This paper examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation … operating in a dollar standard world. We first summarize a number of issues facing China, including the possibility of slower … policy space open to China. …

This paper traces the history of China's reform of its monetary policy framework and analyzes its success and problems …. In the context of financial marketization and the failure of the quantity-targeting framework, the People's Bank of China … China's Treasury Single Account system. The missing role of the Treasury in monetary policy operations increases the …

Local government debt in China is increasing and presents a great threat to China's financial stability. In China … to be shifted from the central government to the local governments. Resolving China's local government debt problem … afford any spending denominated in its own currency, China's central government should bear a greater fiscal burden. …

of the long-term swap yield. The empirical findings show that the People's Bank of China's influence extends even to the … long-term interest rate in emerging market economies, such as China. …