Although China has claimed since 2005 that it will move towards a more market-oriented system of managing its foreign exchange, it has remained in part a managed economic system. This article examines the relative importance of market force and currency arrangements in determining the RMB...

The weighted and directed network of countries based on the number of overseas banks is analyzed in terms of its fragility to the banking crisis of one country. We use two different models to describe transmission of shocks, one local and the other global. Depending on the original source of the...