Monetary Policy in China (1994-2004): Targets, Instruments and their Effectiveness

Michael Geiger

No 68, W.E.P. - Würzburg Economic Papers from University of Würzburg, Department of Economics

Abstract: China's monetary policy disposes of two sets of monetary policy instruments: Instruments of the central bank, the People's Bank of China (PBC) and non-monetary policy instruments. Additionally, the PBC's instruments include price-based indirect and quantity-based direct instruments. The simultaneous usage of these instruments leads to various distortions that ultimately prevent the interest rate channel of monetary transmission from functioning. Moreover, the strong influences of quantity-based direct instruments and non-monetary policy instruments question the approach of indirect monetary policy in general.

Keywords: China; monetary policy strategies; monetary policy instruments (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (30)

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