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A framework for independent monetary policy in China /

As China's economy becomes more market based and continues its rapid integration into the global economy, having an independent and effective monetary policy regime oriented to domestic objectives will become increasingly important. Employing modern principles of monetary policy in light of the...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Goodfriend, Marvin (Autor), Prasad, Eswar S., 1965- (Autor)
Autor Corporativo: International Monetary Fund
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, African Dept., ©2006.
Colección:IMF working paper ; WP/06/111.
Temas:
Acceso en línea:Texto completo

MARC

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245 1 2 |a A framework for independent monetary policy in China /  |c Marvin Goodfriend and Eswar Prasad. 
260 |a [Washington, D.C.] :  |b International Monetary Fund, African Dept.,  |c ©2006. 
300 |a 1 online resource (50 pages) :  |b illustrations 
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504 |a Includes bibliographical references. 
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520 |a As China's economy becomes more market based and continues its rapid integration into the global economy, having an independent and effective monetary policy regime oriented to domestic objectives will become increasingly important. Employing modern principles of monetary policy in light of the current state of China's financial institutions, we motivate and present a package of proposals to guide the operation of a new monetary policy regime. Specifically, we recommend an explicit low long-run inflation objective, operational independence for the People's Bank of China (PBC) with formal strategic guidance from the government, and a minimal set of financial sector reforms (to make the Chinese banking system robust against interest rate fluctuations). We argue that anchoring monetary policy with an explicit inflation objective would be the most reliable way for the PBC to tie down inflation expectations, and thereby enable monetary policy to make the best contribution to macroeconomic and financial stability, as well as economic growth. The management and monitoring of money (and credit) growth by the PBC would continue to play a useful role in the stabilization of inflation, but a money target would not constitute a good stand-alone nominal anchor. 
506 |3 Use copy  |f Restrictions unspecified  |2 star  |5 MiAaHDL 
533 |a Electronic reproduction.  |b [Place of publication not identified] :  |c HathiTrust Digital Library,  |d 2010.  |5 MiAaHDL 
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583 1 |a digitized  |c 2010  |h HathiTrust Digital Library  |l committed to preserve  |2 pda  |5 MiAaHDL 
505 0 |a Contents -- I. INTRODUCTION AND OVERVIEW -- II. LOW INFLATION OBJECTIVE AS NOMINAL ANCHOR -- III. PRINCIPLES OF MONETARY POLICY GEARED TOWARD TARGETING INFLATION -- IV. INSTITUTIONAL SUPPORT FOR INDEPENDENT MONETARY POLICY -- V. MONETARY AND BANKING INSTITUTIONS IN CHINA -- VI. INDEPENDENT MONETARY POLICY FOR CHINA -- VII. CONCLUDING REMARKS -- REFERENCES 
546 |a English. 
590 |a ProQuest Ebook Central  |b Ebook Central Academic Complete 
650 0 |a Monetary policy  |z China. 
651 0 |a China  |x Economic conditions. 
650 6 |a Politique monétaire  |z Chine. 
651 6 |a Chine  |x Conditions économiques. 
650 7 |a Economic history  |2 fast 
650 7 |a Monetary policy  |2 fast 
651 7 |a China  |2 fast  |1 https://id.oclc.org/worldcat/entity/E39PBJcrd4RjtCBk4wfMhTwwG3 
700 1 |a Prasad, Eswar S.,  |d 1965-  |e author.  |1 https://id.oclc.org/worldcat/entity/E39PBJcC3jcfdjm3gWdPpTXWXd 
710 2 |a International Monetary Fund. 
776 0 8 |i Print version:  |a Goodfriend, Marvin.  |t Framework for independent monetary policy in China.  |d [Washington, D.C.] : International Monetary Fund, Research Dept., 2006  |w (OCoLC)74114727 
830 0 |a IMF working paper ;  |v WP/06/111. 
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