It is well known that much of the recorded foreign direct investment (FDI) to the People’s Republic of China is financed by domestically generated funds that leave the country to return as ‘roundtripping’ FDI. This paper provides one of the very few estimates of the magnitude of this form...

China and the international monetary system need each other. The international monetary system is strained, with crisis just around the corner, yet reform is not on anyone's agenda. Meanwhile China, deeply invested in the current system, faces narrowing options as trading partners question its...

Regional disparities within the People's Republic of China are now an important policy question. Recently the three provinces of the north-east region has been identified as priority areas for regional development, along with the Western part of the country. The north-east is the old industrial...

Using the annual survey on large and medium-sized industrial enterprises in People's Republic of China (henceforth PRC) by the National Bureau of Statistics, this paper examines enterprise performance in north-east PRC. It shows clearly that the privatization of SOEs in the north-east region...

This paper reviews the key insights of Hyman P. Minsky in arguing why finance cannot be left to free markets, drawing on the East Asian development experience. The paper suggests that Minsky's more complete stock-flow consistent analytical framework, by putting finance at the center of analysis...

The rapid growth of the credit default swap (CDS) market and the increased number of defaults in recent years have led to major changes in the way CDS contracts are settled when default occurs. Auctions are increasingly the mechanism used to settle these contracts, replacing physical transfers...

This paper examines the way local Kenyan politics have affected implementation of the Standard Gauge Railway. It points to initial and immediate development opportunities for local content, jobs, and skills while arguing for a more rigorous assessment of the SGR's economic development...

As part of China's new "Belt and Road Initiative," Kenya's Standard Gauge Railway (SGR) aims to open East and Central Africa up to Chinese trade and investment. The first phase of the SGR, from Mombassa to Nairobi, is being constructed by the China Roads and Bridges Corporation (CRBC). Much like...