By Hui Zhou
This e-book makes use of an cutting edge method combining qualitative and quantitative ways to examine the correlations among financial coverage, financial progress, inflation and asset fee volatility, explores the construction of monetary probability prevention platforms and reaches conclusions with either theoretical and sensible worth. The publication bargains an empirical research of the effectiveness of financial coverage, specifies the correlations among financial coverage, financial progress and inflation and gives a theoretical foundation for and empirical demonstration of financial coverage implementation in China. past study in China has essentially thinking about the correlation among financial coverage and a particular asset expense, whereas this ebook comprehensively addresses the appropriateness of actual property, inventory, bond and futures expense law via financial regulations, lending it a excessive measure of useful importance. for you to arrive at a systemic probability prevention and legislation mechanism for China, the publication makes use of the GARCH suggest price version and MGARCH-BEKK version to create a strain index and supply a three-level pre-warning method for forex crises, financial institution crises and asset bubble crises. The ebook systemically introduces the assumption of macro-prudential law into the chinese language economic climate by way of first clarifying the need of imposing macro-prudential rules in China after which proving its effectiveness in mitigating pro-cyclicality and embellishing regular financial development by means of developing a mitigation model.
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Extra info for China’s Monetary Policy Regulation and Financial Risk Prevention: The Study of Effectiveness and Appropriateness
These measures lead to the speculation of buying multiple houses at low cost by loans as well as a dramatic rise in house price in some cities, bringing house price to a record high and making stabilizing real estate price an important issue of direct impact on people’s livelihood. The government launches stricter polices and rules in 2010, among which “the eleven regulations” of January 10 and “the new ten regulations” of April 15 are the most significant, which are unprecedented in regulation number, covering scope, detailing, and strength.
From 1984 to 1985, in order to enhance economic growth, Chinese government implements expansionary or easy monetary policy, namely the government surrenders part of the profits, enlarges enterprises’ autonomy in management, and gradually shifts the reform focus from rural to urban areas, which brings about private economy’s coming into different operation models and forms. 3 % in 1985. In respond to the circumstances, the People’s Bank of China adopts tightening monetary policies in 1985, successively raising deposit and lending rates and strictly controlling credit scale to perform regulation.
16 1 Literature Review and Research Framework 2. This book uses a triple diagonal BEKK model to investigate the effectiveness of monetary policy regulation on real estate, stock, bond, and futures prices. Empirical analysis results show that monetary policy should pay attention to asset prices, but volatility analysis shows that monetary policy should not target at and directly intervene in asset prices, and all kinds of comprehensive measures should be taken to adjust all kinds of asset price fluctuations.