A Mathematical Analysis of Effective Monetary Liquidity and Financial Stability in China
Tianyong Zhou
Source abstract
Building on the author's previous analytical framework for monetary supply through the macro balance sheet, this paper starts from China's land system and its transition. It maintains public ownership of land while separating ownership from use rights, extending land-use terms, and clarifying the property rights attached to land use. Under this institutional arrangement, a series of models is developed to explain the mathematical relationships among liberalized land transactions, the formation of new land assets, balance in the macro balance sheet, stronger economic activity, and financial-system stability. The analysis then proposes a reform approach, an institutional plan, and simulation forecasts. China has the capacity to resolve the shortage of effective monetary liquidity and avert potential financial disruption.
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