Exporting hyperinflation: The long arm of Chiang Kai-shek
AbstractAs mainland China's inflationary spiral accelerated in 1947-1949 there was a massive outflow of funds to the island of Taiwan. The exporting of China's hyperinflation was facilitated by the fixed, overvalued, exchange rate between the mainland Chinese currency and the Taiwanese currency that was adopted in August 1948. Empirical tests offer support for the importance of the 1948 monetary policy reform and suggest a substantial impact of capital inflows and excess money growth in mainland China on inflationary pressures in Taiwan. We find no independent role for Taiwanese money growth in the inflation process.
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Bibliographic InfoArticle provided by Elsevier in its journal China Economic Review.
Volume (Year): 16 (2005)
Issue (Month): 1 ()
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Web page: http://www.elsevier.com/locate/chieco
Other versions of this item:
- Richard C.K. Burdekin & Hsin-hui I. H. Whited, 2001. "Exporting Hyperinflation: The Long Arm of Chiang Kai-shek," Claremont Colleges Working Papers 2001-18, Claremont Colleges.
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
- N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
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