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on China |
| By: | Beoy Kui Ng (Division of Economics,School of Humanities and Social Sciences, Nanyang Technological University, Singapore) |
| Abstract: | China has been delaying its adoption of a flexible exchange rate system with free capital flows. The main excuse is that its financial sector is still in its fragile stage and is not able to withstand any external shocks. A big bang approach towards such liberalization will only lead to financial crisis as observed by experiences of many Asia-Pacific countries during the Asian Financial Crisis. With this in mind, this paper attempts to uncover the approach and strategies adopted by China in its banking reform since 1978 and then assess these reform measures in macroeconomic perspective. The paper argues that since China is still lingering on export-oriented strategy in promoting economic growth and monetary independence for demand management is still a long way to go, it is still in China’s best interest not to adopt a flexible exchange rate system at this point of time. As to capital account liberalization, the main focus is to engineer a controlled and systematic capital outflows through outward investment in particular portfolio investment. At the micro level, China should continue its banking reforms until the financial sector is strong enough to withstand the severe pressure of globalization. By then, will China, with its matured financial system be ready to consider the adoption of a flexible exchange system with free capital flows. |
| Keywords: | China, banking reform, non-performing loans, state-owned enterprises, corporate governance, regulation and supervision, financial liberalization |
| JEL: | E44 E5 G2 O16 O5 |
| Date: | 2007–07 |
| URL: | http://d.repec.org/n?u=RePEc:nan:wpaper:0707&r=cna |
| By: | EL KAROUNI, Ilyess |
| Abstract: | Culture of a society reflects its social values. So, through Chinese experience, we want to show that institutional change is not only an economic or a political process but fundamentally a cultural one. It is therefore based on a change in values and mentalities. Like in a chemical reaction, we discern initial conditions, factors which triggered the reaction, catalysts and elements of synthesis. Chinese institutional change per se derived from a cultural shock induced by the Chinese economic, political and cultural opening which acts as trigger. The remain paper deals with the other elements of the process. |
| Keywords: | China; institutional change; culture; causality |
| JEL: | P21 Z10 P51 B41 |
| Date: | 2007–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8739&r=cna |
| By: | Emily Oster; Gang Chen |
| Abstract: | Earlier work (Oster, 2005) has argued, based on existing medical literature and analysis of cross country data and vaccination programs, that parents who are carriers of hepatitis B have a higher offspring sex ratio (more boys) than non-carrier parents. Further, since a number of Asian countries, China in particular, have high hepatitis B carrier rates, Oster (2005) suggested that hepatitis B could explain a large share { approximately 50% { of Asia's \missing women". Subsequent work has questioned this conclusion. Most notably, Lin and Luoh (2008) use data from a large cohort of births in Taiwan and find only a very tiny effect of maternal hepatitis carrier status on offspring sex ratio. Although this work is quite conclusive for the case of mothers, it leaves open the possibility that paternal carrier status is driving higher sex offspring sex ratios. To test this, we collected data on the offspring gender for a cohort of 67,000 people in China who are being observed in a prospective cohort study of liver cancer; approximately 15% of these individuals are hepatitis B carriers. In this sample, we find no effect of either maternal or paternal hepatitis B carrier status on offspring sex. Carrier parents are no more likely to have male children than non-carrier parents. This finding leads us to conclude that hepatitis B cannot explain skewed sex ratios in China. |
| JEL: | J1 J16 |
| Date: | 2008–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:13971&r=cna |
| By: | EL KAROUNI, Ilyess |
| Abstract: | Without necessarily reduce it to a single cause, this article lays stress on the cultural foundations of the Chinese postsocialist transformation. The process began with what we call a «cultural shock» brought about the opening of the country and took the form of an ideological aggiornamento. Henceforth Chinese authorities attach more importance to the economy than the ideology. Deep changes occurred at all levels of Chinese economic system. Besides it is this process which allows the institutional consolidation. |
| Keywords: | Chine; Changement institutionnel; Culture |
| JEL: | P30 B52 P51 |
| Date: | 2008–05–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:8714&r=cna |