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China has reached a stage where further financial sector reforms
appear essential. As the reform process progresses and
macrofinancial linkages deepen, the preservation of financial
stability will become a major policy preoccupation. China is
already working toward enhancing its surveillance and monitoring
capabilities and is actively determining ways to undertake a series
of reforms that would lay the foundation for a strong, sustained,
and balanced growth. "China's Road to Economic Stability" focuses
on the key financial policy issues facing China today. The volume
draws upon contributions from senior Chinese authorities and
academics, as well as staff from the IMF to discuss the financial
policy context within China, macroeconomic factors affecting
financial stability, and the critical role of financial system
oversight. It seeks to improve the understanding of the financial
sector policy processes underway and the shifts taking place among
China's economic priorities. The book also covers issues such as
the financial stability framework, systemic linkages, liquidity
management, risk and vulnerability analysis, and sequencing
financial reforms. The book is a must read for academics,
researchers, and stakeholders interested in China and the shifts
taking place in the manner in which China views its financial
sector policies and oversees the stability of the financial system.
Research suggests that if the majority of a country's financial
institutions are owned by the state, that country will experience
slower financial development, less efficient financial systems,
less private sector credit, and slower GDP growth. Yet more than 40
percent of the world's population live in countries in which public
sector institutions dominate the banking system. In The Role of
State-Owned Financial Institutions: Policy and Practice noted
experts discuss the challenges presented by state-owned financial
institutions and offer cross-disciplinary solutions for
policymakers and banking regulators. The issues include: methods
for effectively managing, reforming, and privatizing state-owned
banks; the fiscal costs and contingent liabilities of state-owned
banks; macroeconomic implications and the impact of state-owned
banking on access to credit in an economy; guidance for effective
supervision of state-owned banks; managerial perspectives on
improving products, human resources, and risk; management case
studies of different methods of privatization, such as initial
public offerings, employee stock ownership plans, and strategic
investors Contributors include: David Binns (Beyster Institute),
Robert Cull (World Bank), Ron Gilbert (ESOP Services), James A.
Hanson (World Bank), Richard Hemming (International Monetary Fund),
Fred Huibers (ING Research), Arminio Fraga (formerly Central Bank
of Brazil), Nicholas Lardy (Institute for International Economics),
David Marston (International Monetary Fund), Moody's Global
Investor Service, Herman Mulder (ABN-Amro), William Nichol
(Deutsche Bank AG), Urjit Patel (Infrastructure Development Finance
Company, India), and P. S. Srinivas (World Bank).
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