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China 's money supply Endogeny

Author: WuYanQing
Tutor: YeXiangSong
School: Northwestern University
Course: Political Economics
Keywords: Endogenous money supply Exogeneity of the money supply Base currency Money supply Demand for money
CLC: F822
Type: Master's thesis
Year: 2006
Downloads: 476
Quote: 3
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Abstract


Both inside and outside the money supply by nature is one of the cutting-edge issues of modern monetary and financial areas of outstanding. Currency exogenous of the factions of the common assumptions of mainstream theory. This includes precious metals the Currency mining supply natural and credit monetary system, monetary authorities exogenously determined money supply, and by changes in the money supply to adjust the price level, interest rates and real output. Endogenous money supply is the money supply by a variety of economic and internal factors, such as price levels, interest rates and the actual level of output decisions. Money inside and outside the endogeneity problems associated with the other two issues. Namely: currency neutral interest rate how to determine the effect of monetary policy. Currency endogenous commentators have suggested that the currency is an indispensable part of the process of capitalist production, thus whenever and wherever they are not neutral. Currency exogenous commentators have suggested that currency non-neutral, the money supply affect real output in the short term. Currency neutral, long-term increase in the money supply will only lead to inflation. From a practical point of view, national economies are constantly faced with inflation and deflation. In China, inflation in the early 1990s just subsided, deflation and mangoes to. Is essential for the effective management of inflation and deflation, money supply endogeneity problems inside and outside. The impact of monetary policy intermediate target and monetary policy tool of choice. Shows that the inside and outside of the money supply by nature is a problem of great theoretical and practical significance. In this paper, on the basis of the criticism and inherited both theoretical, clearly the essential meaning of the money supply internal and external nature, and how to reflect the exogenous control of the money supply, the monetary authorities, monetary endogenous. And learn from the Keynesian school of analytical methods to demonstrate the correctness of the views of the money supply endogenous. Then, combined with deflation in China since 1997, the argument difficult for the central bank to exogenous expansion of the money supply, rooted in the base currency and money supply have the the endogenous characteristics determined by the demand. In the case of China's money supply has the characteristics of the endogenous, single money supply as the intermediate target and a base currency for the operating target of monetary policy is ineffective. By various factors, China can not simply interest rates as the intermediate target of monetary policy or operational goals. At present, the central bank should be in volume control, and cost price control combination. Adopt different policies for different situations (inflation and deflation). Long term, in order to maintain steady economic growth can not be separated from the system of innovation and change.

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CLC: > Economic > Fiscal, monetary > Currency > China's currency
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