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China's Monetary Challenges: Past Experiences and Future Prospects

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Overview

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 fuller foreign competition after 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.
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Editorial Reviews

From the Publisher
“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

  • ISBN-13: 9780521880169
  • Publisher: Cambridge University Press
  • Publication date: 7/7/2008
  • Pages: 272
  • Product dimensions: 6.10 (w) x 9.00 (h) x 1.00 (d)

Meet the Author

Richard C. K. Burdekin is Jonathan B. Lovelace Professor of Economics at Claremont McKenna College and was a Visiting Senior Fellow at Hawaii's East-West Center in August 2005. He was previously a Visiting Scholar at the Federal Reserve Bank of Dallas and Assistant Professor at the University of Miami. Richard Burdekin first visited China in 1998. His main research interests include Chinese economic reforms, inflation and deflation, and central bank policymaking. Richard Burdekin has published in journals such as the American Economic Review, Economica, Economic Inquiry, the Journal of Financial Economics, the Journal of International Money and Finance, and the Journal of Money, Credit, and Banking. His book on Deflation: Current and Historical Perspectives (co-edited with Pierre L. Siklos) was published in 2004 by Cambridge University Press. Prior books include Distributional Conflict and Inflation (with Paul Burkett, 1996); Establishing Monetary Stability in Emerging Market Economies (with Thomas D. Willett, Richard J. Sweeney, and Clas Wihlborg, 1995); Confidence, Credibility and Macroeconomic Policy (with Farrokh K. Langdana, 1995); and Budget Deficits and Economic Performance (with Farrokh K. Langdana, 1992).
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Table of Contents

Introduction China Today and Lessons from the Past 1

Pt. I China's Exchange Rate Regime and Monetary Policy

1 The Renminbi-US Dollar Exchange Rate Controversy 11

2 China's Reserve Buildup and Global Imbalances 33

3 Combatting Inflation and Deflation 55

4 People's Bank of China Policymaking and External Pressures with Pierre L. Siklos 76

Pt. II The Importance of International Factors, Past and Present

5 US Pressure on China and Hong Kong in the 1930s 95

6 Inflation Transmission to Taiwan in the 1940s with Hsin-hui I. H. Whited 118

7 WTO Challenges and China's Banking Sector Today with Emily Kochanowicz 136

Pt. III The People's Republic's Role Within Greater China and Asia

8 Asset Market Expansion and Shanghai vs. Hong Kong Listings of Chinese Firms with Gregory C. Arquette and William O. Brown, Jr. 165

9 Economic Interdependence with Taiwan with Hsin-hui I. H. Whited 188

10 Conclusions and Future Prospects for the Renminbi 219

References 227

Author Index 249

Subject Index 255

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