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China's surging economy
Authors: ---
ISBN: 9812706275 9786611121716 1281121711 9812771409 9789812771407 9789812706270 Year: 2007 Volume: v. 11 Publisher: New Jersey World Scientific

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Abstract

The Chinese economy today is at a critical crossroads. Sustained rapid growth has given rise to structural strains as well as sectoral imbalances. It has also generated socio-economic problems such as rising income inequality, rural discontent and environmental degradation. All of these must be addressed before China can enter the next lap of high growth. Containing 12 chapters, this volume is a collaborative effort of leading economists from Beijing, Singapore and elsewhere in the region in analyzing China's economic growth prospects and their concomitant problems and constraints.


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Does Inflation in China Affect the United States and Japan?
Authors: --- ---
ISBN: 1451862962 1462303404 1451908326 9786613826374 1452767300 1283513927 Year: 2006 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

With China's share in global trade increasing rapidly, some argued in 2002-03 that China was exporting deflation to other countries as it was dumping cheap goods in mature markets. Later, others argued that China was sucking in commodities and thus causing sharp increases in global prices. The theoretical literature so far has provided mixed conclusions regarding the strength of international transmission of inflation. This paper uses a number of econometric techniques to assess the extent of the link between inflation rates between China and the United States and Japan. It finds only limited empirical evidence at the aggregate level for consumer price inflation in China leading to price changes in the United States and Japan. However, it finds some evidence that inflation in the United States has an impact on Chinese inflation, consistent with the literature that argues that inflation is propagated from the reserve currency economy to other economies. In either case, the impact is short lived. At a more disaggregate level, there appears to be stronger sector-specific linkages between prices in China and in the United States and Japan, both for food and at the household level for manufactured goods.


Book
The Big Four and the development of the accounting profession in China
Author:
ISBN: 1783504854 1783504862 9781783504862 1306490448 9781306490443 9781783504855 Year: 2014 Publisher: Bradford Emerald Group Publishing Limited

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Abstract

This volume provides a history of the domination of the Big Four in the Chinese accounting industry, explaining why China was unable to keep the market for its own accounting firms. The book details how easy access to U.S. capital markets led to major accounting scandals, and a clash between U.S. and Chinese regulators.


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People's Republic of China : 2011 Article IV Consultation.
Author:
ISBN: 1463958145 1463926650 Year: 2011 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.


Book
China : Strengthening Monetary Policy Implementation
Authors: --- ---
ISBN: 1462350798 1452745080 1283517086 9786613829535 1451910312 Year: 2007 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

The People's Bank of China (PBC) has made great strides in modernizing its monetary policy frameworks but their effectiveness will diminish as the sophistication of the economy increases. Empirical evidence supports maintaining a reference to money in China's monetary strategy and enhancing the role of interest rates in its conduct. We advocate adoption of an eclectic strategy involving the monitoring of several indicators, and of a short-term interest rate as the operational target. The PBC should be granted discretion to change its policy rate, and there are no technical obstacles for such a move to occur in the near future.


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China’s Monetary Policy and Interest Rate Liberalization : Lessons from International Experiences
Authors: --- ---
ISBN: 1484366514 1484366441 Year: 2014 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

China has been moving to a more market oriented financial system, which has implications for the monetary policy environment. The paper investigates the stability of the money demand function (MDF) in light of progress in financial sector reforms that, for example, have resulted in significant financial innovation (so-called shadow banking) and more liberalized interest rates. The analysis of international experience suggests that rapid development of the financial system often leads to structural shifts in the MDF. For example, financial innovation and liberalization alter the sensitivity of money balances to income and the interest rate. For China, we find that the stable long-run relationship between money demand, output, and interest rates that existed between 2002 and 2008 disappears after 2008. This coincides with the period of rapid financial innovation, especially the growth in off-balance sheet and nonbank financial intermediation. The results suggest that usefulness of M2 as an intermediate monetary target has declined with financial innovation and reform. A result that underscores the importance of moving toward increased reliance on more price-based targets such as interest rates.


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Assessing Default Risks for Chinese Firms : A Lost Cause?
Authors: ---
ISBN: 1513503383 1513514296 Year: 2015 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

Assessing default risks for Chinese firms is hard. Standard measures of risk using market indicators may be unreliable because of implicit guarantees, the large role played by less-informed investors, and other market imperfections. We test this assertion by estimating stand-alone 1-year default probabilities for non-financial firms in China using an equity-based structural model and debt costs. We find evidence that the equity measure of default risk is sensitive to a firm’s balance sheet health, profitability, and ownership; specifically, default probabilities are higher for weaker, less profitable, and state-owned firms. In contrast, measures based on the cost of debt seem largely detached from fundamentals and instead determined by implicit guarantees. We conclude that for individual firms, equity-based measures, while far from perfect, provide a better measure of stand-alone default risks than borrowing costs.

China's capital markets : challenges from WTO membership.
Authors: --- ---
ISBN: 9781845426569 1845426568 Year: 2007 Publisher: Cheltenham Edward Elgar

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