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Excess Liquidity and Inflation Dynamics in China:1997-2007 被引量:16

Excess Liquidity and Inflation Dynamics in China:1997-2007
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摘要 The surge in international capital inflows and the remarkable excess liquidity in China between 1997and 2007are examined in the present paper. It is shown that China's improved position in terms of foreign exchange purchases, ignited by huge foreign capital inflows, has effectively induced excess liquidity in China. More importantly, by developing an econometric madel for inflation and excess liquidity, the present study demonstrates that excess liquidity has imposed significant pressure on inflation in China over the past 10 years. This finding suggests that excess liquidity in China has not only contributed to the rise in stock prices and the real estate market boom, but also affected the consumer goods market. The potential transmission mechanism of liquidity-driven inflation and policy implications of the findings of this study are discussed. The surge in international capital inflows and the remarkable excess liquidity in China between 1997and 2007are examined in the present paper. It is shown that China's improved position in terms of foreign exchange purchases, ignited by huge foreign capital inflows, has effectively induced excess liquidity in China. More importantly, by developing an econometric madel for inflation and excess liquidity, the present study demonstrates that excess liquidity has imposed significant pressure on inflation in China over the past 10 years. This finding suggests that excess liquidity in China has not only contributed to the rise in stock prices and the real estate market boom, but also affected the consumer goods market. The potential transmission mechanism of liquidity-driven inflation and policy implications of the findings of this study are discussed.
出处 《China & World Economy》 SCIE 2008年第4期1-15,共15页 中国与世界经济(英文版)
基金 National Social Science Fund (No.08CJY048) the research funding from the"985 Project"of Renmin University of China with Grant No.21353232
关键词 capital inflow excess liquidity INFLATION monetary policy capital inflow, excess liquidity, inflation, monetary policy
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