Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist … introduces the chapters comprising the NBER volume Capitalizing China (Fan and Morck, eds. 2012), which examine China's high … savings rate, banking system, financial markets, financial regulations, corporate governance, and public finances; and …

China eventually becomes the world's saver and, thereby, the developed world's savoir with respect to its long …In previous studies that excluded China we predicted that tax hikes needed to pay benefits along the developed world …'s demographic transition would lead to capital shortage, reducing real wages per unit of human capital. Adding China to the model …

-constrained previously decreased their savings more (or increased their savings less) relative to unconstrained firms. However, this firm …-level effect did not lead to a decrease in aggregate corporate savings as conjectured by the theory. Our sector level regressions … show that corporate savings increased after financial reforms, and more so for sectors more dependent on external finance …

US data display aggregate external financing and savings waves. Firms can allocate costly external finance to … firms' financing and savings decisions, and use our model along with firm level data to construct an empirical estimate of …

, suggesting that precautionary savings are central to understanding the effects of cash on credit risk …

determinants of household saving rates in transition economies. We find savings rates to increase strongly in relative income and … savings prior to durable purchases in the absence of retail credit markets. The influence of demographic factors broadly … household in the transition process, notably the sector of employment, plays no significant role in determining savings rates …