Table of Contents
Economics Research International
Volume 2014, Article ID 509643, 14 pages
Research Article

The Effectiveness and Sustainability of the Sterilization Policy in China

1Department of International Business, Shih Chien University, No. 70, Dazhi Street, Zhongshan District, Taipei City 104, Taiwan
2Department of Banking and Finance, Kainan University, No. 1 Kainan Road, Luzhu, Taoyuan County 33857, Taiwan

Received 29 April 2014; Accepted 4 June 2014; Published 20 August 2014

Academic Editor: João Ricardo Faria

Copyright © 2014 Chien-Ping Chung et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Linked References

  1. J. A. Frankel, “Sterilization of money inflows: difficult or easy?” IMF Working Paper 94/159, 1994. View at Google Scholar
  2. C. M. Reinhart, V. Reinhart, and M. Kahler, “Some lessons for policy markers who deal with the mixed blessing of capital inflows,” in Capital Flows and Financial Crises, M. Kahler, Ed., pp. 93–127, Cornell University Press, Ithaca, NY, USA, 1999. View at Google Scholar
  3. M. M. Spiegel, “Sterilization of capital inflows through the banking sector: evidence from Asia,” Economic Review (Supplement), vol. 31, no. 4, pp. 17–34, 1995. View at Google Scholar
  4. R. Caballero and A. Krishnamurthy, “International liquidity illusion: on the risks of sterilization,” NBER Working Paper 8141.
  5. R. Glick and M. Hutchison, “Navigating the trilemma: capital flows and monetary policy in China,” Journal of Asian Economics, vol. 20, no. 3, pp. 205–224, 2009. View at Publisher · View at Google Scholar · View at Scopus
  6. M. Zhang, “Chinese stylized sterilization: the cost-sharing mechanism and financial repression,” China & World Economy, vol. 20, no. 2, pp. 41–58, 2012. View at Publisher · View at Google Scholar · View at Scopus
  7. G. Calvo, “The perils of sterilization,” IMF Staff Papers, vol. 38, no. 4, pp. 921–926, 1991. View at Google Scholar
  8. J. Christensen, “Capital inflows, sterilization, and commercial bank speculation: the case of Czech Republic,” IMF Working Paper 04/218, 2004. View at Google Scholar
  9. A. Ouyang and R. Ramkishen, “Monetary sterilization in China since the 1990s: how much and how effective?” CIES Working Papers 0507, 2005. View at Google Scholar
  10. M. S. Mohanty and P. Turner, “Intervention: what are the domestic consequences?” BIS Papers 24, 2005. View at Google Scholar
  11. S. N. Brissimis, H. D. Gibson, and E. Tsakalotos, “A unifying framework for analysing offsetting capital flows and sterilization: Germany and the erm,” International Journal of Finance and Economics, vol. 7, no. 1, pp. 63–78, 2002. View at Publisher · View at Google Scholar · View at Scopus
  12. R. Frenkel, “The sustainability of sterilization policy,” CEPR Papers, 2007. View at Google Scholar
  13. D. A. Dickey and W. A. Fuller, “Distribution of the estimators for autoregressive time series with a unit root,” Journal of the American Statistical Association, vol. 74, no. 366, part 1, pp. 427–431, 1979. View at Google Scholar · View at MathSciNet
  14. P. Krugman, “O Canada: A Neglected Nation Gets Its Nobel,” Slate Magazine, 1999, View at Google Scholar
  15. C. W. J. Granger, “Investigation causal relations by economic variables,” Econometrics, vol. 37, pp. 424–438, 1969. View at Google Scholar