MONEY AGGREGATES MANAGEMENT: PROBLEMS AND PROSPECTS IN CHINA'S ECONOMIC TRANSITION
"This study discusses China's money supply management in its economic transition. Institutional analysis and empirical evidence suggest (i) the People's Bank of China is capable of conducting indirect monetary policy in the central banking system, (ii) integral financial reforms in the areas of legislation, management, regulation, supervision, governance, and structure are required to overcome difficulties of the monetary base control, (iii) the money multipliers are technically predictable. These results provide ways for the central bank to improve the effectiveness of monetary policy enforcement." ("JEL" E51, E58, G21, P21) Copyright 1999 Western Economic Association International.
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