{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,9,16]],"date-time":"2025-09-16T17:08:38Z","timestamp":1758042518523,"version":"3.44.0"},"reference-count":34,"publisher":"Emerald","issue":"6","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2021,10,12]]},"abstract":"<jats:sec>\n                  <jats:title>Purpose<\/jats:title>\n                  <jats:p>To verify the effectiveness of the monetary policy, the impacts of monetary instruments on overnight spread under the interest rate corridor (IRC) are examined. The People's Bank of China (PBC) has operated the IRC since 2014. To understand the impacts of monetary instruments on overnight spread before and after the IRC framework, the complete samples are divided into two periods.<\/jats:p>\n               <\/jats:sec>\n               <jats:sec>\n                  <jats:title>Design\/methodology\/approach<\/jats:title>\n                  <jats:p>To model the overnight spread, an exponential GARCH (EGARCH) approach is used which can examine the interbank market interest rates for monetary policy purposes. The overnight money market plays an important role in the implementation of monetary policy.<\/jats:p>\n               <\/jats:sec>\n               <jats:sec>\n                  <jats:title>Findings<\/jats:title>\n                  <jats:p>Chinese interest rate liberalization and the implementation of IRC affect the overnight spread in the short-term financing market. Before the implementation of the IRC, the key factor to affect the overnight spread is mainly affected by the PBC's monetary policy control on the liquidity supply side. After the implementation of IRC, the overnight spread can be the largest part explained by the liquidity demand side and the PBC's multiple monetary instruments have significant impacts on the reduction of overnight spread.<\/jats:p>\n               <\/jats:sec>\n               <jats:sec>\n                  <jats:title>Originality\/value<\/jats:title>\n                  <jats:p>The overnight spread has recently been influenced by various factors that are directly or closely related to the monetary policy instruments and the interest rate policy of the PBC. Chinese interest rate liberalization and the implementation of interest rate corridor policy affect the overnight spread in the short-term financing market.<\/jats:p>\n               <\/jats:sec>","DOI":"10.1108\/bpmj-12-2020-0537","type":"journal-article","created":{"date-parts":[[2021,2,25]],"date-time":"2021-02-25T04:38:07Z","timestamp":1614227887000},"page":"1822-1835","source":"Crossref","is-referenced-by-count":2,"title":["RETRACTED: Impacts of monetary instruments on overnight spread under the interest rate corridor framework: evidence from China"],"prefix":"10.1108","volume":"27","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-0000-4998","authenticated-orcid":false,"given":"Chiu-Lan","family":"Chang","sequence":"first","affiliation":[{"name":"Fuzhou University of International Studies and Trade Department of Finance, , Fuzhou,","place":["China"]}]},{"given":"Ming","family":"Fang","sequence":"additional","affiliation":[{"name":"Fuzhou University of International Studies and Trade Department of Finance, , Fuzhou,","place":["China"]}]},{"given":"Bin","family":"Hong","sequence":"additional","affiliation":[{"name":"Xiamen University Chinese International Education College, Overseas Education College, , Xiamen,","place":["China"]}]},{"given":"Kung-Cheng","family":"Ho","sequence":"additional","affiliation":[{"name":"Guangdong University of Finance and Economics Pearl River Delta Collaborative Innovation, Center of Scientific Finance and Industry, Institute of Regional Finance, , Guangzhou,","place":["China"]}]}],"member":"140","published-online":{"date-parts":[[2021,2,24]]},"reference":[{"key":"2025091112282953900_ref001","doi-asserted-by":"crossref","first-page":"38","DOI":"10.1016\/j.asieco.2016.08.001","article-title":"Chinese monetary policy and the banking system","volume":"46","author":"Berkelmans","year":"2016","journal-title":"Journal of Asian Economics"},{"issue":"5","key":"2025091112282953900_ref002","first-page":"564","article-title":"Asymmetric adjustment of interest rate pass-through from central bank\u2019s policy rate to the market rate: Evidence from China","volume":"29","author":"Chang","year":"2020","journal-title":"Revista Argentina de Clinica Psicologica"},{"key":"2025091112282953900_ref003","doi-asserted-by":"crossref","DOI":"10.2139\/ssrn.2111064","article-title":"Market and non-market monetary policy tools in a calibrated DSGE model for mainland China","author":"Chen","year":"2012"},{"issue":"4","key":"2025091112282953900_ref004","doi-asserted-by":"crossref","first-page":"421","DOI":"10.1080\/20954816.2017.1384614","article-title":"The roadmap of interest rate liberalisation in China","volume":"5","author":"Chong","year":"2017","journal-title":"Economic and Political Studies"},{"issue":"5","key":"2025091112282953900_ref005","first-page":"110","article-title":"The Chinese bond market: risk, return, and opportunities","volume":"41","author":"Fan","year":"2014","journal-title":"Journal of Portfolio Management"},{"issue":"3","key":"2025091112282953900_ref006","doi-asserted-by":"crossref","first-page":"661","DOI":"10.1080\/1540496X.2015.1103124","article-title":"An investigation of the cross-strait economic integration and dependence of stock markets","volume":"53","author":"Fang","year":"2017","journal-title":"Emerging Markets Finance and Trade"},{"key":"2025091112282953900_ref007","volume-title":"The People's Republic of China : Selected Issues","author":"Fund","year":"2016","edition":"A. a. 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