The banking system of the People's Republic of China (PRC) is now the largest in the world, and its capital markets are rapidly approaching the size of those in the advanced economies. This paper traces the evolution of the PRC's financial system away from a traditional bank-dominated and...

As China has become an increasingly important part of the global trading system over the past two decades, interest in the country and its international economic policies has increased among international economists who are not China specialists. This paper represents an attempt to provide the...

As China has become an increasingly important part of the global trading system over the past two decades, interest in the country and its international economic policies has increased among international economists who are not China specialists. This paper represents an attempt to provide the...

Taiwan has a special status for the United States, as both a leading high-technology economic partner and a place of political and security concern. The authors look at both the quantitative and qualitative evidence on the potential effects of a US-Taiwan free trade agreement (FTA), both for...

Taiwan has a special status for the United States, as both a leading high-technology economic partner and a place of political and security concern. The authors look at both the quantitative and qualitative evidence on the potential effects of a US-Taiwan free trade agreement (FTA), both for...

Despite an erosion of consensus on its benefits, capital account convertibility remains a long-term goal of China. This paper identifies three major preconditions for convertibility in China: a strong domestic banking system, relatively developed domestic financial markets, and an equilibrium...

China's transition to a market economy has propelled its remarkable economic growth since the late 1970s. In this book, Nicholas R. Lardy, one of the world's foremost experts on the Chinese economy, traces the increasing role of market forces and refutes the widely advanced argument that Chinese...