House price, credit supply, and government policy in China

Autor:	Yin Germaschewski
Rok vydání:	2022
Předmět:	Float (money supply) Economics and Econometrics Liberalization media_common.quotation_subject Dynamic stochastic general equilibrium New Keynesian economics Economics Public policy Balance sheet Monetary economics Welfare Fiscal policy media_common
Zdroj:	Canadian Journal of Economics/Revue canadienne d'économique. 55:971-1026
ISSN:	1540-5982 0008-4085
DOI:	10.1111/caje.12594
Popis:	This paper compares the effects of macroprudential policy, fiscal policy, and two liberalization policies on house prices and bank balance sheets and examines the welfare and distributional implications of each policy. Three prominent features of the Chinese economy, including monopolistically competitive banks, a managed float, and capital controls, are built into a New Keynesian dynamic stochastic general equilibrium model to produce a quantitative analysis of these policies. The model is estimated with Bayesian methods using Chinese data from 1998Q1 to 2016Q4. Results show that macroprudential policy greatly improves welfare and is the most effective tool for strengthening banks' balance sheets.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::58e48f7ec64b80ab001f9673cfab5e25 https://doi.org/10.1111/caje.12594 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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