Arbeitspapier
Banking and the macroeconomy in China: A banking crisis deferred?
The downturn in the world economy following the global banking crisis has left the Chinese economy relatively unscathed. This paper develops a model of the Chinese economy using a DSGE framework with a banking sector to shed light on this episode. It differs from other applications in the use of indirect inference procedure to test the fitted model. The model finds that the main shocks hitting China in the crisis were international and that domestic banking shocks were unimportant. However, directed bank lending and direct government spending was used to supplement monetary policy to aggressively offset shocks to demand. The model finds that government expenditure feedback reduces the frequency of a business cycle crisis but that any feedback effect on investment creates excess capacity and instability in output.
- Sprache
-
Englisch
- Erschienen in
-
Series: Cardiff Economics Working Papers ; No. E2013/5
- Klassifikation
-
Wirtschaft
Financial Markets and the Macroeconomy
Monetary Policy
- Thema
-
DSGE model
financial frictions
China
crises
indirect inference
Konjunktur
Dynamisches Gleichgewicht
Finanzsektor
Wirtschaftskrise
Schätzung
China
Finanzkrise
Welt
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Le, Vo Phuong Mai
Matthews, Kent
Meenagh, David
Minford, Patrick
Xiao, Zhiguo
- Ereignis
-
Veröffentlichung
- (wer)
-
Cardiff University, Cardiff Business School
- (wo)
-
Cardiff
- (wann)
-
2013
- Handle
- Letzte Aktualisierung
- 10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Le, Vo Phuong Mai
- Matthews, Kent
- Meenagh, David
- Minford, Patrick
- Xiao, Zhiguo
- Cardiff University, Cardiff Business School
Entstanden
- 2013
Ähnliche Objekte (12)
The banking crisis: A rational interpretation
How important is the credit channel? An empirical study of the US banking crisis
What causes banking crises? An empirical investigation
Where next for monetary policy? Lessons from the financial crisis and the pandemic
Understanding UK trade agreements with the EU and other countries
The effects of Brexit on the UK economy
Evaluating European trading arrangements
Post-Brexit realism and international law: Renegotiating a bad Withdrawal Agreement
Commentary on economic projections and rules of thumb for monetary policy (by Athanasios Orphanides and Volker Wieland)
A note rebutting the recent Cambridge Econometrics assessment of Brexit on the UK and London economies: Commissioned by London Mayor Khan
Free Trade under Brexit: Why its benefits have been widely underestimated
What causes banking crises? An empirical investigation for the world economy
The banking crisis: A rational interpretation
How important is the credit channel? An empirical study of the US banking crisis
What causes banking crises? An empirical investigation
Where next for monetary policy? Lessons from the financial crisis and the pandemic
Understanding UK trade agreements with the EU and other countries
The effects of Brexit on the UK economy
Evaluating European trading arrangements
Post-Brexit realism and international law: Renegotiating a bad Withdrawal Agreement
Commentary on economic projections and rules of thumb for monetary policy (by Athanasios Orphanides and Volker Wieland)
A note rebutting the recent Cambridge Econometrics assessment of Brexit on the UK and London economies: Commissioned by London Mayor Khan
Free Trade under Brexit: Why its benefits have been widely underestimated
What causes banking crises? An empirical investigation for the world economy
The banking crisis: A rational interpretation
How important is the credit channel? An empirical study of the US banking crisis
What causes banking crises? An empirical investigation
Where next for monetary policy? Lessons from the financial crisis and the pandemic
Understanding UK trade agreements with the EU and other countries
The effects of Brexit on the UK economy
Evaluating European trading arrangements
Post-Brexit realism and international law: Renegotiating a bad Withdrawal Agreement
Commentary on economic projections and rules of thumb for monetary policy (by Athanasios Orphanides and Volker Wieland)
A note rebutting the recent Cambridge Econometrics assessment of Brexit on the UK and London economies: Commissioned by London Mayor Khan
Free Trade under Brexit: Why its benefits have been widely underestimated