中国经济转型研究 政府证券市场的作用PDF|Epub|txt|kindle电子书版本下载

中国经济转型研究 政府证券市场的作用PDF格式电子书版下载

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List of Figures1

List of Tables1

Foreword1

Acknowledgement1

Abstract1

Chapter 1 Introduction1

1.1 Purpose of the Study1

List of Charts1

1.2 The Contribution of the Study2

1.3 Organization3

Chapter 2 Literature Review on the Role of the Capital Market during Economic Transition5

2.1.1 The Reform of the Direct Monetary Control System6

2.1 A Brief Review of Studies of the Financial System during Economic Transition6

2.1.2 The Role of the Capital Market during the Transition8

2.2 Studies on Economic Transition in China13

2.2.1 Monetary Management and Financial Reform--A Brief Survey14

2.2.2 The Development of Capital Markets18

2.3 The Evaluation on the Studies of Economic Transition20

Chapter 3 The Monetary Institutional Framework in the Centrally Planed Economy22

3.1 A Unified Banking System24

3.2 The Relationship between the PBC and MOF28

3.2.1 Credit Funds and Fiscal Funds28

3.2.2 The Relations between the Credit Balance and Fiscal Balance30

3.3 Credit Management--A Comprehensive Credit Plan31

3.3.1 Object of the Cedit Plan32

3.3.2 The Form of the Credit Plan33

3.3.3 Instruments of Implementing the Credit Plan34

3.3.4 A Supplementary Instrument--The Cash Plan36

3.4 Loan Principles and Interest Rate40

3.4.1 Loan Principles40

3.4.2 The Role of Interest Rate42

3.5 The System Characteristics and Conclusion44

Chapter 4 The Monetary Institutional Framework during the Economic Transition47

4.1 Forming A Framework for the New Monetary Institutional Structure:Movement towards Central Banking48

4.1.1 Establishment of the Central Bank48

4.1.2 Restructuring of the Specialized Banks49

4.1.3 Extended Non-bank Financial Institutions51

4.1.4 The Major Changes of the Banking System53

4.2 Monetary Management54

4.2.1 Monetary Management Framework55

4.2.2 Intermediate Target and Policy Instruments57

4.3 Weaknesses of the Existing Monetary Management System62

4.3.1 The Independence of the Banking System62

4.3.2 Behavior of State-owned Banks66

4.3.3 The Role of Interest Rate67

4.3.4 An Overdraft System between the PBC and MOF70

4.3.5 Intermediate Target-Credit Aggregate or Money Supply72

4.4 Conclusion75

Chapter 5 Institutional Analysis of the Government Securities Market in China77

5.1 The Background and Development of the Government Securities Market78

5.1.1 The Background to the Issuing of Government Securities79

5.1.2 The Government Securities:Types,Volume and Coupon Rates82

5.2 The Characteristics of the Primary Market86

5.2.1 Diverse Bonds86

5.2.2 The Model of Government Securities Issues86

5.2.3 The Coupon Rate of Treasury Bond89

5.2.4 The Treasury Bonds Discount89

5.2.5 The Securities Redemption90

5.3.1 Black Markets:July 1981 to April 198893

5.3 The Development of Secondary Market93

5.3.2 Grey Markets:April 1988 to October 199095

5.3.3 White Markets:October 1990 to 1992100

5.3.4 Exogenous Shocks Affected on the Market in 1991 and 1992102

5.4 Conclusion107

Chapter 6 An Empirical Analysis of the Government Securities Market114

6.1 Methodologies115

6.2 Data Description115

6.3 Scope of the Empirical Investigation:Cities and Bonds116

6.4 An Empirical Analysis of Geographical Patterns of Government Bond Yields118

6.4.1 Bond Yield in Different Cities119

6.4.2 Harmonization120

6.4.3 Transmission of Monetary Policy124

6.5 An Empirical Analysis of Price Spread during 1990 to 1992125

6.5.1 Aggregate Price Spread of Bonds126

6.5.2 A Comparison of Price Spread of Bonds from 1990 to 1992127

6.6 Statistical Evidence on the Market Integration130

6.6.1 A Test of the Convergence of Bond Yields between Shanghai and Regional Markets130

6.6.2 Empirical Results and Implication138

6.6.3 A Test of Market Integration139

6.6.4 A Test of Institutional Contribution to Market Integration142

6.7 Conclusion145

Chapter 7 The Role of the Government Securities Market during the Economic Transition168

7.1 Monetary Policy Framework in the Market Economy168

7.1.1 Discretionary Monetary Policy169

7.1.2 Monetarist s Policy Rules170

7.1.3 Recent Changes in Monetary Policy Framework171

7.2 The Contribution of the Government Securities Market to Reforming Monetary Management in China172

7.2.1 Removal of Direct Instruments172

7.2.2 Libralization of Interest Rates174

7.2.3 Foster Competition176

7.2.4 Altering th Overdraft System between the PBC and MOF177

7.2.5 Helping the Development of the Capital Market178

7.3 Summary and Conclusion179

Reference on Financial Laws,Decrees,Regulations and Documents184

Reference187

Postscript199