中国货币政策独立性与有效性的实证分析The Independence and Effectiveness of Monetary Policy: Empirical Evidence from China

Finance ◽  
2012 ◽  
Vol 02 (03) ◽  
pp. 143-150
Author(s):  
吴 可
Keyword(s):  
Monetary Policy ◽  
Empirical Evidence ◽  
Effectiveness Of Monetary Policy

scholarly journals U.S. Monetary Policy Spillovers to GCC Countries

2019 ◽  
Vol 19 (304) ◽  
Author(s):  
Olumuyiwa Adedeji ◽  
Erik Roos ◽  
Sohaib Shahid ◽  
Ling Zhu
Keyword(s):  
Monetary Policy ◽  
Empirical Evidence ◽  
Oil Prices ◽  
Gdp Growth ◽  
Gcc Countries ◽  
Potential Channels ◽  
Monetary Policy Spillovers ◽  
Effectiveness Of Monetary Policy

This paper provides empirical evidence that the size of the spillovers from U.S. monetary policy to non-oil GDP growth in the GCC countries depends on the level of oil prices. The potential channels through which oil prices could affect the effectiveness of monetary policy are discussed. We find that the level of oil prices tends to dampen or amplify the growth impact of changes in U.S. monetary policy on the non-oil economies in the GCC.

scholarly journals The Nexus of Monetary Policy and Shadow Banking in China

2018 ◽  
Vol 108 (12) ◽  
pp. 3891-3936 ◽  
Author(s):  
Kaiji Chen ◽  
Jue Ren ◽  
Tao Zha
Keyword(s):  
Monetary Policy ◽  
Empirical Evidence ◽  
Theoretical Explanation ◽  
Bank Loans ◽  
Bank Credit ◽  
Shadow Banking ◽  
Policy Rule ◽  
Institutional Facts ◽  
Monetary Policy Rule ◽  
Effectiveness Of Monetary Policy

We study how monetary policy in China influences banks’ shadow banking activities. We develop and estimate the endogenously switching monetary policy rule that is based on institutional facts and at the same time tractable in the spirit of Taylor (1993). This development, along with two newly constructed micro banking datasets, enables us to establish the following empirical evidence. Contractionary monetary policy during 2009–2015 caused shadow banking loans to rise rapidly, offsetting the expected decline of traditional bank loans and hampering the effectiveness of monetary policy on total bank credit. We advance a theoretical explanation of our empirical findings. (JEL E32, E52, G21, O16, O23, P24, P34)

The Effectiveness of Monetary Policy: Recent British Experience

1957 ◽  
Vol 65 (1) ◽  
pp. 18-39 ◽  
Author(s):  
Warren L. Smith ◽  
Raymond F. Mikesell
Keyword(s):  
Monetary Policy ◽  
British Experience ◽  
Effectiveness Of Monetary Policy

scholarly journals The effectiveness of monetary policy in China: Evidence from a Qual VAR

2017 ◽  
Vol 43 ◽  
pp. 216-231 ◽  
Author(s):  
Hongyi Chen ◽  
Kenneth Chow ◽  
Peter Tillmann
Keyword(s):  
Monetary Policy ◽  
Effectiveness Of Monetary Policy

scholarly journals The Dynamics of Bank Spreads and Financial Structure

2014 ◽  
Vol 04 (04) ◽  
pp. 1450014 ◽  
Author(s):  
Reint Gropp ◽  
Christoffer Kok ◽  
Jung-Duk Lichtenberger
Keyword(s):  
Monetary Policy ◽  
Financial Markets ◽  
Interest Rates ◽  
Banking Sector ◽  
Interest Rate Derivatives ◽  
Developed Markets ◽  
Speed Up ◽  
Pass Through ◽  
Bank Spreads ◽  
Effectiveness Of Monetary Policy

This paper investigates the effect of within banking sector competition and competition from financial markets on the dynamics of the transmission from monetary policy rates to retail bank interest rates in the euro area. We use a new dataset that permits analysis for disaggregated bank products. Using a difference-in-difference approach, we test whether development of financial markets and financial innovation speed up the pass through. We find that more developed markets for equity and corporate bonds result in a faster pass-through for those retail bank products directly competing with these markets. More developed markets for securitized assets and for interest rate derivatives also speed up the transmission. Further, we find relatively strong effects of competition within the banking sector across two different measures of competition. Overall, the evidence supports the idea that developed financial markets and competitive banking systems increase the effectiveness of monetary policy.

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