Impact of the Joint-Stock Reform of Commercial Banks on the Effectiveness of Monetary Policy in China
Xianming Fang Author-Email: Fxmfxm@nju.edu.cn
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Xianming Fang Author-Email: Fxmfxm@nju.edu.cn: Department of Finance and Insurance, Nanjing University, Nanjing, China Author-Name: Yu Jiang Author-Email: firstname.lastname@example.org
Panoeconomicus, 2016, vol. 63, issue 3, 325-338
Over the past decade, the Chinese government has conducted the joint-stock reform of state-owned commercial banks. The joint-stock reform improves the marketization level of the ownership structure of commercial banks and consequently leads to impacts on the effectiveness of monetary policy. This paper first presents the impacting mechanisms of the joint-stock reform of commercial banks on the effectiveness of monetary policy and then constructs an empirical model to test those impacts. The empirical results show that the increasing degree of joint-stock reform of commercial banks enhances the effectiveness of expansionary monetary policy but weakens the effective- ness of contractionary monetary policy in China.
Keywords: Commercial banks; Joint-stock reform; Monetary policy; Price level; China.. (search for similar items in EconPapers)
JEL-codes: E31 G21 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:voj:journl:v:63:y:2016:i:3:p:325-338
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