FINANCIAL SYSTEMS AT THE CROSSROADS: LESSONS FOR CHINA

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• Analytical Overview: Mobilising the Financial Sector Efficiently and Safely for Sustaining the Transformation of the Chinese Economy (Yingli Pan, Jeffrey Sachs, Wing Thye Woo and Qi Zhu); Understanding the Important Lessons from the International Experience: How the Financial Sector in the US Became Lawless and Unstable (Jeffrey D Sachs); Systemic Lack of Prudence in Wealthy Nations: Avoiding the Dark Side of Financial Development (Peter Boone and Simon Johnson); Lessons from the Financial Liberalization in the Nordic Countries in the 1980's (Seppo Honkapohja); Asian Financial Markets and Financial Internationalization in China (Kiyohiko Nishimura); Tokyo's Ultimately Failed Bid for First Tier International Financial Centre Status: Why Did It Fall Short and What Are the Lessons for Shanghai? (Huw McKay); Designing the Right Financial System for China: The Great Accommodation: Chinese Central Banking in the New Millennium (Junhui Qian); The Structural Friction in China's Banking System: Causes, Measurement and Solutions (Hongzhong Liu); Credit Rationing, Bank Bailouts, and the Deleterious Impact of Credit: Evidence from China (Jean-Louis Arcand); The Options for Reforming the Renminbi Exchange Rate Regime (Yingli Pan, Jing Nie, Si Zhou and Xinru Wu); The Internationalization of the Renminbi in Accordance with China's National Interests and Global Responsibilities (Yingli Pan, Yingfeng Xu and Jun Wu); Reforming China's Rural Financial Market (Wing Thye Woo and Xi Zhu).