Financial systems at the crossroads : lessons for China / editors, Wing Thye Woo [and three others].

Format:

Book

Contributor:

Woo, Wing Thye, editor.

Language:

English

Subjects (All):

Finance--China.

Finance.

Financial institutions--China.

Financial institutions.

Banks and banking--China.

Banks and banking.

Physical Description:

1 online resource (402 p.)

Place of Publication:

Singapore : World Scientific, 2014.

Language Note:

English

Summary:

Financial Systems at the Crossroads: Lessons for China is written by leading financial experts to study the causes of financial disasters internationally. The research team is drawn from the global research networks of three leading universities: the Antai College of Economics and Management at Shanghai Jiao Tong University, the School of Economics at Fudan University, and the Earth Institute at Columbia University. This review volume identifies the regulatory framework to guide the emergence of efficient financial institutions that are prudent; and to specify the required institutional mechan

Contents:

Foreword; Preface; Contents; List of Contributors; I. Analytical Overview; Chapter 1. Mobilizing China's Financial Sector Efficiently and Safely for Sustaining Economic Transformation and Strengthening Global Financial Stability; The Interactive Nature of Modern Economic Growth; The Evolution of the Financial System; The Financial-Sector Reform Agenda; The stock and bond markets: Diversifyingthe financial sector while enlarging it; The banking system: Deregulation and modernization; Updating the international dimensions offinancial policy

The Potential Future International Status of theRMB and Shanghai's Financial IndustryModernizing the Financial Sector Safely andBolstering Financial Firefighting Capability; Final Remarks; References; II. Understanding the Important Lessons from the International Experience; Chapter 2. Wall Street Lawlessness; Wall Street Lawlessness; The Means of Financial Crime; The CEO in US managerial capitalism; Corporate leverage; The era of banking deregulation; The Motive for Financial Crime; The changing compensation package; Tax breaks for the rich; Changing social norms

The Opportunity for Financial CrimeWall Street political power; Regulatory, legal, and political environment; A Case Study: Goldman Sachs, John Paulson, and Abacus; Lessons for Financial Market Reform; References; Chapter 3. Systemic Lack of Prudence in Wealthy Nations: Avoiding the Dark Side of Financial Development; Introduction; The Rise of Giant Finance; The Rise of Pensions; Dynamics of Lack Fiscal Control; Japan's dangerous path; Abenomics and financial repression; Liquidations, defaults, confiscation; Lessons for Rapidly Growing Nations

Strengthening the political balance in favorof capitalized financial institutionsStrengthening the political balance in favorof stable public finance; Greater transparency; Conclusions; References; Chapter 4. Lessons from the Financial Liberalization in the Nordic Countriesin the 1980s; Introduction; General Background; Basic Features of the Control Systems for CapitalMovements and Financial Markets; Objectives of Financial Repression; Starting points of the liberalization; Importance of the order of liberalization; Timing of the liberalization

Controls and liberalization as backgrounds for the crisesAre There Lessons for China?; References; Chapter 5. Asian Financial Markets and Financial Internationalization in China; Introduction; Financial Markets in Asia: Their Characteristics and Vulnerabilities; Two financial crises and improved market structure; Challenges to develop well-functioned financialmarkets with variety and depth; Financial Internationalization in China; New kid on the block - Renminbi on the rise, but severe limitation persists; The new initiative: Offshore markets in addition to Hong Kong

Future synergy between renminbi and yen

Notes:

Description based upon print version of record.

Includes bibliographical references at the end of each chapters and index.

Description based on print version record.

ISBN:

9789814566896

9814566896