The evolution of China's monetary policy: on the horns of a dilemma

2021 ◽  
Vol 9 (1) ◽  
pp. 83-108
Author(s):  
Ramaa Vasudevan ◽  
Keyword(s):  
Monetary Policy ◽  
Financial Sector ◽  
The State ◽  
Bank Of China ◽  
International Lending ◽  
The Us ◽  
International Role

This paper explores the evolution of monetary policy at the People's Bank of China (PBoC) in the context of the distinct path China has adopted in fostering the international role of the renminbi. The paper highlights the challenges faced by the PBoC as it seeks to promote the use of the renminbi in international lending in particular, while simultaneously seeking to contain and discipline the inherent instability and potentially disruptive logic of finance. The problem it faces is not simply that of negotiating the impossible trinity, but rather the dilemma posed by its attempt to step out of the shadow of the US and forge an independent global role for the renminbi, while asserting control over the contours of its developing financial sector. The Chinese experiment tests the limits of the capacity of the state to tame finance.

The Diminishing Acts of the State. Or, Is It?

2012 ◽  
pp. 687-717
Author(s):  
Francis N. Botchway
Keyword(s):  
International Economic ◽  
International Law ◽  
The State ◽  
Police Powers ◽  
Economic Law ◽  
Role Of The State ◽  
International Economic Law ◽  
The Us

The Act of state doctrine essentially serves to truncate or end proceedings against a state in the court of another state for actions attributed to or owned by the first state. Originally, the actions against which the defense could be raised were wide and all encompassing. It included exercise of police powers, takings, maritime and commercial acts. However, starting with cases such as Bernstein, Dunhill and others, and goaded in part by legislation such as the second Hickenlooper Amendment in the US, a number of exceptions have been carved into the doctrine. It is such that some academics have called for the end of the doctrine. This paper argues that although the doctrine is now limited, compared to its original compass, it is resilient. That resilience, this paper contends, is predicated on its International law pedigree. It is further argued that the swings in the role of the state in economic matters accounts for the growth, downturn and upturn in the viability of the doctrine as a defense in international economic law.

The principle of subsidiarity as a constitutional principle in international law

2013 ◽  
Vol 2 (1) ◽  
pp. 37-62 ◽  
Author(s):  
ANDREAS FOLLESDAL
Keyword(s):  
International Law ◽  
The State ◽  
Legal Order ◽  
State Sovereignty ◽  
Public International Law ◽  
Constitutional Principle ◽  
The Us ◽  
State Compliance ◽  
State Consent

AbstractThis paper explores subsidiarity as a constitutional principle in international law. Some authors have appealed to a principle of subsidiarity in order to defend the legitimacy of several striking features of international law, such as the centrality of state consent, the leeway in assessing state compliance and weak sanctions in its absence. The article presents such defences of state-centric aspects of international law by appeals to subsidiarity, and finds them wanting. Different interpretations of subsidiarity have strikingly different institutional implications regarding the objectives of the polity, the domain and role of subunits, and the allocation of authority to apply the principle of subsidiarity itself. Five different interpretations are explored, drawn from Althusius, the US federalists, Pope Leo XIII, and others. One upshot is that the principle of subsidiarity cannot provide normative legitimacy to the state-centric aspects of current international law on its own. It stands in need of substantial interpretation. The versions of subsidiarity that match current practices of public international law are questionable. Many crucial aspects of our legal order must be reconsidered – in particular the standing and scope of state sovereignty.

scholarly journals Heterogeneous Monetary Policy Transmission in the US Housing Market

2018 ◽  
Vol 10 (1) ◽  
pp. 75-96
Author(s):  
Maria Christidou ◽  
Panagiotis Theodore Konstantinou ◽  
Costas Roumanias
Keyword(s):  
Monetary Policy ◽  
House Prices ◽  
National Level ◽  
Property Tax ◽  
State Level ◽  
The State ◽  
Tax Rates ◽  
Housing Investment ◽  
Policy Transmission ◽  
The Us

We assess the effects of monetary policy on real house prices and housing investment across the US states during the period 1983-2008. We find that an expansionary monetary shock generates higher housing investment and house prices at the national level. At the state level, however the responses of housing investment and house prices differ from the nation-wide responses. We relate this heterogeneity to various observable factors such as property tax rates, howeownership, income inequality, poverty and demographic factors. All these factors are crucial in explaining the heterogeneity of the state-level responses.

Effect of monetary policy on bank risk: does market structure matter?

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Muntazir Hussain ◽  
Usman Bashir ◽  
Ahmad Raza Bilal
Keyword(s):  
Monetary Policy ◽  
Market Structure ◽  
Risk Taking ◽  
Bank Risk ◽  
Monetary Policy Transmission ◽  
Content Type ◽  
Bank Of China ◽  
Policy Transmission ◽  
Chinese Banking Industry

PurposeThe purpose of this paper is to investigate the risk-taking channel of monetary policy transmission in the Chinese banking industry. This study also investigates the role of various other factors in the risk-taking channel.Design/methodology/approachThis study used panel data from 2000 to 2012, and a dynamic panel model (Difference GMM) was applied.FindingsThe empirical findings of this paper suggest that loose monetary policy rates increase bank risk-taking. Unlike previous studies, the results of this paper suggest that the bank-specific factors (size, liquidity and capitalization) do not significantly affect the risk-taking channel. However, the market structure does have a stabilizing effect on monetary policy transmission and the risk-taking channel. Higher market power weakens the risk-taking channel of monetary policy transmission.Practical implicationsOf significance to the policymakers' point of view is that loose monetary policy induces banks to take excessive risks. However, such effects can be mitigated by encouraging a proper level of market power in banking markets.Originality/valueThis study investigated the risk-taking channel of monetary policy transmission for the Chinese banking industry. Due to the unique features of the People's Bank of China (PBC, Central Bank of China) policy, this study also contributes to the literature by comparing price-based and quantity-based monetary policy tools and their effectiveness in financial stability and monetary policy transmission. Furthermore, the role of market structure is also investigated in the risk-taking channel.

Introduction

2021 ◽  
pp. 1-23
Author(s):  
Ilana M. Horwitz
Keyword(s):  
Social Class ◽  
Education System ◽  
The State ◽  
Class Groups ◽  
The Road ◽  
Selective College ◽  
The Us ◽  
Children's Schooling ◽  
Role Of Religion

This chapter begins by showing why college is so consequential to Americans’ lives. It then describes how and why the US education system is stratified by social class. The road to college, especially a selective college, is much smoother for those who come from more affluent and educated families. The farther down on the socioeconomic ladder you go, the bumpier and steeper the climb to college becomes. Social class matters to children’s schooling because parents’ childrearing strategies continue to influence children even after they leave home. Yet the current narratives that we have about adolescents do not reflect their religious upbringing. The chapter introduces a new childrearing logic that cuts across social class groups and accounts for the role of religion: “religious restraint.” This chapter also describes the state of religion in America and explains why this book is primarily about “abiders”—Christians who display high degrees of religiosity.

Weltmacht und Demokratie

2021 ◽  
Keyword(s):  
Foreign Policy ◽  
International Relations ◽  
Trade Policy ◽  
Transatlantic Relations ◽  
Leadership Role ◽  
Policy Agenda ◽  
The Us ◽  
International Role ◽  
Liberal Perspective

This volume addresses the international challenges that the US faces in the post-Trump era. Will President Joe Biden succeed in restoring the traditional leadership role of the US? What are the international and domestic hurdles for Biden in advancing his foreign policy agenda? Drawing on a liberal perspective in international relations, the chapters highlight how domestic and international politics are intertwined. Societal interests, partisan polarisation, and executive–legislative relations shape the hegemon’s international role in various policy areas, such as arms control and climate and trade policy, but also regarding the country’s relationships towards friends and foes. The book brings together the expertise of scholars who specialise in the US and transatlantic relations, in celebration of Jürgen Wilzewski. With contributions by Hakan Akbulut, Johannes Artz, Florian Böller, Gordon Friedrichs, Gerlinde Groitl, Steffen Hagemann, Lukas Herr, Katja Leikert, Marcus Höreth, Gerhard Mangott, Marcus Müller, Ronja Ritthaler-Andree, Peter Rudolf, Oliver Thränert, Söhnke Schreyer, David Sirakov, Georg Wenzelburger and Reinhard Wolf.

scholarly journals Monetary Policy and the Transaction Role of Money in the US

2014 ◽  
Vol 125 (587) ◽  
pp. 1452-1473 ◽  
Author(s):  
Alexander Kriwoluzky ◽  
Christian A. Stoltenberg
Keyword(s):  
Monetary Policy ◽  
The Us
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