LEADER 03539nam 22006135 450 001 9910350323803321 005 20250610110329.0 010 $a9789811397264 010 $a9811397260 024 7 $a10.1007/978-981-13-9726-4 035 $a(CKB)4100000009158833 035 $a(MiAaPQ)EBC5852235 035 $a(DE-He213)978-981-13-9726-4 035 $a(Perlego)3483204 035 $a(MiAaPQ)EBC30160221 035 $a(EXLCZ)994100000009158833 100 $a20190816d2019 u| 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aRemaking Monetary Policy in China $eMarkets and Controls, 1998-2008 /$fby Michael Beggs, Luke Deer 205 $a1st ed. 2019. 210 1$aSingapore :$cSpringer Nature Singapore :$cImprint: Palgrave Pivot,$d2019. 215 $a1 online resource (133 pages) 311 08$a9789811397257 311 08$a9811397252 320 $aIncludes bibliographical references and index. 327 $a1. Introduction: the 'new macroeconomic consensus' arrives in China -- 2. A bank-dominated financial system -- 3. Targets: why money and credit? -- 4. Transmission: inside the banking black box -- 5. Instruments: the evolution of policy strategy -- 6. Conclusion. 330 $aThis book covers the recent history of Chinese monetary policy. While most current work focuses on This book traces and explains the evolution of Chinese monetary policy in the years before 2008. The turn towards interest rate deregulation and market-oriented policy in China in recent years is often seen as a break with former command-and-control policy norms, in favour of Western central banking norms. We argue that Chinese monetary policy already went through a transformation under the influence of 'new consensus' macroeconomics after 1998, but that this surprisingly led to increased reliance on direct banking controls in the 2000s. Therefore, many of the controls that look to many like a remnant of central planning are in fact an outcome of an earlier attempt to 'rationalise' monetary policy, in unusual Chinese conditions. Specifically, policy returned to direct controls because of an underdeveloped interbank money market, and a glut of bank liquidity associated with enormous foreign exchange inflows in the mid-2000s. Michael Beggs is Senior Lecturer in Political Economy at the University of Sydney, Australia. Luke Deer is a Research Affiliate in Finance at the University of Sydney Business School, Australia. 606 $aMacroeconomics 606 $aInternational economic relations 606 $aEconomics 606 $aAsia$xEconomic conditions 606 $aMacroeconomics and Monetary Economics 606 $aInternational Political Economy' 606 $aPolitical Economy and Economic Systems 606 $aAsian Economics 615 0$aMacroeconomics. 615 0$aInternational economic relations. 615 0$aEconomics. 615 0$aAsia$xEconomic conditions. 615 14$aMacroeconomics and Monetary Economics. 615 24$aInternational Political Economy'. 615 24$aPolitical Economy and Economic Systems. 615 24$aAsian Economics. 676 $a332.4951 700 $aBeggs$b Michael$4aut$4http://id.loc.gov/vocabulary/relators/aut$0993475 702 $aDeer$b Luke$4aut$4http://id.loc.gov/vocabulary/relators/aut 906 $aBOOK 912 $a9910350323803321 996 $aRemaking Monetary Policy in China$92274748 997 $aUNINA