The Rise of the People’s Bank of China

The Politics of Institutional Change

Stephen Bell, Hui Feng

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Hardback

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English

Harvard University Press
10 June 2013

Asian history; Political science & theory; Monetary economics; Political economy; Banking

With $4.5 trillion in total assets, the People's Bank of China now surpasses the U.S. Federal Reserve as the world's biggest central bank. The Rise of the People's Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China.

Stephen Bell and Hui Feng trace the bank's ascent to Beijing's policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC-benefitting from political patronage and perceptions of its unique professional competency-found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China's exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People's Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.

By: Stephen Bell, Hui Feng
Imprint: Harvard University Press
Country of Publication: United States
Dimensions: Height: 235mm, Width: 156mm, Spine: 25mm
Weight: 703g
ISBN: 9780674072497
ISBN 10: 0674072499
Pages: 384
Publication Date: 10 June 2013
Audience: Professional and scholarly , College/higher education , Professional and scholarly , Undergraduate , Primary
Format: Hardback
Publisher's Status: Active

Stephen Bell is Professor of Politics at the University of Queensland. Hui Feng is an ARC-funded Research Fellow in Political Science at the University of Queensland.

Reviews for The Rise of the People’s Bank of China: The Politics of Institutional Change

The volume is accessible to readers at all levels and is valuable reading for anyone interested in the [People's Bank of China] and the dynamics between the PBC and the Chinese party-state over the past 40 years. -- D. Li * Choice * An innovative book that combines a close attention to institutional detail and politics, a good understanding of the broader China context, and an interesting theory-based argument. -- Barry J. Naughton, University of California, San Diego The Rise of the People's Bank of China focuses on how the transition to a market economy provided an opportunity for the PBC to increase its authority in the party-state hierarchy and become a key player in deciding macroeconomic policy and financial reform. A significant book on China's central bank and an engaging, absorbing, and informative read. -- Leong H. Liew, Griffith University, Australia