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- W3210251014 abstract "This paper reviews the retail interest-rate-control deregulation in China over the 1993-2015 period and provides a preliminary assessment of the PBC’s new replacement operating framework. I show that the interest-rate controls triggered the development of deposit substitutes that banks used to circumvent the restrictions, which in turn drove deposits out of commercial banks. This gave rise to concerns about a deterioration of bank profits and a build-up of financial fragility, which have pushed up the PBC’s deregulation acceleration over the post-2012 period. I quantify the distortionary effects of these controls: disintermediation, a rising shadow banking system and financial repression. Despite the official lift-off of the controls, the retail interest rates are still subject to the PBC’s window guidance and other pricing mechanism guidance. The preliminary assessment of the new interest-rate corridor system is encouraging: Its bounds are effective most of the time. However, this system calls for more transparency and greater clearness about the PBC’s explicit target as well as its intended numeric value." @default.
- W3210251014 created "2021-11-08" @default.
- W3210251014 creator A5001756920 @default.
- W3210251014 date "2018-06-01" @default.
- W3210251014 modified "2023-09-22" @default.
- W3210251014 title "Requiem for the Interest-Rate Controls in China" @default.
- W3210251014 hasPublicationYear "2018" @default.
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