Reforming China's Monetary Policy Framework to Meet Domestic Objectives: = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques
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...
Saved in:
| Main Author: | |
|---|---|
| Other Authors: | , |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2010
|
| Series: | OECD Economics Department Working Papers
no.822 |
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | 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). |
| Physical Description: | 1 Online-Ressource (50 Seiten) 21 x 29.7cm. |
Staff View
MARC
| LEADER | 00000cam a22000002 4500 | ||
|---|---|---|---|
| 001 | ZDB-13-SOC-061310549 | ||
| 003 | DE-627-1 | ||
| 005 | 20241028114009.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 210204s2010 xx |||||o 00| ||eng c | ||
| 024 | 7 | |a 10.1787/5km32vmsq6f2-en |2 doi | |
| 035 | |a (DE-627-1)061310549 | ||
| 035 | |a (DE-599)KEP061310549 | ||
| 035 | |a (FR-PaOEC)5km32vmsq6f2-en | ||
| 035 | |a (DE-627-1)061310549 | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 084 | |a E6 |2 jelc | ||
| 084 | |a E5 |2 jelc | ||
| 084 | |a E4 |2 jelc | ||
| 084 | |a L5 |2 jelc | ||
| 084 | |a K2 |2 jelc | ||
| 100 | 1 | |a Conway, Paul |e VerfasserIn |4 aut | |
| 245 | 1 | 0 | |a Reforming China's Monetary Policy Framework to Meet Domestic Objectives |b = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques |c Paul, Conway, Richard, Herd and Thomas, Chalaux |
| 246 | 3 | 1 | |a Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques |
| 264 | 1 | |a Paris |b OECD Publishing |c 2010 | |
| 300 | |a 1 Online-Ressource (50 Seiten) |c 21 x 29.7cm. | ||
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a Computermedien |b c |2 rdamedia | ||
| 338 | |a Online-Ressource |b cr |2 rdacarrier | ||
| 490 | 0 | |a OECD Economics Department Working Papers |v no.822 | |
| 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). | ||
| 650 | 4 | |a Economics | |
| 650 | 4 | |a China, People's Republic | |
| 700 | 1 | |a Herd, Richard |e MitwirkendeR |4 ctb | |
| 700 | 1 | |a Chalaux, Thomas |e MitwirkendeR |4 ctb | |
| 966 | 4 | 0 | |l DE-862 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/5km32vmsq6f2-en |m X:OECD |x Resolving-System |z lizenzpflichtig |3 Volltext |
| 966 | 4 | 0 | |l DE-863 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/5km32vmsq6f2-en |m X:OECD |x Resolving-System |z lizenzpflichtig |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 912 | |a ZDB-13-SOC-ebook | ||
| 912 | |a ZDB-13-SOC | ||
| 951 | |a BO | ||
| 912 | |a ZDB-13-SOC | ||
| 049 | |a DE-862 | ||
| 049 | |a DE-863 | ||
Record in the Search Index
| DE-BY-FWS_katkey | ZDB-13-SOC-061310549 |
|---|---|
| _version_ | 1826942521163382784 |
| adam_text | |
| any_adam_object | |
| author | Conway, Paul |
| author2 | Herd, Richard Chalaux, Thomas |
| author2_role | ctb ctb |
| author2_variant | r h rh t c tc |
| author_facet | Conway, Paul Herd, Richard Chalaux, Thomas |
| author_role | aut |
| author_sort | Conway, Paul |
| author_variant | p c pc |
| building | Verbundindex |
| bvnumber | localFWS |
| collection | ZDB-13-SOC ZDB-13-SOC-ebook |
| ctrlnum | (DE-627-1)061310549 (DE-599)KEP061310549 (FR-PaOEC)5km32vmsq6f2-en |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02873cam a22004572 4500</leader><controlfield tag="001">ZDB-13-SOC-061310549</controlfield><controlfield tag="003">DE-627-1</controlfield><controlfield tag="005">20241028114009.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">210204s2010 xx |||||o 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/5km32vmsq6f2-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)061310549</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)KEP061310549</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(FR-PaOEC)5km32vmsq6f2-en</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)061310549</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E6</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E5</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">E4</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">L5</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">K2</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Conway, Paul</subfield><subfield code="e">VerfasserIn</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Reforming China's Monetary Policy Framework to Meet Domestic Objectives</subfield><subfield code="b"> = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques</subfield><subfield code="c">Paul, Conway, Richard, Herd and Thomas, Chalaux</subfield></datafield><datafield tag="246" ind1="3" ind2="1"><subfield code="a">Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2010</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (50 Seiten)</subfield><subfield code="c">21 x 29.7cm.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">Computermedien</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">OECD Economics Department Working Papers</subfield><subfield code="v">no.822</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="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).</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economics</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">China, People's Republic</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Herd, Richard</subfield><subfield code="e">MitwirkendeR</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Chalaux, Thomas</subfield><subfield code="e">MitwirkendeR</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="966" ind1="4" ind2="0"><subfield code="l">DE-862</subfield><subfield code="p">ZDB-13-SOC</subfield><subfield code="q">FWS_PDA_SOC</subfield><subfield code="u">https://doi.org/10.1787/5km32vmsq6f2-en</subfield><subfield code="m">X:OECD</subfield><subfield code="x">Resolving-System</subfield><subfield code="z">lizenzpflichtig</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="4" ind2="0"><subfield code="l">DE-863</subfield><subfield code="p">ZDB-13-SOC</subfield><subfield code="q">FWS_PDA_SOC</subfield><subfield code="u">https://doi.org/10.1787/5km32vmsq6f2-en</subfield><subfield code="m">X:OECD</subfield><subfield code="x">Resolving-System</subfield><subfield code="z">lizenzpflichtig</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC-ebook</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">BO</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-862</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-863</subfield></datafield></record></collection> |
| id | ZDB-13-SOC-061310549 |
| illustrated | Not Illustrated |
| indexdate | 2025-03-18T14:29:19Z |
| institution | BVB |
| language | English |
| open_access_boolean | |
| owner | DE-862 DE-BY-FWS DE-863 DE-BY-FWS |
| owner_facet | DE-862 DE-BY-FWS DE-863 DE-BY-FWS |
| physical | 1 Online-Ressource (50 Seiten) 21 x 29.7cm. |
| psigel | ZDB-13-SOC FWS_PDA_SOC ZDB-13-SOC ZDB-13-SOC-ebook |
| publishDate | 2010 |
| publishDateSearch | 2010 |
| publishDateSort | 2010 |
| publisher | OECD Publishing |
| record_format | marc |
| series2 | OECD Economics Department Working Papers |
| spelling | Conway, Paul VerfasserIn aut Reforming China's Monetary Policy Framework to Meet Domestic Objectives = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques Paul, Conway, Richard, Herd and Thomas, Chalaux Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques Paris OECD Publishing 2010 1 Online-Ressource (50 Seiten) 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 |
| spellingShingle | Conway, Paul Reforming China's Monetary Policy Framework to Meet Domestic Objectives = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques Economics China, People's Republic |
| title | Reforming China's Monetary Policy Framework to Meet Domestic Objectives = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques |
| 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 = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques |
| title_exact_search | Reforming China's Monetary Policy Framework to Meet Domestic Objectives = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques |
| title_full | Reforming China's Monetary Policy Framework to Meet Domestic Objectives = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques Paul, Conway, Richard, Herd and Thomas, Chalaux |
| title_fullStr | Reforming China's Monetary Policy Framework to Meet Domestic Objectives = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques Paul, Conway, Richard, Herd and Thomas, Chalaux |
| title_full_unstemmed | Reforming China's Monetary Policy Framework to Meet Domestic Objectives = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques Paul, Conway, Richard, Herd and 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 poursuivre la reforme de la politique monetaire pour accomplir les objectifs domestiques |
| title_sub | = Poursuivre la réforme de la politique monétaire pour accomplir les objectifs domestiques |
| topic | Economics China, People's Republic |
| topic_facet | Economics China, People's Republic |
| work_keys_str_mv | AT conwaypaul reformingchinasmonetarypolicyframeworktomeetdomesticobjectivespoursuivrelareformedelapolitiquemonetairepouraccomplirlesobjectifsdomestiques AT herdrichard reformingchinasmonetarypolicyframeworktomeetdomesticobjectivespoursuivrelareformedelapolitiquemonetairepouraccomplirlesobjectifsdomestiques AT chalauxthomas reformingchinasmonetarypolicyframeworktomeetdomesticobjectivespoursuivrelareformedelapolitiquemonetairepouraccomplirlesobjectifsdomestiques AT conwaypaul poursuivrelareformedelapolitiquemonetairepouraccomplirlesobjectifsdomestiques AT herdrichard poursuivrelareformedelapolitiquemonetairepouraccomplirlesobjectifsdomestiques AT chalauxthomas poursuivrelareformedelapolitiquemonetairepouraccomplirlesobjectifsdomestiques |