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One Country - Two Monetary Policies: Evidence from a new indicator of the PBoC¡äs monetary policy support for poor regions

Author

Listed:
  • Makram El-Shagi

    (Center for Financial Development and Stability at Henan University, and School of Economics at Henan University, Kaifeng, Henan)

  • Jiang Lunan

    (Center for Financial Development and Stability at Henan University, and School of Economics at Henan University, Kaifeng, Henan
    Center for Financial Development and Stability at Henan University, and School of Economics at Henan University, Kaifeng, Henan)

Abstract

In recent years, one of the PBoC¡äs major issues was to avoid a generally conservative monetary policy that would jeopardize the central government¡äs poverty-alleviation strategy by limiting credit supply in rural areas where it is already scarce. We develop a range of new indicators to measure those aspects of the PBoC¡äs policy and demonstrate that the PBoC has successfully implemented policies targeted at poor counties. That is, we show that a central bank has the general potential to address regional diversity and distributional issues.

Suggested Citation

  • Makram El-Shagi & Jiang Lunan, 2020. "One Country - Two Monetary Policies: Evidence from a new indicator of the PBoC¡äs monetary policy support for poor regions," CFDS Discussion Paper Series 2020/5, Center for Financial Development and Stability at Henan University, Kaifeng, Henan, China.
    • Handle: RePEc:fds:dpaper:202005
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    More about this item

    Keywords

    China; fuzzy regression discontinuity; regional; monetary policy;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty

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