The results of macroeconomic policy are often unpredictable. One of the major reasons for this is the importance of confidence and expectations in economic affairs. For a government's economic policies to succeed they must gain and maintain economic credibility, which many governments are finding increasingly difficult. Confidence, Credibility and Macroeconomic Policy explores the interaction between fiscal and monetary stabilization, confidence and expectations, and the credibility of the government's financial policies. The volume is divided into three parts. Part I begins with an overview...

Despite the People s Republic of China s remarkable growth over the post-1978 reform period, questions have arisen about the sustainability of its exchange rate policy and the soundness of its financial system. This book focuses on the key monetary challenges to China s continued advancement and addresses such topical issues as the buildup of foreign exchange reserves, monetary control, credit allocation difficulties, and the expanding role of China s asset markets and stock exchanges. Current and past monetary policy strategies are examined in detail as are the banking sector reforms leading...

Despite the People s Republic of China s remarkable growth over the post-1978 reform period, questions have arisen about the sustainability of its exchange rate policy and the soundness of its financial system. This book focuses on the key monetary challenges to China s continued advancement and addresses such topical issues as the buildup of foreign exchange reserves, monetary control, credit allocation difficulties, and the expanding role of China s asset markets and stock exchanges. Current and past monetary policy strategies are examined in detail as are the banking sector reforms leading...