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Author : Maxwell J. Fry
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (318 download)
Download or read book Estimating Money Demand for Monetary Control in China written by Maxwell J. Fry and published by . This book was released on 1995 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451975546
Total Pages : 28 pages
Book Rating : 4.4/5 (519 download)
Download or read book Economic Reform and the Demand for Money in China written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-04-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Error correction models of the demand for a range of monetary aggregates in China are estimated with quarterly data for the period 1983–88. The estimated models fit the data reasonably well and appear to be relatively stable. Money demand is found to be sensitive to changes in expected inflation. In the case of currency, demand increases in the short term in response to an increase in expected inflation even though there is a fall in demand in the long run. A “cash-in-advance” explanation for this response pattern is suggested. It is also argued that the estimation results taken as a whole provide indirect evidence against the existence of substantial repressed inflation in China during the sample period. This is a working paper and the author would welcome any comments in the present text citatios should refer to a $$$n unpublished manuscript, mentioning the author and the date of issuance by the Internatinoal monetary Fund.
Author : Anne-Laurie Delatte
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.:/5 (862 download)
Download or read book Understanding Money Demand in the Transition from a Centrally Planned to a Market Economy written by Anne-Laurie Delatte and published by . This book was released on 2013 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fundamental changes in institutions during the transition from a centrally planned to a market economy present a formidable challenge to monetary policy decision makers. For the case of China, we examine the institutional changes in the monetary system during the process of transition and develop money demand functions that reflect these institutional changes. We consider seasonal unit roots and estimate long run, equilibrium money demand functions, explicitly taking into consideration the changes in the institutional characteristics of China's financial system. Using a newly compiled dataset that covers an unprecedented long time period of 1984-2010 at the quarterly frequency, we are able to draw conclusions on the transitions in households', firms', and aggregate money demand, on the role of the credit plan and interest rates, on the mechanisms of macroeconomic control during economic transition, and on theoretical questions in the development and money literature.
Author : Anne-Laurie Delatte
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (869 download)
Download or read book Understanding Money Demand in the Transition from a Centrally Planned to a Market Economy written by Anne-Laurie Delatte and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fundamental changes in institutions during the transition from a centrally planned to a market economy present a formidable challenge to monetary policy decision makers. For the case of China, we examine the institutional changes in the monetary system during the process of transition and develop money demand functions that reflect these institutional changes. We consider seasonal unit roots and estimate long run, equilibrium money demand functions, explicitly taking into consideration the changes in the institutional characteristics of China's financial system. Using a newly compiled dataset that covers an unprecedented long time period of 1984-2010 at the quarterly frequency, we are able to draw conclusions on the transitions in households', firms', and aggregate money demand, on the role of the credit plan and interest rates, on the mechanisms of macroeconomic control during economic transition, and on theoretical questions in the development and money literature.
Author : Ge Wu
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451872781
Total Pages : 30 pages
Book Rating : 4.8/5 (727 download)
Download or read book Broad Money Demand and Asset Substitution in China written by Ge Wu and published by INTERNATIONAL MONETARY FUND. This book was released on 2009-06-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent changes to China's financial system, in particular ongoing interest rate liberalization, gradual movement toward a more flexible exchange rate regime, and rapid development of capital markets, have changed substantially the environment in which monetary policy operates. In light of these changes, we estimate an error correction model using a General-to-Specific methodology and confirm that a stable broad money demand function exists taking proper account of asset substitution, with an income elasticity of less than unity. Current inflation is found to have a significant negative impact on the real money demand. However, money demand does not appear very sensitive to interest rates, possibly reflecting their partial liberalization. Changes in the exchange rate also do not affect money demand significantly, but expectations of a further renminbi appreciation since 2005 appears to induce more money demand. Stock prices are statistically insignificant despite recent investors' interest in equity markets.
Author : Qing Zhang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (798 download)
Download or read book Demand for Money in China written by Qing Zhang and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This research investigates the long-run equilibrium relationship between money demand and its determinants in China over the period 1952-2004 for three definitions of money - currency in circulation m0, narrow money m1 and broad money m2. The appropriate dummy variable has been added into the functions to assess and evaluate effects of economic reform in China. The additional influences on money demand in China, such as wages, monetization process and saving effects are explored. The real wage index w, the ratio of urban population to total population ROP, the ratio of total deposit to currency DCR, and the ratio of total deposit to income RDG have been considered as additional variables in the same money demand functions. To test the stable long-run money demand functions, the Engle-Granger two-stage cointegration method (EGTS), Phillips-Hansen cointegration approach, Pesaran et al. (2001) ARDL cointegration procedure along with CUSUM and CUSUMSQ stability tests and Johansen Multivariate Cointegration procedures are employed. Granger Causality Test is applied to indicate either uni-directional or bi-directional causality exists in the variables. Wald tests for homogeneity and parameter constancy tests are employed in this study as well. The estimation results, especially the cointegration analyses show that the real money demand functions perform better than the nominal money demand functions. Narrow money demand m1 presents more satisfactory coefficients than the other two in terms of economic theory and econometric diagnostics. The stabilisation policy should primarily aim at the narrow money m1. This study reveals that the economic reform did bring significant changes to the Chinese economy. Income is shown to be the most important determinant of money demand. The other additional variables also have significant effects on the money demand. The wage index influence on money demand models is important. The raise of monetization process made the money play a more vital role.
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 : José R. Sánchez-Fung
Publisher :
ISBN 13 : 9789523230477
Total Pages : 13 pages
Book Rating : 4.2/5 (34 download)
Download or read book Estimating the Impact of Monetary Policy on Inequality in China written by José R. Sánchez-Fung and published by . This book was released on 2015 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gang Yi
Publisher : Routledge
ISBN 13 : 0429702817
Total Pages : 312 pages
Book Rating : 4.4/5 (297 download)
Download or read book Money, Banking, And Financial Markets In China written by Gang Yi and published by Routledge. This book was released on 2019-04-24 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Ming Xu Chen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (277 download)
Download or read book Econometric Analysis of the Money Demand and Monetary Policy in China written by Ming Xu Chen and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Steven Vincent Dunaway
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451862218
Total Pages : 12 pages
Book Rating : 4.8/5 (622 download)
Download or read book Estimating China's "Equilibrium" Real Exchange Rate written by Steven Vincent Dunaway and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-10-01 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The number of studies attempting to estimate the "equilibrium" real value of China's currency has proliferated in recent years as the country's presence in world markets has grown. These studies have sought to establish whether or not a significant part of China's competitive prowess can be attributed to the foreign exchange value of the renminbi. Unfortunately, no consensus has emerged because the studies yield a very wide range of estimates. The paper looks at a sample of these studies, with estimates of undervaluation ranging from zero to nearly 50 percent. It attributes the wide variation in these estimates to the influence of such factors as the different methodologies used, explanatory variables included, subjective judgments of the various researchers in deriving their results, and instability in underlying economic relationships, especially in a rapidly developing economy like China.
Author : Guoxiong Zhang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Optimal Monetary Policy in China with Money as Not Redundant written by Guoxiong Zhang and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article provides three pieces of evidence to show that money is not redundant in China: aggregate real money balance can affect aggregate demand even when its effect through short-term interest rates is controlled. I estimate a DSGE model using Chinese data. With the estimated model, I find that monetary policy that controls the money supply (the quantity rule) is better than the one that controls the short-term interest rate (the price rule) in terms of minimising welfare loss. I then discuss the optimal monetary policy that combines both the price rule and the quantity rule.
Author : Mr.Subramanian S. Sriram
Publisher : International Monetary Fund
ISBN 13 : 1451848544
Total Pages : 78 pages
Book Rating : 4.4/5 (518 download)
Download or read book Survey of Literature on Demand for Money written by Mr.Subramanian S. Sriram and published by International Monetary Fund. This book was released on 1999-05-01 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: A stable money demand forms the cornerstone in formulating and conducting monetary policy. Consequently, numerous theoretical and empirical studies have been conducted in both industrial and developing countries to evaluate the determinants and the stability of the money demand function. This paper briefly reviews the theoretical work, tracing the contributions of several researchers beginning from the classical economists, and explains relevant empirical issues in modeling and estimating money demand functions. Notably, it summarizes the salient features of a number of recent studies that applied cointegration/error-correction models in the 1990s, and it features a bibliography to aid in research on demand for money.
Author : Mr.Bernard Laurens
Publisher : International Monetary Fund
ISBN 13 : 9781557755629
Total Pages : 108 pages
Book Rating : 4.7/5 (556 download)
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.
Author : Michael Beggs
Publisher : Springer
ISBN 13 : 9811397260
Total Pages : 125 pages
Book Rating : 4.8/5 (113 download)
Download or read book Remaking Monetary Policy in China written by Michael Beggs and published by Springer. This book was released on 2019-08-16 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 13 : 9811990603
Total Pages : 299 pages
Book Rating : 4.8/5 (119 download)
Download or read book Research on China’s Monetary Policy System and Conduction Mechanism written by Wei Liu and published by Springer Nature. This book was released on 2023-03-28 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : Guobo Huang
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)
Download or read book Money Demand in China in the Reform Period written by Guobo Huang and published by . This book was released on 1993 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
