A Silver Transformation: Chinese Monetary Integration in Times of Political Disintegration During 1898-1933

44 Pages Posted: 4 Feb 2019 Last revised: 11 Feb 2019

See all articles by Debin Ma

Debin Ma

London School of Economics & Political Science (LSE) - Department of Economic History

Liuyan Zhao

Peking University - School of Economics

Date Written: February 2019

Abstract

This paper provides the first systematic econometric study on the evolution of Chinese silver exchange and monetary regimes during 1898-1933. Using high quality data sets of monthly and daily prices of silver dollars, we apply the threshold autoregressive models to estimate the silver points between Shanghai and other seventeen cities in Northern and Central China. We find a dramatic improvement in monetary integration from the 1910s, consolidated throughout the 1920s and 1930s to rival the global standard. We supplement our analysis with new data sets on volumes and costs of silver flows and with an in-depth historical narrative. Our paper revaluates the efficiency of the silver regime and China's economic performance in the Republican era.

Suggested Citation

Ma, Debin and Zhao, Liuyan, A Silver Transformation: Chinese Monetary Integration in Times of Political Disintegration During 1898-1933 (February 2019). CEPR Discussion Paper No. DP13501. Available at SSRN: https://ssrn.com/abstract=3328512

Debin Ma (Contact Author)

London School of Economics & Political Science (LSE) - Department of Economic History ( email )

Houghton Street
London WC2A 2AE
United Kingdom

Liuyan Zhao

Peking University - School of Economics ( email )

Beijing
China

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