As editors, first of all, we would like to thank the authors of this volume for their conscientious work that makes this volume possible. Many ideas in this book were first explored at an international symposium on financial market reforms in China, which was organized by the Chinese Economists Society. We would like to express our thanks to the sponsors of the conference: Center for International Business Education and Research, China Reform Foundation, MetLife, Hausman & Shrenger LLP, Lincoln National Insurance Company, City National Bank, Marshall School of Business, University of Southern California and The Chinese Economists Society. The Lincoln Foundation also provided generous support to this project through a grant made to Claremont Graduate University where this book was finalized.
Table of Contents
Acknowledgments -- List of contributors -- Foreword: Central Bank Credibility, Inflation, and Financial Reform /Robert Perry – 1 An Overview of China's Financial Markets: Progress, Problems and Prospects / Baizhu Chen, J. Kimball Dietrich and Yi Feng -- China and the Asian Financial Contagion / Nicholas R. Lardy -- 3 Roots of the Financial Crisis in Asia and Implications for China / Jianping Zhou -- 4 Why Has China Survived the Asian Crisis So Well: What Risks Remain? / John G. Fernald and Oliver D. Babson -- 5 Capital Account Liberalization: Sequencing and Implications / YiFeng -- 6 What Lessons US Financial Markets Can Provide to China / J. Kimball Dietrich -- 7 Political Power Transitions and Chinese Economic Policy / Brian Buford-Efird -- 8 Financial Development and Macroeconomic Stability in China / Barry Naughton -- 9 Money Market in China / Hong Chang, Baizhu Chen, and Yang Li -- 10 Credit Quota as a Banking Risk Control in China: A Retrospect /Ding Lu and Qiao Yu – 11 Noise Trading in the Chinese Stock Market / Shang-Jin Wei -- 12 Explaining IPO Underpricing in China / Dongwei Su and Belton M. Fleisher -- 13 China's Experience with Indexed Government Bonds, 1988-1996 / Richard C. K. Burdekin and Xiaojin Hu -- 14 Trust and Investment Corporations in China / Zhaohui Hong and Ellen Y. Yan -- 15 Lessons from a Survey of Urban Credit Cooperatives in China / Eric Girardin and Stephen Bazen – 16 Improving Access to Credit in Rural China / Wing Thye Woo -- 17 Restructuring China's State-Owned Enterprises: A Corporate Governance Perspective / TianZhu -- 18 Insider Control, Corporate Governance, and the Soft Budget Constraint: Theory, Evidence, and Policy Implications / David Li -- 19 Transparency and China's Aspirations / Hilton Root – 20 Provincial Distribution of Direct Foreign Investment in China, 1992-1996: A Pooled Time Series Empirical Study / Yi Feng and Hui Zhang.