The Chinese Inflation, 1937-1949

By Shun-Hsin Chou | Go to book overview

effectiveness in preventing the spread of inflation from one area to another. Whatever results the government regulations then in force might have attained in curtailing interregional remittances, these cumbersome and restrictive regulations provided no substitute to a policy of flexible exchange rates.


SUMMARY

The rates of increase in prices and note issues, the amplitudes of the fluctuation of these rates, and the ratios of price increase to that of note issues all varied directly with the intensification of inflation. The increasing rates of growth reflect the ability of the inflationary spiral to self perpetuate once the process is started. The increasing amplitudes of fluctuation are indicative of the inherent instability of the Chinese inflationary process. The rising ratios of price change to the increasing of note issues show the role which the velocity of money circulation played in intensifying the Chinese inflation. The increase in the velocity makes the prices rise faster than the expansion of note issue. It is a major force making the inflationary process self-perpetuating and unstable. The role of the velocity is further discussed in Chapter VI. The theoretical models depicting various types of inflationary processes, including the one applicable to the pattern described in this chapter, is found in Appendix 1.

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