1. regress the change of base money on the change in foreign reserves for the period of 1990:q1 to 2002:q4 and find that one unit increases in the change of foreign reserves will lead to decreases of 0.1 to 0.2 units in the change of base money (based on OLS and GMM). However, they also find that one unit increases in the change of foreign reserves has significantly increased M2 growth by 0.11 units. Using VAR analysis, He et al. (2005) find that sterilization intensity increased somewhat in;related work, Burdekin and Siklos,2003
2. Sterilization Policies and the Volatility of International Reserves;V Argy;National Monetary Policies and the International Financial System,1974
3. A Unifying Framework for Analyzing Offsetting Capital Flows and Sterilization: Germany and the ERM;S Brissimis;International Journal of Finance and Economics,2002
4. What has Driven Chinese Monetary Policy Since 1990? Investigating the People's Bank's Policy Rule