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A Study on the Spillover Effects of China’s Monetary Policy on Thailand under the Belt and Road Initiative

Date: June 1,2022 |Hits: 585 Download PDF How to cite this paper

Zhi Zhu

School of Marxism, Guangxi University, Nan-ning, Guangxi, China.

*Corresponding author: Zhi Zhu


In the context of the implementation of the Belt and Road Initiative, the SVAR model is built in this paper to study the spillover effects of China’s quantitative monetary policy and price-based monetary policy on Thailand through impulse response function and variance decomposition. It has been found that China’s monetary policy has spillover effects on Thailand’s economy and the spillover effect direction of each economic variable is different. Compared with the quantitative variations of China’s monetary policy, the spillover effects by price variations of China’s monetary policy on Thailand’s economy is more obvious, which means that China’s monetary policy has an apparently decisive impact on Thailand’s output, but a relatively weak spillover effect on interest rate. Finally, suggestions are made from the monetary policy’s international coordination, partici-pation in the reform of international monetary system and promotion of RMB internationalization.


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How to cite this paper

A Study on the Spillover Effects of China’s Monetary Policy on Thailand under the Belt and Road Initiative

How to cite this paper: Zhi Zhu. (2022) A Study on the Spillover Effects of China’s Monetary Policy on Thailand under the Belt and Road Initiative. Journal of Humanities, Arts and Social Science6(2), 202-207.

DOI: http://dx.doi.org/10.26855/jhass.2022.06.006

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