Politique de change et inflation en Chine

Samuel Guérineau and Sylviane Guillaumont Jeanneney ()

Revue d'économie politique, 2003, vol. 113, issue 2, 199-232

Abstract: Most studies dedicated to Chinese inflation during the transition towards a market economy stressed the impact of monetary policy, through the effects of banking decentralisation on credit allocation between state and non state sectors. This papers aims at showing that exchange rate policy played as well a significant role in the fight against inflation during this period. In order to assess the exchange rate policy impact on inflation, a nominal anchor policy indicator is built, based on the movements of bilateral exchange rates (nominal and real). An inflation equation based on a two-sector model (tradable goods and non-tradable goods) is estimated. The results confirm the predominant impact of monetary policy on inflation explanation, and reveal furthermore a significant impact of exchange rate policy, price liberalisation and growth of the non-state sector. The nominal anchor policy was effective not only after the pegging on dollar, but also before 1994, when a partial nominal anchor policy was used.

Keywords: inflation; exchange rate policy; policy indicator; China (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (4)

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