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This book provides an overview on the global financial crisis and a detailed study of its impact on China. It covers topics such as China's response to tackling the crisis and its impact on her once mighty manufacturing industry. Standing Up to the Challenge will also investigate its effect on China's property and stock markets, and explore whether the crisis will have a positive effect with regard to China's overseas investments thus acting as an impetus for its Western development process. Written in a simple and accessible manner, this book can be used as a reference source by students and academics interested in China's economy and the global financial crisis.
The Asian financial crisis has grown and spread. But China is the one economy in the Asia-Pacific region that has remained apparently unaffected by the present financial turmoil. Will China's financial sector be the next domino to fall? These papers will address this question by examining various pros and cons together with their backgrounds.
This book is a challenging volume by distinguished, leading scholars of East Asian political economy; it provides a distinct alternative to simplistic accounts of the Asian crisis which generally swing between an emphasis on convergence imposed by global economic forces, and the resurrection of the special patterns of East Asian economic governance. The authors argue that global forces and domestic structures are engendering new forms of economic and political regulation in East Asia. While these signal the death knell of the developmental state, this in itself does not presuppose a convergence towards a standard model of global capitalism. The arguments in this book will contribute significantly to the construction of a new research agenda for comparative political economy at the dawn of a new century. Politics and Markets in the Wake of the Asian Crisis covers a range of East Asian countries including the People's Republic of China, South Korea, Indonesia, Thailand and Malaysia. All the studies are linked together by a common endeavour to explore the dynamic interaction between global economic forces and domestic structures. The book is at the cutting edge of the study of East Asian political economy, and is distinguished by the attention it pays to the regional and international context of the crisis. It also contains theoretically sophisticated analyses of organisations such as APEC and the IMF.
The current financial crisis provides a valuable occasion for the world to re-examine the grand statements of wisdom which dominate the financial world for a long time. The impact is extremely serious as a result of the convergence of a number of factors such as huge current account deficits of the United States, globalization, deregulation, loose monetary policy, and excessive liquidity. This book seeks to address the critical issues in deregulation, derivatives, leveraging, remuneration systems, and rating agencies.This book will also examine Asia's response and why Asian economies have been less affected by the global financial crisis. Are corporate governance, culture, management styles or even a state-led model the main reasons? Would the Asian sovereign funds help to be the last line of defense against the excesses of the crisis? Is the US$80 billion Asian crisis fund envisaged as the first instance of a coordinated East Asian response to the crisis and would this truly underpin the creation of an East Asian regional order? This book reaffims the need for banks and financial institutions to provide value-adding services, exercise prudence and due diligence and pay due regard for societal interest.
Victim, not instigator of the Asian Financial Crisis, Hong Kong was the only economy that succeeded in defending its fully convertible currency, indeed its entire financial system, against speculators, but the price it paid for success has been deep recession. Jao gives an objective, even-handed account and analysis. Without political or ideological preconsiderations he shows how Hong Kong authorities handled their intervention in the equity market in August 1998. Explaining the conventional wisdom that no fixed exchange rate regime can hold out for long against massive speculation. He goes further to show that Hong Kong contributed not only to the eventual easing of the AFC, but to economic stability throughout Asia as well. Jao opens with a discussion of the nature, causes, and consequences of the AFC. After an overview of Hong Kong's economic and financial fundamentals on the eve of the crisis, he examines the impact it had up close. He examines the massive speculation against the Hong Kong dollar, explaining why speculators were defeated. The AFC's impact on the assets market are also explored. He also analyzes the impact on the financial sector and the real economy. Jao studies and answers two hard questions: why was the economic downturn so severe and why was the territory initially a laggard in economic recovery? He then takes up China's role, and presents an objective, balanced view of Hong Kong's money and finance under Chinese sovereignty, followed by a discussion of how China herself coped with the AFC. The book concludes with an in-depth discussion of the lessons the AFC has taught us and the author's reflections on post-AFC issues.
This electronic version has been made available under a Creative Commons (BY-NC-ND) open access license. The Asian financial crisis of 1997-98 shook the foundations of the global economy and what began as a localised currency crisis soon engulfed the entire Asian region. What went wrong and how did the Asian economies long considered 'miracles' respond? How did the United States, Japan and other G-7 countries respond to the crisis? What role did the IMF play?. Why did China, which suffers many of the same structural problems responsible for the crisis remain conspicuously insulated from the turmoil raging in its midst?. What explains the remarkable recovery now underway in Asia? In what fundamental ways did the Asian crisis serve as a catalyst to the current thinking about the "new international financial architecture"?. This book provides answers to all the above questions and more, and gives a comprehensive account of how the international economic order operates, examines its strengths and weaknesses, and what needs to be done to fix it.
This book examines the need for greater East Asian cooperation and the challenges to this grand endeavor. With differing national outlooks, how can East Asia preserve peace, prosperity and stability amidst geopolitical competition? To answer this question, the volume examines the political and economic relations between Beijing and its neighbors against the backdrop of two trends: the power shift from the West to the East in the aftermath of the American Financial Crisis and the ongoing eurozone crisis, as well as the rise of China.
The western world attributed China’s role as world’s largest financer of the developed world and third largest economy in the world to new economic efficiencies, a revolution in risk management and its own wise policies. China and the Credit Crisis argues that if the extent of the role played in the new prosperity by an emerging China, and the fundamental nature of the changes it brought had been better understood, more appropriate policies and actions would have been adopted at the time which could have avoided the crash, or at least limited its impact. China’s Credit Crisis examines the larger role that China will play in the recovery from the current credit crisis and in the post-crisis world. It addresses the major questions which arise from the financial crisis and discuss the landscape of the post-credit crisis world, initially by continuing to provide growth to a world deep in recession, and later by sharing global economic and political leadership
The turmoil that has rocked Asian markets since the middle of 1997, and that is now having such deep effects on the economies in the region, is the third major currency crisis of the 1990s. This study explains how the Asian crisis arose and spread. It then outlines the corrective policy measures that could help end the crisis, and the shortcomings that have been revealed in the international financial system that require reform to reduce the chances of a recurrence.