This fascinating volume offers a comprehensive synthesis of the events, causes and outcomes of the major financial crises from 1929 to the present day. Beginning with an overview of the global financial system, Sara Hsu presents both theoretical and empirical evidence to explain the roots of financial crises in general. She then provides a thorough breakdown of a number of major crises of the past century, both in the United States and around the world. The book's discussion of specific crises begins with the Great Depression of 1929, which was the first crisis created within the institutions
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As a retrospective exploration of China's central–local relations over the past four decades of the reform era, this paper argues that since the mid-1990s, relations have evolved with a growing likelihood to break away from the vicious cycle of decentralization and recentralization since 1949. China's post-reform era started in synchronization with a sweeping move toward decentralization, a trend which generated a myriad of systemic crises that threatened the legitimacy and survival of the regime. Thus, the mid-1990s saw a systematic rollback of decentralization. This rollback is to be understood as a comprehensive scheme of rebalancing rather than a mere replication of pre-reform recentralization. On the other hand, the rebalancing has still occurred in consistence with a cyclical pattern that had characterized the broadly conceived regularity of decentralization and recentralization. While the rebalancing has not been immune from various pathologies, the central state has selected to make contingent and marginal adaptations to cope with the problems instead of shattering the current framework of rebalancing and returning completely to decentralization. Instead of relying solely on original research, this paper will bolster its main argument by conducting a synthetic reasoning from a rich array of extant analyses to sketch out the contours of China's central–local relations in fiscal, investment, and personnel management policy areas during the past four decades.
This article argues that how President Chen Shui-bian's provocative initiatives have impacted cross-strait stability since 2003 generates crucial lessons, not available in the past, for understanding the propelling and constraining dynamics of a cross-strait military conflict in the long run. The lessons are grounded in three interrelated sets of interactive logic: between the Chen Administration and the Taiwan electorate; between Taiwan people's aspiration for an exclusive national identity and their risk-averse proclivity in the face of China's military threat; and between Washington's and Beijing's acts of signaling toward Taipei. Specifically, this article demonstrates that Taiwan's voters at first backed the Chen Administration's provocative initiatives in order to seek a national identity instead of de jure independence, and that such popular support receded dramatically once such initiatives came to be perceived, amidst domestic and international developments, by the voters as drifting away from the identity quest and toward evoking their choice between the status quo and independence. The risk-averse voters turned away from the altered character of the initiatives and thus restrained the reckless politicians, largely because of both Washington's signaling which highlighted the change and the ensuing risk of war, and Beijing's refraining from saber rattling toward Taiwan. The voters' decisions foiled the 2004 and 2008 referenda, and forestalled the DPP in 2004 from acquiring a parliamentary majority necessary for legislating its provocative initiatives such as renaming the country and creating a new constitution. (J Contemp China/GIGA)
This article specifically attempts to answer two interrelated research questions: firstly, how do democratic consultation assemblies (DCAs) heighten public accountability in the current institutional setting of China's sub‐provincial localities?; and secondly, what can be learned, from the Chinese case, in relation to achieving public accountability elsewhere? To address the first question, this article will explore two particular variations of the DCAs, and will focus on the interplay between the managerial and democratic accountability orientations to address the second question.
This article examines the congruent and conflicting effects of fiscal decentralization and power devolution-two main types of decentralization in post-reform China-in order to tackle the insufficient distinction between them in current academic analyses. Derived from the two types of decentralization respectively are fiscal incentive and local autonomy, which influence local states' policy implementation in turnover taxation. By uncovering the unique logic of either factor, this article argues that contrary to what is widely presupposed, local autonomy is not necessarily congruent with fiscal incentive in affecting local compliance with centrally imposed policy rules during policy implementation. When power devolution and fiscal decentralization follow an internally consistent logic of decentralization as a whole by proceeding at the same pace and favoring the same specific locality, they inevitably generate conflicting effects on local states' implementation strategies. Congruent effects arise only if incoherent evolution occurs between the two types of decentralization. This paradox highlights the contradiction inveterate in the dynamics of decentralization. This argument is first developed through theoretical reasoning, and then substantiated by an empirical comparison between Guangzhou and Shanghai during 1984-1988 and 1992-1995. (J Contemp China/DÜI)