국내외 연구기관에서 발표된 중국 연구 자료를 수집하여 제공합니다.
An Institutional Analysis of China’s Reform of their Monetary Policy Framework
He Zengping , Jia Genliang 2019.05.16
This paper traces the history of China’s reform of its monetary policy framework and analyzes
its success and problems. In the context of financial marketization and the failure of the
quantity-targeting framework, the People’s Bank of China transformed its monetary policy
framework toward one that targets interest rates. The reform includes two important institutional
changes: establishing an interest rate corridor and decreasing the difficulty the Open Market
Operations room faces in estimating the market demand for reserves. The new monetary policy
framework successfully stabilizes the interbank offered rate. However, this does not mean that
the new framework is sufficient. One important problem remaining to be solved is how to
manage the effects of fiscal activities on monetary policy operations. This paper analyzes the
fiscal effects on reserves in China’s Treasury Single Account system. The missing role of the
Treasury in monetary policy operations increases the difficulty for the central bank to achieve its
interest rate target. A further reform is therefore needed to provide a coordination mechanism
between the Treasury and the People’s Bank of China.
|출처||Levy Economics Institute|
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