Chinas Monetary Policy And Interest Rate Liberalization

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China’s Monetary Policy and Interest Rate Liberalization

Author : Wei Liao
Publisher : International Monetary Fund
ISBN 13 : 1484366298
Total Pages : 24 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis China’s Monetary Policy and Interest Rate Liberalization by : Wei Liao

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.

Interest Rate Liberalization in China

Author : Mr.Tarhan Feyzioglu
Publisher : International Monetary Fund
ISBN 13 : 1451873182
Total Pages : 30 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Interest Rate Liberalization in China by : Mr.Tarhan Feyzioglu

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.

China's Monetary Policy and Interest Rate Liberalization

Author :
Publisher :
ISBN 13 : 9781513542683
Total Pages : pages
Book Rating : 4.5/5 (426 download)

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Book Synopsis China's Monetary Policy and Interest Rate Liberalization by :

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:

Market-Based Interest Rate Reform in China

Author : China Finance 40 Forum Research Group
Publisher : Routledge
ISBN 13 : 0429889992
Total Pages : 224 pages
Book Rating : 4.4/5 (298 download)

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Book Synopsis Market-Based Interest Rate Reform in China by : China Finance 40 Forum Research Group

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 224 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.

China’s Monetary Policy Communication: Frameworks, Impact, and Recommendations

Author : Michael McMahon
Publisher : International Monetary Fund
ISBN 13 : 1484385918
Total Pages : 32 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis China’s Monetary Policy Communication: Frameworks, Impact, and Recommendations by : Michael McMahon

Download or read book China’s Monetary Policy Communication: Frameworks, Impact, and Recommendations written by Michael McMahon and published by International Monetary Fund. This book was released on 2018-11-16 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Interest Rate Liberalization in China

Author : International Monetary Fund
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)

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Book Synopsis Interest Rate Liberalization in China by : International Monetary Fund

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.

Reforging the Central Bank

Author : Haiqing Deng
Publisher : World Scientific
ISBN 13 : 9814704814
Total Pages : 220 pages
Book Rating : 4.8/5 (147 download)

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Book Synopsis Reforging the Central Bank by : Haiqing Deng

Download or read book Reforging the Central Bank written by Haiqing Deng and published by World Scientific. This book was released on 2016-03-11 with total page 220 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. Contents:"The Old Normal" and China's Central BankRestructuring Government–Market Relation — SuperstructuralismA New View of Interest Rate LiberalizationNew Objectives of Monetary PolicyNew Monetary Policy ToolsNew Transmission Mechanism for Monetary PolicyThe Central Bank in Big Data Era Readership: Researchers, economists, finance professionals, analysts, individual investors, monetary and banking authorities in Asia and general readers who are interested in China's reform in its financial system, particularly the central bank's new policy framework. Key Features:First book to propose the idea of "Central Bank 4.0"This book provides the most up-to-date analysis on China's central bank, including interest rate liberalization, Shanghai FTZ, the big data application etc.Contributed by top experts, including those from China's central bank and the Chinese Academy of Social Sciences

Financial Reform and Economic Development in China

Author : James Laurenceson
Publisher : Edward Elgar Publishing
ISBN 13 : 9781843767190
Total Pages : 188 pages
Book Rating : 4.7/5 (671 download)

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Book Synopsis Financial Reform and Economic Development in China by : James Laurenceson

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 2003-01-01 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's prospects of successfully completing the transition to a market economy and becoming the world's largest economy during the 21st Century depend on the future sustainability of high rates of economic growth. This book is a comprehensive, balanced and realistic assessment of China's financial reform program and future direction. Covering not only the banking sector but also non-bank financial institutions, stock market development and external financial liberalization, the authors examine the impact of financial reform on economic development in China during the reform period. This volume will facilitate a more accurate assessment of the Chinese approach to financial reform, and will therefore allow more informed future policy choices for both China and other developing and transitional countries.

The Handbook of China's Financial System

Author : Marlene Amstad
Publisher : Princeton University Press
ISBN 13 : 0691205841
Total Pages : 504 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis The Handbook of China's Financial System by : Marlene Amstad

Download or read book The Handbook of China's Financial System written by Marlene Amstad and published by Princeton University Press. This book was released on 2020-11-17 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive, in-depth, and authoritative guide to China's financial system The Chinese economy is one of the most important in the world, and its success is driven in large part by its financial system. Though closely scrutinized, this system is poorly understood and vastly different than those in the West. The Handbook of China’s Financial System will serve as a standard reference guide and invaluable resource to the workings of this critical institution. The handbook looks in depth at the central aspects of the system, including banking, bonds, the stock market, asset management, the pension system, and financial technology. Each chapter is written by leading experts in the field, and the contributors represent a unique mix of scholars and policymakers, many with firsthand knowledge of setting and carrying out Chinese financial policy. The first authoritative volume on China’s financial system, this handbook sheds new light on how it developed, how it works, and the prospects and direction of significant reforms to come. Contributors include Franklin Allen, Marlene Amstad, Kaiji Chen, Tuo Deng, Hanming Fang, Jin Feng, Tingting Ge, Kai Guo, Zhiguo He, Yiping Huang, Zhaojun Huang, Ningxin Jiang, Wenxi Jiang, Chang Liu, Jun Ma, Yanliang Mao, Fan Qi, Jun Qian, Chenyu Shan, Guofeng Sun, Xuan Tian, Chu Wang, Cong Wang, Tao Wang, Wei Xiong, Yi Xiong, Tao Zha, Bohui Zhang, Tianyu Zhang, Zhiwei Zhang, Ye Zhao, and Julie Lei Zhu.

China

Author : Bernard Laurens
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis China by : Bernard Laurens

Download or read book China written by Bernard Laurens and published by International Monetary Fund. This book was released on 2007 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

China's Financial Sector Reform in the Transition to a Market Economy

Author : Feng Wei
Publisher : Lit Verlag
ISBN 13 :
Total Pages : 332 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis China's Financial Sector Reform in the Transition to a Market Economy by : Feng Wei

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. 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. "

Monetary and Exchange System Reforms in China

Author : Mr.Bernard Laurens
Publisher : International Monetary Fund
ISBN 13 : 9781557755629
Total Pages : 108 pages
Book Rating : 4.7/5 (556 download)

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Book Synopsis Monetary and Exchange System Reforms in China by : Mr.Bernard Laurens

Download or read book Monetary and Exchange System Reforms in China written by Mr.Bernard Laurens and published by International Monetary Fund. This book was released on 1996-09-26 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.

Repo Market and Structure of Short Term Interest Rates in China

Author : Francis Mulenga Muma
Publisher : GRIN Verlag
ISBN 13 : 3656427461
Total Pages : 28 pages
Book Rating : 4.6/5 (564 download)

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Book Synopsis Repo Market and Structure of Short Term Interest Rates in China by : Francis Mulenga Muma

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.

Financial Opening

Author : Helmut Reisen
Publisher : OECD
ISBN 13 :
Total Pages : 276 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Financial Opening by : Helmut Reisen

Download or read book Financial Opening written by Helmut Reisen and published by OECD. This book was released on 1993 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:

A Study on Interest Rate Liberalization in China

Author : Guogang Wang
Publisher : Springer
ISBN 13 : 9789819736430
Total Pages : 0 pages
Book Rating : 4.7/5 (364 download)

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Book Synopsis A Study on Interest Rate Liberalization in China by : Guogang Wang

Download or read book A Study on Interest Rate Liberalization in China written by Guogang Wang and published by Springer. This book was released on 2024-09-27 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the relationship between interest rate liberalization and the reform of China's financial system. It covers many important topics about China's financial system including the role of deposit and lending rates, yields to investment, the relationship between investment and real interest rates, the impact of interest rate liberalization on resident saving, mechanism for RMB exchange rate determination, and policies necessary for interest liberalization. The book also discusses key impediments, path choice, and policy recommendations for China's interest rate liberalization.

Financial Structural Change, Liberalization and Liquidity Market Integrity in China

Author : Francis Mulenga Muma
Publisher : GRIN Verlag
ISBN 13 : 365624894X
Total Pages : 29 pages
Book Rating : 4.6/5 (562 download)

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Book Synopsis Financial Structural Change, Liberalization and Liquidity Market Integrity in China by : Francis Mulenga Muma

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.

Interest Rate Liberalization and Money Market Development

Author : Mr.Bernard Laurens
Publisher : International Monetary Fund
ISBN 13 : 9781557755636
Total Pages : 180 pages
Book Rating : 4.7/5 (556 download)

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Book Synopsis Interest Rate Liberalization and Money Market Development by : Mr.Bernard Laurens

Download or read book Interest Rate Liberalization and Money Market Development written by Mr.Bernard Laurens and published by International Monetary Fund. This book was released on 1996-12-30 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book by Hassanali Mehran, Bernard Laurens, and Marc Quintyn brings together the papers presented at a seminar held in Beijing, China, in August 1995 and sponsored jointly by the IMF's Monetary and Exchange Affairs Department and the Poeple's Bank of China. The papers were written by central bankers from China, Italy, Korea, Malaysia, Thailand, and Turkey. The Chinese authorities were specifically interested in learning more about the Italian and Turkish models of interbank markets and in the experiences of neighboring Asian countries with interest rate liberalization. The U.S. experience was also presented, and the introduction to the book draws policy lessons from the experiences presented at the seminar.