Economics Research International

China after the Global Financial Crisis


Publishing date
01 Nov 2011
Status
Published
Submission deadline
01 May 2011

1Robert Day School of Economics and Finance, Claremont McKenna College, Claremont, CA 91711, USA

2College of Business, Auburn University, Auburn, AL 36849, USA

3School of Economics and Finance, The University of Hong Kong, Pokfulam, Hong Kong

4Shanghai University of Finance and Economics, Shanghai, China


China after the Global Financial Crisis

Description

The global financial crisis that began in 2007 induced recessions in many western economies. Although the Chinese economy experienced headwinds, growth remained quite robust, and by 2009, concerns shifted toward avoiding inflationary pressures. The fairly restrictive monetary stance of the People's Bank of China stood in sharp contrast to the continued easy money policies of the US Federal Reserve System, which was promising yet more quantitative easing in late 2010 to address the lackluster growth in employment. China's relative strength has also been accompanied by renewed controversy over the exchange rate between the renminbi (RMB) and the US dollar. In resisting outside pressures to allow greater flexibility, Chinese officials point to the vulnerability of the banking and financial system as well as the export job losses associated with any sharp appreciation in the RMB.

This special issue will focus on the impact of the global financial crisis on China and its economic prospects going forward. One of the key issues to be addressed is the state of China's banking system and asset markets. Notwithstanding apparent strong performance, there has been concern about the rapidity of the lending growth rates seen since 2008 and the threat of asset price bubbles. Exchange rate pressures are another key challenge, and it is important to consider whether renminbi appreciation is justified on the Chinese side quite aside from whether such a move would confer any benefits to the United States. Meanwhile, Chinese policymakers' shift from massive stimulus in 2008 to retrenchment in 2009 begs the question of why economic recovery was so much more immediate in China than in the western world. It is also important to consider whether this rapid turnaround also is due to limited sensitivity to events in the western economies and the extent to which China's financial system remains relatively insulated today. Potential topics include, but are not limited to:

  • China's banking and financial system after the global financial crisis
  • Recent asset price booms and busts in China
  • Exchange rate pressures and China's sensitivity to RMB appreciation
  • Lessons from past episodes of rapid currency appreciation
  • Assessment of the Chinese government's stimulus program
  • Contrasting monetary policy stances in China and the United States
  • The impact of the crisis on China's relative economic position
  • Integration of China's financial system with other world economies
  • Scope for the RMB eventually challenging dollar hegemony

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