MONEY AGGREGATES MANAGEMENT: PROBLEMS AND PROSPECTS IN CHINA'S ECONOMIC TRANSITION |
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| Authors: | QIAO YU PING XIE |
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| Affiliation: | Senior Lecturer, Economics Department, National University of Singapore, Phone 65 874–6017 Fax 65 775–2646, E-mail;Director-General, Research Department, People's Bank of China, Beijing, Phone 8610 6840-2367 Fax 8610 6840-2346, E-mail |
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| Abstract: | This study discusses China's money supply management in its economic transition. Institutional analysis and empirical evidence suggest (i) the People's Bank of China is capable of conducting indirect monetary policy in the central banking system, (ii) integral financial reforms in the areas of legislation, management, regulation, supervision, governance, and structure are required to overcome difficulties of the monetary base control, (iii) the money multipliers are technically predictable. These results provide ways for the central bank to improve the effectiveness of monetary policy enforcement. ( JEL E51, E58, G21, P21) |
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