Economic reforms and long-run money demand in China: implications for monetary policy.
The results of a study suggest that Chinese monetary authorities should use the monetary aggregate M2 in setting monetary policy. Economic and financial reforms in China since the late 1970s have increased the importance of savings deposits within the money supply and reduced the importance of curre...
| Publicado en: | Southern Economic Journal Vol. 60; pp. 936 - 946 |
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| Autores principales: | , |
| Formato: | Artículo |
| Publicado: |
Southern Economic Association
April 1994
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=512421408&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 512421408 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00384038 SEJ jtl: Southern Economic Journal issn: 00384038 maglogo: N pubinfo: dt: April 1994 vid: 60 pid: 1482 pub: Southern Economic Association artinfo: ui: 512421408 10.2307/1060431 ppf: 936 ppct: 10 formats: tig: atl: Economic reforms and long-run money demand in China: implications for monetary policy. aug: au: Hafer, R. W. Kutan, A. M. su: Demand for money Monetary policy Economic change China sug: subj: China Demand for money Monetary policy Economic change ab: The results of a study suggest that Chinese monetary authorities should use the monetary aggregate M2 in setting monetary policy. Economic and financial reforms in China since the late 1970s have increased the importance of savings deposits within the money supply and reduced the importance of currency. Data on currency levels (M0) and currency plus savings deposits (M2) in China over the 1952-88 period were taken from a previous study and from International Financial Statistics data. Cointegration tests show that demand for M0 is not proportional to the price level, whereas M2 demand is proportional to price level changes. This implies that using M2 may produce a more reliable money demand function, with expected variable signs and elasticities, and may provide a better measure of the long-run economic effects of monetary policy actions. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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