Policies and Effectiveness of Central Bank Communication in China

Lu Enhui (2022) Policies and Effectiveness of Central Bank Communication in China. Pénzügyi és Számviteli Kar.

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Absztrakt (kivonat)

As a result of the epidemic, significant changes are taking place in financial markets or economic policies today that cannot be ignored. Since the late 1990s, many central banks have undergone many changes in their understanding of transparency and communication strategies. This paper demonstrates that central bank communication can help monetary policy achieve its goal of managing expectations, reducing information asymmetries and uncertainty caused by expectations, and better managing public expectations by examining changes in economic systems and central policy under previous national policies, central bank communication, the impact of central bank communication under epidemic shocks, and central bank communication indices and a large body of data. More research on central bank communication would help improve the transparency of monetary policy. Research has demonstrated that clear and transparent central bank communication can help reduce uncertainty in financial markets and improve the effectiveness of communication. There is a need to pay more attention to the way central banks communicate in writing, as written communications are issued more frequently and with a more consistent content structure and convey clearer messages. The study also found that the transparency of China's monetary policy remains at a low level and needs further improvement. In order to further improve China's central bank's communication capabilities, based on the above findings, the scholars' study references, summarizes and analyzes the data and makes several important recommendations: First, to improve the accuracy of the central bank's communication, strengthen the public's identification with the central bank, and then better guide the public's expectations. The second is to continuously improve the ability to forecast the economic outlook to provide a guarantee for improving the accuracy of central bank communication. The third is to publish quantitative forecast data appropriately and express their views on the market more clearly. In the case of unsatisfactory medium- and long-term communication, the central bank should pay more attention to forward-looking guidance, make arrangements in advance to improve policy guidance, foresight, and transparency, strengthen forecasting and research on the future economic situation, and provide monetary policy guidance and direction to market participants. Make adjustments in accordance with the central bank's monetary policy intentions. The central bank should incorporate stabilization of investor sentiment into the policy objective of expectations management, pay attention to the comprehensibility of the content when speaking, convey the policy intention to the financial market accurately, and prevent new instability caused by distortion and misunderstanding of the guidance, thus reducing trading noise, stabilizing investor sentiment, and avoiding irrational market fluctuations.

Intézmény

Budapesti Gazdasági Egyetem

Kar

Pénzügyi és Számviteli Kar

Tanszék

Pénzügy Tanszék

Tudományterület/tudományág

NEM RÉSZLETEZETT

Szak

Pénzügy és Számvitel

Konzulens(ek)

Mű típusa:	diplomadolgozat (NEM RÉSZLETEZETT)
Kulcsszavak:	central bank communication, China, economic developement, financial market, monetary policy, tools
SWORD Depositor:	Archive User
Felhasználói azonosító szám (ID):	Archive User
Rekord készítés dátuma:	2023. Ápr. 21. 10:05
Utolsó módosítás:	2023. Ápr. 21. 10:05

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