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China's macroeconomic stability – an empirical study based on survey data

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  • Chia-Shang James Chu
  • Tianyi Wang
  • Huihui Li

Abstract

A complete financial stability analysis should include investigation on macroeconomic stability since macroeconomic development and potential imbalance can increase the financial instability and trigger a financial crisis. Survey data of rating on China's macroeconomic stability is analyzed by estimating an ordered logit model with random effect. Among the candidate macroeconomic indicators, we found that inflation is the key variable that determines China's macroeconomic stability, followed by the change in budget balance and GDP growth gap.

Suggested Citation

  • Chia-Shang James Chu & Tianyi Wang & Huihui Li, 2011. "China's macroeconomic stability – an empirical study based on survey data," China Economic Journal, Taylor & Francis Journals, vol. 4(1), pages 43-64.
    • Handle: RePEc:taf:rcejxx:v:4:y:2011:i:1:p:43-64
    DOI: 10.1080/17538963.2011.609329
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