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China's gradualistic economic approach and financial markets

Author: Markus Konrad Brunnermeier; Michael Sockin; Wei Xiong; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2017.
Series: Working paper series (National Bureau of Economic Research), no. 23194.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
China’s gradualistic approach allowed the government to learn how the economy reacts to small policy changes, and to adjust its reforms before implementing them in full. With fully developed financial markets, however, private actors’ may front-run future policy changes making it impossible for the implement policies gradually. With financial markets the government faces a time-inconsistency problem. The government  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Markus Konrad Brunnermeier; Michael Sockin; Wei Xiong; National Bureau of Economic Research,
OCLC Number: 974042034
Notes: "February 2017"
Description: 1 online resource (13 pages).
Series Title: Working paper series (National Bureau of Economic Research), no. 23194.
Responsibility: Markus K. Brunnermeier, Michael Sockin, Wei Xiong.

Abstract:

China’s gradualistic approach allowed the government to learn how the economy reacts to small policy changes, and to adjust its reforms before implementing them in full. With fully developed financial markets, however, private actors’ may front-run future policy changes making it impossible for the implement policies gradually. With financial markets the government faces a time-inconsistency problem. The government would like to commit to a gradualistic approach, but after it observes the economy’s quick reaction, it has no incentive to implement its policies in small steps.

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