By Hui Zhou
This booklet makes use of an leading edge process combining qualitative and quantitative ways to examine the correlations among financial coverage, monetary progress, inflation and asset fee volatility, explores the construction of monetary probability prevention structures and reaches conclusions with either theoretical and sensible price. The ebook deals an empirical research of the effectiveness of financial coverage, specifies the correlations among financial coverage, fiscal progress and inflation and gives a theoretical foundation for and empirical demonstration of economic coverage implementation in China. prior study in China has essentially fascinated with the correlation among financial coverage and a selected asset cost, whereas this ebook comprehensively addresses the appropriateness of genuine property, inventory, bond and futures cost rules via financial rules, lending it a excessive measure of useful value. as a way to arrive at a systemic danger prevention and rules mechanism for China, the booklet makes use of the GARCH suggest worth version and MGARCH-BEKK version to create a strain index and supply a three-level pre-warning procedure for forex crises, financial institution crises and asset bubble crises. The booklet systemically introduces the belief of macro-prudential law into the chinese language economy by way of first clarifying the need of enforcing macro-prudential law in China after which proving its effectiveness in mitigating pro-cyclicality and embellishing regular financial progress via developing a mitigation model.
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Extra resources for China’s Monetary Policy Regulation and Financial Risk Prevention: The Study of Effectiveness and Appropriateness
It proposes that in order to realize the goal that “most households shall gradually afford to purchase or rent ordinary commercial residential building,” effective measures should be performed to speed up the development of ordinary commodity housing and increase its proportion in market supply. The domination change from economically affordable housing to ordinary commercial housing shows the market positioning of real estate industry by government and its determination in strengthening real estate market competition.
5) It requires the Ministry of Finance and State Administration of Taxation to accelerate studying and formulating reasonable tax polices in guiding housing consumption and regulating personal property income, although failing in proposing new tax policies. And all other possible regulatory measures have been taken into full play. The regulatory policies on real estate market in 2011 are as below: The Central Bank raises reserve requirements 6 times, respectively, in January, February, March, May, June and July; The “Circular of the General Office of the State Council on Effectively Stabilizing House Prices” (hereinafter “Eight National Regulations”) and property tax reform are successively released; “restricted purchase,” “restricted price,” “restricted loan,” and similar limitation policies are upgraded; The cities with buying restrictions increase from less than 20 to over 50, and even some second- and third-tier cities with high price rise also take necessary measures in purchase limitation, followed by Taizhou, Zhuhai, and other cities.
We should keep close watch over banks’ off-balance-sheet business and shadow banking. Banks’ in-balance-sheet credit scale is controlled in some degree since 2011, while their total amount of social financing remains high with a large scale of off-balance-sheet business, shadow banking, and financing products by trust or capital pools, which deserves great attention of the Central Bank for macro-economic regulation by monetary policies. Chapter 3 Appropriateness Study of Monetary Policy Regulation on Real Estate Price Real estate business is a complex topic.
China’s Monetary Policy Regulation and Financial Risk Prevention: The Study of Effectiveness and Appropriateness by Hui Zhou
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