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Money and monetization in China's economic reform

  • Kui-Wai Li

In addition to privatization marketization, liberalization and pragmatization, monetization has been argued as the fifth feature in china's economic reform. If monetization is taken to mean a process through which variations in money supply or interest rate are to affect macroeconomic variables, the construction of four causality relationships between interest rate and investment, and money and national income do not support the evidence of such a process in China between the late 1970s and early 1990s.

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Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 29 (1997)
Issue (Month): 9 ()
Pages: 1139-1146

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Handle: RePEc:taf:applec:v:29:y:1997:i:9:p:1139-1146
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  1. Feltenstein, Andrew & Farhadian, Ziba, 1987. "Fiscal Policy, Monetary Targets, and the Price Level in a Centrally Planned Economy: An Application to the Case of China," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(2), pages 137-56, May.
  2. Chen, Chien-Hsun, 1989. "Monetary aggregates and macroeconomic performance in Mainland China," Journal of Comparative Economics, Elsevier, vol. 13(2), pages 314-324, June.
  3. Feltenstein, Andrew & Ha, Jiming, 1991. "Measurement of repressed inflation in China : The lack of coordination between monetary policy and price controls," Journal of Development Economics, Elsevier, vol. 36(2), pages 279-294, October.
  4. Blejer, Mario I. & Szapary, Gyorgy, 1990. "The evolving role of tax policy in China," Journal of Comparative Economics, Elsevier, vol. 14(3), pages 452-472, September.
  5. Thornton, Daniel L & Batten, Dallas S, 1985. "Lag-Length Selection and Tests of Granger Causality between Money and Income," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 17(2), pages 164-78, May.
  6. Mark Spiegel, 1994. "Gradualism and Chinese financial reforms," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue dec30.
  7. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
  8. Gary H. Jefferson & Thomas G. Rawski, 1994. "Enterprise Reform in Chinese Industry," Journal of Economic Perspectives, American Economic Association, vol. 8(2), pages 47-70, Spring.
  9. Granger, C W J, 1969. "Investigating Causal Relations by Econometric Models and Cross-Spectral Methods," Econometrica, Econometric Society, vol. 37(3), pages 424-38, July.
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