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2014 | OriginalPaper | Buchkapitel

1. Introduction

verfasst von : Sandra Heep

Erschienen in: China in Global Finance

Verlag: Springer International Publishing

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Abstract

This chapter provides an introduction to the topic of the book that seeks to characterize and evaluate China’s financial power potential. It does so by analyzing the relationship between domestic financial repression and international financial power in the context of the political economy of the developmental state. On the basis of a novel theoretical framework for the analysis of the financial power potential of developmental states, it provides an in-depth analysis of China’s approach to currency internationalization, its creditor status and its policies towards the Bretton Woods institutions while contrasting the country’s present role in global finance with the position of the Japanese developmental state in the 1980s and 1990s.

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Nächstes Kapitel Financial Power and the Developmental State

For analyses of China’s growing foreign exchange reserves and its creditor status see Ma and Zhou (2009), Zhang and He (2009), Wang (2007b), Fung et al. (2007). For analyses of the internationalization of the renminbi see McCauley (2011), Yu and Gao (2011), Subacchi (2010), Dobson and Masson (2009), Murphy and Yuan (2009).

Notable exceptions to this rule have been studies by Gregory Chin and Eric Helleiner (2008) and Daniel Drezner (2009). The former has inspired this work both in terms of its approach to the subject of China’s financial power via a comparison with the case of Japan and the application of Susan Strange’s (1988) differentiation between structural and relational power.

See for example the collection of essays in Andrews (2006a).

All quotations from Chinese sources have been translated by the author.

Andrews, D. (Ed.). (2006a). International monetary power. Ithaca: Cornell University Press.

Chin, G., & Helleiner, E. (2008). China as a creditor: A rising financial power? Journal of International Affairs, 62(1), 87–102.

Dobson, W., & Masson, P. (2009). Will the renminbi become a world currency. China Economic Review, 20(1), 124–135.CrossRef

Drezner, D. (2009). Bad debts: Assessing China’s financial influence in great power politics. International Security, 34(2), 7–45.CrossRef

Fung, H.-G., Liu, Q., & Kao, E. (2007). China’s outward direct and portfolio investments. China & World Economy, 15(6), 53–68.CrossRef

Gilpin, R. (1987). The political economy of international relations. Princeton: Princeton University Press.

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. (2006). Below the state: Micro-level monetary power. In D. Andrews (Ed.), International monetary power (pp. 72–90). Ithaca: Cornell University Press.

Johnson, C. (1982). MITI and the Japanese miracle: The growth of industrial policy, 1925–1975. Stanford: Stanford University Press.

Kennedy, S. (2011). Overcoming our Middle Kingdom complex: Finding China’s place in comparative politics. In S. Kennedy (Ed.), Beyond the Middle Kingdom: Comparative perspectives on China’s capitalist transformation (pp. 3–21). Stanford: Stanford University Press.

Kroeber, A. (2011). Developmental dreams: Policy and reality in China’s economic reforms. In S. Kennedy (Ed.), Beyond the Middle Kingdom: Comparative perspectives on China’s capitalist transformation (pp. 44–65). Stanford: Stanford University Press.

Ma, G., & Zhou, H. (2009). China’s evolving external wealth and rising creditor position (BIS Working Paper, No. 286). Basel: Bank for International Settlements. http://www.bis.org/publ/work286.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.

Murphy, M., & Yuan, W. J. (2009). Is China ready to challenge the dollar? Internationalization of the renminbi and its implications for the United States. Washington, DC: Center for Strategic and International Studies. http://csis.org/files/publication/091007_Murphy_IsChinaReady_Web.pdf. Accessed 30 July 2012.

Strange, S. (1988). States and markets. London: Pinter Publishers.

Strange, S. (1990). Finance, information and power. Review of International Studies, 16(3), 259–274.CrossRef

Subacchi, P. (2010). One currency, two systems: China’s renminbi strategy (Chatham House Briefing Paper). London: Chatham House. http://www.chathamhouse.org/sites/default/files/public/Research/International%20Economics/bp1010renminbi.pdf. Accessed 31 July 2012.

Wang, X. (2007b). China as a net creditor: An indication of strength or weaknesses? China & World Economy, 15(6), 22–36.CrossRef

Yu, Y., & Gao, H. (2011). The internationalization of the renminbi. In Y.-W. Cheung & G. Ma (Eds.), Asia and China in the global economy (pp. 191–217). Hackensack: World Scientific.CrossRef

Zhang, M., & He, F. (2009). China’s sovereign wealth fund: Weakness and challenges. China & World Economy, 17(1), 101–116.CrossRef

Zysman, J. (1983). Governments, markets, and growth: Financial systems and the politics of industrial change. Ithaca: Cornell University Press.

Titel: Introduction
verfasst von: Sandra Heep
Verlag: Springer International Publishing
Buch: China in Global Finance
Print ISBN: 978-3-319-02465-3

Electronic ISBN: 978-3-319-02466-0

Copyright-Jahr: 2014
DOI: https://doi.org/10.1007/978-3-319-02466-0_1

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