By Sandra Heep
Against the backdrop of China’s more and more influential position within the foreign monetary structure, this e-book seeks to signify and evaluation China’s monetary strength capability. It does so by way of studying the connection among family monetary repression and overseas monetary strength within the context of the political economic climate of the developmental kingdom. at the foundation of a singular theoretical framework for the research of the monetary strength power of developmental states, the ebook presents an in-depth research of China’s method of foreign money internationalization, its creditor prestige and its guidelines 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 nation within the Eighties and 1990s.
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Additional info for China in Global Finance: Domestic Financial Repression and International Financial Power
Moreover, due to the international demand for its domestic money, a state that issues the international core currency will find it easier than any other state to borrow from abroad. Its power to delay is by far greater than the power to delay of a state that has accumulated reserves by running a balance of payments surplus that would allow it to delay the adjustment to external imbalances if its surplus turned into a deficit. Whereas the borrowing capacity of the state that issues the global currency is almost unlimited, reserves will be spent rather quickly and can therefore only function as an insurance against balance of payments shocks, but do not allow a state to run a permanent current account deficit.
3 15 A Typology of Financial Power Against the backdrop of the preceding examination of the most crucial features of the political economy of the developmental state, the following sections analyze the different types, sources and mechanisms of financial power in the context of interstate relations. 1 Conceptualizing Financial Power For an inquiry into the implications of the political economy of the developmental state for its ability to acquire financial power, a clear definition of the concept of financial power is needed.
In an attempt to make the rapidly growing number of government bonds attractive to a large range of investors, the MOF also began to increase interest rates on its bonds, thereby introducing “into Japan what was then the novel idea of competition for funds, which began to tip the balance of interests within Japan’s financial markets away from borrowers and towards savers and investors” (Leyshon 1994: 125). With an increasing amount of funds flowing into the market for government bonds, internal pressures for the liberalization of the financial system arose, as financial institutions tried to regain control of the funds that were being used to finance the country’s budget deficit.
China in Global Finance: Domestic Financial Repression and International Financial Power by Sandra Heep