Monetary Policy Transmission And Policy Coordination In China
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Monetary Policy Transmission And Policy Coordination In China
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Author : Miss Sonali Das
language : en
Publisher: International Monetary Fund
Release Date : 2022-04-29
Monetary Policy Transmission And Policy Coordination In China written by Miss Sonali Das and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-04-29 with Business & Economics categories.
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.
China S Monetary Policy Communication Frameworks Impact And Recommendations
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Author : Michael McMahon
language : en
Publisher: International Monetary Fund
Release Date : 2018-11-16
China S Monetary Policy Communication Frameworks Impact And Recommendations written by Michael McMahon and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-16 with Business & Economics categories.
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.
Research On China S Monetary Policy System And Conduction Mechanism
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Author : Wei Liu
language : en
Publisher: Springer Nature
Release Date : 2023-03-28
Research On China S Monetary Policy System And Conduction Mechanism written by Wei Liu and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-28 with Business & Economics categories.
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.
Understanding Chinese Bond Yields And Their Role In Monetary Policy
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Author : Mr.Nuno Cassola
language : en
Publisher: International Monetary Fund
Release Date : 2011-09-01
Understanding Chinese Bond Yields And Their Role In Monetary Policy written by Mr.Nuno Cassola and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-01 with Business & Economics categories.
China's financial prices are informative enough for the PBC to introduce a monetary policy framework centered around interest rates. While bond yields are not fully efficient?reflecting regulation, liquidity, and segmentation?we find they contain considerable information about the state of the economy as well as evidence of an emerging transmission channel: changes in PBC rates influence the structure of Treasury, financial, and corporate bond yield curves, which are then associated with changes in growth and inflation. Coporate spreads are also a leading indicator of growth and inflation. While further liberalization will strengthen both efficiency and transmission, several necessary elements to move towards indirect monetary policy are already in place.
China
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Author : Bernard Laurens
language : en
Publisher: International Monetary Fund
Release Date : 2007
China written by Bernard Laurens and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
The People's Bank of China (PBC) has made great strides in modernizing its monetary policy frameworks but their effectiveness will diminish as the sophistication of the economy increases. Empirical evidence supports maintaining a reference to money in China's monetary strategy and enhancing the role of interest rates in its conduct. We advocate adoption of an eclectic strategy involving the monitoring of several indicators, and of a short-term interest rate as the operational target. The PBC should be granted discretion to change its policy rate, and there are no technical obstacles for such a move to occur in the near future.
A Study On The Coordination Of Fiscal And Monetary Policies
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Author : Hongyi Liu
language : en
Publisher:
Release Date : 2022-12-24
A Study On The Coordination Of Fiscal And Monetary Policies written by Hongyi Liu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-24 with categories.
This book first introduces the challenges the fiscal and monetary policy faces after China's economy entered the new normal, then expounds the economic theoretical basis, principle, and mechanism of fiscal and monetary policy coordination then analyzes the application mode and existing problems of the coordination and cooperation between China's monetary policy and fiscal policy and analyzes its causes. Finally, it draws lessons from the experience of the United States, Japan, Germany, and other countries and puts forward policy suggestions on the coordination of China's monetary policy and fiscal policy under the new situation.
Coordination Of Monetary And Fiscal Policies
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 1998-03-01
Coordination Of Monetary And Fiscal Policies written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-03-01 with Business & Economics categories.
Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Monetary Policy Transmission In Emerging Markets And Developing Economies
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Author : Mr.Luis Brandao-Marques
language : en
Publisher: International Monetary Fund
Release Date : 2020-02-21
Monetary Policy Transmission In Emerging Markets And Developing Economies written by Mr.Luis Brandao-Marques and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-21 with Business & Economics categories.
Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.
Research On China S Monetary Policy System And Conduction Mechanism
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Author : Wei Liu
language : en
Publisher:
Release Date : 2023
Research On China S Monetary Policy System And Conduction Mechanism written by Wei Liu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
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.
Monetary And Currency Policy Management In Asia
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Author : Masahiro Kawai
language : en
Publisher: Edward Elgar Publishing
Release Date : 2012-01-01
Monetary And Currency Policy Management In Asia written by Masahiro Kawai and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
Asian economies strengthened their monetary and currency management after the Asian financial crisis of 19971998, and came through the global financial crisis of 20072009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows. Monetary and Currency Policy Management in Asia draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy. This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics as well as economic development.