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Exporting Hyperinflation: The Long Arm of Chiang Kai-shek

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Author Info
Richard C.K. Burdekin (Claremont McKenna College)
Hsin-hui I. H. Whited (University of Southern Colorado)

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Abstract

As 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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Paper provided by Claremont Colleges in its series Claremont Colleges Working Papers with number 2001-18.

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Date of creation: Jun 2001
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Handle: RePEc:clm:clmeco:2001-18

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Find related papers by JEL classification:
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; Growth and Fluctuations - - - Asia including Middle East

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Girton, Lance & Roper, Don, 1977. "A Monetary Model of Exchange Market Pressure Applied to the Postwar Canadian Experience," American Economic Review, American Economic Association, vol. 67(4), pages 537-48, September. [Downloadable!] (restricted)
  2. Laney, Leroy O. & Willett, Thomas D., 1982. "The international liquidity explosion and worldwide inflation: The evidence from sterilization coefficient estimates," Journal of International Money and Finance, Elsevier, vol. 1(1), pages 141-152, January. [Downloadable!] (restricted)
  3. Sargent, Thomas J & Wallace, Neil, 1973. "Rational Expectations and the Dynamics of Hyperinflation," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(2), pages 328-50, June. [Downloadable!] (restricted)
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  1. Richard CK Burdekin & Ilan Noy, 2005. "What Has Driven Chinese Monetary Policy Since 1990? Investigating the People's Bank's Policy Rule," Economics Study Area Working Papers 85, East-West Center, Economics Study Area. [Downloadable!]
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