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Introduction 2. China's financial performance in comparative perspective 3. The banking system: flexible institutions and party domination 4. Factional politics and its financial implications 5. Factional politics, distribution of loans, and inflationary cycles: several quantitative tests 6. The collapse of discipline: the first two inflationary cycles and the fiscalization of Chinese banks 7. The height of the politics of inflation, 1986-1996 8. The long cycle: 1998-2006 9. Concluding discussion.
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