Publications

Based on systematic theoretical and empirical analyses, the book studies the mechanism of action of negative interest rates and relevant monetary policies, and probes into the influence and role of negative interest rates on and in China’s economic development. The book emphatically answers the following questions: firstly, what urges the People's Bank of China to implement interest rate control, thus “externally” generating the economic form of negative interest rates, or what rationality of policy instrument negative interest rates reflect; secondly, what effects negative interest rates will “internally” have on China’s economic development; thirdly, how to weigh good and adverse effects of negative interest rates on China’s economic development, and whether the findings can support the market-oriented reform of interest rates; fourthly, if the findings support market-oriented reform of interest rates, then how monetary policies can be adjusted and such market-oriented reform can be promoted.