Multiple Regime Shifts and Multiple Ends of the Taiwanese Hyperinflation, 1945-1953
We re-examine the behavior of money growth, inflation and real money balances in post-World War II Taiwan. Prior work has argued that stabilization was achieved discreetly and abruptly in June 1949. Our results suggest, however, that there is an extended period of instability that begins several months prior to the June 1949 announcements and continues until early 1950. This implies that stabilization was achieved only gradually. We also point to the importance of two high-interest deposit programs--that were introduced in May 1949 and March 1950--in helping account for the Taiwanese authorities’ ability to end the inflationary spiral.
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