Financial Systems at the Crossroads

Financial Systems at the Crossroads: Lessons for China is written by leading financial experts to study the causes of financial disasters internationally. The research team is drawn from the global research networks of three leading universities: the Antai College of Economics and Management at Shanghai Jiao Tong University, the School of Economics at Fudan University, and the Earth Institute at Columbia University.

This review volume identifies the regulatory framework to guide the emergence of efficient financial institutions that are prudent; and to specify the required institutional mechanisms to prevent and resolve systemic collapse. It examines the specific circumstances of China to come up with a comprehensive agenda to reform China's financial sector. It provides in-depth analysis of China's financial industry to show its future evolution and offers lessons for developing a financial system that is efficient, innovative and resilient.

Contents:Analytical Overview:Mobilising the Financial Sector Efficiently and Safely for Sustaining the Transformation of the Chinese Economy (Yingli Pan, Jeffrey Sachs, Wing Thye Woo and Qi Zhu)Understanding the Important Lessons from the International Experience:How the Financial Sector in the US Became Lawless and Unstable (Jeffrey D Sachs)Systemic Lack of Prudence in Wealthy Nations: Avoiding the Dark Side of Financial Development (Peter Boone and Simon Johnson)Lessons from the Financial Liberalization in the Nordic Countries in the 1980's (Seppo Honkapohja)Asian Financial Markets and Financial Internationalization in China (Kiyohiko Nishimura)Tokyo's Ultimately Failed Bid for First Tier International Financial Centre Status: Why Did It Fall Short and What Are the Lessons for Shanghai? (Huw McKay)Designing the Right Financial System for China:The Great Accommodation: Chinese Central Banking in the New Millennium (Junhui Qian)The Structural Friction in China's Banking System: Causes, Measurement and Solutions (Hongzhong Liu)Credit Rationing, Bank Bailouts, and the Deleterious Impact of Credit: Evidence from China (Jean-Louis Arcand)The Options for Reforming the Renminbi Exchange Rate Regime (Yingli Pan, Jing Nie, Si Zhou and Xinru Wu)The Internationalization of the Renminbi in Accordance with China's National Interests and Global Responsibilities (Yingli Pan, Yingfeng Xu and Jun Wu)Reforming China's Rural Financial Market (Wing Thye Woo and Xi Zhu)
Readership: Graduate students and researchers in financial industry, financial analysts and China-watchers.