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Economiaita332.742Giampaoli, Attilio115235Banca e impresa /Attilio GiampaoliMilano :EGEA,2000272 p. ;25 cmBiblioteca dell'economia d'azienda ;64Con bibliografiaImpreseFinanziamenti bancari.b1259652829-05-1810-02-04991000297729707536LE025 ECO 332.7 GIA01.0112025000093157le025Catalogato 2018pE24.79-l- 01811180.i1324827301-04-04Banca e impresa277814UNISALENTOle02510-02-04ma -itait 0105609oam 22011414 450 991096007910332120250426110701.0978661284345797814623053221462305326978145275107814527510729781451872781145187278X97812828434551282843451(CKB)3170000000055285(EBL)1608336(SSID)ssj0000940075(PQKBManifestationID)11528465(PQKBTitleCode)TC0000940075(PQKBWorkID)10949250(PQKB)11241840(OCoLC)608258066(MiAaPQ)EBC1608336(IMF)WPIEE2009131(IMF)WPIEA2009131WPIEA2009131(EXLCZ)99317000000005528520020129d2009 uf 0engurcn|||||||||txtccrBroad Money Demand and Asset Substitution in China /Ge Wu1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (32 p.)IMF Working PapersDescription based upon print version of record.9781451917079 1451917074 Includes bibliographical references.Contents; I. Introduction; II. Recent Developments; Figures; 1. Actual and Targeted M2 Growth Rate, 1999-2007; 2. Renminbi Nominal Exchange Rate and REER, 1994-2008; 3. Currency Substitution and Expectation of Exchange Rate, 2003-07; 4. Number of Investor Accounts and Listed Securities on the Shanghai Stock Exchange, 1996-2008; III. A Model of Money Demand in China; A. Earlier Studies; 5. Household Holdings of Financial Assets, 2001-07; B. Model Specification; C. Integration and Cointegration Tests; Tables; 1. Unit Root Tests (ADF statistics); 2. Order of Vector Autoregressions3. Cointegration Analysis D. A Dynamic Model of Money Demand; E. The Model's Properties; IV. Conclusion; Appendices; I. Data Definitions; 6. Data Series, 1994Q1-2008Q1; II. Unrestricted Error Correction Representation for Real Broad Money; 7. Actual and Fitted Values of the Money Demand Model; III. Statistical Properties of the Dynamic Model of Money Demand; 8. Residual Analysis; 9. Recursive Least-Squares Parameter Constancy (recursive estimates); 10. Recursive Least-Squares Parameter Constancy (t-values); 11. Other Recursive Least-Squares Constancy StatisticsRecent changes to China's financial system, in particular ongoing interest rate liberalization, gradual movement toward a more flexible exchange rate regime, and rapid development of capital markets, have changed substantially the environment in which monetary policy operates. In light of these changes, we estimate an error correction model using a General-to-Specific methodology and confirm that a stable broad money demand function exists taking proper account of asset substitution, with an income elasticity of less than unity. Current inflation is found to have a significant negative impact on the real money demand. However, money demand does not appear very sensitive to interest rates, possibly reflecting their partial liberalization. Changes in the exchange rate also do not affect money demand significantly, but expectations of a further renminbi appreciation since 2005 appears to induce more money demand. Stock prices are statistically insignificant despite recent investors' interest in equity markets.IMF Working Papers; Working Paper ;No. 2009/131Demand for moneyChinaAssets (Accounting)Banks and BankingimfCapital marketimfCapital marketsimfCurrencyimfDemand for MoneyimfDemand for moneyimfDeposit ratesimfExchange rate arrangementsimfExchange ratesimfFinanceimfFinance: GeneralimfForeign ExchangeimfForeign exchangeimfGeneral Financial Markets: General (includes Measurement and Data)imfInterest ratesimfInterest Rates: Determination, Term Structure, and EffectsimfMonetary economicsimfMoney and Monetary PolicyimfMoneyimfChina, People's Republic ofimfDemand for moneyAssets (Accounting)Banks and BankingCapital marketCapital marketsCurrencyDemand for MoneyDemand for moneyDeposit ratesExchange rate arrangementsExchange ratesFinanceFinance: GeneralForeign ExchangeForeign exchangeGeneral Financial Markets: General (includes Measurement and Data)Interest ratesInterest Rates: Determination, Term Structure, and EffectsMonetary economicsMoney and Monetary PolicyMoney338.2834Wu Ge1635078DcWaIMFBOOK9910960079103321Broad Money Demand and Asset Substitution in China4371516UNINA01153nam0 22003011i 450 UON0052487820240603120726.63588-7813-220-920240603d1989 |0itac50 baitaIT|||| |||||Alfa-omegaLuciano Cattaniaopere dal 1952 al 1987catalogo e mostra a cura di Elisa DebenedettiRoma : De Luca©198995 p.ill. ; 24 cmMostra tenuta a Roma nel 1989.CATTANIA LUCIANOEsposizioni1989UONC103560FIITRomaUONL000004760.092GRAFICA. Persone21CATTANIALucianoUONV2956011860533DEBENEDETTIElisaUONV295600De LucaUONV282163650ITSOL20251212RICASIBA - SISTEMA BIBLIOTECARIO DI ATENEO E ARCHIVIO STORICOUONSIUON00524878SIBA - SISTEMA BIBLIOTECARIO DI ATENEO E ARCHIVIO STORICOSI CAT 133 SI FP 9690 7 Alfa-omega4465859UNIOR