This paper reviews the steps that China has taken towards financial reform with a particular focus on capital account liberalisation and internationalisation of the use of the renminbi. After a slowdown in reform momentum during the global financial crisis, there is a clear push towards reform,...

The Chinese banking system, characterized by massive government intervention, poor asset quality and low capitalization, has started a reform process based on the three main pillars: (i) bank restructuring, through the cleaning-up of non-performing loans (NPLs) and public capital injections,...

After analyzing the different reasons why the financial system and also the regulatory framework induced procyclicality, this paper reviews the experiences of three countries which have introduced dynamic provisioning as a regulatory tool to limit procyclicality. The case of Spain - the country...