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ID:
178736
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| Summary/Abstract |
The People’s Bank of China (PBC)has played an important role in China’s sustained economic growth. Despite its limited formal independence, PBC has developed considerable de facto authority and autonomy, referered to here as central bank discretion (CBD). This article offers a detailed historical account of how PBChas gained growing CBD in areas such as monetary policy, financial stability, foreign exchange and financial regulation. It also analyzes the main underlying forces that have contributed to PBC’s authority and autonomy.This study of CBD in China seeks to enrich the existing literature on the political economy of central banking, which has so far focused heavily on the concept of central bank independence (CBI).
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| 2 |
ID:
186957
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| Summary/Abstract |
This study uses the difference-in-differences method to test the impact of a high-speed rail (HSR) service on the issuance of municipal corporate bonds (MCB) based on panel data for prefecture-level cities in China from 2003 to 2016. The study has three findings. First, HSR increased the scale of the issuance of MCB significantly. After conducting a series of robustness tests, the above conclusion remained robust. Second, HSR affected the issuance of MCB by increasing the city's financing demands and improving the c ity's financing capacity. Third, the effect of HSR on the issuance of MCB varied from city to city. Specifically, the promotion of the opening of HSR to the issuance of MCB was concentrated in remote and fast growing cities. High-speed rail can also effectively reduce the cost and shrink credit spreads of the MCB. This paper shows that it is necessary to further optimize the layout of HSR, release and exploit the financial resource reallocation effect of HSR, and provide financial support to the high-quality development of cities.
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