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China's Monetary Challenges
Past Experiences and Future Prospects

$39.99 (Z)

Pierre L. Siklos, Hsin-hui I. H. Whited, Emily Kochanowicz, Gregory C. Arquette, William O. Brown, Jr
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  • Date Published: October 2012
  • availability: Manufactured on demand: supplied direct from the printer
  • format: Paperback
  • isbn: 9781107407725

$39.99 (Z)
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  • Despite the People’s Republic of China’s remarkable growth over the post-1978 reform period, questions have arisen about the sustainability of its exchange rate policy and the soundness of its financial system. This book focuses on the key monetary challenges to China’s continued advancement and addresses such topical issues as the buildup of foreign exchange reserves, monetary control, credit allocation difficulties, and the expanding role of China’s asset markets and stock exchanges. Current and past monetary policy strategies are examined in detail as are the banking sector reforms leading up to full foreign competition in December 2006. The analysis also assesses the People’s Republic’s role within Greater China (including Hong Kong and Taiwan) and the potential for future renminbi monetary hegemony within Asia. The treatment of these issues is intended to be accessible to non-economists and does not assume prior immersion in the underlying formal models.

    • Up-to-date coverage of Chinese finance grounded in historical lessons learned from the past
    • Explores both positive and negative aspects of China's financial policies
    • Arguments are explained in narrative and by use of figures and tables
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    Reviews & endorsements

    “This book is insightful, comprehensive, and timely. It is a must-read for anyone interested in understanding China’s monetary challenges into the 21st century. The terrific data in Burdekin’s book will be particularly valuable to many readers.”
    –James R. Barth, Auburn University

    “There are many books on China, but few intelligent ones on the Chinese financial market. Richard Burdekin’s work is very timely to fill the gap. For those who want to understand issues on Chinese monetary policy, equity markets, banks, and the exchange rate, this book provides comprehensive coverage.”
    – Baizhu Chen, Gordon S. Marshall School of Business, University of Southern California

    “An invaluable source of information on the evolution of China’s monetary institutions from the 1930s until the present, and on the future path of reform.”
    –James A. Dorn, Cato Institute, Washington, D.C.; coeditor of China’s Future: Constructive Partner or Emerging Threat?

    “Burdekin’s careful research provides valuable insight into a number of current policy issues facing China and the global economy and illustrates several fascinating historical episodes. One finds that today is not the first time that pegging exchange rates has generated serious macroeconomic problems for China’s economy.”
    –Thomas Willet, Dean, School of Politics and Economics, Claremont Graduate University

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    Product details

    • Date Published: October 2012
    • format: Paperback
    • isbn: 9781107407725
    • length: 272 pages
    • dimensions: 229 x 152 x 16 mm
    • weight: 0.4kg
    • availability: Manufactured on demand: supplied direct from the printer
  • Table of Contents

    Part I. China's Exchange Rate Regime and Monetary Policy:
    1. The renminbi-US dollar exchange rate controversy
    2. China's reserve buildup and global imbalances
    3. Combating inflation and deflation
    4. People's Bank of China policy-making and external pressures (with Pierre Siklos)
    Part II. The Importance of International Factors, Past and Present:
    5. US pressure on China and Hong Kong in the 1930s
    6. Inflation transmission to Taiwan in the 1940s (with Hsin-hui I. H. Whited)
    7. WTO challenges and China's banking sector today (with Emily Kochanowicz)
    Part III. The People's Republic Role within Greater China and Asia:
    8. Asset market expansion and Shanghai vs. Hong Kong listings of Chinese firms
    9. Economic interdependence with Taiwan (with Hsin-hui I. H. Whited)
    10. Conclusions and future prospects for the renminbi.

  • Author

    Richard C. K. Burdekin, Claremont McKenna College, California

    Contributors

    Pierre L. Siklos, Hsin-hui I. H. Whited, Emily Kochanowicz, Gregory C. Arquette, William O. Brown, Jr

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