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Money, Price and Causality in Mainland China

Author

Listed:
  • Hasan , Mohammad S.

    (Professor of School of Financial Studies and Law, Sheffield Hallam University, City Campus, Pond Street, Sheffield)

Abstract

The identification of the existence of a causal relationship between monetary aggregates and prices in mainland China has been the subject of considerable debate among researchers. For example, Chow (1987) contends that quantity theory of money provides a plausible explanation of underlying price movements in China over the period 1952-83. The empirical work of Blejer et aí., (1991) on the money demand function in the post-reform period (1983QI-1988QIII) documented the existence of a relatively stable relationship between a range of monetary aggregates, inflation and real income. In contrast Peebles (1992), while recognizing the institutional differences of the Chinese economy from other highly developed market economies, argues that quantity theory is of no help in understanding the historical association between money and prices in China

Suggested Citation

  • Hasan , Mohammad S., 1997. "Money, Price and Causality in Mainland China," Bangladesh Development Studies, Bangladesh Institute of Development Studies (BIDS), vol. 25(1-2), pages 143-158, March-Jun.
    • Handle: RePEc:ris:badest:0373
    as

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    More about this item

    Keywords

    Causality; Money supply; Stock prices; Monetary aggregates; Market prices; Budget deficits; Development studies;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines

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