The People's Bank of China during the global financial crisis: policy responses and beyond
During the economic crises of the last decade or so, China suffered limited losses; this is evident from studies of both the 1997 Asian Financial Crisis (AFC) and the 2008 global financial crisis (GFC). China has gone on to achieve unparalleled GDP growth since the second half of 2009, when most of the developed world still struggled to recover. Throughout this period central banks have widely employed various instruments to manage the various crises. Although the People's Bank of China (PBC) has adopted complicated facilities to mitigate contagion from the global market, China's uncompleted financial reform has initially limited its exposure to external shocks. This paper therefore explores the PBC's role and its emerging limitations by comparing its performance in these two crises. Although the PBC has assisted China to achieve its immediate target of economic recovery, economic imbalance has been in effect deteriorated from the longer-term perspective due to internal susceptibility to external shocks.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 10 (2012)
Issue (Month): 4 (August)
|Contact details of provider:|| Web page: http://www.tandfonline.com/RCEA20|
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/RCEA20|
When requesting a correction, please mention this item's handle: RePEc:taf:jocebs:v:10:y:2012:i:4:p:361-390. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty)
If references are entirely missing, you can add them using this form.