| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9422 |
| DP9422 Banking and the Macroeconomy in China: A Banking Crisis Deferred? | |
| Patrick Minford; Kent Matthews; David Meenagh; Vo Phuong Mai Le | |
| 发表日期 | 2013-04-14 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | International Macroeconomics |
| 关键词 | China Crises Dsge model Financial frictions indirect inference |
| URL | https://cepr.org/publications/dp9422 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538258 |
| 推荐引用方式 GB/T 7714 | Patrick Minford,Kent Matthews,David Meenagh,et al. DP9422 Banking and the Macroeconomy in China: A Banking Crisis Deferred?. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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