This paper discusses issues and explores options related to the reform of the power sector regulatory system in China. It reviews the power sector's current situation and impediments to reform, examines the relationship between power sector structure and regulation, and suggests several...

A second-generation model of currency crises is combined with a standard model ofbanks as providers of insurance against liquidity risk. In a pegged exchange rateregime, after funds have been committed to the banks, news arrives about the qualityof the banks’ assets and about the exchange rate...