Money and the Consumption Goods Market in China11R. Portes is Professor of Economics at Birkbeck College, University of London, and Director of the Centre for Economic Policy Research; A. Santorum is a Ph.D. candidate at Birkbeck. The authors thank Chris Martin, Apostolis Philippopoulos, Ron Smith, Aris Spanos, and David Winter for advice and help. R. Portes owes his initial interest in the macroeconomics of China to Gong Zhuming. He gratefully acknowledges the Ford Foundation and Gregory Chow for introducing him to the Chinese economy in July 1985 and students and colleagues at the People's University of Beijing for stimulating his interest further. A. Santorum acknowledges with thanks support for her research and conference participation from the Istituto Bancario San Paolo di Torino. A first version of this paper was presented to the Arden House Conference on Chinese Economic Reform in October 1986, and it has benefited from the comments of participants, in particular the discussant, Gregory Chow.
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