G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14860
DP14860 The efficiency of the Chinese silver standard, 1920-33
Nuno Palma; Liuyan Zhao
发表日期2020-06-09
出版年2020
语种英语
摘要We test for integration of financial markets in China during 1920-1933 using a new dataset of domestic exchange rates. Our data concerns tael-denominated telegraphic transfers between Shanghai and nine other cities. We find that Chinese financial markets, as measured by the efficiency of silver-point arbitrage, were highly integrated among major commercial hubs in north and central China, but there was a lower level of integration for more remote cities in the south. Our paper presents the first comprehensive assessment of the efficiency of the Chinese silver standard, and contributes to a revaluation of market performance during pre-communist China.
主题Economic History
关键词Silver point arbitrage market integration Exchange rates Chinese economy
URLhttps://cepr.org/publications/dp14860-3
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/543799
推荐引用方式
GB/T 7714
Nuno Palma,Liuyan Zhao. DP14860 The efficiency of the Chinese silver standard, 1920-33. 2020.
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