02026naa a2200193 i 4500 acta57504 20260224081030.0 190520s2012 hu o 100 hun d 978-963-306-159-6 SZTE Egyetemi Kiadványok Repozitórium hun hun Gábor Tamás China's monetary sterilization and it's economical relationship with the European Union [elektronikus dokumentum] / Gábor Tamás 2012 356-381 Crisis Aftermath: economic policy changes in the EU and its Member States : International Conference University of Szeged 8-9 March 2012 : conference Proceedings The author examines China’s monetary policy in the light of the sterilization process of the excess liquidity caused by the permanent foreign exchange rate intervention. The tools of the neutralization of the monetary oversupply, its effectiveness and its costs are also investigated. With the help of Two-stage least squares (2SLS) regression method it is demonstrated that the sterilization process of the yuan has been almost a total success on the level of the monetary base, and has been partially effective on the level of the M2 supply in the past 15 years. With a cost-benefit analysis it is highlighted that the practice of the monetary sterilization – which is thought to be loss-making in the literature – has been a profitable operation of the central bank up to date. After the demonstration of the monetary sterilization, the economic relationship between China and the European Union is investigated. It is pointed out that China’s role as a global importer and a global investor has been significantly appreciated. Thanks to China’s active economic presence in the European market during the crisis, the recession of the European economies were probably much moderate. Gazdasági kapcsolatok - Európai Unió - Kína http://acta.bibl.u-szeged.hu/57504/1/crisis_aftermath_356-381.pdf Dokumentum-elérés