› › China S Monetary Policy Communication Frameworks Impact And Recommendations

China’s Monetary Policy Communication: Frameworks, Impact, and Recommendations

Author : Michael McMahon

Publisher : International Monetary Fund

Page : 32 pages

File Size : 33,67 MB

Release : 2018-11-16

Category : Business & Economics

ISBN : 1484385918

Get eBook

Book Description

Financial markets are eager for any signal of monetary policy from the People’s Bank of China (PBC). The importance of effective monetary policy communication will only increase as China continues to liberalize its financial system and open its economy. This paper discusses the country’s unique institutional setup and empirically analyzes the impact on financial markets of the PBC’s main communication channels, including a novel communication channel. The results suggest that there has been significant progress but that PBC communication is still evolving toward the level of other major economies. The paper recommends medium-term policy reforms and reforms that can be adopted quickly.



The Future of China's Bond Market

Author : Mr. Alfred Schipke

Publisher : International Monetary Fund

Page : 52 pages

File Size : 25,12 MB

Release : 2019-03-13

Category : Business & Economics

ISBN : 151358278X

Get eBook

Book Description

China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.



Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries

Author : International Monetary Fund

Publisher : International Monetary Fund

Page : 74 pages

File Size : 25,43 MB

Release : 2015-10-23

Category : Business & Economics

ISBN : 1498344062

Get eBook

Book Description

Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.



China’s Digital Economy: Opportunities and Risks

Author : Ms.Longmei Zhang

Publisher : International Monetary Fund

Page : 24 pages

File Size : 18,96 MB

Release : 2019-01-17

Category : Business & Economics

ISBN : 1484389700

Get eBook

Book Description

China’s digital economy has expanded rapidly in recent years. While average digitalization of the economy remains lower than in advanced economies, digitalization is already high in certain regions and sectors, in particular e-commerce and fintech, and costal regions. Such transformation has boosted productivity growth, with varying impact on employment across sectors. Going forward, digitalization will continue to reshape the Chinese economy by improving efficiency, softening though not reversing, the downward trend of potential growth as the economy matures. The government should play a vital role in maximizing the benefits of digitalization while minimizing related risks, such as potential labor disruption, privacy infringement, emerging oligopolies, and financial risks.



The ASEAN Way

Author : Ms.Ana Corbacho

Publisher : International Monetary Fund

Page : 311 pages

File Size : 47,46 MB

Release : 2018-10-02

Category : Business & Economics

ISBN : 1513558900

Get eBook

Book Description

The first part of the book examines the evolution of monetary policy and prudential frameworks of the ASEAN5, with particular focus on changes since the Asian financial crisis and the more recent period of unconventional monetary policy in advanced economies. The second part of the book looks at policy responses to global financial spillovers. The third and last part of the book elaborates on the challenges ahead for monetary policy, financial stability frameworks, and the deepening of financial markets.



Review of the IMF's Communications Strategy

Author : International Monetary Fund

Publisher : International Monetary Fund

Page : 44 pages

File Size : 20,75 MB

Release : 2014-06-30

Category : Business & Economics

ISBN : 1498343155

Get eBook

Book Description

The framework guiding the IMF’s communications—established by the Executive Board in 2007—has enabled the institution to respond flexibly to the changing global context. The framework is based on four guiding principles: (i) deepening understanding and support for the Fund’s role and policies; (ii) better integrating communications into the IMF’s daily operations; (iii) raising the impact of new communications materials and technologies; and (iv) rebalancing outreach efforts to take account of different audiences. In addition, greater emphasis has been placed on strengthening internal communications to help ensure institutional coherence in the Fund’s outreach activities. Continued efforts are needed to strengthen communications going forward. Several issues deserve particular attention. First, taking further steps to ensure clarity and consistency in communication in a world where demand for Fund services continues to rise. Second, doing more to assess the impact of IMF communications and thus better inform efforts going forward. Third, engaging strategically and prudently with new media—including social media.



Macroprudential Policy - An Organizing Framework - Background Paper

Author : International Monetary Fund. Monetary and Capital Markets Department

Publisher : International Monetary Fund

Page : 33 pages

File Size : 42,83 MB

Release : 2011-03-14

Category : Business & Economics

ISBN : 1498339174

Get eBook

Book Description

MCM conducted a survey in December 2010 to take stock of international experiences with financial stability and the evolving macroprudential policy framework. The survey was designed to seek information in three broad areas: the institutional setup for macroprudential policy, the analytical approach to systemic risk monitoring, and the macroprudential policy toolkit. The survey was sent to 63 countries and the European Central Bank (ECB), including all countries in the G-20 and those subject to mandatory Financial Sector Assessment Programs (FSAPs). The target list is designed to cover a broad range of jurisdictions in all regions, but more weight is given to economies that are systemically important (see Annex for details). The response rate is 80 percent. This note provides a summary of the survey’s main findings.



Issues in Monetary Policy

Author : Kent Matthews

Publisher : John Wiley & Sons

Page : 210 pages

File Size : 39,3 MB

Release : 2006-02-22

Category : Business & Economics

ISBN : 0470032812

Get eBook

Book Description

Since the Bank of England was made independent in 1997, the conduct of monetary policy has been relatively uncontroversial. The debates between Keyneisans, monetarists and supporters of fixed exchange rate mechanisms now appear very distant. Despite the apparent consensus there are many issues related to the conduct of monetary policy that are not yet settled and which will soon come to the fore. Is the current form of independence for the Bank of England appropriate? Should a central bank target inflation or the prices level? How does a central bank deal with asset price deflation? Should more account be taken of monetary aggregates? Should central banks target asset prices? What is the relationship between the money supply and asset price inflation? How should central banks ensure financial stability? The IEA was at the forefront of changing the parameters of the debate surrounding monetary policy in the 1970s and 1980s. This text, brings together some of the leading authors in the field, including the current Governor of the Bank of England, to discuss current issues in monetary policy and the relationship between monetary policy and financial markets. It is appropriate for undergraduates and postgraduates in economics and finance as well as for practitioners in financial markets.



Resolving China’s Corporate Debt Problem

Author : Wojciech Maliszewski

Publisher : International Monetary Fund

Page : 43 pages

File Size : 26,99 MB

Release : 2016-10-14

Category : Business & Economics

ISBN : 1475545282

Get eBook

Book Description

Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.



Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance

Author : El Bachir Boukherouaa

Publisher : International Monetary Fund

Page : 35 pages

File Size : 25,59 MB

Release : 2021-10-22

Category : Business & Economics

ISBN : 1589063953

Get eBook

Book Description

This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.