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"Through a detailed examination of the Southern Weekly Incident, a prominent example of government censorship, Chen constructs a framework for understanding how the internet promotes civic participation and collective action in China"--

Information society --- Political participation --- Freedom of the press --- Censorship --- Political aspects --- Technological innovations --- Nan fang zhou mo --- Sociology --- Information superhighway --- Book censorship --- Books --- Literature --- Literature and morals --- Anticensorship activists --- Challenged books --- Expurgated books --- Intellectual freedom --- Prohibited books --- Censorship of the press --- Liberty of the press --- Press --- Press censorship --- Freedom of expression --- Government and the press --- Citizen participation --- Community action --- Community involvement --- Community participation --- Involvement, Community --- Mass political behavior --- Participation, Citizen --- Participation, Community --- Participation, Political --- Political activity --- Political behavior --- Political rights --- Social participation --- Political activists --- Politics, Practical --- Law and legislation --- Nan fang zhou mo. --- Southern Weekly --- Nanfang Zhoumo --- 南方周末 --- 南方週末 --- S06/0438 --- S11/1450 --- China: Politics and government--Policy towards press, Internet --- China: Social sciences--Journalism and the press

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Strong Chinese output growth after the Global Financial Crisis was supported by booming credit. This credit boom carries risks. International experience suggests that China’s credit growth is on a dangerous trajectory, with increasing risks of a disruptive adjustment and/or a marked growth slowdown. Several China-specific factors—high savings, current account surplus, small external debt, and various policy buffers—can help mitigate near-term risks of a disruptive adjustment and buy time to address risks. But, if the risks are left unaddressed, these mitigating factors will likely not eliminate the eventual adjustment, but make the boom larger and last longer. Hence, decisive policy action is needed to deflate the credit boom safely.

Accounting --- Money and Monetary Policy --- Public Finance --- Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) --- Macroeconomics: Consumption --- Saving --- Wealth --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Crises --- Public Administration --- Public Sector Accounting and Audits --- Debt --- Debt Management --- Sovereign Debt --- Monetary economics --- Financial reporting, financial statements --- Public finance & taxation --- Credit --- Credit booms --- Financial statements --- Public debt --- Bank credit --- Money --- Public financial management (PFM) --- Finance, Public --- Debts, Public --- China, People's Republic of

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Can the upturns and downturns in financial variables serve as early warning indicators of banking crises? Using data from 59 advanced and emerging economies, we show that financial overheating can be detected in real time. Equity prices and output gap are the best leading indicators in advanced markets; in emerging markets, these are equity and property prices and credit gap. Moreover, aggregating this information flags financial crisis many years before the crisis. Lastly, we find that the length of financial cycles is of medium-term frequency, calling into question the longer frequency widely used in the estimation of countercyclical capital buffers.

United States --- Macroeconomics --- Economics: General --- International Economics --- Banks and Banking --- Money and Monetary Policy --- Real Estate --- Financial Risk Management --- Foreign Exchange --- Informal Economy --- Underground Econom --- Business Fluctuations --- Cycles --- Financial Crises --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Nonagricultural and Nonresidential Real Estate Markets --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Economic & financial crises & disasters --- Economics of specific sectors --- Monetary economics --- Property & real estate --- Economic growth --- Financial cycles --- Financial sector policy and analysis --- Banking crises --- Financial crises --- Credit --- Money --- Land prices --- Prices --- Business cycles --- Currency crises --- Informal sector --- Economics --- Housing --- Crisis management

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This paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial intermediatires and a corresponding price series. Using price and quantity indicators simultaneously, it is possible to distinguish between shocks to the supply and demand for global liquidity, and isolate their impact on the economy. Our results confirm that global liquidity conditions matter for economic and financial stability, and points to indicators whose regular monitoring could be valuable to policymakers. .

Liquidity (Economics) --- Economic development. --- Development, Economic --- Economic growth --- Growth, Economic --- Assets, Frozen --- Frozen assets --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Finance --- E-books --- Accounting --- Finance: General --- Macroeconomics --- Economic Theory --- Financial Crises --- International Financial Markets --- General Financial Markets: Government Policy and Regulation --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- 'Panel Data Models --- Spatio-temporal Models' --- Portfolio Choice --- Investment Decisions --- Agriculture: Aggregate Supply and Demand Analysis --- Prices --- Public Administration --- Public Sector Accounting and Audits --- Economic theory & philosophy --- Financial reporting, financial statements --- Economic & financial crises & disasters --- Liquidity --- International liquidity --- Supply shocks --- Financial statements --- Global financial crisis of 2008-2009 --- Asset and liability management --- Economic theory --- Public financial management (PFM) --- Financial crises --- International finance --- Supply and demand --- Finance, Public --- Global Financial Crisis, 2008-2009 --- United States --- Panel Data Models --- Spatio-temporal Models

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The Global Financial Crisis has reopened discussions on the role of the monetary policy in preserving financial stability. Determining whether monetary policy affects financial variables domestically—especially compared to the effects of macroprudential policies— and across borders, is crucial in this context. This paper looks into these issues using U.S. exogenous monetary policy shocks and macroprudential policy measures. Estimates indicate that monetary policy shocks have significant and persistent effects on financial conditions and can attenuate long-term financial instability. In contrast, the impact of macroprudential policy measures is generally more immediate but shorter-lasting. Also, while an exogenous increase in U.S. monetary policy rates tends to reduce credit and house prices in other countries—with the effects varying with country-specific characteristics—an increase driven by improved U.S. economic conditions tends to have the opposite effect. Finally, we do not find evidence of cross-border spillover effects associated with U.S. macroprudential policies.

Finance: General --- Macroeconomics --- Money and Monetary Policy --- Monetary Policy --- Central Banks and Their Policies --- Business Fluctuations --- Cycles --- Financial Crises --- Financial Markets and the Macroeconomy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- General Financial Markets: Government Policy and Regulation --- Monetary economics --- Finance --- Macroprudential policy instruments --- Macroprudential policy --- Credit --- Financial sector stability --- Bank credit --- Financial sector policy and analysis --- Money --- Economic policy --- Financial services industry --- United States