Global Spillovers of China's Monetary Policy  

作　　者：Wenni Lei Dongzhou Mei Mi Zhang 

机构地区：[1]School of Economics,Minzu University of China,China [2]School of International Trade and Economics,Central University of Finance and Economics,China

出　　处：《China & World Economy》2024年第3期1-30,共30页中国与世界经济（英文版）

基　　金：support from the National Natural Science Foundation of China(No.71803008);the Fundamental Research Funds for Central Universities(No.2022QNPY32).

摘　　要：Spillovers from China's monetary policy have become increasingly obvious with China's growing importance in the global economy and its close economic and trade ties with the world.This study establishes a proxy structure vector autoregression model to investigate the magnitude and transmission channel of spillovers from China to global and regional economies,taking advantage of high-frequency changes in asset prices in the financial markets to identify monetary policy shocks.The analysis reveals that China's monetary policy can affect the global economy by influencing international trade and commodity prices but there is no evidence of China's monetary policy affecting global financial variables.Tightness in China's monetary policy can cause a decline in world output whereas expansion in monetary policy can support global trade and output.This study also finds that the response of emerging Asian economies to China's monetary policy shock was nearly twice that of developed economies,while the transmission path did not change.The results of this study are consistent with the stylized fact that China's monetary policy plays an important role in the global trade and commodity cycle,although it does not drive the global financial cycle.

关 键 词：China's monetary policy commodity prices external instruments global trade SPILLOVERS 

分 类 号：F822.0[经济管理—财政学]