Explaining money demand in China during the transition from a centrally planned to a market-based monetary system.
Fundamental changes in institutions during the transition from a centrally planned to a market economy present a formidable challenge to monetary policy decision makers. For the case of China, we examine the institutional changes in the monetary system during the process of transition and develop mo...
| Publicado en: | Post-Communist Economies Vol. 26; no. 3; pp. 376 - 401 |
|---|---|
| Autores principales: | , , |
| Formato: | Artículo |
| Publicado: |
Taylor & Francis Ltd
Sep2014
|
| Materias: | |
| 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=97454096&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 97454096 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 14631377 53T jtl: Post-Communist Economies issn: 14631377 maglogo: N pubinfo: dt: Sep2014 vid: 26 iid: 3 pid: 377 pub: Taylor & Francis Ltd artinfo: ui: 97454096 10.1080/14631377.2014.937099 ppf: 376 ppct: 25 formats: tig: atl: Explaining money demand in China during the transition from a centrally planned to a market-based monetary system. aug: au: Delatte, Anne-Laure Fouquau, Julien Holz, Carsten affil: CNRS and CEPR, Nanterre, France Neoma Business School HKUST su: Capitalism Economic models Demand for money Strategic planning Monetary systems Estimation theory sug: subj: Capitalism Economic models Demand for money Strategic planning Monetary systems Estimation theory ab: Fundamental changes in institutions during the transition from a centrally planned to a market economy present a formidable challenge to monetary policy decision makers. For the case of China, we examine the institutional changes in the monetary system during the process of transition and develop money demand functions that reflect these institutional changes. We consider seasonal unit roots and estimate long-run, equilibrium money demand functions, explicitly taking into consideration the changes in the institutional characteristics of China's financial system. Using a newly compiled dataset that covers an unprecedentedly long period, 1984—2010, with quarterly frequency, we are able to draw conclusions on the transitions in households', firms' and aggregate money demand, on the role of the credit plan and interest rates, on the mechanisms of macroeconomic control during economic transition, and on theoretical questions in the development and money literature. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
|---|