内容简介

With $4.5 trillion in total assets, the People's Bank of China now surpasses the U.S. Federal Reserve as the world's biggest central bank. The Rise of the People's Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank's ascent to Beijing's policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC--benefitting from political patronage and perceptions of its unique professional competency--found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China's exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People's Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.

作品目录

Abbreviations Used in Text

Part One: Aims and Theoretical Context

1. Introduction

2. Explaining Institutional Change: An Agents-in-Contexts Approach

Part Two: The Institutional Rise of the PBC

3. The People’s Bank in the Shadow of the Plan, 1978–92

4. Monetary Policy in the Shadow of the Plan, 1978–92

5. The Second Reform Era: A New Context for the PBC

6. The Growth of Mutual Dependency between the PBC and the Party Leadership

7. Formal Institutional Change and the Rise of the PBC in the Second Reform Era, 1992–2011

Part Three: The PBC and the Politics of Money and Financial Developments in China

8. In Search of a New Monetary Policy Framework

9. Monetary Policy in the Second Reform Era, 1992–2011

10. The PBC and China’s Foreign Exchange Rate Policy

11. The PBC and Financial Reforms in China since 2003

12. Conclusion

Notes

References

Acknowledgments

Index