Financial Systems at the Crossroads

The following sections are included:

• Foreword
• Preface
• Contents
• List of Contributors

The following sections are included:

• The Interactive Nature of Modern Economic Growth
• The Evolution of the Financial System
• The Financial-Sector Reform Agenda
• References

One of the features of the 2008 financial crisis is the epidemic of lawlessness among America's major investment banks, commercial banks, hedge funds, financial conglomerates, and stock exchanges, collectively known as Wall Street. Major Wall Street firms have been repeated lawbreakers, and as a result have faced dozens of lawsuits and criminal actions regarding corporate practices at the core of the business. The conclusion of this chapter is that the massive financial law breaking reflects the basic elements of criminal behavior: means, motive, and opportunity. In short, through changes in law, regulation, and ethical environment, Wall Street has become a haven of criminality and corruption…

The following sections are included:

• Introduction
• The Rise of Giant Finance
• The Rise of Pensions
• Dynamics of Lack Fiscal Control
• Lessons for Rapidly Growing Nations
• Conclusions
• References

The following sections are included:

• Introduction
• General Background
• Basic Features of the Control Systems for Capital Movements and Financial Markets
• Objectives of Financial Repression
• Are There Lessons for China?
• References

The following sections are included:

• Introduction
• Financial Markets in Asia: Their Characteristics and Vulnerabilities
• Financial Internationalization in China
• Concluding Remarks
• Reference

The following sections are included:

• Introduction
• Conclusions on Tokyo's Ultimately Unsuccessful Bid for First Tier IFC Status
• Implications for Shanghai's Potential First Tier IFC Status
• Conclusions
• References

The following sections are included:

• Introduction and Summary
• Challenges to PBC
• The Changing Set of Policy Instruments
• The Great Accommodation
• Balance Sheet of PBC
• Debt Financing Replaces Currency Issuance
• The Rise and Fall of Central Bank Bills
• Assessment
• Chinese Central Banking in the Future
• Balance of Payments
• Opening of Capital Account and Diversification of Forex Reserve
• Moving from Quantity-Based to Price-Based Central Banking
• Conclusions
• Appendix
• References

The following sections are included:

• Introduction
• Measurement of Structural Friction
• Unjustified Complacency
• References

The following sections are included:

• Introduction
• The Textbook Model
• The Credit Rationing Model
• Empirical Evidence
• Conclusions
• References

The following sections are included:

• Historical Evolution of RMB Exchange Rate System
• The “Pro-Cyclicality” of the RMB Exchange Rate Fluctuations over the Past Two Decades
• Economic Theory and the Singapore Experience
• RMB Exchange Rate Management in the Medium-Run: A Dynamic Target Zone Approach
• China's Exchange Rate Regime: Long-Term Options for the Future
• Conclusions and Recommendations
• References

The following sections are included:

• Introduction
• The Global Significance of RMB Internationalization
• The Logical Coherence between RMB Internationalization, Restructuring of the Chinese Economy and the Liberalization of China's Domestic Financial Sector
• The Strategic Objectives of RMB Internationalization: Immediate Targets and Final Goal
• The Precondition and Potential for RMB Internationalization
• The Strategy to Push forward RMB Internationalization and the Important Steps at the Current Stage
• Conclusion
• References

Financial services are of great importance to the investment and consumption of rural households. In recent years, operational income is still the main source of rural households despite the sharp increase of their income from working as migrant workers. For those who are engaged in agricultural production, such as planting grain crops or breeding livestock, there exists a time lag between input and output periods. For those who are engaged in non-agricultural production, the required investment size always exceeds their liquid assets. In these cases, active credit markets are favorable to rural households for production financing or consumption smoothing…

The following sections is included:

• Index