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来源类型 | Policy Contribution |
规范类型 | 简报 |
A compelling case for Chinese monetary easing | |
Guonan Ma | |
发表日期 | 2015-04-27 |
出版年 | 2015 |
语种 | 英语 |
概述 | In the midst of the heated monetary policy debate, the People’s Bank of China (PBC) since mid-2014 has no doubt started loosening its monetary policy, initially tentatively and later more forcefully. Is such a policy shift warranted and desirable? |
摘要 | • Chinese monetary policy was excessively tight in 2014 but started loosening in late 2014, in an attempt to cushion growth, facilitate rebalancing, support reform and mitigate financial risk. • There are three main reasons for this policy shift. First, there is evidence that the Chinese economy has been operating below its potential capacity. Second, among the big five economies, China’s monetary policy stance and broader financial condition both tightened the most in the wake of the global financial crisis, likely weighing on domestic growth. Third, a mix of easy monetary policy and neutral fiscal policy would serve China best at the current juncture, because it would support domestic demand and help with the restructuring of China’s local government debts, while facilitating a move away from the soft dollar peg. • Such a warranted shift in monetary policy stance faces the challenges of uncertain potential growth, a more liberalised financial system, an evolving monetary policy framework, the legacy of excess leverage and a politicised policy debate. |
主题 | Global Economics & Governance |
关键词 | Asia China Monetary policy |
URL | https://bruegel.org/2015/04/a-compelling-case-for-chinese-monetary-easing/ |
来源智库 | Bruegel (Belgium) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/429502 |
推荐引用方式 GB/T 7714 | Guonan Ma. A compelling case for Chinese monetary easing. 2015. |
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pc_2015_06__280415.p(80KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | ![]() 浏览 | ||
pc_2015_06__280415.p(481KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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