Money, output, price and causality in mainland China

Mohammad Hasan and Majid Taghavi

Applied Economics Letters, 1996, vol. 3, issue 2, 101-105

Abstract: This paper re-examines the relationship between money and other macroeconomic variables in mainland China. The results of a four-variable VAR analysis are indicative of a bi-directional causality between narrow money supply and real income. However, contrary to most research work in this area, the findings support a uni-directional causality from broad money to real income, making the former a good intermediate target variable. Moreover, these results cast serious doubts about the relevance of the quantity theory of money for price determination in China.

Date: 1996
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DOI: 10.1080/135048596356799

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