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A monetáris sterilizáció hatékonysága és költségei Kínában
[The efficiency and costs of monetary sterilization in China]

Author

Listed:
  • Gábor, Tamás
  • Kiss, Gábor Dávid
  • Kovács, Péter

Abstract

A szerzők Kína monetáris politikáját, azon belül a devizapiaci intervenció révén kialakuló belföldi többletlikviditás sterilizációjának gyakorlatát vizsgálják. Elemzik a monetáris túlkínálat semlegesítésének eljárásait, annak időbeli hatékonyságát és költségeit. Kétfokozatú legkisebb négyzetek módszerének segítségével bemutatják, hogy a jüankínálat sterilizációja a monetáris bázist változtatva közel teljesen, míg az M2 kínálatot változtatva csak részben volt hatékony az elmúlt 15 évet tekintve. Költség-haszon-elemzéssel rávilágítanak arra, hogy a szakirodalomban sokszor veszteségesnek vélt sterilizációs műveletek a valóságban jövedelmezőnek bizonyultak a kínai jegybank számára. Journal of Economic Literature (JEL) kód: C36, E52, E58, F31.

Suggested Citation

  • Gábor, Tamás & Kiss, Gábor Dávid & Kovács, Péter, 2012. "A monetáris sterilizáció hatékonysága és költségei Kínában [The efficiency and costs of monetary sterilization in China]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 164-188.
    • Handle: RePEc:ksa:szemle:1292
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    References listed on IDEAS

    as
    1. Joshua Aizenman & Menzie D. Chinn & Hiro Ito, 2008. "Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time," NBER Working Papers 14533, National Bureau of Economic Research, Inc.
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    More about this item

    JEL classification:

    • C36 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Instrumental Variables (IV) Estimation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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