The Chinese banking system remained resilient during the 2007 global financial crisis because of three factors: (1) capital-control policies have limited its exposure to international capital and credit markets; (2) it is focused on traditional banking rather than securitization activities; and...

Global imbalances and global financial instability are tightly connected and can be traced to a common cause, that is, financial globalization within the current monetary and financial system. The paper argues that financial globalization contributes to global imbalances by impeding real...

The mainstream blames the global savings glut for causing the 2008 global financial crisis and proposes currency realignment to restore balance. However, this view fails to provide solid theoretical and empirical support to the claim that net inflows of foreign savings reduced U.S. long-term...

The present paper explores the role of China in the creation of the current global financial crisis and the impacts of the crisis on its economy. It argues against the view that the "saving glut" in China (along with other Asian emerging economies) played a significant causal role in the crisis....

This timely book rethinks economic theory and policy by addressing the problem of economic instability and the need to secure broadly shared prosperity. It stresses that advancing economics in the wake of the Great Recession requires an evolutionary standpoint, greater attention to uncertainty...

Though the worst of the financial crisis of 2008 has, with hope, ebbed, it has forever changed the economy in the United States and throughout the rest of the world. Using the financial and economic crisis as a catalyst, this volume examines how to better regulate the financial system and what...

Purpose The aim of this paper is to offer a conceptual model that demonstrates Chinese consumers’ value perceptions towards luxury products based on the recent literature reviews and the findings from focus groups. Design/methodology/approach Focus group discussion is used to explore how...

In this paper, we examine the impact of trade openness on bank risk-taking behavior. Using a panel dataset of 291 banks from 37 emerging countries over the period from 1998 to 2012, we find that higher trade openness decreases bank risk-taking. The results are robust when we use alternative bank...

This study examines whether state-owned banks face political pressure and whether the improvement in political institutions alleviates this pressure. The theory of political benefits argues that politicians use state-owned banks for political purposes such as obtaining and maintaining political...