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Explaining money demand in China during the transition from a centrally planned to a market-based monetary system

Author

Listed:
  • Anne-Laure Delatte

    (Pôle Finance Responsable - Rouen Business School - Rouen Business School)

  • Julien Fouquau

    (Pôle Finance Responsable - Rouen Business School - Rouen Business School)

  • Carsten A. Holz

Abstract

We examine the transition process from a centrally planned to a market-based monetary system in China, with the objective of giving a functional form to the transition in money demand. Applying the cointegrating Time-Varying Smooth Transition Regression model proposed by Choi and Saikkonen (2004) on a constructed dataset spanning the period from 1984 to 2010, and using a seasonal unit-root test developed by Hylleberg et al. (1990), our findings invalidate much of the earlier literature. Our examination of disaggregate as well as aggregate money balances yields the following findings.

Suggested Citation

  • Anne-Laure Delatte & Julien Fouquau & Carsten A. Holz, 2011. "Explaining money demand in China during the transition from a centrally planned to a market-based monetary system," Post-Print hal-00756576, HAL.
    • Handle: RePEc:hal:journl:hal-00756576
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    Cited by:

    1. Ivan Roberts & Graham White, 2015. "Seasonal Adjustment of Chinese Economic Statistics," RBA Research Discussion Papers rdp2015-13, Reserve Bank of Australia.
    2. Chen, Xiaohong & Wohlfarth, Paul & Smith, Ron P., 2021. "China's money demand in a cointegrating vector error correction model," Journal of Asian Economics, Elsevier, vol. 75(C).
    3. Claudiu Tiberiu ALBULESCU & Dominique Pepin, 2018. "Monetary Integration, Money-Demand Stability, and the Role of Monetary Overhang in Forecasting Inflation in CEE Countries," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 33(4), pages 841-879.

    More about this item

    Keywords

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    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • P24 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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