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One Country – Two Monetary Policies: Evidence from a new indicator of the PBoC’s monetary policy support for poor regions

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  • El-Shagi, Makram
  • Jiang, Lunan
  • Zhang, Lin

Abstract

In recent years, one of the PBoC’s major issues was to avoid a generally conservative monetary policy that would jeopardize the central government’s poverty-alleviation strategy by limiting credit supply in rural areas where it is already scarce. We develop a range of new indicators to measure those aspects of the PBoC’s policy and demonstrate that the PBoC has successfully implemented policies targeted at poor counties. That is, we show that a central bank has the general potential to address regional diversity and distributional issues.

Suggested Citation

  • El-Shagi, Makram & Jiang, Lunan & Zhang, Lin, 2025. "One Country – Two Monetary Policies: Evidence from a new indicator of the PBoC’s monetary policy support for poor regions," Economic Analysis and Policy, Elsevier, vol. 86(C), pages 963-977.
    • Handle: RePEc:eee:ecanpo:v:86:y:2025:i:c:p:963-977
    DOI: 10.1016/j.eap.2025.03.056
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    More about this item

    Keywords

    China; Fuzzy regression discontinuity; Regional; Monetary policy;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty

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