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Money and the Consumption Goods Market in China

  • Richard Portes
  • Anita Santorum

This paper studies the relations between money and other macroeconomic variables as well as excess demand in the consumption goods market for the case of China, 1954-83. We explicitly recognize the endogeneity of money in the CPE and do not impose (but instead test) some common restrictive assumptions; we assess the extent of aggregate excess demand (supply) in a macroeconomic disequilibrium model; and we allow at the macro level for the possible coexistence of micro markets in different states of excess demand or supply (shortages or slacks). We find bidirectional causality between money and income; that M[sub0] behaves in a manner more suited to building simple, conventional models than does M[sub 2]; and that there has been a mixed pattern of excess supplies and demands over the three decades.

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File URL: http://www.nber.org/papers/w2143.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2143.

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Date of creation: Feb 1987
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Publication status: published as Portes, Richard and Anita Santorum. "Money and the Consumption Goods Marketin China," Journal of Comparative Economics, Vol. 11, No. 3, (September 1987).
Handle: RePEc:nbr:nberwo:2143
Note: ITI IFM
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  1. Hwang, Hae-shin, 1985. "Test of the Adjustment Process and Linear Homogeneity in a Stock Adjustment Model of Money Demand," The Review of Economics and Statistics, MIT Press, vol. 67(4), pages 689-92, November.
  2. Portes, Richard, 1986. "The Theory and Measurement of Macroeconomic Disequilibrium in Centrally Planned Economies," CEPR Discussion Papers 91, C.E.P.R. Discussion Papers.
  3. Feltenstein, Andrew & Lebow, David & van Wijnbergen, Sweder, 1990. "Savings, Commodity Market Rationing, and the Real Rate of Interest in China," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 22(2), pages 234-52, May.
  4. Chow, Gregory C, 1985. "A Model of Chinese National Income Determination," Journal of Political Economy, University of Chicago Press, vol. 93(4), pages 782-92, August.
  5. Portes, Richard & Winter, David, 1980. "Disequilibrium Estimates for Consumption Goods Markets in Centrally Planned Economies," Review of Economic Studies, Wiley Blackwell, vol. 47(1), pages 137-59, January.
  6. repec:cup:cbooks:9780521269124 is not listed on IDEAS
  7. 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.
  8. Portes, Richard & Winter, David, 1978. "The Demand for Money and for Consumption Goods in Centrally Planned Economies," The Review of Economics and Statistics, MIT Press, vol. 60(1), pages 8-18, February.
  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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