Monetary policy, asset prices and consumption in China
AbstractThis paper studies the wealth channel in China. Using the structural vector autoregression method, we find that a loosening of China’s monetary policy indeed leads to higher asset prices, which in turn are linked to household consumption. However, the importance of the wealth channel as a part of the monetary policy transmission mechanism in China is still limited.
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Bibliographic InfoPaper provided by Bank of Finland, Institute for Economies in Transition in its series BOFIT Discussion Papers with number 18/2010.
Length: 33 pages
Date of creation: 05 Nov 2010
Date of revision:
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Postal: Bank of Finland, BOFIT, P.O. Box 160, FI-00101 Helsinki, Finland
Phone: + 358 10 831 2268
Fax: + 358 10 831 2294
Web page: http://www.suomenpankki.fi/bofit_en/
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China; monetary policy; asset prices;
Find related papers by JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- P24 - Economic Systems - - Socialist Systems and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-11-13 (All new papers)
- NEP-MAC-2010-11-13 (Macroeconomics)
- NEP-MON-2010-11-13 (Monetary Economics)
- NEP-TRA-2010-11-13 (Transition Economics)
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- Chen, Yu-Fu & Funke, Michael & Mehrotra, Aaron, 2011.
"What drives urban consumption in mainland china? The role of property price dynamics,"
SIRE Discussion Papers
2011-50, Scottish Institute for Research in Economics (SIRE).
- Chen, Yu-Fu & Funke, Michael & Mehrotra, Aaron, 2011. "What drives urban consumption in mainland China? The role of property price dynamics," BOFIT Discussion Papers 13/2011, Bank of Finland, Institute for Economies in Transition.
- Yu-Fu Chen & Michael Funke & Aaron Mehrotra, 2011. "What Drives Urban Consumption in Mainland China? The Role of Property Price Dynamics," Working Papers 152011, Hong Kong Institute for Monetary Research.
- Yu-Fu Chen & Michael Funke & Aaron Mehrotra, 2011. "What Drives Urban Consumption In Mainland China? The Role Of Property Price Dynamics," Dundee Discussion Papers in Economics 255, Economic Studies, University of Dundee.
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