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Are Monetary Aggregates Controllable In China? Researches Basing on the Dynamic Process of Monetary Supply

Anzhong Huang, Liqian

Abstract



It is known that the endogenesis of monetary supply must induce the uncontrollability of monetary aggregates. However there are a lot of hot arguments about whether the monetary supply is endogenous or exogenous. So the paper takes the process of monetary supply as the mixture of endogenetic and exogenous impacts, and regards this process as a dynamic one. According to the basic theory of cybernetics, this paper advances three sufficient conditions which can ensure the controllability of endogenous money. Through academic and experiential studies, the paper concludes that there exist endogenesis of money supply in China, and it is becoming stronger over time, but the endogenous money is still controllable.

Keywords


endogenous and exogenous money supply, astringency, controllability

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