The effectiveness of monetary control in post-Mao China: An institutional approach.

摘要

Financial reforms in China, which started in the early 1980s, brought rapid institutional changes. The coexistence of the legacies of a centrally planned economy and the new but yet underdeveloped market system created serious problems in implementing monetary policies. A key issue regarding the effectiveness of China's monetary policy is whether China possesses the appropriate tools and institutional framework to formulate and implement it.; This dissertation focuses on three issues of monetary control in China: the institutional framework of China's banking system, the relationship between the central and local government(s) on the one hand and banks and enterprises on the other, and the implications of further reforms for the conduct of monetary policy.; At the current stage of China's systemic evolution, the most important problems in China's banking sector are the weak position of the central bank, the dual status of commercial banks, and the poor coordination of reform policies across different sectors.; Monetary control by the central bank and behavior of commercial banks in China are examined, through empirical case studies of commercial banks in Chongqing and Guangzhou. A comparison of China's current and Japan's postwar banking systems shed additional light on the current problems of China's monetary control and the likely directions of its future improvement.