内容

目次

Preface ix Acknowledgments xi Chapter 1: Overview of EconomicReforms and Outcomes 1 1.1 Agricultural Reform: 1979-85 4 1.2 IndustrialReform: 1978-93 6 1.3 Transition to a Market Economy: 1994-2003 11 1.4Foreign Trade and Investment 13 1.5 Financial Sector 16 Chapter 2: TheSource of Growth and the Role of Investment 18 2.1 Methodology of GrowthAccounting 18 2.2 Measurement of TFPG in China 20 2.3 Production FunctionEstimates of TFPG in China 23 2.4 Explaining TFPG in China 25 2.5 TheContribution of Investment Reconsidered 28 2.6 Technological ChangeReconsidered 32 2.7 Postscript: Investment versus Domestic Demand as aSource of Growth 35 Chapter 3: Saving and the Financing of Investment inChina 36 3.1 Investment 38 3.2 Financing Investment 42 3.3 Financial Flowsbetween Sectors 45 3.4 Household Saving 47 3.5 Government Saving andInvestment 54 3.6 Foreign Saving 60 3.7 Summary and Conclusions 65Chapter 4: Financial Sector Repression 70 4.1 Why Repress the FinancialSystem? 71 4.2 How Repressed Is China's Financial System? 74 4.3 Financeand Growth in China 84 4.4 Strategy of Financial Development 90 Chapter5: Banking Sector Reform 93 5.1 Key Features of the Banking Sector 93 5.2Problems of the Banking Sector 95 5.3 Measures Taken to Strengthen theBanking Sector 101 Chapter 6: Developments in the Bond Market 115 6.1The Role of a Bond Market 115 6.2 The Bond Market in China 116 6.3Government Bonds 118 6.4 Corporate Bond Market 131 6.5 Conclusion 132Chapter 7: The Rise and Fall of the Stock Market 134 7.1 The Rise 135 7.2The Fall 140 7.3 Conclusion 148 Chapter 8: Macroeconomic Policy andPerformance 150 8.1 Ups and Downs in the Macro Economy 151 8.2 InvestmentSpending as the Proximate Cause of Macroeconomic Cycles 152 8.3 Anatomy ofMacro Cycles in China 155 8.4 Monetary Policy 165 8.5 Capital Flows andExchange Rate Policy 171 8.6 Fiscal Policy 179 8.7 Conclusion 186References 189 Index 199