liberalization of interest rates in the money market, the system of administratively set interest rates began to erode, since financial institutions could react to low interest rates imposed by the BOJ by moving their funds into other markets (Emmott 1989: 98–99). In an attempt to make the rapidly growing number of government bonds attractive to a large range of investors, the MOF also began to increase interest rates on its bonds, thereby introducing “into Japan what was then the novel idea of competition for funds, which began to tip the balance of interests within Japan’s financial markets away from borrowers and towards savers and investors” (Leyshon 1994: 125).
Planning was thus redefined as a key element of economic macro-management along with fiscal and monetary policy aimed at facilitating comprehensive economic coordination. In its pursuit of comprehensive industrial strategies, the Chinese party-state has crucially relied on its high degree of control over the domestic financial system that combines government-administered prices with state-ownership of the dominant financial institutions. Characterized by extensive financial repression, this system has allowed the authorities to control the allocation of the country’s financial resources and to channel them into sectors and companies that are considered strategically important.
In this book, the concept of financial power solely refers to the external dimension of financial power. According to David Andrews (2006b: 8), external financial power “is manifest when one state’s behavior changes because of its monetary relationship with 10 To be more specific, the aim of this section is to provide a comprehensive typology of the external dimension of financial power in the context of interstate relations. 13 Power is thus specified as financial if the means through which it is exercised and the sources from which it derives are located in the realm of finance, not if the outcomes that it achieves belong to the realm of finance.
China in Global Finance : Domestic Financial Repression and International Financial Power by Sandra Heep