Causal relationships among economic aggregates in China

Kui‐Wai Li · Winson S. C. Leung

17 citations0/0 files storedApplied Economics

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

Using China's macro data from 1952 to 1989, the stationarity and causality tests to two types of economic aggregates are applied. The first type relates to the conventional money, income and consumption relationship; and the other is associated with the interest rate, money and investment/income relationship as embodied in a financial repression model. Stationarity test results show that a different direction of causality exists when different measurement of price is used. A causal relationship between interest rate, money and investment/income is also found.

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References

1979Distribution of the Estimators for Autoregressive Time Series with a Unit Root 1969Investigating Causal Relations by Econometric Models and Cross-spectral Methods 1981Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root 1969A General Equilibrium Approach To Monetary Theory 1974Money and Capital in Economic Development.1972MONEY, INCOME, AND CAUSALITY 1970Financial Structure and Development.1969Fitting autoregressive models for prediction

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