A Novel End to the Big Inflation in China in 1950
The Chinese inflation of 1949-50 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. Copyright 1999 by Kluwer Academic Publishers
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 32 (1999)
Issue (Month): 3 ()
|Contact details of provider:|| Web page: http://www.springer.com|
|Order Information:||Web: http://www.springer.com/economics/development/journal/10644/PS2|
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.:
- Maurice Obstfeld & Kenneth S. Rogoff, 1981.
"Speculative hyperinflations in a maximizing models: can we rule them out?,"
International Finance Discussion Papers
195, Board of Governors of the Federal Reserve System (U.S.).
- 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 675-687, August.
- Obstfeld, Maurice & Rogoff, Kenneth S., 1983. "Speculative Hyperinflations in Maximizing Models: Can We Rule Them Out?," Scholarly Articles 12491027, Harvard University Department of Economics.
- Maurice Obstfeld & Kenneth Rogoff, 1982. "Speculative Hyperinflations in Maximizing Models: Can We Rule Them Out?," NBER Working Papers 0855, National Bureau of Economic Research, Inc.
- Richard C.K. Burdekin, "undated". "Ending Inflation in the People's Republic of China: From Chairman Mao to the 21st Century," Claremont Colleges Working Papers 2000-08, Claremont Colleges.
- 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.
- Eckstein,Alexander, 1977. "China's Economic Revolution," Cambridge Books, Cambridge University Press, number 9780521291897, December.
When requesting a correction, please mention this item's handle: RePEc:kap:ecopln:v:32:y:1999:i:3:p:211-29. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)or (Rebekah McClure)
If references are entirely missing, you can add them using this form.