| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14860 |
| 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 domestic money market integration in China during 1920-1933 using a new dataset of daily domestic exchange rates. Our data concerns tael-denominated telegraphic transfers between Shanghai and three other major cities: Tianjin, Hankou and Beijing. We show that domestic markets, as measured by the efficiency of the Chinese silver standard, were highly integrated. Silver arbitrage was effective, and silver-point violations were rare. Our findings challenge claims of market fragmentation due to weak state capacity, and contribute to a revaluation of market development during China's Republican period. |
| 主题 | Economic History |
| 关键词 | Silver point arbitrage market integration Exchange rates Chinese economy |
| URL | https://cepr.org/publications/dp14860-0 |
| 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/543800 |
| 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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