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The Tools of Monetary Policy and the Benchmark Interest Rates of Monetary Market:An Empirical Study Based on China

Guo Qiang;Li Xiangqian;Fu Zhigang;

Abstract: With interest rate liberalization step by step,most of the central banks have established a policy framework to guide and regulate the market interest rate effectively.Based on the implementation on the framework of China’s monetary policy,using EGARCH model,the paper researches on impacts,which monetary policy tools of the People’s Bank of China on the Ultra short term of the Shibor,the results show that the open market operation and adjustment of the statutory deposit reserve rate,influence th... More
Keywords：

Open Market Operations; Central Bank Bills; Central Bank Communication; Shibor;

Conference Time：

2015-12

  • Series：

    (J) Economics ＆ Management

  • Subject：

    Finance; Finance; Securities; Investment

  • Classification Code：

    F822.0;F832.5

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