The Australian monetary policy on China for reference
[pick to] the United States economic crisis sweeping the globe, degree of different countries around the world have been the effect of the financial crisis. Among them, Australia as the only a quick recovery of the economic development of the developed countries, actually in the monetary policy making process is what is to be used for reference by China place. Australia difference http://www.51lunwen.org/culture/2012/0216/lw201202160952534367.html between monetary policy in China is that it's inflation targeting, reserve bank by adjusting the interbank overnight rate affect economic entity. Through analysis of the Australian monetary policy, draws its advantage of place, make suitable for China's national conditions monetary policy, in order to promote the sustainable and healthy development of China's economy.
[key words] reserve bank monetary policy inflation targeting regime
Since 2008, the U.S. credit crisis < > to the world economy from major trauma, the economies of the countries in different degree will all be affected: bank failures, enterprise production, residents unemployment and slow economic development. In such a big backdrop, Australian economy by the world economic impact is lesser, and restore faster, these all benefit from Australia effective monetary policy.
Australia the current monetary policy is based on inflation as the basic goal, by adjusting the interbank overnight interbank lending rates, which directly or indirectly affect other interest rates, which affects the development of the whole economy. In this process the reserve bank of Australia plays an important role, it by adjusting the interbank overnight interbank lending rates, and open market operation, the bank rate to the economy macroeconomic control.
Effective monetary policy for one country macroeconomic have deep influence, the reserve bank of Australia by formulating and adjust the overnight rate which affect economic entity, reduced by the influence of the financial crisis in Australia. Australia as a developed country, its perfect and complete financial system is worth reference for China's financial industry. Through using Australia's inflation targeting, overnight interbank lending rates, the making and the reserve bank of Australia how to independent monetary policy, and further perfect China's monetary policy formulation and perfect the central bank independence.
A, Australia the current monetary policy analysis
1. The Australian monetary policy objectives
In 1959 Australia the reserve bank act make monetary policy goals include: maintain a stable, ensure full employment, promote economic growth and people life level.
Since 1993, the reserve bank of Australia to stabilize the currency as the core of monetary policy, the target aims to inflation targeting, therefore, inflation targeting regime is the Australian monetary policy framework of the core. Inflation targeting is a forward looking goal, Australia's governors and finance minister negotiated by Australia for each economic cycle, the inflation rate of 2-3% a year in which control 2-3%. Its purpose is to control inflation in a low enough range, thus to economic entity does not produce substantial influence. Meanwhile, inflation targeting regime is a medium-term target, rather than a "hard target". A lower inflation or lower inflation expectations rate will help enterprise investment decisions, guarantee of the residents of Australia savings deposit, stabilising currency value.
2. The Australian monetary policy tools
The reserve bank of Australia implement monetary policy, monetary policy decisions include setting money market interbank overnight interbank lending rates, and the borrowers and lenders behavior have an impact. Interbank overnight interbank lending rates by overnight market funds for is to supply and decision. When overnight interbank lending rates change, other interest rates change accordingly. Therefore, the re
