China Finance Conference, 2004


China Finance Conference

March 4th and 5th, 2004 

Co Sponsored by:

Freeman Program in Asian Political Economy at the Claremont Colleges

Claremont Institute for Economic Policy Studies


 Thursday, March 4th

12:00 p.m.    Lunch at International Place

                    McKenna Auditorium, CMC Campus 

                    China in the World Economy

                    Nicholas Lardy, Institute for International Economics   

4:30-6:00 p.m.    Panel Discussion

                        Broad Performance Space, Pitzer Campus

                         Key Challenges Facing China’s Economy and 
            Chinese-US Economic Relations

                        Yi Feng, Claremont Graduate University – Chair 

                        Nicholas Lardy, Institute for International Economics

                        John Siebert, Global Financial Group

                        Hilton Root, Freeman Fellow, Pitzer College 

6:00 p.m.         Reception Follows

Friday, March 5th

Claremont Workshop on China’s Financial Challenges

Founder’s Room, Bauer Center, CMC

8:30-9:00 a.m.    Coffee and Welcome

9:00-10:30 a.m.     I.   International Financial Issues

                                         Overview of the Renminbi Debate

Tom Willett, CGU and CMC

 “China’s Exchange Rate and International Reserve 

James Dean, Simon Fraser University and
Kishen Rajan, CMC

International Competition for Foreign Direct 
Investment: The Case of China


“An Expected Utility Political Analysis of China’s 
Exchange Rate Options

Yi Feng and Jacek Kugler, CGU

10:30-10:45 a.m.    Coffee Break

10:45-12:00 p.m.     II.   Monetary and Fiscal Policy Issues 

An Overview of Deflation and Inflation in China”

Richard Burdekin, CMC

Capital Flows, Monetary Policy and Sterilization

Alice Ouyang, CGU

“Management of Fiscal Policy”

Shuanglin Lin, University of Nebraska, Omaha

12:00-1:15 p.m.    Lunch (for participants, at Pitzer College)  

1:15-2:30 p.m.    III.  Domestic Financial Issues

                             Overview of Banking and Financial Sector Issues

Banking Reform in China

Nicholas Lardy, Institute for International Economics

The Political Economy of Perverse Financial 
Liberalization: Examples from the Asian Crisis

Nancy Auerbach, Scripps College

 “Lessons from Japan

 Art Denzau, CGU

2:30-2:45 p.m.    Break

2:45-4:15 p.m.    Financial Markets and Privatization

                            Baizhu Chen, USC – Chair and Commentator   

                            “The Development of Bond Markets

    Ed Phumiwasana, Milken Institute

    “Mortgage Markets

    Yongfeng Deng, USC    

    “Privatization in Rural China

    James Wen, Trinity College

4:15-4:30 p.m.    Break

4:30-5:45 p.m.    Technical Session on Measuring Asian 
                            Financial Integration

                            A Price-Based Assessment of Economic Integration:
                             The Implications for Monetary Arrangements in East 

    Menzie Chinn, University of Wisconsin, Madison

    “Nominal Interest Rate Determination in a Semi Open Asia

    Amnat Phalapleewan, CGU

                            “Approaches to Measuring Capital Markets and
                            Financial Integration

     Kishen Rajan, CMC 

    “Capital Controls Indices”

                            Sunil Rongala, Visiting Scholar, Freeman Program

5:45-6:30 p.m.    Wine and Cheese Reception -

Our thanks to the Freeman Program in Asian Political Economy for providing the funding to make this event possible  

For further information, please contact  


1. Auerbach, Nancy Neiman and Willett, Thomas D. "The Political Economy of Perverse Financial Liberalization: Examples from the Asian Crisis", March 2004.

2. Chantasasawat, Busakorn; Fung, K.C.; Iizaka, Hitomi and Siu, Alan. "International Competition for Foreign Direct Investment: The Case of China", December 2003.

3.. Cheung, Yin-Wong; Chinn, Menzie D. and Cheung, Yin-Wong, "A Price-Based Assessment of Economic Integration: The Implications for Monetary Arrangements in East Asia", October 2003.

4. Cargill, Thomas F. and Parker, Elliott. "Price Deflation and Policy Response: A Comparative View of Japan, China, and the United States", May 2003.

5. Credit Suisse / First Boston. " Is China a source of deflation?", January 2003.

6. Dean, James W. and Rajan, Kishen S. "Why and Whither China’s Reserves? Motives, Costs, Consequences and Putative Policies", March 2004.

7. Goldstein, Morris. "China’s Exchange Rate Regime", October, 2003.

8. International Monetary Fund , "Deflation: Determinants, Risks and Policy Options – Findings of an Interdepartmental Task Force", April, 2003.

9. Lindsay, Lawrence. "The Political Economy of Asian Exchange Rates", October, 2003.

10. McKinnon, Ronald and Schnabl,, Gunther. "China: A Stabilizing or Deflationary Influence in East Asia? The Problem of Conflicted Virtue", May 2003.

11. Rajan, Kishen S. "Financial Integration in Asean and Beyond: Implications for Regional Monetary Integration", December 2003.

12. Willett, Thomas D. CGU and CMC, "The Renminbi Debate", mimeo (February, 2004).


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