Reforms in China’s Monetary Policy Reforms in China’s Monetary

Index
●
245
elasticity
of China’s import-export to RMB 
exchange rate, 168
constant elasticity of substitution, 
180
demand elasticity, 180
Elbadawi, 173, 233–4
emergency bailout, 96
emerging market economies, 5, 169. 
Compare developed economies
equilibrium
competitive equilibrium, 35
equilibrium of money stock, 35
external, 164, 171, 238
general, 163, 166, 169–78, 184, 233, 
238 (see general equilibrium 
model)
ERER, 164–77. See equilibrium real 
exchange rate
ES, 164, 174, 177, 178. See external 
sustainability
Euler Equation
of consumption, 169, 179, 183
excess reserves, 3, 13–22, 40, 47–68, 
120, 126, 127, 137–8
exchange rate
bilateral, 159
nominal rate, 4, 159–62, 180, 
214, 219, 222–3
effective rate, 159–80, 219
real rate, 4, 159–87, 213–39
equilibrium, 5, 6, 163–91, 233–8
fixed, 38, 179, 212, 219, 223
floating, 5, 39, 56, 90, 91, 179, 
213–19, 223–4
market, 90, 163
market-oriented reform of RMB 
exchange rate, 171
official, 90
exchange rate appreciation, 160, 168, 
187, 213, 222
exchange rate regime, 3, 4, 5, 90–103, 
163–91, 211, 214, 235, 238
dual-track exchange rate regime, 91
pegging US dollar, 215
exogeneity
exogeneity of central banks’ assets, 
50
exogeneity of reserves supply, 50
exogeneity of the trading 
instruments, 51
expectation
on prices and interest rate cut, 107, 
108, 237
expected
return rate, 108–10
utility, 169, 182
export, 71, 79, 86, 87, 135, 155, 168, 
169, 192–8, 215, 220–34. 
Compare import
external
external balance, 164, 166, 174, 177, 
178 (see under balance)
external demand, 102, 197–8 (see 
under demand)
external equilibrium, 164, 171, 238 
(see equilibrium)
external shocks, 107
external sustainability, 164, 174, 
177–8
Faruqee, 173, 235
federal fund rate, 124
Federal Open Market Committee, 124, 
138, 139, 141
Federal Reserve, 19, 51–3, 57, 58, 123, 
124, 138, 141, 149, 161, 224, 
229, 233, 235
Federal Reserve Bank, 124, 233
FEER, 164, 168, 171, 173–6, 233
Feldstein-Horioka Puzzle, 109
fiat money, 28
finance
direct finance, 26
financing cost, 85, 97, 107, 158, 212
financing structure, 78
indirect financing, 11, 26, 27, 229
nominal fund, 26
real fund, 26, 33, 73
refinancing, 10, 19, 119, 121, 125

246
●
Index
financial
financial bonds, 68, 85, 142, 154–5
financial industry, 34, 229
financial institutions, 13, 26–35, 60, 
72–100, 105–6, 119, 120, 131, 
137, 142, 147, 153–8
financial intermediation, 17
financial market
forward market, 211
FX market, 163, 172 (see also 
foreign exchange market)
offshore market, 214
financial reform, 79–80, 91, 93–4, 
100, 210
financial regulatory system, 75
financial resources, 32, 97, 103
financial sector, 26, 86
financial stability lending, 83, 105
the First Oil Crisis, 160
fiscal policies, 38, 205
fiscal revenue and expenditure, 38
fixed asset loan, 87
fixed exchange rate system, 38
fixed term bond, 122
floor for lending rates, 89
Flow of Fund (FOF) model, 35
FOMC, 124. See Federal Open Market 
Committee
foreign consumption function, 180
foreign currency
deposit and lending rates of, 89
foreign currency securities, 123
foreign exchange
foreign exchange hedging 
intervention, 61
foreign exchange intervention, 56, 
60–2, 67, 167, 214, 229
foreign exchange market
foreign exchange market 
intervention, 39
foreign exchange open market 
operations, 77 (see under open 
market operations)
foreign exchange reserves, 50, 56, 
62, 67, 97, 166–7, 229
forward swaps, 123
Four Balances, 77
free floating rate, 91
full employment, 95, 164
function of consumption, 169
fund
fund availability, 33, 73
fund transfer, 26
funding demander, 45
funding provider, 45
G7, 164
G20, 210

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