The Rise of the People’s Bank of China : The Politics of Institutional Change

The People's Bank of China surpasses the Federal Reserve as the world's biggest central bank. In the first comprehensive account of the evolution of central banking and monetary policy in reform China, Stephen Bell and Hui Feng show how the PBC's authority grew from a Leninist party-state that once jealously guarded its control. [9780674073593 - The Rise of the Peoples Bank of China] Frontmatter......Page 1 [9780674073593 - The Rise of the Peoples Bank of China] Contents......Page 5 [9780674073593 - The Rise of the Peoples Bank of China] Abbreviations Used in Text......Page 7 [9780674073593 - The Rise of the Peoples Bank of China] 1. Introduction......Page 9 [9780674073593 - The Rise of the Peoples Bank of China] 2. Explaining Institutional Change An Agents- in- Contexts Approach......Page 32 [9780674073593 - The Rise of the Peoples Bank of China] 3. The Peoples Bank in the Shadow of the Plan 1978 92......Page 45 [9780674073593 - The Rise of the Peoples Bank of China] 4. Monetary Policy in the Shadow of the Plan 1978 92......Page 72 [9780674073593 - The Rise of the Peoples Bank of China] 5. The Second Reform Era A New Context for the PBC......Page 93 [9780674073593 - The Rise of the Peoples Bank of China] 6. The Growth of Mutual Dependency between the PBC and the Party Leadership......Page 116 [9780674073593 - The Rise of the Peoples Bank of China] 7. Formal Institutional Change and the Rise of the PBC in the Second Reform Era 1992 2011......Page 144 [9780674073593 - The Rise of the Peoples Bank of China] 8. In Search of a New Monetary Policy Framework......Page 157 [9780674073593 - The Rise of the Peoples Bank of China] 9. Monetary Policy in the Second Reform Era 1992 2011......Page 180 [9780674073593 - The Rise of the Peoples Bank of China] 10. The PBC and Chinas Foreign Exchange Rate Policy......Page 211 [9780674073593 - The Rise of the Peoples Bank of China] 11. The PBC and Financial Reforms in China since 2003......Page 265 [9780674073593 - The Rise of the Peoples Bank of China] Notes......Page 315 [9780674073593 - The Rise of the Peoples Bank of China] References......Page 327 [9780674073593 - The Rise of the Peoples Bank of China] Acknowledgments......Page 363 [9780674073593 - The Rise of the Peoples Bank of China] Index......Page 365 Main description: With $4.5 trillion in total assets, the People's Bank of China now surpasses the U.S. Federal Reserve as the world's biggest central bank. The Rise of the People's Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank's ascent to Beijing's policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC-benefitting from political patronage and perceptions of its unique professional competency-found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China's exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People's Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy "With $4.5 trillion in total assets, the People's Bank of China now surpasses the U.S. Federal Reserve as the world's biggest central bank. The Rise of the People's Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank's ascent to Beijing's policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC - benefiting from political patronage and perceptions of its unique professional competency 0 found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China's exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People's Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy."--Jacket