中国货币政策实际影响的实证分析2007.pdf

The real effects of monetary policy in China:
An empirical analysis


David DICKINSON ，Jia LIU

Department of Economics, University of Birmingham, UK
Management School, University of Salford, UK



This paper examines whether institutional changes have affected the interaction between the real
economy and monetary policy in China. We find evidence that structural changes in the financial and real
sectors over the period of our study did influence the way in which monetary policy affected the real
economy. There were an increasing influence of interest rates on output over 1984 to 1997 and non-state
owned enterprises were increasingly reacting to monetary policy changes, suggesting that banking sector
reforms were having effects, despite the fact that most credit was allocated to the loss-making State sector.