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| List of Tables and Figures | |
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| Acknowledgments | |
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| Abbreviations | |
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| Introduction | |
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| Not Quite a Miracle | |
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| The State, Bureaucracy, and Financial Outcomes | |
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| Inflationary Cycles and the Impetus for Reform in China | |
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| Methodology | |
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| China's Financial Performance in Comparative Perspective | |
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| Inflation, Efficient Intermediation, and Long-Term Growth | |
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| Inflationary Cycles and Bank Loan Allocation in Comparative Perspective | |
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| Implications | |
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| The Banking System: Flexible Institutions and Party Domination | |
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| General Characteristics | |
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| Controlling Money Supply | |
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| Credit Allocation | |
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| The CCP's Dominance over the Banking Industry | |
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| Conclusion | |
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| Factional Politics and its Financial Implications | |
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| Power Seeking in an Uncertain Environment | |
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| Factions and Political Survival | |
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| Two Types of Factions, Two Strategies, Two Outcomes | |
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| A Model of Inflationary Cycles | |
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| Conclusion | |
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| Factional Politics, Distribution of Loans, and Inflationary Cycles: Several Quantitative Tests | |
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| The Existence and the Distributional Effects of Factions | |
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| Factions and Inflationary Cycles | |
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| Summary | |
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| The Collapse of Discipline: The First Two Inflationary Cycles and the Fiscalization of Chinese Banks | |
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| The Main Actors and their Factions: The Deng-Chen Dichotomy | |
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| From Unity to Contradiction: The Deng-Chen Split and the First Inflationary Cycle | |
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| A Classic Inflationary Cycle: 1983-1986 | |
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| Conclusion | |
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| The Height of the Politics of Inflation, 1987-1996 | |
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| Severe Tests: On the Edge of Hyperinflation and Tiananmen, 1987-1990 | |
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| A New Generation of Central Bureaucrats and the Southern Tour, 1991-1996 | |
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| The Continuation of the Two Tendencies | |
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| The Long Cycle: 1997-2006 | |
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| Crisis and Command: Zhu's Centralization Drive | |
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| The Height of Central Power and Stagnant Banking Reform | |
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| Jiang Reinvigorates Decentralization | |
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| Conclusion | |
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| Concluding Discussion | |
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| The Pressure of Globalization and Reform Impetus | |
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| Power in Authoritarian Regimes | |
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| Appendix on Data | |
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| Bibliography | |
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| Index | |