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Author: Wei Liu
Publisher: Springer Nature
ISBN: 9811990603
Category : Business & Economics
Languages : en
Pages : 299
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Book Description
This book chooses four different transmission mechanisms of interest rate, credit, exchange rate, and asset price to study whether China’s monetary policy has an impact on these four transmission mechanisms and then studies whether these four transmission mechanisms have an impact on the macroeconomy, so as to determine the impact of China’s monetary policy on macro-goals.
Author: Wei Liu
Publisher: Springer Nature
ISBN: 9811990603
Category : Business & Economics
Languages : en
Pages : 299
Get Book Here
Book Description
This book chooses four different transmission mechanisms of interest rate, credit, exchange rate, and asset price to study whether China’s monetary policy has an impact on these four transmission mechanisms and then studies whether these four transmission mechanisms have an impact on the macroeconomy, so as to determine the impact of China’s monetary policy on macro-goals.
Author: Wei Liu
Publisher:
ISBN: 9789811990618
Category :
Languages : en
Pages : 0
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Book Description
This book chooses four different transmission mechanisms of interest rate, credit, exchange rate, and asset price to study whether China's monetary policy has an impact on these four transmission mechanisms and then studies whether these four transmission mechanisms have an impact on the macroeconomy, so as to determine the impact of China's monetary policy on macro-goals.
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: China Finance 40 Forum Research Group
Publisher: Routledge
ISBN: 0429889992
Category : Business & Economics
Languages : en
Pages : 224
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Book Description
The market-based interest rate reform remains a core part of China’s financial reforms, and an important topic of both theoretical and policy studies. This book presents a comprehensive analysis of the process and logic of China’s interest rate reform from a historical perspective. It is structured along three lines, i.e. loosening interest rate controls, establishing market-based interest rates, and building an effective interest rate adjustment mechanism, and systematically reviews the characteristics and evolvement of the reform process. The book further explores the lessons and challenges of the reform by examining China’s development stage and auxiliary reforms needed, and offers policy recommendations on how to further push forward the reform.
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: Michael McMahon
Publisher: International Monetary Fund
ISBN: 1484385640
Category : Business & Economics
Languages : en
Pages : 32
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Book Description
Financial markets are eager for any signal of monetary policy from the People’s Bank of China (PBC). The importance of effective monetary policy communication will only increase as China continues to liberalize its financial system and open its economy. This paper discusses the country’s unique institutional setup and empirically analyzes the impact on financial markets of the PBC’s main communication channels, including a novel communication channel. The results suggest that there has been significant progress but that PBC communication is still evolving toward the level of other major economies. The paper recommends medium-term policy reforms and reforms that can be adopted quickly.
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: Miss Sonali Das
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
We study the transmission of conventional monetary policy in China, focusing on the interaction between monetary and fiscal policy given the unique institutional set-up for macroeconomic policy making. Our results suggest some progress but also continued difficulties in the transmission of monetary policy. Similar to recent studies, we find evidence of monetary policy pass-through to interest rates. However, the impact of monetary policy measures that are not coordinated with fiscal policy is significantly weaker than that of coordinated measures. This suggests the need for further improvements to the interest-rate based framework.
Author: Chengsi Zhang
Publisher: Routledge
ISBN: 1000166120
Category : Business & Economics
Languages : en
Pages : 315
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Book Description
Inflation plays a central role in macroeconomic and financial policy regulation, and its dynamic formation has gradually become a popular research topic in this field. This book comprehensively studies the dynamic mechanism of inflation in China from the perspective of New Keynesian economics. By combining the dynamic trajectory of price changes since China's reform and opening-up under Deng Xiaoping as well as the underlying economic operating characteristics, the book deploys a multifaceted approach to understand the mechanism of inflation dynamics. The author explores the microfoundations of inflation dynamics, and underlines their importance in the context of modern monetary policy. In particular, he builds upon the traditional New Keynesian Phillips curve to include factors of globalization and financialization within the inflation formation regime of modern China. As the book explores the dynamic mechanism of China's inflation from different perspectives including inflation cycle theory, price index internal conduction, price index chain transmission, capital rotation, and industry inflation mechanisms, international readers will gain a full understanding of China's inflation, monetary policy, and economy.
Author: Yanfen Huang
Publisher: Peter Lang Pub Incorporated
ISBN: 9780820460680
Category : Business & Economics
Languages : en
Pages : 215
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Book Description
Frankfurt/M., Berlin, Bern, Bruxelles, New York, Oxford, Wien, 2002. num. tab. and graph. European University Studies: Series 5, Economics and Management. Vol. 2931 This book applies both the mechanistic money multiplier model and the credit market theory to analyse the money supply process and monetary policy in china. It examines the effectiveness of the central bank's monetary policy instruments, and assesses the possible monetary policy strategy and operating procedure. The central theme is that the money supply has endogenous features due to the lack of an interest rate mechanism. Therefore, interest rate liberalisation is the key to improving the effectiveness of monetary policy in China. Contents: Money supply - Monetary policy in China - The central banking system - The monetary policy strategy - Operating target."
