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Interest Rate Liberalization
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Book Synopsis Interest Rate Liberalization by : Mr.Bart Turtelboom
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.
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.
Book Synopsis Issues in Interest Rate Management and Liberalization by : International Monetary Fund
Download or read book Issues in Interest Rate Management and Liberalization written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-01-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the transition strategy from administratively set interest rates to market rates. Despite worldwide trends toward financial liberalization, few monetary authorities are prepared to accept as reasonable any interest rate level that is market-determined. The paper suggests some helpful indicators to assess the adequacy of interest rates. It discusses factors which contribute to a smooth liberalization process. The main conclusion is that interest rate liberalization is not synonymous with laissez-faire policies. It requires, however, the replacement of the administratively set interest rates by indirect monetary management techniques which operate through the market.
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.
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.
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 Nature. This book was released on with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis High Real Interest Rates Under Financial Liberalization by : Vicente Galbis
Download or read book High Real Interest Rates Under Financial Liberalization written by Vicente Galbis and published by International Monetary Fund. This book was released on 1993-01-01 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concerns were raised beginning in the 1980s about the possible detrimental effects of high positive real interest rates under financial liberalization. Using a sample of 28 countries that underwent financial liberalization since the 1970s, the paper examines the evidence about the emergence of high real interest rates and discusses the possible causes and likely effects. Some remedies--preferably preventive--are considered including macroeconormic stabilization, fiscal consolidation, improvements in prudential regulation and supervision of the financial sector, and introduction of an efficient management of indirect monetary policy instruments.
Book Synopsis Interest Rate Policies, Stabilization, and Bank Supervision in Developing Countries by : International Monetary Fund
Download or read book Interest Rate Policies, Stabilization, and Bank Supervision in Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-01-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies macroeconomic stability, effective bank supervision, and an appropriate sequencing of stabilization, banking regulations, and interest rate policies as common characteristics of the relatively successful experiments in financial sector liberalization. Recent theoretical developments help to explain why interest rates in free markets for bank credit may fall short of market-clearing levels, or may rise to risky levels with adverse consequences for financial institutions and the economy at large. To prevent such outcomes, macro-economic stabilization and improved bank supervision should generally precede complete removal of control on bank interest rates.
Book Synopsis Interest Rate Liberalization and Monetary Control in China by : Maxwell J. Fry
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 1995 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis Financial Liberalization and Economic Development by : Ronald I. McKinnon
Download or read book Financial Liberalization and Economic Development written by Ronald I. McKinnon and published by ICS Press. This book was released on 1988 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Liberalization and Its Impact on Interest Rate Determination by : Mathinee Subhaswadikul
Download or read book Financial Liberalization and Its Impact on Interest Rate Determination written by Mathinee Subhaswadikul and published by . This book was released on 1995 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Financial Liberalization and Financial Fragility by : Ms.Enrica Detragiache
Download or read book Financial Liberalization and Financial Fragility written by Ms.Enrica Detragiache and published by International Monetary Fund. This book was released on 1998-06-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of 53 countries during 1980-95 finds that financial liberalization increases the probability of a banking crisis, but less so where the institutional environment is strong. In particular, respect for the rule of law, a low level of corruption, and good contract enforcement are relevant institutional characteristics. The data also show that, after liberalization, financially repressed countries tend to have improved financial development even if they experience a banking crisis. This is not true for financially restrained countries. This paper’s results support a cautious approach to financial liberalization where institutions are weak, even if macroeconomic stabilization has been achieved.
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.
Book Synopsis Financial Liberalization in Developing Countries by : Trevor M. Sikorski
Download or read book Financial Liberalization in Developing Countries written by Trevor M. Sikorski and published by World Bank Publications. This book was released on 1996 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :John Williamson Publisher :Princeton University International Finance Section, Department of Econmics ISBN 13 : Total Pages :84 pages Book Rating :4.F/5 ( download)
Book Synopsis A Survey of Financial Liberalization by : John Williamson
Download or read book A Survey of Financial Liberalization written by John Williamson and published by Princeton University International Finance Section, Department of Econmics. This book was released on 1998 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
