教師資料查詢 | 類別: 會議論文 | 教師: 柯大衛 Kleykamp David Lee (瀏覽個人網頁)

標題:China's Unsustainable Policy of Monetary Sterilization
學年99
學期1
發表日期2010/10/06
作品名稱China's Unsustainable Policy of Monetary Sterilization
作品名稱(其他語言)
著者Kleykamp, David
作品所屬單位淡江大學經濟學系
出版者新北市淡江大學經濟學系
會議名稱2010 淡江經濟論壇研討會
會議地點新北市, 臺灣
摘要Most studies of monetary sterilization seek to determine how effective such policies are and typically do not address the issue of sustainability. Those works that do consider sustainability find that sterilization is possible in the long run if domestic interest rates remain below foreign rates; if capital markets are imperfect; or if the scale of sterilization does not become too large. This paper asserts that sterilization may not be possible in the long run since it engenders a spirit of moral hazard, thus increasing systemic risk within the banking system, leading to a highly risky, speculative bubble. Loading the banking system with low risk, low yielding sterilization assets encourages banks to seek out riskier investments to balance their unduly secure portfolios. China is considered to be a good example of this phenomenon. China has engaged in massive sterilization over the last five years and has consequently experienced a bubble in lending. As a result, China will quite likely be forced by objective circumstances to reduce the scale of its sterilization efforts and allow greater flexibility of its currency in the future.
關鍵字Moral Hazard;Monetary Policy;Foreign Exchange Reserves
語言英文
收錄於
會議性質兩岸
校內研討會地點淡水校園
研討會時間20101006~20101006
通訊作者
國別中華民國
公開徵稿Y
出版型式紙本
出處2010 淡江經濟論壇研討會論文集31頁
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