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dc.contributor.authorSun, Shuzhangen
dc.contributor.authorGan, C.en
dc.contributor.authorHu, Baidingen
dc.date.accessioned2016-11-14T21:06:33Z
dc.date.issued2010en
dc.identifier.citationSun, S., Gan, C., & Hu, B. (2010). The effects of short-term interest rates on output, price and exchange rates: recent evidence from China. International Journal of Business and Finance Research, 4(1), 173-191.en
dc.identifier.issn1931-0269en
dc.identifier.urihttps://hdl.handle.net/10182/7583
dc.description.abstractThis paper utilizes VAR techniques to examine the relationship between a policy related variable and selected macro-variables in China. Johansen’s cointegration tests fail to find a moving equilibrium among the related variables. Based on a VAR model in first differences, we find that an unexpected temporary one-off shock to the change in the seven-day money market interbank borrowing rate does not have significant influence on GDP changes but a significant influence on price level changes in a “wrong” direction. Empirical testing demonstrates that the seven-day Repo rate has an insignificant influence on both GDP changes and on the price level changes. Furthermore, the relationships between monetary aggregate (M2) and short-run money market interest rates suggest that the short-run interest rates do not have significant influence on the monetary aggregate. Therefore, we have determined that short-run money market interest rates are ineffective as a monetary policy-operating objective.en
dc.format.extent173-191en
dc.language.isoenen
dc.publisherInstitute for Business and Finance Research, LLCen
dc.relationThe original publication is available from - Institute for Business and Finance Research, LLC - http://www.theibfr.com/ARCHIVE/IJBFR-V4-N1-2010.pdfen
dc.rightsAll Rights Reserved The Institute for Business and Finance Research, LLCen
dc.subjectmonetaryen
dc.subjectmoneyen
dc.subjectmacroeconomic policyen
dc.subjectChinaen
dc.titleThe effects of short-term interest rates on output, price and exchange rates: recent evidence from Chinaen
dc.typeJournal Article
lu.contributor.unitLincoln Universityen
lu.contributor.unitFaculty of Agribusiness and Commerceen
lu.contributor.unitDepartment of Financial and Business Systemsen
lu.contributor.unitDepartment of Global Value Chains and Tradeen
dc.subject.anzsrc150202 Financial Econometricsen
dc.subject.anzsrc150203 Financial Institutions (incl. Banking)en
dc.subject.anzsrc1402 Applied Economicsen
dc.subject.anzsrc140212 Macroeconomics (incl. Monetary and Fiscal Theory)en
dc.subject.anzsrc140210 International Economics and International Financeen
dc.subject.anzsrc1501 Accounting, Auditing and Accountabilityen
dc.subject.anzsrc1502 Banking, Finance and Investmenten
dc.relation.isPartOfInternational Journal of Business and Finance Researchen
pubs.issue1en
pubs.organisational-group/LU
pubs.organisational-group/LU/Faculty of Agribusiness and Commerce
pubs.organisational-group/LU/Faculty of Agribusiness and Commerce/FABS
pubs.organisational-group/LU/Faculty of Agribusiness and Commerce/GVCT
pubs.organisational-group/LU/Research Management Office
pubs.organisational-group/LU/Research Management Office/PE20
pubs.organisational-group/LU/Research Management Office/QE18
pubs.publication-statusPublisheden
pubs.publisher-urlhttp://www.theibfr.com/ARCHIVE/IJBFR-V4-N1-2010.pdfen
pubs.volume4en
lu.identifier.orcid0000-0002-5618-1651
lu.identifier.orcid0000-0002-0991-1375


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