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Money and monetization in China's economic reform

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  • Kui-Wai Li

Abstract

In addition to privatization marketization, liberalization and pragmatization, monetization has been argued as the fifth feature in china's economic reform. If monetization is taken to mean a process through which variations in money supply or interest rate are to affect macroeconomic variables, the construction of four causality relationships between interest rate and investment, and money and national income do not support the evidence of such a process in China between the late 1970s and early 1990s.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/00036849700000004
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 29 (1997)
Issue (Month): 9 ()
Pages: 1139-1146

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Handle: RePEc:taf:applec:v:29:y:1997:i:9:p:1139-1146

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  1. Blejer, Mario I. & Szapary, Gyorgy, 1990. "The evolving role of tax policy in China," Journal of Comparative Economics, Elsevier, vol. 14(3), pages 452-472, September.
  2. Mark Spiegel, 1994. "Gradualism and Chinese financial reforms," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue dec30.
  3. Feltenstein, Andrew & Ha, Jiming, 1991. "Measurement of repressed inflation in China : The lack of coordination between monetary policy and price controls," Journal of Development Economics, Elsevier, vol. 36(2), pages 279-294, October.
  4. Chen, Chien-Hsun, 1989. "Monetary aggregates and macroeconomic performance in Mainland China," Journal of Comparative Economics, Elsevier, vol. 13(2), pages 314-324, June.
  5. Gary H. Jefferson & Thomas G. Rawski, 1994. "Enterprise Reform in Chinese Industry," Journal of Economic Perspectives, American Economic Association, vol. 8(2), pages 47-70, Spring.
  6. Feltenstein, Andrew & Farhadian, Ziba, 1987. "Fiscal Policy, Monetary Targets, and the Price Level in a Centrally Planned Economy: An Application to the Case of China," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(2), pages 137-56, May.
  7. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-38, July.
  8. Thornton, Daniel L & Batten, Dallas S, 1985. "Lag-Length Selection and Tests of Granger Causality between Money and Income," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 17(2), pages 164-78, May.
  9. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
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Cited by:
  1. Tung Liu & Kui-Wai Li, 2005. "Disparity in Factor Contributions between Coastal and Inner Provinces in Post-reform China," Working Papers 200502, Ball State University, Department of Economics, revised Apr 2006.
  2. Byung-Yeon Kim & Jukka Pirttilä & Jouko Rautava, 2002. "Money, Barter and Inflation in Russia," Macroeconomics 0209009, EconWPA.
  3. A. C. Arize & Malindretos John, 2000. "Does Inflation Variability Affect the Demand for Money in China? Evidence from Error-Correction Models," International Economic Journal, Taylor & Francis Journals, vol. 14(1), pages 47-60.

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