Property-rights, financial stabilization policies, and central bank independence

Shao¡äan Huang () and Kun He ()
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Shao¡äan Huang: Center for Economic Research, Shandong University, Jinan 250100, China School of Economics, Central University of Finance and Economics, Beijing 100081, China
Kun He: Center for Economic Research, Shandong University, Jinan 250100, China

Frontiers of Economics in China-Selected Publications from Chinese Universities, 2008, vol. 3, issue 1, 24-34

Abstract: This paper builds a micro-behavior model of central bank and financial institutions from the perspective of property-rights. By analyzing the theoretical model and the practice, we conclude that, in the framework of the present financial stabilization policies in China, the central bank¡¯s functions of monetary policy and financial stabilization are enslaved to financial institutions. Thus, central bank independence has been damaged because of the actual property-right relation between the central bank and the financial institutions. The policy implication is to cut off the property-right relation between the central bank and the financial institutions.

Keywords: capital injecting; reloaning; property-rights; central bank independence (search for similar items in EconPapers)
JEL-codes: E44 E52 E58 (search for similar items in EconPapers)
Date: 2008
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