نرخ بهره، تقاضای پول و حق الضرب: ابرتورم در چین 1946-1949
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|41861||2015||11 صفحه PDF||سفارش دهید||9210 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : China Economic Review, Volume 34, July 2015, Pages 169–179
The lack of an observable variable measuring inflationary expectation has been a major difficulty in empirical work on hyperinflation. In this paper we propose a direct measure of expectations—the black-market interest rate in Shanghai—and study the behavior of money demand in the Chinese hyperinflation. Although the log–log schedule may provide an accurate description of money demand with relatively low interest rate, the pattern of seigniorage collected in the highest hyperinflation is consistent with the prediction of the semi-log schedule. The comparison of the seigniorage actually collected with the maximum steady state level shows that the economy might be on the increasing side of the Laffer curve except for the concluding stage of the hyperinflation. This suggests that the Chinese hyperinflation has been driven mainly by the government's quest for revenue.