Reforms in China’s Monetary Policy Reforms in China’s Monetary
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| General Theory of Employment, Interest
and Money, 148 global inflation, 216. See inflation globalization, 5, 91, 93, 102–3, 202, 216–17, 226 government bonds, 50, 85, 86, 122–3 government deposits, 43, 204, 205 government spending, 193 great trade collapse, 196 growth rate long-term potential economic growth rate, 201–2 real growth rate, 218 high-income earners, 114–18 home-currency, 180–6, 230 household savings, 33, 193, 199–202, 206 HP-filtered variables, 185 imbalance current account imbalance, 174, 191–5, 213, 234, 236 external economic imbalance, 217, 235 of international payment, 79, 171 saving-investment imbalance, 194 IMF, 93, 163–8, 173–7, 192–201, 210, 230–5 impossible trinity, 4, 5, 212–16, 223–6 inbound investment, 79 independent monetary policy, 215, 216, 223–6 Index ● 247 indirect management framework of money and credit aggregates, 76, 104 individual home mortgage, 86 individual utility function, 179 Industrial and Commercial Bank of China (ICBC), 81 industrialization, 75, 94, 208, 236 inflation. Compare deflation global, 206 structural, 218, 221, 222, 237 information asymmetry, 163, 172 insufficient aggregate demand, 107–8 interbank interbank bond market, 62, 67, 111, 128, 131, 144–7, 153–7, 237 interbank deposit transfer, 15 interbank foreign exchange market, 62, 71, 72, 135 interbank lending and repo, 31 overnight interbank lending rate, 41 interbank market, 15, 97, 120, 121 interbank monetary base trading, 31 interest income interest income tax, 118 interest rate benchmark real effective rate, 184 biddings, 85, 138 bond-issuing interest rate, 111 China interbank bond repo interest rate, 157 deposit and lending, 89, 213 domestic, 62, 162 long-term, 142 market-based, 82, 85, 89, 94, 100–7, 158 of money market, 3, 5, 6, 90, 132, 133, 142 official, 124, 140 short-term, 5, 39, 41, 64, 99, 142, 143 spread, 100, 212 zero interest rate policy, 100, 125 interest rate corridor, 64, 107, 118, 121 Interest Rate Parity uncovered, 6, 212 interest rate policy, 39, 100, 107, 111, 125, 159 interest rate cut, 107–12, 149–50, 237 interest rate reduction, 108–11. See interest rate cut interest rate spread, 100 interest rate swings, 212 interest rate-oriented target, 125, 127 interim targets, 76 interim value, 166 intermediary target, 119 intermediate target system, 77, 78 internal and external coordination, 94 internal dual rates, 90 internal reserves management systems, 62 internal settlement rate, 90, 91 international coordination of macroeconomic policies, 172 international financial crisis, 81, 91, 95, 100, 102, 161, 170, 196, 218 international payment, 79, 92, 96, 97, 98, 100, 171, 192 international trade, 195, 196, 199 inventory, 154, 157, 212 investment bank, 51, 52, 53 of fixed asset, 87 internal social investment, 165 investment cost, 109, 110 investment scale, 206 Isard, 173, 235 labor costs, 203 productivity, 159, 166, 169, 173, 191, 217, 219, 222, 223 remuneration, 203 supply, 169, 179, 187, 220, 221 Law of the People’s Republic of China on the People’s Bank of China, 76 least squares method, 166 248 ● Index leisure, 169, 179, 183 lending bank’s lending capability, 31 central bank lending, 77, 78, 82, 83, 97, 104, 105, 106, 130 credit policy support lending, 83, 105 lend out, 19, 20, 24, 25, 211, 214 lender of the last resort, 31 liquidity lending, 83, 105 maximum lending amount of a bank, 30 over-lending of banks, 70 special-purpose policy lending, 83, 105 Lewis turning point, 166, 167, 218, 220, 237 liabilities liabilities-side operation, 55 liberalization of deposit and loan rates, 143 Life Cycle Theory, 200 life insurance, 35 liquid asset, 13 liquidity capital liquidity, 224 demand of, 82 liquidity deficit, 3, 4, 41, 46, 48, 49, 50, 53, 55, 61, 63, 67, 68 liquidity demand-to-supply ratio, 49 liquidity management, 4, 40, 41–56, 62, 64, 67, 68, 85, 105–7, 131, 147, 233 framework, 4, 44–55, 62, 67, 68 tool, 80, 105, 106 liquidity trap, 212, 213 supply of, 48, 50, 56, 227, 229 surplus, 48, 49, 55, 56, 57, 58, 61, 62, 63, 65, 67 loan central bank loans, 82, 83 fixed asset loan, 87 loan assets and deposit liabilities, 13, 23 loan extension, 24 loan forecasts, 7 loanable funds, 14 loan-deposit gap, 4, 32, 33, 70, 71 loan-to-deposit ratio, 1, 2, 32, 33, 70, 71 recovery of loans, 15, 147 underwrite loans, 17, 21, 26, 28 long-term potential economic growth rate, 201, 202 Lucas Critique, 169, 175 luxury fervor, 117 M2, 57, 68, 147, 148 per capita, 186 MacDonald, 173, 233 macro economic, 42, 76 macro economic targets, 76 macroeconomic regulation, 75, 95, 103 macro-prudential policy framework, 2, 85, 94–105 manage assets, 39 manage the credit money, 29 management of credit scale, 76, 96 marginal marginal cost, 35 marginal interest rate, 46, 63, 141 marginal loan facility, 64 marginal return, 35 market market anticipation, 172 market economy, 39, 75, 76, 93, 95 market efficiency, 58 market exchange rate, 90, 163 market share, 53 market trading, 61, 62 market-based interest rate, 82–94, 100–7, 158 (see under interest rates) market-based interest rate reform, 82, 89, 94, 100–3, 107 market-based liabilities, 59 market-oriented market-oriented manageable floating RMB exchange rate regime, 171 market-oriented reform of RMB exchange rate, 171 Index ● 249 mark-to-market, 212 maturity, 61, 84, 85, 124, 147, 151 MB, 164, 168, 173, 177. See macro economic balance Mckinnon, 1, 6, 194, 210–17, 228, 236 media for transactions and storing values, 30 micro economic, 163, 169, 172. tải về 1.53 Mb. Chia sẻ với bạn bè của bạn:
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