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Monetary policy, asset prices and the real economy in China

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The Global Financial Crisis served to refocus attention on the potential for monetary policy to exert an impact on asset prices. In turn, asset price fluctuations were shown to exert a powerful impact on the real economy. In this paper we consider these linkages in the case of China. Using SVAR modelling techniques, our results indicate that a monetary policy shock has a significant impact on asset prices, particularly share prices, and notably more so than on general goods and services prices. However, a shock to asset prices has little impact on the real economy. Policy implications are discussed.

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Paper provided by School of Economics, University of Queensland, Australia in its series Discussion Papers Series with number 427.

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Date of creation: 2011
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Handle: RePEc:qld:uq2004:427

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  1. Vargas-Silva, Carlos, 2008. "Monetary policy and the US housing market: A VAR analysis imposing sign restrictions," Journal of Macroeconomics, Elsevier, Elsevier, vol. 30(3), pages 977-990, September.
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