Financial Interdependence, Digitalization and Technological Rivalries: Perspectives on Future Cooperation and Integration in Sino-American Financial Systems

ISBN-13: 9783031278440 / Angielski

René W. H. Van Der Linden; Piotr Lasak

Opis

This Palgrave Pivot investigates how the Chinese and American financial systems are becoming increasingly interdependent, in spite of a simultaneous technological rivalry and ‘decoupling’ between the two nations.The book offers a comparative analysis of Sino-US financial systems before and after the financial crisis, demonstrating the deepening integration of China into global financial marketsand its move from an indirect bank-based system towards a direct market-oriented system. It discusses the economic and technological competition that has arisen between the US and China, the two largest financial centers based on financial technology, and demonstrates the differences in national interest driving processes of digitalization and FinTech applications. At the same time, the book points to ways in which a market-oriented global financial system and the rapid international growth of financial technology make future cooperation inevitable and necessary. Topics covered include the impact of digitalized cross-border payment systems, reforms to the global financial system in recent years, the role of Chinese banks in global markets, and investments in the US and Chinese economies in pre- and post-pandemic years.This book places Sino-US financial relations in a broader financial-economic perspective and will be of interest to academics and students working in banking and finance, international financial markets, comparative economics, monetary theory and Chinese business studies.

Spis treści

1. Introduction.- 2. A comparative analysis of the Chinese and the US financial system and its regulatory environment.- 3. China’s deepening integration into global financial markets: lessons from the US counterpart.- 4. Pre- and post-pandemic Sino-US inbound and outbound investments.- 5. The rise and decline of China’s shadow banking subject to a deleveraging policy.- 6. Current trends in the digitalization process and related fintech-based businesses of the Sino-US financial markets.- 7. The digitalization of cross-border payment systems and the introduction of the CBDC.- 8. The ongoing Sino-US trade war and subsequent tech war.- 9. The Sino-US technological decoupling and ways to address it.- 10. The future Sino-US financial coupling or decoupling accompanied by fierce rivalry with different national approaches.- 11. The intensifying Sino-US rivalry and its impact on the possible future scenarios about the international economic order.- 12. Conclusions and Recommendations.

O autorze

René W.H. van der Linden is a senior lecturer and researcher in Economics, Finance and Business Research at the International Business program of The Hague University of Applied Sciences in the Netherlands. He has more than thirty-five years of experience in teaching and research in the fields of economics and finance. His research interests, with practical applications in education, focus on topics in the field of international financial markets, banking and finance, international economics and doing business in Asia and the EU. He has published many papers on the topics mentioned above and, together with Piotr Łasak, published the Pivot The Financial Implications of China’s Belt and Road Initiative at Palgrave Macmillan in 2019.

Piotr Łasak is an Associate Professor at the Institute of Economics, Finance and Management at the Jagiellonian University in Krakow, Poland. His research focuses on topics related to international financial markets development, including financial market regulation and supervision, mechanisms of financial and currency crises, digitalization of the financial sector, and shadow banking system development (especially in China).

Blurb

This Palgrave Pivot investigates how the Chinese and United States financial systems are becoming increasingly interdependent, in spite of a simultaneous technological rivalry and ‘decoupling’ between the two nations.

The book offers a comparative analysis of Sino-US financial systems before and after the global financial crisis of 2008-2009, demonstrating the deepening integration of China into global financial markets and its move from an indirect bank-based system towards a direct market-oriented system. It discusses the economic and technological competition that has arisen between the US and China, the two largest financial centers based on financial technology, and demonstrates the differences in national interest driving processes of digitalization and FinTech applications. At the same time, the book points to ways in which a market-oriented global financial system and the rapid international growth of financial technology make future cooperation inevitable and necessary.

This book places Sino-US financial relations in a broader financial-economic perspective and will be of interest to academics, consultants and students working in banking and finance, international financial markets, comparative economics, monetary theory and Chinese business studies.

René W.H. van der Linden is a senior lecturer and researcher in Economics, Finance and Business Research at the International Business program of The Hague University of Applied Sciences in the Netherlands. He has more than thirty-five years of experience in teaching and research in the fields of economics and finance. His research interests, with practical applications in education, focus on topics in the field of international financial markets, banking and finance, international economics and doing business in Asia and the EU. He has published many papers on the topics mentioned above and, together with Piotr Łasak, published the Pivot The Financial Implications of China’s Belt and Road Initiative at Palgrave Macmillan in 2019.

Piotr Łasak is an Associate Professor at the Institute of Economics, Finance and Management at the Jagiellonian University in Krakow, Poland. His research focuses on topics related to international financial markets development, including financial market regulation and supervision, mechanisms of financial and currency crises, digitalization of the financial sector, and shadow banking system development (especially in China).