Money, banking, and financial markets in China:
This book offers the first comprehensive study of the money, banking, and financial markets in China since the establishment of the central bank system in 1984. The author analyzes the impact of the profound institutional changes of the 1980s and the early 1990s and highlights the fundamental transf...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Boulder [u.a.]
Westview Press
1994
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Zusammenfassung: | This book offers the first comprehensive study of the money, banking, and financial markets in China since the establishment of the central bank system in 1984. The author analyzes the impact of the profound institutional changes of the 1980s and the early 1990s and highlights the fundamental transformation of the role of money - from a passive accounting tool in the centrally planned system to an active and intrinsically important factor in determining the growth and stability of the present economy The theoretical and empirical analyses of the book are based on the newly established financial system and the most recent data available. The transitive nature of the financial sector during economic reform is especially emphasized The author's central arguments are supported by in-depth analyses of every important aspect of the financial sector, including the function of the central bank and its relationship with specialized banks and other financial institutions, money supply and demand, monetization, price reforms and inflation, nonbank financial institutions, and new developments in the financial security markets. Extensive use is made of case studies and illustrative examples |
| Beschreibung: | XV, 311 S. |
| ISBN: | 0813384419 |
Internformat
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| 520 | 3 | |a This book offers the first comprehensive study of the money, banking, and financial markets in China since the establishment of the central bank system in 1984. The author analyzes the impact of the profound institutional changes of the 1980s and the early 1990s and highlights the fundamental transformation of the role of money - from a passive accounting tool in the centrally planned system to an active and intrinsically important factor in determining the growth and stability of the present economy | |
| 520 | |a The theoretical and empirical analyses of the book are based on the newly established financial system and the most recent data available. The transitive nature of the financial sector during economic reform is especially emphasized | ||
| 520 | |a The author's central arguments are supported by in-depth analyses of every important aspect of the financial sector, including the function of the central bank and its relationship with specialized banks and other financial institutions, money supply and demand, monetization, price reforms and inflation, nonbank financial institutions, and new developments in the financial security markets. Extensive use is made of case studies and illustrative examples | ||
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
List of Figures ix
List of Tables xi
Preface and Acknowledgments xiii
List of Acronyms xvi
1 Introduction 1
1.1 Further Reforms in the Future, 2
1.2 A Blueprint, 4
1.3 The Focus of the Book, 7
Appendix: Chinese GNP Puzzles, 14
PART ONE
FINANCIAL SYSTEM IN CHINA: AN OVERVIEW
2 The Money and Banking System Before the Reform 19
2.1 The Two Circuits of Money Flows, 20
2.2 The Characteristics of the Money and Banking
System Before the Reform, 22
3 Reforming the Banking System 27
3.1 The Structure of the New Banking System, 27
3.2 The Relationship Between the Central Bank
and Specialized Banks, 30
3.3 Foreign Banks in China, 32
3.4 The Problems of the Banking System, 34
Appendix: Selected Branches and Representative Offices
of Foreign Financial Institutions in China, 38
vi Contents
PART TWO
THE MONEY SUPPLY PROCESS
4 What Is Money? 43
4.1 The Definition of Money, 43
4.2 Different Measures of Money, 45
5 The Money Supply Process 53
5.1 The Monetary Base and Its Components, 53
5.2 Factors that Affect the Monetary Base, 55
5.3 The Multiplier, 57
5.4 Predictability of the Multiplier, 58
5.5 The Money Supply, the Monetary Base,
and the Multiplier, 60
6 Monetary Policies 65
6.1 The Apparatus of Macro Credit Control, 65
6.2 Is Currency in Circulation a Good Target? 66
6.3 Monetary Policies for the Period 1984 1988, 68
6.4 Monetary Policies for the Period 1988 1991, 69
6.5 The Austerity Program of 1993, 72
6.6 Summary, 73
7 Interest Rates 75
7.1 Interest Rate Policies Before Reform, 75
7.2 Interest Rate Policies for the Reform Period: Theory, 78
7.3 Interest Rate Policies for the Reform Period: Practice, 83
7.4 Other Interest Rate Data Provided, 86
PART THREE
THE DEMAND FOR MONEY
8 The Velocity of Money 101
8.1 The Income Velocity of Money, 101
8.2 The Downward Biased Price Index Hypothesis, 103
8.3 The Forced Saving Hypothesis, 104
8.4 The Monetization Hypothesis, 105
Contents vii
9 Evidence of the Monetization Process 115
9.1 Distribution of the Currency in Circulation, 116
9.2 Institutional Changes in Rural Areas, 118
9.3 Rapid Development of the Township and
Village Enterprises (TVEs), 119
9.4 The Self Employed and Private Business, 120
9.5 Development of Free Markets, 121
9.6 Money Flows Among Regions, 122
9.7 The Outside Circulation of Money, 123
9.8 Summary, 125
10 Inflation Expectations and Price Instability 137
10.1 Measurement of Price Instability and Inflation
Expectations, 138
10.2 Empirical Results, 142
10.3 The Outlier Problem in the Estimation, 144
10.4 Summary, 147
Appendix: A Wage Determination Equation, 148
11 The Demand for Money 155
11.1 Some Problems Related to Demand for Money
in China, 156
11.2 Demand for Money with Chinese Characteristics, 158
11.3 Data, 161
11.4 Money Demand Functions and Empirical Results, 164
11.5 Summary, 171
Appendix A: Mixed Price Index: An Example, 182
Appendix B: Data, 184
PART FOUR
MONEY AND INFLATION
12 Price Reforms and Inflation 191 k
12.1 Reasons and Objectives of the Price Reform, 192
12.2 A Brief Review of the Price Reforms in China, 195
12.3 Analysis: The Causal Factors of the Inflation, 200
12.4 Summary, 207
viii Contents
13 Models of Inflation in China 215
13.1 A Descriptive Model of Inflation, 216
13.2 Naughton s Macroeconomic Interpretation, 220
13.3 Wang s Model, 222
13.4 Feltenstein and Ha s Model, 225
14 Money and Economic Activity 231
14.1 Causality Analysis for Monetary and
Income Variables, 232
14.2 Empirical Results of the Granger Test, 233
PART FIVE
FINANCIAL MARKETS IN CHINA
15 Nonbank Financial Institutions 241
15.1 The People s Insurance Company of China (PICC), 242
15.2 The China International Trust and
Investment Corporation (CITIC), 246
15.3 China Venturetech Investment Corporation (CVTIC), 251
15.4 Postal Savings Deposit, 252
15.5 Rural Credit Cooperatives, 253
15.6 The Emerging Nonbank Financial Intermediaries, 254
16 The Stock and Bond Markets 257
16.1 The Composition of the Financial Assets, 258
16.2 The Government Bond Market, 259
16.3 The Stock Market in China, 264
16.4 The Stock Market in Shanghai, 266
Epilogue 281
References 285
Author Index 295
Subject Index 299
About the Book and Author 312
Figures
1.1 Gross National Product (GNP) of China 10
1.2 The Growth Rate of GNP 11
1.3 Total Exports and Imports of China 12
1.4 Foreign Investment (Contract) in China 13
1.5 The World GDP League 16
2.1 Currency Flow Before the Reform 25
2.2 Bank Transfer Money Flow 26
3.1 Financial Institutions in China 37
8.1 Total Household Savings in China 113
9.1 Total Output of TVEs in China 135
9.2 Total Employment of TVEs 136
10.1 Inflation in China 154
11.1 The Official and Market Price Indices 1952 1989 179
11.2 The Real Per Capita M2 1952 1989 179
11.3 The Real Per Capita National Income 1952 1989 180
11.4 The Percentage of Urban and Township Population 1952 1989 180
11.5 Per Capita M2 and Retail Sales 1983.1 1989.4 181
11.6 The Official and Market Price Indices 1983.1 1989.4 181
12.1 Planned Price vs. Equilibrium Price 214
12.2 The Impact of Price Subsidies 214
x Figures
13.1 Money Supply and Inflation 228
13.2 Impact of Government Expenditure 229
13.3 Responses to a Supply Shock 229
13.4 The Central Government Deficit 1978 1991 230
14.1 Growth Rates of M2 and National Income 1953 1988 237
16.1 Composition of Financial Securities Issued in 1991 276
16.2 Composition of Government Bonds Issued in 1991 277
16.3 Stock Price Index of Shenzhen Stock Exchange 1991 278
16.4 Stock Price Index of Shanghai Stock Exchange 1991 279
Tables
1.1 GDP Per Head of Developing Countries 15
4.1 ACFB Money Survey in China 49
4.2 Money, National Income, and Household Savings 50
4.3 IMF Money Survey of China 52
5.1 A Hypothetical Balance Sheet of the Central Bank 54
5.2 The Balance Sheet of PBC 1987 1991 63
5.3 Monetary Base and the Multiplier 64
6.1 Returns on Three Year Time Deposits 1989 70
7.1 Interest Rates of Bank Deposits 1949 1980 88
7.2 Interest Rates on Loans to Industrial Firms 89
7.3 Interest Rates on Loans to Commercial Firms 90
7.4 Interest Rates of PBC in 1989 91
7.5 Deposit Interest Rates of Specialized Banks in 1989 93
7.6 Interest Rates on Loans of ICBC in 1989 95
7.7 Interest Rates on Time Deposits 1980 1988 98
8.1 Money Supply, Price Indices, GNP, and Bank Deposits 111
8.2 Excess Money and the Income Velocity 112
9.1 Distribution of the Currency in Circulation 128
9.2 Average Cash Balance Per Household 129
9.3 Development of TVEs 130
9.4 Average Cash Balance of TVEs in 1985 131
9.5 Average Cash Balance of Urban Self Employed Business 132
9.6 Development of Free Markets 132
xii Tables
9.7 Currency Flows Among Regions, 1978 1986 133
9.8 Financial Assets and GNP in China 134
10.1 Price, Money, Income and Wage 1953 1991 149
10.2 Estimation Results 150
10.3 Inflation and Price Instability 151
10.4 Inflation Expectations Models Estimated by
the OLS and the Bounded Influence Estimator 152
10.5 Effect of Inflation on Price Instability 153
11.1 Testing For Unit Roots 175
11.2 Estimation of Money Demand Function 1952 1989 177
11.3 Estimation of Money Demand Function 1952 1978 178
11.4 Estimation of Money Demand Function 1983.1 1989.4 178
11.5 Weights of a Mixed Price Index 182
11.6 Annual Data of Money, Price, National Income and Population 184
11.7 Quarterly Data for the Period 1983.1 1989.4 186
12.1 Profit Rates of Different Industries in 1979 210
12.2 Price Subsidies and Government Deficits 210
12.3 Growth Rates of Energy and Transportation 211
12.4 Price Increase of Producer Goods in 1988 212
12.5 Wages vs. Productivity 213
14.1 Growth Rates of M2 and National Income 236
15.1 Insurance Revenues and Profits of PICC 245
15.2 Postal Saving Deposits in China 253
16.1 Financial Securities Issued During 1981 1991 273
16.2 Composition of Financial Assets in China 274
16.3 Composition of Household Financial Assets 275
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| spelling | Yi, Gang Verfasser aut Money, banking, and financial markets in China Gang Yi Boulder [u.a.] Westview Press 1994 XV, 311 S. txt rdacontent n rdamedia nc rdacarrier This book offers the first comprehensive study of the money, banking, and financial markets in China since the establishment of the central bank system in 1984. The author analyzes the impact of the profound institutional changes of the 1980s and the early 1990s and highlights the fundamental transformation of the role of money - from a passive accounting tool in the centrally planned system to an active and intrinsically important factor in determining the growth and stability of the present economy The theoretical and empirical analyses of the book are based on the newly established financial system and the most recent data available. The transitive nature of the financial sector during economic reform is especially emphasized The author's central arguments are supported by in-depth analyses of every important aspect of the financial sector, including the function of the central bank and its relationship with specialized banks and other financial institutions, money supply and demand, monetization, price reforms and inflation, nonbank financial institutions, and new developments in the financial security markets. Extensive use is made of case studies and illustrative examples Geschichte 1949-1991 gnd rswk-swf Bancos y banca - China (República Popular, 1949) Financiële instellingen gtt Moneda - China (República Popular, 1949) Monetaire politiek gtt Política monetaria - China (República Popular, 1949) Bank Finance -- China Monetary policy -- China Money -- China Banks and banking -- China Kreditwesen (DE-588)4032950-1 gnd rswk-swf Geldpolitik (DE-588)4019902-2 gnd rswk-swf China (DE-588)4009937-4 gnd rswk-swf China (DE-588)4009937-4 g Kreditwesen (DE-588)4032950-1 s Geschichte 1949-1991 z DE-604 Geldpolitik (DE-588)4019902-2 s HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006584930&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Yi, Gang Money, banking, and financial markets in China Bancos y banca - China (República Popular, 1949) Financiële instellingen gtt Moneda - China (República Popular, 1949) Monetaire politiek gtt Política monetaria - China (República Popular, 1949) Bank Finance -- China Monetary policy -- China Money -- China Banks and banking -- China Kreditwesen (DE-588)4032950-1 gnd Geldpolitik (DE-588)4019902-2 gnd |
| subject_GND | (DE-588)4032950-1 (DE-588)4019902-2 (DE-588)4009937-4 |
| title | Money, banking, and financial markets in China |
| title_auth | Money, banking, and financial markets in China |
| title_exact_search | Money, banking, and financial markets in China |
| title_full | Money, banking, and financial markets in China Gang Yi |
| title_fullStr | Money, banking, and financial markets in China Gang Yi |
| title_full_unstemmed | Money, banking, and financial markets in China Gang Yi |
| title_short | Money, banking, and financial markets in China |
| title_sort | money banking and financial markets in china |
| topic | Bancos y banca - China (República Popular, 1949) Financiële instellingen gtt Moneda - China (República Popular, 1949) Monetaire politiek gtt Política monetaria - China (República Popular, 1949) Bank Finance -- China Monetary policy -- China Money -- China Banks and banking -- China Kreditwesen (DE-588)4032950-1 gnd Geldpolitik (DE-588)4019902-2 gnd |
| topic_facet | Bancos y banca - China (República Popular, 1949) Financiële instellingen Moneda - China (República Popular, 1949) Monetaire politiek Política monetaria - China (República Popular, 1949) Bank Finance -- China Monetary policy -- China Money -- China Banks and banking -- China Kreditwesen Geldpolitik China |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006584930&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT yigang moneybankingandfinancialmarketsinchina |