Reforming China's Monetary Policy Framework to Meet Domestic Objectives

Conway, Paul; Herd, Richard; Chalaux, Thomas

doi:10.1787/5km32vmsq6f2-en

Cited by 5 publications

References 34 publications

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American and Chinese leadership during the global financial crisis: Testing Kindleberger’s stabilization functions

Norrlof

Reich

2015

International Area Studies Review

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Heavily reliant on the work of Charles P Kindleberger, theories of hegemony and power transition have been built on the largely unchallenged assumption that the United States acts as a global economic stabilizer in time of crisis. However, there has been no attempt systematically to delineate, operationalize and test whether the United States performs this role utilizing Kindleberger’s five functions. Proponents of these theories have, in contrast, characterized China as either a free-rider or a predator waiting to challenge American leadership in times of crisis. In evaluating these characterizations, we test two hypotheses that examine the extent to which the United States and China have performed these stabilizing functions with regard to three major economic crises (the 1997 Asian economic crisis, the 2001 “DotCom” crisis and the Great Recession of 2007–2009). Our findings suggest that Kindleberger’s functions are more evenly shared than conventional scholarship would predict and that China has played a supportive, stabilizing role. Without evidence of explicit collaboration between the two countries, these functions were shared. Furthermore, China played an increasingly important role in supporting the global economic system over time and the trend line suggests they will continue to do so in the future. If Kindleberger’s criteria are correct, the assumption of a single country, the United States, acting as a stabilizer is therefore empirically mistaken. If his criteria are flawed, major IR theories that have assumed the criteria to be true and/or have assumed that the United States plays this unique role in the global economy are in need of critical reassessment.

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American and Chinese leadership during the global financial crisis: Testing Kindleberger’s stabilization functions

Norrlof

Reich

2015

International Area Studies Review

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Increasing Public Sector Efficiency in Slovakia

Hüfner

2011

OECD Economics Department Working Papers

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Given the deterioration in public finances, there is now very little scope for higher spending. Raising public sector efficiency would free up resources and yield better outcomes with the same inputs, helping to stimulate productivity and thus potential growth. Raising efficiency in tax collection (notably VAT) is urgently needed, plans to unify the collection of tax and social security contributions should be implemented swiftly and drawing on EU funds needs to become more efficient. In addition, raising the efficiency in healthcare should be a priority. This involves dealing with the high out-of-pocket payments and reforming the remuneration structure of doctors. Pharmaceutical spending is excessive and can be reduced, notably by further fostering generic substitution. Impediments to competition among health insurance funds should be reconsidered and the risk-equalisation system should be improved. This paper relates to the 2010 OECD Economic Review of the Slovak Republic (www.oecd.org/eco/surveys/slovakia). Accroître l'efficacité du secteur public en Slovaquie Étant donné la dégradation des finances publiques, il n’est guère possible désormais d’augmenter les dépenses. En améliorant l’efficacité du secteur public, on dégagerait des ressources et on obtiendrait de meilleurs résultats avec les mêmes intrants, ce qui contribuerait à stimuler la productivité et donc la croissance potentielle. Il est urgent d’améliorer l’efficacité de la collecte des impôts et taxes (notamment de la TVA) ; des plans visant à unifier le recouvrement de l’impôt et des cotisations de sécurité sociale doivent être mis en oeuvre rapidement et les dispositifs de tirage sur les fonds de l’UE doivent devenir plus efficaces. En outre, améliorer l’efficacité des soins de santé devrait être une priorité. Cela implique de s’attaquer au problème du montant élevé des paiements directs et de réformer le mode de rémunération des généralistes. Les dépenses pharmaceutiques sont excessives et peuvent être réduites, notamment en encourageant le recours aux génériques. Il faudrait réexaminer les entraves à la concurrence entre caisses d’assurance-maladie et améliorer le système de répartition équitable des risques. Ce document se rapporte à l’Étude économique de la République slovaque de l’OCDE, 2010 (www.oecd.org/eco/etudes/slovaquie).public sector efficiency, Slovakia, health policy, politique de santé, Slovaquie, efficacité du secteur public

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Financial System Reforms and China's Monetary Policy Framework: A DSGE-Based Assessment of Initiatives and Proposals

Funke

Paetz

2012

SSRN Journal

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This paper evaluates various financial system reform initiatives and proposals in China in a DSGE modelling setting. The key reform steps analysed include phasing out benchmark interest rates, deepening the direct finance market, reducing government's quantity-based intervention on financial institutions. Our counterfactual model simulation results suggest that the reforms will be beneficial only, if Chinese monetary policy continues to rely on quantity-based interventions on financial institutions or tightens the interest rate rule.

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Reforming China's Monetary Policy Framework to Meet Domestic Objectives

Cited by 5 publications

References 34 publications

American and Chinese leadership during the global financial crisis: Testing Kindleberger’s stabilization functions

American and Chinese leadership during the global financial crisis: Testing Kindleberger’s stabilization functions

Increasing Public Sector Efficiency in Slovakia

Financial System Reforms and China's Monetary Policy Framework: A DSGE-Based Assessment of Initiatives and Proposals

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