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China's Emerging Financial Markets: Challenges and Opportunities
James R. Barth, John A. Tatom, and Glenn Yago, Editors
October
2009
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China's rapid economic growth and development is being accompanied by needed reforms in its emerging financial markets. The government's measured approach in developing these markets is creating unusual challenges and opportunities, both domestically and internationally.
This book offers one of the most insightful and up-to-date looks available at the evolving Chinese financial system. It provides alternative perspectives on the system's evolution and its potential contribution to economic growth. The book also discusses financial institutions as well as the bond, equity, and real estate markets, focusing on how government policies are affecting their performance.
China's Emerging Financial Markets: Challenges and Opportunities presents an in-depth assessment of important issues ranging from the performance and lending patterns of China's banks to real estate property prices. Significant attention is also paid to the important role that globalization is having on China's exchange rate and monetary policies.
This book is the eighth volume in the Milken Institute Series on Financial Innovation and Economic Growth. It brings together the ideas of 41 widely recognized financial and policy experts. Notably, more than half of the contributors are Chinese - and they share with the reader their advantage of having front-row seats to witness the evolution of China's burgeoning financial markets.
Available from
Springer online. (Note: This link takes you to a website outside of milkeninstitute.org. To return, hit the back button on your web browser.)
Section 1: Overview of the Chinese Financial System
A Review of China's Financial System and Initiatives for the Future
The Transformation of China from an Emerging Economy to a Global Powerhouse
China's Financial Sector: Contributions to Growth and Downside Risks
Section 2: Monetary Policy and the Foreign Exchange Market
Monetary Policy Implementation in China: Past, Present and Prospects
The China Monetary Policy Handbook
The RMB Debate and International Influences on China's Money and Financial Markets
The U.S.-China Currency Dispute: Is a Rise in the Yuan Necessary, Inevitable or Desirable?
New Estimation of the Renminbi Regime
The Chinese Imbalance in Capital Flows
Some Issues Regarding China's Foreign Reserves
Section 3: The Banking System
Institutional Development, Ownership Structure, and Business Strategies: A New Era in the Chinese Banking Industry
China's Nonperforming Loans: A $544 Billion Problem Unsolved
The Evolution of Bank Lending Patterns in China: A Post-1994 Province-by-Province Analysis
Determinants of Location Choice of Foreign Banks within China: Evidence from Cities
Financial Institutionals' Lending and Real Estate Property Prices in China
Combating Financial Exclusion in China: A Banking Regulatory Perspective
Section 4: The Bond and Equity Market
The Chinese Bond Market: Historical Lessons, Present Challenges, and Future Perspectives
An Update on the China’s Capital Markets: Focus on China’s Securities Industry
Privatization in China: Experiences and Lessons
The Emergence of Shareholder Protection in China
Appraisal of the Impacts of Non-Tradable Share Reform on Large Shareholder’s Behavioral Modes of Listed Companies in A-Share Market
Will China Surpass the United States?
Authors:
Franklin Allen, Wharton School, University of Pennsylvania
Jonathan Anderson, UBS AG
James R. Barth, Milken Institute and Auburn University
Allen N. Berger, University of South Carolina and Wharton Financial Institutions Center
Richard C. K. Burdekin, Claremont McKenna College
Honghui (David) Cao, Institute of Finance and Banking, Chinese Academy of Social Sciences
Gerard Caprio Jr., Williams College
Chung-Hsing Chen, Xinhua Finance
Jing Chen, Central University of Finance and Economics
Jeffrey A. Frankel, Harvard University
Jie Gan, Hong Kong University of Science and Technology
Yufeng Gong, Shanghai University of Finance and Economics
Xiang-Chao Hao, Nankai University
Iftekhar Hasan, Rensselaer Polytechnic Institute and Bank of Finland
Haizhou Huang, China International Capital Corporation
Albert Keidel, Carnegie Endowment for International Peace
Bernard J. Laurens, International Monetary Fund
Tong Li, Milken Institute
Jie Li, Central University of Finance and Economics
Priscilla Liang, California State University, Channel Islands, and Claremont Institute for Economic Policy Studies
Qi Liang, Nankai University
Chen Lin, City University of Hong Kong
Huazhao Liu, Graduate School of Chinese Academy of Social Sciences
Rodolfo Maino, International Monetary Fund
Alice Ouyang, Central University of Finance and Economics, and Claremont Institute for Economic Policy Studies
Triphon Phumiwasana, Milken Institute
Jun “QJ” Qian, Boston College
Meijun Qian, National University of Singapore
Chung-Hua Shen, National Taiwan University
Clement Chun-Yau Shum, Lingnan University
Ran Tao, Claremont Graduate School
John A. Tatom, Networks Financial Institute and Indiana State University
Thomas D. Willett, Claremont Institute for Economic Policy Studies
Perry Wong, Milken Institute
Sonia Man-Lai Wong, Lingnan University
Liqing Zhang, Central University of Finance and Economics
Mengxin Zhao, University of Alberta
Diehang Zheng, University of Southern California
Mingming Zhou, University of Alaska Fairbanks
Zhongfei Zhou, Shanghai University of Finance and Economics
Ning Zhu, UC Davis and Lehman Brothers
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