Download Banking and Financial Control in Reforming Planned Economies by Haiqun Yang PDF

By Haiqun Yang

This e-book analyses the benefits and drawbacks of the banking method reforms with specific connection with centrally deliberate economies. The e-book stories the socialist banking reforms and analyses their monetary difficulties. utilising a serious exposition of banking theories, it assesses present monetary issues and takes factor with a few confirmed theories.

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Extra resources for Banking and Financial Control in Reforming Planned Economies

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In some bank branches over 60 per cent of loans are in arrears and 50 per cent of loans would be classified as non-performing by Western accounting standards. A large number of bank branches would have a negative net worth if their portfolios were marketed. Given these precarious portfolios, banks have been prevented from achieving their profit-earning goals (Sokil and King, 1989). But how fast the specialised banks and other public financial intermediaries can be commercialised remains an unanswered question.

Commercial bank credit revived and some commercial banks served as lending institutions to enterprises and executors of government credit policies. 21 Credit policy was based on the policy directives formulated in detail by the Hungarian National Bank. 22 Before granting loans, the banks had to scrutinise thoroughly the status and management skills of the applicants. 23 Throughout the 1970s and the early 1980s there were debates on banking reforms and small, cosmetic changes were introduced. Among other things, banks were required to replace grants with loans, carry out creditworthiness analyses of clients and projects, and charge interest rates that were linked to surrogate market rates of interest (though there were no market clearing rates).

The monetary authorities intend not only to unify the exchange rate but also to avoid market volatility. Chinese enterprises have to sell all their foreign exchange earnings to authorised banks and are forbidden to retain foreign currency. On the other hand foreign-funded enterprises are allowed to deposit their foreign exchange in foreign banks in China as well as in authorised banks. The aim of this differential treatment is to avoid a sharp drop in the value of the yuan caused by a strong demand for foreign exchange by foreign-funded enterprises.

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