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| 1 |
ID:
069042
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| 2 |
ID:
133267
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| Publication |
2014.
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| Summary/Abstract |
Using the Phillips-Loretan approach, this paper verifies the degree and speed of pass-through and rigidity of different interest rates in China, as well as the response of private loan interest rates to other interest rates during 2002-2012. The results indicate that the long-term pass-through from the interbank offered rates and deposit and loan interest rates to the treasury bond rate is incomplete, but that the long-term pass-through to private loan interest rates is overshooting. The long-term pass-through from the deposit and loan interest rates to the overnight interbank offered rate is incomplete, while that to the interbank offered rates of other maturities is complete. The short-term pass-through and adjustment speed of interest rates exhibit asymmetry. Therefore, before considering a full liberalization of interest rates, it is important to further enhance the competition of the financial system and the function of different interest rate systems, such as the interbank market and bond market.
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| 3 |
ID:
114789
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| Publication |
2012.
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| Summary/Abstract |
This paper investigates how a firm's characteristics restrict the influence of monetary policy changes on its investment behavior. Focusing on China's listed companies for a sample period from the first quarter of 2002 to the first quarter of 2011, we find that quantity-oriented and price-based monetary policies have heterogeneous impacts on corporate investment behavior, but the influence of monetary policies is constrained by the liquidity, inventory, size and asset-liability ratio of a firm. Firms with higher liquidity, lower inventory level and lower asset-liability ratios are less sensitive to the impact from two kinds of monetary policies. The larger the size of the firm, the less it is subject to influence from quantity-oriented monetary policy; it responds more to price-based monetary policy. The policy implication is that the monetary authorities should pay attention to the importance of policy-making based on the monetary demand of microeconomic entities.
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