The Taiwanese Hyperinflation and Stabilization of 1945-1952

Gail E Makinen and G Thomas Woodward

Journal of Money, Credit and Banking, 1989, vol. 21, issue 1, 90-105

Abstract: During the years 1945-1949, Taiwan experienced a hyperinflation separate from the hyperinflation on the Chinese mainland. The stabilization ultimately implemented by the Chinese Nationalists differed in important ways from the programs that ended the big European inflations. The program was embarked upon with little hope of, or efforts toward, reducing the budget deficit: price stability took three years to achieve and use was made of high (real) yielding bank accounts as an anti-inflation tool. The behavior of key economic variables during the episode raises questions relating to current theories of how economic agents react to regime changes. Copyright 1989 by Ohio State University Press.

Date: 1989
References: Add references at CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
http://links.jstor.org/sici?sici=0022-2879%2819890 ... 0.CO%3B2-L&origin=bc full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mcb:jmoncb:v:21:y:1989:i:1:p:90-105

Access Statistics for this article

Journal of Money, Credit and Banking is currently edited by Robert deYoung, Paul Evans, Pok-Sang Lam and Kenneth D. West

More articles in Journal of Money, Credit and Banking from Blackwell Publishing
Bibliographic data for series maintained by Wiley-Blackwell Digital Licensing () and Christopher F. Baum ().