The Demand For Money In China: A Housing Price Perspective

Jinyu Liu, Yang Siqun and Zeeshan Khan

Applied Economics Letters, 2022, vol. 29, issue 8, 676-681

Abstract: This paper studies the association between housing prices and the demand for money, and the effectiveness of non-monetary policies on the latter. With a simple model of the demand for money, we show that the demand for money is positively associated with both the prices of the consumption goods and housing prices. Such associations are verified by empirical analysis using Chinese data. However, we find that such correlation significantly dropped after China launched housing price regulations in 2010, suggesting that non-monetary policies can be effective in controlling the demand for money.

Date: 2022
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DOI: 10.1080/13504851.2021.1884826

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