Author : Carl E. Instead of a stable series of policies producing steady growth, China's financial sector has boomed and gone bust with regularity in each decade.
The latest decade is little different. Chinese banks have become objects of political struggle while they totter under balance sheets bloated by the excessive state-directed lending and bond issuance of Looking forward, the government's response to the global financial crisis has created a banking system the stability of which can be maintained only behind the walls of a non-convertible currency, a myriad of off-balance sheet arrangements with non-public state entities and the strong support of its best borrowers--the politically potent National Champions--who are the greatest beneficiaries of the financial status quo.
China's financial system is not a model for the west and, indeed, is not a sustainable arrangement for China itself as it seeks increasingly to assert its influence internationally. This is not a story of impending collapse, but of frustrated reforms that suggests that any full opening and meaningful reform of the financial sector is not, indeed cannot be, on the government's agenda anytime soon. Author : James R. But they also offer unusual challenges and opportunities.
In the past five years, the pace of opening and reform has accelerated sharply. Recapitalization and partial privatization of the largest banks, and the allowance of some joint venture and branch operations for foreign financial institutions, are making rapid headway in developing and expanding financial services and improving access to domestic business and households.
This book provides the most extensive look available at the evolving Chinese financial system. It begins with alternative perspectives on the evolution of the financial system and the broad outlines of its prospects and potential contribution to economic growth. Three articles review broad aspects of the financial system. In Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise, Revised Edition Carl Walter and Fraser Howie go deep inside the Chinese financial machine to illuminate the social and political consequences of the unique business model that propelled China to economic powerhouse status, and question whether this rapid ascension really lives up to its reputation.
All eyes are on China, but will it really surpass the U. Walter and Howie aren't so certain, and in this revised and updated edition of Red Capitalism they examine whether or not the 21st century really will belong to China. Highlighting the importance of China's investment booms and busts for both the Chinese and the world economy, Animal Spirits with Chinese Characteristics describes the origins and evolution of the investment cycle during the command economy period.
It considers the things China did to weather the crisis, discussing the stimulus package put in place by China and how China's banks coped, but above all examines the measures which countries outside China look to China to put in place in order to better encourage and secure world-wide economic recovery, measures such as currency revaluation, tax reform and greater stimulation of domestic demand.
The book contrasts China's response to the crisis, and China's increasingly central role in the world economy, with the responses of the European Union. The book also assesses China's increasingly important regional role, in particular its dialogue with the new Japanese government, and China's positioning towards Southeast Asia, and also discusses the growth of Chinese foreign direct investment. The magnitude of our recent financial crisis mandates a firm understanding of this phenomenon before the next crisis occurs.
Boombustology provides an in-depth look at several major booms and busts and offers a solid framework for thinking about future occurrences. Examines why booms and busts are not random and can therefore be identified Focuses upon various theoretical and disciplinary lenses useful in the study of booms and busts Contains a framework for thinking about and identifying forthcoming financial bubbles including several tell-tale indicators of a forthcoming bust.
Illustrates the framework in action by evaluating China as a potential bubble in the making. Boombustology can help you achieve this elusive goal. Vikram Mansharamani is a Lecturer at Yale University and a global equity investor. The snag is the West has no playbook to help. China however, to regain control of its future, has regularly reinvented itself by understanding change's nature through traditional philosophy.
This book argues it is time to "Look to China" but stresses China's approach to managing change only supplies the process not individual policies: the how not the what. What are the rules of the game of business in today's China, and how are they likely to. The Myth of Chinese Capitalism. Martin's Press. How China Became Capitalist. How China Became Capitalist details the extraordinary, and often unanticipated, journey that China has taken over the past thirty five years in transforming itself from a closed agrarian socialist economy to an indomitable economic force in the international arena.
The authors revitalise the debate around the rise of the Chinese. Red Capitalism. The truth behind the rise of China and whether or not it will be able to maintain it How did China transform itself so quickly? China 2. This includes the growing field of social enterprise, wheremarket-based solutions can go beyond what government andphilanthropy can do to directly address society's problems. And itincludes institutional investors who have utilized impact screensand shareholder activism as a risk reduction strategy over the past30 years.
Collaborative Capitalism and the Rise of ImpactInvesting sees these movements as signs of a much morefundamental shift, as finance as a whole responds to an increasedconsumer demand for market transparency—the need to knowexactly what we are buying, where and how it was made, and who itaffects.
By putting a lens on the underlying practices that bridgeimpact investing and risk mitigation finance, the book outlines thetransformation in finance itself, driven by more cross-sector,transparent relationships in the service of creating long-termvalue for multiple stakeholders, not just shareholders.
However, when they are not managed in a socially responsible manner, restructurings may exert the negative impact on employees, shareholders, communities, and society as a whole.
It gives an insight into how Chinese firms respond to expectations of stakeholders by making social goals a part of their overall business operations. It also gives a fresh view of the new concept of socially responsible restructuring. For those seeking to promote socially responsible practices in restructuring, the book provides a unique and stimulating analysis and touchstone.
In Red Capitalism: The Fragile Financial Foundation of China's Extraordinary Rise, Revised Edition Carl Walter and Fraser Howie go deep inside the Chinese financial machine to illuminate the social and political consequences of the unique business model that propelled China to economic powerhouse status, and question whether this rapid ascension really lives up to its reputation.
All eyes are on China, but will it really surpass the U. Walter and Howie aren't so certain, and in this revised and updated edition of Red Capitalism they examine whether or not the 21st century really will belong to China. The specter of a powerful China is haunting the U. The manner in which these institutional investors invest and discharge their responsibilities as the owners of companies is, therefore, of critical importance to society as a whole.
In recent years, some of the biggest institutional investors have actively encouraged companies to improve their management of social, ethical and environmental issues. A number have also sought to explicitly analyse companies' performance on these issues and to incorporate this analysis into investment decision-making. These activities have contributed to important changes: a number of companies have committed to stabilising or reducing greenhouse gas emissions from their activities and operations, labour conditions in many retail supply chains have improved significantly, and many companies have significantly improved their governance of corporate responsibility issues.
However, to date, there has been little systematic analysis of fundamental questions such as: Do responsible investment strategies systematically result in improvements in the social, ethical and environmental performance of companies? To what extent is it in investors' interest to encourage higher standards of corporate responsibility?
Do responsible investment strategies enhance financial performance for investors? In this ground-breaking collection, Rory Sullivan and Craig Mackenzie have brought together some of the leading practitioners and commentators in the field of responsible investment to explore these questions. The contributors to this book present their views on the practicalities of implementing responsible investment strategies, the outcomes that have been achieved, the practical issues and barriers faced in implementing such strategies, and the challenges to be faced if responsible investment is to become a mainstream investment approach.
The results are both unique and surprising. This book will be mandatory reading for all those involved in the field of social and environmentally responsible investment, corporate governance and corporate social responsibility whether they be academics, researchers or practitioners. Author : Benjamin J. Fiduciary law governs how trustees, fund managers or other custodians administer the investment portfolios owned by beneficiaries.
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