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dc.contributor.authorEgan, Paul Gerard
dc.contributor.authorLeddin, Anthony J.
dc.identifier.citationEgan , P G & Leddin , A J 2016 , ' Examining monetary policy reaction in the People’s Republic of China – a Markov switching policy index approach ' , Journal of Chinese Economic and Business Studies , vol. 14 , no. 2 , pp. 165-191 .
dc.identifier.otherPURE: 243086116
dc.identifier.otherPURE UUID: f063012f-2e7a-4fad-9b3e-bccab26cf6bd
dc.identifier.otherScopus: 84975849778
dc.identifier.otherWOS: 000391038900004
dc.descriptionThe authors are grateful for the financial support from the Irish Research Council (IRC) and The Paul Tansey Postgraduate Research Scholarship in Economics.en
dc.description.abstractThis paper estimates a monetary policy rule for the People’s Republic of China (PRC) using a standard OLS estimation and a Markov switching model. As the People’s Bank of China (PBOC) generally uses a battery of instruments in the conduct of its monetary policy, these models are estimated using a constructed monetary policy index (MPI) in place of the traditional interest rate. This allows for a better understanding of the role the PBOC has played in the PRC’s unprecedented economic growth and its relatively low inflation over the last twenty years. This paper will not only examine the unique characteristics of Chinese monetary policy but may also give a more general insight into the dynamics of monetary policy reactions in other emerging markets and economies in transition.
dc.relation.ispartofJournal of Chinese Economic and Business Studiesen
dc.rights© 2016, The Chinese Economic Association – UK. This work is made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at /
dc.subjectMonetary policyen
dc.subjectExchange rate regimeen
dc.subjectTaylor ruleen
dc.subjectMarkov switchingen
dc.subjectStructural breaksen
dc.subjectHB Economic Theoryen
dc.subjectSDG 8 - Decent Work and Economic Growthen
dc.titleExamining monetary policy reaction in the People’s Republic of China – a Markov switching policy index approachen
dc.typeJournal articleen
dc.contributor.institutionUniversity of St Andrews. School of Economics and Financeen
dc.description.statusPeer revieweden

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