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Monetary Policy Transmission and Policy Coordination in China

We study the transmission of conventional monetary policy in China, focusing on the interaction between monetary and fiscal policy given the unique institutional set-up for macroeconomic policy making. Our results suggest some progress but also continued difficulties in the transmission of monetary...

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Bibliographic Details
Main Author: Das, Sonali
Other Authors: Song, Wenting
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2022
Series:IMF Working Papers
Subjects:
Economic & Financial Crises & Disasters
Interest Rates
Economics
Finance
Monetary Economics
Financial Services
Policy Designs And Consistency
Economics: General
Fiscal Policy
Informal Sector
Yield Curve
Deposit Rates
Monetary Policy Instruments
Economics Of Specific Sectors
Currency Crises
Policy Objectives
Policy Coordination
Banks And Banking
Macroeconomics
Monetary Policy
Banking
Interest Rates: Determination, Term Structure, And Effects
Central Banks And Their Policies
Public Finance
Money And Monetary Policy
Central Bank Policy Rate
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Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:We study the transmission of conventional monetary policy in China, focusing on the interaction between monetary and fiscal policy given the unique institutional set-up for macroeconomic policy making. Our results suggest some progress but also continued difficulties in the transmission of monetary policy. Similar to recent studies, we find evidence of monetary policy pass-through to interest rates. However, the impact of monetary policy measures that are not coordinated with fiscal policy is significantly weaker than that of coordinated measures. This suggests the need for further improvements to the interest-rate based framework
Physical Description:40 pages
ISBN:9798400206757

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