Liu, Taoxiong; Huang, Mengdan - Volkswirtschaftliche Fakultät, … - 2015
and the undervaluation of RMB. We attempt to explain China’s high monetary growth rates through the supply of land. Under … China’s land system, the supply of land is controlled by the government and can be viewed as exogenous to the monetary … system. An increase in the money supply stimulates bank loans and thereby monetary growth. Both an error correction model and …