Weitere Kapitel dieses Buchs durch Wischen aufrufen
This chapter analyzes the structural financial power potential of the developmental state. Section 3.1 provides an overview of the political economy of Japan’s postwar financial system and the pressures that resulted in its gradual liberalization. Section 3.2 looks into the political economy of China’s system of financial repression and enquires into its compatibility with the acquisition of structural financial power deriving from the international role of a country’s financial markets. Section 3.3 compares the ability of the Chinese and the Japanese authorities to maintain their control over the domestic financial system.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
ABC. (2013). Annual report 2012. Beijing: Agricultural Bank of China. http://www.abchina.com/en/about-us/annual-report/2012/default.htm. Accessed 13 Aug 2013.
Allen, F., Qian, J., & Qian, M. (2005). Law, finance, and economic growth in China. Journal of Financial Economics, 77(1), 57–116. CrossRef
Allen, F., Qian, J., Zhang, C., & Zhao, M. (2012). China’s financial system: Opportunities and challenges (NBER Working Paper, No. 17828). Cambridge, MA: National Bureau of Economic Research. http://www.iadb.org/intal/intalcdi/PE/2012/09844.pdf. Accessed 9 Aug 2013.
Anderlini, J. (2007a, August 20). Beijing moves to open up markets. Financial Times. http://www.ft.com/intl/cms/s/0/f724fcee-4f48-11dc-b485-0000779fd2ac.html#axzz1mNUQl8NC. Accessed 30 July 2012.
Anderlini, J. (2007b, June 14). China’s corporate bonds come of age. Financial Times. http://www.ft.com/intl/cms/s/0/4804b954-1a9e-11dc-8bf0-000b5df10621.html#axzz2br7opStd. Accessed 14 Aug 2013.
Anderlini, J. (2008c, March 7). China signals it could ease share curbs. Financial Times. http://www.ft.com/intl/cms/s/0/13e65160-eba8-11dc-9493-0000779fd2ac.html#axzz1mNUQl8NC. Accessed 30 July 2012.
Anderlini, J. (2011a, January 11). China moves warily on easing controls. Financial Times. http://www.ft.com/intl/cms/s/0/8cd7010a-1da5-11e0-aa88-00144feab49a.html#axzz1NRx1V89R. Accessed 30 July 2012.
Anderlini, J. (2011b, January 10). Chinese city allows personal investing abroad. Financial Times. http://www.ft.com/intl/cms/s/0/b43f72f2-1ce4-11e0-8c86-00144feab49a.html#axzz1v8osjof8. Accessed 30 July 2012.
Anderlini, J., & Hook, L. (2013, July 19). China takes step to financial reform. Financial Times. http://www.ft.com/intl/cms/s/0/3a289af0-f06a-11e2-b28d-00144feabdc0.html#axzz2br7opStd. Accessed 13 Aug 2013.
Areddy, J., & Ng, M. (2010, January 4). China will tax some share sales. Wall Street Journal. http://online.wsj.com/article/SB10001424052748704162104574629841340038348.html. Accessed 30 July 2012.
Ayyagai, M., Demirgüc-Kunt, A., & Maksimovic, V. (2008). Formal versus informal finance: Evidence from China (Policy Research Working Paper, No. 4465). Washington, DC: World Bank. http://elibrary.worldbank.org/docserver/download/4465.pdf?expires=1343652701&id=id&accname=guest&checksum=3BEAD6321348B1A16879B448761CC503. Accessed 30 July 2012.
Barboza, D. (2013, July 4). China to test free trade zone in Shanghai as part of economic overhaul. New York Times. http://www.nytimes.com/2013/07/05/business/global/zone-to-test-renminbi-as-currency-for-trading.html?_r=0. Accessed 18 Aug 2013.
BOC. (2013). Annual report 2012. Beijing: Bank of China. http://pic.bankofchina.com/bocappd/report/201303/P020130326573887576644.pdf. Accessed 13 Aug 2013.
Bottelier, P. (2004). China’s emerging domestic debt markets (Working Paper, No. 202). Stanford: Stanford Center for International Development. http://www.stanford.edu/group/siepr/cgi-bin/siepr/?q=system/files/shared/pubs/papers/pdf/SCID202.pdf. Accessed 30 July 2012.
CBRC. (2013). 2012 Nianbao (Annual report 2012). Beijing: China Banking Regulatory Commission. http://www.cbrc.gov.cn/chinese/home/docView/18492CCBDD04435A8BFAB3FF6F2CA51C.html. Accessed 13 Aug 2013.
CCB. (2013). Annual report 2012. Beijing: China Construction Bank. http://www.ccb.com/en/newinvestor/upload/20130424_1366773142/e00939_AR.pdf. Accessed 13 Aug 2013.
China Bond. (n.d.). Monthly statistics: Bond issue volume. Beijing: China Central Depository and Clearing Co. Ltd. http://www.chinabond.com.cn/jsp/include/CB_EN/marketdata/month_stat.jsp?BBND=2012&BBYF=12&sPageType=2&id=317791. Accessed 14 Aug 2013.
Cookson, R. (2010b, July 2). Beijing plans route back for offshore funds. Financial Times. http://www.ft.com/intl/cms/s/0/7702fc92-8572-11df-aa2e-00144feabdc0.html. Accessed 30 July 2012.
Eccleston, B. (1986). The state, finance and industry in Japan. In A. Cox (Ed.), State, finance and industry: A comparative analysis of post-war trends in six advanced industrial economies (pp. 60–79). Brighton: Wheatsheaf Books.
Emmott, B. (1989). The sun also sets: The limits to Japan’s economic power. New York: Random House.
Frankel, J. (1984). The yen/dollar agreement: Liberalizing Japanese capital markets. Washington, DC: Institute for International Economics.
Heilmann, S. (2004). Das politische System der Volksrepublik China [The political system of the People’s Republic of China] (2nd ed.). Wiesbaden: Verlag für Sozialwissenschaften. CrossRef
Heilmann, S., & Gottwald, J.-C. (2002). Der chinesische Aktienmarkt [The Chinese equity market]. Hamburg: Institut für Asienkunde.
Helleiner, E. (1989). Money and influence: Japanese power in the international monetary and financial system. Millennium – Journal of International Studies, 18(3), 343–358. CrossRef
Helleiner, E. (1992). Japan and the changing global financial order. International Journal, 47(2), 420–444. CrossRef
Helleiner, E. (2000). Still an extraordinary power, but for how much longer? The United States in world finance. In T. Lawton, J. Rosenau, & A. Verdun (Eds.), Strange power: Shaping the parameters of international relations and international political economy (pp. 229–247). Aldershot: Ashgate.
ICBC. (2013). Annual report 2012. Beijing: Industrial and Commercial Bank of China. http://www.icbc-ltd.com/SiteCollectionDocuments/ICBC/Resources/ICBCLTD/%E4%B8%8B%E8%BD%BD/2013/2012AnnualReport.pdf. Accessed 13 Aug 2013.
Itoh, M. (1990). The world economic crisis and Japanese capitalism. New York: St. Martin’s Press.
Johnson, C. (1982). MITI and the Japanese miracle: The growth of industrial policy, 1925–1975. Stanford: Stanford University Press.
Konyn, M. (2012, January 15). Renminbi investment scheme will benefit Chinese fund managers. Financial Times. http://www.ft.com/intl/cms/s/0/8b54f10e-3ac1-11e1-a756-00144feabdc0.html#axzz226d5oS3o. Accessed 30 July 2012.
Kroeber, A. (2009b, June 24). China’s accelerating financial reform. Financial Times. http://www.ft.com/intl/cms/s/0/8fe40a72-6056-11de-a09b-00144feabdc0.html#axzz1v8osjof8. Accessed 30 July 2012.
Lardy, N. (2008). Financial repression in China (Policy Brief, PB08-8). Washington, DC: Peterson Institute for International Economics. http://www.iie.com/publications/pb/pb08-8.pdf. Accessed 30 July 2012.
Lardy, N., & Douglass, P. (2011). Capital account liberalization and the role of the renminbi (Working Paper, WP 11-6). Washington, DC: Peterson Institute for International Economics. http://www.iie.com/publications/wp/wp11-6.pdf. Accessed 30 July 2012.
Laurence, H. (2001). Money rules: The new politics of finance in Britain and Japan. Ithaca: Cornell University Press.
Leyshon, A. (1994). Under pressure: Finance, geo-economic competition and the rise and fall of Japan’s postwar growth economy. In S. Corbridge, N. Thrift, & R. Martin (Eds.), Money, power and space (pp. 116–145). Oxford: Blackwell.
Ma, Y. (2011, January 24). Wenzhou’s overseas investment trial halted. Caixin. http://english.caixin.com/2011-01-24/100220616.html. Accessed 30 July 2012.
Ma, G., & McCauley, R. (2007). Do China’s capital controls still bind? Implications for monetary autonomy and capital liberalisation (BIS Working Paper, No. 233). Basel: Bank for International Settlements. http://www.bis.org/publ/work233.pdf. Accessed 30 July 2012.
McCauley, R. (2011). Internationalizing the renminbi and China’s financial development model. New York: Council on Foreign Relations. http://www.cfr.org/china/renminbi-internationalization-chinas-financial-development-Fmodel/p26290. Accessed 30 July 2012.
McGregor, R., & Mitchell, T. (2007, November 4). China puts Hong Kong share plan on ice. Financial Times. http://www.ft.com/intl/cms/s/0/4b3556dc-8b01-11dc-95f7-0000779fd2ac.html#axzz1mNUQl8NC. Accessed 30 July 2012.
McGuinness, P. (2009). An overview and assessment of the reform of the non-tradable shares of Chinese state-owned enterprise A-share issuers. Journal of Financial Regulation and Compliance, 17(1), 41–56. CrossRef
Moran, M. (1991). The politics of the financial services revolution: The USA, UK and Japan. London: McMillan.
NAFMII. (n.d.). Guidelines on medium-term notes business of non-financial enterprises in the inter-bank bond market. Beijing: National Association of Financial Market Institutional Investors. http://www.nafmii.org.cn/english/lawsandregulations/selfregulatory_e/201205/t20120530_15427.html. Accessed 9 Aug 2013.
Naughton, B. (2007). The Chinese economy: Transitions and growth. Cambridge, MA: MIT Press.
PBOC. (2005, June 6). People’s Bank of China promulgated the administrative rules for short-term financing bills. Beijing: People’s Bank of China. http://www.pbc.gov.cn/publish/english/955/2000/20002/20002_.html. Accessed 9 Aug 2013.
PBOC. (2011c). 2010 nian guoji jinrong shichang baogao [2010 report on international financial markets]. Shanghai: People’s Bank of China. http://www.pbc.gov.cn/publish/goutongjiaoliu/524/2011/20110325153152445488612/20110325153152445488612_.html. Accessed 30 July 2012.
PBOC. (2013a, February 25). Highlights of China’s monetary policy in 2012. Beijing: People’s Bank of China. http://www.pbc.gov.cn/publish/english/955/2013/20130314105541578282714/20130314105541578282714_.html. Accessed 13 Aug 2013.
PBOC. (2013c). Zhongguo jinrong wending baogao 2013 [China financial stability report 2013]. Beijing: People’s Bank of China. http://www.pbc.gov.cn/image_public/UserFiles/goutongjiaoliu/upload/File/%E4%B8%AD%E5%9B%BD%E9%87%91%E8%9E%8D%E7%A8%B3%E5%AE%9A%E6%8A%A5%E5%91%8A2013.pdf. Accessed 13 Aug 2013.
PBOC. (n.d.-a). Sources and uses of credit funds by financial institutions by sector in 2012. Beijing: People’s Bank of China. http://www.pbc.gov.cn/publish/html/2012s03a.htm. Accessed 18 Aug 2013.
PBOC. (n.d.-b). Sources and uses of credit funds by financial institutions by sector in 2011. Beijing: People’s Bank of China. http://www.pbc.gov.cn/publish/html/2011s03a.htm. Accessed 18 Aug 2013.
PBOC. (n.d.-c). Sources and uses of credit funds by financial institutions by sector in 2010. Beijing: People’s Bank of China. http://www.pbc.gov.cn/publish/html/2010s03a.htm. Accessed 31 July 2012.
PBOC. (n.d.-d). Sources and uses of credit funds by financial institutions by sector in 2009. Beijing: People’s Bank of China. http://www.pbc.gov.cn/publish/html/2009s03a.htm. Accessed 31 July 2012.
PBOC. (n.d.-e). Sources and uses of credit funds by financial institutions by sector in 2008. Beijing: People’s Bank of China. http://www.pbc.gov.cn/publish/html/2008S03a.htm. Accessed 18 Aug 2013.
PBOC. (n.d.-f). Sources and uses of credit funds by financial institutions by sector in 2007. Beijing: People’s Bank of China. http://www.pbc.gov.cn/publish/html/2007S03a.htm. Accessed 18 Aug 2013.
Peng, L. (2011, August 17). Zhou Xiaochuan: qiye fugang fa renzhai guimo cengzhi 500 yi [Zhou Xiaochuan: Worth of renminbi bonds that corporations are allowed to issue in Hong Kong increases to CNY 50 billion]. Xinlang Caijing. http://finance.sina.com.cn/g/20110817/134410331562.shtml. Accessed 30 July 2012.
People’s Daily. (2013, May 9). China’s Central Bank resumes bill issuance to drain liquidity. http://english.people.com.cn/90778/8238877.html. Accessed 14 Aug 2013.
Prasad, E., & Wei, S.-J. (2005). The Chinese approach to capital inflows: Patterns and possible explanations (IMF Working Paper, WP/05/79). Washington, DC: International Monetary Fund. http://www.imf.org/external/pubs/ft/wp/2005/wp0579.pdf. Accessed 30 July 2012.
Prasad, E., Rumbaugh, T., & Wang, Q. (2006). Putting the cart before the horse? Capital account liberalization and exchange rate flexibility in China. In IMF, China and India learning from each other: Reforms and policies for sustained growth (pp. 181–199). Washington, DC: International Monetary Fund.
Reuters. (2013, July 12). China to increase QFII-quota, expand RQFII to London, Singapore – CSRC. http://www.reuters.com/article/2013/07/12/china-qfii-idUSL4N0FI20O20130712. Accessed 15 Aug 2013.
Rosenbluth, F. M. C. (1989). Financial politics in contemporary Japan. Ithaca: Cornell University Press.
Schlichting, S. (2008). Internationalising China’s financial markets. Houndmills: Palgrave Macmillan. CrossRef
State Council. (2004, February 2). Guowuyuan guanyu tuijin ziben shichang gaige fazhan de jiutiao yijian [The state council´s nine suggestions on moving forward the reform, opening and development of the capital markets]. Renmin Ribao. http://www.people.com.cn/GB/jingji/1037/2314920.html. Accessed 9 Aug 2013.
State Council. (2009, April 14). Guowuyuan guanyu tuijin shanghai jiakuai fazhan xiandai fuwuye he xianjin zhizaoye jianshe guoji jinrong zhongxin he guoji hangyun zhongxin de yijian [The State Council’s opinion on the promotion of Shanghai’s accelerated development of a modern service industry and an advanced manufacturing center, the construction of an International Financial Center and an International Shipping Center] (Document No. 19). Beijing: State Council. http://www.gov.cn/zwgk/2009-04/29/content_1299428.htm. Accessed 30 July 2012.
Walter, C., & Howie, F. (2003). Privatizing China: The stock markets and their role in corporate reform. Singapore: Wiley.
Walter, C., & Howie, F. (2011). Red capitalism: The fragile financial foundation of China’s extraordinary rise. Singapore: Wiley.
Xinhua. (2006, March 16). Zhonghua renmin gongheguo guomin jingji he shehui fazhan di shiyi ge wunian guihua gangyao [Eleventh five-year plan for the development of the National Economy and Society of the People’s Republic of China]. Beijing: Xinhua. http://www.gov.cn/ztzl/2006-03/16/content_228841.htm. Accessed 31 July 2012.
Xu, M. (2009). Building the Shanghai International Financial Centre: Strategic target, challenges and opportunities. In S. Young, D. Choi, J. Seade, & S. Shirai (Eds.), Competition among financial centres in Asia-Pacific: Prospects, benefits, risks and policy challenges (pp. 231–244). Singapore: Institute of Southeast Asian Studies.
Ye, G. (2012, January 8). HK approves first set of RQFII funds. Financial Times. http://www.ft.com/intl/cms/s/0/9aa4d2f8-3852-11e1-9d07-00144feabdc0.html#axzz1v8osjof8. Accessed 31 July 2012.
Yiu, E. (2013, July 19). Investors want more details on Qianhai. South China Morning Post. http://www.scmp.com/business/china-business/article/1285700/investors-want-more-details-qianhai. Accessed 15 Aug 2013.
Yu, J. (2013, January 23). Investors wary of new QDII prospects. South China Morning Post. http://www.scmp.com/business/money/markets-investing/article/1132555/investors-wary-new-qdii-prospects. Accessed 15 Aug 2013.
Zhou, X. (2006). China’s corporate bond market development: Lessons learned. In BIS, Developing corporate bond markets in Asia. Proceedings of a BIS/PBC seminar held in Kunming on 17–18 November 2005 (BIS Papers, No. 26, pp. 7–10). Basel: Bank for International Settlements. http://www.bis.org/arp/conf_0602.pdf. Accessed 9 Aug 2013.
Zysman, J. (1983). Governments, markets, and growth: Financial systems and the politics of industrial change. Ithaca: Cornell University Press.
- Financial Repression and Structural Financial Power
- Chapter 3
Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, Best Practices zu agiler Qualität