Interest rates in China are composed of a mix of both market-determined interest rates (interbank rates and bond yields), and regulated interest rates (retail lending and deposit rates), reflecting China's gradual process of interest rate liberalization. This paper investigates the main drivers...

Most governments issue and maintain a national money stock. Their reasons for doing so include national identity, deficit finance, and policy independence. Against this background, the authors examine agents' attachment to national currencies as revealed in the pattern of currency holding across...