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Red Capitalism : The Fragile Financial Foundation of China's Extraordinary Rise by Fraser Howie and Carl Walter (2012, Hardcover)
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About this product
Product Identifiers
PublisherWiley & Sons, Incorporated, John
ISBN-101118255100
ISBN-139781118255100
eBay Product ID (ePID)111414850
Product Key Features
Number of Pages260 Pages
LanguageEnglish
Publication NameRed Capitalism : the Fragile Financial Foundation of China's Extraordinary Rise
Publication Year2012
SubjectFinance / General, Economic Conditions, Economics / General, Industries / Financial Services, Public Policy / Economic Policy, Economics / Comparative
FeaturesRevised
TypeTextbook
Subject AreaPolitical Science, Business & Economics
AuthorFraser Howie, Carl Walter
FormatHardcover
Dimensions
Item Height1 in
Item Weight18.6 Oz
Item Length9.3 in
Item Width6.3 in
Additional Product Features
Edition Number2
Intended AudienceScholarly & Professional
Dewey Edition23
IllustratedYes
Dewey Decimal338.951
Edition DescriptionRevised edition
Table Of ContentPreface to the Second Edition xi Preface to the First Edition xvii List of Abbreviations xxi 1 Looking Back at the Policy of Reform and Opening 1 Thirty years of opening up: 1978-2008 2 Thirteen years of reform: 1992-2005 10 The end of reform: 2005 15 China is a family business 22 2 China's Fortress Banking System 27 Banks are China's financial system 29 China's banks are big banks 31 Crisis: The stimulus to bank reform, 1988 and 1998 33 China's fortress banking system in 2010 41 The sudden thirst for capital and cash dividends, 2010 47 3 The Fragile Fortress 53 The People's Bank of China restructuring model 56 The Ministry of Finance restructuring model 66 The "perpetual put" option to the PBOC 73 The new Great Leap Forward Economy 76 China's latest banking model 82 Valuing the asset management companies 85 Implications 88 4 China's Captive Bond Market 95 Why does China have a bond market? 98 Risk management 102 The base of the pyramid: Protecting household depositors 116 5 The Struggle over China's Bond Markets 125 The CDB, the MOF, and the Big 4 Banks 126 Local governments unleashed 134 Credit enhancements 141 China Investment Corporation: Linchpin of China's financial system 145 Cycles in the financial markets 158 6 Western Finance, SOE Reform, and China's Stock Markets 163 China's stock markets today 164 Why does China have stock markets? 168 What stock markets gave China 172 7 The National Team and China's Government 185 Zhu Rongji's gift: Organizational streamlining, 1998 186 How the National Team, its families, and friends benefit 196 A casino or a success, or both? 209 Implications 212 8 The Forbidden City 215 The Emperor of Finance 217 Behind the vermillion walls 220 An Empire apart 227 Have the walls been breached? 231 Cracks in the walls 235 Imperial ornaments 239 Appendix 245 Select Bibliography 249 Index 251
SynopsisPraise for Red Capitalism "The most important financial book of the year." James Grant Editor, Grant's Interest Rate Observer "Red Capitalism peels back the fa&Çade of China's economy and reveals how the dominant role of the state has led to enormous financial leverage and endemic malinvestment. China's major role in the global economy makes Red Capitalism required reading for any financial industry fiduciary." Mark L. Hart III Chairman, Corriente Advisors, L.L.C. "China is bent on superpower rivalry; reserve currency status for the renminbi is a glint in the party's eye. Red Capitalism puts a powerful case that its economy and financial system are not fully equipped to support such aspirations." Financial Times "This book allows us to further deepen our analysis and prepare for the tumultuous events which impend." Socialism Today "Walter and Howie possess a rare depth of experience in the analysis of the Chinesefinancial sector. Their hardhitting conclusions,based on a wealth of empirical research, will stimulate debate about the future of theChinese financial system at a critical point in its evolution." Peter Nolan Sinyi Professor of Chinese Management, Cambridge Judge Business School, University of Cambridge "Concise and erudite, Red Capitalism is a fantastic deep dive into China's structurally flawed financial system." China Economic Review "A penetrating analysis that demonstrates how hard it is to follow the old adage 'follow the money,' and how rewarding it is to understand what will really drive China into the future." Christian Murck President, American Chamber of Commerce in China "Walter and Howie put the Chinese financial system under the microscope to examine how an absence of leadership, institutional squabbling, and complacency have seen appetites for reform splutter out, replaced by stagnation and dysfunction. Theirs is a fascinating, entertaining, and necessary corrective to the hyperbole surrounding China's seemingly miraculous rise." David Wilder Beijing Bureau Chief, Market News International "Red Capitalism is an important addition to the reading list of any Chinawatcher." The Hindu "Red Capitalism is a superb guide to China'sfinancial labyrinth. It's a mustread for anyone who wants to understand the sources ofChinese economic power, and the threat posed by the nation's vast hidden debts." Arthur Kroeber Editor, China Economic Quarterly NAMED A BEST BOOK OF THE YEAR BY THE ECONOMIST, 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? 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.S. as the world's premier global economy? 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.S. and other countries suffering from economic decline and this book explores China's next move Packed with new statistics and stories based on recent developments, this new edition updates the outlook on China's future with the most cutting-edge information available Find out how China financed its current position of strength and whether it will be able to maintain its astonishing momentum Indispensable reading for anyone looking to understand the limits that China's past development decisions have imposed on its brilliant future, Red Capitalism is an essential resource for anyone considering China's business strategies in today's extremely challenging global economy.
LC Classification NumberHC427.95
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