On Money Supply in the Course of Economic Development The So-called Loss of Control over Money in 1984

Sheng Hong and Zou Gang

Chinese Economy, 1990, vol. 23, issue 3, 75-90

Abstract: The yardstick for assessing whether money supply is appropriate is not the size of the increase in money supply as compared with that of the preceding year, but the real demand of society for money. In developed commodity economies, almost the entire economy of society falls within the domain of the commodity economy, and the increase of products and services is equal to that of commodities. Therefore, based on the hypothesis that the supply and demand of money was balanced in the previous year and that there were no changes in prices or the velocity of money, monetarists put forward a principle of money supply: The increase rate of money supply should be identical to the growth rate of the economy.

Date: 1990
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