One of the puzzling features of China's post-1978 economic reforms is how quickly its enterprises adapted to the new business environment. An insight into this puzzle is provided by Chinese state-owned banks in Hong Kong. From 1949-78 these state-run banks, led by the Bank of China (BOC),...

As international air travel continues to increase, Islamic financing is a key option to consider in securing aviation financing. This paper begins with background information of the foundation of Islam. Then, it explains the applicable international treaties and their roles within Middle Eastern...

Developing Asia has exhibited rapid growth while saddled with relatively backward financial systems. One might conclude that the coexistence of sustained rapid growth and financial underdevelopment in developing Asia implies that an efficient financial sector is not indispensable for economic...

This book contains a total of eleven chapters, covering the following areas of China's economic reform. The monetary and financial reform examined China's policy on interest rate, money supply, foreign bank lending and development of the equity and commodity markets. The discussion on the reform...

FinTech (financial technology) is asserted as a disruptive paradigm with digital technologies driving authentic innovation within the financial services industry. Much attention and hyperbole has been attributed to startup FinTech developers and the potential of applications for consumers of...

This paper estimates the actual role of the financial structure for economic growth in Vietnam by using Granger causality test and VAR Cholesky technique. The results show that there is almost no evidence on the relationship between stock market development and economic growth. Instead,...

Developing Asia has exhibited rapid growth while saddled with relatively backward financial systems. One might conclude that the coexistence of sustained rapid growth and financial underdevelopment in developing Asia implies that an efficient financial sector is not indispensable for economic...

Access to credit and its cost is a major challenge for farmers in developing countries. Formal moneylenders often ration these economic agents, as they lack assets to give as collateral for the loans. Consequently, farmers resort to informal credit. Several studies show that land serves as...

This paper analyzes the interrelation between foreign direct investment and economic growth in terms of intersectoral externalities using panel data of 30 provinces in China from 1993 to 2007. A two-sector model, including both foreign-funded sector and domestic-funded sector, is derived to...

We exploit the natural experiment of Japan’s opening to international trade to examine how comparative advantage can shape a country’s long-run path towards financial development. In the late 19th century, many of Japan’s prefectures had a natural comparative advantage in silk reeling....