Remaking Monetary Policy in China

Markets and Controls, 1998–2008

Authors: Beggs, Michael, Deer, Luke

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  • Covers the recent history of Chinese monetary policy
  • Treats transformation of policy and regulation since the 2008 as a break from the former command-and-control policy norms in China
  • Argues that Chinese monetary policy went through a transformation under the influence of ‘new consensus’ macroeconomics after 1998
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About this book

This book covers the recent history of Chinese monetary policy. While most current work focuses on This book traces and explains the evolution of Chinese monetary policy in the years before 2008. The turn towards interest rate deregulation and market-oriented policy in China in recent years is often seen as a break with former command-and-control policy norms, in favour of Western central banking norms. We argue that Chinese monetary policy already went through a transformation under the influence of ‘new consensus’ macroeconomics after 1998, but that this surprisingly led to increased reliance on direct banking controls in the 2000s. Therefore, many of the controls that look to many like a remnant of central planning are in fact an outcome of an earlier attempt to ‘rationalise’ monetary policy, in unusual Chinese conditions. Specifically, policy returned to direct controls because of an underdeveloped interbank money market, and a glut of bank liquidity associated with enormous foreign exchange inflows in the mid-2000s.

About the authors

Michael Beggs is Senior Lecturer in Political Economy at the University of Sydney, Australia.
Luke Deer is a Research Affiliate in Finance at the University of Sydney Business School, Australia.

Table of contents (8 chapters)

Table of contents (8 chapters)

Buy this book

eBook $44.99
price for USA (gross)
  • ISBN 978-981-13-9726-4
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $59.99
price for USA
  • ISBN 978-981-13-9725-7
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.

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Bibliographic Information

Bibliographic Information
Book Title
Remaking Monetary Policy in China
Book Subtitle
Markets and Controls, 1998–2008
Authors
Copyright
2019
Publisher
Palgrave Pivot
Copyright Holder
The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.
eBook ISBN
978-981-13-9726-4
DOI
10.1007/978-981-13-9726-4
Hardcover ISBN
978-981-13-9725-7
Edition Number
1
Number of Pages
XI, 125
Number of Illustrations
7 b/w illustrations
Topics