Broad money demand and asset substitution in China /

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...

Descripción completa

Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Wu, Ge (Autor)
Autor Corporativo: International Monetary Fund. Asia and Pacific Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, DC] : International Monetary Fund (IMF), ©2009.
Colección:IMF working paper ; WP/09/131.
Temas:
Demand for money > China > Econometric models.
Monetary policy > China.
Monnaie > Demande > Chine > Modèles économétriques.
Politique monétaire > Chine.
Demand for money > Econometric models
Monetary policy
China
Acceso en línea:Texto completo
Descripción
Sumario: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.
Descripción Física:1 online resource (31 pages) : color illustrations
Bibliografía:Includes bibliographical references (pages 29-31).

Ejemplares similares