China’s Fiscal and Monetary Policies During the Global Financial Crisis and the Covid-19 Pandemic: Lessons and Policy Implications
Using statistical and institutional analysis approaches, this study seeks to make a comprehensive study on fiscal and monetary policies and tools adopted by China for ensuring and sustaining its economic development despite the 2008 Global Financial Crisis (GFC) and the Covid-19 pandemic. Primar...
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| Main Author: | |
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| Format: | Article |
| Language: | English |
| Published: |
National Sun Yat-sen University
2023-12-01
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| Series: | Contemporary Chinese Political Economy and Strategic Relations: An International Journal |
| Subjects: | |
| Online Access: | https://icaps.nsysu.edu.tw/static/file/131/1131/img/CCPS-9(2-3)-Thong.pdf |
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| Summary: | Using statistical and institutional analysis approaches, this study seeks to
make a comprehensive study on fiscal and monetary policies and tools
adopted by China for ensuring and sustaining its economic development
despite the 2008 Global Financial Crisis (GFC) and the Covid-19
pandemic. Primarily, it aims to find evidence on the more appropriate
fiscal and monetary policies and tools, specifically by giving emphasis to
those implemented by the Chinese government to stimulate and sustain
economic development, particularly during the earlier mentioned
contexts. The study generated the following major findings: First, the
transition from loosening monetary policy to tightening monetary policy
at the time of 2008 GFC is one notable approach and a valuable lesson
learned; Second, prioritization of lifesaving and enhancing economic
resiliency should be at the core in addressing the economic challenges,
particularly during the Covid-19 epidemic; and Third, the importance of
the central bank to function as a transmission belt for government to flood
the country with liquidity through commercial bank lending. |
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| ISSN: | 2410-9681 |