Remaking Monetary Policy in China
Remaking Monetary Policy in China

Author: Michael Beggs

Publisher: Springer

Published: 2019-08-16

Total Pages: 125

ISBN-13: 9811397260

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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.

Remaking the Chinese Leviathan
Remaking the Chinese Leviathan

Author: Dali L. Yang

Publisher: Stanford University Press

Published: 2004

Total Pages: 436

ISBN-13: 9780804754934

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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.

China’s Monetary Policy and Interest Rate Liberalization
China’s Monetary Policy and Interest Rate Liberalization

Author: Wei Liao

Publisher: International Monetary Fund

Published: 2014-05-01

Total Pages: 24

ISBN-13: 1484366298

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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.

Reforms in China's Monetary Policy
Reforms in China's Monetary Policy

Author: Sun Guofeng

Publisher: Palgrave Macmillan

Published: 2014-01-14

Total Pages: 255

ISBN-13: 9781349570898

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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.

China's Opening-up
China's Opening-up

Author: Fan Zhiyong

Publisher: Enrich Professional Publishing

Published: 2011

Total Pages: 0

ISBN-13: 9789814298186

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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.

China's Evolving Monetary Policy Rule
China's Evolving Monetary Policy Rule

Author: Eric Girardin

Publisher:

Published: 2017

Total Pages: 35

ISBN-13:

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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.

Reforms in China's Monetary Policy
Reforms in China's Monetary Policy

Author: Sun Guofeng

Publisher: Palgrave Macmillan

Published: 2015-08-13

Total Pages: 255

ISBN-13: 9781137504463

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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.

One Road, Many Dreams
One Road, Many Dreams

Author: Daniel Drache

Publisher: Bloomsbury China

Published: 2019-09-10

Total Pages: 289

ISBN-13: 1912392046

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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?