Explaining money demand in China during the transition from a centrally planned to a market-based monetary system
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2014
- handle: 10670/1.oj8fxi
- hal: hal-01160174
- doi: 10.1080/14631377.2014.937099
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info:eu-repo/semantics/altIdentifier/doi/10.1080/14631377.2014.937099
Mots-clés
Monetary system money demand cointegrating time-varying smooth transition regression model seasonal unit-root testSujets proches
Specie Monetary question Money, Primitive Currency Standard of valueCiter ce document
Anne-Laure Delatte et al., « Explaining money demand in China during the transition from a centrally planned to a market-based monetary system », HAL-SHS : économie et finance, ID : 10.1080/14631377.2014.937099
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Résumé
Fundamental changes in institutions during the transition from a centrally planned to a market economy present a formidable challenge to monetary policy decision makers. For the case of China, we examine the institutional changes in the monetary system during the process of transition and develop money demand functions that reflect these institutional changes. We consider seasonal unit roots and estimate long-run, equilibrium money demand functions, explicitly taking into consideration the changes in the institutional ...