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Table of Content 期刊目录
Yao Qian Ph.D
Pages: 1-15
Ming Zhang
Pages: 16-31
Tingting Ge
Pages: 32-51
Ahmad Jafari Samimi, Seyed Peyman Asadi & Zahra Sheidaei
Pages: 56-67
Qiuzi Fu, Sofia B. Villas-Boas & George Judge
Pages: 68-76
James Laurenceson, Hannah Bretherton, Paul F. Burke & Edward Wei
Pages: 77-92
Article Abstract 文章摘要
Yao Qian Ph.D
Pages: 1-15
Abstract：
Central Bank Digital Currency (CBDC) contributes to optimizing payment functions of fiat money, reducing reliance on payment services provided by the private sector, alleviating regulatory burdens and pressure on the central bank, and strengthening the authority of fiat money. Moreover, issuance of CBDC helps to address dilemmas of modern monetary policies, including inefficiencies in policy transmission, difficulties in countercyclical control, flow of currency away from the real economy to the virtual economy and inadequate management of policy expectations. This paper proposes a CBDC issuance framework based on forward contingencies. The incorporation of time, sector, and loan rate contingencies in the activation of CBDC will realize real-time transmission of monetary policy, enable targeted supply of money and prevent the currency from circulating beyond the real economy. The economic state contingency makes it possible to exercise countercyclical control of currency. The embedment of these contingencies also enables currency to perform the function of forward guidance.
Link to the original text:
https://www.tandfonline.com/doi/abs/10.1080/17538963.2018.1560526
Ming Zhang
Pages: 16-31
Abstract:
China began to face Renminbi (RMB) depreciation pressure since 2014Q2, and the 8/11 reform in 2015 exacerbated the RMB depreciation pressure against USD. To contain the depreciation pressure, the People’s Bank of China (PBC) adopted three methods. Firstly, PBC tried to stabilize the exchange rate by selling USD and purchasing RMB, which resulted in the fast shrinking of China’s foreign exchange reserve. Secondly, PBC strengthened the regulation of capital outflows, which caused the stagnation of RMB internationalization. Thirdly, PBC frequently changed the pricing mechanism of the daily fixing of RMB to USD, which led to the reverse of the liberalization of RMB exchange rate. Under the new environment of RMB depreciation pressure and much lower foreign exchange reserve, Chinese government changed its strategies and became more cautious and pragmatic in outward foreign direct investment, RMB internationalization, and Belt & Road Initiative construction.
Link to the original text:
https://www.tandfonline.com/doi/abs/10.1080/17538963.2018.1544686
Tingting Ge
Pages: 32-51
Abstract:
This paper tries to investigate the time-varying characteristics of China’s monetary policy transmission from the impulse response evidence of both open-economy DSGE model and TVP-VAR model. We find that the transmission efficiency of price-based monetary policy has significantly improved over the sample period, while quantity-based monetary policy is weakening. The resume of exchange reform in 2010 also strengthens the exchange rate channel especially in terms of price-based monetary policy. Combining with the evidence from DSGE model underlines the importance of further interest rate liberalization and price-based monetary policy Taylor rule should also consider the exchange rate stability.
Link to the original text:
https://www.tandfonline.com/doi/abs/10.1080/17538963.2018.1556421
Ahmad Jafari Samimi, Seyed Peyman Asadi & Zahra Sheidaei
Pages: 56-67
Abstract:
This paper aimed to investigate the evidence on the transmission of China’s monetary policy shocks to macroeconomic variables in Iran. Since 1990, China has become one of the main trading partners of Iran; therefore, it is expected that China’s macroeconomic shocks have some consequences on Iran’s Economy. In this study, a structural vector autoregressive model is used to explore such a transmission. The findings of the study reveal that the China’s monetary policy changes significantly affect the Consumer Price Index (CPI) as Iran’s CPI meaningfully increases with the expansion of China’s money supply. Furthermore, it was found that Iran’s other economic variables, including the real GDP, real effective exchange rate, and interest rate, do not significantly reflect the China’s monetary shocks; even though confirm the expected sign and direction.
Link to the original text:
https://www.tandfonline.com/doi/abs/10.1080/17538963.2018.1514576
Qiuzi Fu, Sofia B. Villas-Boas & George Judge
Pages: 68-76
Abstract:
Since Benford’s law is an empirical phenomenon that occurs in a range of data sets, this raises the question as to whether or not the same thing might be true in terms of the Chinese income distribution data. We focus on the first significant digit (FSD) distribution of Chinese micro income data from the 2005 Inter-Census sample, which corresponds to 1% of Chinese population and other micro income data from the China family panel studies (CFPS) and Chinese General Social Survey (CGSS). We use information theoretic-entropy based methods to investigate the degree to which Benford’s FSD law is consistent with the FSD of Chinese income data and our findings suggest consistency between the Chinese FSD income distribution and Benford’s distribution. The close connection between the two distributions has implications for the quality of the sample of Chinese micro data.
Link to the original text:
https://www.tandfonline.com/doi/abs/10.1080/17538963.2018.1477418
James Laurenceson, Hannah Bretherton, Paul F. Burke & Edward Wei
Pages: 77-92
Abstract:
Chinese investment in Australian infrastructure assets can bring economic benefits for both countries. However, it can also create domestic political challenges. This is because Australian public support for foreign investment in infrastructure is limited. In order to better inform public policy and firm decision-making in both China and Australia, this paper undertakes a choice modelling analysis of original survey data to determine the drivers of local public preferences. The Australian public is found to be more concerned by the share of foreign ownership an investment will bring rather than the fact it is from China. Accounting for these preferences, such as through the recruitment of local partner companies, will facilitate Chinese investment in Australian infrastructure, and potentially, greater bilateral engagement on the Belt and Road Initiative. The Australian case might also offer wider lessons for Chinese investment in infrastructure assets abroad.
Link to the original text:
https://www.tandfonline.com/doi/abs/10.1080/17538963.2018.1543792
