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Property-rights, financial stabilization policies, and central bank independence

Author

Listed:
  • HUANG Shao¡äan

    (Center for Economic Research, Shandong University, Jinan 250100, China School of Economics, Central University of Finance and Economics, Beijing 100081, China)

  • HE Kun

    (Center for Economic Research, Shandong University, Jinan 250100, China)

Abstract

This paper builds a micro-behavior model of central bank and financial institutions from the perspective of property-rights. By analyzing the theoretical model and the practice, we conclude that, in the framework of the present financial stabilization policies in China, the central bank¡¯s functions of monetary policy and financial stabilization are enslaved to financial institutions. Thus, central bank independence has been damaged because of the actual property-right relation between the central bank and the financial institutions. The policy implication is to cut off the property-right relation between the central bank and the financial institutions.

Suggested Citation

  • HUANG Shao¡äan & HE Kun, 2008. "Property-rights, financial stabilization policies, and central bank independence," Frontiers of Economics in China-Selected Publications from Chinese Universities, Higher Education Press, vol. 3(1), pages 24-34, March.
    • Handle: RePEc:fec:journl:v:3:y:2008:i:1:p:24-34
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    File URL: http://journal.hep.com.cn/fec/EN/10.1007/s11459-008-0002-z
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    More about this item

    Keywords

    capital injecting; reloaning; property-rights; central bank independence;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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