Inflation Transmission in Greater China
This paper examines inflation dynamics in Greater China. Using an asymmetric error correction model we investigate how inflation in Hong Kong and Macao are related to inflation in Chinese Mainland. Our results based on data from July 1997 to December 2012 reveal that a long-term equilibrium relation...
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| Veröffentlicht in: | China & world economy 2015-11, Vol.23 (6), p.79-99 |
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| creator | Liu, Ming-Hua Margaritis, Dimitris Zhang, Yang |
| description | This paper examines inflation dynamics in Greater China. Using an asymmetric error correction model we investigate how inflation in Hong Kong and Macao are related to inflation in Chinese Mainland. Our results based on data from July 1997 to December 2012 reveal that a long-term equilibrium relation exists between inflation in Chinese Mainland and inflation in both Hong Kong and Macao, the two Special Administrative Regions of China. The degree of inflation pass-through is higher for Macao than for Hong Kong. Moreover, we find no evidence of asymmetries in either Hong Kong and Macao＇s adjustment speeds towards long-run equilibrium or in the short-run pass-through of accelerating or decelerating inflation in the Mainland. Collectively, our results show a close relationship among price dynamics of the three economies and call for a reconsideration of the exchange rate anchor in the Greater China Region. |
| doi_str_mv | 10.1111/cwe.12137 |
| format | Article |
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Using an asymmetric error correction model we investigate how inflation in Hong Kong and Macao are related to inflation in Chinese Mainland. Our results based on data from July 1997 to December 2012 reveal that a long-term equilibrium relation exists between inflation in Chinese Mainland and inflation in both Hong Kong and Macao, the two Special Administrative Regions of China. The degree of inflation pass-through is higher for Macao than for Hong Kong. Moreover, we find no evidence of asymmetries in either Hong Kong and Macao＇s adjustment speeds towards long-run equilibrium or in the short-run pass-through of accelerating or decelerating inflation in the Mainland. Collectively, our results show a close relationship among price dynamics of the three economies and call for a reconsideration of the exchange rate anchor in the Greater China Region.</description><identifier>ISSN: 1671-2234</identifier><identifier>EISSN: 1749-124X</identifier><identifier>DOI: 10.1111/cwe.12137</identifier><language>eng</language><publisher>Beijing: Blackwell Publishing Ltd</publisher><subject>asymmetric adjustment ; C22 ; China ; E31 ; Equilibrium ; Exchange rates ; Foreign exchange rates ; Greater China ; Hong Kong ; Inflation ; inflation pass-through ; Macao ; Prices ; Studies ; 中华 ; 中国内地 ; 传导 ; 数据显示 ; 澳门 ; 误差修正模型 ; 通货膨胀 ; 非对称</subject><ispartof>China & world economy, 2015-11, Vol.23 (6), p.79-99</ispartof><rights>2015 Institute of World Economics and Politics, Chinese Academy of Social Sciences</rights><rights>Copyright Wiley Subscription Services, Inc. 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Using an asymmetric error correction model we investigate how inflation in Hong Kong and Macao are related to inflation in Chinese Mainland. Our results based on data from July 1997 to December 2012 reveal that a long-term equilibrium relation exists between inflation in Chinese Mainland and inflation in both Hong Kong and Macao, the two Special Administrative Regions of China. The degree of inflation pass-through is higher for Macao than for Hong Kong. Moreover, we find no evidence of asymmetries in either Hong Kong and Macao＇s adjustment speeds towards long-run equilibrium or in the short-run pass-through of accelerating or decelerating inflation in the Mainland. Collectively, our results show a close relationship among price dynamics of the three economies and call for a reconsideration of the exchange rate anchor in the Greater China Region.</description><subject>asymmetric adjustment</subject><subject>C22</subject><subject>China</subject><subject>E31</subject><subject>Equilibrium</subject><subject>Exchange rates</subject><subject>Foreign exchange rates</subject><subject>Greater China</subject><subject>Hong Kong</subject><subject>Inflation</subject><subject>inflation pass-through</subject><subject>Macao</subject><subject>Prices</subject><subject>Studies</subject><subject>中华</subject><subject>中国内地</subject><subject>传导</subject><subject>数据显示</subject><subject>澳门</subject><subject>误差修正模型</subject><subject>通货膨胀</subject><subject>非对称</subject><issn>1671-2234</issn><issn>1749-124X</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2015</creationdate><recordtype>article</recordtype><recordid>eNp1kF1LwzAUhosoqNML_8HQC_WiW07z2UspOueGIkzmXcjaxHV2qUs6dP_eaHUXgrk5OfA8h5c3ik4A9SC8fv6ue5AA5jvRAXCSxpCQ593wZxziJMFkPzr0foEQIQixg-h8aE2lmrK23YlT1i9L77-W0nYHTqtGu242L606ivaMqrw-_pmd6OnmepLdxuOHwTC7Gsc5oSmPBeamEMBmQkBqjJnhGS-QYooLxgRDQHlRhHwaMaZNSgugBLQxAeOi0DnuRBft3TdXr9baNzIkynVVKavrtZfAORAqMIWAnv1BF_Xa2ZAuUJilCRDEAnXZUrmrvXfayDdXLpXbSEDyqzIZKpPflQW237LvZaU3_4Mym17_GnFrlL7RH1tDuVfJOOZUTu8HMrt7HD1PRlSiwJ_-pJnX9mVV2petw1gwmCAUfwL50IVI</recordid><startdate>201511</startdate><enddate>201511</enddate><creator>Liu, Ming-Hua</creator><creator>Margaritis, Dimitris</creator><creator>Zhang, Yang</creator><general>Blackwell Publishing Ltd</general><general>Wiley Subscription Services, Inc</general><scope>2RA</scope><scope>92L</scope><scope>CQIGP</scope><scope>~WA</scope><scope>BSCLL</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>201511</creationdate><title>Inflation Transmission in Greater China</title><author>Liu, Ming-Hua ; Margaritis, Dimitris ; Zhang, Yang</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c4597-837fd816b8819fffb3b7d0a6a7866860157dd121e066ef95d1541eff3b778dec3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2015</creationdate><topic>asymmetric adjustment</topic><topic>C22</topic><topic>China</topic><topic>E31</topic><topic>Equilibrium</topic><topic>Exchange rates</topic><topic>Foreign exchange rates</topic><topic>Greater China</topic><topic>Hong Kong</topic><topic>Inflation</topic><topic>inflation pass-through</topic><topic>Macao</topic><topic>Prices</topic><topic>Studies</topic><topic>中华</topic><topic>中国内地</topic><topic>传导</topic><topic>数据显示</topic><topic>澳门</topic><topic>误差修正模型</topic><topic>通货膨胀</topic><topic>非对称</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Liu, Ming-Hua</creatorcontrib><creatorcontrib>Margaritis, Dimitris</creatorcontrib><creatorcontrib>Zhang, Yang</creatorcontrib><collection>中文科技期刊数据库</collection><collection>中文科技期刊数据库-CALIS站点</collection><collection>中文科技期刊数据库-7.0平台</collection><collection>中文科技期刊数据库- 镜像站点</collection><collection>Istex</collection><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>China & world economy</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Liu, Ming-Hua</au><au>Margaritis, Dimitris</au><au>Zhang, Yang</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Inflation Transmission in Greater China</atitle><jtitle>China & world economy</jtitle><addtitle>China ＆ World Economy</addtitle><date>2015-11</date><risdate>2015</risdate><volume>23</volume><issue>6</issue><spage>79</spage><epage>99</epage><pages>79-99</pages><issn>1671-2234</issn><eissn>1749-124X</eissn><abstract>This paper examines inflation dynamics in Greater China. Using an asymmetric error correction model we investigate how inflation in Hong Kong and Macao are related to inflation in Chinese Mainland. Our results based on data from July 1997 to December 2012 reveal that a long-term equilibrium relation exists between inflation in Chinese Mainland and inflation in both Hong Kong and Macao, the two Special Administrative Regions of China. The degree of inflation pass-through is higher for Macao than for Hong Kong. Moreover, we find no evidence of asymmetries in either Hong Kong and Macao＇s adjustment speeds towards long-run equilibrium or in the short-run pass-through of accelerating or decelerating inflation in the Mainland. Collectively, our results show a close relationship among price dynamics of the three economies and call for a reconsideration of the exchange rate anchor in the Greater China Region.</abstract><cop>Beijing</cop><pub>Blackwell Publishing Ltd</pub><doi>10.1111/cwe.12137</doi><tpages>21</tpages></addata></record> |
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| identifier | ISSN: 1671-2234 |
| ispartof | China & world economy, 2015-11, Vol.23 (6), p.79-99 |
| issn | 1671-2234 1749-124X |
| language | eng |
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| source | Wiley Online Library Journals Frontfile Complete |
| subjects | asymmetric adjustment C22 China E31 Equilibrium Exchange rates Foreign exchange rates Greater China Hong Kong Inflation inflation pass-through Macao Prices Studies 中华 中国内地 传导 数据显示 澳门 误差修正模型 通货膨胀 非对称 |
| title | Inflation Transmission in Greater China |
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