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The “Twin-Pillar” Framework of Monetary and Macroprudential Policies in China: A Discussion

In: MACRO-FINANCIAL STABILITY POLICY IN A GLOBALISED WORLD: LESSONS FROM INTERNATIONAL EXPERIENCE Selected Papers from the Asian Monetary Policy Forum 2021 Special Edition and MAS-BIS Conference

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  • Yi Huang

Abstract

Since the global financial crisis (GFC), macroprudential policy has been gradually adopted by policymakers and plays an increasingly important role in financial stability. Over the past four decades since the Chinese economic reform, the financial system has been rebuilt and is among the largest in the world quantitatively. Along with the frequent incidents of financial risks, high leverage ratios, property price bubbles, local government debt and banking sector issues, Chinese policymakers officially adopted the twin-pillar framework of monetary and macroprudential policies in 2017 to maintain inflation and financial stability. Thus, there is a growing body of literature on China’s macroprudential policy, its relationship with monetary policy, its implementation and effectiveness…

Suggested Citation

  • Yi Huang, 2023. "The “Twin-Pillar” Framework of Monetary and Macroprudential Policies in China: A Discussion," World Scientific Book Chapters, in: Claudio Borio & Edward S Robinson & Hyun Song Shin (ed.), MACRO-FINANCIAL STABILITY POLICY IN A GLOBALISED WORLD: LESSONS FROM INTERNATIONAL EXPERIENCE Selected Papers from the Asian Monetary Policy Forum 202, chapter 15, pages 311-315, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811259432_0015
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    Keywords

    Macro-financial Policy; Policy Framework; Macroprudential Policy; Monetary Policy; Fiscal Policy; Capital Flow Management Measure; Capital Control; Foreign Exchange Intervention; Integrated Policies; Multiple Policies; Policy Trade-off; Policy Substitute; Policy Complement; Policy Interaction; Policy Space; Central Bank; International Spillovers; Spillbacks; Sending Country; Receiving Country; Financial Channel; Financial Regulation; Financial Stability; External Stability; Advanced Economy; Emerging Market Economy; Capital Flow; Portfolio Flow; Banking Flow; Exchange Rate; Banking System; Non-bank Financial Institution; United Kingdom; Sweden; China; Hong Kong Sar; India; Indonesia; Korea; Singapore; Latin America; Croatia;
    All these keywords.

    JEL classification:

    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F - International Economics
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F01 - International Economics - - General - - - Global Outlook
    • F3 - International Economics - - International Finance
    • E - Macroeconomics and Monetary Economics

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