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Austerity and Moral Compromise: Lessons from the Development of China's Banking System

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  • Tobin, Damian

Abstract

Summary China's state-owned banks have demonstrated a tremendous capacity for change, but their implications for development policy are often unclear. The paper examines why the pre-reform banking system based on moral compromise almost seamlessly changed to one based on self-advancement. Focusing on a period when resources were desperately short, the paper argues that China's great advantage has been Hong Kong and the safe access to international markets it provided. Consequently China's leadership is more familiar with international markets than is often assumed, and although capitalism is no longer exceptional, access to formal institutions continues to be a core development priority in achieving modernization.

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Bibliographic Info

Article provided by Elsevier in its journal World Development.

Volume (Year): 39 (2011)
Issue (Month): 5 (May)
Pages: 700-711

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Handle: RePEc:eee:wdevel:v:39:y:2011:i:5:p:700-711

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Web page: http://www.elsevier.com/locate/worlddev

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Keywords: Asia China banking institutions economic systems trade;

References

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  1. Leo F. Goodstadt, 2006. "Painful Transitions: The Impact of Economic Growth and Government Policies on Hong Kong's 'Chinese' Banks, 1945-70," Working Papers 162006, Hong Kong Institute for Monetary Research.
  2. Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 893-921, October.
  3. Schenk, Catherine R., 2002. "Banks and the emergence of Hong Kong as an international financial center," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 12(4-5), pages 321-340.
  4. Daron Acemoglu & Simon Johnson & James A. Robinson, 2000. "The Colonial Origins of Comparative Development: An Empirical Investigation," NBER Working Papers 7771, National Bureau of Economic Research, Inc.
  5. Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, vol. 80(2), pages 92-96, May.
  6. Leo F. Goodstadt, 2006. "Government without Statistics: Policy-making in Hong Kong 1925-85, with special reference to Economic and Financial Management," Working Papers 062006, Hong Kong Institute for Monetary Research.
  7. Tobin, Damian & Sun, Laixiang, 2009. "International Listing as a Means to Mobilize the Benefits of Financial Globalization: Micro-level Evidence from China," World Development, Elsevier, vol. 37(4), pages 825-838, April.
  8. Huang,Yasheng, 2008. "Capitalism with Chinese Characteristics," Cambridge Books, Cambridge University Press, number 9780521898102.
  9. Catherine Schenk, 2009. "'Parasitic invasions' or sources of good governance: Constraining foreign competition in Hong Kong banking, 1965-81," Business History, Taylor & Francis Journals, vol. 51(2), pages 157-180.
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