Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/109072 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Cardiff Economics Working Papers No. E2015/1
Verlag: 
Cardiff University, Cardiff Business School, Cardiff
Zusammenfassung: 
This paper develops a model of the Chinese economy using a DSGE framework that accommodates a banking sector and money. The model is used to shed light on the period of the recent period of financial crisis. It differs from other applications in the use of indirect inference to estimate and test the fitted model. We find that the main shocks that hit China in the crisis were international and that domestic banking shocks were unimportant. Officially mandated bank lending and government spending were used to supplement monetary policy to aggressively offset shocks to demand. An analysis of the frequency of crises shows that crises occur on average about every half-century, with about a third accompanied by financial crises. We find that monetary policy can be used more vigorously to stabilise the economy, making direct banking controls and fiscal activism unnecessary.
Schlagwörter: 
DSGE model
Financial Frictions
China
Crises
Indirect Inference
Money
Credit
JEL: 
E3
E44
E52
C1
Dokumentart: 
Working Paper

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