Format:
ca. 246 S.
Edition:
Online-Ausg. 2013 Electronic reproduction; Available via World Wide Web
ISBN:
9780230115699
Content:
Will China eventually be able to eliminate its socialist animal spirits? Highlighting the importance of China's investment booms and busts for both the Chinese and the world economy, Animal Spirits with Chinese Characteristics describes the origins and evolution of the investment cycle during the command economy period
Content:
"Will China eventually be able to eliminate its socialist animal spirits? This is an important prerequisite to achieving its long-sought transition from extensive to intensive growth. Such a transformation would clearly require removing much of the economic power now enjoyed by local governments while at the same time hardening the budget constraints of the current system's principal beneficiaries. Such changes are unlikely in the absence of political reform. This title highlights the importance of China's investment booms and busts for both the Chinese and the world economy, describes the origins and evolution of the investment cycle during the command economy period. It will show how the animal spirits of the command economy era have been transformed by the introduction of capitalist economic institutions. In order to do so, the author carefully considers the banking system, which more often than not is on the losing side of these bets, a major source of speculative flows into the stock and property markets and the counter-cyclical monetary policy. Concluding, DeWeaver analyzes the use of administrative measures to manage the economy, which still work in much the same way as they did during the command economy period. Ending an investment boom continues to be primarily a matter of introducing new policies or the more strict enforcement of existing ones. And stimulus remains mainly a matter of policy relaxation - particularly the relaxation of financial sector prudential regulation. "--. - "Animal Spirits with Chinese Characteristics is the first detailed account of the investment booms and busts that drive China's business cycles. The book looks first at the causes of these fluctuations, then examines the central government's countercyclical policy responses. The author shows that the volatility of Chinese investment is primarily the result of perverse incentives inherited from the command-economy era. Beijing's most effective countercyclical policies therefore still take the form of ad hoc administrative interventions. Contrary to popular belief, Beijing cannot "fine tune" the economy. It also stands little chance of transitioning to a less volatile "mode of growth.""--
Note:
Includes bibliographical references and index
,
Cover; Contents; List of Figures and Tables; Acknowledgments; Preface; 1 Introduction and Overview; 1 Chinese Investment Cycles and the World Economy; 2 Models of China; 3 Truth from Facts; 4 An Overview of the Book; 2 Investment with Chinese Characteristics; 1 Investment in the Chinese Economy: A Long Look Back at Theory and Practice; 2 The Meaning of Public Ownership; 3 State-Owned Inputs: Land, Credit, and Public Goods; 4 The State as Investor; 5 Controlling the Commanding Heights; 6 Wither the Private Sector?; 7 Freewheeling Socialism; 3 Socialist Booms and Busts; 1 Models of the Cycle
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2 Obstacles to Central Planning3 Booms and Busts under Socialism; 4 Investment Fluctuations in Pre-reform China (1949-1977); 5 Socialist Animal Spirits; 4 A History of the Cycle; 1 Leaping Outward and Pulling Back (1978-1983); 2 Clambering Out of the Plan (1984-1992); 3 From Southern Tour to Long Landing (1993-2002); 4 Overheating and Magic Weapons (2003-2008); 5 Growth at Any Cost (2009); 6 Investment as an Engine of Growth; 5 Warped Incentives and "Second-Best" Efficiency; 1 Tax-Revenue Maximization and "Track-Record" Building; 2 Redundant Capacity and Inefficient Investment
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3 Competing for Investment4 Investment as a Vehicle for Corruption; 5 A "Second-Best" Case for Intervention; 6 Banking and Finance Run Amok; 1 Policy-Driven Lending; 2 The Failure of Governance Reform; 3 Lax Due Diligence and Speculative Investment; 4 Collusion, Risk Management, and Prudential Supervision; 5 Money as a Creature of the State; 7 Taking Away the Ladle; 1 Interest Rate Dilemmas; 2 Sterilizing Hot Money; 3 Differential Liquidity Management; 4 Controlling Credit by Fiat; 5 The Future of Chinese Monetary Policy; 8 Suppressing "Blind" Investment
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1 Industrial Policy: Beijing's Paper Tiger2 Real Estate: Treating the Symptoms; 3 Political Competition: A Substitute for Market Forces; 4 The Limits of Direct Intervention; 9 Scientific Development: Master Plan or Myth?; 1 Indigenous Innovation and Intensive Growth; 2 Getting the Incentives Wrong; 3 Income Inequality and Consumption; 4 Chinese and Soviet Precedents: A History of Failure; 5 "Fifth Generation" Computers: A Japanese Precedent; 6 Theories of Intensive Growth; 7 Unscientific Socialism; 10 Conclusion; 1 Politics in Command; 2 Development Without Freedom; Notes; Bibliography; Index
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Electronic reproduction; Available via World Wide Web
Additional Edition:
Erscheint auch als Druck-Ausgabe Animal Spirits with Chinese Characteristics : Investment Booms and Busts in the World's Emerging Economic Giant
Language:
English
DOI:
10.1057/9781137110121
URN:
10.1057/9781137110121
URL:
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