Remaking Monetary Policy in China : Markets and Controls, 1998-2008 /
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| Author / Creator: | Beggs, Michael, 1979- author. |
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| Imprint: | Singapore : Palgrave Macmillan UK, 2019. |
| Description: | 1 online resource (133 pages) |
| Language: | English |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/11938455 |
| Summary: | 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. |
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| Physical Description: | 1 online resource (133 pages) |
| Bibliography: | ReferencesChapter 5 Transmission II: Liquidity and Lending; Abstract; 5.1 Beyond the Industrial Organisation Approach; 5.2 Bank Liquidity and Lending; Appendix: Note on Figure; References; Chapter 6 Instruments I: Sterilisation and Interest Rate Controls; Abstract; 6.1 'Freezing Liquidity': Central Bank Bills and Reserve Requirements; 6.2 'Dual-Track': Market and Administered Interest Rates; References; Chapter 7 Instruments II: The Evolution of Policy Strategy; Abstract; 7.1 Influencing the Interbank Market; 7.2 Last Resort: Window Guidance; References; Chapter 8 Conclusion; Abstract |
| ISBN: | 9789811397264 9811397260 9789811397257 |