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Exporting Hyperinflation: The Long Arm of Chiang Kai-shek

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  • Richard C.K. Burdekin

    (Claremont McKenna College)

  • Hsin-hui I. H. Whited

    (University of Southern Colorado)

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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Bibliographic Info

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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  1. Ellis W. Tallman & De-piao Tang & Ping Wang, 2002. "Nominal and real disturbances and money demand in the Chinese hyperinflation," Working Paper 2002-4, Federal Reserve Bank of Atlanta.
  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.
  3. Anna J. Schwartz, 1983. "The Postwar Institutional Evolution of the International Monetary System," NBER Chapters, in: The International Transmission of Inflation, pages 14-45 National Bureau of Economic Research, Inc.
  4. 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.
  5. 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.
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