Changes in China's financial structure and issues of monetary policy

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Other Title
  • 中国における金融構造の変化と金融政策の課題
  • チュウゴク ニ オケル キンユウ コウゾウ ノ ヘンカ ト キンユウ セイサク ノ カダイ

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Description

The Chinese government’s emergency measures in response to the 2009 Lehman shock have created diversification in China’s financial system, promoting monetary easing and financial innovation. This diversification, coexisting with shadow banking and high leverage, makes steering monetary policy more difficult. Policy measures shift from volume regulation centered on the deposit reserve ratio to market prices centered on interest rate induction, and policy goals have to both strike a balance between exchange rate stability and domestic equilibrium and distinguish between the role of monetary policy and tat of fiscal policy. All these issues will become the subject of monetary policy in the future.

Journal

  • 経済志林

    経済志林 87 (3･4), 215-229, 2020-03-20

    法政大学経済学部学会

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