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A Novel End to the Big Inflation in China in 1950

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  • Richard C.K. Burdekin

    (Claremont McKenna College)

  • Fang Wang

    (Claremont Institute for Economic Policy Studies)

Abstract

The 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 Info

Paper provided by Claremont Colleges in its series Claremont Colleges Working Papers with number 1999-30.

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Handle: RePEc:clm:clmeco:1999-30

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  1. Obstfeld, Maurice & Rogoff, Kenneth S., 1983. "Speculative Hyperinflations in Maximizing Models: Can We Rule Them Out?," Scholarly Articles 12491027, Harvard University Department of Economics.
  2. Obstfeld, Maurice & Rogoff, Kenneth, 1983. "Speculative Hyperinflations in Maximizing Models: Can We Rule Them Out?," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 675-87, August.
  3. Richard C.K. Burdekin, . "Ending Inflation in the People's Republic of China: From Chairman Mao to the 21st Century," Claremont Colleges Working Papers 2000-08, Claremont Colleges.
  4. Carl Blumstein & Paul Komor, 1996. "Another look at the strategic petroleum reserve: Should its oil holdings be privatized?," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 15(2), pages 271-275.
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