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China's Opening-up: The Impact on Monetary Policy Choice (Volume 1)
  • Pub Date:

    March 2011
  • Pages

    288
  • Size

    7x10, Hardcopy
List Price:

9789814298186US$128

Enrich Series on China

China's Opening-up: The Impact on Monetary Policy Choice (Volume 1)

By Fan Zhiyong

This book looks at the characteristics of China’s monetary policy since 1978, when China opened its door to private enterprises and the world. It provides a comprehensive study backed by theoretical and empirical researches in the following three aspects: (1) the impact on the monetary transmission mechanism by the private sector; (2) the identification of cost-push inflation and related monetary policy choices; and (3) challenges and responses to China’s monetary policy under the open-door policy.


Content Highlights

1. Detailed overview of the characteristics of China's monetary economy
2. Comprehensive examination into the relationship between China's opening-up policy and monetary policy
3. In-depth analysis on cost-push and demand-pull inflation in China
4. Unique insight into China's future monetary policy choices



Book Review

"China’s opening-up: The Impact on Monetary Policy Choice, written by Fan Zhiyong, is the first in a five-volume series on China’s economic issues. Enrich Professional Publishing makes important economic books written in Chinese (in China) accessible for an English-reading audience. For the first time, an “inside perspective” of the Chinese economic discourse is offered to professional economists everywhere.

According to the title, the book makes a two-fold promise. First, it is about China’s opening to world markets and, therefore, to their regulatory frameworks. Second, it restricts its focus to monetary policy. Before the summer of 2005, Chinese monetary policy was simple: The People’s Bank (Central Bank) would define the quasi-fixed rate of the Renminbi to foreign currencies. In the summer of 2005, China’s central bank announced a policy shift: It would allow the RMB to float (albeit within fixed parameters) and to appreciate. Since then, China has been involved in international verbal disputes about the accurateness of this “dirty floating” and in continuous efforts to manage it.

Five years after this policy change, this volume comes in handy when analyzing those policies as well as markets reactions to them (from 2005 to 2008). Using lots of data to do so, it can be a reference/handbook for the economist interested in the Chinese monetary markets.

This book, in short, is highly recommended. The data it uses, as well as its clarity, makes it an almost mandatory lecture for all economists dealing with China’s opening and its monetary policies. The author shows analytic depth and combines remarkably well used models/theories of “Western” economists with specific Chinese research. It is very good to have such a work made available in English."


--Henrique Schneider, Chief Economist, Swiss Federation of Small and Medium Enterprises, Published by Frontiers of Economics in China


About the Author

Fan Zhiyong is an Associate Professor of Economics, School of Economics, Renmin University of China. His researches focus on the international capital market research and open macroeconomics. His publications include China's Monetary Economics and Its International Comparisons (2007), Research on China's Demand-Pull Inflation and Cost-Push Inflation and Its Policy Choice (2008).