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Empirical Study of Monetary Policy Tools

In: Banking Reforms and Monetary Policy in the People’s Republic of China

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  • Yong Guo

Abstract

This chapter presents an empirical study of effectiveness of the conduct of Chinese monetary policy in the period after the 1993–5 financial system reforms. It was shown in Chapter 4 that the Chinese economy and its currency remained strong throughout the recent Asian Financial Crisis, beginning in July of 1997 and extending through the spring of 1999. It was suggested that the reason for the stability of the Chinese economy during the crisis could be attributed to its soundly re-engineered financial architecture along the lines of the US Glass- Steagall Act of 1933 (now repealed) accomplished during the period of financial reforms in China. It was also suggested that the conduct of sound monetary policy in the post-reform period, particularly during the Asian Financial Crisis, might also have been a contributing factor to the financial stability of the Chinese economy throughout the crisis period. It is the purpose of the empirical study described in this chapter to test this hypothesis.

Suggested Citation

  • Yong Guo, 2002. "Empirical Study of Monetary Policy Tools," Palgrave Macmillan Books, in: Banking Reforms and Monetary Policy in the People’s Republic of China, chapter 6, pages 137-147, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-1454-5_7
    DOI: 10.1057/9781403914545_7
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