E3S Web Conf.
Volume 233, 20212020 2nd International Academic Exchange Conference on Science and Technology Innovation (IAECST 2020)
|Number of page(s)||7|
|Section||NESEE2020-New Energy Science and Environmental Engineering|
|Published online||27 January 2021|
The Effectiveness of Chinese Monetary Policy during the 2008 Financial Crisis
Department of Economics, University of Washington, Seattle, WA, 98105, U.S.
Corresponding author’s e-mail: firstname.lastname@example.org
The objective of this paper is to explain the factors that led to the effectiveness of Chinese monetary policies during the financial crisis. As the crisis hit China, China’s economy faced two external shocks in the investment and export sector. The reliance on the international market, together with its constrained monetary policy and institutional problems, make it worthwhile to consider why China was the first country that recovered from the financial crisis. Through the analysis, the paper identifies three sources of the efficiency. The first concerns with the previous economic health. The second involves the well-coordinated fiscal and monetary policies and the last derives from China’s institutional characteristics. Moreover, it is argued that some policies made during the financial crisis may carry risks and other negative implications in the long run. The paper focuses on two of them, namely the implications on the real estate market and economic restructuring.
© The Authors, published by EDP Sciences 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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