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The Taiwanese Hyperinflation and Stabilization of 1945-1952

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  • Makinen, Gail E
  • Woodward, G Thomas

Abstract

During the years 1945-1949, Taiwan experienced a hyperinflation separate from the hyperinflation on the Chinese mainland. The stabilization ultimately implemented by the Chinese Nationalists differed in important ways from the programs that ended the big European inflations. The program was embarked upon with little hope of, or efforts toward, reducing the budget deficit: price stability took three years to achieve and use was made of high (real) yielding bank accounts as an anti-inflation tool. The behavior of key economic variables during the episode raises questions relating to current theories of how economic agents react to regime changes. Copyright 1989 by Ohio State University Press.

Suggested Citation

  • Makinen, Gail E & Woodward, G Thomas, 1989. "The Taiwanese Hyperinflation and Stabilization of 1945-1952," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(1), pages 90-105, February.
    • Handle: RePEc:mcb:jmoncb:v:21:y:1989:i:1:p:90-105
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    Blog mentions

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    1. Zimbabwe: how to beat hyperinflation
      by Economic Logician in Economic Logic on 2008-07-28 19:13:00

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    Cited by:

    1. Albert Makochekanwa, 2007. "A Dynamic Enquiry into the Causes of Hyperinflation in Zimbabwe," Working Papers 200710, University of Pretoria, Department of Economics.
    2. Jin-Tan Liu, 1995. "Relative price dispersion and inflation: evidence from Taiwan's hyperinflation," Applied Economics Letters, Taylor & Francis Journals, vol. 2(11), pages 457-459.
    3. Been-Lon Chen & Mei Hsu & Chia-Hui Lu, 2007. "Status and Multiple Growth Regimes," IEAS Working Paper : academic research 07-A010, Institute of Economics, Academia Sinica, Taipei, Taiwan.
    4. Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777.
    5. Ditimi Amassoma & Sunday Keji & Emma-Ebere Onyedikachi O., 2017. "The Upshot of Money Supply and Inflation in Nigeria," Valahian Journal of Economic Studies, Sciendo, vol. 8(2), pages 75-90, October.

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