Explaining money demand in China during the transition from a centrally planned to a market-based monetary system

Abstract : We examine the transition process from a centrally planned to a market-based monetary system in China, with the objective of giving a functional form to the transition in money demand. Applying the cointegrating Time-Varying Smooth Transition Regression model proposed by Choi and Saikkonen (2004) on a constructed dataset spanning the period from 1984 to 2010, and using a seasonal unit-root test developed by Hylleberg et al. (1990), our findings invalidate much of the earlier literature. Our examination of disaggregate as well as aggregate money balances yields the following findings.
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BOFIT Discussion Papers, 27/2011. 2011
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Soumis le : vendredi 23 novembre 2012 - 12:19:34
Dernière modification le : lundi 18 mai 2015 - 12:55:10

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  • HAL Id : hal-00756576, version 1

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Anne-Laure Delatte, Julien Fouquau, Carsten A. Holz. Explaining money demand in China during the transition from a centrally planned to a market-based monetary system. BOFIT Discussion Papers, 27/2011. 2011. 〈hal-00756576〉

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