Guo , Xiaohui and Masron, Tajul Ariffin
(2014)
Regional Effects Of Monetary Policy In China:
The Role Of Spillover Effects.
Asian Academy of Management Journal (AAMJ), 19 (1).
pp. 1-34.
ISSN 1394-2603
Abstract
This paper uses Structural Vector Autoregressive (SVAR) method to measure the regional
effects of monetary policy in China during 1978–2011. The results provide evidence of
different regional responses of real variables to monetary policy shocks. This paper
proves that M2 is a better monetary policy indicator. We also find that when examining
the regional effects of monetary policy in China, the spillover effects among regions are
very important in the short run. In the long run, the influence of deposits transfer among
regions is much bigger than that of the spillover effects.
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