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Quantitative studies in the monetary...

Columbia University.

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Quantitative studies in the monetary history of Taiwan.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Quantitative studies in the monetary history of Taiwan./
Author:	Tang, De-piao.
Description:	111 p.
Notes:	Adviser: Phillip Cagan.
Contained By:	Dissertation Abstracts International56-03A.
Subject:	Economics, History. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9522912

Quantitative studies in the monetary history of Taiwan.
Tang, De-piao.

Quantitative studies in the monetary history of Taiwan. - 111 p.

Adviser: Phillip Cagan.

Thesis (Ph.D.)--Columbia University, 1995.

This dissertation examines monetary history in Taiwan during its colonial period under Japanese rule (1895-1945) and the subsequent hyperinflationary period (1945-1949). It is divided into two parts, corresponding to the two historical periods under analysis. The first part investigates the interactions among money, income, and prices during the colonial period under Japanese rule. Chapter One presents a historical account of the colonial macroeconomy. Chapter Two deals with the role of money in colonial Taiwan. Economists have long been interested in the relationship between monetary arrangements and the general price level. One particular question has been whether, over substantial periods of time, prices are determined by monetary arrangements (the backing theory of money) or instead solely by the quantity of money (the quantity theory of money). The other important question in monetary economics is whether monetary forces are the primary cause of movements in income, or whether movements in money are primarily determined by feedback from the economy to the money supply. The colonial period in Taiwan in the early 20th century provides a good testing ground for the above questions. The empirical results from both cointegration tests and Granger causality tests all serve to substantiate a position closer to the quantity theory than to the backing theory of money. Having confirmed that the quantity theory of money applied to the case of colonial Taiwan, in Chapter Three both the conventional and cointegration approaches are used to estimate the money demand function. Subject to a wide range of statistical criteria, the cointegration approach performed better than the conventional approach.Subjects--Topical Terms:

1017418
Economics, History.

Quantitative studies in the monetary history of Taiwan.
LDR:03521nam 2200265 a 45 001 939995
005 20110517
008 110517s1995 ||||||||||||||||| ||eng d
035 $a (UMI)AAI9522912
035 $a AAI9522912
040 $a UMI $c UMI
100 1 $a Tang, De-piao. $3 1264102
245 1 0 $a Quantitative studies in the monetary history of Taiwan.
300 $a 111 p.
500 $a Adviser: Phillip Cagan.
500 $a Source: Dissertation Abstracts International, Volume: 56-03, Section: A, page: 1065.
502 $a Thesis (Ph.D.)--Columbia University, 1995.
520 $a This dissertation examines monetary history in Taiwan during its colonial period under Japanese rule (1895-1945) and the subsequent hyperinflationary period (1945-1949). It is divided into two parts, corresponding to the two historical periods under analysis. The first part investigates the interactions among money, income, and prices during the colonial period under Japanese rule. Chapter One presents a historical account of the colonial macroeconomy. Chapter Two deals with the role of money in colonial Taiwan. Economists have long been interested in the relationship between monetary arrangements and the general price level. One particular question has been whether, over substantial periods of time, prices are determined by monetary arrangements (the backing theory of money) or instead solely by the quantity of money (the quantity theory of money). The other important question in monetary economics is whether monetary forces are the primary cause of movements in income, or whether movements in money are primarily determined by feedback from the economy to the money supply. The colonial period in Taiwan in the early 20th century provides a good testing ground for the above questions. The empirical results from both cointegration tests and Granger causality tests all serve to substantiate a position closer to the quantity theory than to the backing theory of money. Having confirmed that the quantity theory of money applied to the case of colonial Taiwan, in Chapter Three both the conventional and cointegration approaches are used to estimate the money demand function. Subject to a wide range of statistical criteria, the cointegration approach performed better than the conventional approach.
520 $a The second part of this study examines the behavior of money and prices during the hyperinflationary period. Chapter Four provides a historical background to the Taiwanese hyperinflation. Chapter Five examines the formation of inflation expectations during the hyperinflation. From an indirect test derived from the present value model of hyperinflation, the data support the adaptive expectations hypothesis and reject all other expectations formations for the Taiwanese hyperinflation. Chapter Six extends the Cagan model by examining how real factors such as the relative price may influence the demand for money. During the hyperinflationary period, the price of investment relative to consumer goods exhibited a sharp increase. This observation suggests a possible interaction between relative price, inflation, and money demand. I find that both anticipated inflation and relative price had significant negative effects on real money balances during the Taiwanese hyperinflation.
590 $a School code: 0054.
650 4 $a Economics, History. $3 1017418
690 $a 0509
710 2 $a Columbia University. $3 571054
773 0 $t Dissertation Abstracts International $g 56-03A.
790 $a 0054
790 1 0 $a Cagan, Phillip, $e advisor
791 $a Ph.D.
792 $a 1995
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9522912