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Remaking Monetary Policy in China: Markets and Controls, 1998–2008 - Hardcover

Beggs, Michael; Deer, Luke

 
9789811397257: Remaking Monetary Policy in China: Markets and Controls, 1998–2008
Hardcover
ISBN 10: 9811397252 ISBN 13: 9789811397257
Verlag: Palgrave Pivot, 2019

Inhaltsangabe

This book covers the recent history of Chinese monetary policy. While most current work focuses on This book traces and explains the evolution of Chinese monetary policy in the years before 2008. The turn towards interest rate deregulation and market-oriented policy in China in recent years is often seen as a break with former command-and-control policy norms, in favour of Western central banking norms. We argue that Chinese monetary policy already went through a transformation under the influence of ‘new consensus’ macroeconomics after 1998, but that this surprisingly led to increased reliance on direct banking controls in the 2000s. Therefore, many of the controls that look to many like a remnant of central planning are in fact an outcome of an earlier attempt to ‘rationalise’ monetary policy, in unusual Chinese conditions. Specifically, policy returned to direct controls because of an underdeveloped interbank money market, and a glut of bank liquidity associated with enormous foreign exchange inflows in the mid-2000s.

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Über die Autorin bzw. den Autor

Michael Beggs is Senior Lecturer in Political Economy at the University of Sydney, Australia.

Luke Deer is a Research Affiliate in Finance at the University of Sydney Business School, Australia.

Von der hinteren Coverseite

This book covers the recent history of Chinese monetary policy. While most current work focuses on This book traces and explains the evolution of Chinese monetary policy in the years before 2008. The turn towards interest rate deregulation and market-oriented policy in China in recent years is often seen as a break with former command-and-control policy norms, in favour of Western central banking norms. We argue that Chinese monetary policy already went through a transformation under the influence of ‘new consensus’ macroeconomics after 1998, but that this surprisingly led to increased reliance on direct banking controls in the 2000s. Therefore, many of the controls that look to many like a remnant of central planning are in fact an outcome of an earlier attempt to ‘rationalise’ monetary policy, in unusual Chinese conditions. Specifically, policy returned to direct controls because of an underdeveloped interbank money market, and a glut of bank liquidity associated with enormous foreign exchange inflows in the mid-2000s.


Michael Beggs is Senior Lecturer in Political Economy at the University of Sydney, Australia.

Luke Deer is a Research Affiliate in Finance at the University of Sydney Business School, Australia.

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Verlag
Palgrave Pivot
Erscheinungsdatum
2019
Sprache
Englisch
ISBN 10 
9811397252
ISBN 13 
9789811397257
Einband
Gebundene Ausgabe
Auflage
1
Anzahl der Seiten
136
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