The Money Supply Process and Monetary Policy in China PDF Download

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."

Author: Gang Yi
Publisher: Routledge
ISBN: 0429702817
Category : Political Science
Languages : en
Pages : 312

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Book Description
This book reviews how the current banking system in China has emerged from the all-inclusive monobank system in the past. It discusses the money supply mechanism, evaluates monetary policies, analyzes the monetization process, and provides a summary of the development of financial markets.

Author: Sun Guofeng
Publisher: Springer
ISBN: 113750448X
Category : Business & Economics
Languages : en
Pages : 267

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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: 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 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: Haiqing Deng
Publisher: World Scientific
ISBN: 9814704814
Category : Business & Economics
Languages : en
Pages : 219

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Book Description
Reforging the Central Bank presents an insightful comparison between financial development in China — a rising global economic superpower — under the old and new normal and an all-encapsulating study of current monetary transmission mechanism and monetary policy instruments. Focusing on the 'top-level design' for Chinese financial system and the reformation of People's Bank of China (PBoC), China's central bank, Dr Deng, head of the Fixed Income Research Department at CITIC Securities, and his team provide a deep analysis with useful suggestions and bold predictions for the central bank's new policy framework, new objectives, and new mechanisms in the future.As such, the carefully presented analysis of this book will be of value to researchers and curious readers who are interested in understanding of China's — a rising global economic superpower — future financial development environment.

Author: Michael McMahon
Publisher: International Monetary Fund
ISBN: 1484385918
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: Chen Yulu
Publisher: McGraw Hill Professional
ISBN: 0071829903
Category : Business & Economics
Languages : en
Pages : 177

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Book Description
From ancient “knife money” to the Renminbi—a fascinating history of Chinese currency Chinese Currency and the Global Economy is an all-encapsulating study of the Chinese monetary system from the historical perspective of global economy and finance. From economic infrastructure to the cultural system and from world events to the domestic scene, author Chen Yulu describes the metamorphosis of the Chinese currency and examines what is entailed in the globalization of Renminbi against the background of world economic multi-polarization. Chen Yulu is an Eisenhower senior visiting fellow and a Fulbright senior scholar. He serves concurrently as president of Renmin University of China, vice-chairman of the China International Finance Association, and deputy secretary general and executive director of the China Society for Finance and Banking.

Author: Finn Marten Körner
Publisher:
ISBN:
Category :
Languages : en
Pages : 22

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Book Description
Chinese monetary policy constitutes a marked example of a clash between theory and practice. In theory, a fixed exchange rate regime with capital mobility turns the money supply into an endogenous variable while expansionary pressure can be alleviated by the central bank by foreign currency transactions. For China, this standard view is contended by the 'compensation thesis' as proposed by Lavoie and Wang (2012) according to which the central bank maintains discretion over money supply by using alternative balance sheet instruments. In this paper we show that the People's Bank of China's (PBoC) activities can be better characterized by the 'compensation thesis' view of alternative money supply operations. In addition, we can thus characterize the PBoC's policy stance as being directed at targeting inflation and exchange rate stability via a five-phase policy mix using sterilization bonds and reserve requirements according to macroeconomic conditions. After downgrading the loans-to-deposits ratio of 75% to the status of an indicator and given the rise in lending despite a high reserve ratio, the quantity-driven approach to monetary policy of the PBoC faces an uncertain future.

Author: L. Jin
Publisher: Springer
ISBN: 0230380174
Category : Business & Economics
Languages : en
Pages : 273

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Book Description
This book is a systematic study of monetary policy and financial institution in China during its decentralisation- and market-oriented economic reform. It not only contains substantial information on money and finance and the operation of financial institutions in China, but also identifies mechanisms of the monetary expansion as the general feature of monetary policy.