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Review of Literature
Monetary History of Postwar China
Model and Hypothesis
4 other sections not shown
actual rate adaptive expectations adaptive expectations model balances with respect Bank of Manchukuo Bank of Taiwan Central Bank central government central monetary authority Central-South China China proper circulated Communists correlated Currency notes currency reform demand for real discriminating monopoly economic elasticity of demand error term Estimation Results exchange rate expected rate Fapi area Fapi notes finance high-powered money Hong Kong dollars hyperinflation hypothesis increase inflation elasticity inflation rate inflation tax revenues inter-regional Japanese colonial KMT government KMT regime legal tender system Manchuria money creation Money Demand Equations money demand function money supply multiple currency area North China optimum currency area percent period postwar China rate of inflation ratio rational expectations rational expectations model real balances real money demand regional currencies regional legal tender regionally divergent Renminbi respect to inflation revenue maximizing seigniorage separate currency Shanghai Sino-Japanese Taipi note taxation thesis Three Currency Areas trade U.S. dollar variables Wu Gang