Author: Michael Beggs
Publisher: Springer
ISBN: 9811397260
Category : Business & Economics
Languages : en
Pages : 125
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Book Description
This book covers the recent history of Chinese monetary policy. While most current work focuses on This book traces and explains the evolution of Chinese monetary policy in the years before 2008. The turn towards interest rate deregulation and market-oriented policy in China in recent years is often seen as a break with former command-and-control policy norms, in favour of Western central banking norms. We argue that Chinese monetary policy already went through a transformation under the influence of ‘new consensus’ macroeconomics after 1998, but that this surprisingly led to increased reliance on direct banking controls in the 2000s. Therefore, many of the controls that look to many like a remnant of central planning are in fact an outcome of an earlier attempt to ‘rationalise’ monetary policy, in unusual Chinese conditions. Specifically, policy returned to direct controls because of an underdeveloped interbank money market, and a glut of bank liquidity associated with enormous foreign exchange inflows in the mid-2000s.
Author: Wei Liao
Publisher: International Monetary Fund
ISBN: 1484366298
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
China has been moving to a more market oriented financial system, which has implications for the monetary policy environment. The paper investigates the stability of the money demand function (MDF) in light of progress in financial sector reforms that, for example, have resulted in significant financial innovation (so-called shadow banking) and more liberalized interest rates. The analysis of international experience suggests that rapid development of the financial system often leads to structural shifts in the MDF. For example, financial innovation and liberalization alter the sensitivity of money balances to income and the interest rate. For China, we find that the stable long-run relationship between money demand, output, and interest rates that existed between 2002 and 2008 disappears after 2008. This coincides with the period of rapid financial innovation, especially the growth in off-balance sheet and nonbank financial intermediation. The results suggest that usefulness of M2 as an intermediate monetary target has declined with financial innovation and reform. A result that underscores the importance of moving toward increased reliance on more price-based targets such as interest rates.
Author: Sun Guofeng
Publisher: Palgrave Macmillan
ISBN: 9781349570898
Category : Science
Languages : en
Pages : 255
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Book Description
China's financial reforms have undergone a large-scale transformation over the past several years. This book aims to outline the structure and current features of China's monetary policy, drawing upon the author's years of experience working within the People's Bank of China and insider's view of the decision-making process.
Author: Dali L. Yang
Publisher: Stanford University Press
ISBN: 9780804754934
Category : Political Science
Languages : en
Pages : 436
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Book Description
This book examines a wide range of governance reforms in the People's Republic of China, including administrative rationalization, divestiture of businesses operated by the military, and the building of anticorruption mechanisms, to analyze how China's leaders have reformed existing institutions and constructed new ones to cope with unruly markets, curb corrupt practices, and bring about a regulated economic order.
Author: Fan Zhiyong
Publisher: Enrich Professional Publishing
ISBN: 9789814298186
Category : China
Languages : en
Pages : 0
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Book Description
This series covers a wide range of economic issues related to contemporary China. Tracking the future trend in China's economic development, this account discusses monetary policy, fiscal policy, the growth of regional economies, and industrial and banking developments.
Author: Eric Girardin
Publisher:
ISBN:
Category :
Languages : en
Pages : 35
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Book Description
This paper aims to enhance the understanding of China's monetary policy rule since the mid-1990s, focusing on the role of inflation. It investigates the rule followed by the People's Bank of China (PBoC) by considering both the structural economic transformation of China and its evolving monetary policy framework.Our newly constructed monthly composite discrete monetary policy index (MPI), which combines price, quantity and administrative instruments, shows a change in style towards smoother but more contractionary policy moves from 2002 onwards. The estimation of a dynamic discrete-choice model à la Monokroussos (2011) implies that, from this point onwards, the conduct of monetary policy has been characterised by implicit inflation targeting. While the PBoC's behaviour up to 2001 was reminiscent of that in the inflation-accommodating G3 economies of the United States, euro area and Japan up to 1979, it has been characterized since 2002 by a policy rule similar to the post-1979 anti-inflation (forward-looking) policy of the G3. An accurate estimation of the monetary policy rule from 2002 needs to consider China as an open economy, as a result of its rapid liberalisation of trade and finance after its WTO accession. As such, the influence of US interest rates has become increasingly significant for Chinese monetary policy.
Author: Hui Zhou
Publisher: Springer
ISBN: 9783662525876
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
This book utilizes an innovative approach combining qualitative and quantitative methods to investigate the correlations between monetary policy, economic growth, inflation and asset price volatility, explores the creation of financial risk prevention systems and reaches conclusions with both theoretical and practical value. The book offers an empirical analysis of the effectiveness of monetary policy, specifies the correlations between monetary policy, economic growth and inflation and provides a theoretical basis for and empirical demonstration of monetary policy implementation in China. Previous research in China has primarily focused on the correlation between monetary policy and a specific asset price, while this book comprehensively addresses the appropriateness of real estate, stock, bond and futures price regulation through monetary policies, lending it a high degree of practical significance. In order to arrive at a systemic risk prevention and regulation mechanism for China, the book uses the GARCH mean value model and MGARCH-BEKK model to create a pressure index and provide a three-level pre-warning system for currency crises, bank crises and asset bubble crises. The book systemically introduces the idea of macro-prudential regulation into the Chinese financial system by first clarifying the necessity of implementing macro-prudential regulation in China and then proving its effectiveness in mitigating pro-cyclicality and enhancing steady economic growth by constructing a mitigation model.
Author: Sun Guofeng
Publisher: Palgrave Macmillan
ISBN: 9781137504463
Category : Business & Economics
Languages : en
Pages : 255
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Book Description
China's financial reforms have undergone a large-scale transformation over the past several years. This book aims to outline the structure and current features of China's monetary policy, drawing upon the author's years of experience working within the People's Bank of China and insider's view of the decision-making process.
Author: Joseph W. Esherick
Publisher: University of Hawaii Press
ISBN: 9780824825188
Category : History
Languages : en
Pages : 294
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Book Description
In China today skyscrapers tower over ancient temples, freeways deliver lines of cars and tour buses to imperial palaces, cinema houses compete with old theaters featuring Peking Opera. The disparity evidenced in the contemporary Chinese cityscape can be traced to the early decades of the twentieth century, when government elites sought to transform cities into a new world that would be at once modern and distinctly Chinese. Remaking the Chinese City aims to capture the full diversity of recent Chinese urbanism by examining the modernist transformations of China's cities in the first half of the twentieth century. Collecting in one place some of the most interesting and exciting new work on Chinese urban history, this volume presents thirteen essays discussing ten Chinese cities: the commercial and industrial center of Shanghai; the old capital, Beijing; the southern coastal city of Canton; the interior's Chengdu; the tourist city of Hangzhou; the utopian "New Capital" built in Manchuria during the Japanese occupation; the treaty port of Tianjin; the Nationalists' capital in Nanjing; and temporary wartime capitals of Wuhan and Chongqing. Unlike past treatments of early twentieth-century China, which characterize the period as one of failure and decay, the contributors to this volume describe an exciting world in constant and fundamental change. During this time, the Chinese city was remade to accommodate parks and police, paved roads and public spaces. Rickshaws, trolleys, and buses allowed the growth of new downtowns. Department stores, theaters, newspapers, and modern advertising nourished a new urban identity. Sanitary regulations and traffic laws were enforced, and modern media and transport permitted unprecedented freedoms. Yet despite their fondness for things Western and modern, early urban planners envisioned cities that would lead the Chinese nation and preserve Chinese tradition. The very desire for modernity led to the construction of a visible and accessible national past and the imagining of a distinctive national future. In their investigation of the national capitals of the period, the essays show how cities were reshaped to represent and serve the nation. To promote tourism, traditions were invented and recycled for the pleasure and edification of new middle-class and foreign consumers of culture. Abundantly illustrated with maps and photographs, Remaking the Chinese City presents the best and most current scholarship on modern Chinese cities. Its thoroughness and detailed scholarship will appeal to the specialist, while its clarity and scope will engage the general reader. Contributors: Michael Tsin on Canton, Ruth Rogaski and Brett Sheehan on Tianjin, David Buck on Changchun, Kristin Stapleton on Chengdu, Liping Wang on Hangzhou, Madeleine Dong on Beijing, Charles Musgrove on Nanjing, Stephen MacKinnon on Wuhan, Lee MacIsaac on Chongqing, and Jeffrey Wasserstrom and David Strand with concluding essays.
Author: Daniel Drache
Publisher: Bloomsbury China
ISBN: 1912392046
Category : History
Languages : en
Pages : 289
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Book Description
One Road, Many Dreams reveals the true extent of China's ambition, analyzes the impact of the One Belt, One Road initiative and assesses its chances of success and failure. This is the Asian century and China has a plan--to remake the world economy. Under its audacious One Belt, One Road strategy, China is investing trillions of dollars in hundreds of projects all around the globe. It's buying up ports, building transport networks and constructing major infrastructure. From hydroelectric plants to oil pipelines, China supplies the labour if needed, the raw materials and the finance, creating customers and boosting its own economy in the process. The objective? To challenge the existing economic and political world order. More than 80 nations have already joined China's increasingly less exclusive club and by 2049, when One Belt, One Road is set to end, its number of members is likely to rival the UN. So far, China has exercised its soft power of debt diplomacy and financial might shrewdly, serving the planet's overlooked middle-income and poor countries. The rest of the world needs to wake up because the scale of One Belt, One Road is unprecedented. Its implications for the global structure of power are potentially seismic as the geopolitical ties between Europe and Asia deepen. Written by three highly regarded political economists, One Road, Many Dreams examines the One Belt, One Road initiative from all angles. It looks at the projects and the players, the alliances and the governance. It explores the opportunities for China and the threat to the West, particularly for Trump's isolationist US administration. At home and abroad, China is staking its credibility as a superpower on One Belt, One Road. Its resources appear limitless, but One Road, Many Dreams asks a tough question: has China overreached? Or can it really pull this off and remake the world economy in its own interests?
