Impact of the joint-stock reform of commercial banks on the effectiveness of monetary policy in China
Over the past decade, the Chinese government has conducted the joint-stock reform of state-owned commercial banks. The joint-stock reform improves the marketization level of the ownership structure of commercial banks and consequently leads to impacts on the effectiveness of monetary policy...
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| Format: | Article |
| Language: | English |
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Economists' Association of Vojvodina
2016-01-01
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| Series: | Panoeconomicus |
| Subjects: | |
| Online Access: | http://www.doiserbia.nb.rs/img/doi/1452-595X/2016/1452-595X1603325F.pdf |
| _version_ | 1811343077678252032 |
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| author | Fang Xianming Jiang Yu |
| author_facet | Fang Xianming Jiang Yu |
| author_sort | Fang Xianming |
| collection | DOAJ |
| description | Over the past decade, the Chinese government has conducted the joint-stock
reform of state-owned commercial banks. The joint-stock reform improves the
marketization level of the ownership structure of commercial banks and
consequently leads to impacts on the effectiveness of monetary policy. This
paper first presents the impacting mechanisms of the joint-stock reform of
commercial banks on the effectiveness of monetary policy and then constructs
an empirical model to test those impacts. The empirical results show that the
increasing degree of joint-stock reform of commercial banks enhances the
effectiveness of expansionary monetary policy but weakens the effectiveness
of contractionary monetary policy in China. |
| first_indexed | 2024-04-13T19:22:12Z |
| format | Article |
| id | doaj.art-29882fab085a44d79539e09f1707cc74 |
| institution | Directory Open Access Journal |
| issn | 1452-595X 2217-2386 |
| language | English |
| last_indexed | 2024-04-13T19:22:12Z |
| publishDate | 2016-01-01 |
| publisher | Economists' Association of Vojvodina |
| record_format | Article |
| series | Panoeconomicus |
| spelling | doaj.art-29882fab085a44d79539e09f1707cc742022-12-22T02:33:28ZengEconomists' Association of VojvodinaPanoeconomicus1452-595X2217-23862016-01-0163332533810.2298/PAN1603325F1452-595X1603325FImpact of the joint-stock reform of commercial banks on the effectiveness of monetary policy in ChinaFang Xianming0Jiang Yu1Nanjing University, Department of Finance and Insurance, Nanjing, ChinaNanjing University, Department of Finance and Insurance, Nanjing, ChinaOver the past decade, the Chinese government has conducted the joint-stock reform of state-owned commercial banks. The joint-stock reform improves the marketization level of the ownership structure of commercial banks and consequently leads to impacts on the effectiveness of monetary policy. This paper first presents the impacting mechanisms of the joint-stock reform of commercial banks on the effectiveness of monetary policy and then constructs an empirical model to test those impacts. The empirical results show that the increasing degree of joint-stock reform of commercial banks enhances the effectiveness of expansionary monetary policy but weakens the effectiveness of contractionary monetary policy in China.http://www.doiserbia.nb.rs/img/doi/1452-595X/2016/1452-595X1603325F.pdfcommercial banksjoint-stock reformmonetary policyprice levelChina |
| spellingShingle | Fang Xianming Jiang Yu Impact of the joint-stock reform of commercial banks on the effectiveness of monetary policy in China Panoeconomicus commercial banks joint-stock reform monetary policy price level China |
| title | Impact of the joint-stock reform of commercial banks on the effectiveness of monetary policy in China |
| title_full | Impact of the joint-stock reform of commercial banks on the effectiveness of monetary policy in China |
| title_fullStr | Impact of the joint-stock reform of commercial banks on the effectiveness of monetary policy in China |
| title_full_unstemmed | Impact of the joint-stock reform of commercial banks on the effectiveness of monetary policy in China |
| title_short | Impact of the joint-stock reform of commercial banks on the effectiveness of monetary policy in China |
| title_sort | impact of the joint stock reform of commercial banks on the effectiveness of monetary policy in china |
| topic | commercial banks joint-stock reform monetary policy price level China |
| url | http://www.doiserbia.nb.rs/img/doi/1452-595X/2016/1452-595X1603325F.pdf |
| work_keys_str_mv | AT fangxianming impactofthejointstockreformofcommercialbanksontheeffectivenessofmonetarypolicyinchina AT jiangyu impactofthejointstockreformofcommercialbanksontheeffectivenessofmonetarypolicyinchina |