Compared with Karl Polanyi’s first Great Transformation,the emergence of the even more influential financial capitalism can be called the second Great Transformation.The global expansion of financial capitalism has e...Compared with Karl Polanyi’s first Great Transformation,the emergence of the even more influential financial capitalism can be called the second Great Transformation.The global expansion of financial capitalism has extended its power beyond the remit of nation-states as governments,firms,families and individuals are increasingly guided and reshaped by financial markets,producing a trend toward the financialization of social life.An important social consequence is the ever more marked separation of financial markets from society,a separation that has gradually eroded the power of the state,trade unions and civil society and aggravated the employment crises,the polarization of rich and poor and the structural inequality of developed capitalist countries.In the face of society’s erosion by financial capital,the West has taken measures of social self-protection,but these have so far had little effect.To establish a new financial and market governance structure at the global level that will effectively cope with the negative impact of financial capitalism is a long and arduous task.展开更多
A necessary condition for realizing macroeconomics is to rationally upgrade the industrial structure.In this process of upgrading,financial capital deepening and technological progress are important ways to promote th...A necessary condition for realizing macroeconomics is to rationally upgrade the industrial structure.In this process of upgrading,financial capital deepening and technological progress are important ways to promote the upgrading of industrial structure.From an endogenous perspective,this essay explores the internal links between financial capital deepening,technological progress,and industrial structure upgrading.The analysis shows that factors of technological progress have not make a tremendous impact on the upgrading of Chinese industrial structure,nor are they a positive reason for promoting the development of the industry to a higher level.The deepening of financial capital obviously promotes the optimization and upgrading of industrial institutions,which is its main factor.展开更多
China＇s robust economy is bringing unprecedented growth and prosperity to the country. However, there is ample evidence to suggest that weaknesses in the banking system and the slow progress in reforming those weakne...China＇s robust economy is bringing unprecedented growth and prosperity to the country. However, there is ample evidence to suggest that weaknesses in the banking system and the slow progress in reforming those weaknesses may cause disruption to continued economic growth. Bad loan portfolios as well as inadequate capital ratios point to the lack of proper governance and credit cultures at many banks. Unless these issues are quickly and properly addressed, the economic engine that drives the country will be at risk.展开更多
We study the roles of local financial development and foreign direct investment, and more importantly, their interaction with one another, in local capital allocation, based on Chinese industrial and regional data. Ou...We study the roles of local financial development and foreign direct investment, and more importantly, their interaction with one another, in local capital allocation, based on Chinese industrial and regional data. Our main finding is that, although local financial development and FDI each individually tended to improve the efficiency of local capital allocation during the sample period, they tended to compete and crowd out each other＇s effect, so that one impaired the individual function of the other. In particular, there exists a threshold value for local financial development, above which an increase in FDI reduces the efficiency of local capital allocation, rather than improve it. On the other hand, there exists a threshold value for FDI, above which further development in the local financial system lowers the efficiency of local capital allocation, rather than increase it. Our estimations suggest that the levels of FDI and local financial development in some relatively more developed Chinese regions have already surpassed such threshold values. We provide some interpretations of our findings and we discuss potential policy implications.展开更多
This paper reviews the issues involved in moving towards greater exchange rate flexibilityand capital account liberalization in China. A more flexible exchange rate regime wouldallow China to operate a more independen...This paper reviews the issues involved in moving towards greater exchange rate flexibilityand capital account liberalization in China. A more flexible exchange rate regime wouldallow China to operate a more independent monetary policy, providing a useful bufferagainst domestic and external shocks. At the same time, weaknesses in China’s financialsystem suggest that capital account liberalization poses significant risks and should be alower priority in the short term. This paper concludes that greater exchange rate flexibilityis in China’s own interest and that, along with a more stable and robust financial system, itshould be regarded as a prerequisite for undertaking a substantial liberalization of thecapital account.展开更多
基金This paper is a phased result of a National Social Science Fund of China project“Research on the Social Mechanism of Stable Development of China’s Stock Market”(16BSH075).
文摘Compared with Karl Polanyi’s first Great Transformation,the emergence of the even more influential financial capitalism can be called the second Great Transformation.The global expansion of financial capitalism has extended its power beyond the remit of nation-states as governments,firms,families and individuals are increasingly guided and reshaped by financial markets,producing a trend toward the financialization of social life.An important social consequence is the ever more marked separation of financial markets from society,a separation that has gradually eroded the power of the state,trade unions and civil society and aggravated the employment crises,the polarization of rich and poor and the structural inequality of developed capitalist countries.In the face of society’s erosion by financial capital,the West has taken measures of social self-protection,but these have so far had little effect.To establish a new financial and market governance structure at the global level that will effectively cope with the negative impact of financial capitalism is a long and arduous task.
文摘A necessary condition for realizing macroeconomics is to rationally upgrade the industrial structure.In this process of upgrading,financial capital deepening and technological progress are important ways to promote the upgrading of industrial structure.From an endogenous perspective,this essay explores the internal links between financial capital deepening,technological progress,and industrial structure upgrading.The analysis shows that factors of technological progress have not make a tremendous impact on the upgrading of Chinese industrial structure,nor are they a positive reason for promoting the development of the industry to a higher level.The deepening of financial capital obviously promotes the optimization and upgrading of industrial institutions,which is its main factor.
文摘China＇s robust economy is bringing unprecedented growth and prosperity to the country. However, there is ample evidence to suggest that weaknesses in the banking system and the slow progress in reforming those weaknesses may cause disruption to continued economic growth. Bad loan portfolios as well as inadequate capital ratios point to the lack of proper governance and credit cultures at many banks. Unless these issues are quickly and properly addressed, the economic engine that drives the country will be at risk.
文摘We study the roles of local financial development and foreign direct investment, and more importantly, their interaction with one another, in local capital allocation, based on Chinese industrial and regional data. Our main finding is that, although local financial development and FDI each individually tended to improve the efficiency of local capital allocation during the sample period, they tended to compete and crowd out each other＇s effect, so that one impaired the individual function of the other. In particular, there exists a threshold value for local financial development, above which an increase in FDI reduces the efficiency of local capital allocation, rather than improve it. On the other hand, there exists a threshold value for FDI, above which further development in the local financial system lowers the efficiency of local capital allocation, rather than increase it. Our estimations suggest that the levels of FDI and local financial development in some relatively more developed Chinese regions have already surpassed such threshold values. We provide some interpretations of our findings and we discuss potential policy implications.
文摘This paper reviews the issues involved in moving towards greater exchange rate flexibilityand capital account liberalization in China. A more flexible exchange rate regime wouldallow China to operate a more independent monetary policy, providing a useful bufferagainst domestic and external shocks. At the same time, weaknesses in China’s financialsystem suggest that capital account liberalization poses significant risks and should be alower priority in the short term. This paper concludes that greater exchange rate flexibilityis in China’s own interest and that, along with a more stable and robust financial system, itshould be regarded as a prerequisite for undertaking a substantial liberalization of thecapital account.
