Origins of China’s Growth Model

2017 ◽  
Author(s):  
Yukon Huang
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Economic Incentives ◽  
Reform Initiatives ◽  
Reform Agenda ◽  
False Sense ◽  
Vested Interests ◽  
The Global Financial Crisis ◽  
Double Digit ◽  
China’S Growth

Deng Xiaoping’s most celebrated achievement was to reshape economic incentives and concentrate development along China’s coast. In doing so, he set the stage for what is referred to as China’s unbalanced growth process. Premier Zhu Rongji kept the growth momentum going by overhauling key financial and economic institutions in response to the Asian Financial Crisis. These reforms led to unprecedented double-digit GDP growth over the three decades prior to 2010. Both Deng Xiaoping and Zhu Rongji were “policy entrepreneurs.” Through their ideas and actions, they were able to overcome vested interests, all while taking risks and launching new reform initiatives. Progress on the reform agenda slowed in the years leading up to the Global Financial Crisis as the subsequent leadership was lulled into a false sense of confidence because of China’s strong economic performance.

Global Finance after the Crisis: Reform Imperatives and Vested Interests

2011 ◽  
Vol 11 (2) ◽  
pp. 1850228
Author(s):  
Wim Naude
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Global Level ◽  
Reform Initiatives ◽  
Global Finance ◽  
Financial Architecture ◽  
Vested Interests ◽  
Recent Reform ◽  
The Global Financial Crisis ◽  
Made In

The global financial crisis of 2008-09 has stimulated a number of re-assessments of global development. But after two years, not much progress has been made in dealing with the deep causes of the crisis. While it is better understood now why the crisis occurred, more progress is needed in terms of financial reform on the global level in order to prevent future financial crises. A remaining challenge is to strengthen the global financial architecture (GFA). This paper focuses on the GFA and its relationship to the global financial crisis. Recent reform initiatives are discussed. Strong resistance against re-regulation of the financial sector is noted, reflecting the general opposition of vested interests to GFA reform.

scholarly journals After the Financial Crisis: The Evolution of the Global Income Distribution Between 2008 and 2013

2020 ◽  
Author(s):  
Branko Milanovic
Keyword(s):  
Financial Crisis ◽  
Income Distribution ◽  
Household Income ◽  
Global Financial Crisis ◽  
Income Growth ◽  
Global Inequality ◽  
Working Paper ◽  
Income Data ◽  
The Global Financial Crisis ◽  
China’S Growth

Using the newly created, and in terms of coverage and detail, the most complete household income data from more than 130 countries, the paper analyzes the changes in the global income distribution between 2008 and 2013. This was the period of the global financial crisis and recovery. It is shown that global inequality continued to decline, largely due to China’s growth that explains one-half of global Gini decrease between 2008 and 2013. Income growth of the global top 1 percent slowed significantly. The slowdown is present even after survey data are corrected for the likely underestimation of highest incomes. The paper ends with a discussion of the effects of the financial crisis in the light of an even more serious looming crisis caused by the 2019-20 pandemic. (Stone Center on Socio-Economic Inequality Working Paper)

Financial Reform Efforts since the Global Financial Crisis—An Overview

2016 ◽  
Author(s):  
Michael Schillig
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Banking Regulation ◽  
Shadow Banking ◽  
Reform Agenda ◽  
Current State ◽  
The Us ◽  
The Global Financial Crisis ◽  
Institutional Architecture ◽  
Market Infrastructure

The chapter provides an overview of the current state of the reform efforts in the jurisdictions under consideration with a focus on the institutional architecture, banking regulation, shadow banking, and financial market infrastructure. It briefly reviews the generally accepted causes of the global financial crisis and the eurozone crisis, as well as the reform agenda at global/international level. It summarizes the reform efforts in the EU and the US that are of particular relevance for the recovery and resolution of credit institutions and investment firms. These reform efforts form the context in which the new recovery and resolution regime must be viewed.

2011 Triennial Surveillance Review and Review of the 2007 Decision - Concept

Policy Papers ◽  
2011 ◽  
Vol 2011 (9) ◽  
Author(s):  
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Recent Experience ◽  
Reform Agenda ◽  
The Past ◽  
Run Up ◽  
The Global Financial Crisis ◽  
The Imf

Over the past three years, the IMF has worked to assist members in addressing the repercussions of the global financial crisis while also tackling gaps in its surveillance framework that the crisis laid bare. This reform agenda has drawn extensively from the recommendations of the 2008 Triennial Surveillance Review (TSR), as well as subsequent IMF and IEO reviews of the Fund's performance in the run-up to the crisis. This TSR provides an opportunity to take stock of the steps taken and to assess recent experience with surveillance.

Liquidity, Leverage, and Regulation 10 Years After the Global Financial Crisis

2018 ◽  
Vol 10 (1) ◽  
pp. 1-24 ◽  
Author(s):  
Tobias Adrian ◽  
John Kiff ◽  
Hyun Song Shin
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Financial System ◽  
Regulatory Reform ◽  
Market Liquidity ◽  
Current Evidence ◽  
Balance Sheets ◽  
Reform Agenda ◽  
The Global Financial Crisis ◽  
The Impact

The financial system has undergone far-reaching changes since the global financial crisis of 2008. We cast those changes in terms of shifts in the manner in which financial intermediaries manage their balance sheets. We also discuss the regulatory reform agenda, and we review the impact of regulations on market liquidity and credit availability. Current evidence suggests that the financial system has become safer, at limited unintended cost.

I. RESETTING THE LOCATION OF REGULATORY AND SUPERVISORY CONTROL OVER EU FINANCIAL MARKETS: LESSONS FROM FIVE YEARS ON

2013 ◽  
Vol 62 (4) ◽  
pp. 955-965 ◽  
Author(s):  
Niamh Moloney
Keyword(s):  
Financial Crisis ◽  
Hedge Funds ◽  
Global Financial Crisis ◽  
Regulatory Change ◽  
Shadow Banking ◽  
Bank Capital ◽  
Reform Agenda ◽  
Rating Agencies ◽  
The Global Financial Crisis ◽  
Derivatives Markets

Some five years on from the Autumn 2008 collapse of Lehmans, the regulatory dust from the Global Financial Crisis has settled. Significant regulatory policy debates are still underway internationally, notably with respect to the treatment of shadow banking.1 But the main contours of the crisis-era regulatory landscape are now clear. Internationally, most major economies, including the EU, have implemented the G20 reform agenda, set out initially in the 2008 Washington Declaration,2 and covering, inter alia: bank capital, liquidity and leverage; hedge funds; rating agencies; and the over-the-counter (OTC) derivatives markets. That major regulatory change would have followed the financial crisis is not, of course, a surprise.3 Observation of responses to major financial crises over the years from the 1929 Crash to the ‘dotcom bubble’ era and beyond4 makes clear that what Professor Coffee has vividly described as the ‘regulatory sine curve’5 leads to a regulatory boom after financial market bust.

On the formation of a New Paradigm of fiscal Policy

2013 ◽  
pp. 152-158 ◽  
Author(s):  
V. Senchagov
Keyword(s):  
Public Finance ◽  
Fiscal Policy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Domestic Demand ◽  
Real Economy ◽  
New Paradigm ◽  
Monetary Aggregate ◽  
The Past ◽  
The Global Financial Crisis

Due to Russia’s exit from the global financial crisis, the fiscal policy of withdrawing windfall spending has exhausted its potential. It is important to refocus public finance to the real economy and the expansion of domestic demand. For this goal there is sufficient, but not realized financial potential. The increase in fiscal spending in these areas is unlikely to lead to higher inflation, given its actual trend in the past decade relative to M2 monetary aggregate, but will directly affect the investment component of many underdeveloped sectors, as well as the volume of domestic production and consumer demand.

ASPEK ETIK DAN SISTEMIK DALAM EKONOMI DAN BISNIS ISLAM

ALQALAM ◽  
2014 ◽  
Vol 31 (1) ◽  
pp. 187
Author(s):  
Budi Harsanto
Keyword(s):  
Financial Crisis ◽  
Business Ethics ◽  
Moral Hazard ◽  
Global Financial Crisis ◽  
Financial Institution ◽  
Research Question ◽  
Academic Journals ◽  
Lehman Brothers ◽  
The World ◽  
The Global Financial Crisis

The fall of Enron, Lehman Brothers and other major financial institution in the world make researchers conduct various studies about crisis. The research question in this study is, from Islamic economics and business standpoint, why the global financial crisis can happen repeatedly. The purpose is to contribute ideas regarding Islamic viewpoint linked with the global financial crisis. The methodology used is a theoretical-reflective to various article published in academic journals and other intellectual resources with relevant themes. There are lots of analyses on the causes of the crisis. For discussion purposes, the causes divide into two big parts namely ethics and systemic. Ethics contributed to the crisis by greed and moral hazard as a theme that almost always arises in the study of the global financial crisis. Systemic means that the crisis can only be overcome with a major restructuring of the system. Islamic perspective on these two aspect is diametrically different. At ethics side, there is exist direction to obtain blessing in economics and business activities. At systemic side, there is rule of halal and haram and a set of mechanism of economics system such as the concept of ownership that will early prevent the seeds of crisis. Keywords: Islamic economics and business, business ethics, financial crisis 

Mobilising resiliency in times of economic hardship: Emerging themes in migrant worker remittance payments

2014 ◽  
Vol 7 (2) ◽  
pp. 159-167
Author(s):  
Kevin Garlan
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Migrant Worker ◽  
Economic Hardship ◽  
Priority Areas ◽  
Mobile Payments ◽  
Payment Methods ◽  
The Future ◽  
Emerging Themes ◽  
The Global Financial Crisis

This paper analyses the nexus of the global financial crisis and the remittance markets of Mexico and India, along with introducing new and emerging payment technologies that will help facilitate the growth of remittances worldwide. Overall resiliency is found in most markets but some are impacted differently by economic hardship. With that we also explore the area of emerging payment methods and how they can help nations weather this economic strife. Mobile payments are highlighted as one of the priority areas for the future of transferring monetary funds, and we assess their ability to further facilitate global remittances.

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