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Author | : Mr.Tarhan Feyzioglu |
Publisher | : International Monetary Fund |
Total Pages | : 30 |
Release | : 2009-08-01 |
Genre | : Business & Economics |
ISBN | : 1451873182 |
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What might interest rate liberalization do to intermediation and the cost of capital in China? China's most binding interest rate control is a ceiling on the deposit rate, although lending rates are also regulated. Through case studies and model-based simulations, we find that liberalization will likely result in higher interest rates, discourage marginal investment, improve the effectiveness of intermediation and monetary transmission, and enhance the financial access of underserved sectors. This can occur without any major disruption. International experience suggests, however, that achieving these benefits without unnecessary instability, requires vigilant supervision, governance, and monetary policy, and a flexible policy toolkit.
Author | : Wei Liao |
Publisher | : International Monetary Fund |
Total Pages | : 24 |
Release | : 2014-05-01 |
Genre | : Business & Economics |
ISBN | : 1484366298 |
Download China’s Monetary Policy and Interest Rate Liberalization Book in PDF, ePub and Kindle
China has been moving to a more market oriented financial system, which has implications for the monetary policy environment. The paper investigates the stability of the money demand function (MDF) in light of progress in financial sector reforms that, for example, have resulted in significant financial innovation (so-called shadow banking) and more liberalized interest rates. The analysis of international experience suggests that rapid development of the financial system often leads to structural shifts in the MDF. For example, financial innovation and liberalization alter the sensitivity of money balances to income and the interest rate. For China, we find that the stable long-run relationship between money demand, output, and interest rates that existed between 2002 and 2008 disappears after 2008. This coincides with the period of rapid financial innovation, especially the growth in off-balance sheet and nonbank financial intermediation. The results suggest that usefulness of M2 as an intermediate monetary target has declined with financial innovation and reform. A result that underscores the importance of moving toward increased reliance on more price-based targets such as interest rates.
Author | : China Finance 40 Forum Research Group |
Publisher | : Routledge |
Total Pages | : 224 |
Release | : 2018-12-07 |
Genre | : Business & Economics |
ISBN | : 0429889992 |
Download Market-Based Interest Rate Reform in China Book in PDF, ePub and Kindle
The market-based interest rate reform remains a core part of China’s financial reforms, and an important topic of both theoretical and policy studies. This book presents a comprehensive analysis of the process and logic of China’s interest rate reform from a historical perspective. It is structured along three lines, i.e. loosening interest rate controls, establishing market-based interest rates, and building an effective interest rate adjustment mechanism, and systematically reviews the characteristics and evolvement of the reform process. The book further explores the lessons and challenges of the reform by examining China’s development stage and auxiliary reforms needed, and offers policy recommendations on how to further push forward the reform.
Author | : International Monetary Fund |
Publisher | : |
Total Pages | : |
Release | : 2009 |
Genre | : |
ISBN | : |
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Annotation What might interest rate liberalization do to intermediation and the cost of capital in China? China's most binding interest rate control is a ceiling on the deposit rate, although lending rates are also regulated. Through case studies and model-based simulations, we find that liberalization will likely result in higher interest rates, discourage marginal investment, improve the effectiveness of intermediation and monetary transmission, and enhance the financial access of underserved sectors. This can occur without any major disruption. International experience suggests, however, that achieving these benefits without unnecessary instability, requires vigilant supervision, governance, and monetary policy, and a flexible policy toolkit.
Author | : Guogang Wang |
Publisher | : Springer Nature |
Total Pages | : 225 |
Release | : |
Genre | : |
ISBN | : 9819736447 |
Download A Study on Interest Rate Liberalization in China Book in PDF, ePub and Kindle
Author | : Guogang Wang |
Publisher | : Springer |
Total Pages | : 0 |
Release | : 2024-09-27 |
Genre | : Business & Economics |
ISBN | : 9789819736430 |
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This book explores the relationship between interest rate liberalization and the reform of China's financial system. It covers many important topics about China's financial system including the role of deposit and lending rates, yields to investment, the relationship between investment and real interest rates, the impact of interest rate liberalization on resident saving, mechanism for RMB exchange rate determination, and policies necessary for interest liberalization. The book also discusses key impediments, path choice, and policy recommendations for China's interest rate liberalization.
Author | : Maxwell J. Fry |
Publisher | : |
Total Pages | : |
Release | : 1998 |
Genre | : |
ISBN | : |
Download Interest Rate Liberalization and Monetary Control in China Book in PDF, ePub and Kindle
The end of China's Cultural Revolution in December 1978 heralded a gradual process of economic liberalization and reform. In the financial sector, the monobank system was abandonded in favor of a two-tier banking system in which the People's Bank of China (PBC) became the central bank and its commercial lending activities were transferred to four specialized banks. While China's financial sector has changed since 1978, the credit plan remains the key instrument of monetary policy. Credit ceilings are set for each specialized bank and subceilings are also imposed for specific types of loans, such as working capital and fixed investment loans. Although banks have some discretion in varying interest rates, China's interest rates are basically determined by administrative fiat. Inconsistencies between the development of a market-based economy and the use of credit ceilings as the main instrument of monetary policy have become increasingly apparent. Since 1993, therefore, the Chinese authorities have accelerated the pace of financial sector reforms. Part of these reforms include greater flexibility in, and eventual market determination of, interest rates. This paper addresses some issues raised by prospective interest rate liberalization in China.
Author | : Mr.Bernard Laurens |
Publisher | : International Monetary Fund |
Total Pages | : 180 |
Release | : 1996-12-30 |
Genre | : Business & Economics |
ISBN | : 9781557755636 |
Download Interest Rate Liberalization and Money Market Development Book in PDF, ePub and Kindle
This book by Hassanali Mehran, Bernard Laurens, and Marc Quintyn brings together the papers presented at a seminar held in Beijing, China, in August 1995 and sponsored jointly by the IMF's Monetary and Exchange Affairs Department and the Poeple's Bank of China. The papers were written by central bankers from China, Italy, Korea, Malaysia, Thailand, and Turkey. The Chinese authorities were specifically interested in learning more about the Italian and Turkish models of interbank markets and in the experiences of neighboring Asian countries with interest rate liberalization. The U.S. experience was also presented, and the introduction to the book draws policy lessons from the experiences presented at the seminar.
Author | : Wen Si |
Publisher | : |
Total Pages | : 23 |
Release | : 2015 |
Genre | : |
ISBN | : |
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Embarking on interest rate liberalization reforms nearly two decades ago, China has made significant progress. Our paper takes a closer look at interest rate liberalization in China, and reviews historical progress and current efforts that Chinese authorities have made to date. Similar to international experiences, the process of market-based interest rate reform is to liberalize interest rates of the money market and bond market prior to those charged for deposits and loans. In gradually liberalizing the loan and deposit rates, reform measures are introduced on foreign currencies before domestic currency, on loans before deposits, and on long-term and large-value loans and deposits before short-term and small-value instruments. Until now, the authorities has yet to take the final and most critical step -- removing deposit rate ceilings -- to reach full interest rate liberalization. Our paper also explains why the pace of interest rate liberalization is too slow, and points out the main barrier to the further liberalization. In addition, the appendix of this paper provides a chronicle of interest rate liberalization during the period from the beginning of the reform to 2014.
Author | : |
Publisher | : |
Total Pages | : |
Release | : 2015 |
Genre | : |
ISBN | : 9781513542683 |
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