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The People's Republic of China has completed the first decade of economic reform with remarkable achievements. At the same time, it is encountering severe economic problems in runaway inflation, crippling shortages, and large trade imbalances. This work uses a macroeconomic framework of development and financial repression theories to examine the PRC's performance. Improvements in the PRC's financial productivity, according to the author, can be achieved if Chinese leaders either (1) relax the real interest rate ceiling to discourage unproductive investment and free financial resources or (2) hasten the development of the equity market.
- Table of Contents
PrefaceAcknowledgmentsIntroductionFinancial Development TheoriesMacroeconomic and Financial PerformancesThe Equity Market: Trend and ProspectsFinancial Relationships and ProductivityPricing of Financial ResourcesConclusionReferences
"Of interest to any economist interested in many and finance in the Chinese reforms."
"The objective of this book is to examine and model some of the important finanical and macroeconomic relationships in China's first decade of economic reform (1979-1989), China being the first socialist country which opted for economic reform and liberalization."