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| Author: | Lu, Qianjin |
| Title: | Analysis of the effectiveness of the offsetting and non-offsetting intervention of the central bank (original in Chinese) |
| Journal: | Nankai Economic Studies (c)
1999 : 4, p.63-67 |
| Index terms: | CENTRAL BANKS FINANCIAL CONTROL CHINA |
| Language: | chn |
| Abstract: | Non-offsetting intervention is effective. But whether offsetting intervention is effective depends upon the substitution degree of the domestic assets and foreign assets. The higher the substitution degree is, the lower the effectiveness of the offsetting intervention is. The lower the substitution is, the higher the effectiveness is. And the offsetting intervention is also influenced by some other factors. The adjustment of money supply by the central bank through collecting loans and granting them again lacks due flexibility. We should further develop our money market, actively adjust the open market operations so as to perfect the regulation and control functions of the central bank. |
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