Author(s)
El-Shagi, Makram / Jiang, Lunan / Zhang, Lin
Abstract
In recent years, one of the PBoC’s major issues was to avoid a generally conservative monetary policy that would jeopardize the central government’s poverty-alleviation strategy by limiting credit supply in rural areas where it is already scarce. We develop a range of new indicators to measure those aspects of the PBoC’s policy and demonstrate that the PBoC has successfully implemented policies targeted at poor counties. That is, we show that a central bank has the general potential to address regional diversity and distributional issues.
Keywords
China; Fuzzy regression discontinuity; Regional; Monetary policy
El-Shagi, M. / Jiang, L. / Zhang, L.: One Country – Two Monetary Policies: Evidence from a new indicator of the PBoC’s monetary policy support for poor regions, Economic Analysis and Policy, Vol. 86, pp. 963-977, 2025.