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2016, vol. 63, br. 3, str. 325-338
Impact of the joint-stock reform of commercial banks on the effectiveness of monetary policy in China
(naslov ne postoji na srpskom)
Department of Finance and Insurance, Nanjing University, Nanjing, China

e-adresafxmfxm@nju.edu.cn, yujiang@nju.edu.cn
Ključne reči: commercial banks; joint-stock reform; monetary policy; price level; China
Sažetak
(ne postoji na srpskom)
Over the past decade, the Chinese government has conducted the joint-stock reform of state-owned commercial banks. The joint-stock reform improves the marketization level of the ownership structure of commercial banks and consequently leads to impacts on the effectiveness of monetary policy. This paper first presents the impacting mechanisms of the joint-stock reform of commercial banks on the effectiveness of monetary policy and then constructs an empirical model to test those impacts. The empirical results show that the increasing degree of joint-stock reform of commercial banks enhances the effectiveness of expansionary monetary policy but weakens the effectiveness of contractionary monetary policy in China.
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O članku

jezik rada: engleski
vrsta rada: izvorni naučni članak
DOI: 10.2298/PAN1603325F
objavljen u SCIndeksu: 04.07.2016.
Creative Commons License 4.0

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