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Author : Guogang Wang
Publisher : Springer Nature
ISBN 13 : 9819736447
Total Pages : 225 pages
Book Rating : 4.8/5 (197 download)
Download or read book A Study on Interest Rate Liberalization in China written by Guogang Wang and published by Springer Nature. This book was released on with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Tarhan Feyzioglu
Publisher : International Monetary Fund
ISBN 13 : 1451873182
Total Pages : 30 pages
Book Rating : 4.4/5 (518 download)
Download or read book Interest Rate Liberalization in China written by Mr.Tarhan Feyzioglu and published by International Monetary Fund. This book was released on 2009-08-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: What might interest rate liberalization do to intermediation and the cost of capital in China? China's most binding interest rate control is a ceiling on the deposit rate, although lending rates are also regulated. Through case studies and model-based simulations, we find that liberalization will likely result in higher interest rates, discourage marginal investment, improve the effectiveness of intermediation and monetary transmission, and enhance the financial access of underserved sectors. This can occur without any major disruption. International experience suggests, however, that achieving these benefits without unnecessary instability, requires vigilant supervision, governance, and monetary policy, and a flexible policy toolkit.
Author : Wei Liao
Publisher : International Monetary Fund
ISBN 13 : 1484366298
Total Pages : 24 pages
Book Rating : 4.4/5 (843 download)
Download or read book China’s Monetary Policy and Interest Rate Liberalization written by Wei Liao and published by International Monetary Fund. This book was released on 2014-05-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : China Finance 40 Forum Research Group
Publisher : Routledge
ISBN 13 : 0429890001
Total Pages : 202 pages
Book Rating : 4.4/5 (298 download)
Download or read book Market-Based Interest Rate Reform in China written by China Finance 40 Forum Research Group and published by Routledge. This book was released on 2018-12-07 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : International Monetary Fund
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)
Download or read book Interest Rate Liberalization in China written by International Monetary Fund and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation What might interest rate liberalization do to intermediation and the cost of capital in China? China's most binding interest rate control is a ceiling on the deposit rate, although lending rates are also regulated. Through case studies and model-based simulations, we find that liberalization will likely result in higher interest rates, discourage marginal investment, improve the effectiveness of intermediation and monetary transmission, and enhance the financial access of underserved sectors. This can occur without any major disruption. International experience suggests, however, that achieving these benefits without unnecessary instability, requires vigilant supervision, governance, and monetary policy, and a flexible policy toolkit.
Author :
Publisher :
ISBN 13 : 9781513542683
Total Pages : pages
Book Rating : 4.5/5 (426 download)
Download or read book China's Monetary Policy and Interest Rate Liberalization written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Maxwell J. Fry
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Interest Rate Liberalization and Monetary Control in China written by Maxwell J. Fry and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The end of China's Cultural Revolution in December 1978 heralded a gradual process of economic liberalization and reform. In the financial sector, the monobank system was abandonded in favor of a two-tier banking system in which the People's Bank of China (PBC) became the central bank and its commercial lending activities were transferred to four specialized banks. While China's financial sector has changed since 1978, the credit plan remains the key instrument of monetary policy. Credit ceilings are set for each specialized bank and subceilings are also imposed for specific types of loans, such as working capital and fixed investment loans. Although banks have some discretion in varying interest rates, China's interest rates are basically determined by administrative fiat. Inconsistencies between the development of a market-based economy and the use of credit ceilings as the main instrument of monetary policy have become increasingly apparent. Since 1993, therefore, the Chinese authorities have accelerated the pace of financial sector reforms. Part of these reforms include greater flexibility in, and eventual market determination of, interest rates. This paper addresses some issues raised by prospective interest rate liberalization in China.
Author : Francis Mulenga Muma
Publisher : GRIN Verlag
ISBN 13 : 3656427461
Total Pages : 28 pages
Book Rating : 4.6/5 (564 download)
Download or read book Repo Market and Structure of Short Term Interest Rates in China written by Francis Mulenga Muma and published by GRIN Verlag. This book was released on 2013-05-10 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studienarbeit aus dem Jahr 2011 im Fachbereich BWL - Bank, Börse, Versicherung, Xiamen University, Sprache: Deutsch, Abstract: Money market refers to the market where financial institutions make transactions of short-term financial instruments for short-term financing and liquidity management. China’s money market is mainly made up of interbank funding market and bond repurchase agreement market commonly referred to as repo market. Some scholars argue that China’s financial liberalization remains incomplete as the behaviour of short-term market-determined interest rates is influenced by regulated rates. This paper argues that to have integrity of the market China should further liberalize its retail interest rates to allow all interest rates to better reflect liquidity conditions and the scarcity of capital. At present, the relevant research of the term structure of interest rates of China is mostly directed against a certain specific market or a certain specific method, lacking market integrality. For constructing a systemic, scientific term structure of interest rate of China, respective term structure of interest rate is deduced from the treasury bond market, bank deposit market, inter-bank borrowing market, bank repo market, and RMB interest rate swap market. And then according to different weights, a synthesized term structure of interest rate of China is constructed out. Finally, empirical research is carried on by use of this method. Empirical results show that the method is better than the traditional methods, and the synthesized term structure curve of interest rate by the method is between various kinds of term structure curves by the traditional methods, reflecting the situation and information of each market on the whole. Since the market-oriented economic reform in 1978, China has entered into a stage of financial deregulation and liberalization. With the growth of the national economy and change of national income structure, China’s finance has increased rapidly, which brought great changes in the financial structure. In 1978, broad money (M2) balance was near RMB150 billion yuan. By the end of 2001, broad money balance was up to RMB16000 billion yuan, an increase of over 100 times in the past twenty years.
Author : Feng Wei
Publisher : LIT Verlag Münster
ISBN 13 :
Total Pages : 332 pages
Book Rating : 4.:/5 (318 download)
Download or read book China's Financial Sector Reform in the Transition to a Market Economy written by Feng Wei and published by LIT Verlag Münster. This book was released on 2000 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: " The book is a problem-oriented study of China's financial sector in the transitional process since 1979. It provides deep and precise insights into the characteristics and problems of China's financial sector with respect to investment finance, the central banking and commercial banking systems, the financial market, and the legal and institutional framework of bank supervision in China. More importantly, the book has also proposed workable strategies for resolving two acute problems: interest rate liberalization and solving the issue of non-performing loans in China's banking system. The recent financial crisis in Asia is also a subject of the book, especially as regards its effects on the banking sector, stock markets, and extemal financial market liberalization in China. Furthermore, a projection is made about the trends in Chinese economic policies, particularly the interest rate policy, the exchange rate policy, and the fiscal policy, and about the perspectives of China's financial sector reform. This book is a valuable reference for academic researchers, investors, business managers, and policy-makers who are concemed with China's banking and financial system. "
Author : Francis Mulenga Muma
Publisher : GRIN Verlag
ISBN 13 : 365624894X
Total Pages : 29 pages
Book Rating : 4.6/5 (562 download)
Download or read book Financial Structural Change, Liberalization and Liquidity Market Integrity in China written by Francis Mulenga Muma and published by GRIN Verlag. This book was released on 2012-07-31 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research Paper (undergraduate) from the year 2011 in the subject Economics - Monetary theory and policy, grade: A, Xiamen University (School of Economics), course: Economics, language: English, abstract: Money market refers to an exchange for buying and selling of financial and money market instruments where financial institutions make transactions of short-term financial instruments for short-term financing and liquidity management. China’s money market is mainly made up of interbank funding market and bond repurchase agreement market commonly referred to as repo market.Since the market-oriented economic reform in 1978, China has entered into a stage of financial deregulation and liberalization. With the growth of the national economy and change of national income structure, China’s finance has increased rapidly, which has brought a great deal of changes in the financial structure. In 1978, broad money (M2) balance was near RMB150 billion yuan. By the end of 2001, M2 balance was up to RMB16,000 billion yuan, an increase of over 100 times in the past twenty years, implying a growth rate of 5 percent a year in 20 years. However, with this financial development and deepening, China needs to liberalize the financial market further and let the liquidity conditions reflect the market realities and integrity. Some scholars argue that China’s financial liberalization remains incomplete as the behavior of short-term market-determined interest rates is influenced by regulated rates. This paper argues that to have integrity of the market China should further liberalize its retail interest rates to allow all interest rates to better reflect liquidity conditions and the scarcity of capital. China has taken important steps to liberalize its interest rates. Short-term interbank interest rates were liberalized initially, financial and treasury bond yields were liberalized soon after, followed later by the liberalization of the corporate fixed income market. The creation of the short-term financing bond in 2005 and medium-term financing note in 2008, with unregulated interest rates and liberal issuance criteria, were major advances in the development of the corporate financing market. In 2007, seeking to make interest rates better reflect market conditions and create a more stable benchmark yield curve at longer maturities, the Chinese authorities also launched the Shanghai Interbank Offered Rate (SHIBOR) benchmark rate system.In so doing we hope this will reflect a better and genuine financial Liberalization with integrity of the market that is more aspiring and creates market confidence. Keywords: Financial Liberalization, Integrity of the Market.
Author : Mr.Bart Turtelboom
Publisher : International Monetary Fund
ISBN 13 : 1451939183
Total Pages : 46 pages
Book Rating : 4.4/5 (519 download)
Download or read book Interest Rate Liberalization written by Mr.Bart Turtelboom and published by International Monetary Fund. This book was released on 1991-12-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper undertakes a survey of theoretical considerations and an analysis of the experience of five African countries with interest rate liberalization. Despite substantial progress in monetary policy reforms, liberalization has only partially affected the level and variability of interest rates. Several factors—macroeconomic instability, oligopolistic financial markets, the absence of developed capital markets, as well as the sequencing of the liberalization programs and the asymmetric availability of information—explain the increase in the spread between lending and deposit rates as well as the rather inflexible pattern of interest rates during the transition to a market-based financial system.
Author : Haiqing Deng
Publisher : World Scientific
ISBN 13 : 9814704814
Total Pages : 219 pages
Book Rating : 4.8/5 (147 download)
Download or read book Reforging The Central Bank: The Top-level Design Of The Chinese Financial System In The New Normal written by Haiqing Deng and published by World Scientific. This book was released on 2016-03-11 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Wei Feng
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (972 download)
Download or read book A Preliminary Survey of China's Interest Rate Management written by Wei Feng and published by . This book was released on 1997 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Wen Si
Publisher :
ISBN 13 :
Total Pages : 23 pages
Book Rating : 4.:/5 (13 download)
Download or read book Interest Rate Liberalization in China written by Wen Si and published by . This book was released on 2015 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Embarking on interest rate liberalization reforms nearly two decades ago, China has made significant progress. Our paper takes a closer look at interest rate liberalization in China, and reviews historical progress and current efforts that Chinese authorities have made to date. Similar to international experiences, the process of market-based interest rate reform is to liberalize interest rates of the money market and bond market prior to those charged for deposits and loans. In gradually liberalizing the loan and deposit rates, reform measures are introduced on foreign currencies before domestic currency, on loans before deposits, and on long-term and large-value loans and deposits before short-term and small-value instruments. Until now, the authorities has yet to take the final and most critical step -- removing deposit rate ceilings -- to reach full interest rate liberalization. Our paper also explains why the pace of interest rate liberalization is too slow, and points out the main barrier to the further liberalization. In addition, the appendix of this paper provides a chronicle of interest rate liberalization during the period from the beginning of the reform to 2014.
Author : Samuel C. Shieh
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (318 download)
Download or read book Financial Liberalization and Internationalization in the Republic of China written by Samuel C. Shieh and published by . This book was released on 1989 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : James Laurenceson
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 184 pages
Book Rating : 4.:/5 (318 download)
Download or read book Financial Reform and Economic Development in China written by James Laurenceson and published by Edward Elgar Publishing. This book was released on 2003 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: Table of contents
Author : Michael K. H. Law
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (887 download)
Download or read book Towards Interest Rate Liberalization in China written by Michael K. H. Law and published by . This book was released on 2014 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
