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010   $a9786613826350
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035   $a(EBL)3014426
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035   $a(PQKBManifestationID)11600613
035   $a(PQKBTitleCode)TC0000940018
035   $a(PQKBWorkID)10956247
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035   $a(IMF)WPIEE2006111
035   $a(EXLCZ)993360000000443626
100   $a20020129d2006      uf             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 12$aA Framework for Independent Monetary Policy in China /$fMarvin Goodfriend, Eswar Prasad
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2006.
215   $a1 online resource (52 p.)
225 1 $aIMF Working Papers
300   $a"May 2006."
311   $a1-4518-6371-3 
320   $aIncludes bibliographical references.
327   $a""Contents""; ""I. INTRODUCTION AND OVERVIEW""; ""II. LOW INFLATION OBJECTIVE AS NOMINAL ANCHOR""; ""III. PRINCIPLES OF MONETARY POLICY GEARED TOWARD TARGETING INFLATION""; ""IV. INSTITUTIONAL SUPPORT FOR INDEPENDENT MONETARY POLICY""; ""V. MONETARY AND BANKING INSTITUTIONS IN CHINA""; ""VI. INDEPENDENT MONETARY POLICY FOR CHINA""; ""VII. CONCLUDING REMARKS""; ""REFERENCES""
330 3 $aAs China's economy becomes more market based and continues its rapid integration into the global economy, having an independent and effective monetary policy regime oriented to domestic objectives will become increasingly important. Employing modern principles of monetary policy in light of the current state of China's financial institutions, we motivate and present a package of proposals to guide the operation of a new monetary policy regime. Specifically, we recommend an explicit low long-run inflation objective, operational independence for the People's Bank of China (PBC) with formal strategic guidance from the government, and a minimal set of financial sector reforms (to make the Chinese banking system robust against interest rate fluctuations). We argue that anchoring monetary policy with an explicit inflation objective would be the most reliable way for the PBC to tie down inflation expectations, and thereby enable monetary policy to make the best contribution to macroeconomic and financial stability, as well as economic growth. The management and monitoring of money (and credit) growth by the PBC would continue to play a useful role in the stabilization of inflation, but a money target would not constitute a good stand-alone nominal anchor.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2006/111
606   $aMonetary policy$zChina
606   $aBanks and Banking$2imf
606   $aInflation$2imf
606   $aMoney and Monetary Policy$2imf
606   $aBanks$2imf
606   $aDepository Institutions$2imf
606   $aMicro Finance Institutions$2imf
606   $aMortgages$2imf
606   $aPrice Level$2imf
606   $aDeflation$2imf
606   $aMonetary Policy$2imf
606   $aBanking$2imf
606   $aMacroeconomics$2imf
606   $aMonetary economics$2imf
606   $aCommercial banks$2imf
606   $aInflation targeting$2imf
606   $aMonetary policy frameworks$2imf
606   $aBanks and banking$2imf
606   $aPrices$2imf
606   $aMonetary policy$2imf
607   $aChina$xEconomic conditions
607   $aChina, People's Republic of$2imf
615  0$aMonetary policy
615  7$aBanks and Banking
615  7$aInflation
615  7$aMoney and Monetary Policy
615  7$aBanks
615  7$aDepository Institutions
615  7$aMicro Finance Institutions
615  7$aMortgages
615  7$aPrice Level
615  7$aDeflation
615  7$aMonetary Policy
615  7$aBanking
615  7$aMacroeconomics
615  7$aMonetary economics
615  7$aCommercial banks
615  7$aInflation targeting
615  7$aMonetary policy frameworks
615  7$aBanks and banking
615  7$aPrices
615  7$aMonetary policy
700   $aGoodfriend$b Marvin$01546577
701   $aPrasad$b Eswar$0124415
712 02$aInternational Monetary Fund.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788413903321
996   $aA Framework for Independent Monetary Policy in China$93802275
997   $aUNINA