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- Creators: Dean, W.P. Carey School of Business
institutions mainly in the early 21st century. China has gone through enormous changes in the late 20th century and early 21st century, and financial policy reforms and adjustments have been at times instrumental to aiding that growth, and at other times have served as impediments to the country’s success. As China’s clout has grown both economically and politically in the wider world, it has become evermore important to understand the Chinese financial system, particularly as other authoritarian regimes may seek to emulate it in the perhaps recent future. The paper will examine the institutional elements of Chinese finance, including the broader structure of the party state apparatus and the role of legislative and executive authorities in determining financial policy. Next, the paper will go through both the legal-regulatory environment of the country and the structure of the preeminent Chinese banks. Finally, issues in Chinese monetary policy, particularly exchange rate system reforms, and the developing stock and bond markets will be addressed.
Successful public transit systems increase the value of locations they serve. Capturing this location value to help fund transit is often sensible, but challenging. This article defines location value capture, and synthesizes lessons learned from six European and North American transit agencies that have experience with location value capture funding. The opportunities for and barriers to implementing location value capture fall into three categories: agency institutional authority, agency organizational mission, and public support for transit. When any of these factors is incompatible with a location value capture strategy, implementation becomes difficult. In four of the cases studied, dramatic institutional change was critical for success. In five cases, acute crisis was a catalyst for institutional change, value capture implementation, or both. Using value capture strategies to fund transit requires practitioners to both understand agency organizational constraints, and to view transit agencies as institutions that can transform in response to changing situations.