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Factions and Finance in China Elite Conflict and Inflation

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ISBN-10: 052187257X

ISBN-13: 9780521872577

Edition: 2008

Authors: Victor C. Shih

List price: $119.00
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The contemporary Chinese financial system encapsulates two possible futures for China's economy. On the one hand, extremely rapid financial deepening accompanied by relatively stable prices are both manifestations of a vigorous growth trajectory that will one day make China the world's largest economy. On the other hand, the colossal store of non-performing loans in the banking sector augurs a troubling future. Factions and Finance in China inquires how elite factional politics has given rise to both of these outcomes since the reform in 1978. The competition between generalists in the Chinese Communist Party and politically engaged technocrats over monetary policies has time and time again…    
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Book details

List price: $119.00
Copyright year: 2008
Publisher: Cambridge University Press
Publication date: 12/3/2007
Binding: Hardcover
Pages: 268
Size: 6.25" wide x 9.00" long x 1.00" tall
Weight: 1.188
Language: English

Victor C. Shih is a political economist specializing in China at Northwestern University. Born in Hong Kong, Professor Shih immigrated to the United States at the age of 12. He attended the George Washington University on a University Presidential Fellowship and graduated summa cum laude in East Asian Studies with a minor in Economics. He went on to complete his M.A. and Ph.D. in Government at Harvard University. He is the author of numerous articles appearing in academic and business journals, including The China Quarterly and The Far Eastern Economic Review, and advises the private sector on the banking industry in China. His current research concerns the political economy of fiscal…    

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