https://scholarspace.manoa.hawaii.edu/bitstream/10125/3686/1/ECONwp085.pdf

What has driven Chinese monetary policy since 1990? Investigating the People's bank's policy rule

Revisiting the shocking aspects of Asian monetary unification

This paper revisits the question whether economies in Asia are likely to be good candidates for pursuing similar exchange rate policies and ultimately joining together in a monetary union. A number of authors have investigated this question before typically using some variant of the methodology originally used by Bayoumi and Eichengreen (BE) to study the same question for countries that were potential candidates to form common currency area in Europe. It is the contention of this paper that this methodology is flawed because it fails to identify properly the aggregate demand and aggregate supply shocks in each economy and hence cannot adequately address one of the central issues in determining the suitability of two or more countries joining a monetary union. To remedy this deficiency in the existing literature we propose an alternative methodology to identify structural shocks. We will therefore be able to revisit the debate about monetary integration in Asia based on more solid empirical foundations. The results show that these modifications do matter for the cross-country correlation of these shocks. In particular, aggregate demand shocks among the relatively smaller economies of Asia appear to be more highly correlated with the larger or more advanced economies in the regions such as Korea, Hong Kong, Singapore, and Japan, than they are amongst themselves when we rely on the standard BE methodology. When an alternative approach is used we conclude, for example, that aggregate supply shocks remain most highly correlated between China, Hong Kong and the remainder of the economies in our sample while Japan and Singapore, most notably, seem more ‘disconnected’ with the rest of the region.Taking explicit account of foreign shocks not only prevents them from erroneously being confounded with domestic shocks as in the conventional methodology, it also makes it possible to evaluate the desirability of a common monetary policy response to common external shocks. Our results show that this can have an important bearing on assessing the desirability of forming a monetary union among the economies in the region. With respect to the implications for monetary unification in Asia our results do not clearly identify a group of countries for which shocks are unambiguously highly correlated and which therefore would be able to perform well with a common monetary policy.

Revisiting the Shocking Aspects of Asian Monetary Unification

Rethinking public administration helps to drive public managers as agents of change who assume behaviours coherently with a leadership identity. Public administration is rediscovering the sustainability as a key source and goal for strategic and organisational change by promoting the organisational dimension that relies on enhancing the quality of people as human resources, strengthening both the public manager as a leader and public servants as employees who are committed and motivated to public service. Managers as leaders help to drive public administration as an organisation which is able to proceed towards future as a sustainable public organisation which develops the quality of human capital and improves performances, supports public trust and enhances democratic life. Rediscovering the organisational dimension helps to develop the leadership as identity and source for ethical and transformational behaviours of a leader, and enables public managers to assume coherent values, attitudes and behaviours developing the leadership as central identity. Today, driving public administration requires effective public managers who are able to behave as ethical and transformational leaders who motivate, support and drive the employees at work.

Capital account liberalisation in China: international perspectives

Although there have been a large number of studies carried out on fluctuations in housing prices, little is known about what causes changes in residential rents, which are inextricably intertwined with urban living standards. This is especially noteworthy in Chinese cities, which are now being challenged by the housing market frenzies. Shift-share analysis is proposed to evaluate all possible triggers of residential rent inflation in three cities during the 2001–2013 period, which covers two distinct monetary policy regimes in China. It is found that the recent rise in residential rent comes as a result of aggregate inflation associated with an expansionary monetary policy since the 2008 Global Financial Crisis and an all-encompassing and stable policy stance should therefore be adopted.

Rising residential rents in Chinese mega cities: The role of monetary policy

The time profile of inflation in China resembles the one experienced in major industrial countries. Given the uncertainty surrounding the sources of economic shocks, this paper compares results from three sets of alternative identification conditions, namely the standard Blanchard-Quah approach, the approach of Cover, Enders, and Hueng (2006), as well as the model considered by Bordo, Landon-Lane and Redish (2004). Our principal finding is that inflation in China has been primarily driven by monetary factors. While aggregate supply factors may have pushed inflation to cross the threshold leading to deflation, monetary policy is primarily responsible for Chinese inflationary outcomes.

Identifying the Shocks Driving Inflation in China

The time profile of inflation in China resembles the one experienced in major industrial countries. Given the uncertainty surrounding the sources of economic shocks, the present paper compares results from three sets of alternative identification conditions. Our principal finding is that inflation in China has been primarily driven by monetary factors. Although aggregate supply factors might have pushed inflation to cross the threshold leading to deflation, monetary policy is primarily responsible for Chinese inflationary outcomes.

https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1468-0106.2010.00498.x

Identifying the shocks driving inflation in china

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Identifying the Shocks Driving Inflation in China

Identifying the shocks driving inflation in china