Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/48740
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dc.contributor.authorVolz, Ulrichen_US
dc.contributor.authorReade, J. Jamesen_US
dc.date.accessioned2011-08-12T09:51:52Z-
dc.date.available2011-08-12T09:51:52Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/48740-
dc.description.abstractThis paper investigates to what extent Chinese monetary policy is constrained by the dollar peg. To this end, we use a cointegration framework to examine whether Chinese interest rates are driven by the Fed’s policy. In a second step, we estimate a monetary model for China, in which we include also other monetary policy tools besides the central bank interest rate, namely reserve requirement ratios and open market operations. Our results suggest China has been relatively successful in isolating its monetary policy from the US policy and that the interest rate tool has not been effectively made use of. We therefore conclude that by employing capital controls and relying on other instruments than the interest rate China has been able to exert relatively autonomous monetary policy.en_US
dc.language.isoengen_US
dc.publisherZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft |xKiel und Hamburgen_US
dc.relation.ispartofseries|aBeiträge zur Jahrestagung des Vereins für Socialpolitik 2011: Die Ordnung der Weltwirtschaft: Lektionen aus der Krise - Session: Empirical Macroeconomics |xG19-V1en_US
dc.subject.jelC32en_US
dc.subject.jelE52en_US
dc.subject.jelF33en_US
dc.subject.ddc330en_US
dc.subject.keywordChinese monetary policy-
dc.subject.keywordmonetary independence-
dc.subject.keywordcointegration-
dc.titleChinese Monetary Policy and the Dollar Pegen_US
dc.typeConference Paperen_US
dc.identifier.ppn671638386en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:vfsc11:48740-

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