The impact of Chinese monetary policy shocks on East Asia

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dc.contributor Bank of Finland
dc.contributor.author Kozluk, Tomasz
dc.contributor.author Mehrotra, Aaron
dc.date.accessioned 2014-09-22T08:00:09Z
dc.date.available 2014-09-22T08:00:09Z
dc.date.issued 2008
dc.identifier.isbn 978-952-462-901-0
dc.identifier.issn 1456-4564
dc.identifier.uri https://helda.helsinki.fi/bof/handle/123456789/8083
dc.description Ilmestynyt myös CESifo Working Papers 2710 sekä Economics of Transition 17 ; 1 ; 2009.
dc.description.abstract We study the effects of Chinese monetary policy shocks on China s major trading partners in East Asia by estimating structural vector autoregressive (SVAR) models for six economies in the region. We find that a monetary expansion in Mainland China leads to an increase in real GDP (temporary) and the price level (permanent) in a number of economies in our sample, most notably in Hong Kong and the Philippines. The impact could result from intertemporal substitution present in a general equilibrium framework which allows for positive domestic impacts of foreign monetary expansions. Our results emphasize the growing importance of China for its neighboring economies and the significance of Chinese shocks for the design of monetary policy in Asian economies. Keywords: monetary policy shocks, Asian production chain, SVAR, East Asia, China, JEL: E52, F42
dc.format.extent 29 s.
dc.language.iso eng
dc.rights https://helda.helsinki.fi/bof/copyright
dc.subject Kiina
dc.subject häiriöt
dc.subject rahapolitiikka
dc.subject vaikutukset
dc.subject Aasia
dc.subject bkt
dc.subject mallit
dc.subject hinnat
dc.subject SP
dc.subject RP
dc.subject RP ST
dc.subject Bofit-kokoelma
dc.subject Itä-Aasia
dc.subject SVAR
dc.title The impact of Chinese monetary policy shocks on East Asia
dc.type Sarjajulkaisu
dc.identifier.urn URN:NBN:fi:bof-201408072075
dc.subject.jel E52
dc.subject.jel F42
dc.series.name BOFIT Discussion Papers
dc.series.year 2008
dc.series.number 5/2008
dc.series.sortingnumber 5
dc.date.publication 2.6.2008
dc.identifier.doi 10.1111/j.1468-0351.2009.00335.x
dc.contributor.orgunit Institute for Economies in Transition (BOFIT)
dc.description.publication Published in Economics of Transition, Vol. 17, Issue 1, 2009, pp. 121-145

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