Zhai, Xue; Geng, Zhongyuan; Zhang, Xue - In: Chinese Economy 46 (2013) 3, pp. 23-40
The Engle-Granger two-step method is used to test the determinants of the long-run decline of China's monetary velocity based on two stages (1978-1992 and 1993-2008). High growth of household savings and economic monetization have significant effects on monetary velocity, but interest rates and...