The monetary policy plays a critical role in the Chinese economy.This report takes a detailed and fundamental look at each of the followingquestions: (i) How does policy work? (ii) Which variables does thePeople’sBank of China (PBC) target? (iii) Does it have market-based tools?(iv) Does ithave effective control of interest rates and liquidity? (v) Can itreally influencegrowth and inflation? Or is the economy ‘‘beyond control,’’chronicallylurchinginto overheating, asset bubbles, and eventual sharp downturn. It alsosum-marizes in part much of the work we have done on monetary and financialmarkets over the past few years.
CITATION STYLE
Laurens, B. J., & Maino, R. (2009). China’s Emerging Financial Markets - Challenges and Opportunities. Policy (Vol. 8). Springer. Retrieved from http://www.springerlink.com/index/10.1007/978-0-387-93769-4
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