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Money, output, price and causality in mainland China

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  • Mohammad Hasan
  • Majid Taghavi

Abstract

This paper re-examines the relationship between money and other macroeconomic variables in mainland China. The results of a four-variable VAR analysis are indicative of a bi-directional causality between narrow money supply and real income. However, contrary to most research work in this area, the findings support a uni-directional causality from broad money to real income, making the former a good intermediate target variable. Moreover, these results cast serious doubts about the relevance of the quantity theory of money for price determination in China.

Suggested Citation

  • Mohammad Hasan & Majid Taghavi, 1996. "Money, output, price and causality in mainland China," Applied Economics Letters, Taylor & Francis Journals, vol. 3(2), pages 101-105.
    • Handle: RePEc:taf:apeclt:v:3:y:1996:i:2:p:101-105
    DOI: 10.1080/135048596356799
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    Cited by:

    1. Chengsi Zhang, 2013. "Monetary Dynamics of Inflation in China," The World Economy, Wiley Blackwell, vol. 36(6), pages 737-760, June.
    2. Yin Zhang & Guanghua Wan, 2004. "Output and Price Fluctuations in China's Reform Years: What Role did Money Play?," WIDER Working Paper Series RP2004-56, World Institute for Development Economic Research (UNU-WIDER).
    3. Xiaming Liu & Haiyan Song & Peter Romilly, 1997. "An empirical investigation of the causal relationship between openness and economic growth in China," Applied Economics, Taylor & Francis Journals, vol. 29(12), pages 1679-1686.
    4. Hasan, Mohammad S., 1999. "Monetary Growth and Inflation in China: A Reexamination," Journal of Comparative Economics, Elsevier, vol. 27(4), pages 669-685, December.

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