Financial Structural Change Liberalization And Liquidity Market Integrity In China

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Financial Structural Change, Liberalization and Liquidity Market Integrity in China

Author : Francis Mulenga Muma
Publisher : GRIN Verlag
ISBN 13 : 365624894X
Total Pages : 29 pages
Book Rating : 4.6/5 (562 download)

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Book Synopsis Financial Structural Change, Liberalization and Liquidity Market Integrity in China by : Francis Mulenga Muma

Download or read book Financial Structural Change, Liberalization and Liquidity Market Integrity in China written by Francis Mulenga Muma and published by GRIN Verlag. This book was released on 2012-07-31 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (undergraduate) from the year 2011 in the subject Economics - Monetary theory and policy, grade: A, Xiamen University (School of Economics), course: Economics, language: English, abstract: Money market refers to an exchange for buying and selling of financial and money market instruments where financial institutions make transactions of short-term financial instruments for short-term financing and liquidity management. China’s money market is mainly made up of interbank funding market and bond repurchase agreement market commonly referred to as repo market.Since the market-oriented economic reform in 1978, China has entered into a stage of financial deregulation and liberalization. With the growth of the national economy and change of national income structure, China’s finance has increased rapidly, which has brought a great deal of changes in the financial structure. In 1978, broad money (M2) balance was near RMB150 billion yuan. By the end of 2001, M2 balance was up to RMB16,000 billion yuan, an increase of over 100 times in the past twenty years, implying a growth rate of 5 percent a year in 20 years. However, with this financial development and deepening, China needs to liberalize the financial market further and let the liquidity conditions reflect the market realities and integrity. Some scholars argue that China’s financial liberalization remains incomplete as the behavior of short-term market-determined interest rates is influenced by regulated rates. This paper argues that to have integrity of the market China should further liberalize its retail interest rates to allow all interest rates to better reflect liquidity conditions and the scarcity of capital. China has taken important steps to liberalize its interest rates. Short-term interbank interest rates were liberalized initially, financial and treasury bond yields were liberalized soon after, followed later by the liberalization of the corporate fixed income market. The creation of the short-term financing bond in 2005 and medium-term financing note in 2008, with unregulated interest rates and liberal issuance criteria, were major advances in the development of the corporate financing market. In 2007, seeking to make interest rates better reflect market conditions and create a more stable benchmark yield curve at longer maturities, the Chinese authorities also launched the Shanghai Interbank Offered Rate (SHIBOR) benchmark rate system.In so doing we hope this will reflect a better and genuine financial Liberalization with integrity of the market that is more aspiring and creates market confidence. Keywords: Financial Liberalization, Integrity of the Market.

Financial Reform and Economic Development in China

Author : James Laurenceson
Publisher : Edward Elgar Publishing
ISBN 13 : 9781843767190
Total Pages : 188 pages
Book Rating : 4.7/5 (671 download)

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Book Synopsis Financial Reform and Economic Development in China by : James Laurenceson

Download or read book Financial Reform and Economic Development in China written by James Laurenceson and published by Edward Elgar Publishing. This book was released on 2003-01-01 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's prospects of successfully completing the transition to a market economy and becoming the world's largest economy during the 21st Century depend on the future sustainability of high rates of economic growth. This book is a comprehensive, balanced and realistic assessment of China's financial reform program and future direction. Covering not only the banking sector but also non-bank financial institutions, stock market development and external financial liberalization, the authors examine the impact of financial reform on economic development in China during the reform period. This volume will facilitate a more accurate assessment of the Chinese approach to financial reform, and will therefore allow more informed future policy choices for both China and other developing and transitional countries.

Repo Market and Structure of Short Term Interest Rates in China

Author : Francis Mulenga Muma
Publisher : GRIN Verlag
ISBN 13 : 3656427461
Total Pages : 28 pages
Book Rating : 4.6/5 (564 download)

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Book Synopsis Repo Market and Structure of Short Term Interest Rates in China by : Francis Mulenga Muma

Download or read book Repo Market and Structure of Short Term Interest Rates in China written by Francis Mulenga Muma and published by GRIN Verlag. This book was released on 2013-05-10 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2011 im Fachbereich BWL - Bank, Börse, Versicherung, Xiamen University, Sprache: Deutsch, Abstract: Money market refers to the market where financial institutions make transactions of short-term financial instruments for short-term financing and liquidity management. China’s money market is mainly made up of interbank funding market and bond repurchase agreement market commonly referred to as repo market. Some scholars argue that China’s financial liberalization remains incomplete as the behaviour of short-term market-determined interest rates is influenced by regulated rates. This paper argues that to have integrity of the market China should further liberalize its retail interest rates to allow all interest rates to better reflect liquidity conditions and the scarcity of capital. At present, the relevant research of the term structure of interest rates of China is mostly directed against a certain specific market or a certain specific method, lacking market integrality. For constructing a systemic, scientific term structure of interest rate of China, respective term structure of interest rate is deduced from the treasury bond market, bank deposit market, inter-bank borrowing market, bank repo market, and RMB interest rate swap market. And then according to different weights, a synthesized term structure of interest rate of China is constructed out. Finally, empirical research is carried on by use of this method. Empirical results show that the method is better than the traditional methods, and the synthesized term structure curve of interest rate by the method is between various kinds of term structure curves by the traditional methods, reflecting the situation and information of each market on the whole. Since the market-oriented economic reform in 1978, China has entered into a stage of financial deregulation and liberalization. With the growth of the national economy and change of national income structure, China’s finance has increased rapidly, which brought great changes in the financial structure. In 1978, broad money (M2) balance was near RMB150 billion yuan. By the end of 2001, broad money balance was up to RMB16000 billion yuan, an increase of over 100 times in the past twenty years.

China's Financial Sector Reform in the Transition to a Market Economy

Author : Feng Wei
Publisher : LIT Verlag Münster
ISBN 13 :
Total Pages : 332 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis China's Financial Sector Reform in the Transition to a Market Economy by : Feng Wei

Download or read book China's Financial Sector Reform in the Transition to a Market Economy written by Feng Wei and published by LIT Verlag Münster. This book was released on 2000 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: " The book is a problem-oriented study of China's financial sector in the transitional process since 1979. It provides deep and precise insights into the characteristics and problems of China's financial sector with respect to investment finance, the central banking and commercial banking systems, the financial market, and the legal and institutional framework of bank supervision in China. More importantly, the book has also proposed workable strategies for resolving two acute problems: interest rate liberalization and solving the issue of non-performing loans in China's banking system. The recent financial crisis in Asia is also a subject of the book, especially as regards its effects on the banking sector, stock markets, and extemal financial market liberalization in China. Furthermore, a projection is made about the trends in Chinese economic policies, particularly the interest rate policy, the exchange rate policy, and the fiscal policy, and about the perspectives of China's financial sector reform. This book is a valuable reference for academic researchers, investors, business managers, and policy-makers who are concemed with China's banking and financial system. "

Impact of Financial Liberalisation on Stock Market Liquidity

Author : Jess Lee
Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Impact of Financial Liberalisation on Stock Market Liquidity by : Jess Lee

Download or read book Impact of Financial Liberalisation on Stock Market Liquidity written by Jess Lee and published by . This book was released on 2009 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the impact of the recent financial reforms in China. Following the country's accession to the World Trade Organization, financial liberalisation has picked up considerable momentum. Measures introduced encompass deregulation in the banking sector and refinements in various financial markets, as well as allowing more freedom for Chinese and foreign investors to participate and interact domestically and overseas. Compared to other studies on financial liberalisation, this study focuses on a relatively narrower aspect of financial reforms namely, the impact on stock market liquidity. Using a panel data set drawn from the Shanghai stock market, we find a positive and significant liquidity impact associated with the recent round of measures, which reflects not only an improvement in capital allocation efficiency in China's equity market but, from a financial stability point of view, also a reduction in its vulnerability. The finding also provides evidence on one of the important channels in which financial liberalisation can be transformed into economic growth over time.

Financial Market Regulation and Reforms in Emerging Markets

Author : Masahiro Kawai
Publisher : Brookings Institution Press
ISBN 13 : 0815704895
Total Pages : 441 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis Financial Market Regulation and Reforms in Emerging Markets by : Masahiro Kawai

Download or read book Financial Market Regulation and Reforms in Emerging Markets written by Masahiro Kawai and published by Brookings Institution Press. This book was released on 2011 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.

China's Financial System

Author : Franklin Allen
Publisher :
ISBN 13 : 9781680830606
Total Pages : 140 pages
Book Rating : 4.8/5 (36 download)

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Book Synopsis China's Financial System by : Franklin Allen

Download or read book China's Financial System written by Franklin Allen and published by . This book was released on 2015-11-18 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a review of China's financial system and compares it to other financial systems. It reviews what has worked and what has not within the markets and intermediaries in China, the effects of the recent development of China's financial system on the economy, and a non-standard financial sector operating beyond the markets and banking sectors.

Global Financial Stability Report, October 2017

Author : International Monetary Fund. Monetary and Financial Systems Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484308395
Total Pages : 139 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Global Financial Stability Report, October 2017 by : International Monetary Fund. Monetary and Financial Systems Dept.

Download or read book Global Financial Stability Report, October 2017 written by International Monetary Fund. Monetary and Financial Systems Dept. and published by International Monetary Fund. This book was released on 2017-10-11 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: The October 2017 Global Financial Stability Report finds that the global financial system continues to strengthen in response to extraordinary policy support, regulatory enhancements, and the cyclical upturn in growth. It also includes a chapter that examines the short- and medium-term implications for economic growth and financial stability of the past decades’ rise in household debt. It documents large differences in household debt-to-GDP ratios across countries but a common increasing trajectory that was moderated but not reversed by the global financial crisis. Another chapter develops a new macroeconomic measure of financial stability by linking financial conditions to the probability distribution of future GDP growth and applies it to a set of 20 major advanced and emerging market economies. The chapter shows that changes in financial conditions shift the whole distribution of future GDP growth.

Financial Sector Crisis and Restructuring

Author : Carl-Johan Lindgren
Publisher :
ISBN 13 : 9781557758712
Total Pages : 103 pages
Book Rating : 4.7/5 (587 download)

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Book Synopsis Financial Sector Crisis and Restructuring by : Carl-Johan Lindgren

Download or read book Financial Sector Crisis and Restructuring written by Carl-Johan Lindgren and published by . This book was released on 1999 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt: An IMF paper reviewing the policy responses of Indonesia, Korea and Thailand to the 1997 Asian crisis, comparing the actions of these three countries with those of Malaysia and the Philippines. Although all judgements are still tentative, important lessons can be learned from the experiences of the last two years.

Emerging Capital Markets and Globalization

Author : Augusto de la Torre
Publisher : World Bank Publications
ISBN 13 : 0821365444
Total Pages : 232 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Emerging Capital Markets and Globalization by : Augusto de la Torre

Download or read book Emerging Capital Markets and Globalization written by Augusto de la Torre and published by World Bank Publications. This book was released on 2006-10-20 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.

Emerging Market Economies and Financial Globalization

Author : Leonardo E. Stanley
Publisher : Anthem Press
ISBN 13 : 1783086750
Total Pages : 260 pages
Book Rating : 4.7/5 (83 download)

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Book Synopsis Emerging Market Economies and Financial Globalization by : Leonardo E. Stanley

Download or read book Emerging Market Economies and Financial Globalization written by Leonardo E. Stanley and published by Anthem Press. This book was released on 2018-03-15 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the situation generated at emerging markets in the South, nobody at the North was ready to acknowledge the pro-cyclicality of the financial system and the inner weakness of “decontrolled” financial innovations because they were enjoying from the “great moderation.” Monetary policy was primarily centered on price stability objectives, without considering the mounting credit and asset price booms being generated by market liquidity and the problems generated by this glut. Mainstream economists, in turn, were not majorly attracted in integrating financial factors in their models. External pressures on emerging market economies (EMEs) were not eliminated after 2008, but even increased as international capital flows augmented in relevance thereafter. Initially economic authorities accurately responded to the challenge, but unconventional monetary policies in the US began to create important spillovers in EMEs. Furthermore, in contrast to a previous surge in liquidity, funds were now transmitted to EMEs throughout the bond market. The perspective of an increase in US interest rates by the FED is generating a reversal of expectations and a sudden flight to quality. Emerging countries’ currencies began to experience higher volatility levels, and depreciation movements against a newly strong US dollar are also increasingly observed. Consequently, there are increasing doubts that the “unexpected” favorable outcome observed in most EMEs at the aftermath of the Global Financial Crisis (GFC) would remain.

The Inter-Bank Bond Market in the People’s Republic of China

Author : Asian Development Bank
Publisher : Asian Development Bank
ISBN 13 : 9292623427
Total Pages : 347 pages
Book Rating : 4.2/5 (926 download)

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Book Synopsis The Inter-Bank Bond Market in the People’s Republic of China by : Asian Development Bank

Download or read book The Inter-Bank Bond Market in the People’s Republic of China written by Asian Development Bank and published by Asian Development Bank. This book was released on 2020-08-01 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ASEAN+3 Bond Market Guide series provides country-specific information on the investment climate, rules, laws, opportunities, and characteristics of local bond markets in Asia and the Pacific. It aims to help bond market issuers, investors, and financial intermediaries understand the local context and encourage greater participation in the region’s rapidly developing bond markets. This edition focuses on the Inter-Bank Bond Market in the People’s Republic of China, which is one of the country’s most important bond markets and one of only two that are accessible to foreign investment.

Staff Guidance Note on Macroprudential Policy

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498342620
Total Pages : 45 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Staff Guidance Note on Macroprudential Policy by : International Monetary Fund

Download or read book Staff Guidance Note on Macroprudential Policy written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-06-11 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides guidance to facilitate the staff’s advice on macroprudential policy in Fund surveillance. It elaborates on the principles set out in the “Key Aspects of Macroprudential Policy,” taking into account the work of international standard setters as well as the evolving country experience with macroprudential policy. The main note is accompanied by supplements offering Detailed Guidance on Instruments and Considerations for Low Income Countries

Asian Perspectives on Financial Sector Reforms and Regulation

Author : Masahiro Kawai
Publisher : Brookings Institution Press
ISBN 13 : 0815722109
Total Pages : 338 pages
Book Rating : 4.8/5 (157 download)

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Book Synopsis Asian Perspectives on Financial Sector Reforms and Regulation by : Masahiro Kawai

Download or read book Asian Perspectives on Financial Sector Reforms and Regulation written by Masahiro Kawai and published by Brookings Institution Press. This book was released on 2011 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Examines Asia's emerging markets, which survived the financial debacle of 2008-09 with only modest declines in growth; discusses activities that could dampen continuing development in these markets including inflation, surging capital inflows, asset and credit bubbles, and rapid currency appreciation; and offers strategies to promote financial stability"--Provided by publisher.

Development Centre Studies Chinese Economic Performance in the Long Run

Author : Maddison Angus
Publisher : OECD Publishing
ISBN 13 : 9264163557
Total Pages : 196 pages
Book Rating : 4.2/5 (641 download)

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Book Synopsis Development Centre Studies Chinese Economic Performance in the Long Run by : Maddison Angus

Download or read book Development Centre Studies Chinese Economic Performance in the Long Run written by Maddison Angus and published by OECD Publishing. This book was released on 1998-09-25 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study provides a major reassessment of the scale and scope of China’s resurgence over the past half century, employing quantitative measurement techniques which are standard practice in OECD countries, but which have not hitherto been available for China.

China’s Grand Strategy

Author : Andrew Scobell
Publisher : Rand Corporation
ISBN 13 : 1977404200
Total Pages : 155 pages
Book Rating : 4.9/5 (774 download)

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Book Synopsis China’s Grand Strategy by : Andrew Scobell

Download or read book China’s Grand Strategy written by Andrew Scobell and published by Rand Corporation. This book was released on 2020-07-27 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: To explore what extended competition between the United States and China might entail out to 2050, the authors of this report identified and characterized China’s grand strategy, analyzed its component national strategies (diplomacy, economics, science and technology, and military affairs), and assessed how successful China might be at implementing these over the next three decades.

People’s Republic of China

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1475502966
Total Pages : 106 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis People’s Republic of China by : International Monetary Fund

Download or read book People’s Republic of China written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-04-05 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed assessment report on the observance of China’s compliance of Basel Core Principles for effective banking supervision is presented. Regulation and supervision of China’s banking system has made impressive progress in the past few years, led by an activist, forward-looking regulator, the China Banking Regulatory Commission, with a clear safety and soundness mandate that has been supported by banks and by the State. The macroeconomic environment is characterized by rapid growth, with concerns about overheating and asset price overvaluation.