Deflation and monetary policy in Taiwan:
From 1999 to 2003, Taiwan faced a deflationary situation. The reasons for this deflation can be attributed to both domestic and global factors. Domestic changes including local political unrest, tensions with China, outbound investment to China, a weakened financial system, and a deteriorating gover...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Series: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11244 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | From 1999 to 2003, Taiwan faced a deflationary situation. The reasons for this deflation can be attributed to both domestic and global factors. Domestic changes including local political unrest, tensions with China, outbound investment to China, a weakened financial system, and a deteriorating government financial situation, provided the backdrop for the economic slowdown and corresponding deflation. A number of global factors, especially the bursting of the Internet and IT bubbles in late 2000 and the rise of China's economy, also heavily influenced both global and Taiwanese prices. This paper adopts a simplified aggregate demand and aggregate supply model to derive a deterministic equation of the GDP deflator (PGDP), and then applies quarterly data covering the period from 1982 to 2003 to estimate the PGDP equation using 2SLS. The empirical results are used to identify the sources of PGDP deflation in Taiwan. In addition, the phenomenon of price divergence appears since 2002 where the WPI increased and the CPI decreased. The causes of the WPI-CPI divergence are also investigated in this paper. |
| Physical Description: | 47 S. graph. Darst. |
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| 520 | 3 | |a From 1999 to 2003, Taiwan faced a deflationary situation. The reasons for this deflation can be attributed to both domestic and global factors. Domestic changes including local political unrest, tensions with China, outbound investment to China, a weakened financial system, and a deteriorating government financial situation, provided the backdrop for the economic slowdown and corresponding deflation. A number of global factors, especially the bursting of the Internet and IT bubbles in late 2000 and the rise of China's economy, also heavily influenced both global and Taiwanese prices. This paper adopts a simplified aggregate demand and aggregate supply model to derive a deterministic equation of the GDP deflator (PGDP), and then applies quarterly data covering the period from 1982 to 2003 to estimate the PGDP equation using 2SLS. The empirical results are used to identify the sources of PGDP deflation in Taiwan. In addition, the phenomenon of price divergence appears since 2002 where the WPI increased and the CPI decreased. The causes of the WPI-CPI divergence are also investigated in this paper. | |
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| author_GND | (DE-588)130488623 (DE-588)114178143 |
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| id | DE-604.BV020044238 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T20:11:34Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-013365274 |
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| physical | 47 S. graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Yang, Ya-hwei Verfasser (DE-588)130488623 aut Deflation and monetary policy in Taiwan Ya-Hwei Yang ; Jia-Dong Shea Cambridge, Mass. National Bureau of Economic Research 2005 47 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11244 From 1999 to 2003, Taiwan faced a deflationary situation. The reasons for this deflation can be attributed to both domestic and global factors. Domestic changes including local political unrest, tensions with China, outbound investment to China, a weakened financial system, and a deteriorating government financial situation, provided the backdrop for the economic slowdown and corresponding deflation. A number of global factors, especially the bursting of the Internet and IT bubbles in late 2000 and the rise of China's economy, also heavily influenced both global and Taiwanese prices. This paper adopts a simplified aggregate demand and aggregate supply model to derive a deterministic equation of the GDP deflator (PGDP), and then applies quarterly data covering the period from 1982 to 2003 to estimate the PGDP equation using 2SLS. The empirical results are used to identify the sources of PGDP deflation in Taiwan. In addition, the phenomenon of price divergence appears since 2002 where the WPI increased and the CPI decreased. The causes of the WPI-CPI divergence are also investigated in this paper. 1982-2003 Deflation / Geldpolitik / Lebenshaltungsindex / Großhandelspreisindex / Taiwan Xu, Jiadong 1978- Verfasser (DE-588)114178143 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11244 (DE-604)BV002801238 11244 http://papers.nber.org/papers/w11244.pdf kostenfrei Volltext |
| spellingShingle | Yang, Ya-hwei Xu, Jiadong 1978- Deflation and monetary policy in Taiwan National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Deflation / Geldpolitik / Lebenshaltungsindex / Großhandelspreisindex / Taiwan |
| title | Deflation and monetary policy in Taiwan |
| title_auth | Deflation and monetary policy in Taiwan |
| title_exact_search | Deflation and monetary policy in Taiwan |
| title_full | Deflation and monetary policy in Taiwan Ya-Hwei Yang ; Jia-Dong Shea |
| title_fullStr | Deflation and monetary policy in Taiwan Ya-Hwei Yang ; Jia-Dong Shea |
| title_full_unstemmed | Deflation and monetary policy in Taiwan Ya-Hwei Yang ; Jia-Dong Shea |
| title_short | Deflation and monetary policy in Taiwan |
| title_sort | deflation and monetary policy in taiwan |
| topic | Deflation / Geldpolitik / Lebenshaltungsindex / Großhandelspreisindex / Taiwan |
| topic_facet | Deflation / Geldpolitik / Lebenshaltungsindex / Großhandelspreisindex / Taiwan |
| url | http://papers.nber.org/papers/w11244.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT yangyahwei deflationandmonetarypolicyintaiwan AT xujiadong deflationandmonetarypolicyintaiwan |