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Maintaining Financial Stability in the People's Republic of China during Financial Liberalization

Listed author(s):
  • Nicholas Borst

    (Federal Reserve Bank of San Francisco)

  • Nicholas Lardy

    ()

    (Peterson Institute for International Economics)

Registered author(s):

    The banking system of the People's Republic of China (PRC) is now the largest in the world, and its capital markets are rapidly approaching the size of those in the advanced economies. This paper traces the evolution of the PRC's financial system away from a traditional bank-dominated and state-directed financial system toward a more complex, market-based system and analyzes the optimal sequence of financial reforms needed to manage the new risks accompanying this evolution.

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    File URL: https://piie.com/publications/working-papers/maintaining-financial-stability-peoples-republic-china-during-financial
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    Paper provided by Peterson Institute for International Economics in its series Working Paper Series with number WP15-4.

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    Date of creation: Mar 2015
    Handle: RePEc:iie:wpaper:wp15-4
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    1. Li, Cindy, 2014. "China’s interest rate liberalization reform," Asia Focus, Federal Reserve Bank of San Francisco, issue May.
    2. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
    3. Hooley, John, 2013. "Bringing down the Great Wall? Global implications of capital account liberalisation in China," Bank of England Quarterly Bulletin, Bank of England, vol. 53(4), pages 304-315.
    4. Nicholas R. Lardy, 2014. "Markets over Mao: The Rise of Private Business in China," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 6932, November.
    5. Dong He & Honglin Wang & Xiangrong Yu, 2015. "Interest Rate Determination in China: Past, Present, and Future," International Journal of Central Banking, International Journal of Central Banking, vol. 11(4), pages 255-277, December.
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