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We discuss the prospects for Chinese money market development and transition to market-based monetary policy operations based on a comparative historical analysis of the present Chinese situation and the development in 11 European countries from 1979 up to the launch of European Economic and...
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, or deregulation in product markets. We show that monetary discipline can be a ‘substitute’ both for better (i.e. less … distortionary) fiscal policies and for deregulation in product markets …
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