China in Global Finance: Domestic Financial Repression and by Sandra Heep

By Sandra Heep

Against the backdrop of China’s more and more influential function within the overseas monetary structure, this e-book seeks to represent and review China’s monetary energy strength. It does so through studying the connection among family monetary repression and foreign monetary energy within the context of the political economic system of the developmental country. at the foundation of a unique theoretical framework for the research of the monetary energy capability of developmental states, the ebook offers an in-depth research of China’s method of foreign money internationalization, its creditor prestige and its rules in the direction of the Bretton Woods associations whereas contrasting the country’s current position in worldwide finance with the location of the japanese developmental country within the Eighties and 1990s.

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Sample text

The rapid growth in the volume of government bonds had profound consequences for Japan’s hitherto highly regulated financial system. With the commercial banks barred from trading securities, the markets struggled to absorb the government’s debt. Initially, the BOJ stepped in to purchase the majority of the bonds. However, this solution was not sustainable since it created severe inflationary pressures. 1 Liberalizing Japan’s Financial Markets 31 soon found themselves under considerable pressure to do so.

Whereas Andrews’ concept of monetary statecraft corresponds to Cohen’s concept of the active mode of monetary influence and the concept of manipulative financial power, his notion of monetary power is a broader term that contains Cohen’s concept of monetary autonomy and his concept of monetary influence as well as manipulative financial power and non-manipulative financial power. 4 Objectives of Financial Power Having defined financial power as power deriving from the realm of finance as opposed to power applied to the realm of finance, this book distinguishes between a manipulative exercise of financial power that is targeted at financial objectives and a manipulative exercise of financial power that is targeted at non-financial objectives.

In the 1990s, China began to privatize small enterprises without strategic significance. However, the party-state refrained from forsaking its ownership of major state-owned enterprises (SOEs) in strategically important sectors such as finance, infrastructure and resources. 8 Do we have to qualify our classification of China as a developmental state in the light of these differences between the Chinese political economy and the political economy of the classic developmental states? Even though the decentralization and fragmentation of China’s political system have at times hampered the formulation and implementation of a coherent development strategy, China has taken the art of planning to a new level since the overhaul of its planning system in the early 1990s and should thus be considered a ‘plan rational’ developmental state.

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