By Sandra Heep
Against the backdrop of China’s more and more influential function within the foreign monetary structure, this ebook seeks to represent and evaluation China’s monetary energy power. It does so by means of studying the connection among household monetary repression and overseas monetary strength within the context of the political economic system of the developmental nation. at the foundation of a singular theoretical framework for the research of the monetary strength strength of developmental states, the ebook offers an in-depth research of China’s method of forex internationalization, its creditor prestige and its rules in the direction of the Bretton Woods associations whereas contrasting the country’s current function in worldwide finance with the location of the japanese developmental kingdom within the Nineteen Eighties and 1990s.
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Extra resources for China in Global Finance: Domestic Financial Repression and International Financial Power
3 A Typology of Financial Power 17 costs or risks upon them larger than they would otherwise have faced, thus making it less easy to make some choices while making it more easy to make others. Even though Strange’s concept of structural power has greatly influenced international relations theory, it cannot be denied that it is highly ambiguous. As Guzzini (1993: 456–457) has pointed out, Strange in fact refers to two different concepts of structural power without explicitly drawing a distinction between them.
3 A Typology of Financial Power 19 Just as structural financial power, institutional financial power can be exercised in a manipulative as well as a non-manipulative way. Institutional financial power is exercised in a non-manipulative way when a state influences the policy decisions of international financial institutions without aiming to achieve specific policy outcomes in other states. On the other hand, institutional financial power is exercised in a manipulative way when a state influences the policy decisions of international financial institutions for the sake of ensuring specific policy outcomes in other states.
However, the party-state refrained from forsaking its ownership of major state-owned enterprises (SOEs) in strategically important sectors such as finance, infrastructure and resources. 8 Do we have to qualify our classification of China as a developmental state in the light of these differences between the Chinese political economy and the political economy of the classic developmental states? Even though the decentralization and fragmentation of China’s political system have at times hampered the formulation and implementation of a coherent development strategy, China has taken the art of planning to a new level since the overhaul of its planning system in the early 1990s and should thus be considered a ‘plan rational’ developmental state.