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Research on the Coordination of the Monetary Policy between China and America

Author: ShangMinXiao
Tutor: LiHaiYan
School: Hebei University of Economics
Course: Financial
Keywords: international coordination monetary policy spillover effect
CLC: F822.0
Type: Master's thesis
Year: 2014
Downloads: 2
Quote: 0
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With the development of economy, relations between the countries in the worldmore and more closely, globalization, integration has become a major feature oftoday’s economy. Chinese since the reform and opening up, both of the world from theforeign trade the proportion or from the frequent degree trajectory flow of capital, thedevelopment of the world economy has China cannot do without, of course, Chinadevelopment also cannot do without the world. The link between countries moreclosely. The spillover effect of the integration of the world economy makes theimplementation of monetary policy significantly increased, a country’s currencypolicy may have an impact on the world economy, in the2008financial crisis period,two consecutive America quantitative loose is a very typical case. Significantlyincrease the spillover effects, the central government in the formulation of monetarypolicy, not only from their own point of view, demand management but from a globalperspective to the monetary policy.In the model the demand management of globalization, each country’s centralbank will be in setting monetary policy is more complex and difficult. Theinternational coordination of the country must face up to the monetary policy in theformulation of monetary policy, both to maintain internal balance of domesticeconomy, and to ensure its external balance. Three big a magic weapon of monetarypolicy: the statutory deposit reserve, interest rate, open market operation, the threetools, they have different characteristics, mechanism of its ferocity and role are not thesame, in the formulation of monetary policy, monetary policy tools matching becomesmore difficult and important. At the same time, other countries the existence ofspillovers, monetary policy between various countries is very important to coordinatechange. If we do not take the initiative and other countries reached the agreement ofinternational coordination, just roll with the punches, then we will be in a passive state,the economy will not have a good development. In order to ensure that we in the tideof economic stability and do not fall, it must be coordinated international initiativeand the world, increased communication and contact the international.This paper is divided into6parts.The first chapter, introduction. This chapter mainly introduces the background,structure arrangement of Chinese and US monetary policy coordination and thesignificance of the study, and the innovations and limitations. The second chapter, the second chapter mainly defines and introduces the basicconcept. This paper is mainly on international coordination of monetary policy, andmonetary policy are generalized and chivalrous, has three layers of meaning monetarypolicy coordination, coordination of domestic monetary policy and othermacroeconomic policy, monetary policy and exchange rate policy coordination andinternational coordination. In the article is mainly on the coordination of generalmonetary policy in the international. In this study, the exchange rate policy into themonetary policy, it is because the exchange rate policy will affect the monetary policyof our country through trade, direct investment and interest rate three channels.The third chapter, the analysis of Sino US monetary policy coordination theory.China as the typical oriental countries, its economic structure, consumption andinvestment structure in Western American difference. And both have complementaryrelationship in a great degree, for example, China is the largest reserves in dollars,USA monetary policy directly determines that China’s foreign exchange reservesvalue, and America as a major exporter of our country, the change of monetary policyin China, a direct impact on the United States import price level. These factors areSino US monetary policy needs to be coordinated factors.The fourth chapter, mainly is the spillover effect of Chinese and US monetarypolicy to do empirical test. This chapter is mainly on the financial crisis to China’smonetary policy, to study the influence of each other’s GDP Sino US monetary policytool. To do the empirical analysis by using historical data, to illustrate the necessity ofSino US monetary policy coordination.The fifth chapter, the international coordination of monetary policy practice.Although there is no explicit collaboration Treaty establishing the China and othercountries, but from the Chinese behavior at the international level, our country hasbeen in the international coordination of efforts, and gradually with the enhancementof China’s economic strength gradually increased, coordination, deepen gradually.The sixth chapter, mainly for China’s international coordination of the practice,to find out the existing problems in the international coordination and give reasonablesuggestion.

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CLC: > Economic > Fiscal, monetary > Currency > China's currency > Principle of policy and its elaborate
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