Financial Distortions In China PDF Download
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Author | : Diego Anzoategui |
Publisher | : International Monetary Fund |
Total Pages | : 31 |
Release | : 2015-12-24 |
Genre | : Business & Economics |
ISBN | : 1513582798 |
Download Financial Distortions in China Book in PDF, ePub and Kindle
Widespread implicit guarantees and interest ceilings were major distortions in China’s financial system, contributing to a misallocation of resources. We analyze the impact of removing such frictions in a general equilibrium setting. The results show that comprehensive reforms generate better outcomes than partial ones: removing the deposit rate ceiling alone increases output, but the efficiency of capital allocation does not improve. Removing implicit guarantees improves output through lower cost of capital for private companies and better resource allocation.
Author | : Diego Anzoategui |
Publisher | : |
Total Pages | : |
Release | : 2015 |
Genre | : |
ISBN | : 9781513589091 |
Download Financial Distortions in China Book in PDF, ePub and Kindle
Widespread implicit guarantees and interest ceilings were major distortions in China'sfinancial system, contributing to a misallocation of resources. We analyze the impact ofremoving such frictions in a general equilibrium setting. The results show thatcomprehensive reforms generate better outcomes than partial ones: removing the depositrate ceiling alone increases output, but the efficiency of capital allocation does notimprove. Removing implicit guarantees improves output through lower cost of capital forprivate companies and better resource allocation.
Author | : Alessandra Guariglia |
Publisher | : |
Total Pages | : 57 |
Release | : 2006 |
Genre | : |
ISBN | : |
Download Could Financial Distortions Be No Impediment to Economic Gowth after All? Evidence from China Book in PDF, ePub and Kindle
Using data for 30 Chinese provinces over the period 1989-2003, this study examines the relationship between finance, and real GDP, capital, and total factor productivity growth. We find that traditionally used indicators of financial development and China-specific indicators measuring the level of state interventionism in finance are generally negatively associated with growth and its sources, while indicators measuring the degree of market driven financing in the economy are positively associated with them. These effects have been gradually declining over time, and are weaker for high FDI recipients, suggesting that FDI may be used to alleviate the costs associated with the inefficient banking sector.
Author | : Paul Armstrong-Taylor |
Publisher | : Springer |
Total Pages | : 271 |
Release | : 2016-08-12 |
Genre | : Business & Economics |
ISBN | : 113753401X |
Download Debt and Distortion Book in PDF, ePub and Kindle
China’s unprecedented growth has transformed the lives of its people and impacted economies across the globe. The financial system supported this growth by providing cheap loans to boost investment and, in a virtuous cycle, rapid growth insured that these loans could be repaid. However, in recent years, this virtuous cycle has turned vicious. The financial system has continued to lend freely and cheaply as the economy has slowed, and the risk of crisis has mounted. In response, the government has initiated the most ambitious financial reforms in twenty years. Financial markets, businesses and governments are concerned about these risks and are struggling to understand what the reforms will mean for China and the rest of the world. Debt and Distortion: Risks and Reforms in the Chinese Financial System addresses the need for an up-to-date and accessible, yet comprehensive analysis of China’s financial system and related reforms. It will take a systematic look at China’s financial system: how it worked in the past and how it will work in the future; why reforms are needed; what risks they bring; and their impact on China and the rest of the world. By analyzing the topic in terms of a few fundamental distortions, this book makes an otherwise complex topic accessible while simultaneously providing new insights. These distortions provide a simple framework for understanding the nature of the Chinese financial system and its future prospects. Reform in China will transform the world’s second largest economy and impact everything from Peruvian copper mines to the London housing market. Business people, government officials, financiers and informed citizens would all benefit from understanding how changes in China’s financial system will shape the global economy in the coming decades.
Author | : Centre d'études prospectives et d'informations internationales (France) |
Publisher | : |
Total Pages | : 0 |
Release | : 2006 |
Genre | : |
ISBN | : |
Download Are Financial Distortions an Impediment to Economic Growth? Book in PDF, ePub and Kindle
Author | : Centre d'études prospectives et d'informations internationales (France) |
Publisher | : |
Total Pages | : 116 |
Release | : 2006 |
Genre | : |
ISBN | : |
Download Are Financial Distortions an Impediment to Economic Growth? Book in PDF, ePub and Kindle
Author | : Jahangir Aziz |
Publisher | : International Monetary Fund |
Total Pages | : 40 |
Release | : 2006-12 |
Genre | : Business & Economics |
ISBN | : |
Download Rebalancing China's Economy: What Does Growth Theory Tell Us? Book in PDF, ePub and Kindle
This paper uses the standard one-sector neoclassical growth model to investigate why China's consumption has been low and investment high. It finds that the low cost of capital has been quantitatively an important factor. Theory predicts that the price of capital may have been significantly distorted in the 1990s and 2000s. The distortion could have been caused by nonperforming loans, borrowing constraints, and uncertainty over changes in government guidance in bank lending. If China is to rebalance growth towards relying more on consumption and less on exports and investment, banking sector reforms and financial market development could, therefore, turn out to be key.
Author | : Alessandra Guariglia |
Publisher | : |
Total Pages | : |
Release | : 2006 |
Genre | : China |
ISBN | : |
Download Could Financial Distortions be No Impediment to Economic Growth After All? Book in PDF, ePub and Kindle
Author | : Michael Pettis |
Publisher | : Brookings Institution Press |
Total Pages | : 172 |
Release | : 2013-09-24 |
Genre | : Political Science |
ISBN | : 0870034081 |
Download Avoiding the Fall Book in PDF, ePub and Kindle
The days of rapid economic growth in China are over. Mounting debt and rising internal distortions mean that rebalancing is inevitable. Beijing has no choice but to take significant steps to restructure its economy. The only question is how to proceed. Michael Pettis debunks the lingering bullish expectations for China's economic rise and details Beijing's options. The urgent task of shifting toward greater domestic consumption will come with political costs, but Beijing must increase household income and reduce its reliance on investment to avoid a fall.
Author | : Song, Ligang |
Publisher | : ANU Press |
Total Pages | : 336 |
Release | : 2019-07-10 |
Genre | : Business & Economics |
ISBN | : 1760463124 |
Download The Chinese Economic Transformation Book in PDF, ePub and Kindle
The Chinese Economic Transformation, the 19th volume in the China Update book series, provides an opportunity for young economists to share their views on various issues relating to the Chinese economic transformation. More than half of the contributors to this book are female scholars. Some of the contributors are rising stars in the studies of the Chinese economy and economic transition, and some only recently received their PhDs and are on their way to establishing themselves in the field of China studies. But they have one thing in common: to passionately observe, study and research what is going on in the Chinese economic transformation during the reform period; and, by so doing, make contributions to the policy debates on, and general understanding of, the Chinese economy. The chapters in this volume include an in-depth probe into challenges in capital and credit allocation due to financial friction and policy distortions; investigating the causes of growth slow-down in China and suitable policy responses; the evolution of the household registration system and its impact on off-farm employment and the integration of rural and urban labour markets; the growth, scale and characteristics of nonstandard employment; the development of rural e-commerce and its economic impact; innovation performance of listed enterprises in China; financial services liberalisation and its impact on firms’ performance; financing support schemes for small and medium-sized enterprises (SMEs) and the effect on banks’ credit allocation to SMEs; the potential costs of US–China trade conflict and ways to mitigate them; gender income gap in China’s labour market; causes of blockage of Chinese overseas direct investment and strategies to reduce the probability of encountering obstacles; and the role of state capital in the iron ore boom in Australia. The great variety of topics in this year’s Update allows readers to understand the current shape of the Chinese economy and to think deeply about policies and necessary reforms for future growth and development.