Reforms in China’s Monetary Policy Reforms in China’s Monetary
tải về 1.53 Mb. Chế độ xem pdf
|
| Compare macro economic
microbusinesses, 105, 107 middle-and-low income earners, 115 mid-to-long term, 103 Ministry of Finance, 38, 72, 147, 154, 155 monetary monetary authority, 35–6, 39–40, 122 monetary control system, 60 monetary management principle, 30 monetary stabilization bonds, 57, 230 monetary starting point, 11 (see source of bank operations) monetary supply, 169 (see also money supply) monetary policy independence of, 4, 5, 212, 223 independent, 215–16, 223–6 instruments, 3, 37, 50, 58, 60, 78, 80, 236 monetary policy committee, 76, 88, 147, 150, 236 monetary policy operations, 41–6, 51, 55, 62–4, 119–31, 145–56, 159, 228, 229 indirect, 119 objective, 41, 68 targets, 76–7, 82, 84, 128, 134, 144 intermediary, 119 transmission channels, 94 transparency, 86–7, 99, 105, 137, 215 monetary policy toolkit, 76, 99. See monetary policy tools monetary policy tools central bank lending, 77–8, 82–3, 97, 104–7, 130 central bank loans, 82, 83 (see also central bank lending) credit policy support, 83, 105 market-oriented monetary policy tools, 143 non-market monetary policy tools, 119 open market operations, 1–5, 39, 46–51, 63–5, 77–84, 104–7, 119–28, 131–61, 229 central bank bills, 4, 53, 57, 59, 63, 67, 79, 80, 85, 104, 135, 144 repurchase, 54, 79, 84, 105, 229, 230 reverse repos, 50 SLF, 3, 84, 105, 107 SLO, 3, 84, 105, 107 rediscount, 3, 5, 50–1, 56, 77–8, 83–4, 97, 104–7, 125, 130, 145, 151 RRR, 54, 80–1, 97–107 monetary system commodity monetary system, 11, 21, 27–8 credit monetary system, 11, 16–17, 20–9 mixed monetary system, 11 money base money, 1, 13, 15, 17, 35, 43, 80–5, 98, 106, 119–30, 131–45, 155, 228 the distribution of the monetary base, 31 Monetary Base (MB) model, 35 monetary base plan, 77 commodity money, 11, 12, 17, 18, 21, 23, 25 credit money, 1–7, 11, 17, 18, 24–30, 128, 229, 237 deposit money, 18, 20, 22, 23, 27, 30, 42, 118 equilibrium of money stock, 35 money and credit plan, 77 money creation mechanism, 23 250 ● Index money—Continued money creation and bank operations under the credit money system, 7 money demand function, 35, 140, 141, 148 money market, 3, 5, 31, 42, 49, 54, 61–90, 120–6, 132–44, 152, 166, 177, 230 money multiplier, 1, 20, 37, 41–3, 213 money supply, 18, 21, 35–68, 73–83, 113–19, 127–34, 141–61, 170–91, 215, 234 money supply curve, 35 money supply function, 60, 119, 141 Montiel, 175, 233, 236 moral hazards, 96 moral persuasion, 86 mortgage individual home mortgage, 86 subprime-mortgage, 161 multi-targeting framework, 95 Mundell-Fleming model, 172 municipal commercial banks, 83 national income accounting, 193, 199 National Income Accounting Identity, 199 NATREX, 164–7, 173–7 natural equilibrium exchange rate, 165 negotiable central bank certificate of deposit receipts, 59 net exports, 193 New Decision 2007, 164 noise of market, 172 nominal anchor, 215 nominal economy, 148 nominal exchange rate, 4, 159–62, 180, 214, 219–23 nominal wealth, 115, 116 non-bank private sectors, 36 non-financial enterprises, 78 non-market factors, 167 non-negotiable central bank deposit receipts, 59 non-neutrality of level, 123 non-performing loans, 86 non-reserve assets, 39 non-reserve currency issuing countries, 172 non-tradable goods, 180, 217 NPC Financial and Economic Affairs Committee, 88. See National People’s Congress Financial and Economic Affairs Committee Nurkse, 164, 236 official exchange rate, 90 official interest rate, 140 offshore markets, 214 OMOs, 78–81, 97–8. See open market operations “one price” law, 180 on-line repair, 96 open economies, 126, 163, 173, 179, 211 open market operations of foreign exchange, 145 repurchase agreements, 79 short-term liquidity operation (SLO), 3, 84, 105 standing lending facility (SLF), 3, 84, 105 opening-up, 77, 88, 90, 93, 96, 114, 219. See reform and opening-up operating target quantitative operating target, 58 tải về 1.53 Mb. Chia sẻ với bạn bè của bạn:
|