China’s Emerging Financial Markets

Challenges and Opportunities

  • James R. Barth
  • John A. Tatom
  • Glenn Yago

Table of contents

  1. Front Matter
    Pages i-xxi
  2. Section 1 Overview of the Chinese Financial System

    1. Front Matter
      Pages 1-1
    2. Franklin Allen, Jun “QJ” Qian, Meijun Qian, Mengxin Zhao
      Pages 3-72
    3. James R. Barth, Gerard Caprio Jr, Triphon Phumiwasana
      Pages 73-110
  3. Section2 Monetary Policy and the Foreign Exchange Market

    1. Front Matter
      Pages 127-127
    2. Bernard J. Laurens, Rodolfo Maino
      Pages 129-165
    3. Jonathan Anderson
      Pages 167-265
    4. Priscilla Liang, Alice Ouyang, Thomas D. Willett
      Pages 267-299
    5. Jeffrey A. Frankel
      Pages 313-330
    6. John A. Tatom
      Pages 331-348
    7. Jie Li, Jing Chen, Liqing Zhang
      Pages 349-365
  4. Section 3 The Banking System

  5. Section 4 The Bond and Equity Market

  6. Back Matter
    Pages 641-655

About this book


China’s rapid pace of economic growth and development is accompanied by needed reforms in its emerging financial markets. The government’s measured approach in developing these markets is creating unusual challenges and opportunities, both domestically and internationally.

This book offers one of the most insightful up-to-date looks available at the evolving Chinese financial system. It provides alternative perspectives of the system’s evolution and its potential contribution to economic growth. The book also discusses financial institutions as well as the bond, equity, and real estate markets, focusing on the ways in which governmental policies are affecting their performance.

China’s Emerging Financial Markets: Challenges and Opportunities presents an in-depth assessment of such important issues as the performance and lending patterns of China’s banks, as well as an assessment of real estate property prices. Significant attention is also paid to the important role that globalization is having on China’s exchange rate and monetary policies.

This book is the eighth in the Milken Institute Series on Financial Innovation and Economic Growth, and brings together the ideas of forty-one widely recognized financial and policy experts. Notably, more than half of the contributors are Chinese and have the advantage of front-row seats in China’s emerging financial markets.



Banking Banking Industry Bond Market Capital Markets Financial Market Financial Markets Structural Change corporate governance financial sector development international economic growth macroeconomics monetary and exchange rate

Editors and affiliations

  • James R. Barth
    • 1
  • John A. Tatom
    • 2
  • Glenn Yago
    • 3
  1. 1.Director of Capital StudiesMilken InstituteSanta MonicaU.S.A.
  2. 2.Networks Financial InstituteIndianapolisU.S.A.
  3. 3.Senior FellowMilken InstituteSanta MonicaU.S.A.

Bibliographic information

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