A Novel End to the Big Inflation in China in 1950
AbstractThe Chinese inflation of 1949-1950 was fueled by large budget deficits but was ended in March 1950 before significant deficit reduction occurred. We discuss the fiscal strains that gave rise to this inflation and consider the role played by early Communist market-based anti-inflationary measures such as the "economic warfare" against speculators conducted by the government’s state trading companies. While later monetary and fiscal tightening sustained the stabilization achieved in March—at considerable cost to the real economy—the Chinese experience seems to confirm that there is more to inflation stabilization than fiscal balance alone.
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Bibliographic InfoPaper provided by Claremont Colleges in its series Claremont Colleges Working Papers with number 1999-30.
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Other versions of this item:
- Richard Burdekin & Fang Wang, 1999. "A Novel End to the Big Inflation in China in 1950," Economic Change and Restructuring, Springer, vol. 32(3), pages 211-229, October.
- Burdekin, Richard C K & Wang, Fang, 1999. " A Novel End to the Big Inflation in China in 1950," Economic Change and Restructuring, Springer, vol. 32(3), pages 211-29.
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NBER Working Papers
0855, National Bureau of Economic Research, Inc.
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