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China's monetary policy

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China's monetary policy
China’s monetary Policy

NAME OF THE UNIVERSITY
Impact of China’s Monetary Policy on ICBC and CCB
Student’s Name
Admission Number
Course Name and Number
Instructor
Date

Prepared by Fred M.mbololo

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China’s Monetary Policy
TABLE OF CONTENTS
CHAPTER ONE: INTRODUCTION ................................................................................. 1
1.1 Chapter Overview ..................................................................................................... 1
1.2 Introduction ............................................................................................................... 1
1.3 Study Background ..................................................................................................... 2
1.4 Research Aims and Objectives .................................................................................. 4
1.5 Research Justification ................................................................................................ 4
1.6 Chapter Summary...................................................................................................... 5
CHAPTER TWO: LITERATURE REVIEW ..................................................................... 6
2.1 Chapter Overview ..................................................................................................... 6
2.2 Monetary Policy Framework in China ...................................................................... 6
2.3 Monetary Policy Tools .............................................................................................. 8
2.3.1 Reserve Requirements ........................................................................................ 8
2.3.2 Open Market Operation ...................................................................................... 8
2.3.3 Discount Window ............................................................................................... 9
2.4 China’s Monetary



References: Braun, R. A., & K’orber, L. (2011) New Keynesian dynamics in a low interest rate environment Bryman, A. (2001). Social research methods, New York: Oxford University Press. Chang, C., Liu, Z., & Spiegel, M. (2012). Monetary policy in a DSGE model with Chinese characteristics Chen, H., Jonung, L., & Unteroberdoerster, O. (2009) Lessons for china from financial liberalization in Scandinavia Dickinson, D., & Jia L. (2007). The Real Effects of Monetary Policy in China: An Empirical Analysis Dobson, W., and A. K. Kashyap. 2006. The Contradiction in China 's Gradualist Banking Reforms Fatum, R., & Hutchison, M. (2003). Is sterilized foreign exchange intervention effective after all? An event study approach Faust, J., & Rogers, J. (2003). Monetary policy 's role in exchange rate behavior. Journal of Monetary Economics, vol Fisher, C., (2004). Researching and Writing a Dissertation: for Business Students, 1st edition. Fisher, C., (2007). Researching and Writing a Dissertation: A guidebook for Business Students. Forssback, J., and L. Oxelheim. 2007. The Transition to Market-Based Monetary Policy: What Can China Learn from the European Experience? Journal of Asian Economics 18 (2):257283. Frankel, J. A. (2010) Monetary Policy in Emerging Markets. In Handbook of Monetary Economics, edited by B Frenkel, M., Pierdzioch, C., & Stadtmann, G. (2005) Japanese and US interventions in the Yen/US dollar market: Estimating the monetary authorities’ reaction functions Geiger, M. (2008) Instruments of monetary policy in China and their effectiveness: 1994–2006, UNCTAD Discussion Paper 187. Gerali, A., Neri, S., Sessa, L., & Signoretti, F. (2010) Credit and banking in a DSGE model of the Euro area Gerlach, S., & Kong, J. (2005) Money and inflation in China. Hong Kong Monetary Authority, Research Memorandum, 04/2005. Gerlach, S., & Peng, W. (2006) Output gaps and inflation in mainland China. BIS Working Papers, No Gilchrist, S., & Zakrajsek, E. (2007) Investment and the cost of capital: New evidence from the corporate bond market Gillham, B. (2000). Real world research: The research interview. London, England: Continuum. Gordon, D., & Leeper, E. (1994). The dynamic impacts of monetary policy: An exercise in tentative identification Green, S. (2005). Making monetary policy work in China: A report from the money market front line He, D., & Wang, H. (2012) Dual-track interest rates and the conduct of monetary policy in China Hsieh, C., & Klenow, P. (2009) Misallocation and Manufacturing TFP in China and India Koivu, T. (2008). Has the Chinese economy become more sensitive to interest rates? Studying credit demand in China Liu, L., & Wenlang Z. (2007) A new Keynesian model for analyzing monetary policy in Mainland China Ma, G., & McCauley, R. (2007) Do China’s capital controls still bind? Implications for monetary autonomy and capital liberalization Marcuzzo, M.C. (2001). The Collaboration between J. M. Keynes and R. F. Kahn from the Treatise to the General Theory, Working Paper, University of Paris. Mata, T. (2004) Constructing identity: The post Keynesians and the Capital Controversies McKinnon, R., & Schnabl, G. (2009) China’s financial conundrum and global imbalances Michel, A. (1996) Systemic Risk, financial innovations, and the financial safety Net. In: Deleplace, Ghislain and Nell, Edward (eds.), Money in Motion: The Post Keynesian and Minsky, H.P. (1993) On the Non-Neutrality of Money. Federal Reserve Bank of New York Quarterly Review, Vol.18, No Park, A., & Sehrt, K. (2001) Tests of financial intermediation and banking reform in China Saunders M., Lewis, P. and Thornhill, A., (2009). Research Methods for business students (5th Ed), Harlow: Pearson Education Limited. Saunders, M., Lewis, P., & Thornhill, A., (2007) Research Methods for Business Studies, 4th edn, Harlow: Pearson Education Schicktanz, S., & Dusche, M. (2011). The ethics of ethical expertise in science, medicine and healthcare policies Zhang, Q., & Wu, M. (2012). Jointly issued notes: a financial instrument to improve SME credit worthiness in China Zheng, T., Wang, X., & Guo, H. (2012) Estimating forward-looking rules for China’s Monetary Policy: A regime-switching perspective

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    References: Ando, A., and F. Modigliani (1963): “The "Life Cycle" Hypothesis of Saving: Aggregate Implications and Tests,” American Economic Review, 53(1), 55—84. Bernanke, B. S. (2008): “Remarks to the Federal Reserve Bank of Atlanta Conference, Sea Island, Georgia,” http://www.federalreserve.gov/newsevents/speech/bernanke20080513.htm. Beyer, A., and R. E. A. Farmer (2003): “Identifying the Monetary Transmission Mechanism Using Structural Breaks,” European Central Bank Working Paper Series, No. 275. (2007): “Natural Rate Doubts,” Journal of Economic Dynamics and Control, 31(121), 797—825. Carlson, K. M., and R. W. Spencer (1975): “Crowding Out and its Critics,” Federal Reserve Bank of St. Loius, pp. 2—16. Clarida, R., J. Galí, and M. Gertler (2000): “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory,” Quarterly Journal of Economics, 115(1), 147—180. Farmer, R. E. A. (2008): “Old Keynesian Economics,” in Macroeconomics in the Small and the Large, ed. by R. E. A. Farmer, chap. 2, pp. 23—43. Edward Elgar, Cheltenham, UK. (2009): “Confidence, Crashes and Animal Spirits,” NBER WP no. 14846, Economic Journal (forthcoming). (2010a): “Animal Spirits, Persistent Unemployment and the Belief Function,” NBER Working Paper no. 16522 and CEPR Discussion Paper no. 8100., forthcoming in Frydman and Phelps (2012).…

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