Klingelhöfer-Sun narrative macroprudential policy index for China



Klingelhöfer and Sun (2019) develop a narrative index (Klingelhöfer-Sun-MPP index) on a monthly basis over the 2000-2015 period to measure the PBC's macroprudential policy stance. It is comprised of four policy tool indicators (required reserve ratio, window guidance, housing policy, supervision) and one overall indicator. It is a three-value index. The policy stance of 1 stands for tightening, indicating that policy actions are taken to promot financial stability; 0 for a neutral macroprudential policy stance; -1 for an easing macroprudential policy stance.

In use of the data, please cite:
Jan Klingelhöfer and Rongrong Sun (2019), "Macroprudential Policy, Central Banks and Financial Stability: Evidence from China", Journal of International Money and Finance, 93: 19-41. [DOI: 10.1016/j.jimonfin.2018.12.015]
Date made available1 May 2019
PublisherUniversity of Dundee
Temporal coverage1 Jan 2000 - 31 Dec 2015
Geographical coverageChina

Data Monitor categories

  • Macroprudential policy indicator
  • narrative
  • China

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