"This book puts China's shadow banking developments into perspective and clarifies the misconceptions surrounding its potential risks due to definitional and measurement differences, including double counting. It identifies the Chinese characteristics of shadow banking and attributes its rapid...

Throughout much of the twentieth century, economists paid little heed to the role of financial intermediaries in procuring a beneficial allocation of capital. But by the end of the century some financial historians had begun to turn the tide, and the phrase 'finance-growth nexus' became part of...