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Measuring China's monetary sterilization and autonomy in the era of globalization: 1995-2005

  • Wu, Ying
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This paper provides a cointegration analysis of incomplete monetary sterilization and autonomy in China when both financial controls and the exchange rate peg exist. According to an estimated long-run equilibrium relation, only 35 cents are sterilized for a yuan of foreign-exchange reserve that flows into China. In response to the movement in foreign-exchange reserves, M2 proves more endogenous than M1; and in the M2 elasticity model, as the forecast horizon extends, the domestic-credit component of the monetary base exhibits its significant endogeneity with respect to the foreign-asset component, whereas the endogeneity of the foreign-asset component also rises with respect to M2.

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File URL: http://www.sciencedirect.com/science/article/B6W53-4VNH3Y4-3/2/4920bfaa373087e48a38817c92a47e5b
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Article provided by Elsevier in its journal Journal of Asian Economics.

Volume (Year): 20 (2009)
Issue (Month): 3 (May)
Pages: 336-347

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Handle: RePEc:eee:asieco:v:20:y:2009:i:3:p:336-347
Contact details of provider: Web page: http://www.elsevier.com/locate/asieco

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