By Sandra Heep
Opposed to the backdrop of China’s more and more influential function within the foreign monetary structure, this booklet seeks to represent and overview China’s monetary strength power. It does so by means of reading the connection among household monetary repression and foreign monetary energy within the context of the political economic climate of the developmental country. at the foundation of a unique theoretical framework for the research of the monetary energy power of developmental states, the publication presents an in-depth research of China’s method of foreign money internationalization, its creditor prestige and its rules in the direction of the Bretton Woods associations whereas contrasting the country’s current function in international finance with the location of the japanese developmental country within the Eighties and Nineteen Nineties.
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Extra info for China in Global Finance: Domestic Financial Repression and International Financial Power (Global Power Shift)
The rapid growth in the volume of government bonds had profound consequences for Japan’s hitherto highly regulated financial system. With the commercial banks barred from trading securities, the markets struggled to absorb the government’s debt. Initially, the BOJ stepped in to purchase the majority of the bonds. However, this solution was not sustainable since it created severe inflationary pressures. 1 Liberalizing Japan’s Financial Markets 31 soon found themselves under considerable pressure to do so.
The main cause for the surge in inflation was the breakdown of the Bretton Woods system and the closure of the gold window in 1971 that resulted in a massive increase in the volume of money circulating within the world economy. A considerable amount of this new money originated from the United States that was 30 3 Financial Repression and Structural Financial Power no longer constrained in its monetary policy by a system of fixed exchange rates and had thus embarked on a policy of monetary easing to stimulate domestic demand and to strengthen the competitiveness of its export sector (Leyshon 1994: 123).
6 For a similar argumentation see Kroeber (2011: 47), Beeson (2009: 23–24), Tsai and Cook (2005: 50). The term ‘fragmented authoritarianism’ was coined by Lieberthal and Oksenberg (1988). 7 As Kroeber (2011: 50) has pointed out, China avoided the path of privatization in contrast to most other postcommunist economies, instead focusing on the deregulation of prices and the creation of competitive markets. In the 1990s, China began to privatize small enterprises without strategic significance. However, the party-state refrained from forsaking its ownership of major state-owned enterprises (SOEs) in strategically important sectors such as finance, infrastructure and resources.