allocation. We develop a two-stage estimation approach and apply it to China's loan-level data that covers all sectors in the …

1. Introduction: the ‘new macroeconomic consensus’ arrives in China -- 2. A bank-dominated financial system -- 3 … market-oriented policy in China in recent years is often seen as a break with former command-and-control policy norms, in …

, Don't Upset the ECB and Don't Mess with the PBoC -- 8. Cross-border Capital Flows -- 9. China and the Emerging Markets … money are discussed. Additionally, covering the latest developments in China’s increasingly dominant financial economy, this …

allocation. We develop a two-stage estimation approach and apply it to China's loanlevel data that covers all sectors in the …