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Interest Rate Liberalization And Money Market Development
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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.
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 Financial Liberalization by : Gerard Caprio
Download or read book Financial Liberalization written by Gerard Caprio and published by Cambridge University Press. This book was released on 2001-10-08 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides a rounded view of financial liberalization after the collapses in East Asia.
Book Synopsis Money, Interest, and Banking in Economic Development by : Maxwell J. Fry
Download or read book Money, Interest, and Banking in Economic Development written by Maxwell J. Fry and published by . This book was released on 1995 with total page 638 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines monetary and financial policies and their effects on rates of economic growth in developing countries and describes balanced assessment of the role of money, banking and finance in the process of economic development.
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 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 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 The Financial Development of Japan, Korea, and Taiwan by : Hugh T. Patrick
Download or read book The Financial Development of Japan, Korea, and Taiwan written by Hugh T. Patrick and published by Oxford University Press, USA. This book was released on 1994 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: The analysis shows how financial development has occurred in two distinct phases. Initially, interest rates were regulated to remain below market levels, entry of new financial institutions was restricted, financial markets were segmented, and domestic finance was insulated from world financial markets. The second phase has seen a steady, if sometimes slow, removal of these restrictions.
Book Synopsis Monetary Policy and the Development of Money Markets by : J. S. G. Wilson
Download or read book Monetary Policy and the Development of Money Markets written by J. S. G. Wilson and published by Psychology Press. This book was released on 2003 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book traces the developments of the post-war monetary story, with an emphasis both on theory and practice. A survey of monetary policy and a discussion of the effects of a credit squeeze are set against a survey of the very different American scene. Comparative analysis of the 'new money markets' is also included as is discussion of the significant developments in the world's major capital markets.
Book Synopsis Market-Based Systems of Monetary Control in Developing Countries by : Mr.Chorng-Huey Wong
Download or read book Market-Based Systems of Monetary Control in Developing Countries written by Mr.Chorng-Huey Wong and published by International Monetary Fund. This book was released on 1991-04-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews issues in the development of a market-based system of monetary control in developing countries. It focuses on the appropriate sequencing of financial reform that would facilitate the transition toward a market-based system and measures required to strengthen the effectiveness of market-based operations. The paper also assesses the effects of financial reform on the demand for money function and discusses the implications for policy formulation and implementation.
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 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 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
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 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:
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.
Book Synopsis Financial Liberalization and Money Demand in Asean Countries by : Mr.Robert Dekle
Download or read book Financial Liberalization and Money Demand in Asean Countries written by Mr.Robert Dekle and published by International Monetary Fund. This book was released on 1997-03-01 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of financial market development and liberalization on money demand behavior in Indonesia, Malaysia, Singapore, and Thailand since the early 1980s. The empirical results indicate continuing instability in the interaction of money growth, economic activity, and inflation. Rapid growth and ongoing changes in financial markets suggest that policy needs to be guided by a wider set of monetary and real sector indicators of inflationary pressures. The feasibility of alternative policy frameworks--including nominal exchange rate targets, and inflation targets--is discussed in the context of the substantial and sustained increase in foreign capital inflows.
