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The Rise of the People's Bank of China: The Politics of Institutional Change

Author

Listed:
  • Bell, Stephen

    (University of Queensland)

  • Feng, Hui

    (University of Queensland)

Abstract

With $4.5 trillion in total assets, the People’s Bank of China now surpasses the U.S. Federal Reserve as the world’s biggest central bank. The Rise of the People’s Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank’s ascent to Beijing’s policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC—benefitting from political patronage and perceptions of its unique professional competency—found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China’s exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People’s Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.

Suggested Citation

  • Bell, Stephen & Feng, Hui, 2013. "The Rise of the People's Bank of China: The Politics of Institutional Change," Economics Books, Harvard University Press, number 9780674072497, December.
  • Handle: RePEc:hup:pbooks:9780674072497
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    Citations

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    Cited by:

    1. Joshua Hall & Yang Zhou, 2017. "The Sinuous Dragon: Economic Freedom and Economic Growth in China," Working Papers 17-12, Department of Economics, West Virginia University.
    2. Sun, Rongrong, 2015. "What measures Chinese monetary policy?," Journal of International Money and Finance, Elsevier, vol. 59(C), pages 263-286.
    3. repec:wsi:jicepx:v:05:y:2014:i:02:n:s1793993314500033 is not listed on IDEAS
    4. Paul G. Egan & Anthony J. Leddin, 2016. "Examining Monetary Policy Transmission in the People's Republic of China–Structural Change Models with a Monetary Policy Index," Asian Development Review, MIT Press, vol. 33(1), pages 74-110, March.
    5. repec:eee:ecmode:v:68:y:2018:i:c:p:32-40 is not listed on IDEAS
    6. repec:kap:asiaeu:v:15:y:2017:i:2:d:10.1007_s10308-017-0473-6 is not listed on IDEAS
    7. Orhan Hilmi Yazar, 2015. "Regulation with Chinese Characteristics: Deciphering Banking Regulation in China," Journal of Current Chinese Affairs - China aktuell, Institute of Asian Studies, GIGA German Institute of Global and Area Studies, Hamburg, vol. 44(2), pages 135-166.
    8. Hyoung-kyu Chey & Yu Wai Vic Li, 2016. "Bringing the Central Bank into the Study of Currency Internationalization: Monetary Policy, Independence, and Internationalization," GRIPS Discussion Papers 15-23, National Graduate Institute for Policy Studies.

    More about this item

    Keywords

    Chinese central bank; Chinese monetary policy; controlling inflation; internationalizing the renminbi;

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services

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