Financial System Reforms and China's Monetary Policy Framework : A DSGE-Based Assessment of Initiatives and Proposals

This paper evaluates various financial system reform initiatives and proposals in China in a DSGE modelling setting. The key reform steps analysed include phasing out benchmark interest rates, deepening the direct finance market, reducing government's quantity-based intervention on financial institutions. Our counterfactual model simulation results suggest that the reforms will be beneficial only, if Chinese monetary policy continues to rely on quantity-based interventions on financial institutions or tightens the interest rate rule

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Year of publication:	2014
Authors:	Funke, Michael
Other Persons:	Paetz, Michael (contributor)
Publisher:	[2014]: [S.l.] : SSRN
Subject:	China \| Geldpolitik \| Monetary policy \| Finanzsystem \| Financial system \| Reform \| DSGE-Modell \| DSGE model

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