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The rate of interest and household f...

Dong, Li.

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The rate of interest and household financial saving in China's transitional economy.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	The rate of interest and household financial saving in China's transitional economy./
Author:	Dong, Li.
Description:	199 p.
Notes:	Director: James K. Boyce.
Contained By:	Dissertation Abstracts International53-10A.
Subject:	Economics, Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9305822

The rate of interest and household financial saving in China's transitional economy.
Dong, Li.

The rate of interest and household financial saving in China's transitional economy. - 199 p.

Director: James K. Boyce.

Thesis (Ph.D.)--University of Massachusetts Amherst, 1992.

The development literature has long emphasized the critical roles of the real rate of interest and of household saving for mobilizing and allocating financial resources, securing price stability and fostering economic development. However, there is no consensus among development economists with regard to the relationships among these variables.Subjects--Topical Terms:

626650
Economics, Finance.

The rate of interest and household financial saving in China's transitional economy.
LDR:03344nam 2200289 a 45 001 934355
005 20110509
008 110509s1992 eng d
035 $a (UnM)AAI9305822
035 $a AAI9305822
040 $a UnM $c UnM
100 1 $a Dong, Li. $3 1258073
245 1 0 $a The rate of interest and household financial saving in China's transitional economy.
300 $a 199 p.
500 $a Director: James K. Boyce.
500 $a Source: Dissertation Abstracts International, Volume: 53-10, Section: A, page: 3623.
502 $a Thesis (Ph.D.)--University of Massachusetts Amherst, 1992.
520 $a The development literature has long emphasized the critical roles of the real rate of interest and of household saving for mobilizing and allocating financial resources, securing price stability and fostering economic development. However, there is no consensus among development economists with regard to the relationships among these variables.
520 $a The Chinese economy in recent years has been in a transition from a centrally planned economy to a combined planned and market economy. Economic decentralization, embarked on by the government in the late 1970s, has allowed market mechanisms including interest rates to play more active roles in the saving-investment process. Corresponding to the overall structural adjustments in the economy, China's financial system has also undergone substantial changes. The state budget no longer monopolizes investment financing, and state banks have become primary financial intermediaries. Household saving is now the principal source of domestic savings and has increased rapidly. Against this background, this dissertation presents an empirical analysis of the sensitivity of household saving in China to changes in the real interest rate.
520 $a The major conclusion of the dissertation is that the real interest rate has substantial impact on the volume of household saving in China, with changes in inflationary expectations playing an important role. Specifically, a positive correlation is found between real interest rates and the growth of household financial savings. Changes in real interest rates are also associated with changes in the composition of households financial savings. This implies that interest rate policies can play an important role in resource mobilization for China's economic development.
520 $a As households adjust their financial portfolios when faced with uncertainty, a high priority for the government is to set the level of nominal interest rates in line with the public's changing inflationary expectations. This will require that the interest rate policy be more flexible in both its adjustment over time and its term structure. A full-fledged role for interest rates in the efficient allocation of financial resources will not be achieved in China's transitional economy until the demand of the state enterprises for investment financing also becomes sensitive to interest rate changes. This calls for closer coordination between the government's financial and economic policies.
590 $a School code: 0118.
650 4 $a Economics, Finance. $3 626650
690 $a 0508
710 2 0 $a University of Massachusetts Amherst. $3 1019433
773 0 $t Dissertation Abstracts International $g 53-10A.
790 $a 0118
790 1 0 $a Boyce, James K., $e advisor
791 $a Ph.D.
792 $a 1992
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9305822