This new textbook on the Chinese economy clearly presents all that the world's second largest economy has accomplished, as well as what work remains to be done. As economic development in China for the last 30 years has been mostly "top down," this text focuses on the macroeconomic and monetary sides of the economy. Utilising case studies throughout, the book uses not only the traditional macroeconomics tools in explaining the Chinese economy, but also takes a novel approach by assessing China as a company. Through employment of models from finance, such as cash flows and valuations, the text is able to dig deeper into understanding the fundamental characteristics of the Chinese economy. The book also presents extremely useful analysis of the comparisons and contrasts between Chinese economic activity and that of the U.S. economy.
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"I was very fortunate to be taught by Professor Schramm in 1985 at Columbia Business School. To this day, I credit him as being the single-best "teacher" I have ever had – in business or in academia – and someone blessed with the rare ability to express complex ideas in simple language. His thoughtful analysis of China’s economic and financial development, the equivalent of a master’s course in international economics, reflects that skill.
The Chinese Macroeconomy and Financial System combines the nuanced insight of a decades-long expert in China with fundamental analysis of the unique demand, growth and policy dynamics that have driven its rise and recast the global landscape. This is a comprehensive and highly relevant work that will prove equally useful to academics, business professionals and policymakers for years to come."
- James P. Gorman, Chairman & CEO of Morgan Stanley
"This admirably presented and referenced textbook offers two educations in one: a thorough grounding in macroeconomic fundamentals drawn from the knowledge it imparts about the world’s two largest economies. It will be especially valuable to students who want to understand the extraordinary transformation of the Chinese economy during the past 35 years."
- Nicholas C. Hope AM, Director, China Program, Stanford Center for International Development, Stanford University, USAFinally, a cogent, current and connected book that captures China’s current economic condition. Ron Schramm’s The Chinese Macroeconomy and Financial System: A U.S. Perspective gets China’s economy right – from might to fright to capital flight. From opening passages that tether China to macro-economic fundamentals, trustworthy measures, and trade flow sums that add up, through policy choices and their consequences, this book’s rigor and evidence paints China’s economy vividly, backed by substantive case studies, charts, footnotes and recent references. Importantly, its unique comparisons contrasting the Chinese and U.S. economies, framed by macro fundamentals, convey clear understandings of the common forces shaping both, and China’s condition that will surprise many. In my view this book’s subtitle understates its exceptional contributions both to teaching macroeconomics and to revealing China’s economy, not from a U.S. perspective, but from a China perspective that only one living in China can know.
- Gary C. Biddle, The University of Hong Kong and Columbia Business School, Fudan Business School, and London Business School
'I really like The Chinese Macroeconomy and Financial System: A US Perspective because it presents the Chinese economy in a well-balanced structure among economic theory, economic data, and current events. The presentation is rigorous and clear, making it much easier for anyone who has taken principles of economics to understand China’s complex macroeconomic system. In particular, the book does a good job in making succinct and to-the-point comparison of the Chinese economy and the U.S. economy. The sections of macro finance insight are truly innovative and insightful.' — Ying Wu, Professor of Economics, Salisbury University
1. Introduction 2. Measuring and Accounting for the Output of a Nation: GDP 3. China and the United States and the Balance of Payments 4. Long Run Economic Growth 5. Consumption and Savings in China and the United States 6. China's Path of Investment 7. Monetary Policy and Institutions in China and the United States 8. Monetary Policy in Action 9. The Keynesian Model: Extensions to China and Beyond 10. Public Finances and Fiscal Policy in Action
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Page 4.Table 1.1 ** footnote should read
“** Shanghai, 2014.Assumes an exchange rate of 6.05 Yuan per U.S. Dollar”
Page 18. Table 2.1.“Zhao” and “Trillion” need not be in BOLD font.
Page 100. Macro Finance Insight 4.3.In paragraph right below equation:
ROA = GDP / Assets x Savings / GDP should read “… must either alter the efficiency in which it uses its assets or alter its ratio of savings to GDP to allow ROA….”
Page 161. Figure MF7.1b.There needs to be an x-axis label that reads “Percent of Total Wealth”
Page 162.Figure MF7.1c.Figure label “United Kingdo” should read “United Kingdom.” ( “UK” would also be acceptable)
Page 174-175.Macro Finance Insight 7.3
The expression c / (c + r) should be replaced throughout the entire Insight by (1 + c) / (c + r).The analysis and conclusions in the Insight remain unchanged.