This paper discusses the macroeconomic effects of China's informal banking regulatory tool “window guidance,” introduced in 1998. Using an open-economy DSGE model that includes the commercial banking sector, we study the stabilizing effects of this non-standard quantitative monetary policy...

This paper discusses the macroeconomic effects of China's informal banking regulatory tool “win-dow guidance,” introduced in 1998. Using an open-economy DSGE model that includes the com-mercial banking sector, we study the stabilizing effects of this non-standard quantitative monetary policy...

This working paper was written by Soyoung Kim (Seoul National University), Seri Shim (Bank of Korea) and Hongyi Chen (Hong Kong Institute for Monetary and Financial Research).This paper investigates the effects and conduct of macroprudential policies in China in comparison with those of monetary...

This paper studies whether monetary transmission in China is asymmetric. While researchers found an asymmetric transmission in the US and other economies, China offers a specific rationale for asymmetries: the presence of state-owned enterprises (SOEs) enjoying preferential access to financing....