Monetary Policy Asset Prices And The Real Economy In China
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Monetary Policy, Asset Prices and the Real Economy in China
Author | : James Laurenceson |
Publisher | : |
Total Pages | : |
Release | : 2010 |
Genre | : Capital |
ISBN | : |
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The Global Financial Crisis served to refocus attention on the potential for monetary policy to exert an impact on asset prices. In turn, asset price fluctuations were shown to exert a powerful impact on the real economy. In this paper we consider these linkages in the case of China. Using SVAR modelling techniques, our results indicate that a monetary policy shock has a significant impact on asset prices, particularly share prices, and notably more so than on general goods and services prices. However, a shock to asset prices has little impact on the real economy. Policy implications are discussed.
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