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Title:Monetary Policy in China (1994-2004) : Targets, Instruments and their Effectiveness PDF Logo
Authors:Geiger, Michael
Issue Date:2006
Series/Report no.:Würzburg economic papers 68
Abstract:China's monetary policy disposes of two sets of monetary policy instruments: Instruments of the central bank, the People's Bank of China (PBC) and non-monetary policy instruments. Additionally, the PBC's instruments include price-based indirect and quantity-based direct instruments. The simultaneous usage of these instruments leads to various distortions that ultimately prevent the interest rate channel of monetary transmission from functioning. Moreover, the strong influences of quantity-based direct instruments and non-monetary policy instruments question the approach of indirect monetary policy in general.
Subjects:China
monetary policy strategies
monetary policy instruments
JEL:E52
E58
Document Type:Working Paper
Appears in Collections:W.E.P. - Würzburg Economic Papers, Lst. f. VWL, Geld u. internat. Wirtschaftsbeziehungen, Universität Würzburg

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