...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Review of development economics >Is there Causal Relationship between Money Supply Growth and Inflation in China? Evidence from Quantity Theory of Money
【24h】

Is there Causal Relationship between Money Supply Growth and Inflation in China? Evidence from Quantity Theory of Money

机译：中国货币供应量增长与通货膨胀之间是否存在因果关系？货币数量论的证据

获取原文
获取原文并翻译 | 示例
   

获取外文期刊封面封底 >>

       
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

This study examines the causal relationship between Chinese money supply growth and inflation, using the bootstrap Granger full-sample causality test and sub-sample rolling-window estimation test to determine whether such a relationship in China supports the quantity theory of money. The result indicates that there is a unidirectional relationship from inflation to money supply growth. However, considering structural changes in two series, we find that short-run relationships using full-sample data are unstable, which suggests that full-sample causality tests cannot be relied upon. Then, we use a time-varying rolling-window approach to revisit the dynamic causal relationship, and the results show that money supply growth has both positive and negative impacts on inflation in several sub-periods, and in turn, inflation has the same effects on money supply growth for China. These findings are basically consistent with the modern quantity theory of money from the perspective of money supply and price level. When money supply growth does not outweigh output growth, inflation should not be curbed only by decreasing money supply. It notes that a stable money supply growth is critical to price level stability and economic development in China.
机译：本研究使用自举式格兰杰全样本因果关系检验和子样本滚动窗口估计检验来检验中国货币供给增长与通货膨胀之间的因果关系，以确定这种关系在中国是否支持货币数量论。结果表明，从通货膨胀到货币供应量增长存在单向关系。但是，考虑到两个系列中的结构变化，我们发现使用全样本数据的短期关系是不稳定的，这表明不能依赖于全样本因果关系检验。然后，我们使用随时间变化的滚动窗口方法来重新研究动态因果关系，结果表明，货币供应量增长在多个子时期对通货膨胀既有正面影响也有负面影响，反过来，通货膨胀具有相同的作用中国的货币供应增长。从货币供应和价格水平的角度来看，这些发现基本上与现代货币数量理论相一致。当货币供应量增长不超过产出增长量时，不应仅通过减少货币供应量来抑制通货膨胀。报告指出，稳定的货币供应量增长对中国物价水平稳定和经济发展至关重要。

著录项

  • 来源
    《Review of development economics》 |2016年第3期|702-719|共18页
  • 作者

    Su Chi-Wei; Fan Jiao-Jiao; Chang Hsu-Ling; Li Xiao-Lin;

  • 作者单位

    Ocean Univ China, Dept Finance, 238 Songling Rd, Qingdao, Shandong, Peoples R China;

    Ocean Univ China, Dept Finance, 238 Songling Rd, Qingdao, Shandong, Peoples R China;

    Ling Tung Univ, Dept Accounting & Informat, Taichung, Taiwan;

    Ocean Univ China, Dept Finance, 238 Songling Rd, Qingdao, Shandong, Peoples R China;

  • 收录信息
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号