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The People's Bank of China during the global financial crisis: policy responses and beyond

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  • Miao Han

Abstract

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.

Suggested Citation

  • Miao Han, 2012. "The People's Bank of China during the global financial crisis: policy responses and beyond," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 10(4), pages 361-390, August.
  • Handle: RePEc:taf:jocebs:v:10:y:2012:i:4:p:361-390
    DOI: 10.1080/14765284.2012.724982
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    References listed on IDEAS

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    1. Sangyeon Hwang & Hyejoon Im, 2009. "Implications of the Global Financial Crisis on Korea's Trade," Asian Economic Papers, MIT Press, vol. 8(3), pages 46-81, Fall.
    2. Emanuele Baldacci & Ding Ding & David Coady & Giovanni Callegari & Pietro Tommasino & Jaejoon Woo & Manmohan S. Kumar, 2010. "Public Expenditures on Social Programs and Household Consumption in China," IMF Working Papers 10/69, International Monetary Fund.
    3. Maggie Chen & Laura Alfaro, 2010. "Surviving the Global Financial Crisis: Foreign Direct Investment and Establishment Performance," Working Papers 2010-17, The George Washington University, Institute for International Economic Policy.
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