Debt and Distortion

Debt and Distortion

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Chinaa€™s unprecedented growth has transformed the lives of its people and impacted economies across the globe. The financial system supported this growth by providing cheap loans to boost investment and, in a virtuous cycle, rapid growth insured that these loans could be repaid. However, in recent years, this virtuous cycle has turned vicious. The financial system has continued to lend freely and cheaply as the economy has slowed, and the risk of crisis has mounted. In response, the government has initiated the most ambitious financial reforms in twenty years. Financial markets, businesses and governments are concerned about these risks and are struggling to understand what the reforms will mean for China and the rest of the world. Debt and Distortion: Risks and Reforms in the Chinese Financial System addresses the need for an up-to-date and accessible, yet comprehensive analysis of Chinaa€™s financial system and related reforms. It will take a systematic look at Chinaa€™s financial system: how it worked in the past and how it will work in the future; why reforms are needed; what risks they bring; and their impact on China and the rest of the world. By analyzing the topic in terms of a few fundamental distortions, this book makes an otherwise complex topic accessible while simultaneously providing new insights. These distortions provide a simple framework for understanding the nature of the Chinese financial system and its future prospects. Reform in China will transform the worlda€™s second largest economy and impact everything from Peruvian copper mines to the London housing market. Business people, government officials, financiers and informed citizens would all benefit from understanding how changes in Chinaa€™s financial system will shape the global economy in the coming decades.Almost all of these gains were given back during the subsequent crash (a crash that mostly preceded the US subprime crisis). Between 2009 and ... Chinese stock markets are volatile not only over longer periods, but over shorter ones, too. The 200-day ... 4For example, in January 2013, the SSE 102 P. Armstrong-Taylor .

Title:Debt and Distortion
Author: Paul Armstrong-Taylor
Publisher:Springer - 2016-08-12

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