haku: @indexterm FINANCIAL POLICY / yhteensä: 417
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| Tekijä: | Feng, Yuming Zhang, Zhiqiang |
| Otsikko: | Case study:relative effectiveness of China monetary policy and financial policy (original in Chinese) |
| Lehti: | Forecasting (c)
1999 : 1, p.23-25 |
| Asiasana: | MONETARY POLICY FINANCIAL POLICY CHINA |
| Kieli: | chn |
| Tiivistelmä: | The result of verification of Granger cause and effect relationship has indicated that the supply of money, particularly narrowly defined money M1 features a strong endogenous nature. This means that to some extent, the money supply passively depends upon the objective economic activities. The monetary authority could not put money supply and the change under effective control. As a result, the money policy with money supply as the intermediary objective has great limitations and could not reach the expected effect of regulation and control. Due to the rigid interest rate mechanism, the regulation and control of total money supply in fact acts to regulate total demand only rather than the total supply and the structure of supply and demand. Comparatively speaking, financial policy works better. |
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