The rise of the People's Bank of China : the politics of institutional change / Stephen Bell and Hui Feng.

Format:

Book

Author/Creator:

Bell, Stephen, 1954-

Contributor:

Feng, Hui.

Language:

English

Subjects (All):

Banks and banking--China.

Banks and banking.

Monetary policy--China.

Monetary policy.

China--Politics and government--1976-2002.

China.

China--Politics and government--2002-.

Physical Description:

1 online resource (384 p.)

Edition:

1st ed.

Place of Publication:

Cambridge : Harvard University Press, 2013.

Language Note:

English

Summary:

With .5 trillion in total assets, the People's Bank of China now surpasses the U.S. Federal Reserve as the world's biggest central bank. The Rise of the People's Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank's ascent to Beijing's policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC-benefitting from political patronage and perceptions of its unique professional competency-found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China's exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People's Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.

Contents:

Front matter

Contents

Abbreviations Used in Text

PART ONE: Aims and Theoretical Context

1. Introduction

2. Explaining Institutional Change: An Agents- in- Contexts Approach

PART TWO: The Institutional Rise of the PBC

3. The People's Bank in the Shadow of the Plan, 1978- 92

4. Monetary Policy in the Shadow of the Plan, 1978- 92

5. The Second Reform Era: A New Context for the PBC

6. The Growth of Mutual Dependency between the PBC and the Party Leadership

7. Formal Institutional Change and the Rise of the PBC in the Second Reform Era, 1992- 2011

PART THREE: The PBC and the Politics of Money and Financial Development in China

8. In Search of a New Monetary Policy Framework

9. Monetary Policy in the Second Reform Era, 1992- 2011

10. The PBC and China's Foreign Exchange Rate Policy

11. The PBC and Financial Reforms in China since 2003

Notes

References

Acknowledgments

Index

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

ISBN:

9780674073616

0674073614

9780674073593

0674073592

OCLC:

844923104