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
dc.contributor.authorReade, J. Jamesen
dc.date.accessioned2011-08-12T09:51:52Z-
dc.date.available2011-08-12T09:51:52Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisherZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft |xKiel und Hamburgen
dc.relation.ispartofseries|aBeiträge zur Jahrestagung des Vereins für Socialpolitik 2011: Die Ordnung der Weltwirtschaft: Lektionen aus der Krise - Session: Empirical Macroeconomics |xG19-V1en
dc.subject.jelC32en
dc.subject.jelE52en
dc.subject.jelF33en
dc.subject.ddc330en
dc.subject.keywordChinese monetary policyen
dc.subject.keywordmonetary independenceen
dc.subject.keywordcointegrationen
dc.titleChinese Monetary Policy and the Dollar Peg-
dc.typeConference Paperen
dc.identifier.ppn671638386en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:vfsc11:48740en

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