Burdekin, Richard C.K.; Whited, Hsin-hui I. H. - Economics Department, Claremont McKenna College
We re-examine the behavior of money growth, inflation and real money balances in post-World War II Taiwan. Prior work has argued that stabilization was achieved discreetly and abruptly in June 1949. Our results suggest, however, that there is an extended period of instability that begins several...