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Inflation Targeting in China?

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Author Info
Shu-ki Tsang (Hong Kong Baptist University)
Abstract

This paper looks at the possibility of applying inflation targeting as a policy in China. It argues that despite the appeal of discipline, there is a host of problems concerning the feasibility and optimality of such a policy. Difficulties abound in the transmission mechanisms involving intermediate variables, the reforming and constantly changing institutional setup, uncontrollable price components, regional diversities, as well as the country's multiple objectives in its development strategy. An FCI is proposed instead as a "focus of nominal attention" that may induce behavioural changes in the government agencies and the market participants.

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Paper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number 192002.

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Length: 19 pages
Date of creation: Oct 2002
Date of revision:
Handle: RePEc:hkm:wpaper:192002

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  1. Artis, Michael J & Kontolemis, Zenon G & Mizen, Paul D, 1998. "Inflation Targeting: What can the ECB Learn from the Recent Experience of the Bank of England," CEPR Discussion Papers 1941, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Paul R. Masson, 1997. "The Scope for Inflation Targeting in Developing Countries," IMF Working Papers 97/130, International Monetary Fund.
  3. Bean, Charles R, 1983. "Targeting Nominal Income: An Appraisal," Economic Journal, Royal Economic Society, vol. 93(372), pages 806-19, December. [Downloadable!] (restricted)
  4. von Hagen, Jurgen & Neumann, Manfred J M, 1994. "Real Exchange Rates within and between Currency Areas: How Far Away Is EMU?," The Review of Economics and Statistics, MIT Press, vol. 76(2), pages 236-44, May. [Downloadable!] (restricted)
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  5. Ronald I. McKinnon, 2001. "After the Crisis, The East Asian Dollar Standard Resurrected: An Interpretation of High Frequency Exchange Rate Pegging," Working Papers 042001, Hong Kong Institute for Monetary Research. [Downloadable!]
  6. Robert J. Barro & David B. Gordon, 1983. "A Positive Theory of Monetary Policy in a Natural-Rate Model," NBER Working Papers 0807, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Jeffery D. Amato & Stefan Gerlach, 2001. "Inflation Targeting in Emerging Market and Transition Economies: Lessons after a Decade," Working Papers 132001, Hong Kong Institute for Monetary Research. [Downloadable!]
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  8. Rudebusch, Glenn D., 1995. "Federal Reserve interest rate targeting, rational expectations, and the term structure," Journal of Monetary Economics, Elsevier, vol. 35(2), pages 245-274, April. [Downloadable!] (restricted)
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  9. Pierluigi Balduzzi & Giuseppe Bertola & Silverio Foresi & Leora Klapper, 1997. "Interest Rate Targeting and the Dynamics of Short-Term Rates," NBER Working Papers 5944, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  10. Svensson, Lars E. O., 1999. "Inflation targeting as a monetary policy rule," Journal of Monetary Economics, Elsevier, vol. 43(3), pages 607-654, June. [Downloadable!] (restricted)
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  11. Bennett T. McCallum & Edward Nelson, 2000. "Nominal Income Targeting in an Open-Economy Optimizing Model," NBER Working Papers 6675, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. Barro, Robert J., 1989. "Interest-rate targeting," Journal of Monetary Economics, Elsevier, vol. 23(1), pages 3-30, January. [Downloadable!] (restricted)
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