We reexamine the behavior of money growth, inflation, and real money balances in post–World War II Taiwan. Our results suggest that the importance of the June 1949 reform package has been overstated. The empirical work reveals an extended period of instability that begins several months prior...

Macroeconomic interdependence between China and Taiwan is assessed in terms of an array of output, price, money, and stock price measures for each economy. Sizeable simple correlations between these variables are accompanied by significant bidirectional Granger causality in many cases. Further...

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...