China and the Two Crises: From 1997 to 2009

• Material Type: 文書・図像類
• Title: China and the Two Crises: From 1997 to 2009
• Author/Editor: Naughton, Barry
• Author Heading: Naughton, Barry
• Publication Date: 2013-01-01
• Publication Date (W3CDTF): 2013-01-01
• No. or year of volume/issue: Working Paper;53
• Volume: Working Paper;53
• Text Language Code: eng
• Subject Heading: China; Asian Financial Crisis; Global Financial Crisis; monetary policy; stimulus; economic reform
• Target Audience: 一般
• Note (General): China appears to have successfully weathered the worst impact of both the Asian Financial Crisis (1997-98) and the Global Financial Crisis (2008-2009). Chinese leaders did respond quickly, and on occasion massively, to the challenge of external crisis. In retrospect, however, each crisis response can be seen to have involved an element of over-shooting, which was followed by domestic reformulation and retrenchment. This paper will track commonalities and differences of the two crises in three dimensions: immediate macroeconomic crisis response; institutional adaptations; and trade and exchange rate policies. The discussion will clarify that the very “success” of the response to the AFC laid the foundation for deeper economic problems relating to the GFC. In turn, the response to the GFC gave government officials and state-owned enterprises control over an even larger volume of resources, and reduced the accountability of both officials and financial institutions, changes that inevitably have softened budget constraints, reduced individual risk, and encouraged even larger investments. In consequence, the Chinese economy now faces accumulating problems from the maladaptation of domestic institutions, a maladaptation that is not unrelated to the crisis response.
• DOI: 10.18884/00000656
• Access Restrictions: 限定公開
• Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）; https://irdb.nii.ac.jp
• Original Data Provider (Database): 独立行政法人国際協力機構 : JICA RI リポジトリ