Reforming China's Monetary Policy Framework to Meet Domestic Objectives:
As a result of reforms and financial sector development, the People's Bank of China (PBoC) now exerts significant control over money market interest rates. With money market conditions increasingly influencing effective commercial lending rates, the PBoC is also able to affect the cost of credi...
Gespeichert in:
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2010
|
| Schriftenreihe: | OECD Economics Department Working Papers
no.822 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | As a result of reforms and financial sector development, the People's Bank of China (PBoC) now exerts significant control over money market interest rates. With money market conditions increasingly influencing effective commercial lending rates, the PBoC is also able to affect the cost of credit without recourse to its benchmark commercial bank rates. Furthermore, interest rates are an important determinant of investment spending in China, via the user cost of capital, and aggregate economic activity influences inflation. Hence, greater use of interest rates in implementing monetary policy would enhance macroeconomic stabilisation while avoiding a number of drawbacks of the current quantity-based approach. In addition, increased flexibility in the exchange rate would enhance its role in offsetting macroeconomic shocks and allow the PBoC more scope to tailor monetary policy to domestic macroeconomic conditions. Concurrently, changes in the PBoC's policy stance should be predicated on informed judgments based on the monitoring of a set of indicators in conjunction with a flexible inflation objective as the nominal anchor. This paper relates to the 2010 OECD Economic Review of China (www.oecd.org/eco/surveys/china). |
| Beschreibung: | 1 Online-Ressource (50 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5km32vmsq6f2-en |
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| 520 | |a As a result of reforms and financial sector development, the People's Bank of China (PBoC) now exerts significant control over money market interest rates. With money market conditions increasingly influencing effective commercial lending rates, the PBoC is also able to affect the cost of credit without recourse to its benchmark commercial bank rates. Furthermore, interest rates are an important determinant of investment spending in China, via the user cost of capital, and aggregate economic activity influences inflation. Hence, greater use of interest rates in implementing monetary policy would enhance macroeconomic stabilisation while avoiding a number of drawbacks of the current quantity-based approach. In addition, increased flexibility in the exchange rate would enhance its role in offsetting macroeconomic shocks and allow the PBoC more scope to tailor monetary policy to domestic macroeconomic conditions. Concurrently, changes in the PBoC's policy stance should be predicated on informed judgments based on the monitoring of a set of indicators in conjunction with a flexible inflation objective as the nominal anchor. This paper relates to the 2010 OECD Economic Review of China (www.oecd.org/eco/surveys/china). | ||
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| spelling | Conway, Paul VerfasserIn aut Reforming China's Monetary Policy Framework to Meet Domestic Objectives Paul, Conway, Richard, Herd and Thomas, Chalaux = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques / Paul, Conway, Richard, Herd et Thomas, Chalaux Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques Paris OECD Publishing 2010 1 Online-Ressource (50 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.822 As a result of reforms and financial sector development, the People's Bank of China (PBoC) now exerts significant control over money market interest rates. With money market conditions increasingly influencing effective commercial lending rates, the PBoC is also able to affect the cost of credit without recourse to its benchmark commercial bank rates. Furthermore, interest rates are an important determinant of investment spending in China, via the user cost of capital, and aggregate economic activity influences inflation. Hence, greater use of interest rates in implementing monetary policy would enhance macroeconomic stabilisation while avoiding a number of drawbacks of the current quantity-based approach. In addition, increased flexibility in the exchange rate would enhance its role in offsetting macroeconomic shocks and allow the PBoC more scope to tailor monetary policy to domestic macroeconomic conditions. Concurrently, changes in the PBoC's policy stance should be predicated on informed judgments based on the monitoring of a set of indicators in conjunction with a flexible inflation objective as the nominal anchor. This paper relates to the 2010 OECD Economic Review of China (www.oecd.org/eco/surveys/china). Economics China, People's Republic Herd, Richard MitwirkendeR ctb Chalaux, Thomas MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5km32vmsq6f2-en Volltext |
| spellingShingle | Conway, Paul Reforming China's Monetary Policy Framework to Meet Domestic Objectives Economics China, People's Republic |
| title | Reforming China's Monetary Policy Framework to Meet Domestic Objectives |
| title_alt | Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques |
| title_auth | Reforming China's Monetary Policy Framework to Meet Domestic Objectives |
| title_exact_search | Reforming China's Monetary Policy Framework to Meet Domestic Objectives |
| title_full | Reforming China's Monetary Policy Framework to Meet Domestic Objectives Paul, Conway, Richard, Herd and Thomas, Chalaux = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques / Paul, Conway, Richard, Herd et Thomas, Chalaux |
| title_fullStr | Reforming China's Monetary Policy Framework to Meet Domestic Objectives Paul, Conway, Richard, Herd and Thomas, Chalaux = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques / Paul, Conway, Richard, Herd et Thomas, Chalaux |
| title_full_unstemmed | Reforming China's Monetary Policy Framework to Meet Domestic Objectives Paul, Conway, Richard, Herd and Thomas, Chalaux = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques / Paul, Conway, Richard, Herd et Thomas, Chalaux |
| title_short | Reforming China's Monetary Policy Framework to Meet Domestic Objectives |
| title_sort | reforming china s monetary policy framework to meet domestic objectives |
| topic | Economics China, People's Republic |
| topic_facet | Economics China, People's Republic |
| url | https://doi.org/10.1787/5km32vmsq6f2-en |
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