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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...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, DC] :
International Monetary Fund (IMF),
©2009.
|
| Colección: | IMF working paper ;
WP/09/131. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 100 | 1 | |a Wu, Ge, |e author. | |
| 245 | 1 | 0 | |a Broad money demand and asset substitution in China / |c prepared by Ge Wu. |
| 260 | |a [Washington, DC] : |b International Monetary Fund (IMF), |c ©2009. | ||
| 300 | |a 1 online resource (31 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
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| 490 | 1 | |a IMF working paper ; |v WP/09/131 | |
| 504 | |a Includes bibliographical references (pages 29-31). | ||
| 588 | 0 | |a Print version record. | |
| 520 | |a 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. | ||
| 505 | 0 | |a I. Introduction; II. Recent Developments; Figures; 1. Actual and Targeted M2 Growth Rate, 1999-2007; 2. Renminbi Nominal Exchange Rate and REER, 1994-2008; 3. Currency Substitution and Expectation of Exchange Rate, 2003-07; 4. Number of Investor Accounts and Listed Securities on the Shanghai Stock Exchange, 1996-2008; III. A Model of Money Demand in China; A. Earlier Studies; 5. Household Holdings of Financial Assets, 2001-07; B. Model Specification; C. Integration and Cointegration Tests; Tables; 1. Unit Root Tests (ADF statistics); 2. Order of Vector Autoregressions | |
| 505 | 8 | |a 3. Cointegration AnalysisD. A Dynamic Model of Money Demand; E. The Model's Properties; IV. Conclusion; Appendices; I. Data Definitions; 6. Data Series, 1994Q1-2008Q1; II. Unrestricted Error Correction Representation for Real Broad Money; 7. Actual and Fitted Values of the Money Demand Model; III. Statistical Properties of the Dynamic Model of Money Demand; 8. Residual Analysis; 9. Recursive Least-Squares Parameter Constancy (recursive estimates); 10. Recursive Least-Squares Parameter Constancy (t-values); 11. Other Recursive Least-Squares Constancy Statistics | |
| 590 | |a ProQuest Ebook Central |b Ebook Central Academic Complete | ||
| 650 | 0 | |a Demand for money |z China |x Econometric models. | |
| 650 | 0 | |a Monetary policy |z China. | |
| 650 | 6 | |a Monnaie |x Demande |z Chine |x Modèles économétriques. | |
| 650 | 6 | |a Politique monétaire |z Chine. | |
| 650 | 7 | |a Demand for money |x Econometric models |2 fast | |
| 650 | 7 | |a Monetary policy |2 fast | |
| 651 | 7 | |a China |2 fast |1 https://id.oclc.org/worldcat/entity/E39PBJcrd4RjtCBk4wfMhTwwG3 | |
| 710 | 2 | |a International Monetary Fund. |b Asia and Pacific Department. | |
| 758 | |i has work: |a Broad money demand and asset substitution in China (Text) |1 https://id.oclc.org/worldcat/entity/E39PCFFH9T3jkYwBDwgvmrJXcX |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
| 776 | 0 | 8 | |i Print version: |a Wu, Ge. |t Broad money demand and asset substitution in China. |d [Washington, DC] : International Monetary Fund (IMF), ©2009 |w (OCoLC)547232336 |
| 830 | 0 | |a IMF working paper ; |v WP/09/131. | |
| 856 | 4 | 0 | |u https://ebookcentral.uam.elogim.com/lib/uam-ebooks/detail.action?docID=1608336 |z Texto completo |
| 880 | 8 | |6 505-00/(S |a 12. Actual and Forecast Values of Δ(m− p)References. | |
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