The Inflationary Spiral: The Experience in China, 1939-1950

By Kia-Ngau Chang | Go to book overview

Contents
Part 1 · THE HISTORICAL BACKGROUND
CHAPTER · The Period up to 19393
1 · Prewar Background3
Predisposition toward Inflationary Finance3
The Silver Standard: A Natural Check to Inflation4
The Banks' Self-Defense against Inflation6
Change from the Silver Standard to Foreign Exchange Standard7
Movements in General Price Levels Prior to 19398
· The First Period of War Inflation: 1937-193912
The Impact of Japanese Invasion on Prices in Free China12
The Government Deficit14
The Expansion of Bank Credit18
Currency Warfare and the Foreign Exchange Rate20
The Inflationary Process24
Stabilizing Influences27
· War Inflation: 1940-194534
1 · The Middle Period of War Inflation: 1940-194134
The Influence of Supply Factors on the Inflationary Process34
The Government Deficit37
Bank Credit and the Note Issue39
The Foreign Exchange Rate39
The Inflationary Process42
2 · The Final Period of War Inflation: 1942-194543
The Influence of Supply Factors on Prices43

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