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010   $a9786613826350
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035   $a(EBL)3014426
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035   $a(PQKBWorkID)10956247
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035   $a(OCoLC)694141073
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100   $a20060929d2006      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 and Eswar Prasad
205   $a1st ed.
210   $a[Washington, D.C.] $cInternational Monetary Fund, African Dept.$dc2006
215   $a1 online resource (52 p.)
225 1 $aIMF working paper ;$vWP/06/111
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 paper ;$vWP/06/111.
606   $aMonetary policy$zChina
607   $aChina$xEconomic conditions
615  0$aMonetary policy
700   $aGoodfriend$b Marvin$01621913
701   $aPrasad$b Eswar$0124415
712 02$aInternational Monetary Fund.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910810746803321
996   $aA Framework for Independent Monetary Policy in China$93955452
997   $aUNINA