Towards Estimating the Demand for Money in China

Gang Yi

Economic Change and Restructuring, 1993, vol. 26, issue 3, 243-70

Abstract: The demand for money in China is estimated separately for the periods before and after the economic reform. Besides the traditional transactions demand variable, the expected rate of inflation (as a measure of the opportunity cost of holding money) and the monetization process are also incorporated into the demand function. The preliminary results show that the demand for money in China has changed in response to the institutional changes during the economic reform. Adding the monetization and inflation expectation variables into the money demand function has enhanced significantly its explanatory power. Copyright 1993 by Kluwer Academic Publishers

Date: 1993
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